Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Amount, Timing and Uncertainty of Cash Flows of Company's Operating Leases

The following table presents information about the amount, timing and uncertainty of cash flows arising from all of the Company’s operating leases as of December 31, 2020.

(Dollars in Millions)	December 2020
Maturity of Lease Liabilities	Lease Payments
2021	47
2022	43
2023	36
2024	36
2025	35
Thereafter	1,172
Total undiscounted operating lease payments	$	1,369
Less: Imputed interest	(869)
Present value of operating lease liabilities	$	500

Future payments due to Conrail under the shared asset area agreements are shown in the table below.

(Dollars in Millions)	Conrail Shared
Years	Asset Agreement
2021	$	30
2022	30
2023	30
2024	22
2025	—
Thereafter	—
Total	$	112

Schedule of Balance Sheet Classification and Other Information of Company's Operating Leases

(Dollars in Millions)	2020			2019
Balance Sheet Classification
Right of use asset	$	472		$	532
Current lease liabilities (recorded in other current liabilities)	$	45		$	57
Long-term lease liabilities	455			493
Total operating lease liabilities	$	500		$	550
Other Information
Weighted-average remaining lease term for operating leases	35 years			33 years
Weighted-average discount rate for operating leases	5.0		%	5.0		%

Schedule of Operating Lease Costs

These amounts are shown in the table below.

	Fiscal Years
(Dollars in Millions)	2020		2019		2018
Rent Expense on Operating Leases	$	82	$	84	$	66