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Note 7 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Millions		2022				2021				2020
Current tax expense:
Federal		$	1,465			$	1,446			$	1,026
State			340				347				259
Foreign			7				8				6
Total current tax expense			1,812				1,801				1,291
Deferred and other tax expense/(benefit):
Federal			320				199				295
State [a]			(59	)			(44	)			45
Foreign			1				(1	)			-
Total deferred and other tax expense			262				154				340
Total income tax expense		$	2,074			$	1,955			$	1,631

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Tax Rate Percentages		2022				2021				2020
Federal statutory tax rate			21.0	%			21.0	%			21.0	%
State statutory rates, net of federal benefits			3.6				3.7				3.7
Deferred tax adjustments			(1.0	)			(0.6	)			(0.1	)
Dividends received deduction			(0.5	)			(0.5	)			(0.5	)
Excess tax benefits from equity compensation plans			(0.2	)			(0.3	)			(0.8	)
Other			-				(0.2	)			0.1
Effective tax rate			22.9	%			23.1	%			23.4	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Millions		2022				2021
Deferred income tax liabilities:
Property		$	(12,910	)		$	(12,657	)
Operating lease assets			(411	)			(441	)
Other			(591	)			(534	)
Total deferred income tax liabilities			(13,912	)			(13,632	)
Deferred income tax assets:
Operating lease liabilities			401				434
Accrued casualty costs			164				157
Accrued wages			50				45
Stock compensation			26				26
Retiree benefits			-				39
Other			238				256
Total deferred income tax assets			879				957
Net deferred income tax liability		$	(13,033	)		$	(12,675	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

Millions		2022				2021				2020
Unrecognized tax benefits at January 1		$	38			$	74			$	64
Decreases for positions taken in prior years			(4	)			(24	)			(19	)
Increases for positions taken in current year			3				3				18
Lapse of statutes of limitations			(3	)			(1	)			(1	)
Refunds from/(payments to) and settlements with taxing authorities			-				(12	)			-
Increases/(decreases) for interest and penalties			-				(3	)			5
Increases for positions taken in prior years			-				1				7
Unrecognized tax benefits at December 31		$	34			$	38			$	74

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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