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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense were as follows for the years ended December 31:
Millions | 2024 | 2023 | 2022
Current tax expense: |  |  |
Federal | $ | 1,649 |  | $ | 1,417 |  | $ | 1,465 |
State | 359 |  | 314 |  | 340 |
Foreign | 11 |  | 6 |  | 7 |
Total current tax expense | 2,019 |  | 1,737 |  | 1,812 |
Deferred and other tax expense/(benefit): |  |  |
Federal | 47 |  | 219 |  | 320 |
State [a] | (24) |  | (104) |  | (59) |
Foreign | 5 |  | 2 |  | 1 |
Total deferred and other tax expense | 28 |  | 117 |  | 262 |
Total income tax expense | $ | 2,047 |  | $ | 1,854 |  | $ | 2,074 |
[a]In 2024, Louisiana and Arkansas enacted corporate income tax legislation that resulted in a $34 million reduction of our deferred tax expense. In 2023, Nebraska, Iowa, Kansas, and Arkansas enacted corporate income tax legislation that resulted in a $114 million reduction of our deferred tax expense. In 2022, Nebraska, Iowa, Arkansas, and Idaho enacted corporate income tax legislation that resulted in a $95 million reduction of our deferred tax expense.
Schedule of Effective Income Tax Rate Reconciliation | For the years ended December 31, reconciliations between statutory and effective tax rates are as follows:
Tax Rate Percentages | 2024 | 2023 | 2022
Federal statutory tax rate | 21.0 | % | 21.0 | % | 21.0 | %
State statutory rates, net of federal benefits | 3.2 |  | 3.4 |  | 3.6 |
Dividends received deduction | (0.5) |  | (0.6) |  | (0.5) |
Excess tax benefits from equity compensation plans | (0.2) |  | (0.1) |  | (0.2) |
Deferred tax adjustments | - |  | (1.2) |  | (1.0) |
Other [a] | (0.2) |  | - |  | - |
Effective tax rate | 23.3 | % | 22.5 | % | 22.9 | %
[a]The effective income tax rate for 2024 includes tax benefits from purchases of federal tax credits.
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets/(liabilities) were comprised of the following at December 31:
Millions | 2024 | 2023
Deferred income tax liabilities: |  |
Property | $ | (13,020) |  | $ | (12,987) |
Operating lease assets | (314) |  | (404) |
Other | (581) |  | (556) |
Total deferred income tax liabilities | (13,915) |  | (13,947) |
Deferred income tax assets: |  |
Operating lease liabilities | 308 |  | 394 |
Accrued casualty costs | 172 |  | 168 |
Accrued wages | 51 |  | 50 |
Stock compensation | 28 |  | 26 |
Other | 205 |  | 186 |
Total deferred income tax assets | 764 |  | 824 |
Net deferred income tax liability | $ | (13,151) |  | $ | (13,123) |
Schedule of Unrecognized Tax Benefits Liabilities (Assets) | A reconciliation of changes in unrecognized tax benefits liabilities/(assets) from the beginning to the end of the reporting period is as follows:
Millions | 2024 | 2023 | 2022
Unrecognized tax benefits at January 1 | $ | 30 |  | $ | 34 |  | $ | 38 |
Refunds from/(payments to) and settlements with taxing authorities | 7 |  | - |  | - |
Decreases for positions taken in prior years | (6) |  | (1) |  | (4) |
Increases/(decreases) for interest and penalties | 1 |  | - |  | - |
Lapse of statutes of limitations | - |  | (4) |  | (3) |
Increases for positions taken in current year | - |  | 1 |  | 3 |
Unrecognized tax benefits at December 31 | $ | 32 |  | $ | 30 |  | $ | 34 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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