Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

The companies identified as affiliates of BNSF include Berkshire and its subsidiaries. During the years ended December 31, 2023, 2022 and 2021, the Company declared and paid cash distributions of $3.1 billion, $5.0 billion and $3.8 billion, respectively, to Berkshire. For the years ended December 31, 2023, 2022 and 2021, the Company received tax refunds of $65 million, $20 million and $47 million, respectively, from Berkshire, and made tax payments of $1.2 billion, $1.5 billion and $1.1 billion, respectively, to Berkshire. As of December 31, 2023 and 2022, the Company had a payable to Berkshire of $170 million and $112 million, respectively.

BNSF engages in various transactions with related parties in the ordinary course of business. The following table summarizes revenues earned by BNSF for services provided to related parties and expenditures to related parties (in millions):

	Years ended December 31,
	2023		2022		2021
Revenues	$	107	$	104	$	106
Expenditures	$	405	$	421	$	385

North American railroads pay TTX Company (TTX) car hire to use TTX’s freight equipment to serve their customers. BNSF owns 17.4 percent of TTX while other North American railroads own the remaining interest. As the Company possesses the ability to exercise significant influence, but not control, over the operating and financial policies of TTX, BNSF applies the equity method of accounting to its investment. The investment in TTX is recorded in other assets in the Consolidated Balance Sheets, and equity income or losses are recorded in materials and other in the Consolidated Statements of Income. The Company’s investment in TTX was $848 million and $807 million as of December 31, 2023 and 2022, respectively. The Company incurred car hire expenditures with TTX of $394 million, $409 million, and $386 million for the years ended December 31, 2023, 2022, and 2021, respectively.