0001437749-24-032008 | 10-Q | XBRL Viewer

Commitments Contingencies and Guarantees [Text Block]

15. Commitments and Contingencies

Asserted and Unasserted Claims – Various claims and lawsuits are pending against us and certain of our subsidiaries. We cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations, financial condition, or liquidity. We have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated. We currently do not expect that any known lawsuits, claims, environmental costs, commitments, contingent liabilities, or guarantees will have a material adverse effect on our consolidated results of operations, financial condition, or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters.

In December 2019, we received a putative class action complaint under the Illinois Biometric Information Privacy Act, alleging violation due to the use of a finger scan system developed and managed by third-parties. Union Pacific and the plaintiff are currently in the discovery phase. While we believe that we have strong defenses to the claims made in the complaint and will vigorously defend ourselves, there is no assurance regarding the ultimate outcome. Therefore, the outcome of this litigation is inherently uncertain, and we cannot reasonably estimate any loss or range of loss that may arise from this matter.

Personal Injury – The Federal Employers’ Liability Act (FELA) governs compensation for work-related accidents. Under FELA, damages are assessed based on a finding of fault through litigation or out-of-court settlements. We offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work.

Approximately 92% of the recorded liability is related to asserted claims and approximately 8% is related to unasserted claims at September 30, 2024. Because of the uncertainty surrounding the ultimate outcome of personal injury claims, it is reasonably possible that future costs to settle these claims may range from approximately $393 million to $509 million. We record an accrual at the low end of the range as no amount of loss within the range is more probable than any other. Estimates can vary over time due to evolving trends in litigation.

Our personal injury liability activity was as follows:

Millions, for the Nine Months Ended September 30,	*2024*			2023
Beginning balance	$	383		$	361
Current year accruals		87			81
Changes in estimates for prior years		(2	)		55
Payments		(75	)		(104	)
Ending balance at September 30,	$	393		$	393
Current portion, ending balance at September 30,	$	114		$	105

Environmental Costs – We are subject to federal, state, and local environmental laws and regulations. We have identified 357 sites where we are or may be liable for remediation costs associated with alleged contamination or for violations of environmental requirements. This includes 31 sites that are the subject of actions taken by the U.S. government, including 19 that are currently on the Superfund National Priorities List. Certain federal legislation imposes joint and several liability for the remediation of identified sites; consequently, our ultimate environmental liability may include costs relating to activities of other parties, in addition to costs relating to our own activities at each site.

Our environmental liability activity was as follows:

Millions, for the Nine Months Ended September 30,	*2024*			2023
Beginning balance	$	245		$	253
Accruals		100			85
Payments		(76	)		(75	)
Ending balance at September 30,	$	269		$	263
Current portion, ending balance at September 30,	$	119		$	83

The environmental liability includes future costs for remediation and restoration of sites, as well as ongoing monitoring costs, but excludes any anticipated recoveries from third-parties. Cost estimates are based on information available for each site, financial viability of other potentially responsible parties, and existing technology, laws, and regulations. The ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties, site-specific cost sharing arrangements with other potentially responsible parties, the degree of contamination by various wastes, the scarcity and quality of volumetric data related to many of the sites, and the speculative nature of remediation costs. Estimates of liability may vary over time due to changes in federal, state, and local laws governing environmental remediation. Current obligations are not expected to have a material adverse effect on our consolidated results of operations, financial condition, or liquidity.

Indemnities – Our maximum potential exposure under indemnification arrangements, including certain tax indemnifications, can range from a specified dollar amount to an unlimited amount, depending on the nature of the transactions and the agreements. Due to uncertainty as to whether claims will be made or how they will be resolved, we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements. We do not have any reason to believe that we will be required to make any material payments under these indemnity provisions.

Note 9 - Accumulated Other Comprehensive Income/Loss - Schedule of Reclassification (Details) (Parentheticals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total other comprehensive income/(loss), tax	$ 1	$ (1)	$ 1	$ (4)

Note 14 - Debt (Details Textual) - USD ($) $ in Thousands	9 Months Ended
Note 14 - Debt (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Feb. 13, 2024	Dec. 31, 2023	Feb. 03, 2022
Proceeds from Issuance of Commercial Paper	$ 823,000
Repayments of Commercial Paper	$ 598,000
Commercial Paper, Maturity Duration, Minimum (Day)	13 days
Commercial Paper Maturity Duration, Maximum (Day)	57 days
Commercial Paper	$ 225,000
Board of Directors Authorized Debt Issuance		$ 9,000,000
Board of Directors Remaining Debt Issuance	9,000,000			$ 5,600,000
Proceeds from Issuance of Unsecured Debt	0
Secured Debt [Member]
Long-Term Debt, Gross	$ 0		$ 0
Commercial Paper [Member]
Debt, Weighted Average Interest Rate	4.90%
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,000,000
Long-Term Line of Credit, Total	0
Allowable Debt Per Debt to Net Worth Coverage Ratio as Defined Facility	46,300,000
Outstanding Debt as Defined by Facility	33,100,000
Cross Default Provision as Defined By Facility	$ 150,000
Line of Credit Facility, Expiration Date	May 20, 2027

Condensed Consolidated Statements of Financial Position (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Common shares, par value (in dollars per share)	$ 2.5	$ 2.5
Common stock, authorized (in shares)	1,400,000,000	1,400,000,000
Common shares issued (in shares)	1,113,023,704	1,112,854,806
Common shares outstanding (in shares)	606,908,876	609,703,814

Note 12 - Accounts Payable and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

12. Accounts Payable and Other Current Liabilities

	*Sep. 30,*		Dec. 31,
Millions	*2024*		2023
Accounts payable	$	830	$	856
Income and other taxes payable		764		685
Compensation-related accruals		598		533
Accrued casualty costs		371		307
Current operating lease liabilities		349		355
Interest payable		237		389
Equipment rents payable		113		98
Other		452		460
Total accounts payable and other current liabilities	$	3,714	$	3,683

Note 10 - Accounts Receivable (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 9,000		$ 9,000		$ 9,000
Total Transfer Capacity, Undivided Interests to Investors under Receivables Securitization Facility	800,000		$ 800,000
Receivables Securitization Facility, Duration (Year)			3 years
Value Outstanding, Undivided Interest Held by Investors Under Receivables Securitization Facility	0		$ 0		0
Receivables Securitization Facility, Issued			800,000
Receivables Securitization Facility, Repayments			800,000
Accounts Receivable, Supporting Undivided Investor Held Interest	1,700,000		1,700,000		1,700,000
Interest Expense, Operating and Nonoperating	314,000	$ 334,000	$ 957,000	$ 1,009,000
Receivables Securitization Facility, Maturity Date			Jul. 31, 2025
Asset-Backed Securities, Securitized Loans and Receivables [Member]
Accounts Receivable, from Securitization, Default or Dilution Ratio			1.00%
Interest Expense, Operating and Nonoperating	2,000	$ 4,000	$ 7,000	$ 8,000
Maximum [Member]
Total Transfer Capacity, Undivided Interests to Investors under Receivables Securitization Facility	800,000		800,000
Other Assets [Member]
Accounts Receivable, Allowance for Credit Loss, Noncurrent	$ 81,000		$ 81,000		$ 71,000

Note 11 - Properties (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Table Text Block]

Millions, Except Estimated Useful Life			Accumulated		Net Book		Estimated
As of September 30, 2024	Cost		Depreciation		Value		Useful Life
Land	$	5,439		N/A	$	5,439		N/A
Road:
Rail and other track material		19,180		7,569		11,611		46
Ties		12,268		4,053		8,215		34
Ballast		6,457		2,148		4,309		34
Other roadway [a]		23,697		5,601		18,096		47
Total road		61,602		19,371		42,231		N/A
Equipment:
Locomotives		9,561		3,750		5,811		18
Freight cars		2,964		1,024		1,940		23
Work equipment and other [b]		1,191		472		719		17
Total equipment		13,716		5,246		8,470		N/A
Technology and other		1,423		616		807		12
Construction in progress		1,089		-		1,089		N/A
Total	$	83,269	$	25,233	$	58,036		N/A

Millions, Except Estimated Useful Life			Accumulated		Net Book		Estimated
As of December 31, 2023	Cost		Depreciation		Value		Useful Life
Land	$	5,426	$	N/A	$	5,426		N/A
Road:
Rail and other track material		18,837		7,344		11,493		42
Ties		11,985		3,895		8,090		34
Ballast		6,345		2,061		4,284		34
Other roadway [a]		23,175		5,368		17,807		47
Total road		60,342		18,668		41,674		N/A
Equipment:
Locomotives		9,295		3,591		5,704		18
Freight cars		2,765		956		1,809		23
Work equipment and other		1,344		546		798		17
Total equipment		13,404		5,093		8,311		N/A
Technology and other		1,388		574		814		12
Construction in progress		1,173		-		1,173		N/A
Total	$	81,733	$	24,335	$	57,398		N/A

Note 16 - Share Repurchase Programs (Details Textual) - shares	3 Months Ended						9 Months Ended		30 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Apr. 01, 2022
Share Repurchase Program, Authorized, Number of Shares (in shares)										100,000,000
Treasury Stock, Shares, Acquired (in shares)	3,006,061	492,320	0	0	606,581	2,908,703	3,498,381	3,515,284	23,100,000

Note 9 - Accumulated Other Comprehensive Income/Loss

9 Months Ended

Sep. 30, 2024

Comprehensive Income (Loss) Note [Text Block]

9. Accumulated Other Comprehensive Income/Loss

Reclassifications out of accumulated other comprehensive income/loss were as follows (net of tax):

Millions	Defined benefit plans			Foreign currency translation			Unrealized gain on derivative instruments [a]		Total
Balance at July 1, 2024	$	(483	)	$	(139	)	$	16	$	(606	)
Other comprehensive income/(loss) before reclassifications		-			(86	)		-		(86	)
Amounts reclassified from accumulated other comprehensive income/(loss) [b]		-			-			-		-
Net quarter-to-date other comprehensive income/(loss), net of taxes of $1 million		-			(86	)		-		(86	)
Balance at September 30, 2024	$	(483	)	$	(225	)	$	16	$	(692	)

Balance at July 1, 2023	$	(373	)	$	(160	)	$	16	$	(517	)
Other comprehensive income/(loss) before reclassifications		(1	)		22			-		21
Amounts reclassified from accumulated other comprehensive income/(loss) [b]		(1	)		-			-		(1	)
Net quarter-to-date other comprehensive income/(loss), net of taxes of ($1) million		(2	)		22			-		20
Balance at September 30, 2023	$	(375	)	$	(138	)	$	16	$	(497	)

[a]	Related to interest rate swaps from equity method investments.
[b]	The accumulated other comprehensive income/loss reclassification components are 1) prior service cost/credit and 2) net actuarial loss, which are both included in the computation of net periodic pension benefit/cost. See Note 5 Retirement Plans for additional details.

Millions	Defined benefit plans			Foreign currency translation			Unrealized gain on derivative instruments [a]		Total
Balance at January 1, 2024	$	(484	)	$	(146	)	$	16	$	(614	)
Other comprehensive income/(loss) before reclassifications		2			(79	)		-		(77	)
Amounts reclassified from accumulated other comprehensive income/(loss) [b]		(1	)		-			-		(1	)
Net year-to-date other comprehensive income/(loss), net of taxes of $1 million		1			(79	)		-		(78	)
Balance at September 30, 2024	$	(483	)	$	(225	)	$	16	$	(692	)

Balance at January 1, 2023	$	(378	)	$	(204	)	$	-	$	(582	)
Other comprehensive income/(loss) before reclassifications		5			66			16		87
Amounts reclassified from accumulated other comprehensive income/(loss) [b]		(2	)		-			-		(2	)
Net year-to-date other comprehensive income/(loss), net of taxes of ($4) million		3			66			16		85
Balance at September 30, 2023	$	(375	)	$	(138	)	$	16	$	(497	)

[a]	Related to interest rate swaps from equity method investments.
[b]	The accumulated other comprehensive income/loss reclassification components are 1) prior service cost/credit and 2) net actuarial loss, which are both included in the computation of net periodic pension benefit/cost. See Note 5 Retirement Plans for additional details.

Note 4 - Stock-based Compensation - Stock-based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock options	$ 4	$ 4	$ 13	$ 12
Retention awards	23	24	58	57
Total stock-based compensation, before tax	33	32	87	84
Excess income tax benefits from equity compensation plans	3	2	13	9
Employee Stock [Member]
ESPP	$ 6	$ 4	$ 16	$ 15

Note 16 - Share Repurchase Programs - Schedule of Share Repurchase Programs (Details) - $ / shares	3 Months Ended						9 Months Ended		30 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Treasury Stock, Number of Shares Purchased (in shares)	3,006,061	492,320	0	0	606,581	2,908,703	3,498,381	3,515,284	23,100,000
Treasury Stock, Average Price per Share (in dollars per share)	$ 245.44	$ 225.96	$ 0	$ 0	$ 199.81	$ 203.19	$ 242.7	$ 202.61
Remaining number of shares that may be repurchased under current authority (in shares)	76,893,646						76,893,646		76,893,646

Note 5 - Retirement Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Text Block]

5. Retirement Plans

We provide defined benefit retirement income to eligible non-union employees through qualified and non-qualified (supplemental) pension plans. Qualified and non-qualified pension benefits are based on years of service and the highest compensation during the latest years of employment, with specific reductions made for early retirements. Non-union employees hired on or after January 1, 2018, are no longer eligible for pension benefits, but are eligible for an enhanced 401(k) plan.

Expense

Pension expense is determined based upon the annual service cost of benefits (the actuarial cost of benefits earned during a period) and the interest cost on those liabilities, less the expected return on plan assets. The expected long-term rate of return on plan assets is applied to a calculated value of plan assets that recognizes changes in fair value over a 5-year period. This practice is intended to reduce year-to-year volatility in pension expense, but it can have the effect of delaying the recognition of differences between actual returns on assets and expected returns based on long-term rate of return assumptions. Differences in actual experience in relation to assumptions are not recognized in net income immediately but are deferred in accumulated other comprehensive income/loss and, if necessary, amortized as pension expense.

The components of our net periodic pension benefit/cost were as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Millions	*2024*			2023			*2024*			2023
Service cost	$	12		$	13		$	39		$	38
Interest cost		47			48			139			140
Expected return on plan assets		(63	)		(62	)		(189	)		(186	)
Amortization of actuarial loss		4			2			8			6
Net periodic pension (benefit)/cost	$	-		$	1		$	(3	)	$	(2	)

Cash Contributions

For the nine months ended September 30, 2024, cash contributions totaled $0 to the qualified pension plans. Any contributions made during 2024 will be based on cash generated from operations and financial market considerations. Our policy with respect to funding the qualified pension plans is to fund at least the minimum required by law and not more than the maximum amount deductible for tax purposes. At September 30, 2024, we do not have minimum cash funding requirements for 2024.

The entire disclosure for retirement benefits.

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Note 9 - Accumulated Other Comprehensive Income/Loss - Schedule of Reclassification (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

$ 16,489

$ 13,194

$ 14,788

$ 12,163

(86)

^[1]

(78)

^[2]

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

16,584

14,004

16,584

14,004

Other comprehensive income/(loss) before reclassifications

(483)

(373)

(484)

(378)

(1)

Amounts reclassified from accumulated other comprehensive income/(loss) [b]

^[3]

(1)

(2)

(2)

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

(483)

(375)

(483)

(375)

Other comprehensive income/(loss) before reclassifications

(139)

(160)

(146)

(204)

(86)

(79)

Amounts reclassified from accumulated other comprehensive income/(loss) [b]

^[3]

(86)

(79)

Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]

(225)

(138)

(225)

(138)

Other comprehensive income/(loss) before reclassifications

^[4]

^[4]

Amounts reclassified from accumulated other comprehensive income/(loss) [b]

^[3],[4]

^[4]

AOCI Attributable to Parent [Member]

^[4]

Other comprehensive income/(loss) before reclassifications

^[5]

(606)

(517)

(614)

(582)

(86)

(77)

Amounts reclassified from accumulated other comprehensive income/(loss) [b]

^[3]

(1)

(2)

^[5]

(86)

(78)

^[5]

$ (692)

$ (497)

$ (692)

$ (497)

[1]	Net of deferred taxes of $1 million and ($1) million during the three months ended September 30, 2024 and 2023, respectively.
[2]	Net of deferred taxes of $1 million and ($4) million during the nine months ended September 30, 2024 and 2023, respectively
[3]	The accumulated other comprehensive income/loss reclassification components are 1) prior service cost/credit and 2) net actuarial loss, which are both included in the computation of net periodic pension benefit/cost. See Note 5 Retirement Plans for additional details.
[4]	Related to interest rate swaps from equity method investments.
[5]	AOCI = accumulated other comprehensive income/loss (Note 9)

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note 5 - Retirement Plans (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Millions	*2024*			2023			*2024*			2023
Service cost	$	12		$	13		$	39		$	38
Interest cost		47			48			139			140
Expected return on plan assets		(63	)		(62	)		(189	)		(186	)
Amortization of actuarial loss		4			2			8			6
Net periodic pension (benefit)/cost	$	-		$	1		$	(3	)	$	(2	)

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
ecd_TradingArrByIndTable
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information On August 16, 2024, Todd M. Rynaski, Senior Vice President and Chief Accounting, Risk, and Compliance Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 12,105 shares of Union Pacific Corporation common stock, of which 12,105 are to be acquired upon the exercise of vested stock options, between November 15, 2024, and August 29, 2025, subject to certain conditions. On August 28, 2024, Craig V. Richardson, Executive Vice President, Chief Legal Officer, and Corporate Secretary, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 6,495 shares of Union Pacific Corporation common stock, of which 6,495 are to be acquired upon the exercise of vested stock options, between November 27, 2024, and June 30, 2025, subject to certain conditions. On August 28, 2024, Elizabeth F. Whited, President, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 7,500 shares of Union Pacific Corporation common stock, of which 7,500 are to be acquired upon the exercise of vested stock options, between November 27, 2024, and March 31, 2025, subject to certain conditions.
Todd M. Rynaski [Member]
ecd_TradingArrByIndTable
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Trading Arrangement, Securities Aggregate Available Amount	12,105	12,105
Trading Arrangement Adoption Date	August 16, 2024
Trading Arrangement, Individual Name	Todd M. Rynaski
Trading Arrangement, Individual Title	Senior Vice President and Chief Accounting, Risk, and Compliance Officer
Rule 10b5-1 Arrangement Adopted [Flag]	true
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Craig V. Richardson [Member]
ecd_TradingArrByIndTable
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Trading Arrangement, Securities Aggregate Available Amount	6,495	6,495
Trading Arrangement Adoption Date	August 28, 2024
Trading Arrangement, Individual Name	Craig V. Richardson
Trading Arrangement, Individual Title	Executive Vice President, Chief Legal Officer, and Corporate Secretary
Rule 10b5-1 Arrangement Adopted [Flag]	true
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Elizabeth F. Whited [Member]
ecd_TradingArrByIndTable
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Trading Arrangement, Securities Aggregate Available Amount	7,500	7,500
Trading Arrangement Adoption Date	August 28, 2024
Trading Arrangement, Individual Name	Elizabeth F. Whited
Trading Arrangement, Individual Title	President
Rule 10b5-1 Arrangement Adopted [Flag]	true
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Condensed Consolidated Statements of Changes in Common Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends per share (in dollars per share)	$ 1.34	$ 1.3	$ 3.94	$ 3.9

Note 4 - Stock-based Compensation - Additional Information Regarding Stock Option Exercises (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Intrinsic value of stock options exercised	$ 15	$ 10	$ 31	$ 17
Cash received from option exercises	16	9	40	17
Treasury shares repurchased for employee payroll taxes	(2)	(1)	(7)	(3)
Income tax benefit realized from option exercises	2	2	6	4
Aggregate grant-date fair value of stock options vested	$ 0	$ 0	$ 15	$ 14

Note 15 - Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Sites Identified	357
Sites Subject of Actions Taken by US Government	31
Sites on Superfund National Priorities List	19
Personal Injury [Member]
Recorded Liability Related to Asserted Claims	92.00%
Recorded Liability Related to Unasserted Claims	8.00%
Personal Injury [Member] \| Minimum [Member]
Loss Contingency, Estimate of Possible Loss	$ 393
Personal Injury [Member] \| Maximum [Member]
Loss Contingency, Estimate of Possible Loss	$ 509

Note 12 - Accounts Payable and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	*Sep. 30,*		Dec. 31,
Millions	*2024*		2023
Accounts payable	$	830	$	856
Income and other taxes payable		764		685
Compensation-related accruals		598		533
Accrued casualty costs		371		307
Current operating lease liabilities		349		355
Interest payable		237		389
Equipment rents payable		113		98
Other		452		460
Total accounts payable and other current liabilities	$	3,714	$	3,683

Note 4 - Stock-based Compensation- Stock Option Assumption (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Risk-free interest rate	4.20%	3.90%
Dividend yield	2.10%	2.60%
Expected life (years) (Year)	4 years 4 months 24 days	4 years 6 months
Volatility	28.70%	29.30%
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 61.75	$ 48.31

Note 3 - Operations and Segmentation (Tables)

9 Months Ended

Sep. 30, 2024

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	*2024*		2023		*2024*		2023
Bulk	$	1,805	$	1,766	$	5,343	$	5,420
Industrial		2,121		2,057		6,348		6,160
Premium		1,842		1,722		5,331		5,190
Total freight revenues	$	5,768	$	5,545	$	17,022	$	16,770
Other subsidiary revenues		179		226		608		681
Accessorial revenues		122		142		427		442
Other		22		28		72		67
Total operating revenues	$	6,091	$	5,941	$	18,129	$	17,960

Note 3 - Operations and Segmentation

9 Months Ended

Sep. 30, 2024

Nature of Operations [Text Block]

3. Operations and Segmentation

The Railroad, along with its subsidiaries and rail affiliates, is our one reportable operating segment. Although we provide and analyze revenues by commodity group, we treat the financial results of the Railroad as one segment due to the integrated nature of our rail network. Our operating revenues are primarily derived from contracts with customers for the transportation of freight from origin to destination.

The following table represents a disaggregation of our freight and other revenues:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	*2024*		2023		*2024*		2023
Bulk	$	1,805	$	1,766	$	5,343	$	5,420
Industrial		2,121		2,057		6,348		6,160
Premium		1,842		1,722		5,331		5,190
Total freight revenues	$	5,768	$	5,545	$	17,022	$	16,770
Other subsidiary revenues		179		226		608		681
Accessorial revenues		122		142		427		442
Other		22		28		72		67
Total operating revenues	$	6,091	$	5,941	$	18,129	$	17,960

Although our revenues are principally derived from customers domiciled in the U.S., the ultimate points of origination or destination for some products we transport are outside the U.S. Each of our commodity groups includes revenues from shipments to and from Mexico. Included in the above table are revenues from our Mexico business, which amounted to $724 million and $673 million for the three months ended September 30, 2024 and 2023, respectively, and $2.3 billion and $2.1 billion for the nine months ended September 30, 2024 and 2023, respectively.

Note 6 - Other Income (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Other Nonoperating Income, by Component [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Millions	*2024*			2023			*2024*			2023
Real estate income [a]	$	70		$	90		$	192		$	335
Net periodic pension benefit/(costs)		12			12			42			40
Interest from IRS refund claims		-			-			24			-
Non-operating property environmental remediation and restoration		(7	)		(9	)		(21	)		(31	)
Other		12			13			45			39
Total	$	87		$	106		$	282		$	383

Note 5 - Retirement Plans - Components of Net Periodic Pension and OPEB Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net periodic pension (benefit)/cost	$ 0	$ 1	$ (3)	$ (2)
Pension Plan [Member]
Service cost	12	13	39	38
Interest cost	47	48	139	140
Expected return on plan assets	(63)	(62)	(189)	(186)
Amortization of actuarial loss	$ 4	$ 2	$ 8	$ 6

Note 13 - Financial Instruments (Details Textual) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Current	$ 20	$ 16
Debt Instrument, Fair Value Disclosure	27,300	28,500
Fair Value of Total Debt Less of Carrying Value	4,100	4,100
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Current	$ 20	$ 16

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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Note 13 - Financial Instruments

9 Months Ended

Sep. 30, 2024

Financial Instruments Disclosure [Text Block]

13. Financial Instruments

Short-Term Investments – All of the Company's short-term investments consist of time deposits and government agency securities. These investments are considered Level 2 investments and are valued at amortized cost, which approximates fair value. As of September 30, 2024, and December 31, 2023, the Company had $20 million and $16 million of short-term investments, respectively. All short-term investments have a maturity of less than one year and are classified as held-to-maturity.

Fair Value of Financial Instruments – The fair value of our short- and long-term debt was estimated using a market value price model, which utilizes applicable U.S. Treasury rates along with current market quotes on comparable debt securities. All of the inputs used to determine the fair market value of the Corporation’s long-term debt are Level 2 inputs and obtained from an independent source. At September 30, 2024, the fair value of total debt was $27.3 billion, approximately $4.1 billion less than the carrying value. At December 31, 2023, the fair value of total debt was $28.5 billion, approximately $4.1 billion less than the carrying value. The fair value of the Corporation’s debt is a measure of its current value under present market conditions. The fair value of our cash equivalents approximates their carrying value due to the short-term maturities of these instruments.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Foreign currency translation

$ 1,671

$ 1,528

$ 4,985

$ 4,727

Other comprehensive income/(loss):

Defined benefit plans

(2)

(86)

(79)

Unrealized gain on derivative instruments

(86)

^[1]

(78)

^[2]

Comprehensive income

1,585

1,548

4,907

4,812

$ 1,671

$ 1,528

$ 4,985

$ 4,727

[1]	Net of deferred taxes of $1 million and ($1) million during the three months ended September 30, 2024 and 2023, respectively.
[2]	Net of deferred taxes of $1 million and ($4) million during the nine months ended September 30, 2024 and 2023, respectively

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Note 7 - Income Taxes (Details Textual) - State and Local Jurisdiction [Member] - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Iowa, Kansas, and Arkansas Department of Revenue [Member]
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability		$ (41)
Arkansas Department of Revenue [Member]
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ (8)
Nebraska Department of Revenue [Member]
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability			$ (73)

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total other comprehensive income/(loss), tax	$ 1	$ (1)	$ 1	$ (4)

Note 5 - Retirement Plans (Details Textual) $ in Thousands	9 Months Ended
Note 5 - Retirement Plans (Details Textual) $ in Thousands	Sep. 30, 2024 USD ($)
Defined Benefit Plan, Expected Return on Plan Assets, Changes In Fair Value, Period (Year)	5 years
Payment for Pension Benefits	$ 0

Note 8 - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions, Except Per Share Amounts	*2024*		2023		*2024*		2023
Net income	$	1,671	$	1,528	$	4,985	$	4,727
Weighted-average number of shares outstanding:
Basic		607.6		608.7		608.7		609.3
Dilutive effect of stock options		0.4		0.4		0.4		0.4
Dilutive effect of retention shares and units		0.6		0.7		0.6		0.6
Diluted		608.6		609.8		609.7		610.3
Earnings per share - basic	$	2.75	$	2.51	$	8.19	$	7.76
Earnings per share - diluted	$	2.75	$	2.51	$	8.18	$	7.75
Stock options excluded as their inclusion would be anti-dilutive		0.6		1.0		0.6		0.9

Note 15 - Commitments and Contingencies - Environmental Liability Activity (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Balance	$ 245	$ 253
Accruals	100	85
Payments	(76)	(75)
Balance	269	263
Balance, Current	$ 119	$ 83

Note 16 - Share Repurchase Programs (Tables)

9 Months Ended

Sep. 30, 2024

Share Repurchase Program [Table Text Block]

	Number of Shares Purchased				Average Price Paid
	*2024*		2023		*2024*		2023
First quarter		-		2,908,703	$	-	$	203.19
Second quarter		492,320		606,581		225.96		199.81
Third quarter		3,006,061		-		245.44		-
Total		3,498,381		3,515,284	$	242.70	$	202.61
Remaining number of shares that may be repurchased under current authority								76,893,646

Note 6 - Other Income - Schedule of Other Income (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Real estate income [a]

^[1]

$ 70

$ 90

$ 192

$ 335

Net periodic pension benefit/(costs)

Interest from IRS refund claims

Non-operating property environmental remediation and restoration

(7)

(9)

(21)

(31)

Other

Total

$ 87

$ 106

$ 282

$ 383

[1]	The nine months ended September 30, 2023, includes a one-time $107 million transaction.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 18, 2024
Document Information [Line Items]
Entity Central Index Key	0000100885
Entity Registrant Name	UNION PACIFIC CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-6075
Entity Incorporation, State or Country Code	UT
Entity Tax Identification Number	13-2626465
Entity Address, Address Line One	1400 Douglas Street
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68179
City Area Code	402
Local Phone Number	544-5000
Title of 12(b) Security	Common Stock (Par Value $2.50 per share)
Trading Symbol	UNP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		606,256,627

Note 11 - Properties

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment Disclosure [Text Block]

11. Properties

The following tables list the major categories of property and equipment, as well as the weighted-average estimated useful life for each category (in years):

Millions, Except Estimated Useful Life			Accumulated		Net Book		Estimated
As of September 30, 2024	Cost		Depreciation		Value		Useful Life
Land	$	5,439		N/A	$	5,439		N/A
Road:
Rail and other track material		19,180		7,569		11,611		46
Ties		12,268		4,053		8,215		34
Ballast		6,457		2,148		4,309		34
Other roadway [a]		23,697		5,601		18,096		47
Total road		61,602		19,371		42,231		N/A
Equipment:
Locomotives		9,561		3,750		5,811		18
Freight cars		2,964		1,024		1,940		23
Work equipment and other [b]		1,191		472		719		17
Total equipment		13,716		5,246		8,470		N/A
Technology and other		1,423		616		807		12
Construction in progress		1,089		-		1,089		N/A
Total	$	83,269	$	25,233	$	58,036		N/A

Millions, Except Estimated Useful Life			Accumulated		Net Book		Estimated
As of December 31, 2023	Cost		Depreciation		Value		Useful Life
Land	$	5,426	$	N/A	$	5,426		N/A
Road:
Rail and other track material		18,837		7,344		11,493		42
Ties		11,985		3,895		8,090		34
Ballast		6,345		2,061		4,284		34
Other roadway [a]		23,175		5,368		17,807		47
Total road		60,342		18,668		41,674		N/A
Equipment:
Locomotives		9,295		3,591		5,704		18
Freight cars		2,765		956		1,809		23
Work equipment and other		1,344		546		798		17
Total equipment		13,404		5,093		8,311		N/A
Technology and other		1,388		574		814		12
Construction in progress		1,173		-		1,173		N/A
Total	$	81,733	$	24,335	$	57,398		N/A

[a]

Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets.

[b]

For retirements of depreciable railroad properties that do not occur in the normal course of business, a gain or loss may be recognized if the retirement meets each of the following three conditions: (a) is unusual, (b) is material in amount, and (c) varies significantly from the retirement profile identified through our depreciation studies. In the second quarter of 2024, we sold a large portion of an intermodal equipment asset class resulting in a $46 million gain recognized in other expense in our Condensed Consolidated Statements of Income.

Note 7 - Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Text Block]

7. Income Taxes

In the third quarter of 2023, the states of Iowa, Kansas, and Arkansas enacted legislation to reduce their corporate income tax rate for future years resulting in a $41 million reduction of our deferred tax expense.

In the second quarter of 2024, the state of Arkansas enacted legislation to reduce its corporate income tax rate for future years resulting in an $8 million reduction of our deferred tax expense.

In the second quarter of 2023, the state of Nebraska enacted legislation to reduce its corporate income tax rate for future years resulting in a $73 million reduction of our deferred tax expense.

The entire disclosure for income tax.

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Note 14 - Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Text Block]

14. Debt

Credit Facilities – At September 30, 2024, we had $2.0 billion of credit available under our revolving credit facility (the Facility), which is designated for general corporate purposes and supports the issuance of commercial paper. Credit facility withdrawals totaled $0 during the nine months ended September 30, 2024. Commitment fees and interest rates payable under the Facility are similar to fees and rates available to comparably rated, investment-grade borrowers. The Facility allows for borrowings at floating rates based on Term Secured Overnight Financing Rate (SOFR), plus a spread, depending upon credit ratings for our senior unsecured debt. The Facility, set to expire May 20, 2027, requires UPC to maintain an adjusted debt-to-EBITDA (earnings before interest, taxes, depreciation, and amortization) coverage ratio.

The definition of debt used for purposes of calculating the adjusted debt-to-EBITDA coverage ratio includes, among other things, certain credit arrangements, finance leases, guarantees, unfunded and vested pension benefits under Title IV of the Employee Retirement Income Security Act of 1974 (ERISA), and unamortized debt discount and deferred debt issuance costs. At September 30, 2024 , the Company was in compliance with the adjusted debt-to-EBITDA coverage ratio, which allows us to carry up to $46.3 billion of debt (as defined in the Facility), and we had $33.1 billion of debt (as defined in the Facility) outstanding at that date. The Facility does not include any other financial restrictions, credit rating triggers (other than rating-dependent pricing), or any other provision that could require us to post collateral. The Facility also includes a $150 million cross-default provision and a change-of-control provision.

During the nine months ended September 30, 2024, we issued $823 million and repaid $598 million of commercial paper with maturities ranging from 13 to 57 days, and at September 30, 2024, we had $225 million of commercial paper with a weighted average interest rate of 4.9% outstanding. Our revolving credit facility supports our outstanding commercial paper balances, and, unless we change the terms of our commercial paper program, our aggregate issuance of commercial paper will not exceed the amount of borrowings available under the Facility.

Shelf Registration Statement and Significant New Borrowings – We filed an automatic shelf registration statement with the SEC that became effective on February 13, 2024. The Board of Directors authorized the issuance of up to $9.0 billion of debt securities, replacing the prior Board authorization in February 2022, which had $5.6 billion of authority remaining. Under our shelf registration, we may issue, from time to time, any combination of debt securities, preferred stock, common stock, or warrants for debt securities or preferred stock in one or more offerings.

During the nine months ended September 30, 2024, we did not issue any debt securities under this registration statement. At September 30, 2024, we had remaining authority from the Board of Directors to issue up to $9.0 billion of debt securities under our shelf registration.

Receivables Securitization Facility – As of both September 30, 2024, and December 31, 2023, we recorded $0 of borrowings under our Receivables Facility as secured debt. (See further discussion in the "Receivables Securitization Facility" section of Note 10).

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Note 11 - Properties (Details Textual) $ in Millions	3 Months Ended
Note 11 - Properties (Details Textual) $ in Millions	Jun. 30, 2024 USD ($)
Chassis Assets [Member] \| Other Expense [Member]
Gain (Loss) on Disposition of Property Plant Equipment	$ 46

Note 17 - Related Parties (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts Payable, Current	$ 830		$ 830		$ 856
UPRR [Member] \| TTX Company [Member]
Accounts Payable, Current	74		74		60
UPRR [Member] \| TTX Company [Member] \| Car Hire Expenses [Member]
Related Party Transaction, Amounts of Transaction	$ 112	$ 101	$ 321	$ 306
TTX Company [Member] \| UPRR [Member]
Equity Method Investment, Ownership Percentage	37.03%		37.03%
Equity Method Investments	$ 1,900		$ 1,900		$ 1,800

Profit (Loss) from Real Estate Operations

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income	$ 1,671	$ 1,528	$ 4,985	$ 4,727
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	602	580	1,792	1,729
Deferred and other income taxes			77	59
Other operating activities, net			(52)	(121)
Changes in current assets and liabilities:
Accounts receivable, net			37	(38)
Materials and supplies			(32)	(29)
Other current assets			(92)	(73)
Accounts payable and other current liabilities			(82)	(381)
Income and other taxes			51	111
Cash provided by operating activities			6,684	5,984
Investing Activities
Capital investments			(2,530)	(2,582)
Other investing activities, net			104	(68)
Cash used in investing activities			(2,426)	(2,650)
Financing Activities
Dividends paid			(2,403)	(2,380)
Debt repaid			(2,220)	(2,179)
Share repurchase programs (Note 16)			(831)	(705)
Debt issued (Note 14)			800	1,599
Other financing activities, net			279	125
Cash used in financing activities			(4,375)	(3,540)
Net change in cash, cash equivalents, and restricted cash			(117)	(206)
Cash, cash equivalents, and restricted cash at beginning of year			1,074	987
Cash, cash equivalents, and restricted cash at end of period	957	781	957	781
Non-cash investing and financing activities:
Capital investments accrued but not yet paid			153	187
Cash paid during the period for:
Income taxes, net of refunds			(1,219)	(1,155)
Interest, net of amounts capitalized			(1,074)	(1,113)
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Statement of Financial Position:
Cash and cash equivalents	947	750	947	750
Restricted cash equivalents in other current assets	2	22	2	22
Restricted cash equivalents in other assets	8	9	8	9
Total cash, cash equivalents, and restricted cash equivalents per above	$ 957	$ 781	$ 957	$ 781

Note 6 - Other Income (Details Textual) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

^[1]

$ 70

$ 90

$ 192

$ 335

Real Estate Transaction [Member]

Profit (Loss) from Real Estate Operations

$ 107

[1]	The nine months ended September 30, 2023, includes a one-time $107 million transaction.

Note 11 - Properties - Schedule of Property and Equipment Major Categories (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

$ 83,269

$ 81,733

Property, Plant and Equipment, Accumulated Depreciation

58,036

57,398

25,233

24,335

Land [Member]

5,439

5,426

Roadrail and Other Track Material [Member]

5,439

5,426

19,180

18,837

Property, Plant and Equipment, Accumulated Depreciation

11,611

11,493

$ 7,569

$ 7,344

46 years

42 years

Road Ties [Member]

$ 12,268

$ 11,985

Property, Plant and Equipment, Accumulated Depreciation

8,215

8,090

$ 4,053

$ 3,895

34 years

Road Ballast [Member]

$ 6,457

$ 6,345

Property, Plant and Equipment, Accumulated Depreciation

4,309

4,284

$ 2,148

$ 2,061

34 years

Road, Other [Member]

^[1]

$ 23,697

$ 23,175

Property, Plant and Equipment, Accumulated Depreciation

18,096

^[1]

17,807

$ 5,601

^[1]

$ 5,368

47 years

^[1]

47 years

Road [Member]

$ 61,602

$ 60,342

Property, Plant and Equipment, Accumulated Depreciation

42,231

41,674

19,371

18,668

Equipment, Locomotives [Member]

9,561

9,295

Property, Plant and Equipment, Accumulated Depreciation

5,811

5,704

$ 3,750

$ 3,591

Equipment, Freight Cars [Member]

18 years

$ 2,964

$ 2,765

Property, Plant and Equipment, Accumulated Depreciation

1,940

1,809

$ 1,024

$ 956

Equipment, Work Equipment and Other [Member]

23 years

$ 1,191

^[2]

$ 1,344

Property, Plant and Equipment, Accumulated Depreciation

719

^[2]

798

$ 472

^[2]

$ 546

17 years

^[2]

17 years

Equipment [Member]

$ 13,716

$ 13,404

Property, Plant and Equipment, Accumulated Depreciation

8,470

8,311

5,246

5,093

Technology Equipment [Member]

1,423

1,388

Property, Plant and Equipment, Accumulated Depreciation

807

814

$ 616

$ 574

Construction in Progress [Member]

12 years

$ 1,089

$ 1,173

Property, Plant and Equipment, Accumulated Depreciation

1,089

1,173

$ 0

[1]

Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets.

[2]

For retirements of depreciable railroad properties that do not occur in the normal course of business, a gain or loss may be recognized if the retirement meets each of the following three conditions: (a) is unusual, (b) is material in amount, and (c) varies significantly from the retirement profile identified through our depreciation studies. In the second quarter of 2024, we sold a large portion of an intermodal equipment asset class resulting in a $46 million gain recognized in other expense in our Condensed Consolidated Statements of Income.

Note 4 - Stock-based Compensation - Changes in Retention Awards (Details) - Retention Awards [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Nonvested, beginning balance (in shares) \| shares	996
Nonvested, weighted-average grant-date fair value, beginning balance (in dollars per share) \| $ / shares	$ 207.76
Granted (in shares) \| shares	211
Granted, weighted-average grant-date fair value (in dollars per share) \| $ / shares	$ 248.75
Vested (in shares) \| shares	(245)
Vested, weighted-average grant-date fair value (in dollars per share) \| $ / shares	$ 186.67
Forfeited (in shares) \| shares	(34)
Forfeited, weighted-average grant-date fair value (in dollars per share) \| $ / shares	$ 220.17
Nonvested, ending balance (in shares) \| shares	928
Nonvested, weighted-average grant-date fair value, ending balance (in dollars per share) \| $ / shares	$ 222.19

Note 15 - Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Loss Contingencies by Contingency, Environmental [Table Text Block]

Millions, for the Nine Months Ended September 30,	*2024*			2023
Beginning balance	$	245		$	253
Accruals		100			85
Payments		(76	)		(75	)
Ending balance at September 30,	$	269		$	263
Current portion, ending balance at September 30,	$	119		$	83

Personal Injury [Member]

Schedule of Loss Contingencies by Contingency [Table Text Block]

Millions, for the Nine Months Ended September 30,	*2024*			2023
Beginning balance	$	383		$	361
Current year accruals		87			81
Changes in estimates for prior years		(2	)		55
Payments		(75	)		(104	)
Ending balance at September 30,	$	393		$	393
Current portion, ending balance at September 30,	$	114		$	105

Note 9 - Accumulated Other Comprehensive Income/Loss (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Millions	Defined benefit plans			Foreign currency translation			Unrealized gain on derivative instruments [a]		Total
Balance at July 1, 2024	$	(483	)	$	(139	)	$	16	$	(606	)
Other comprehensive income/(loss) before reclassifications		-			(86	)		-		(86	)
Amounts reclassified from accumulated other comprehensive income/(loss) [b]		-			-			-		-
Net quarter-to-date other comprehensive income/(loss), net of taxes of $1 million		-			(86	)		-		(86	)
Balance at September 30, 2024	$	(483	)	$	(225	)	$	16	$	(692	)

Balance at July 1, 2023	$	(373	)	$	(160	)	$	16	$	(517	)
Other comprehensive income/(loss) before reclassifications		(1	)		22			-		21
Amounts reclassified from accumulated other comprehensive income/(loss) [b]		(1	)		-			-		(1	)
Net quarter-to-date other comprehensive income/(loss), net of taxes of ($1) million		(2	)		22			-		20
Balance at September 30, 2023	$	(375	)	$	(138	)	$	16	$	(497	)

Millions	Defined benefit plans			Foreign currency translation			Unrealized gain on derivative instruments [a]		Total
Balance at January 1, 2024	$	(484	)	$	(146	)	$	16	$	(614	)
Other comprehensive income/(loss) before reclassifications		2			(79	)		-		(77	)
Amounts reclassified from accumulated other comprehensive income/(loss) [b]		(1	)		-			-		(1	)
Net year-to-date other comprehensive income/(loss), net of taxes of $1 million		1			(79	)		-		(78	)
Balance at September 30, 2024	$	(483	)	$	(225	)	$	16	$	(692	)

Balance at January 1, 2023	$	(378	)	$	(204	)	$	-	$	(582	)
Other comprehensive income/(loss) before reclassifications		5			66			16		87
Amounts reclassified from accumulated other comprehensive income/(loss) [b]		(2	)		-			-		(2	)
Net year-to-date other comprehensive income/(loss), net of taxes of ($4) million		3			66			16		85
Balance at September 30, 2023	$	(375	)	$	(138	)	$	16	$	(497	)

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating revenues:
Operating revenues	$ 6,091	$ 5,941	$ 18,129	$ 17,960
Operating expenses:
Compensation and benefits	1,228	1,201	3,638	3,649
Purchased services and materials	644	668	1,901	1,971
Fuel	610	702	1,893	2,132
Depreciation	602	580	1,792	1,729
Equipment and other rents	237	235	672	718
Other	354	378	1,045	1,086
Total operating expenses	3,675	3,764	10,941	11,285
Operating income	2,416	2,177	7,188	6,675
Other income, net (Note 6)	87	106	282	383
Interest expense	(314)	(334)	(957)	(1,009)
Income before income taxes	2,189	1,949	6,513	6,049
Income tax expense (Note 7)	(518)	(421)	(1,528)	(1,322)
Net income	$ 1,671	$ 1,528	$ 4,985	$ 4,727
Share and per share (Note 8):
Earnings per share - basic (in dollars per share)	$ 2.75	$ 2.51	$ 8.19	$ 7.76
Earnings per share - diluted (in dollars per share)	$ 2.75	$ 2.51	$ 8.18	$ 7.75
Weighted average number of shares - basic (in shares)	607.6	608.7	608.7	609.3
Weighted average number of shares - diluted (in shares)	608.6	609.8	609.7	610.3
Cargo and Freight [Member]
Operating revenues:
Operating revenues	$ 5,768	$ 5,545	$ 17,022	$ 16,770
Product and Service, Other [Member]
Operating revenues:
Operating revenues	$ 323	$ 396	$ 1,107	$ 1,190

Note 4 - Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Outstanding, Options (in shares)	2,072
Outstanding, weighted average exercise price (in dollars per share)	$ 180.56
Outstanding, Weighted-Average Remaining Contractual Term (Year)	6 years	5 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value	$ 106	$ 135
Granted, Options (in shares)	305
Granted, weighted average exercise price (in dollars per share)	$ 248.82
Exercised, Options (in shares)	(306)
Exercised, weighted average exercise price (in dollars per share)	$ 147.67
Forfeited or expired, Options (in shares)	(45)
Forfeited or expired, weighted average exercise price (in dollars per share)	$ 230.75
Outstanding, Options (in shares)	2,026	2,072
Outstanding, weighted average exercise price (in dollars per share)	$ 194.69	$ 180.56
Vested or expected to vest, Options (in shares)	2,008
Vested or expected to vest, weighted average exercise price (in dollars per share)	$ 194.38
Vested or expected to vest, Weighted-Average Remaining Contractual Term (Year)	6 years
Vested or expected to vest, Aggregate Intrinsic Value	$ 105
Exercisable, Options (in shares)	1,434
Options, exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 179.46
Options, Exercisable, Weighted-Average Remaining Contractual Term (Year)	4 years 10 months 24 days
Options, Exercisable, Aggregate Intrinsic Value	$ 96

Note 3 - Operations and Segmentation (Details Textual) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Number of Reportable Segments			1
Revenue from Contract with Customer, Excluding Assessed Tax	$ 6,091	$ 5,941	$ 18,129	$ 17,960
MEXICO
Revenue from Contract with Customer, Excluding Assessed Tax	$ 724	$ 673	$ 2,300	$ 2,100

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Note 4 - Stock-based Compensation - Changes in Performance Retention Awards (Details) - Performance Retention Awards [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Nonvested, beginning balance (in shares) \| shares	617
Nonvested, weighted-average grant-date fair value, beginning balance (in dollars per share) \| $ / shares	$ 204.5
Granted (in shares) \| shares	227
Granted, weighted average grant-date fair value (in dollars per share) \| $ / shares	$ 248.82
Vested (in shares) \| shares	(119)
Vested, weighted average grant-date fair value (in dollars per share) \| $ / shares	$ 204.67
Unearned (in shares) \| shares	(70)
Unearned, weighted average grant-date fair value (in dollars per share) \| $ / shares	$ 204.45
Forfeited (in shares) \| shares	(46)
Forfeited, weighted average grant-date fair value (in dollars per share) \| $ / shares	$ 228.59
Nonvested, ending balance (in shares) \| shares	609
Nonvested, weighted-average grant-date fair value, ending balance (in dollars per share) \| $ / shares	$ 219.17

Note 4 - Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Text Block]

4. Stock-Based Compensation

We have several stock-based compensation plans where employees receive nonvested stock options, nonvested retention shares, and nonvested stock units. We refer to the nonvested shares and stock units collectively as “retention awards”. In addition, employees may participate in our employee stock purchase plan (ESPP).

Information regarding stock-based compensation expense appears in the table below:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	*2024*		2023		*2024*		2023
Stock-based compensation, before tax:
Stock options	$	4	$	4	$	13	$	12
Retention awards		23		24		58		57
ESPP		6		4		16		15
Total stock-based compensation, before tax	$	33	$	32	$	87	$	84
Excess income tax benefits from equity compensation plans	$	3	$	2	$	13	$	9

Stock Options – Stock options are granted at the closing price on the date of grant, have 10-year contractual terms, and vest no later than 3 years from the date of grant. None of the stock options outstanding at September 30, 2024, is subject to performance or market-based vesting conditions.

The table below shows the annual weighted-average assumptions used for Black-Scholes valuation purposes:

Weighted-Average Assumptions	*2024*			2023
Risk-free interest rate		4.2	%		3.9	%
Dividend yield		2.1	%		2.6	%
Expected life (years)		4.4			4.5
Volatility		28.7	%		29.3	%
Weighted-average grant-date fair value of options granted	$	61.75		$	48.31

The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant; the expected dividend yield is calculated as the ratio of dividends paid per share of common stock to the stock price on the date of grant; the expected life is based on historical and expected exercise behavior; and expected volatility is based on the historical volatility of our stock price over the expected life of the stock option.

A summary of stock option activity during the nine months ended September 30, 2024, is presented below:

	Options (thous.)			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in yrs.)		Aggregate Intrinsic Value (millions)
Outstanding at January 1, 2024		2,072		$	180.56		5.9	$	135
Granted		305			248.82		N/A		N/A
Exercised		(306	)		147.67		N/A		N/A
Forfeited or expired		(45	)		230.75		N/A		N/A
Outstanding at September 30, 2024		2,026		$	194.69		6.0	$	106
Vested or expected to vest at September 30, 2024		2,008		$	194.38		6.0	$	105
Options exercisable at September 30, 2024		1,434		$	179.46		4.9	$	96

At September 30, 2024, there was $20 million of unrecognized compensation expense related to nonvested stock options, which is expected to be recognized over a weighted-average period of 1.1 years. Additional information regarding stock option exercises appears in the following table:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Millions	*2024*			2023			*2024*			2023
Intrinsic value of stock options exercised	$	15		$	10		$	31		$	17
Cash received from option exercises		16			9			40			17
Treasury shares repurchased for employee payroll taxes		(2	)		(1	)		(7	)		(3	)
Income tax benefit realized from option exercises		2			2			6			4
Aggregate grant-date fair value of stock options vested		-			-			15			14

Retention Awards – Retention awards are granted at no cost to the employee, vest over periods lasting up to 4 years, and have dividends and dividend equivalents paid to participants during the vesting periods.

Changes in our retention awards during the nine months ended September 30, 2024, were as follows:

	Shares (thous.)			Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024		996		$	207.76
Granted		211			248.75
Vested		(245	)		186.67
Forfeited		(34	)		220.17
Nonvested at September 30, 2024		928		$	222.19

At September 30, 2024, there was $85 million of total unrecognized compensation expense related to nonvested retention awards, which is expected to be recognized over a weighted-average period of 1.3 years.

Performance Stock Unit Awards – In February 2024, our Board of Directors approved performance stock unit grants. This plan is based on performance targets for annual return on invested capital (ROIC) and operating income growth (OIG) compared to companies in the S&P 100 Industrials Index plus the Class I railroads. We define ROIC as net operating profit adjusted for interest expense (including interest on average operating lease liabilities) and taxes on interest divided by average invested capital adjusted for average operating lease liabilities.

The February 2024 stock units awarded to executives are subject to continued employment for 37 months, the attainment of certain levels of ROIC, and the relative three-year OIG. We expense two-thirds of the fair value of the units that are probable of being earned based on our forecasted ROIC over the three-year performance period, and with respect to the third year of the plan, we expense the remaining one-third of the fair value subject to the relative three-year OIG. We measure the fair value of performance stock units based upon the closing price of the underlying common stock as of the date of grant. Dividend equivalents are accumulated during the service period and paid to participants only after the units are earned.

Changes in our performance stock unit awards during the nine months ended September 30, 2024, were as follows:

	Shares (thous.)			Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024		617		$	204.50
Granted		227			248.82
Vested		(119	)		204.67
Unearned		(70	)		204.45
Forfeited		(46	)		228.59
Nonvested at September 30, 2024		609		$	219.17

At September 30, 2024, there was $19 million of total unrecognized compensation expense related to nonvested performance stock unit awards, which is expected to be recognized over a weighted-average period of 1.3 years. This expense is subject to achievement of the performance measures established for the performance stock unit grants.

Note 8 - Earnings Per Share - Schedule of Reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 1,671	$ 1,528	$ 4,985	$ 4,727
Weighted-average number of shares outstanding:
Basic (in shares)	607.6	608.7	608.7	609.3
Diluted (in shares)	608.6	609.8	609.7	610.3
Earnings per share - basic (in dollars per share)	$ 2.75	$ 2.51	$ 8.19	$ 7.76
Earnings per share - diluted (in dollars per share)	$ 2.75	$ 2.51	$ 8.18	$ 7.75
Stock options excluded as their inclusion would be anti-dilutive (in shares)	0.6	1.0	0.6	0.9
Share-Based Payment Arrangement, Option [Member]
Weighted-average number of shares outstanding:
Dilutive effect of share based payment awards (in shares)	0.4	0.4	0.4	0.4
Retention Awards [Member]
Weighted-average number of shares outstanding:
Dilutive effect of share based payment awards (in shares)	0.6	0.7	0.6	0.6

Note 12 - Accounts Payable and Other Current Liabilities - Schedule of Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts payable	$ 830	$ 856
Income and other taxes payable	764	685
Compensation-related accruals	598	533
Accrued casualty costs	371	307
Current operating lease liabilities	349	355
Interest payable	237	389
Other	452	460
Total accounts payable and other current liabilities	3,714	3,683
Equipment [Member]
Equipment rents payable	$ 113	$ 98

Note 17 - Related Parties

9 Months Ended

Sep. 30, 2024

17. Related Parties

UPRR and other North American railroad companies jointly own TTX Company (TTX). UPRR has a 37.03% economic interest in TTX while the other North American railroads own the remaining interest. In accordance with ASC 323 Investments - Equity Method and Joint Venture, UPRR applies the equity method of accounting to our investment in TTX.

TTX is a rail car pooling company that owns rail cars and intermodal wells to serve North America’s railroads. TTX assists railroads in meeting the needs of their customers by providing rail cars in an efficient, pooled environment. All railroads may utilize TTX rail cars through car hire by renting rail cars at stated rates.

UPRR had $1.9 billion and $1.8 billion recognized as investments related to TTX in our Condensed Consolidated Statements of Financial Position as of September 30, 2024, and December 31, 2023, respectively. TTX car hire expense of $112 million and $101 million for the three months ended September 30, 2024 and 2023, respectively, and $321 million and $306 million for the nine months ended September 30, 2024 and 2023, respectively, are included in equipment and other rents in our Condensed Consolidated Statements of Income. In addition, UPRR had accounts payable to TTX of $74 million and $60 million at September 30, 2024, and December 31, 2023, respectively.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Note 3 - Operations and Segmentation - Summary of Freight and Other Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer, Excluding Assessed Tax	$ 6,091	$ 5,941	$ 18,129	$ 17,960
Bulk [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	1,805	1,766	5,343	5,420
Industrial [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	2,121	2,057	6,348	6,160
Premium [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	1,842	1,722	5,331	5,190
Cargo and Freight [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	5,768	5,545	17,022	16,770
Other Subsidiary Revenues [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	179	226	608	681
Accessorial Revenues [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	122	142	427	442
Other Miscellaneous Product and Service Revenues [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 22	$ 28	$ 72	$ 67

Balance (in shares) at Dec. 31, 2022

Note 4 - Stock-based Compensation (Details Textual) shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)	10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Conditions (in shares) \| shares	0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 20
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 1 month 6 days
Retention Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	4 years
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 85
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 3 months 18 days
Performance Retention Awards [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 19
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 3 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Month)	37 months
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period (Year)	3 years

Condensed Consolidated Statements of Changes in Common Shareholders' Equity (Unaudited) - USD ($)
$ in Millions

Common Stock [Member]

Treasury Stock, Common [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

AOCI Attributable to Parent [Member]

^[1]

Total

1,112,600,000

(500,200,000)

Balance at Dec. 31, 2022

$ 2,782

$ (54,004)

$ 5,080

$ 58,887

$ (582)

$ 12,163

4,727

Conversion, stock option exercises, forfeitures, ESPP, and other [b] (in shares)

$ 0

^[2]

^[3]

300,000

400,000

Conversion, stock option exercises, forfeitures, ESPP, and other [b]

^[3]

$ 0

$ 34

$ 120

(3,500,000)

(3,515,284)

$ (712)

Balance (in shares) at Sep. 30, 2023

$ 0

(2,379)

1,112,900,000

(503,300,000)

Balance at Sep. 30, 2023

$ 2,782

$ (54,682)

5,166

61,235

(497)

14,004

Balance (in shares) at Jun. 30, 2023

1,112,900,000

(503,500,000)

Balance at Jun. 30, 2023

$ 2,782

$ (54,699)

5,128

60,500

(517)

13,194

1,528

Conversion, stock option exercises, forfeitures, ESPP, and other [b] (in shares)

$ 0

^[4]

^[3]

200,000

Conversion, stock option exercises, forfeitures, ESPP, and other [b]

^[3]

$ 0

$ 17

$ 55

$ 0

Balance (in shares) at Sep. 30, 2023

$ 0

(793)

1,112,900,000

(503,300,000)

Balance at Sep. 30, 2023

$ 2,782

$ (54,682)

5,166

61,235

(497)

14,004

Balance (in shares) at Dec. 31, 2023

1,112,900,000

(503,200,000)

Balance at Dec. 31, 2023

$ 2,782

$ (54,666)

5,193

62,093

(614)

14,788

4,985

Conversion, stock option exercises, forfeitures, ESPP, and other [b] (in shares)

$ 0

(78)

^[2]

^[3]

100,000

600,000

Conversion, stock option exercises, forfeitures, ESPP, and other [b]

^[3]

$ 1

$ 34

104

$ 139

(3,500,000)

(3,498,381)

$ (849)

Balance (in shares) at Sep. 30, 2024

$ 0

(2,401)

1,113,000,000

(506,100,000)

Balance at Sep. 30, 2024

$ 2,783

$ (55,481)

5,297

64,677

(692)

16,584

Balance (in shares) at Jun. 30, 2024

1,113,000,000

(503,300,000)

Balance at Jun. 30, 2024

$ 2,783

$ (54,757)

5,249

63,820

(606)

16,489

1,671

Conversion, stock option exercises, forfeitures, ESPP, and other [b] (in shares)

$ 0

(86)

^[4]

^[3]

200,000

Conversion, stock option exercises, forfeitures, ESPP, and other [b]

^[3]

$ 0

$ 14

$ 62

(3,000,000)

(3,006,061)

$ (738)

Balance (in shares) at Sep. 30, 2024

$ 0

(814)

1,113,000,000

(506,100,000)

Balance at Sep. 30, 2024

$ 2,783

$ (55,481)

$ 5,297

$ 64,677

$ (692)

$ 16,584

[1]	AOCI = accumulated other comprehensive income/loss (Note 9)
[2]	Net of deferred taxes of $1 million and ($4) million during the nine months ended September 30, 2024 and 2023, respectively
[3]	ESPP = employee stock purchase plan
[4]	Net of deferred taxes of $1 million and ($1) million during the three months ended September 30, 2024 and 2023, respectively.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Note 15 - Commitments and Contingencies - Personal Injury Liability Activity (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Balance, Current	$ 371		$ 307
Personal Injury [Member]
Balance	383	$ 361
Current year accruals	87	81
Changes in estimates for prior years	(2)	55
Payments	(75)	(104)
Balance	393	393
Balance, Current	$ 114	$ 105

Note 16 - Share Repurchase Programs

9 Months Ended

Sep. 30, 2024

Treasury Stock [Text Block]

16. Share Repurchase Programs

Effective April 1, 2022, our Board of Directors authorized the repurchase of up to 100 million shares of our common stock by March 31, 2025. As of September 30, 2024, we repurchased a total of 23.1 million shares of our common stock under the 2022 authorization. These repurchases may be made on the open market or through other transactions. Our management has sole discretion with respect to determining the timing and amount of these transactions.

The table below represents shares repurchased under repurchase programs in the nine months ended September 30, 2024 and 2023:

	Number of Shares Purchased				Average Price Paid
	*2024*		2023		*2024*		2023
First quarter		-		2,908,703	$	-	$	203.19
Second quarter		492,320		606,581		225.96		199.81
Third quarter		3,006,061		-		245.44		-
Total		3,498,381		3,515,284	$	242.70	$	202.61
Remaining number of shares that may be repurchased under current authority								76,893,646

Management's assessments of market conditions and other pertinent factors guide the timing, manner, and volume of all repurchases. We expect to fund any share repurchases under this program through cash generated from operations, the sale or lease of various operating and non-operating properties, debt issuances, and cash on hand. Open market repurchases are recorded in treasury stock at cost, which includes any applicable commissions, fees, and excise taxes.

Note 10 - Accounts Receivable

9 Months Ended

Sep. 30, 2024

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

10. Accounts Receivable

Accounts receivable include freight and other receivables reduced by an allowance for doubtful accounts. At both September 30, 2024, and December 31, 2023, our accounts receivable were reduced by $9 million. Receivables not expected to be collected in one year and the associated allowances are classified as other assets in our Condensed Consolidated Statements of Financial Position. At September 30, 2024, and December 31, 2023, receivables classified as other assets were reduced by allowances of $81 million and $71 million, respectively.

Receivables Securitization Facility – The Railroad maintains an $800 million, 3-year receivables securitization facility (the Receivables Facility) maturing in July 2025. Under the Receivables Facility, the Railroad sells most of its eligible third-party receivables to Union Pacific Receivables, Inc. (UPRI), a consolidated, wholly-owned, bankruptcy-remote subsidiary that may subsequently transfer, without recourse, an undivided interest in accounts receivable to investors. The investors have no recourse to the Railroad’s other assets except for customary warranty and indemnity claims. Creditors of the Railroad do not have recourse to the assets of UPRI.

The amount recorded under the Receivables Facility was $0 at both September 30, 2024, and December 31, 2023. During the nine months ended September 30, 2024, we issued $800 million and repaid $800 million under the Receivables Facility. The Receivables Facility was supported by $1.7 billion of accounts receivable as collateral at both September 30, 2024, and December 31, 2023, which, as a retained interest, is included in accounts receivable, net in our Condensed Consolidated Statements of Financial Position.

The outstanding amount the Railroad maintains under the Receivables Facility may fluctuate based on current cash needs. The maximum allowed under the Receivables Facility is $800 million with availability directly impacted by eligible receivables, business volumes, and credit risks, including receivables payment quality measures such as default and dilution ratios. If default or dilution ratios increase one percent, the allowable outstanding amount under the Receivables Facility would not materially change.

The costs of the Receivables Facility include interest, which will vary based on prevailing benchmark and commercial paper rates, program fees paid to participating banks, commercial paper issuance costs, and fees of participating banks for unused commitment availability. The costs of the Receivables Facility are included in interest expense and were $2 million and $4 million for the three months ended September 30, 2024 and 2023 , respectively, and $7 million and $8 million for the nine months ended September 30, 2024 and 2023 , respectively.

Note 4 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Cost by Plan [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions	*2024*		2023		*2024*		2023
Stock-based compensation, before tax:
Stock options	$	4	$	4	$	13	$	12
Retention awards		23		24		58		57
ESPP		6		4		16		15
Total stock-based compensation, before tax	$	33	$	32	$	87	$	84
Excess income tax benefits from equity compensation plans	$	3	$	2	$	13	$	9

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Weighted-Average Assumptions	*2024*			2023
Risk-free interest rate		4.2	%		3.9	%
Dividend yield		2.1	%		2.6	%
Expected life (years)		4.4			4.5
Volatility		28.7	%		29.3	%
Weighted-average grant-date fair value of options granted	$	61.75		$	48.31

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	Options (thous.)			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in yrs.)		Aggregate Intrinsic Value (millions)
Outstanding at January 1, 2024		2,072		$	180.56		5.9	$	135
Granted		305			248.82		N/A		N/A
Exercised		(306	)		147.67		N/A		N/A
Forfeited or expired		(45	)		230.75		N/A		N/A
Outstanding at September 30, 2024		2,026		$	194.69		6.0	$	106
Vested or expected to vest at September 30, 2024		2,008		$	194.38		6.0	$	105
Options exercisable at September 30, 2024		1,434		$	179.46		4.9	$	96

Cash Proceeds Received and Tax Benefit from Share-Based Payment Awards [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Millions	*2024*			2023			*2024*			2023
Intrinsic value of stock options exercised	$	15		$	10		$	31		$	17
Cash received from option exercises		16			9			40			17
Treasury shares repurchased for employee payroll taxes		(2	)		(1	)		(7	)		(3	)
Income tax benefit realized from option exercises		2			2			6			4
Aggregate grant-date fair value of stock options vested		-			-			15			14

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

	Shares (thous.)			Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024		996		$	207.76
Granted		211			248.75
Vested		(245	)		186.67
Forfeited		(34	)		220.17
Nonvested at September 30, 2024		928		$	222.19

Schedule of Nonvested Performance-Based Units Activity [Table Text Block]

	Shares (thous.)			Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024		617		$	204.50
Granted		227			248.82
Vested		(119	)		204.67
Unearned		(70	)		204.45
Forfeited		(46	)		228.59
Nonvested at September 30, 2024		609		$	219.17

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 947	$ 1,055
Short-term investments (Note 13)	20	16
Accounts receivable, net (Note 10)	2,036	2,073
Materials and supplies	775	743
Other current assets	371	261
Total current assets	4,149	4,148
Investments	2,649	2,605
Properties, net (Note 11)	58,036	57,398
Operating lease assets	1,345	1,643
Other assets	1,391	1,338
Total assets	67,570	67,132
Current liabilities:
Accounts payable and other current liabilities (Note 12)	3,714	3,683
Debt due within one year (Note 14)	1,652	1,423
Total current liabilities	5,366	5,106
Debt due after one year (Note 14)	29,761	31,156
Operating lease liabilities	934	1,245
Deferred income taxes	13,199	13,123
Other long-term liabilities	1,726	1,714
Commitments and contingencies (Note 15)
Total liabilities	50,986	52,344
Common shareholders' equity:
Common shares, $2.50 par value, 1,400,000,000 authorized; 1,113,023,704 and 1,112,854,806 issued; 606,908,876 and 609,703,814 outstanding, respectively	2,783	2,782
Paid-in-surplus	5,297	5,193
Retained earnings	64,677	62,093
Treasury stock	(55,481)	(54,666)
Accumulated other comprehensive loss (Note 9)	(692)	(614)
Total common shareholders' equity	16,584	14,788
Total liabilities and common shareholders' equity	$ 67,570	$ 67,132

Note 1 - Basis of Presentation

9 Months Ended

Sep. 30, 2024

Basis of Accounting [Text Block]

1. Basis of Presentation

Our Condensed Consolidated Financial Statements are unaudited and reflect all adjustments (consisting of normal and recurring adjustments) that are, in the opinion of management, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (GAAP). Pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, this Quarterly Report on Form 10-Q should be read in conjunction with our Consolidated Financial Statements and notes thereto contained in our 2023 Annual Report on Form 10-K. Our Consolidated Statement of Financial Position at December 31, 2023, is derived from audited financial statements. The results of operations for the nine months ended September 30, 2024, are not necessarily indicative of the results for the entire year ending December 31, 2024.

The Condensed Consolidated Financial Statements are presented in accordance with GAAP as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC).

Note 8 - Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Text Block]

8. Earnings Per Share

The following table provides a reconciliation between basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Millions, Except Per Share Amounts	*2024*		2023		*2024*		2023
Net income	$	1,671	$	1,528	$	4,985	$	4,727
Weighted-average number of shares outstanding:
Basic		607.6		608.7		608.7		609.3
Dilutive effect of stock options		0.4		0.4		0.4		0.4
Dilutive effect of retention shares and units		0.6		0.7		0.6		0.6
Diluted		608.6		609.8		609.7		610.3
Earnings per share - basic	$	2.75	$	2.51	$	8.19	$	7.76
Earnings per share - diluted	$	2.75	$	2.51	$	8.18	$	7.75
Stock options excluded as their inclusion would be anti-dilutive		0.6		1.0		0.6		0.9

Note 2 - Accounting Pronouncements

9 Months Ended

Sep. 30, 2024

Accounting Standards Update and Change in Accounting Principle [Text Block]

2. Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update No. (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires business entities to expand their annual disclosures of the effective rate reconciliation and income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024, may be adopted on a prospective or retrospective basis, and early adoption is permitted. The Company is currently evaluating the effect that the new guidance will have on our related disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires business entities to enhance disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, and early adoption is permitted. The Company is currently evaluating the effect that the new guidance will have on our related disclosures.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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