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Debt and Credit Agreements (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Debt at December 2023 and December 2022 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) | 2023 | 2023 | 2023 | 2022
Notes | 2024-2068 | 4.2% | $ | 18,514 |  | $ | 17,877 |
Equipment Obligations(a) | 2024-2027 | 4.4% | 2 |  | 141 |
Finance Leases | 2024-2032 | 5.9% | 17 |  | 29 |
Subtotal Long-term Debt (Including Current Portion) |  |  | $ | 18,533 |  | $ | 18,047 |
Less Debt Due within One Year |  |  | (558) |  | (151) |
Long-term Debt (Excluding Current Portion) |  |  | $ | 17,975 |  | $ | 17,896 |
(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 2023
2024 | $ | 558 |
2025 | 606 |
2026 | 704 |
2027 | 998 |
2028 | 1,001 |
Thereafter | 14,666 |
Total Long-term Debt Maturities, including current portion | $ | 18,533 |
Schedule of Interest Rate Derivatives | The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table.
(Dollars in Millions) | December 31, 2023 | December 31, 2022
Notional Value of Hedged Notes | $ | 1,050 |  | $ | 800 |
Fair Value Asset Adjustment to Hedged Notes | 19 |  | — |
Fair Value Liability Adjustment to Hedged Notes | (107) |  | (118) |
Carrying Amount of Hedged Notes | $ | 962 |  | $ | 682 |
(Dollars in Millions) | 2023 | 2022 | 2021
Interest Expense Impact (Increase) Decrease | $ | (28) |  | $ | (1) |  | N/A
Derivative Instruments, Gain (Loss) | Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.
(Dollars in Millions) | 2023 | 2022 | 2021
Unrealized Gain - Net | $ | — |  | $ | 80 |  | $ | 8 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
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