Revenues

9 Months Ended

Sep. 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:

	Third Quarters				Nine Months
(Dollars in millions)	2023		2022		2023		2022
Chemicals	$	646	$	678	$	1,938	$	1,962
Agricultural and Food Products	376		428		1,228		1,227
Automotive	308		274		905		769
Forest Products	243		264		761		743
Metals and Equipment	225		211		704		624
Minerals	190		180		554		494
Fertilizers	124		108		381		346
Total Merchandise	2,112		2,143		6,471		6,165
Coal	594		624		1,864		1,808
Intermodal	517		604		1,508		1,733
Trucking	218		251		678		740
Other	131		273		456		677
Total	$	3,572	$	3,895	$	10,977	$	11,123

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)	September 30, 2023		December 31, 2022
Freight Receivables	$	1,043	$	1,067
Freight Allowance for Credit Losses	(16)		(16)
Freight Receivables, net	1,027		1,051
Non-Freight Receivables	387		279
Non-Freight Allowance for Credit Losses	(15)		(17)
Non-Freight Receivables, net	372		262
Total Accounts Receivable, net	$	1,399	$	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 third quarters or nine months ended September 30, 2023, and September 30, 2022.