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Debt and Credit Agreements (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Debt at December 2024 and December 2023 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		DecemberDecember
(Dollars in Millions)2024202420242023
Notes2025-20684.3%$18,492 $18,514 
Equipment Obligations(a)
20274.4%1 2 
Finance Leases2025-20325.6%10 17 
Subtotal Long-term Debt (Including Current Portion) $18,503 $18,533 
Less Debt Due within One Year  (606)(558)
Long-term Debt (Excluding Current Portion)  $17,897 $17,975 
(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 EndingDecember 2024
2025$606 
2026704 
2027998 
20281,001 
2029950 
Thereafter14,244 
Total Long-term Debt Maturities, including current portion$18,503 
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, 2024December 31, 2023
Notional Value of Hedged Notes
$1,050 $1,050 
Fair Value Asset Adjustment to Hedged Notes7 19 
Fair Value Liability Adjustment to Hedged Notes(123)(107)
Carrying Amount of Hedged Notes
$934 $962 
The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.
(Dollars in Millions)
202420232022
Interest Expense Impact (Increase) Decrease$(31)$(28)$(1)
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)
202420232022
Unrealized Gain - Net$3 $— $80