Revenues

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

The Company’s revenues are primarily derived from the transportation of freight as performance obligations that arise from its contracts with customers are satisfied. The following table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors:

	Second Quarters				Six Months
(Dollars in millions)	2023		2022		2023		2022
Chemicals	$	642	$	666	$	1,292	$	1,284
Agricultural and Food Products	415		412		852		799
Automotive	323		268		597		495
Forest Products	257		251		518		479
Metals and Equipment	240		216		479		413
Minerals	191		170		364		314
Fertilizers	128		118		257		238
Total Merchandise	2,196		2,101		4,359		4,022
Coal	637		651		1,270		1,184
Intermodal	492		602		991		1,129
Trucking	227		259		460		489
Other	147		202		325		404
Total	$	3,699	$	3,815	$	7,405	$	7,228

The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses. Freight receivables include amounts earned, billed and unbilled, and currently due from customers for transportation-related services. Non-freight receivables include amounts billed and unbilled and currently due related to government reimbursement receivables and other non-revenue receivables.

(Dollars in millions)	June 30, 2023		December 31, 2022
Freight Receivables	$	1,020	$	1,067
Freight Allowance for Credit Losses	(17)		(16)
Freight Receivables, net	1,003		1,051
Non-Freight Receivables	342		279
Non-Freight Allowance for Credit Losses	(18)		(17)
Non-Freight Receivables, net	324		262
Total Accounts Receivable, net	$	1,327	$	1,313

The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary. Credit losses recognized on the Company’s accounts receivable were not material in the second quarters or six months ended June 30, 2023, and 2022.