Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt at December 2023 and December 2022 is shown in the table below. For information regarding the fair value of debt, see Note 13, Fair Value Measurements.

	Maturity at December	Average Interest Rates at December	December		December
(Dollars in Millions)	2023	2023	2023		2022
Notes	2024-2068	4.2%	$	18,514	$	17,877
Equipment Obligations(a)	2024-2027	4.4%	2		141
Finance Leases	2024-2032	5.9%	17		29
Subtotal Long-term Debt (Including Current Portion)			$	18,533	$	18,047
Less Debt Due within One Year			(558)		(151)
Long-term Debt (Excluding Current Portion)			$	17,975	$	17,896

(a) Equipment obligations are secured by an interest in certain railroad equipment.

Schedule of Long-term Debt Maturities

Long-term Debt Maturities (Net of Discounts, Premiums and Issuance Costs)

(Dollars in Millions)	Maturities at
Years Ending	December 2023
2024	$	558
2025	606
2026	704
2027	998
2028	1,001
Thereafter	14,666
Total Long-term Debt Maturities, including current portion	$	18,533

Schedule of Interest Rate Derivatives

The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table.

(Dollars in Millions)	December 31, 2023		December 31, 2022
Notional Value of Hedged Notes	$	1,050	$	800
Fair Value Asset Adjustment to Hedged Notes	19		—
Fair Value Liability Adjustment to Hedged Notes	(107)		(118)
Carrying Amount of Hedged Notes	$	962	$	682

(Dollars in Millions)	2023		2022		2021
Interest Expense Impact (Increase) Decrease	$	(28)	$	(1)	N/A

Derivative Instruments, Gain (Loss)

Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.

(Dollars in Millions)	2023		2022		2021
Unrealized Gain - Net	$	—	$	80	$	8