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Debt and Credit Agreements (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Debt at December 2025 and December 2024 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)2025202520252024
Notes2026-20684.4%$18,858 $18,492 
Equipment Obligations(a)
20274.3%— 1 
Finance Leases2026-20324.7%15 10 
Subtotal Long-term Debt (Including Current Portion) $18,873 $18,503 
Less Debt Due within One Year  (708)(606)
Long-term Debt (Excluding Current Portion)  $18,165 $17,897 
(a) Equipment obligations are secured by an interest in certain railroad equipment.

Total activity related to long-term debt during 2025 is as follows:
(Dollars in Millions)Current PortionLong-term PortionTotal
Long-term Debt as of December 31, 2024
$606 $17,897 $18,503 
2025 Activity:
Long-term Debt Issued— 900 900 
Long-term Debt Repaid(613)— (613)
Reclassifications703 (703)— 
Hedging, Discount, Premium and Other Activity12 71 83 
Long-term Debt as of December 31, 2025$708 $18,165 $18,873 
Schedule of Long-term Debt Maturities
Long-term Debt Maturities (Net of Discounts, Premiums and Issuance Costs)
(Dollars in Millions)
Maturities at
Years EndingDecember 2025
2026$708 
20271,001 
20281,002 
2029951 
2030400 
Thereafter14,811 
Total Long-term Debt Maturities, including current portion$18,873 
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 table below.
(Dollars in Millions)
December 31, 2025December 31, 2024
Notional Value of Hedged Notes
$1,300 $1,050 
Fair Value Asset Adjustment to Hedged Notes23 7 
Fair Value Liability Adjustment to Hedged Notes(87)(123)
Carrying Amount of Hedged Notes
$1,236 $934 
The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.
(Dollars in Millions)
202520242023
Interest Expense Impact (Increase) Decrease$(21)$(31)$(28)
Schedule of Unrealized Amounts Related to Cash Flow Hedges Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.
(Dollars in Millions)
202520242023
Unrealized Gain - Net$(1)$3 $—