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Note 7 - Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Notes Tables |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
Millions |  | 2021 |  |  | 2020 |  |  | 2019 |
Current tax expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,446 |  |  | $ | 1,026 |  |  | $ | 1,000 |
State |  |  | 347 |  |  |  | 259 |  |  |  | 254 |
Foreign |  |  | 8 |  |  |  | 6 |  |  |  | 8 |
Total current tax expense |  |  | 1,801 |  |  |  | 1,291 |  |  |  | 1,262 |
Deferred and other tax expense/(benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 199 |  |  |  | 295 |  |  |  | 417 |
State [a] |  |  | (44 | ) |  |  | 45 |  |  |  | 128 |
Foreign |  |  | (1 | ) |  |  | - |  |  |  | 21 |
Total deferred and other tax expense |  |  | 154 |  |  |  | 340 |  |  |  | 566 |
Total income tax expense |  | $ | 1,955 |  |  | $ | 1,631 |  |  | $ | 1,828 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
Tax Rate Percentages |  | 2021 |  |  | 2020 |  |  | 2019 |
Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State statutory rates, net of federal benefits |  |  | 3.7 |  |  |  | 3.7 |  |  |  | 3.7 |
Deferred tax adjustments |  |  | (0.6 | ) |  |  | (0.1 | ) |  |  | (0.1 | )
Dividends received deduction |  |  | (0.5 | ) |  |  | (0.5 | ) |  |  | (0.6 | )
Excess tax benefits from equity compensation plans |  |  | (0.3 | ) |  |  | (0.8 | ) |  |  | (0.7 | )
Other |  |  | (0.2 | ) |  |  | 0.1 |  |  |  | 0.3 |
Effective tax rate |  |  | 23.1 | % |  |  | 23.4 | % |  |  | 23.6 | %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
Millions |  | 2021 |  |  | 2020 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Property |  | $ | (12,657 | ) |  | $ | (12,474 | )
Operating lease assets |  |  | (441 | ) |  |  | (397 | )
Other |  |  | (534 | ) |  |  | (444 | )
Total deferred income tax liabilities |  |  | (13,632 | ) |  |  | (13,315 | )
Deferred income tax assets: |  |  |  |  |  |  |  |
Operating lease liabilities |  |  | 434 |  |  |  | 396 |
Accrued casualty costs |  |  | 157 |  |  |  | 143 |
Accrued wages |  |  | 45 |  |  |  | 40 |
Retiree benefits |  |  | 39 |  |  |  | 255 |
Stock compensation |  |  | 26 |  |  |  | 26 |
Other |  |  | 256 |  |  |  | 208 |
Total deferred income tax assets |  |  | 957 |  |  |  | 1,068 |
Net deferred income tax liability |  | $ | (12,675 | ) |  | $ | (12,247 | )
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
Millions |  | 2021 |  |  | 2020 |  |  | 2019 |
Unrecognized tax benefits at January 1 |  | $ | 74 |  |  | $ | 64 |  |  | $ | 174 |
Decreases for positions taken in prior years |  |  | (24 | ) |  |  | (19 | ) |  |  | (96 | )
Refunds from/(payments to) and settlements with taxing authorities |  |  | (12 | ) |  |  | - |  |  |  | (11 | )
Increases for positions taken in current year |  |  | 3 |  |  |  | 18 |  |  |  | 20 |
Increases/(decreases) for interest and penalties |  |  | (3 | ) |  |  | 5 |  |  |  | (5 | )
Increases for positions taken in prior years |  |  | 1 |  |  |  | 7 |  |  |  | 44 |
Lapse of statutes of limitations |  |  | (1 | ) |  |  | (1 | ) |  |  | (62 | )
Unrecognized tax benefits at December 31 |  | $ | 38 |  |  | $ | 74 |  |  | $ | 64 |

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