8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2022 (July 21, 2022)

UNION PACIFIC CORPORATION

(Exact name of registrant as specified in its charter)

Utah	1-6075	13-2626465
(State or other jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)

1400 Douglas Street, Omaha, Nebraska	68179
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (402) 544-5000

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each Class	Trading Symbol	Name of each exchange on which registered
Common Stock (Par Value $2.50 per share)	UNP	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 ☐

Item 2.02 Results of Operations and Financial Condition.

On July 21, 2022, Union Pacific Corporation issued a press release announcing its financial results for the quarter ended June 30, 2022. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press Release of Union Pacific Corporation, dated July 21, 2022, announcing its financial results for the quarter ended June 30, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 21, 2022

UNION PACIFIC CORPORATION
By:	/s/ Jennifer L. Hamann
	Jennifer L. Hamann
	Executive Vice President and  Chief Financial Officer

EX-99.1

Exhibit 99.1

Union Pacific Reports Second Quarter 2022 Results

● Earnings per diluted share of $2.93

● Operating revenue up 14%

● Operating income up 1%

Omaha, Neb., July 21, 2022 – Union Pacific Corporation (NYSE: UNP) today reported 2022 second quarter net income of $1.8 billion, or $2.93 per diluted share. This compares to 2021 second quarter net income of $1.8 billion, or $2.72 per diluted share.

“As anticipated, the Second Quarter was a tough one as we limited carloadings and increased expenses to recover network fluidity,” said Lance Fritz, Union Pacific chairman, president, and chief executive officer. “We also experienced record high fuel prices and increasing inflation, adding pressure to our total costs. Offsetting the cost pressures were higher fuel surcharge revenue, solid core pricing, a positive mix, and continued train size initiatives. The result was operating revenue and income growth. Our network fluidity improved through the quarter, and we are positioned to grow volumes in the back half of 2022 while continuing to improve our service product.”

Financial Results: Topline Growth Produces Quarterly Records for Operating Revenue, Operating Income, Net Income, and Earnings Per Share

Second Quarter 2022 Compared to Second Quarter 2021

● Operating revenue of $6.3 billion was up 14% driven by higher fuel surcharge revenue, core pricing gains, and a positive business mix, offset slightly by volume declines.

● Business volumes, as measured by total revenue carloads, were down 1%.

● Union Pacific’s 60.2% operating ratio deteriorated by 510 basis points. Higher fuel prices negatively impacted the operating ratio 130 basis points.

● Operating income of $2.5 billion was up 1%.

● The company repurchased 3.1 million shares in second quarter 2022 at an aggregate cost of $722 million.

Operating Performance: Service and Efficiency Measures Lag as Network Recovery Continues

Second Quarter 2022 Compared to Second Quarter 2021

● Quarterly freight car velocity of 187 daily miles per car, a 12% decline.

● Quarterly locomotive productivity was 123 gross ton-miles (GTMs) per horsepower day, a 12% decline.

● Average maximum train length was flat at 9,439 feet.

● Quarterly workforce productivity was 1,034 car miles per employee, a 2% decline.

● Fuel consumption rate of 1.076, measured in gallons of fuel per thousand GTMs, was flat.

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● Union Pacific’s first half reportable personal injury rate improved to 0.93 per 200,000 employee-hours compared to 0.95 for first half 2021.

2022 Guidance: First Half 2022 Results Challenge Previous Full Year Volume and Operating Ratio Targets

Updated

● Stronger second half volumes should produce full year carload growth of 4% to 5%

● Full year operating ratio around 58%

● Second half operating ratio improvement vs. 2021

● Second half incremental margins around 50%

Affirmed

● Pricing gains in excess of inflation dollars

● Capital spending of $3.3 billion

● Long term dividend payout target of 45% of earnings

● Share repurchases in line with 2021

Second Quarter 2022 Earnings Conference Call

Union Pacific will webcast its second quarter 2022 earnings release presentation live at www.up.com/investor and via teleconference on Thursday, July 21, 2022, at 8:45 a.m. Eastern Time. Participants may join the conference call by dialing 877-407-8293 (or for international participants, 201-689-8349).

ABOUT UNION PACIFIC

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

Union Pacific Investor contact: Brad Stock at 402-544-4227 or bkstock@up.com

Union Pacific Media contact: Clarissa Beyah at 402-957-4793 or cbeyah@up.com

Supplemental financial information is attached.

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****

This news release and related materials contain statements about the Company’s future that are not statements of historical fact, including specifically the statements regarding the Company’s expectations with respect to economic conditions and demand levels, its ability to improve network performance (including those in response to increased traffic), its results of operations, and potential impacts of the COVID-19 pandemic and the Russian-Ukraine conflict. These statements are, or will be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information, or statements regarding: projections, predictions, expectations, estimates, or forecasts as to the Company’s and its subsidiaries’ business, financial, and operational results, and future economic performance; and management’s beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Company’s future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Company’s and its subsidiaries’ future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Company’s Annual Report on Form 10-K for 2021, which was filed with the SEC on February 4, 2022. The Company updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References to our website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.

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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income (unaudited)

Millions, Except Per Share Amounts and	2nd Quarter									Year-to-Date
Percentages, For the Periods Ended June 30,	2022			2021			%			2022			2021			%
Operating Revenues
Freight revenues	$	5,842		$	5,132			14	%	$	11,282		$	9,781			15	%
Other revenues		427			372			15			847			724			17
Total operating revenues		6,269			5,504			14			12,129			10,505			15
Operating Expenses
Compensation and benefits		1,092			1,022			7			2,193			2,048			7
Fuel		940			497			89			1,654			908			82
Purchased services and materials		622			478			30			1,183			968			22
Depreciation		559			550			2			1,114			1,099			1
Equipment and other rents		230			200			15			445			412			8
Other		331			284			17			668			604			11
Total operating expenses		3,774			3,031			25			7,257			6,039			20
Operating Income		2,495			2,473			1			4,872			4,466			9
Other income, net		163			125			30			210			176			19
Interest expense		(316	)		(282	)		12			(623	)		(572	)		9
Income before income taxes		2,342			2,316			1			4,459			4,070			10
Income taxes		(507	)		(518	)		(2	)		(994	)		(931	)		7
Net Income	$	1,835		$	1,798			2	%	$	3,465		$	3,139			10	%
Share and Per Share
Earnings per share - basic	$	2.93		$	2.73			7	%	$	5.51		$	4.73			16	%
Earnings per share - diluted	$	2.93		$	2.72			8		$	5.50		$	4.72			17
Weighted average number of shares - basic		625.6			658.5			(5	)		628.9			663.1			(5	)
Weighted average number of shares - diluted		626.8			660.1			(5	)		630.2			664.7			(5	)
Dividends declared per share	$	1.30		$	1.07			21		$	2.48		$	2.04			22
Operating Ratio		60.2	%		55.1	%		5.1	pts		59.8	%		57.5	%		2.3	pts
Effective Tax Rate		21.6	%		22.4	%		(0.8)	pts		22.3	%		22.9	%		(0.6)	pts

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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited)

	2nd Quarter							Year-to-Date
For the Periods Ended June 30,	2022		2021		%			2022		2021		%
Freight Revenues (Millions)
Grain & grain products	$	867	$	795		9	%	$	1,744	$	1,561		12	%
Fertilizer		183		179		2			363		349		4
Food & refrigerated		271		251		8			538		486		11
Coal & renewables		492		423		16			1,000		764		31
Bulk		1,813		1,648		10			3,645		3,160		15
Industrial chemicals & plastics		557		498		12			1,077		933		15
Metals & minerals		562		467		20			1,047		842		24
Forest products		386		348		11			750		664		13
Energy & specialized markets		586		546		7			1,138		1,076		6
Industrial		2,091		1,859		12			4,012		3,515		14
Automotive		561		428		31			1,062		875		21
Intermodal		1,377		1,197		15			2,563		2,231		15
Premium		1,938		1,625		19			3,625		3,106		17
Total	$	5,842	$	5,132		14	%	$	11,282		9,781		15	%
Revenue Carloads (Thousands)
Grain & grain products		195		204		(4	%)		400		407		(2	%)
Fertilizer		53		54		(2	)		98		98		-
Food & refrigerated		48		48		-			95		93		2
Coal & renewables		202		198		2			427		372		15
Bulk		498		504		(1	)		1,020		970		5
Industrial chemicals & plastics		161		156		3			321		296		8
Metals & minerals		205		182		13			387		328		18
Forest products		63		64		(2	)		127		124		2
Energy & specialized markets		141		138		2			272		277		(2	)
Industrial		570		540		6			1,107		1,025		8
Automotive		192		173		11			382		353		8
Intermodal [a]		805		878		(8	)		1,562		1,674		(7	)
Premium		997		1,051		(5	)		1,944		2,027		(4	)
Total		2,065		2,095		(1	%)		4,071		4,022		1	%
Average Revenue per Car
Grain & grain products	$	4,451	$	3,894		14	%	$	4,357	$	3,838		14	%
Fertilizer		3,437		3,304		4			3,701		3,550		4
Food & refrigerated		5,770		5,226		10			5,703		5,230		9
Coal & renewables		2,426		2,134		14			2,340		2,051		14
Bulk		3,642		3,266		12			3,574		3,256		10
Industrial chemicals & plastics		3,455		3,189		8			3,351		3,153		6
Metals & minerals		2,755		2,569		7			2,710		2,567		6
Forest products		6,128		5,463		12			5,898		5,357		10
Energy & specialized markets		4,161		3,944		6			4,189		3,886		8
Industrial		3,674		3,442		7			3,626		3,430		6
Automotive		2,919		2,479		18			2,780		2,482		12
Intermodal [a]		1,711		1,363		26			1,641		1,332		23
Premium		1,943		1,547		26			1,864		1,532		22
Average	$	2,830	$	2,449		16	%	$	2,771	$	2,432		14	%

[a] For intermodal shipments each container or trailer equals one carload.

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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Financial Position (unaudited)

	Jun. 30,			Dec. 31,
Millions, Except Percentages		2022			2021
Assets
Cash and cash equivalents		$	788		$	960
Short-term investments			46			46
Other current assets			3,142			2,545
Investments			2,287			2,241
Properties, net			55,315			54,871
Operating lease assets			1,706			1,787
Other assets			1,156			1,075
Total assets		$	64,440		$	63,525
Liabilities and Common Shareholders' Equity
Debt due within one year		$	2,334		$	2,166
Other current liabilities			3,668			3,578
Debt due after one year			29,673			27,563
Operating lease liabilities			1,295			1,429
Deferred income taxes			12,777			12,675
Other long-term liabilities			1,983			1,953
Total liabilities			51,730			49,364
Total common shareholders' equity			12,710			14,161
Total liabilities and common shareholders' equity		$	64,440		$	63,525

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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Cash Flows (unaudited)

Millions,	Year-to-Date
for the Periods Ended June 30,	2022			2021
Operating Activities
Net income	$	3,465		$	3,139
Depreciation		1,114			1,099
Deferred income taxes		93			128
Other - net		(505	)		(147	)
Cash provided by operating activities		4,167			4,219
Investing Activities
Capital investments*		(1,645	)		(1,190	)
Maturities of short-term investments		-			48
Purchases of short-term investments		-			(24	)
Other - net		105			95
Cash used in investing activities		(1,540	)		(1,071	)
Financing Activities
Debt issued		4,090			2,896
Share repurchase programs		(3,473	)		(4,085	)
Debt repaid		(1,664	)		(691	)
Dividends paid		(1,556	)		(1,350	)
Net issued/(paid) of commercial paper		(151	)		125
Accelerated share repurchase programs pending final settlement		-			(400	)
Debt exchange		-			(268	)
Other - net		(42	)		(34	)
Cash used in financing activities		(2,796	)		(3,807	)
Net Change in Cash, Cash Equivalents and Restricted Cash		(169	)		(659	)
Cash, cash equivalents, and restricted cash at beginning of year		983			1,818
Cash, cash equivalents, and restricted cash at end of period	$	814		$	1,159
Free Cash Flow**
Cash provided by operating activities	$	4,167		$	4,219
Cash used in investing activities		(1,540	)		(1,071	)
Dividends paid		(1,556	)		(1,350	)
Free cash flow	$	1,071		$	1,798

*	Capital investments include locomotive and freight car early lease buyouts of $46 million in 2022 and $23 million in 2021.
**	Free cash flow is a non-GAAP measure; however, we believe this measure is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financing.

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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Operating and Performance Statistics (unaudited)

	2nd Quarter							Year-to-Date
For the Periods Ended June 30,	2022		2021		%			2022		2021		%
Operating/Performance Statistics
Freight car velocity (daily miles per car)		187		213		(12	)%		192		211		(9	)%
Average train speed (miles per hour) *		23.6		25.0		(6	)		23.9		25.1		(5	)
Average terminal dwell time (hours) *		24.6		22.9		7			24.3		23.2		5
Locomotive productivity (GTMs per horsepower day)		123		140		(12	)		126		139		(9	)
Gross ton-miles (GTMs) (millions)		209,789		207,803		1			419,495		400,890		5
Train length (feet)		9,439		9,410		-			9,321		9,330		-
Intermodal car trip plan compliance (%)**		62		71		(9)	pts		67		74		(7)	pts
Manifest/Automotive car trip plan compliance (%)**		56		67		(11)	pts		59		68		(9)	pts
Workforce productivity (car miles per employee)		1,034		1,060		(2	)		1,045		1,031		1
Total employees (average)		30,715		30,066		2			30,452		29,910		2
Locomotive Fuel Statistics
Average fuel price per gallon consumed	$	4.03	$	2.16		87	%	$	3.48	$	2.01		73	%
Fuel consumed in gallons (millions)		226		223		1			460		439		5
Fuel consumption rate***		1.076		1.072		-			1.096		1.095		-
Revenue Ton-Miles (Millions)
Grain & grain products		19,459		20,190		(4	)%		40,488		40,538		-	%
Fertilizer		3,115		3,169		(2	)		6,266		6,164		2
Food & refrigerated		4,257		4,641		(8	)		8,959		9,139		(2	)
Coal & renewables		20,558		20,716		(1	)		44,808		38,252		17
Bulk		47,389		48,716		(3	)		100,521		94,093		7
Industrial chemicals & plastics		7,685		7,990		(4	)		15,244		15,045		1
Metals & minerals		9,662		8,584		13			18,407		15,460		19
Forest products		6,694		6,706		-			13,319		13,024		2
Energy & specialized markets		9,105		9,112		-			18,171		18,702		(3	)
Industrial		33,146		32,392		2			65,141		62,231		5
Automotive		4,140		3,769		10			8,287		7,542		10
Intermodal		18,710		19,878		(6	)		36,628		38,253		(4	)
Premium		22,850		23,647		(3	)		44,915		45,795		(2	)
Total		103,385		104,755		(1	)%		210,577		202,119		4	%

*	Surface Transportation Board (STB) reported performance measures.
**	Methodology used to report is not comparable with the reporting to the STB under docket number EP 770.
***	Fuel consumption is computed as follows: gallons of fuel consumed divided by gross ton-miles in thousands.

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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income (unaudited)

	2022
Millions, Except Per Share Amounts and Percentages,	1st Qtr			2nd Qtr		Year-to-Date
Operating Revenues
Freight revenues	$	5,440		$	5,842		$	11,282
Other revenues		420			427			847
Total operating revenues		5,860			6,269			12,129
Operating Expenses
Compensation and benefits		1,101			1,092			2,193
Fuel		714			940			1,654
Purchased services and materials		561			622			1,183
Depreciation		555			559			1,114
Equipment and other rents		215			230			445
Other		337			331			668
Total operating expenses		3,483			3,774			7,257
Operating Income		2,377			2,495			4,872
Other income, net		47			163			210
Interest expense		(307	)		(316	)		(623	)
Income before income taxes		2,117			2,342			4,459
Income taxes		(487	)		(507	)		(994	)
Net Income	$	1,630		$	1,835		$	3,465
Share and Per Share
Earnings per share - basic	$	2.58		$	2.93		$	5.51
Earnings per share - diluted	$	2.57		$	2.93		$	5.50
Weighted average number of shares - basic		632.2			625.6			628.9
Weighted average number of shares - diluted		633.6			626.8			630.2
Dividends declared per share	$	1.18		$	1.30		$	2.48
Operating Ratio		59.4	%		60.2	%		59.8	%
Effective Tax Rate		23.0	%		21.6	%		22.3	%

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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited)

	2022
	1st Qtr		2nd Qtr		Year-to-Date
Freight Revenues (Millions)
Grain & grain products	$	877	$	867		$	1,744
Fertilizer		180		183			363
Food & refrigerated		267		271			538
Coal & renewables		508		492			1,000
Bulk		1,832		1,813			3,645
Industrial chemicals & plastics		520		557			1,077
Metals & minerals		485		562			1,047
Forest products		364		386			750
Energy & specialized markets		552		586			1,138
Industrial		1,921		2,091			4,012
Automotive		501		561			1,062
Intermodal		1,186		1,377			2,563
Premium		1,687		1,938			3,625
Total	$	5,440	$	5,842		$	11,282
Revenue Carloads (Thousands)
Grain & grain products		205		195			400
Fertilizer		45		53			98
Food & refrigerated		47		48			95
Coal & renewables		225		202			427
Bulk		522		498			1,020
Industrial chemicals & plastics		160		161			321
Metals & minerals		182		205			387
Forest products		64		63			127
Energy & specialized markets		131		141			272
Industrial		537		570			1,107
Automotive		190		192			382
Intermodal [a]		757		805			1,562
Premium		947		997			1,944
Total		2,006		2,065			4,071
Average Revenue per Car
Grain & grain products	$	4,269	$	4,451		$	4,357
Fertilizer		4,016		3,437			3,701
Food & refrigerated		5,637		5,770			5,703
Coal & renewables		2,262		2,426			2,340
Bulk		3,508		3,642			3,574
Industrial chemicals & plastics		3,247		3,455			3,351
Metals & minerals		2,660		2,755			2,710
Forest products		5,672		6,128			5,898
Energy & specialized markets		4,219		4,161			4,189
Industrial		3,574		3,674			3,626
Automotive		2,640		2,919			2,780
Intermodal [a]		1,566		1,711			1,641
Premium		1,782		1,943			1,864
Average	$	2,711	$	2,830		$	2,771

[a] For intermodal shipments each container or trailer equals one carload.

7

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Non-GAAP Measures Reconciliation to GAAP

Adjusted Debt / Adjusted EBITDA*
Millions, Except Ratios	Jun. 30,			Dec. 31,
for the Trailing Twelve Months Ended [a]	2022			2021
Net income	$	6,849		$	6,523
Add:
Income tax expense		2,018			1,955
Depreciation		2,223			2,208
Interest expense		1,208			1,157
EBITDA	$	12,298		$	11,843
Adjustments:
Other income, net		(331)			(297)
Interest on operating lease liabilities [b]		51			56
Adjusted EBITDA	$	12,018		$	11,602
Debt	$	32,007		$	29,729
Operating lease liabilities		1,609			1,759
Unfunded/(funded) pension and OPEB, net of tax cost/(benefit) of ($33) and ($21)		(113	)		(72	)
Adjusted debt	$	33,503		$	31,416
Adjusted debt / Adjusted EBITDA		2.8			2.7

[a]	The trailing twelve months income statement information ended June 30, 2022, is recalculated by taking the twelve months ended December 31, 2021, subtracting the six months ended June 30, 2021, and adding the six months ended June 30, 2022.
[b]	Represents the hypothetical interest expense we would incur (using the incremental borrowing rate) if the property under our operating leases were owned or accounted for as finance leases.
*	Total debt plus operating lease liabilities plus after-tax unfunded pension and OPEB (other postretirement benefit) obligations divided by net income plus income tax expense, depreciation, amortization, interest expense, and adjustments for other income and interest on operating lease liabilities. Adjusted debt to adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and adjustments for other income and interest on operating lease liabilities) is considered a non-GAAP financial measure by SEC Regulation G and Item 10 of SEC Regulation S-K and may not be defined and calculated by other companies in the same manner. We believe this measure is important to management and investors in evaluating the Company’s ability to sustain given debt levels (including leases) with the cash generated from operations. In addition, a comparable measure is used by rating agencies when reviewing the Company’s credit rating. Adjusted debt to adjusted EBITDA should be considered in addition to, rather than as a substitute for, net income. The table above provides a reconciliation from net income to adjusted debt to adjusted EBITDA. At both June 30, 2022, and December 31, 2021, the incremental borrowing rate on operating lease liabilities was 3.2%.

8

XML

Document And Entity Information	Jul. 21, 2022
Document Information [Line Items]
Entity, Registrant Name	UNION PACIFIC CORPORATION
Document, Type	8-K
Document, Period End Date	Jul. 21, 2022
Entity, Incorporation, State or Country Code	UT
Entity, File Number	1-6075
Entity, Tax Identification Number	13-2626465
Entity, Address, Address Line One	1400 Douglas Street
Entity, Address, City or Town	Omaha
Entity, Address, State or Province	NE
Entity, Address, Postal Zip Code	68179
City Area Code	402
Local Phone Number	544-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock (Par Value $2.50 per share)
Trading Symbol	UNP
Security Exchange Name	NYSE
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000100885