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Debt and Credit Agreements (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Debt at December 2022 and December 2021 is shown in the table below. For information regarding the fair value of debt, see Note 13, Fair Value Measurements.
| Maturity at December | Average Interest Rates at December | December | December
(Dollars in Millions) | 2022 | 2022 | 2022 | 2021
Notes | 2023-2068 | 4.2% | $ | 17,877 |  | $ | 16,166 |
Equipment Obligations(a) | 2023-2027 | 6.2% | 141 |  | 153 |
Finance Leases | 2023-2032 | 6.0% | 29 |  | 47 |
Subtotal Long-term Debt (Including Current Portion) |  |  | $ | 18,047 |  | $ | 16,366 |
Less Debt Due within One Year |  |  | (151) |  | (181) |
Long-term Debt (Excluding Current Portion) |  |  | $ | 17,896 |  | $ | 16,185 |
(a) Equipment obligations are secured by an interest in certain railroad equipment.
Schedule of Long-term Debt Maturities | Long-term Debt Maturities (Net of Discounts, Premiums and Issuance Costs)
(Dollars in millions) | Maturities at
Years Ending | December 2022
2023 | $ | 151 |
2024 | 558 |
2025 | 606 |
2026 | 704 |
2027 | 998 |
Thereafter | 15,030 |
Total Long-term Debt Maturities, including current portion | $ | 18,047 |
Schedule of Interest Rate Derivatives | The amounts recorded in long-term debt on the consolidated balance sheet related to these fair value hedges is summarized in the table below.
(Dollars in Millions) | December 31, 2022
Notional Value of Hedged Notes | $ | 800 |
Cumulative Fair Value Adjustment to Hedged Notes | (118) |
Carrying Amount of Hedged Notes | $ | 682 |

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