Burlington Northern Santa Fe (BNI) 10-K 26 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	1-11535
Entity Registrant Name	BURLINGTON NORTHERN SANTA FE, LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1754839
Entity Address, Address Line One	2650 Lou Menk Drive
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76131
City Area Code	800
Local Phone Number	795-2673
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Central Index Key	0000934612
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		0
Entity Public Float			$ 0

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Fort Worth, Texas

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 23,876	$ 25,888	$ 23,282
Operating expenses:
Compensation and benefits	5,551	5,321	4,767
Fuel	3,684	4,581	2,766
Depreciation and amortization	2,625	2,528	2,456
Purchased services	2,396	2,697	2,715
Equipment rents	699	720	677
Materials and other	1,522	1,441	1,103
Total operating expenses	16,477	17,288	14,484
Operating income	7,399	8,600	8,798
Interest expense	1,048	1,025	1,032
Other (income) expense, net	(263)	(133)	(95)
Income before income taxes	6,614	7,708	7,861
Income tax expense	1,527	1,762	1,871
Net income	$ 5,087	$ 5,946	$ 5,990

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 5,087	$ 5,946	$ 5,990
Other comprehensive income:
Change in pension and retiree health and welfare benefits, net of tax	41	(171)	255
Change in accumulated other comprehensive income (loss) of equity method investees	(1)	12	0
Other comprehensive income (loss), net of tax	40	(159)	255
Total comprehensive income	$ 5,127	$ 5,787	$ 6,245

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,148	$ 1,938
Accounts receivable, net	1,504	1,404
Materials and supplies	1,009	952
Other current assets	116	137
Total current assets	4,777	4,431
Property and equipment, net of accumulated depreciation of $19,464 and $17,899, respectively	70,199	67,225
Goodwill	15,350	14,852
Operating lease right-of-use assets	1,082	1,233
Other assets	3,169	4,870
Total assets	94,577	92,611
Current liabilities:
Accounts payable and other current liabilities	4,340	4,447
Long-term debt and finance leases due within one year	1,265	1,562
Total current liabilities	5,605	6,009
Long-term debt and finance leases	22,217	21,890
Deferred income taxes	15,222	15,110
Operating lease liabilities	554	680
Casualty and environmental liabilities	380	385
Pension and retiree health and welfare liability	196	205
Other liabilities	1,140	1,096
Total liabilities	45,314	45,375
Commitments and contingencies (see Note 14)
Equity:
Member’s equity	49,029	47,042
Accumulated other comprehensive income (loss)	234	194
Total equity	49,263	47,236
Total liabilities and equity	94,577	92,611
Accumulated depreciation; property and equipment	$ 19,464	$ 17,899

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income	$ 5,087	$ 5,946	$ 5,990
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,625	2,528	2,456
Deferred income taxes	99	10	446
Other, net	(169)	(56)	(2,635)
Changes in current assets and liabilities:
Accounts receivable, net	(100)	(88)	(73)
Materials and supplies	(46)	(88)	(61)
Other current assets	173	111	50
Accounts payable and other current liabilities	(370)	388	336
Net cash provided by operating activities	7,299	8,751	6,509
Investing Activities
Capital expenditures excluding equipment	(3,497)	(3,355)	(2,735)
Acquisition of equipment	(423)	(177)	(174)
Purchases of investments and investments in time deposits	(24)	(23)	0
Proceeds from sales of investments and maturities of time deposits	0	0	1
Other, net	(68)	(69)	(17)
Net cash used for investing activities	(4,012)	(3,624)	(2,925)
Financing Activities
Proceeds from issuance of long-term debt	1,600	1,000	1,550
Payments on long-term debt and finance leases	(1,562)	(932)	(1,543)
Cash distributions	(3,100)	(5,000)	(3,800)
Other, net	(15)	(15)	(19)
Net cash used for financing activities	(3,077)	(4,947)	(3,812)
Increase (decrease) in cash and cash equivalents	210	180	(228)
Cash and cash equivalents:
Beginning of period	1,938	1,758	1,986
End of period	2,148	1,938	1,758
Supplemental Cash Flow Information
Interest paid, net of amounts capitalized	1,047	1,020	1,032
Capital investments accrued but not yet paid	469	307	238
Income taxes paid, net of refunds	1,358	1,749	1,386
Non-cash asset financing	$ 0	$ 176	$ 16

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Member’s Equity	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2020	$ 44,004	$ 43,906	$ 98
Increase (Decrease) in Total Equity [Roll Forward]
Cash distributions	(3,800)	(3,800)	0
Comprehensive income (loss), net of tax	6,245	5,990	255
Balance at Dec. 31, 2021	46,449	46,096	353
Increase (Decrease) in Total Equity [Roll Forward]
Cash distributions	(5,000)	(5,000)	0
Comprehensive income (loss), net of tax	5,787	5,946	(159)
Balance at Dec. 31, 2022	47,236	47,042	194
Increase (Decrease) in Total Equity [Roll Forward]
Cash distributions	(3,100)	(3,100)	0
Comprehensive income (loss), net of tax	5,127	5,087	40
Balance at Dec. 31, 2023	$ 49,263	$ 49,029	$ 234

The Company

The Company	12 Months Ended
	Dec. 31, 2023
The Company [Abstract]
The Company	The Company Burlington Northern Santa Fe, LLC is a holding company that conducts no operating activities and owns no significant assets other than through its interests in its subsidiaries. The Registrant’s principal, wholly-owned subsidiary is BNSF Railway, which operates one of the largest railroad networks in North America. BNSF Railway operates over 32,500 route miles of track (excluding multiple main tracks, yard tracks and sidings) in 28 states and also operates in three Canadian provinces. Through one operating transportation services segment, BNSF Railway transports a wide range of products and commodities including the transportation of Consumer Products, Industrial Products, Agricultural Products, and Coal, derived from manufacturing, agricultural, and natural resource industries, which constituted 34 percent, 25 percent, 24 percent, and 17 percent, respectively, of total freight revenues for the year ended December 31, 2023. These Consolidated Financial Statements include the Registrant, BNSF Railway, and the Registrant's other majority-owned subsidiaries, all of which are separate legal entities. Burlington Northern Santa Fe Corporation was incorporated in the State of Delaware on December 16, 1994. On February 12, 2010, Berkshire Hathaway Inc., a Delaware corporation (Berkshire), acquired 100 percent of the outstanding shares of Burlington Northern Santa Fe Corporation common stock that it did not already own. The acquisition was completed through the merger (Merger) of a Berkshire wholly-owned merger subsidiary and Burlington Northern Santa Fe Corporation, with the surviving entity renamed Burlington Northern Santa Fe, LLC. Berkshire’s cost of acquiring BNSF was pushed-down to establish a new accounting basis for BNSF beginning as of February 13, 2010. Earnings per share data is not presented because BNSF has only one holder of its membership interests.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Principles of Consolidation The Consolidated Financial Statements include the accounts of the Registrant and all subsidiaries in which the Registrant holds a controlling financial interest, including its principal operating subsidiary, BNSF Railway. All intercompany accounts and transactions have been eliminated. Investments in companies that are not majority-owned are carried at cost or are accounted for under the equity method if the Company has the ability to exercise significant influence but does not have a controlling financial interest. The Company also evaluates its less than majority-owned investments pursuant to accounting guidance related to the consolidation of variable interest entities. We currently have no investments that require consolidation under this guidance. Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles in the U.S. (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. These estimates and assumptions are periodically reviewed by management. Actual results could differ from those estimates. Revenue Recognition The Company’s primary source of revenue is freight rail transportation services. The primary performance obligation for the Company is to move freight from a point of origin to a point of destination for its customers. The performance obligations are represented by bills of lading which create a series of distinct services that have a similar pattern of transfer to the customer. The revenues for each performance obligation are based on various factors including the product being shipped, the origin and destination pair, and contract incentives which are outlined in various private rate agreements, common carrier public tariffs, interline foreign road agreements, and pricing quotes. The transaction price is generally a per car amount to transport cars from a certain origin to a certain destination. The associated freight revenues are recognized over time as the service is performed because the customer simultaneously receives and consumes the benefits of the service. The Company recognizes revenue based on the portion of the service completed as of the balance sheet date. Bills for freight transportation services are generally issued to customers and paid within thirty days or less. As a result, no significant contract assets exist and there are no significant financing components in the Company’s revenue arrangements. Customer incentives, which are primarily provided for shipping a specified cumulative volume or shipping to/from specific locations, are recorded as a reduction to revenue on a pro-rata basis based on actual or projected future customer shipments. A small portion of customer incentive agreements have a component where a different discount amount is provided for different levels of volumes, resulting in variable consideration. To determine the transaction price in these cases, the Company estimates the amount of variable consideration at each reporting period utilizing the most likely amount based on historical trends as well as economic and other indicators. These incentives are ratably applied to all units using an estimate of how much volume the customer will ship under the customer incentive agreement. Both the variable consideration and the associated contract liabilities resulting from these types of customer incentives are immaterial. Other revenues are primarily generated from accessorial services provided to railroad customers which are primarily storage and demurrage. In addition, other revenues include revenue recognized by a wholly-owned, non-rail logistics subsidiary, BNSF Logistics, LLC. The brokerage operations of BNSF Logistics, LLC were sold by the Registrant during the third quarter of 2023. The vast majority of revenues generated by the non-rail logistics subsidiary are recognized over time as the services are performed, and accessorial revenues are recognized when the service is performed. Accounts Receivable, Net Accounts receivable, net includes accounts receivable reduced by an allowance for credit losses. The allowance for credit losses is based on expected collectibility. Receivables are written off against allowances after all reasonable collection efforts are exhausted. Cash and Cash Equivalents All short-term investments with maturities of 90 days or less from the date of purchase are considered cash equivalents. Cash equivalents are stated at cost, which approximates market value because of the short maturity of these instruments. Materials and Supplies Materials and supplies, which consist mainly of rail, ties and other items for construction and maintenance of property and equipment, as well as diesel fuel, are valued at the lower of average cost or market. Goodwill Goodwill is the excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. Goodwill is tested for impairment annually or more frequently if events or circumstances indicate that the carrying amount may not be recoverable. A goodwill impairment loss would be recognized to the extent that the carrying amount of a reporting unit exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. See Note 9 to the Consolidated Financial Statements for further information related to goodwill. Property and Equipment, Net BNSF’s railroad operations are highly capital intensive and its large base of homogeneous, network-type assets turns over on a continuous basis. BNSF self-constructs portions of its track structure and rebuilds certain classes of rolling stock. Each year, BNSF develops a capital program intended to enable BNSF to increase capacity, enhance the safety or efficiency of operations, extend the useful life or increase the value of its assets, gain strategic benefit, or provide new service offerings to customers. Costs are capitalized if they meet these criteria as well as the applicable minimum units of property, including costs for assets purchased or constructed throughout the year, along with all costs necessary to make the assets ready for their intended use. In addition to direct labor and materials, indirect costs that clearly relate to capital projects are also capitalized. Normal repairs and maintenance are charged to operating expense as incurred. Property and equipment are stated at cost and are depreciated on a straight-line basis over their estimated useful lives using the group method of depreciation in which all items with similar characteristics, use, and expected lives are grouped together in asset classes and depreciated using composite depreciation rates. The Company conducts depreciation studies, generally every three years for equipment and every six years for track structure and other roadway property, and implements study results prospectively. These detailed studies form the basis for the Company’s composite depreciation rates and take into account the following factors: • Statistical analysis of historical patterns of use and retirements of each of BNSF’s asset classes; • Evaluation of any expected changes in current operations and the outlook for continued use of the assets; • Evaluation of technological advances and changes to maintenance practices; and • Expected salvage to be received upon retirement. Under group depreciation, the historical cost net of salvage of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation, and no gain or loss is recognized. This historical cost of certain assets is estimated as it is impracticable to track individual, homogeneous, network-type assets. Historical costs are estimated by deflating current costs using the Producer Price Index (PPI) or a unit cost method. These methods closely correlate with the major costs of the items comprising the asset classes. Because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired, BNSF monitors the estimated service lives of its assets and the accumulated depreciation associated with each asset class to ensure its depreciation rates are appropriate. For retirements of depreciable asset classes that do not occur in the normal course of business, a gain or loss may be recognized in operating expense if the retirement: (i) is unusual, (ii) is significant in amount, and (iii) varies significantly from the retirement profile identified through BNSF’s depreciation studies. Gains or losses from disposals of land and non-rail property are recognized at the time of their occurrence. During the three fiscal years presented, no material gains or losses were recognized due to the retirement of depreciable assets. Long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the long-lived assets, the carrying value is reduced to the estimated fair value as measured by the discounted cash flows. Leases The Company has substantial lease commitments for locomotives, freight cars, office buildings, operating facilities, and other property. Many of the Company’s leases provide the option to purchase the leased item at fair market value or a fixed purchase price at the end of the lease, and some leases include early buyout options at a fixed purchase price. Also, many of the Company’s leases include both fixed rate and fair market value renewal options. As the implicit interest rate is not readily available for most operating leases, the Company uses its incremental borrowing rate based on information available at commencement date, including lease term, to determine the present value of lease payments. The Company has operating lease agreements that contain both lease and non-lease components, but only freight cars are accounted for as a single lease component. BNSF has applied the short-term lease exemption to all asset classes, and as a result, short-term leases are not recognized on the Consolidated Balance Sheets. Variable lease costs, sublease income, and lessor transactions are not significant. Assets held under finance leases are recorded at the net present value of the minimum lease payments at the inception of the lease. Amortization expense for finance leases, as well as leasehold improvements, is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease. Planned Major Maintenance Activities BNSF utilizes the deferral method of accounting for leased locomotive overhauls, which includes the complete refurbishment of the engine and related components to extend the useful life of the locomotive. Accordingly, BNSF has established an asset in property and equipment, net in the Consolidated Balance Sheets for overhauls that is amortized to expense using the straight-line method until the next overhaul is performed. Environmental Liabilities Liabilities for environmental cleanup costs are initially recorded when BNSF’s liability for environmental cleanup is both probable and reasonably estimable. Subsequent adjustments to initial estimates are recorded as necessary based upon additional information developed in subsequent periods. Estimates for these liabilities are undiscounted. Personal Injury Claims Liabilities for personal injury claims are initially recorded when the expected loss is both probable and reasonably estimable. Subsequent adjustments to initial estimates are recorded as necessary based upon additional information developed in subsequent periods. Liabilities recorded for unasserted personal injury claims, including those related to asbestos, are based on information currently available. Estimates of liabilities for personal injury claims are undiscounted. Income Taxes Deferred tax assets and liabilities are measured using the tax rates that apply to taxable income in the period in which the deferred tax asset or liability is expected to be realized or paid. Changes in the Company’s estimates regarding the statutory tax rate to be applied to the reversal of deferred tax assets and liabilities could materially affect the effective tax rate. Valuation allowances are established to reduce deferred tax assets if it is more likely than not that some or all of the deferred tax asset will not be realized. BNSF has not recorded a valuation allowance, as it believes that the deferred tax assets will be fully realized in the future. Investment tax credits are accounted for using the flow-through method. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. BNSF is included in the U.S. consolidated federal income tax return of Berkshire. In addition, BNSF files income tax returns in state, local, and foreign jurisdictions. BNSF’s tax expense and liabilities have been computed on a stand alone basis, and all of its current federal income taxes payable is remitted to Berkshire. Employment Benefit Plans The Company estimates liabilities and expenses for pension and retiree health and welfare plans. Estimated amounts are based on historical information, current information, and estimates regarding future events and circumstances. Significant assumptions used in the valuation of pension and/or retiree health and welfare liabilities include the expected return on plan assets, discount rate, rate of increase in compensation levels, and the health care cost trend rate. Fair Value Measurements As defined under authoritative accounting guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in the principal market or in the most advantageous market when no principal market exists. Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value. Different valuation techniques may be appropriate under the circumstances to determine the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction. Market participants are assumed to be independent, knowledgeable, able, and willing to transact an exchange and not under duress. Nonperformance or credit risk is considered in determining the fair value of liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. The authoritative accounting guidance specifies a three-level hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. • Level 1–Quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. • Level 2–Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable market data. • Level 3–Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

Accounting Pronouncements

Accounting Pronouncements	12 Months Ended
	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-09 (ASU 2023-09), Income Taxes (Topic 740): Improvements to Income Taxes Disclosures. This standard requires issuers to further disaggregate income tax disclosures related to the income tax rate reconciliation and income taxes paid by federal, state, foreign, and any individual jurisdictions where the reconciling items or income taxes paid quantitatively exceed 5 percent of the total amount disclosed. Issuers are also required to disclose income (or loss) from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign jurisdictions. ASU 2023-09 is effective prospectively for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company expects to adopt this standard for its reporting period beginning January 1, 2025.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	Revenue from Contracts with Customers The Company disaggregates revenue from contracts with customers based on the characteristics of the services provided and the types of products transported (in millions): Years ended December 31, 2023 2022 2021 Consumer Products $ 7,879 $ 9,234 $ 8,256 Industrial Products 5,690 5,587 5,291 Agricultural Products 5,583 5,743 5,100 Coal 3,795 3,927 3,227 Total freight revenues 22,947 24,491 21,874 Non-rail logistics subsidiary 402 685 769 Accessorial and other 527 712 639 Total other revenues 929 1,397 1,408 Total operating revenues $ 23,876 $ 25,888 $ 23,282 Contract assets and liabilities are immaterial. Receivables from contracts with customers is a component of accounts receivable, net on the Consolidated Balance Sheets. As of both December 31, 2023 and 2022, $1.2 billion represents net receivables from contracts with customers. Remaining performance obligations primarily consist of in-transit freight revenues, which will be recognized in the next reporting period. As of December 31, 2023 and 2022, remaining performance obligations were $248 million and $293 million , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Income Taxes	Income Taxes Income tax expense (benefit) was as follows (in millions): Years ended December 31, 2023 2022 2021 Current: Federal $ 1,193 $ 1,468 $ 1,173 State 235 284 252 Total current 1,428 1,752 1,425 Deferred: Federal 174 88 422 State (75) (78) 24 Total deferred 99 10 446 Total $ 1,527 $ 1,762 $ 1,871 Reconciliation of the U.S. federal statutory income tax rate to the effective tax rate was as follows: Years ended December 31, 2023 2022 2021 U.S. Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 1.9 1.9 2.8 Other, net 0.2 — — Effective tax rate 23.1 % 22.9 % 23.8 % The components of deferred tax assets and liabilities were as follows (in millions): December 31, December 31, Deferred tax liabilities: Property and equipment $ (14,989) $ (14,895) Operating lease right-of-use assets (203) (233) Other (682) (634) Total deferred tax liabilities (15,874) (15,762) Deferred tax assets: Operating lease liabilities 201 232 Compensation and benefits 173 166 Casualty and environmental 102 97 Other 176 157 Total deferred tax assets 652 652 Net deferred tax liability $ (15,222) $ (15,110) BNSF is included in the consolidated U.S. federal income tax return of Berkshire. BNSF’s tax expense and liabilities have been computed on a stand-alone basis, and all of its currently payable federal income taxes are remitted to Berkshire. See Note 16 to the Consolidated Financial Statements for information related to income taxes paid to Berkshire during 2023. All U.S. federal income tax returns of BNSF are closed for audit through the tax period ended December 31, 2011. BNSF is currently under examination for the years 2012 through 2019 as part of Berkshire's consolidated U.S. federal income tax return. BNSF has various state income tax returns in the process of examination, administrative appeal or litigation. State income tax returns are generally subject to examination for a period of three to five years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. Uncertain Tax Positions The amount of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021, was $47 million, $52 million and $46 million, respectively. The amount of unrecognized tax benefits as of December 31, 2023 that would affect the Company’s effective tax rate if recognized was $35 million, computed at the federal income tax rate expected to be applicable in the taxable period in which the amount may be incurred by the Company. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): Years ended December 31, 2023 2022 2021 Beginning balance $ 52 $ 46 $ 41 Additions for tax positions related to current year 6 11 9 Additions (reductions) for tax positions taken in prior years (2) — — Additions (reductions) for tax positions as a result of: Lapse of statute of limitations (9) (5) (4) Ending balance $ 47 $ 52 $ 46 It is expected that the amount of unrecognized tax benefits will change in the next twelve months; however, BNSF does not expect the change to have a significant impact on the results of operations, the financial position or the cash flows of the Company. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in income tax expense in the Consolidated Statements of Income. The Company had recorded a liability of approximately $9 million and $8 million for interest for the years ended December 31, 2023 and 2022, respectively.

Accounts Receivable, Net

Accounts Receivable, Net	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net consists of freight and other receivables, reduced by an allowance for credit losses which is based upon expected collectability. As of December 31, 2023 and 2022, $43 million and $32 million, respectively, of such allowances had been recorded.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combinations On March 8, 2023, the Surface Transportation Board issued a decision approving the discontinuance of service by MRL over that certain line owned by BNSF Railway and leased to MRL, with BNSF Railway to resume providing service over the line. This decision became effective April 7, 2023. As a result of the approved lease termination, consideration exchanged between BNSF Railway and MRL has been accounted for in accordance with ASC Topic 805 (ASC 805). The amount allocable to goodwill under ASC 805 is deductible for U.S. federal income tax purposes. The allocation of the transaction price to assets received is based upon currently available information and is subject to change as preliminary values are reviewed. Based on additional information obtained during the fourth quarter of 2023, BNSF recorded $1.0 billion in net measurement period adjustments primarily related to property and equipment, resulting in a decrease to goodwill. The measurement period adjustment to property and equipment resulted in additional depreciation expense of $9 million, which is included within depreciation and amortization on the Consolidated Statements of Income. Any further adjustments to the allocation will be made as soon as practicable but no later than one year from the effective date of the transaction. The preliminary allocation of total consideration to the fair values of the assets is as follows (in millions): April 7, Property and equipment $ 1,571 Materials and supplies 11 Goodwill 531 Fair value of assets $ 2,113 Property and equipment of $1.6 billion primarily includes land for transportation purposes, track structure, and other roadway assets. As a result of the additional goodwill recorded, total goodwill was $15.4 billion as of December 31, 2023. This transaction is not material with respect to BNSF’s financial statements when reviewed under the quantitative and qualitative considerations of Regulation S-X Article 11 and ASC 805, so the Company has not provided pro forma information relating to the period prior to the transaction.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2023
Property and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net (in millions), and the corresponding ranges of estimated useful lives were as follows: December 31, December 31, Range of Land for transportation purposes $ 7,068 $ 6,538 — Track structure 30,366 28,334 15 – 55 years Other roadway a 34,257 32,478 10 – 100 years Locomotives 10,627 10,528 8 – 37 years Freight cars and other equipment 3,927 3,838 8 – 45 years Computer hardware, software and other 1,703 1,664 6 – 15 years Construction in progress 1,715 1,744 — Total cost 89,663 85,124 Less accumulated depreciation and amortization (19,464) (17,899) Property and equipment, net $ 70,199 $ 67,225 a Other roadway includes grading, bridges, signals, buildings and other road assets. The Consolidated Balance Sheets as of both December 31, 2023 and 2022 included $1.2 billion of capitalized right-of-use fixed assets and related accumulated amortization of $449 million and $424 million, respectively, under other assets. The Company capitalized $39 million, $28 million and $25 million of interest for the years ended December 31, 2023, 2022 and 2021, respectively.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill As of December 31, 2023 and 2022, the carrying value of goodwill was $15.4 billion and $14.9 billion, respectively. See Note 7 to the Consolidated Financial Statements for further information related to goodwill activity during 2023. During the years ended December 31, 2023, 2022 and 2021, no impairment losses were incurred and there were no accumulated impairment losses related to goodwill as of both December 31, 2023 and 2022.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases The following table shows the components of lease cost (in millions): Lease Cost Years ended December 31, 2023 2022 Operating lease cost $ 393 $ 402 Finance lease cost: Amortization of right-of-use assets 19 19 Interest on lease liabilities 6 7 Short-term lease cost 39 50 Total lease cost $ 457 $ 478 Supplemental balance sheet information related to leases was as follows (in millions): Operating Leases December 31, 2023 December 31, 2022 Operating lease right-of-use assets $ 1,082 $ 1,233 Accounts payable and other current liabilities $ 322 $ 325 Operating lease liabilities 554 680 Total operating lease liabilities $ 876 $ 1,005 Finance Leases December 31, 2023 December 31, 2022 Property and equipment $ 346 $ 352 Accumulated depreciation (212) (204) Property and equipment, net $ 134 $ 148 Long-term debt due within one year $ 22 $ 24 Long-term debt 72 91 Total finance lease liabilities $ 94 $ 115 Supplemental cash flow information related to leases was as follows (in millions): Cash Flow Years ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease obligations: Operating cash flows for operating leases $ 372 $ 368 Operating cash flows for finance leases $ 6 $ 7 Financing cash flows for finance leases $ 25 $ 29 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 218 $ (35) Other information related to leases was as follows: Other Information December 31, 2023 December 31, Weighted-average remaining lease term (in years): Operating leases 5.6 5.7 Finance leases 4.2 5.1 Weighted-average discount rate: Operating leases 4.0 % 3.6 % Finance leases 5.7 % 5.8 % Maturities of lease liabilities as of December 31, 2023 are summarized as follows (in millions): Operating Leases Finance Leases 2024 $ 340 $ 26 2025 245 26 2026 112 24 2027 100 22 2028 37 8 Thereafter 151 — Total lease payments 985 106 Less amount representing interest (109) (12) Total $ 876 $ 94

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Other Assets	Other Assets Other Assets consisted of the following (in millions): December 31, December 31, Investment in Unconsolidated Subsidiaries $ 1,020 $ 976 Pension Asset 944 752 Payments to Joint Facility Partners and Service Providers 690 2,653 Other 515 489 Total $ 3,169 $ 4,870 Certain payments to joint facility partners and service providers are amortized over the life of the related asset or agreement. As a result of the approved lease termination between BNSF Railway and MRL during the second quarter of 2023, the Other Assets balance associated with this transaction was reclassified in accordance with ASC 805. See Note 7 to the Consolidated Financial Statements for further information.

Accounts Payable and Other Curr

Accounts Payable and Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts Payable and Other Current Liabilities	Accounts Payable and Other Current Liabilities Accounts payable and other current liabilities consisted of the following (in millions): December 31, December 31, Compensation and benefits payable $ 846 $ 1,355 Accounts payable 603 389 Property and income tax liabilities 588 515 Customer incentives 428 319 Operating leases - current 322 325 Accrued interest 277 280 Capital expenditure estimated liabilities 193 141 Casualty and environmental liabilities 120 125 Rents and leases 108 98 Other 855 900 Total $ 4,340 $ 4,447

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt outstanding, excluding finance leases, was as follows (in millions): December 31, 2023 a December 31, 2022 a Notes and debentures, due through 2097 $ 22,819 4.7 % $ 22,719 4.6 % Equipment obligations, due through 2028 355 3.6 378 3.6 Mortgage bonds, due through 2047 47 3.1 47 3.1 Financing obligations, due through 2053 288 4.6 298 4.6 Unamortized fair value adjustment under acquisition method accounting, discount, debt issuance costs, and other, net (121) (105) Total 23,388 23,337 Less current portion of long-term debt (1,243) 3.6 % (1,538) 3.5 % Long-term debt $ 22,145 $ 21,799 a Amounts represent debt outstanding and weighted average effective interest rates for 2023 and 2022, respectively. Maturities are as of December 31, 2023. As of December 31, 2023, certain BNSF Railway properties and other assets were subject to liens securing $47 million of mortgage debt. Certain locomotives and rolling stock of BNSF Railway and its subsidiaries were subject to equipment obligations. The Registrant is required to maintain certain financial covenants in conjunction with $500 million of certain issued and outstanding junior subordinated notes. As of December 31, 2023, the Registrant was in compliance with these financial covenants. The fair value of BNSF’s debt is primarily based on market value price models using observable market-based data for the same or similar issues, or on the estimated rates that would be offered to BNSF for debt of the same remaining maturities (Level 2 inputs). The following table provides principal cash flows and fair value information for the Company’s debt obligations. December 31, 2023 Maturity Date Total Fair Value 2024 2025 2026 2027 2028 Thereafter Debt maturities $1,243 $1,241 $48 $751 $460 $19,645 $23,388 $22,374 As of December 31, 2022, the fair value of debt was $21.5 billion. Notes and Debentures In May 2023, the Board of Directors authorized an additional $3.0 billion of debt securities that may be issued pursuant to the debt shelf registration statement filed with the Securities and Exchange Commission (SEC). In June 2023, the Company issued $1.6 billion of 5.2 percent debentures due April 15, 2054. The net proceeds from the sale of the debentures were used for general corporate purposes, which may include but are not limited to working capital, capital expenditures, repayment of outstanding indebtedness, and distributions. As of December 31, 2023, $2.95 billion remained authorized by the Board of Directors to be issued through the SEC debt shelf offering process.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Personal Injury BNSF’s personal injury liability includes the cost of claims for employee work-related injuries, third-party claims, and asbestos claims. BNSF records a liability for asserted and unasserted claims when the expected loss is both probable and reasonably estimable. Because of the uncertainty of the timing of future payments, the liability is undiscounted. Defense and processing costs, which are recorded on an as-reported basis, are not included in the recorded liability. Expense accruals and adjustments are classified as materials and other in the Consolidated Statements of Income. Personal injury claims by BNSF Railway employees are subject to the provisions of the Federal Employers’ Liability Act (FELA) rather than state workers’ compensation laws. Resolution of these cases under FELA’s fault-based system requires either a finding of fault by a jury or an out-of-court settlement. Third-party claims include claims by non-employees for compensatory damages and may, from time to time, include requests for punitive damages or treatment of the claim as a class action. BNSF estimates its personal injury liability claims and expense using standard actuarial methodologies based on the covered population, activity levels and trends in frequency, and the costs of covered injuries. The Company monitors actual experience against the forecasted number of claims to be received, the forecasted number of claims closing with payment, and expected claim payments and records adjustments as new events or changes in estimates develop. BNSF is party to asbestos claims by employees and non-employees who may have been exposed to asbestos. Because of the relatively finite exposed population, the Company has recorded an estimate for the full amount of probable exposure. This is determined through an actuarial analysis based on estimates of the exposed population, the number of claims likely to be filed, the number of claims that will likely require payment, and the cost per claim. Estimated filing and dismissal rates and average cost per claim are determined utilizing recent claim data and trends. The following table summarizes the activity in the Company’s accrued obligations for personal injury claims (in millions): Years ended December 31, 2023 2022 2021 Beginning balance $ 263 $ 296 $ 273 Accruals / changes in estimates 89 51 61 Payments (88) (84) (38) Ending balance $ 264 $ 263 $ 296 Current portion of ending balance $ 85 $ 90 $ 85 The amount recorded by the Company for the personal injury liability is based upon the best information currently available. Because of the uncertainty surrounding the ultimate outcome of personal injury claims, it is reasonably possible that future costs to resolve th ese claims may be different from the recorded amounts. The Company estimates that costs to resolve the liability may range from approximately $220 million to $335 million. Although the final outcome of these personal injury matters cannot be predicted with certainty, it is the opinion of BNSF that none of these items, when finally resolved, will have a material adverse effect on the Company's financial position or liquidity. However, the occurrence of a number of these items in the same period could have a material adverse effect on the results of operations in a particular quarter or fiscal year. Environmental BNSF is subject to extensive federal, state, and local environmental regulation. The Company’s operating procedures include practices to protect the environment from the risks inherent in railroad operations, which frequently involve transporting chemicals and other hazardous materials. Additionally, many of BNSF’s land holdings are or have been used for industrial or transportation-related purposes or leased to commercial or industrial companies whose activities may have resulted in discharges onto the property. Under federal (in particular, the Comprehensive Environmental Response, Compensation, and Liability Act) and state statutes, the Company may be held jointly and severally liable for cleanup and enforcement costs associated with a particular site without regard to fault or the legality of the original conduct. The Company participates in the study, cleanup, or both of environmental contamination at approximately 185 sites. Environmental costs may include, but are not limited to, site investigations, remediation, and restoration. The liability is recorded when the expected loss is both probable and reasonably estimable and is undiscounted due to uncertainty of the timing of future payments. Expense accruals and adjustments are classified as materials and other in the Consolidated Statements of Income. BNSF estimates the cost of cleanup efforts at its known environmental sites based on experience gained from cleanup efforts at similar sites, estimated percentage to closure ratios, possible remediation work plans, estimates of the costs and likelihood of each possible outcome, historical payment patterns, and benchmark patterns developed from data accumulated from industry and public sources. The Company monitors actual experience against expectations and records adjustments as new events or changes in estimates develop. The following table summarizes the activity in the Company’s accrued obligations for environmental matters (in millions): Years ended December 31, 2023 2022 2021 Beginning balance $ 247 $ 251 $ 265 Accruals / changes in estimates 7 14 3 Payments (18) (18) (17) Ending balance $ 236 $ 247 $ 251 Current portion of ending balance $ 35 $ 35 $ 35 The amount recorded by the Company for the environmental liability is based upon the best information currently available. It has not been reduced by anticipated recoveries from third parties and includes both asserted and unasserted claims. BNSF’s total cleanup costs at these sites cannot be predicted with certainty due to various factors, such as the extent of corrective actions that may be required, evolving environmental laws and regulations, advances in environmental technology, the extent of other parties’ participation in cleanup efforts, developments in ongoing environmental analyses related to sites determined to be contaminated, and developments in environmental surveys and studies of contaminated sites. Because of the uncertainty surrounding various factors, it is reasonably possible that future costs to settle these claims may be different from the recorded amounts. The Company estimates that costs to settle the liability may range from approximately $210 million to $275 million. Although the final outcome of these environmental matters cannot be predicted with certainty, it is the opinion of BNSF that none of these items, when finally resolved, will have a material adverse effect on the Company’s financial position or liquidity. However, the occurrence of a number of these items in the same period could have a material adverse effect on the results of operations in a particular quarter or fiscal year. Other Claims and Litigation In addition to personal injury and environmental matters, BNSF is a party to a number of other legal actions and claims, governmental proceedings, and private civil suits arising in the ordinary course of business, including those related to disputes and complaints involving certain transportation rates and charges. Some of the legal proceedings include claims for compensatory damages and may, from time to time, include requests for punitive damages or treatment of the claim as a class action. Although the final outcome of these matters cannot be predicted with certainty, it is the opinion of BNSF that none of these items, when finally resolved, will have a material adverse effect on the Company’s financial position or liquidity. However, the occurrence of a number of these items in the same period could have a material adverse effect on the results of operations in a particular quarter or fiscal year. Other Commitments In the normal course of business, the Company enters into long-term contractual requirements for future goods and services needed for the operations of the business. Such commitments are not in excess of expected requirements and are not reasonably likely to result in performance penalties or payments that would have a material adverse effect on the Company’s liquidity. BNSF Insurance Company BNSF has a consolidated, wholly-owned subsidiary, Burlington Northern Santa Fe Insurance Company, Ltd. (BNSFIC), that offers insurance coverage for certain risks including FELA, railroad protective and force account insurance, and property and excess general liability which are subject to reinsurance. BNSFIC has entered into annual reinsurance treaty agreements with several other companies. The treaty agreements insure workers’ compensation, general liability, auto liability, and FELA risk. In accordance with the agreements, BNSFIC cedes a portion of its FELA exposure through the treaties and assumes a proportionate share of the entire risk. Each year, BNSFIC reviews the objectives and performance of the treaties to determine its continued participation. The treaty agreements provide for certain protections against the risk of treaty participants’ non-performance. On an ongoing basis, BNSF and/or the treaty manager reviews the creditworthiness of each of the participants. The Company does not believe its exposure to treaty participants’ non-performance is material at this time. BNSFIC typically invests in time deposits, money market accounts and treasury bills. As of December 31, 2023 and 2022, there were $561 million and $545 million, respectively, related to these third-party investments which were classified as cash and cash equivalents on the Company’s Consolidated Balance Sheets. Guarantee As of December 31, 2023, BNSF has not been called upon to perform under the guarantee specifically disclosed in this footnote and does not anticipate a significant performance risk in the foreseeable future. Debt and other obligations of non-consolidated entities guaranteed by the Company as of December 31, 2023, were as follows (dollars in millions): BNSF Principal Maximum Maximum a Remaining Capitalized Obligations Chevron Phillips Chemical Company LP — % N/A c N/A c N/A c 4 $ 8 b a Reflects the maximum amount the Company could recover from a third party other than the counterparty. b Reflects the asset and corresponding liability for the fair value of this guarantee required by authoritative accounting guidance related to guarantees. c There is no cap to the liability that can be sought from BNSF for BNSF’s negligence or the negligence of the indemnified party. However, BNSF could receive reimbursement from certain insurance policies if the liability exceeds a certain amount. Chevron Phillips Chemical Company LP BNSF has an indemnity agreement with Chevron Phillips Chemical Company LP (Chevron Phillips), granting certain rights of indemnity from BNSF, in order to facilitate access to a storage facility. Under certain circumstances, payment under this obligation may be required in the event Chevron Phillips were to incur certain liabilities or other incremental costs resulting from trackage access. Indemnities In the ordinary course of business, BNSF enters into agreements with third parties that include indemnification clauses. The Company believes that these clauses are generally customary for the types of agreements in which they are included. At times, these clauses may involve indemnification for the acts of the Company, its employees and agents, indemnification for another party’s acts, indemnification for future events, indemnification based upon a certain standard of performance, indemnification for liabilities arising out of the Company’s use of leased equipment or other property, or other types of indemnification. Despite the uncertainty whether events which would trigger the indemnification obligations would ever occur, the Company does not believe that these indemnity agreements will have a material adverse effect on the Company’s results of operations, financial position or liquidity. Additionally, the Company believes that, due to lack of historical payment experience, the fair value of indemnities cannot be estimated with any amount of certainty and that the fair value of any such amount would be immaterial to the Consolidated Financial Statements. Unless separately disclosed above, no fair value liability related to indemnities has been recorded in the Consolidated Financial Statements.

Employment Benefit Plans

Employment Benefit Plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Employment Benefit Plans	Employment Benefit Plans The Registrant provides a funded, noncontributory qualified pension plan (BNSF Retirement Plan), which covered most non-union employees through March 31, 2019, and an unfunded non-tax-qualified pension plan (BNSF Supplemental Retirement Plan), which covered certain officers and other employees through March 31, 2019. The benefits under these pension plans are based on years of credited service and the highest consecutive sixty months of compensation for the last ten years of salaried employment with the Company. BNSF Railway also provides a funded, noncontributory qualified pension plan which covers certain union employees of the former The Atchison, Topeka and Santa Fe Railway Company (Union Plan). The benefits under this pension plan are based on elections made at the time the plan was implemented. With respect to the funded plans, the Registrant's funding policy is to contribute annually not less than the regulatory minimum and not more than the maximum amount deductible for income tax purposes. The BNSF Retirement Plan, the BNSF Supplemental Retirement Plan, and the Union Plan are collectively referred to herein as the Pension Plans. During the first quarter of 2019, the Registrant amended the BNSF Retirement Plan and the BNSF Supplemental Retirement Plan. Non-union employees hired on or after April 1, 2019 are not eligible to participate in these retirement plans and instead receive an additional employer contribution as part of the qualified 401(k) plan based on the employees’ age and years of service. Current employees are being transitioned away from the retirement plans and upon transition are eligible for the additional employer contribution. Components of the net (benefit) cost for the Pension Plans were as follows (in millions): Pension Benefits Years ended December 31, 2023 2022 2021 Service cost $ 10 $ 18 $ 25 Interest cost 84 62 56 Expected return on plan assets (185) (182) (176) Amortization of net (gain) loss (34) 3 2 Settlement loss (gain) — (1) (1) Net (benefit) cost recognized $ (125) $ (100) $ (94) The projected benefit obligation is the present value of benefits earned to date by plan participants, including the effect of assumed future salary increases. The following tables show the change in projected benefit obligation for the Pension Plans (in millions): Pension Benefits Change in Benefit Obligation December 31, December 31, Projected benefit obligation at beginning of period $ 1,678 $ 2,322 Service cost 10 18 Interest cost 84 62 Actuarial loss (gain) 106 (579) Benefits paid (137) (141) Settlements (2) (4) Projected benefit obligation at end of period 1,739 1,678 Component representing future salary increases (9) (17) Accumulated benefit obligation at end of period $ 1,730 $ 1,661 For the year ended December 31, 2023, the change in benefit obligation resulted from actuarial losses primarily attributable to participant demographics and a decrease in the discount rate from the preceding year. For the year ended December 31, 2022, the change in benefit obligation resulted from actuarial gains primarily attributable to an increase in the discount rate from the preceding year. The following tables show the change in plan assets of the Pension Plans (in millions): Pension Benefits Change in Plan Assets December 31, December 31, Fair value of plan assets at beginning of period $ 2,355 $ 3,170 Actual return (loss) on plan assets 384 (681) Employer contributions a 11 11 Benefits paid (137) (141) Settlements (2) (4) Fair value of plan assets at end of period $ 2,611 $ 2,355 a Employer contributions were classified as Other, Net under Operating Activities in the Company’s Consolidated Statements of Cash Flows. The following table shows the funded status of the Pension Plans, defined as plan assets less the projected benefit obligation (in millions): Pension Benefits December 31, December 31, Funded status (plan assets less projected benefit obligations) $ 872 $ 677 Of the net pension assets of $872 million and $677 million recognized as of December 31, 2023 and 2022, respectively, $11 million was included in other current liabilities as of both December 31, 2023 and 2022, and $944 million and $752 million were included in other assets as of December 31, 2023 and 2022, respectively. The BNSF Supplemental Retirement Plan had accumulated and projected benefit obligations in excess of plan assets as of both December 31, 2023 and 2022. The following table shows the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for each period (in millions): December 31, December 31, Projected benefit obligation $ 72 $ 75 Accumulated benefit obligation $ 70 $ 72 Fair value of plan assets $ — $ — Actuarial gains and losses and prior service credits are recognized in the Consolidated Balance Sheets through an adjustment to accumulated other comprehensive income (loss) (AOCI). Pre-tax amounts currently recognized in AOCI consisted of a net gain of $285 million and $226 million as of December 31, 2023 and 2022, respectively. The following table shows the pre-tax change in AOCI attributable to the components of the net cost and the change in benefit obligation (in millions): Pension Benefits Years ended December 31, Change in AOCI 2023 2022 2021 Beginning balance $ 226 $ 509 $ 182 Amortization of net (gain) loss (34) 3 2 Actuarial gain (loss) 93 (285) 326 Settlements — (1) (1) Ending balance $ 285 $ 226 $ 509 The assumptions used in accounting for the Pension Plans were as follows: Pension Benefits Years ended December 31, Assumptions Used to Determine Net Cost 2023 2022 2021 Discount rate 5.2 % 2.7 % 2.3 % Expected long-term rate of return on plan assets 6.7 % 6.5 % 6.7 % Rate of compensation increase 3.1 % 3.1 % 3.1 % Pension Benefits Assumptions Used to Determine Benefit Obligations December 31, December 31, Discount rate 5.0 % 5.2 % Rate of compensation increase 3.0 % 3.1 % The Company determined the discount rate based on a yield curve that utilized year-end market yields of high-quality corporate bonds to develop spot rates that are matched against the plans’ expected benefit payments. The discount rate used for the 2024 calculation of pension net benefit cost decreased to 5.0 percent, which reflects market conditions at the December 31, 2023 measurement date. Various other assumptions including retirement and withdrawal rates, compensation increases, payment form and benefit commencement age are based upon a five-year experience study. In 2021, the Company obtained an updated study which had an immaterial impact on its pension and retiree health and welfare projected benefit obligation. The Company utilizes actuary-produced mortality tables and an improvement scale derived from the most recently available data, which were used in the calculation of its December 31, 2023 and 2022 liabilities. Pension plan assets are generally invested with the long-term objective of earning sufficient amounts to cover expected benefit obligations while assuming a prudent level of risk. Allocations may change as a result of changing market conditions and investment opportunities . The expected rates of return on plan assets reflect sub jective assessments of expected invested asset returns over a period of several years. Actual experience may differ from the assumed rates. The expected rate of return on pension plan assets was 6.7 percent for 2023 and will be 6.7 percent for 2024. The following table is an estimate of the impact on future net benefit cost that could result from hypothetical changes to the most sensitive assumptions, the discount rate and expected rate of return on plan assets: Sensitivity Analysis Change in 2024 Net Benefit Cost Hypothetical Discount Rate Change Pension 50 basis point decrease $ 5 million increase 50 basis point increase $ 4 million decrease Hypothetical Expected Rate of Return Pension 50 basis point decrease $ 14 million increase 50 basis point increase $ 14 million decrease Investments are stated at fair value. The various types of investments are valued as follows: (i) Cash and equivalents include investments in a money market fund and in a collective short-term investment fund, both of which are composed of high-grade instruments with short-term maturities. The money market fund is valued at the closing price reported by the active market on which the fund is traded (Level 1 input). The short-term investment fund is valued based on the price per share which is determined and published (although not publicly) and is the basis for current transactions (Level 2 input). (ii) Equity securities are valued at the last trade price at primary exchange close time on the last business day of the year (Level 1 input). If the last trade price is not available, values are based on bid, ask/offer quotes from contracted pricing vendors, brokers, or investment managers (Level 3 input or Level 2 if corroborated). (iii) Highly liquid government obligations, such as U.S. Treasury securities, are valued based on quoted prices in active markets for identical assets (Level 1 input). Other fixed maturity securities and government obligations are valued based on institutional bid evaluations from contracted vendors. Where available, vendors use observable market-based data to evaluate prices (Level 2 input). If observable market-based data is not available, unobservable inputs such as extrapolated data, proprietary models, and indicative quotes are used to arrive at estimated prices representing the price a dealer would pay for the security (Level 3 input). The following table summarizes the investments of the funded pension plans as of December 31, 2023, based on the inputs used to value them (in millions): Total as of Asset Category December 31, Level 1 Inputs a Level 2 Inputs a Level 3 Inputs a Cash and equivalents $ 11 $ — $ 11 $ — Equity securities b 2,448 2,448 — — Government obligations 148 148 — — Other fixed maturity securities 4 — 4 — Total $ 2,611 $ 2,596 $ 15 $ — a See Note 2 to the Consolidated Financial Statements under the heading “Fair Value Measurements” for a definition of each of these levels of inputs. b As of December 31, 2023, four equity securities each exceeded 10 percent of total plan assets. These investments represent approximately 80 percent of total plan assets. Comparative Prior Year Information The following table summarizes the investments of the funded pension plans as of December 31, 2022, based on the inputs used to value them (in millions): Total as of Asset Category December 31, Level 1 Inputs a Level 2 Inputs a Level 3 Inputs a Cash and equivalents $ 32 $ — $ 32 $ — Equity securities b 2,137 2,137 — — Government obligations 182 182 — — Other fixed maturity securities 4 — 4 — Total $ 2,355 $ 2,319 $ 36 $ — a See Note 2 to the Consolidated Financial Statements under the heading “Fair Value Measurements” for a definition of each of these levels of inputs. b As of December 31, 2022, three equity securities each exceeded 10 percent of total plan assets. These investments represented approximately 66 percent of total plan assets. The Company is not required to make contributions to its funded pension plans in 2024. The following table shows expected benefit payments from the Pension Plans for the next five fiscal years and the aggregate five years thereafter (in millions): Fiscal year Expected Pension Plan Benefit Payments a 2024 $ 140 2025 $ 136 2026 $ 132 2027 $ 126 2028 $ 124 2029-2033 $ 591 a Primarily consists of the BNSF Retirement Plan payments, which are made from the plan trust and do not represent an immediate cash outflow to the Company. Other Benefit Plans The Registrant and BNSF Railway sponsor qualified 401(k) plans that cover substantially all employees and a non-qualified defined contribution plan that covers certain officers and other employees. BNSF matches contributions made by non-union employees and a limited number of union employees subject to certain percentage limits of the employees’ earnings. Non-union employees hired on or after April 1, 2019, and employees hired before that date who have transitioned from the BNSF Retirement Plan are also eligible for an additional employer contribution based on the employees’ age and years of service. The Company's 401(k) expense was $66 million, $58 million and $52 million during the years ended December 31, 2023, 2022 and 2021, respectively. Certain salaried employees of BNSF who met age and years of service requirements and who began salaried employment prior to September 22, 1995 are eligible for medical benefits, including prescription drug coverage, during retirement. For pre-Medicare participants, the postretirement medical and prescription drug benefit is contributory and provides benefits to retirees and their covered dependents. For Medicare eligible participants, a yearly stipend is recorded in a Health Reimbursement Account (HRA) established on their behalf. Retirees can use these HRAs to reimburse themselves for eligible out-of-pocket expenses, as well as premiums for personal supplemental insurance policies. HRAs are unfunded, so no funds are expended by the Company until the reimbursements are paid to participants. As of December 31, 2023 and 2022, the projected benefit obligation associated with the retiree health and welfare plans was $150 million and $155 million, respectively. For each of the years ended December 31, 2023, 2022 and 2021, the service cost associated with the health and welfare plans was approximately $1 million.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The companies identified as affiliates of BNSF include Berkshire and its subsidiaries. During the years ended December 31, 2023, 2022 and 2021, the Company declared and paid cash distributions of $3.1 billion, $5.0 billion and $3.8 billion, respectively, to Berkshire. For the years ended December 31, 2023, 2022 and 2021, the Company received tax refunds of $65 million, $20 million and $47 million, respectively, from Berkshire, and made tax payments of $1.2 billion, $1.5 billion and $1.1 billion, respectively, to Berkshire. As of December 31, 2023 and 2022, the Company had a payable to Berkshire of $170 million and $112 million, respectively. BNSF engages in various transactions with related parties in the ordinary course of business. The following table summarizes revenues earned by BNSF for services provided to related parties and expenditures to related parties (in millions): Years ended December 31, 2023 2022 2021 Revenues $ 107 $ 104 $ 106 Expenditures $ 405 $ 421 $ 385 North American railroads pay TTX Company (TTX) car hire to use TTX’s freight equipment to serve their customers. BNSF owns 17.4 percent of TTX while other North American railroads own the remaining interest. As the Company possesses the ability to exercise significant influence, but not control, over the operating and financial policies of TTX, BNSF applies the equity method of accounting to its investment. The investment in TTX is recorded in other assets in the Consolidated Balance Sheets, and equity income or losses are recorded in materials and other in the Consolidated Statements of Income. The Company’s investment in TTX was $848 million and $807 million as of December 31, 2023 and 2022, respectively. The Company incurred car hire expenditures with TTX of $394 million, $409 million, and $386 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Other comprehensive income refers to revenues, expenses, gains and losses that under generally accepted accounting principles are included in accumulated other comprehensive income, a component of equity within the Consolidated Balance Sheets, rather than net income on the Consolidated Statements of Income. Under existing accounting standards, other comprehensive income may include, among other things, unrecognized gains and losses and prior service credit related to pension and other postretirement benefit plans. The following tables provide the components of accumulated other comprehensive income (loss) (AOCI) by component (in millions): Pension and Retiree Health and Welfare Benefit Items Equity Method Investments Total Balance as of December 31, 2020 $ 101 $ (3) $ 98 Other comprehensive income (loss) before reclassifications, net of $81 million tax expense 251 — 251 Amounts reclassified from AOCI: Amortization of actuarial losses a 6 — 6 Settlement (gain) loss a (1) — (1) Tax expense (benefit) (1) — (1) Balance as of December 31, 2021 $ 356 $ (3) $ 353 Other comprehensive income (loss) before reclassifications, net of $56 million tax benefit (175) 12 (163) Amounts reclassified from AOCI: Amortization of actuarial losses a 6 — 6 Settlement (gain) loss a (1) — (1) Tax expense (benefit) (1) — (1) Balance as of December 31, 2022 $ 185 $ 9 $ 194 Other comprehensive income (loss) before reclassifications, net of $21 million tax expense 68 (1) 67 Amounts reclassified from AOCI: Amortization of actuarial gains a (36) — (36) Tax expense (benefit) 9 — 9 Balance as of December 31, 2023 $ 226 $ 8 $ 234 a This accumulated other comprehensive income component is included in the computation of net periodic pension cost (see Note 15 for additional details).

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles in the U.S. (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. These estimates and assumptions are periodically reviewed by management. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition The Company’s primary source of revenue is freight rail transportation services. The primary performance obligation for the Company is to move freight from a point of origin to a point of destination for its customers. The performance obligations are represented by bills of lading which create a series of distinct services that have a similar pattern of transfer to the customer. The revenues for each performance obligation are based on various factors including the product being shipped, the origin and destination pair, and contract incentives which are outlined in various private rate agreements, common carrier public tariffs, interline foreign road agreements, and pricing quotes. The transaction price is generally a per car amount to transport cars from a certain origin to a certain destination. The associated freight revenues are recognized over time as the service is performed because the customer simultaneously receives and consumes the benefits of the service. The Company recognizes revenue based on the portion of the service completed as of the balance sheet date. Bills for freight transportation services are generally issued to customers and paid within thirty days or less. As a result, no significant contract assets exist and there are no significant financing components in the Company’s revenue arrangements. Customer incentives, which are primarily provided for shipping a specified cumulative volume or shipping to/from specific locations, are recorded as a reduction to revenue on a pro-rata basis based on actual or projected future customer shipments. A small portion of customer incentive agreements have a component where a different discount amount is provided for different levels of volumes, resulting in variable consideration. To determine the transaction price in these cases, the Company estimates the amount of variable consideration at each reporting period utilizing the most likely amount based on historical trends as well as economic and other indicators. These incentives are ratably applied to all units using an estimate of how much volume the customer will ship under the customer incentive agreement. Both the variable consideration and the associated contract liabilities resulting from these types of customer incentives are immaterial. Other revenues are primarily generated from accessorial services provided to railroad customers which are primarily storage and demurrage. In addition, other revenues include revenue recognized by a wholly-owned, non-rail logistics subsidiary, BNSF Logistics, LLC. The brokerage operations of BNSF Logistics, LLC were sold by the Registrant during the third quarter of 2023. The vast majority of revenues generated by the non-rail logistics subsidiary are recognized over time as the services are performed, and accessorial revenues are recognized when the service is performed.
Accounts Receivable, Net	Accounts Receivable, Net
Cash and Cash Equivalents	Cash and Cash Equivalents All short-term investments with maturities of 90 days or less from the date of purchase are considered cash equivalents. Cash equivalents are stated at cost, which approximates market value because of the short maturity of these instruments.
Materials and Supplies	Materials and Supplies Materials and supplies, which consist mainly of rail, ties and other items for construction and maintenance of property and equipment, as well as diesel fuel, are valued at the lower of average cost or market.
Goodwill	Goodwill Goodwill is the excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. Goodwill is tested for impairment annually or more frequently if events or circumstances indicate that the carrying amount may not be recoverable. A goodwill impairment loss would be recognized to the extent that the carrying amount of a reporting unit exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. See Note 9 to the Consolidated Financial Statements for further information related to goodwill.
Property and Equipment, Net	Property and Equipment, Net BNSF’s railroad operations are highly capital intensive and its large base of homogeneous, network-type assets turns over on a continuous basis. BNSF self-constructs portions of its track structure and rebuilds certain classes of rolling stock. Each year, BNSF develops a capital program intended to enable BNSF to increase capacity, enhance the safety or efficiency of operations, extend the useful life or increase the value of its assets, gain strategic benefit, or provide new service offerings to customers. Costs are capitalized if they meet these criteria as well as the applicable minimum units of property, including costs for assets purchased or constructed throughout the year, along with all costs necessary to make the assets ready for their intended use. In addition to direct labor and materials, indirect costs that clearly relate to capital projects are also capitalized. Normal repairs and maintenance are charged to operating expense as incurred. Property and equipment are stated at cost and are depreciated on a straight-line basis over their estimated useful lives using the group method of depreciation in which all items with similar characteristics, use, and expected lives are grouped together in asset classes and depreciated using composite depreciation rates. The Company conducts depreciation studies, generally every three years for equipment and every six years for track structure and other roadway property, and implements study results prospectively. These detailed studies form the basis for the Company’s composite depreciation rates and take into account the following factors: • Statistical analysis of historical patterns of use and retirements of each of BNSF’s asset classes; • Evaluation of any expected changes in current operations and the outlook for continued use of the assets; • Evaluation of technological advances and changes to maintenance practices; and • Expected salvage to be received upon retirement. Under group depreciation, the historical cost net of salvage of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation, and no gain or loss is recognized. This historical cost of certain assets is estimated as it is impracticable to track individual, homogeneous, network-type assets. Historical costs are estimated by deflating current costs using the Producer Price Index (PPI) or a unit cost method. These methods closely correlate with the major costs of the items comprising the asset classes. Because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired, BNSF monitors the estimated service lives of its assets and the accumulated depreciation associated with each asset class to ensure its depreciation rates are appropriate. For retirements of depreciable asset classes that do not occur in the normal course of business, a gain or loss may be recognized in operating expense if the retirement: (i) is unusual, (ii) is significant in amount, and (iii) varies significantly from the retirement profile identified through BNSF’s depreciation studies. Gains or losses from disposals of land and non-rail property are recognized at the time of their occurrence. During the three fiscal years presented, no material gains or losses were recognized due to the retirement of depreciable assets. Long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the long-lived assets, the carrying value is reduced to the estimated fair value as measured by the discounted cash flows.
Leases	Leases The Company has substantial lease commitments for locomotives, freight cars, office buildings, operating facilities, and other property. Many of the Company’s leases provide the option to purchase the leased item at fair market value or a fixed purchase price at the end of the lease, and some leases include early buyout options at a fixed purchase price. Also, many of the Company’s leases include both fixed rate and fair market value renewal options. As the implicit interest rate is not readily available for most operating leases, the Company uses its incremental borrowing rate based on information available at commencement date, including lease term, to determine the present value of lease payments. The Company has operating lease agreements that contain both lease and non-lease components, but only freight cars are accounted for as a single lease component. BNSF has applied the short-term lease exemption to all asset classes, and as a result, short-term leases are not recognized on the Consolidated Balance Sheets. Variable lease costs, sublease income, and lessor transactions are not significant. Assets held under finance leases are recorded at the net present value of the minimum lease payments at the inception of the lease. Amortization expense for finance leases, as well as leasehold improvements, is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease.
Planned Major Maintenance Activities	Planned Major Maintenance Activities BNSF utilizes the deferral method of accounting for leased locomotive overhauls, which includes the complete refurbishment of the engine and related components to extend the useful life of the locomotive. Accordingly, BNSF has established an asset in property and equipment, net in the Consolidated Balance Sheets for overhauls that is amortized to expense using the straight-line method until the next overhaul is performed.
Environmental Liabilities	Environmental Liabilities Liabilities for environmental cleanup costs are initially recorded when BNSF’s liability for environmental cleanup is both probable and reasonably estimable. Subsequent adjustments to initial estimates are recorded as necessary based upon additional information developed in subsequent periods. Estimates for these liabilities are undiscounted.
Personal Injury Claims	Personal Injury Claims Liabilities for personal injury claims are initially recorded when the expected loss is both probable and reasonably estimable. Subsequent adjustments to initial estimates are recorded as necessary based upon additional information developed in subsequent periods. Liabilities recorded for unasserted personal injury claims, including those related to asbestos, are based on information currently available. Estimates of liabilities for personal injury claims are undiscounted.
Income Taxes	Income Taxes Deferred tax assets and liabilities are measured using the tax rates that apply to taxable income in the period in which the deferred tax asset or liability is expected to be realized or paid. Changes in the Company’s estimates regarding the statutory tax rate to be applied to the reversal of deferred tax assets and liabilities could materially affect the effective tax rate. Valuation allowances are established to reduce deferred tax assets if it is more likely than not that some or all of the deferred tax asset will not be realized. BNSF has not recorded a valuation allowance, as it believes that the deferred tax assets will be fully realized in the future. Investment tax credits are accounted for using the flow-through method. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. BNSF is included in the U.S. consolidated federal income tax return of Berkshire. In addition, BNSF files income tax returns in state, local, and foreign jurisdictions. BNSF’s tax expense and liabilities have been computed on a stand alone basis, and all of its current federal income taxes payable is remitted to Berkshire.
Employment Benefit Plans	Employment Benefit Plans The Company estimates liabilities and expenses for pension and retiree health and welfare plans. Estimated amounts are based on historical information, current information, and estimates regarding future events and circumstances. Significant assumptions used in the valuation of pension and/or retiree health and welfare liabilities include the expected return on plan assets, discount rate, rate of increase in compensation levels, and the health care cost trend rate.
Fair Value Measurements	Fair Value Measurements As defined under authoritative accounting guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in the principal market or in the most advantageous market when no principal market exists. Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value. Different valuation techniques may be appropriate under the circumstances to determine the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction. Market participants are assumed to be independent, knowledgeable, able, and willing to transact an exchange and not under duress. Nonperformance or credit risk is considered in determining the fair value of liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. The authoritative accounting guidance specifies a three-level hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. • Level 1–Quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. • Level 2–Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable market data. • Level 3–Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company disaggregates revenue from contracts with customers based on the characteristics of the services provided and the types of products transported (in millions): Years ended December 31, 2023 2022 2021 Consumer Products $ 7,879 $ 9,234 $ 8,256 Industrial Products 5,690 5,587 5,291 Agricultural Products 5,583 5,743 5,100 Coal 3,795 3,927 3,227 Total freight revenues 22,947 24,491 21,874 Non-rail logistics subsidiary 402 685 769 Accessorial and other 527 712 639 Total other revenues 929 1,397 1,408 Total operating revenues $ 23,876 $ 25,888 $ 23,282

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income tax expense (benefit) was as follows (in millions): Years ended December 31, 2023 2022 2021 Current: Federal $ 1,193 $ 1,468 $ 1,173 State 235 284 252 Total current 1,428 1,752 1,425 Deferred: Federal 174 88 422 State (75) (78) 24 Total deferred 99 10 446 Total $ 1,527 $ 1,762 $ 1,871
Schedule of Effective Income Tax Rate Reconciliation	Reconciliation of the U.S. federal statutory income tax rate to the effective tax rate was as follows: Years ended December 31, 2023 2022 2021 U.S. Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 1.9 1.9 2.8 Other, net 0.2 — — Effective tax rate 23.1 % 22.9 % 23.8 %
Schedule of Deferred Tax Assets and Liabilities	The components of deferred tax assets and liabilities were as follows (in millions): December 31, December 31, Deferred tax liabilities: Property and equipment $ (14,989) $ (14,895) Operating lease right-of-use assets (203) (233) Other (682) (634) Total deferred tax liabilities (15,874) (15,762) Deferred tax assets: Operating lease liabilities 201 232 Compensation and benefits 173 166 Casualty and environmental 102 97 Other 176 157 Total deferred tax assets 652 652 Net deferred tax liability $ (15,222) $ (15,110)
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): Years ended December 31, 2023 2022 2021 Beginning balance $ 52 $ 46 $ 41 Additions for tax positions related to current year 6 11 9 Additions (reductions) for tax positions taken in prior years (2) — — Additions (reductions) for tax positions as a result of: Lapse of statute of limitations (9) (5) (4) Ending balance $ 47 $ 52 $ 46

Business Combinations and Asset

Business Combinations and Asset Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination	The preliminary allocation of total consideration to the fair values of the assets is as follows (in millions): April 7, Property and equipment $ 1,571 Materials and supplies 11 Goodwill 531 Fair value of assets $ 2,113

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Property and Equipment [Abstract]
Property and Equipment, net	Property and equipment, net (in millions), and the corresponding ranges of estimated useful lives were as follows: December 31, December 31, Range of Land for transportation purposes $ 7,068 $ 6,538 — Track structure 30,366 28,334 15 – 55 years Other roadway a 34,257 32,478 10 – 100 years Locomotives 10,627 10,528 8 – 37 years Freight cars and other equipment 3,927 3,838 8 – 45 years Computer hardware, software and other 1,703 1,664 6 – 15 years Construction in progress 1,715 1,744 — Total cost 89,663 85,124 Less accumulated depreciation and amortization (19,464) (17,899) Property and equipment, net $ 70,199 $ 67,225 a Other roadway includes grading, bridges, signals, buildings and other road assets.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease, Cost	The following table shows the components of lease cost (in millions): Lease Cost Years ended December 31, 2023 2022 Operating lease cost $ 393 $ 402 Finance lease cost: Amortization of right-of-use assets 19 19 Interest on lease liabilities 6 7 Short-term lease cost 39 50 Total lease cost $ 457 $ 478 Supplemental cash flow information related to leases was as follows (in millions): Cash Flow Years ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease obligations: Operating cash flows for operating leases $ 372 $ 368 Operating cash flows for finance leases $ 6 $ 7 Financing cash flows for finance leases $ 25 $ 29 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 218 $ (35) Other information related to leases was as follows: Other Information December 31, 2023 December 31, Weighted-average remaining lease term (in years): Operating leases 5.6 5.7 Finance leases 4.2 5.1 Weighted-average discount rate: Operating leases 4.0 % 3.6 % Finance leases 5.7 % 5.8 %
Assets and Liabilities	Supplemental balance sheet information related to leases was as follows (in millions): Operating Leases December 31, 2023 December 31, 2022 Operating lease right-of-use assets $ 1,082 $ 1,233 Accounts payable and other current liabilities $ 322 $ 325 Operating lease liabilities 554 680 Total operating lease liabilities $ 876 $ 1,005 Finance Leases December 31, 2023 December 31, 2022 Property and equipment $ 346 $ 352 Accumulated depreciation (212) (204) Property and equipment, net $ 134 $ 148 Long-term debt due within one year $ 22 $ 24 Long-term debt 72 91 Total finance lease liabilities $ 94 $ 115
Finance Lease, Liability, Maturity	Maturities of lease liabilities as of December 31, 2023 are summarized as follows (in millions): Operating Leases Finance Leases 2024 $ 340 $ 26 2025 245 26 2026 112 24 2027 100 22 2028 37 8 Thereafter 151 — Total lease payments 985 106 Less amount representing interest (109) (12) Total $ 876 $ 94
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities as of December 31, 2023 are summarized as follows (in millions): Operating Leases Finance Leases 2024 $ 340 $ 26 2025 245 26 2026 112 24 2027 100 22 2028 37 8 Thereafter 151 — Total lease payments 985 106 Less amount representing interest (109) (12) Total $ 876 $ 94

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Schedule of Other Assets	Other Assets consisted of the following (in millions): December 31, December 31, Investment in Unconsolidated Subsidiaries $ 1,020 $ 976 Pension Asset 944 752 Payments to Joint Facility Partners and Service Providers 690 2,653 Other 515 489 Total $ 3,169 $ 4,870

Accounts Payable and Other Cu_2

Accounts Payable and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and other current liabilities consisted of the following (in millions): December 31, December 31, Compensation and benefits payable $ 846 $ 1,355 Accounts payable 603 389 Property and income tax liabilities 588 515 Customer incentives 428 319 Operating leases - current 322 325 Accrued interest 277 280 Capital expenditure estimated liabilities 193 141 Casualty and environmental liabilities 120 125 Rents and leases 108 98 Other 855 900 Total $ 4,340 $ 4,447

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt outstanding, excluding finance leases, was as follows (in millions): December 31, 2023 a December 31, 2022 a Notes and debentures, due through 2097 $ 22,819 4.7 % $ 22,719 4.6 % Equipment obligations, due through 2028 355 3.6 378 3.6 Mortgage bonds, due through 2047 47 3.1 47 3.1 Financing obligations, due through 2053 288 4.6 298 4.6 Unamortized fair value adjustment under acquisition method accounting, discount, debt issuance costs, and other, net (121) (105) Total 23,388 23,337 Less current portion of long-term debt (1,243) 3.6 % (1,538) 3.5 % Long-term debt $ 22,145 $ 21,799 a Amounts represent debt outstanding and weighted average effective interest rates for 2023 and 2022, respectively. Maturities are as of December 31, 2023.
Schedule of Maturities of Long-term Debt	The following table provides principal cash flows and fair value information for the Company’s debt obligations. December 31, 2023 Maturity Date Total Fair Value 2024 2025 2026 2027 2028 Thereafter Debt maturities $1,243 $1,241 $48 $751 $460 $19,645 $23,388 $22,374

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Loss Contingencies by Contingency	The following table summarizes the activity in the Company’s accrued obligations for personal injury claims (in millions): Years ended December 31, 2023 2022 2021 Beginning balance $ 263 $ 296 $ 273 Accruals / changes in estimates 89 51 61 Payments (88) (84) (38) Ending balance $ 264 $ 263 $ 296 Current portion of ending balance $ 85 $ 90 $ 85
Accrued Obligations for Environmental Matters	The following table summarizes the activity in the Company’s accrued obligations for environmental matters (in millions): Years ended December 31, 2023 2022 2021 Beginning balance $ 247 $ 251 $ 265 Accruals / changes in estimates 7 14 3 Payments (18) (18) (17) Ending balance $ 236 $ 247 $ 251 Current portion of ending balance $ 35 $ 35 $ 35
Schedule of Guarantor Obligations	Debt and other obligations of non-consolidated entities guaranteed by the Company as of December 31, 2023, were as follows (dollars in millions): BNSF Principal Maximum Maximum a Remaining Capitalized Obligations Chevron Phillips Chemical Company LP — % N/A c N/A c N/A c 4 $ 8 b a Reflects the maximum amount the Company could recover from a third party other than the counterparty. b Reflects the asset and corresponding liability for the fair value of this guarantee required by authoritative accounting guidance related to guarantees. c There is no cap to the liability that can be sought from BNSF for BNSF’s negligence or the negligence of the indemnified party. However, BNSF could receive reimbursement from certain insurance policies if the liability exceeds a certain amount.

Employment Benefit Plans (Table

Employment Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Components of the net (benefit) cost for the Pension Plans were as follows (in millions): Pension Benefits Years ended December 31, 2023 2022 2021 Service cost $ 10 $ 18 $ 25 Interest cost 84 62 56 Expected return on plan assets (185) (182) (176) Amortization of net (gain) loss (34) 3 2 Settlement loss (gain) — (1) (1) Net (benefit) cost recognized $ (125) $ (100) $ (94)
Schedule of Changes in Projected Benefit Obligations	The following tables show the change in projected benefit obligation for the Pension Plans (in millions): Pension Benefits Change in Benefit Obligation December 31, December 31, Projected benefit obligation at beginning of period $ 1,678 $ 2,322 Service cost 10 18 Interest cost 84 62 Actuarial loss (gain) 106 (579) Benefits paid (137) (141) Settlements (2) (4) Projected benefit obligation at end of period 1,739 1,678 Component representing future salary increases (9) (17) Accumulated benefit obligation at end of period $ 1,730 $ 1,661
Schedule of Changes in Plan Assets	The following tables show the change in plan assets of the Pension Plans (in millions): Pension Benefits Change in Plan Assets December 31, December 31, Fair value of plan assets at beginning of period $ 2,355 $ 3,170 Actual return (loss) on plan assets 384 (681) Employer contributions a 11 11 Benefits paid (137) (141) Settlements (2) (4) Fair value of plan assets at end of period $ 2,611 $ 2,355 a Employer contributions were classified as Other, Net under Operating Activities in the Company’s Consolidated Statements of Cash Flows.
Schedule of Net Funded Status	The following table shows the funded status of the Pension Plans, defined as plan assets less the projected benefit obligation (in millions): Pension Benefits December 31, December 31, Funded status (plan assets less projected benefit obligations) $ 872 $ 677
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets	The following table shows the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for each period (in millions): December 31, December 31, Projected benefit obligation $ 72 $ 75 Accumulated benefit obligation $ 70 $ 72 Fair value of plan assets $ — $ —
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	The following table shows the pre-tax change in AOCI attributable to the components of the net cost and the change in benefit obligation (in millions): Pension Benefits Years ended December 31, Change in AOCI 2023 2022 2021 Beginning balance $ 226 $ 509 $ 182 Amortization of net (gain) loss (34) 3 2 Actuarial gain (loss) 93 (285) 326 Settlements — (1) (1) Ending balance $ 285 $ 226 $ 509
Defined Benefit Plan, Assumptions	The assumptions used in accounting for the Pension Plans were as follows: Pension Benefits Years ended December 31, Assumptions Used to Determine Net Cost 2023 2022 2021 Discount rate 5.2 % 2.7 % 2.3 % Expected long-term rate of return on plan assets 6.7 % 6.5 % 6.7 % Rate of compensation increase 3.1 % 3.1 % 3.1 % Pension Benefits Assumptions Used to Determine Benefit Obligations December 31, December 31, Discount rate 5.0 % 5.2 % Rate of compensation increase 3.0 % 3.1 %
Sensitivity analysis of impact on future net benefit cost resulting from hypothetical change in assumptions	The following table is an estimate of the impact on future net benefit cost that could result from hypothetical changes to the most sensitive assumptions, the discount rate and expected rate of return on plan assets: Sensitivity Analysis Change in 2024 Net Benefit Cost Hypothetical Discount Rate Change Pension 50 basis point decrease $ 5 million increase 50 basis point increase $ 4 million decrease Hypothetical Expected Rate of Return Pension 50 basis point decrease $ 14 million increase 50 basis point increase $ 14 million decrease
Schedule of Allocation of Plan Assets	The following table summarizes the investments of the funded pension plans as of December 31, 2023, based on the inputs used to value them (in millions): Total as of Asset Category December 31, Level 1 Inputs a Level 2 Inputs a Level 3 Inputs a Cash and equivalents $ 11 $ — $ 11 $ — Equity securities b 2,448 2,448 — — Government obligations 148 148 — — Other fixed maturity securities 4 — 4 — Total $ 2,611 $ 2,596 $ 15 $ — a See Note 2 to the Consolidated Financial Statements under the heading “Fair Value Measurements” for a definition of each of these levels of inputs. b As of December 31, 2023, four equity securities each exceeded 10 percent of total plan assets. These investments represent approximately 80 percent of total plan assets. Comparative Prior Year Information The following table summarizes the investments of the funded pension plans as of December 31, 2022, based on the inputs used to value them (in millions): Total as of Asset Category December 31, Level 1 Inputs a Level 2 Inputs a Level 3 Inputs a Cash and equivalents $ 32 $ — $ 32 $ — Equity securities b 2,137 2,137 — — Government obligations 182 182 — — Other fixed maturity securities 4 — 4 — Total $ 2,355 $ 2,319 $ 36 $ — a See Note 2 to the Consolidated Financial Statements under the heading “Fair Value Measurements” for a definition of each of these levels of inputs. b As of December 31, 2022, three equity securities each exceeded 10 percent of total plan assets. These investments represented approximately 66 percent of total plan assets.
Schedule of Expected Benefit Payments	The following table shows expected benefit payments from the Pension Plans for the next five fiscal years and the aggregate five years thereafter (in millions): Fiscal year Expected Pension Plan Benefit Payments a 2024 $ 140 2025 $ 136 2026 $ 132 2027 $ 126 2028 $ 124 2029-2033 $ 591 a Primarily consists of the BNSF Retirement Plan payments, which are made from the plan trust and do not represent an immediate cash outflow to the Company.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes revenues earned by BNSF for services provided to related parties and expenditures to related parties (in millions): Years ended December 31, 2023 2022 2021 Revenues $ 107 $ 104 $ 106 Expenditures $ 405 $ 421 $ 385

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables provide the components of accumulated other comprehensive income (loss) (AOCI) by component (in millions): Pension and Retiree Health and Welfare Benefit Items Equity Method Investments Total Balance as of December 31, 2020 $ 101 $ (3) $ 98 Other comprehensive income (loss) before reclassifications, net of $81 million tax expense 251 — 251 Amounts reclassified from AOCI: Amortization of actuarial losses a 6 — 6 Settlement (gain) loss a (1) — (1) Tax expense (benefit) (1) — (1) Balance as of December 31, 2021 $ 356 $ (3) $ 353 Other comprehensive income (loss) before reclassifications, net of $56 million tax benefit (175) 12 (163) Amounts reclassified from AOCI: Amortization of actuarial losses a 6 — 6 Settlement (gain) loss a (1) — (1) Tax expense (benefit) (1) — (1) Balance as of December 31, 2022 $ 185 $ 9 $ 194 Other comprehensive income (loss) before reclassifications, net of $21 million tax expense 68 (1) 67 Amounts reclassified from AOCI: Amortization of actuarial gains a (36) — (36) Tax expense (benefit) 9 — 9 Balance as of December 31, 2023 $ 226 $ 8 $ 234 a This accumulated other comprehensive income component is included in the computation of net periodic pension cost (see Note 15 for additional details).

The Company (Details)

The Company (Details)	12 Months Ended
	Dec. 31, 2023 mi numberOfStates numberOfHoldersOfMembershipInterest Number_of_provinces numberOfSegments	Feb. 12, 2010
Nature Of Operations [Line Items]
Rail route network distance (in miles), over | mi	32,500
Number of states in which entity operates | numberOfStates	28
Number of Canadian provinces In which entity operates | Number_of_provinces	3
Number of operating transportation service segments | numberOfSegments	1
Consumer Products
Nature Of Operations [Line Items]
Percentage of total freight revenues from one operating segment	34%
Industrial Products
Nature Of Operations [Line Items]
Percentage of total freight revenues from one operating segment	25%
Agricultural Products
Nature Of Operations [Line Items]
Percentage of total freight revenues from one operating segment	24%
Coal
Nature Of Operations [Line Items]
Percentage of total freight revenues from one operating segment	17%
Burlington Northern Sante Fe Corporation
Nature Of Operations [Line Items]
Percentage of outstanding shares acquired by parent company		100%
Holders of membership interests | numberOfHoldersOfMembershipInterest	1

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 23,876	$ 25,888	$ 23,282
Non-rail logistics subsidiary	402	685	769
Accessorial and other	527	712	639
Total other revenues	929	1,397	1,408
Net receivables from contract with customers	1,200
Remaining performance obligations	248	293
Consumer Products
Disaggregation of Revenue [Line Items]
Revenues	7,879	9,234	8,256
Industrial Products
Disaggregation of Revenue [Line Items]
Revenues	5,690	5,587	5,291
Agricultural Products
Disaggregation of Revenue [Line Items]
Revenues	5,583	5,743	5,100
Coal
Disaggregation of Revenue [Line Items]
Revenues	3,795	3,927	3,227
Total freight revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 22,947	$ 24,491	$ 21,874

Income Tax Expense(Benefit) (De

Income Tax Expense(Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 1,193	$ 1,468	$ 1,173
State	235	284	252
Total current	1,428	1,752	1,425
Deferred:
Federal	174	88	422
State	(75)	(78)	24
Total deferred	99	10	446
Total	$ 1,527	$ 1,762	$ 1,871

Reconciliation of Statutory and

Reconciliation of Statutory and Effective Tax Rates (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
U.S. Federal statutory income tax rate	21%	21%	21%
State income taxes, net of federal tax benefit	1.90%	1.90%	2.80%
Other, net	0.20%	0%	0%
Effective tax rate	23.10%	22.90%	23.80%

Components of Deferred Tax Asse

Components of Deferred Tax Assets / (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Components of Deferred Tax Assets and Liabilities [Abstract]
Deferred Tax Liabilities, Property and Equipment	$ (14,989)	$ (14,895)
Deferred Tax Liabilities, Operating Lease Right-Of-Use-Assets	(203)	(233)
Deferred Tax Liabilities, Other	(682)	(634)
Deferred Tax Liabilities, Gross	(15,874)	(15,762)
Deferred Tax Assets, Operating Lease Liabilities	201	232
Deferred Tax Assets, Compensation and Benefits	173	166
Deferred Tax Assets, Casualty and environmental	102	97
Deferred Tax Assets, Other	176	157
Total Deferred Tax Assets	652	652
Deferred Tax Liabilities, Net	$ (15,222)	$ (15,110)

Income Taxes Narrative (Details

Income Taxes Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination, Penalties and Interest Expense [Abstract]
Unrecognized tax benefits	$ 47	$ 52	$ 46	$ 41
Unrecognized tax benefits that would impact effective tax rate	35
Liability recorded for interest on income taxes expense	$ 9	$ 8

Uncertain Tax Positions (Detail

Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 52	$ 46	$ 41
Additions for tax positions related to current year	6	11	9
Additions (reductions) for tax positions taken in prior years	(2)	0	0
Lapse of statute of limitations	(9)	(5)	(4)
Ending balance	$ 47	$ 52	$ 46

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts Receivable, Allowance for Credit Loss	$ 43	$ 32

Business Combinations and Measu

Business Combinations and Measurement Period Adjustments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Business Combination and Asset Acquisition [Abstract]
Net measurement period adjustments recorded	$ 1,000
Additional depreciation expense from measurement period adjustment	$ 9

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Millions	Dec. 31, 2023	Apr. 07, 2023	Dec. 31, 2022
Business Combination Line Items
Property and equipment		$ 1,600
Goodwill	$ 15,350		$ 14,852
Montana Rail Link
Business Combination Line Items
Property and equipment		1,571
Materials and supplies		11
Goodwill		531
Fair value of assets		$ 2,113

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Goodwill	$ 15,350	$ 14,852

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	$ 89,663	$ 85,124
Less accumulated depreciation and amortization	(19,464)	(17,899)
Property and equipment, net	70,199	67,225
Right-of-use fixed assets	1,200	1,200
Finance Lease, Right-of-Use Asset, Accumulated Amortization	449	424
Interest costs capitalized	39	28	$ 25
Land for transportation purposes
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	7,068	6,538
Track structure
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	30,366	28,334
Other roadway a
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	34,257	32,478
Locomotives
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	10,627	10,528
Freight cars and other equipment
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	3,927	3,838
Computer hardware, software and other
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	1,703	1,664
Construction in progress
Property, Plant and Equipment [Line Items]
Property and Equipment, Gross	$ 1,715	$ 1,744
Minimum | Track structure
Property, Plant and Equipment [Line Items]
Useful life	15 years
Minimum | Other roadway a
Property, Plant and Equipment [Line Items]
Useful life	10 years
Minimum | Locomotives
Property, Plant and Equipment [Line Items]
Useful life	8 years
Minimum | Freight cars and other equipment
Property, Plant and Equipment [Line Items]
Useful life	8 years
Minimum | Computer hardware, software and other
Property, Plant and Equipment [Line Items]
Useful life	6 years
Maximum | Track structure
Property, Plant and Equipment [Line Items]
Useful life	55 years
Maximum | Other roadway a
Property, Plant and Equipment [Line Items]
Useful life	100 years
Maximum | Locomotives
Property, Plant and Equipment [Line Items]
Useful life	37 years
Maximum | Freight cars and other equipment
Property, Plant and Equipment [Line Items]
Useful life	45 years
Maximum | Computer hardware, software and other
Property, Plant and Equipment [Line Items]
Useful life	15 years

Goodwill Impairment and Carryin

Goodwill Impairment and Carrying Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 15,350,000,000	$ 14,852,000,000
Incurred impairment losses related to Goodwill	0	0	$ 0
Accumulated impairment losses related to Goodwill	$ 0	$ 0

Lease Cost (Details)

Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 393	$ 402
Amortization of right-of-use assets	19	19
Interest on lease liabilities	6	7
Short-term lease cost	39	50
Total lease cost	$ 457	$ 478

Assets and Liabilities (Details

Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 1,082	$ 1,233
Accounts payable and other current liabilities	322	325
Operating lease liabilities	554	680
Total operating lease liabilities	876	1,005
Property and equipment	346	352
Accumulated depreciation	(212)	(204)
Property and equipment, net	134	148
Long-term debt due within one year	22	24
Long-term debt	72	91
Total finance lease liabilities	$ 94	$ 115

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows for operating leases	$ 372	$ 368
Operating cash flows for finance leases	6	7
Financing cash flows for finance leases	25	29
Right-of-use assets obtained in exchange for lease obligations, Operating leases	$ 218	$ (35)

Other Information (Details)

Other Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term, Operating leases	5 years 7 months 6 days	5 years 8 months 12 days
Weighted-average remaining lease term, Finance leases	4 years 2 months 12 days	5 years 1 month 6 days
Weighted-average discount rate, Operating lease	4%	3.60%
Weighted-average discount rate, Finance lease	5.70%	5.80%

Maturities of Lease Liabilities

Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Operating Leases, 2024	$ 340
Operating Leases, 2025	245
Operating Leases, 2026	112
Operating Leases, 2027	100
Operating Leases, 2028	37
Operating Leases, Thereafter	151
Operating Leases, Total lease payments	985
Operating Leases, Less amount representing interest	(109)
Operating Leases, Total	876	$ 1,005
Finance Lease, Liability, Payment, Due [Abstract]
Finance Lease, 2024	26
Finance Lease, 2025	26
Finance Lease, 2026	24
Finance Lease, 2027	22
Finance Lease, 2028	8
Finance Lease, Thereafter	0
Finance Lease, Total lease payments	106
Finance Lease, Less amount representing interest	(12)
Finance leases, Total	$ 94	$ 115

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Assets, Noncurrent Disclosure [Abstract]
Investment in Unconsolidated Subsidiaries	$ 1,020	$ 976
Pension Asset	944	752
Payments to Joint Facility Partners and Service Providers	690	2,653
Other	515	489
Total	$ 3,169	$ 4,870

Accounts Payable and Other Cu_3

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation and benefits payable	$ 846	$ 1,355
Accounts payable	603	389
Property and income tax liabilities	588	515
Customer incentives	428	319
Operating leases - current	322	325
Accrued interest	277	280
Capital expenditure estimated liabilities	193	141
Casualty and environmental liabilities	120	125
Rents and leases	108	98
Other	855	900
Total	$ 4,340	$ 4,447

Debt Outstanding (Details)

Debt Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt	$ 23,388	$ 23,337
Less current portion of long-term debt	(1,243)	(1,538)
Long-term debt	$ 22,145	$ 21,799
Current portion of long-term debt, Weighted Average Effective Interest Rate	3.60%	3.50%
Notes and debentures, due through 2097
Debt Instrument [Line Items]
Debt	$ 22,819	$ 22,719
Total Debt, Weighted Average Effective Interest Rate	4.70%	4.60%
Equipment obligations, due through 2028
Debt Instrument [Line Items]
Debt	$ 355	$ 378
Total Debt, Weighted Average Effective Interest Rate	3.60%	3.60%
Mortgage bonds, due through 2047
Debt Instrument [Line Items]
Debt	$ 47	$ 47
Total Debt, Weighted Average Effective Interest Rate	3.10%	3.10%
Financing obligations, due through 2053
Debt Instrument [Line Items]
Debt	$ 288	$ 298
Total Debt, Weighted Average Effective Interest Rate	4.60%	4.60%
Unamortized fair value adjustment under acquisition method accounting, discount, debt issuance costs, and other, net
Debt Instrument [Line Items]
Debt	$ (121)	$ (105)

Notes and Debentures Narrative

Notes and Debentures Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023	May 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt	$ 23,388			$ 23,337
Debt, fair value	22,374			21,500
Junior Subordinated Debt
Debt Instrument [Line Items]
Subordinated notes related to financial covenants	500
SEC Debt Shelf Registration
Debt Instrument [Line Items]
The board of managers authorized additional debt securities for issuance			$ 3,000
Remaining amount of debt securities that may be issued	2,950
Mortgage Bonds
Debt Instrument [Line Items]
Debt	$ 47			$ 47
Five Point Two Percent Debenture Due April 15 2054 | Corporate Debt Securities
Debt Instrument [Line Items]
Debt Instrument issued amount		$ 1,600
Debt instrument interest rate		5.20%

Debt Obligation Maturities (Det

Debt Obligation Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Maturities [Abstract]
Debt maturities - 2024	$ 1,243
Debt maturities - 2025	1,241
Debt maturities - 2026	48
Debt maturities - 2027	751
Debt maturities - 2028	460
Debt maturities - Thereafter	19,645
Total	23,388
Fair Value	$ 22,374	$ 21,500

Commitments and Contingencies P

Commitments and Contingencies Personal Injury (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingency Accrual [Roll Forward]
Beginning balance	$ 125
Ending balance	120	$ 125
Personal Injury
Loss Contingency Accrual [Roll Forward]
Beginning balance	263	296	$ 273
Accruals / changes in estimates	89	51	61
Payments	(88)	(84)	(38)
Ending balance	264	263	296
Current portion of ending balance	85	$ 90	$ 85
Personal Injury | Minimum
Loss Contingency Accrual [Roll Forward]
Future costs to settle claims and associated liability	220
Personal Injury | Maximum
Loss Contingency Accrual [Roll Forward]
Future costs to settle claims and associated liability	$ 335

Commitments and Contingencies E

Commitments and Contingencies Environmental (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) site	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Number of sites the Company participates in environmental studies, cleanup or both | site	185
Environmental Issue
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	$ 247	$ 251	$ 265
Accruals / changes in estimates	7	14	3
Payments	(18)	(18)	(17)
Ending balance	236	247	251
Current portion of ending balance	35	$ 35	$ 35
Environmental Issue | Minimum
Accrual for Environmental Loss Contingencies [Roll Forward]
Future costs to settle claims and associated liability	210
Environmental Issue | Maximum
Accrual for Environmental Loss Contingencies [Roll Forward]
Future costs to settle claims and associated liability	$ 275

Commitments and Contingencies B

Commitments and Contingencies BNSF Insurance Company (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Cash and cash equivalents	$ 2,148	$ 1,938
BNSF Insurance Company | Commercial Paper, Bank Time Deposits, and Money Market Funds
Loss Contingencies [Line Items]
Cash and cash equivalents	$ 561	$ 545

Guarantees (Details)

Guarantees (Details) - Chevron Phillips Chemical Company, LP - Indemnification Agreement $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Guarantor Obligations [Line Items]
Remaining Term (in years)	4 years
Capitalized Obligations	$ 8
Chevron Phillips Chemical Company, LP
Guarantor Obligations [Line Items]
BNSF Ownership Percentage	0%

Employment Benefit Plans Net Co

Employment Benefit Plans Net Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Number of months for highest consecutive compensation	60 months
Number of years of salaried employees to qualify for pension plan retirement	10 years
Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 10	$ 18	$ 25
Interest cost	84	62	56
Expected return on plan assets	(185)	(182)	(176)
Amortization of net (gain) loss	(34)	3	2
Settlement loss (gain)	0	(1)	(1)
Net (benefit) cost recognized	$ (125)	$ (100)	$ (94)

Employment Benefit Plans Change

Employment Benefit Plans Change in Benefit Obligation (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of period	$ 1,678	$ 2,322
Service cost	10	18	$ 25
Interest cost	84	62	56
Actuarial loss (gain)	106	(579)
Benefits paid	(137)	(141)
Settlements	(2)	(4)
Projected benefit obligation at end of period	1,739	1,678	$ 2,322
Component representing future salary increases	(9)	(17)
Accumulated benefit obligation at end of period	$ 1,730	$ 1,661

Employment Benefit Plans Chan_2

Employment Benefit Plans Change in Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Net pension assets included in other current liabilities	$ 11
Net pension assets included in other assets	944	$ 752
Pension Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	2,355	3,170
Actual return (loss) on plan assets	384	(681)
Employer contributions	11	11
Benefits paid	(137)	(141)
Settlements	(2)	(4)
Fair value of plan assets at measurement date	2,611	2,355
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Funded status (plan assets less projected benefit obligations)	$ 872	$ 677

Employment Benefit Plans Plans

Employment Benefit Plans Plans with ABO in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 72	$ 75
Accumulated benefit obligation	70	72
Fair value of plan assets	$ 0	$ 0

Employment Benefit Plans AOCI (

Employment Benefit Plans AOCI (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Change in Accumulated Other Comprehensive Income Loss [Roll Forward]
Beginning balance	$ 226	$ 509	$ 182
Amortization of net (gain) loss	(34)	3	2
Actuarial gain (loss)	93	(285)	326
Settlements	0	(1)	(1)
Ending balance	285	226	509
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net gain (loss)	$ 285	$ 226	$ 509

Employment Benefit Plans Assump

Employment Benefit Plans Assumptions Used (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate, used to determine net cost		5.20%	2.70%	2.30%
Expected long-term rate of return on plan assets, used to determine net cost		6.70%	6.50%	6.70%
Rate of compensation increase, used to determine net cost		3.10%	3.10%	3.10%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate, used to determine benefit obligations		5%	5.20%
Rate of compensation increase, used to determine benefit obligation		3%	3.10%
Assumptions Sensitivity Analysis [Abstract]
Effect of 50 basis point decrease in discount rate		$ 5
Effect of 50 basis point increase in discount rate		(4)
Effect of 50 basis point decrease in rate of return on plan assets		14
Effect of 50 basis point increase in rate of return on plan assets		$ (14)
Forecast
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate, used to determine net cost	5%
Expected long-term rate of return on plan assets, used to determine net cost	6.70%

Employment Benefit Plans Plan A

Employment Benefit Plans Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Equity securities exceeding 10 percent of plan assets	four	three
Percent of total assets that equity securities exceeding 10 percent of plan assets represent	10%	10%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	80%	66%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	$ 2,611	$ 2,355	$ 3,170
Pension Benefits | Level 1 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	2,596	2,319
Pension Benefits | Level 2 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	15	36
Pension Benefits | Level 3 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	0	0
Pension Benefits | Cash and equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	11	32
Pension Benefits | Cash and equivalents | Level 1 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	0	0
Pension Benefits | Cash and equivalents | Level 2 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	11	32
Pension Benefits | Cash and equivalents | Level 3 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	0	0
Pension Benefits | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	2,448	2,137
Pension Benefits | Equity Securities | Level 1 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	2,448	2,137
Pension Benefits | Equity Securities | Level 2 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	0	0
Pension Benefits | Equity Securities | Level 3 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	0	0
Pension Benefits | Government obligations
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	148	182
Pension Benefits | Government obligations | Level 1 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	148	182
Pension Benefits | Government obligations | Level 2 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	0	0
Pension Benefits | Government obligations | Level 3 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	0	0
Pension Benefits | Other fixed maturity securities
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	4	4
Pension Benefits | Other fixed maturity securities | Level 1 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	0	0
Pension Benefits | Other fixed maturity securities | Level 2 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	4	4
Pension Benefits | Other fixed maturity securities | Level 3 Inputs
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets Excluding Accrued Dividend And Interest Receivable	$ 0	$ 0

Employment Benefit Plans Expect

Employment Benefit Plans Expected Benefit Payments (Details) - Pension Benefits $ in Millions	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected benefit payments, 2024	$ 140
Expected benefit payments, 2025	136
Expected benefit payments, 2026	132
Expected benefit payments, 2027	126
Expected benefit payments, 2028	124
Expected benefit payments, 2029 - 2033	$ 591

Employment Benefit Plans Other

Employment Benefit Plans Other Details (Details) number in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Contribution Plan Disclosure [Line Items]
401(k) matching expense	$ 66	$ 58	$ 52
Multi-employer benefit plans, employer contribution cost	$ 26	31	46
Average number of employees covered under multi-employer benefit plans	31
Retiree Health and Welfare Benefits
Defined Contribution Plan Disclosure [Line Items]
Projected Benefit Obligation	$ 150	155
Service cost	$ 1	$ 1	$ 1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Cash distributions declared and paid	$ 3,100	$ 5,000	$ 3,800
Revenues earned for services provided to related parties	107	104	106
Costs and Expenses, Related Party	405	421	385
Equity Method Investments and Joint Ventures [Abstract]
Investments related to TTX	$ 848	807
TTX Company
Related Party Transaction [Line Items]
Ownership Percentage in TTX Company	17.40%
TTX Company
Related Party Transaction [Line Items]
Costs and Expenses, Related Party	$ 394	409	386
Parent Company
Related Party Transaction [Line Items]
Cash distributions declared and paid	3,100	5,000	3,800
Tax Refunds from Parent Company	65	20	47
Tax payments to parent company	1,200	1,500	$ 1,100
Payable to parent company	$ 170	$ 112

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income Reclassifications out of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Balance	$ 194	$ 353	$ 98
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	67	(163)	251
Reclassification AOCI, Tax	9	(1)	(1)
Balance	234	194	353
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	21	56	81
Amortization of net gain
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income	(36)
Amortization of prior service credits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income		6
Settlement (gain) lossa
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income		(1)	(1)
Equity Method Investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Balance	9	(3)	(3)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(1)	12	0
Reclassification AOCI, Tax	0	0	0
Balance	8	9	(3)
Equity Method Investments | Amortization of net gain
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income	0
Equity Method Investments | Amortization of prior service credits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income		0
Equity Method Investments | Settlement (gain) lossa
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income		0	0
Pension and Retiree Health and Welfare Benefit Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Balance	185	356	101
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	68	(175)	251
Reclassification AOCI, Tax	9	(1)	(1)
Balance	226	185	356
Pension and Retiree Health and Welfare Benefit Items | Amortization of net gain
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income	$ (36)
Pension and Retiree Health and Welfare Benefit Items | Amortization of prior service credits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income		6
Pension and Retiree Health and Welfare Benefit Items | Settlement (gain) lossa
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income		$ (1)	$ (1)