Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt

Notes and Debentures

As of March 31, 2026, $2.80 billion remained authorized by the Board of Directors to be issued through the debt shelf offering process.

Fair Value of Debt Instruments

As of March 31, 2026 and December 31, 2025, the fair value of BNSF’s debt, excluding finance leases, was $21.2 billion and $22.1 billion, respectively, while the book value as of March 31, 2026 and December 31, 2025, which also excludes finance leases, was $23.5 billion and $24.0 billion, respectively. The fair value of BNSF’s debt is primarily based on market value price models using observable market-based data for the same or similar issues, or on the estimated rates that would be offered to BNSF for debt of the same remaining maturities (Level 2 inputs).