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Income Taxes (Tables)

12 Months Ended

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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