UNP Union Pacific Corp

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Utah	1-6075	13-2626465
(State or other jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)

1400 Douglas Street, Omaha, Nebraska	68179
(Address of principal executive offices)	(Zip Code)

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each Class	Trading Symbol	Name of each exchange on which registered
Common Stock (Par Value $2.50 per share)	UNP	New York Stock Exchange

(d)

Exhibits.

	99.1	Press Release of Union Pacific Corporation, dated October 24, 2024, announcing its financial results for the quarter ended September 30, 2024.
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

	UNION PACIFIC CORPORATION
	By:	/s/ Jennifer L. Hamann
		Jennifer L. Hamann
		Executive Vice President and  Chief Financial Officer

Exhibit 99.1

 

Union Pacific Reports Third Quarter 2024 Results

 

	●	Third quarter earnings per diluted share of $2.75, up 10%
	●	Third quarter operating income up 11%
	●	Third quarter net income up 9%

 

Omaha, Neb., October 24, 2024 – Union Pacific Corporation (NYSE: UNP) today reported 2024 third quarter net income of $1.7 billion, or $2.75 per diluted share. This compares to 2023 third quarter net income of $1.5 billion, or $2.51 per diluted share.

 

“Our third quarter results demonstrate the success of our strategy,” said Union Pacific Chief Executive Officer Jim Vena. “Improved safety and service performance supported solid revenue growth that we converted into double-digit improvement in third quarter operating income and earnings per share.  The entire Union Pacific team is focused on delivering for our customers and shareholders; and is energized to build on these accomplishments to drive sustainable long-term success.”

 

Third Quarter Summary: 2024 vs. 2023

 

Financial Results: Strong Operating Income Growth Driven by Increased Revenue, Volume, Core Pricing Gains, and Operating Efficiency

 

	●	Operating revenue of $6.1 billion grew 3% driven by increased volume and core pricing gains partially offset by business mix and reduced fuel surcharge revenue.
	●	Freight revenue excluding fuel surcharge revenue grew 5% as revenue carloads grew 6%.
	●	Operating ratio was 60.3%, an improvement of 310 basis points. Lower quarterly fuel prices positively impacted the operating ratio 120 basis points.
	●	Operating income of $2.4 billion increased 11%.

 

 

Operating Performance: Solid Service and Operational Efficiency Gains While Handling Volume Growth; Quarterly Record for Workforce Productivity

 

	●	Union Pacific’s year-to-date reportable personal injury and reportable derailment rates both improved.
	●	Quarterly freight car velocity improved 5% to 210 daily miles per car.
	●	Quarterly locomotive productivity improved 5% to 135 gross ton-miles (GTMs) per horsepower day.
	●	Quarterly workforce productivity improved 12% to 1,102 car miles per employee.
	●	Fuel consumption rate increased 1% to 1.058, measured in gallons of fuel per thousand GTMs.

 

 

2024 Outlook

 

Updated

 

●

Fourth quarter results expected to be consistent sequentially from third quarter while improving year-over-year versus the fourth quarter 2023.

 

Affirmed

 

	●	Profitability outlook continues positive momentum with strong service product, improving network efficiency, and solid pricing
	●	Share repurchases of ~$1.5 billion in 2024
	●	Pricing dollars in excess of inflation dollars
	●	No change to long-term capital allocation strategy
		○	Capital plan of $3.4 billion

 

Third Quarter 2024 Earnings Conference Call

 

Union Pacific will provide a webcast for its third quarter 2024 earnings release presentation live at https://investor.unionpacific.com and via teleconference on Thursday, October 24, 2024, at 8:45 a.m. Eastern Time. Participants may join the conference call by dialing 877-407-8293 (or for international participants, 201-689-8349).

 

ABOUT UNION PACIFIC

 

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

 

Union Pacific Investor contact: Brad Stock at 402-544-4227 or bkstock@up.com

Union Pacific Media contact: Clarissa Beyah at 402-957-4793 or cbeyah@up.com

 

Supplemental financial information is attached.

 

 

****

 

This news release and related materials contain statements about the Company’s future that are not statements of historical fact, including specifically the statements regarding the potential impacts of public health crises, including pandemics, epidemics and the outbreak of other contagious diseases, such as the coronavirus and its variant strains (COVID); the Russia-Ukraine and Israel-Hamas wars and other geopolitical tensions in the middle east, and any impacts on our business operations, financial results, liquidity, and financial position, and on the world economy (including customers, employees, and supply chains), including as a result of fluctuations in volume and carloadings; expectations as to general macroeconomic conditions, including slowdowns and recessions, domestically or internationally, and volatility in interest rates and fuel prices; closing of customer manufacturing, distribution, or production facilities; expectations as to operational or service improvements; expectations as to hiring challenges; availability of employees; expectations regarding the effectiveness of steps taken or to be taken to improve operations, service, infrastructure improvements, and transportation plan modifications; expectations as to cost savings, revenue growth, and earnings; the time by which goals, targets, or objectives will be achieved; projections, predictions, expectations, estimates, or forecasts as to business, financial, and operational results, future economic performance, and general economic conditions; proposed new products and services; estimates of costs relating to environmental remediation and restoration; estimates and expectations regarding tax matters; expectations that claims, litigation, environmental costs, commitments, contingent liabilities, labor negotiations or agreements, cyberattacks or other matters. These statements are, or will be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information, or statements regarding: projections, predictions, expectations, estimates, or forecasts as to the Company’s and its subsidiaries’ business, financial, and operational results, and future economic performance; and management’s beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

 

Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Company’s future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Company’s and its subsidiaries’ future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Company’s Annual Report on Form 10-K for 2023, which was filed with the SEC on February 9, 2024. The Company updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).

 

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References to the Company’s website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.

###

 

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income (unaudited)

Millions, Except Per Share Amounts and		3rd Quarter													Year-to-Date
Percentages, For the Periods Ended September 30,		2024				2023						%			2024				2023						%
Operating Revenues
Freight revenues		$	5,768			$	5,545				4	%			$	17,022			$	16,770				2	%
Other revenues			323				396				(18	)				1,107				1,190				(7	)
Total operating revenues			6,091				5,941				3					18,129				17,960				1
Operating Expenses
Compensation and benefits			1,228				1,201				2					3,638				3,649				-
Purchased services and materials			644				668				(4	)				1,901				1,971				(4	)
Fuel			610				702				(13	)				1,893				2,132				(11	)
Depreciation			602				580				4					1,792				1,729				4
Equipment and other rents			237				235				1					672				718				(6	)
Other			354				378				(6	)				1,045				1,086				(4	)
Total operating expenses			3,675				3,764				(2	)				10,941				11,285				(3	)
Operating Income			2,416				2,177				11					7,188				6,675				8
Other income, net			87				106				(18	)				282				383				(26	)
Interest expense			(314	)			(334	)			(6	)				(957	)			(1,009	)			(5	)
Income before income taxes			2,189				1,949				12					6,513				6,049				8
Income tax expense			(518	)			(421	)			23					(1,528	)			(1,322	)			16
Net Income		$	1,671			$	1,528				9	%			$	4,985			$	4,727				5	%
Share and Per Share
Earnings per share - basic		$	2.75			$	2.51				10	%			$	8.19			$	7.76				6	%
Earnings per share - diluted		$	2.75			$	2.51				10				$	8.18			$	7.75				6
Weighted average number of shares - basic			607.6				608.7				-					608.7				609.3				-
Weighted average number of shares - diluted			608.6				609.8				-					609.7				610.3				-
Dividends declared per share		$	1.34			$	1.30				3				$	3.94			$	3.90				1
Operating Ratio			60.3	%			63.4	%			(3.1	)	pts			60.4	%			62.8	%			(2.4	)	pts
Effective Tax Rate			23.7	%			21.6	%			2.1		pts			23.5	%			21.9	%			1.6		pts

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited)

 

		3rd Quarter												Year-to-Date
For the Periods Ended September 30,		2024				2023				%				2024				2023				%
Freight Revenues (Millions)
Grain & grain products		$	923			$	825				12	%		$	2,767			$	2,658				4	%
Fertilizer			208				194				7				612				563				9
Food & refrigerated			269				259				4				832				777				7
Coal & renewables			405				488				(17	)			1,132				1,422				(20	)
Bulk			1,805				1,766				2				5,343				5,420				(1	)
Industrial chemicals & plastics			598				557				7				1,763				1,638				8
Metals & minerals			529				556				(5	)			1,574				1,654				(5	)
Forest products			322				333				(3	)			1,002				1,012				(1	)
Energy & specialized markets			672				611				10				2,009				1,856				8
Industrial			2,121				2,057				3				6,348				6,160				3
Automotive			601				609				(1	)			1,871				1,821				3
Intermodal			1,241				1,113				12				3,460				3,369				3
Premium			1,842				1,722				7				5,331				5,190				3
Total		$	5,768			$	5,545				4	%		$	17,022				16,770				2	%
Revenue Carloads (Thousands)
Grain & grain products			206				183				13	%			616				582				6	%
Fertilizer			53				51				4				162				144				13
Food & refrigerated			45				45				-				137				133				3
Coal & renewables			192				231				(17	)			527				650				(19	)
Bulk			496				510				(3	)			1,442				1,509				(4	)
Industrial chemicals & plastics			169				163				4				502				484				4
Metals & minerals			186				206				(10	)			540				604				(11	)
Forest products			53				54				(2	)			161				161				-
Energy & specialized markets			152				146				4				453				429				6
Industrial			560				569				(2	)			1,656				1,678				(1	)
Automotive			202				210				(4	)			627				623				1
Intermodal [a]			909				763				19				2,446				2,246				9
Premium			1,111				973				14				3,073				2,869				7
Total			2,167				2,052				6	%			6,171				6,056				2	%
Average Revenue per Car
Grain & grain products		$	4,498			$	4,486				-	%		$	4,495			$	4,563				(1	)%
Fertilizer			3,872				3,818				1				3,775				3,921				(4	)
Food & refrigerated			6,099				5,847				4				6,090				5,850				4
Coal & renewables			2,101				2,114				(1	)			2,147				2,187				(2	)
Bulk			3,641				3,465				5				3,706				3,592				3
Industrial chemicals & plastics			3,534				3,406				4				3,509				3,381				4
Metals & minerals			2,847				2,688				6				2,918				2,736				7
Forest products			6,157				6,197				(1	)			6,235				6,305				(1	)
Energy & specialized markets			4,415				4,201				5				4,431				4,331				2
Industrial			3,791				3,612				5				3,833				3,671				4
Automotive			2,968				2,894				3				2,983				2,921				2
Intermodal [a]			1,365				1,459				(6	)			1,414				1,500				(6	)
Premium			1,657				1,769				(6	)			1,735				1,809				(4	)
Average		$	2,662			$	2,702				(1	)%		$	2,758			$	2,769				-	%

 

[a]	For intermodal shipments each container or trailer equals one carload.

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Financial Position (unaudited)

 

	Sep. 30,			Dec. 31,
Millions, Except Percentages		2024				2023
Assets
Cash and cash equivalents		$	947			$	1,055
Short-term investments			20				16
Other current assets			3,182				3,077
Investments			2,649				2,605
Properties, net			58,036				57,398
Operating lease assets			1,345				1,643
Other assets			1,391				1,338
Total assets		$	67,570			$	67,132
Liabilities and Common Shareholders' Equity
Debt due within one year		$	1,652			$	1,423
Other current liabilities			3,714				3,683
Debt due after one year			29,761				31,156
Operating lease liabilities			934				1,245
Deferred income taxes			13,199				13,123
Other long-term liabilities			1,726				1,714
Total liabilities			50,986				52,344
Total common shareholders' equity			16,584				14,788
Total liabilities and common shareholders' equity		$	67,570			$	67,132

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Cash Flows (unaudited)

 

	Year-to-Date
Millions, for the Periods Ended September 30,	2024			2023
Operating Activities
Net income	$	4,985		$	4,727
Depreciation		1,792			1,729
Deferred and other income taxes		77			59
Other - net		(170	)		(531	)
Cash provided by operating activities		6,684			5,984
Investing Activities
Capital investments*		(2,530	)		(2,582	)
Other - net		104			(68	)
Cash used in investing activities		(2,426	)		(2,650	)
Financing Activities
Dividends paid		(2,403	)		(2,380	)
Debt repaid		(2,220	)		(2,179	)
Share repurchase programs		(831	)		(705	)
Debt issued		800			1,599
Other - net		279			125
Cash used in financing activities		(4,375	)		(3,540	)
Net change in cash, cash equivalents, and restricted cash		(117	)		(206	)
Cash, cash equivalents, and restricted cash at beginning of year		1,074			987
Cash, cash equivalents, and restricted cash at end of period	$	957		$	781
Free Cash Flow**
Cash provided by operating activities	$	6,684		$	5,984
Cash used in investing activities		(2,426	)		(2,650	)
Dividends paid		(2,403	)		(2,380	)
Free cash flow	$	1,855		$	954

 

*	Capital investments include locomotive and freight car early lease buyouts of $96 million in 2024 and $14 million in 2023.
**	Free cash flow is a non-GAAP measure; however, we believe this measure is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financing.

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Operating and Performance Statistics (unaudited)

 

		3rd Quarter													Year-to-Date
For the Periods Ended September 30,		2024				2023						%			2024				2023						%
Operating/Performance Statistics
Freight car velocity (daily miles per car)*			210				200				5	%				205				199				3	%
Average train speed (miles per hour)*			23.3				23.6				(1	)				23.5				23.9				(2	)
Average terminal dwell time (hours)*			22.4				23.5				(5	)				22.8				23.6				(3	)
Locomotive productivity (GTMs per horsepower day)			135				129				5					135				126				7
Gross ton-miles (GTMs) (millions)			215,993				208,678				4					628,828				622,932				1
Train length (feet)			9,580				9,537				-					9,472				9,337				1
Intermodal service performance index (%)			86				85				1		pts			90				85				5		pts
Manifest/Automotive service performance index (%)			89				84				5		pts			87				83				4		pts
Intermodal car trip plan compliance (%)**			76				75				1		pts			80				75				5		pts
Manifest/Automotive car trip plan compliance (%)**			68				64				4		pts			66				63				3		pts
Workforce productivity (car miles per employee)			1,102				985				12					1,044				984				6
Total employees (average)			29,946				31,624				(5	)				30,518				31,800				(4	)

 

Locomotive Fuel Statistics
Average fuel price per gallon consumed		$	2.60			$	3.12				(17	)%		$	2.71			$	3.07				(12	)%
Fuel consumed in gallons (millions)			229				219				5				681				677				1
Fuel consumption rate***			1.058				1.052				1				1.084				1.087				-

 

Revenue Ton-Miles (Millions)
Grain & grain products			20,451				17,649				16	%			61,095				56,551				8	%
Fertilizer			3,056				2,982				2				9,913				9,071				9
Food & refrigerated			4,624				4,643				-				14,234				13,700				4
Coal & renewables			19,746				23,367				(15	)			54,980				66,728				(18	)
Bulk			47,877				48,641				(2	)			140,222				146,050				(4	)
Industrial chemicals & plastics			7,483				7,492				-				22,979				21,797				5
Metals & minerals			8,414				9,253				(9	)			24,780				27,409				(10	)
Forest products			5,355				5,636				(5	)			16,598				17,000				(2	)
Energy & specialized markets			10,420				9,621				8				31,235				28,937				8
Industrial			31,672				32,002				(1	)			95,592				95,143				-
Automotive			4,558				4,624				(1	)			13,973				13,711				2
Intermodal			19,928				17,765				12				55,505				53,452				4
Premium			24,486				22,389				9				69,478				67,163				3
Total			104,035				103,032				1	%			305,292				308,356				(1	)%

 

*	Surface Transportation Board (STB) reported performance measures.
**	Methodology used to report is not comparable with the reporting to the STB under docket number EP 770.
***	Fuel consumption is computed as follows: gallons of fuel consumed divided by gross ton-miles in thousands.

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income (unaudited)

 

		2024
Millions, Except Per Share Amounts and Percentages,		1st Qtr				2nd Qtr				3rd Qtr				Year-to-Date
Operating Revenues
Freight revenues		$	5,616			$	5,638			$	5,768			$	17,022
Other revenues			415				369				323				1,107
Total operating revenues			6,031				6,007				6,091				18,129
Operating Expenses
Compensation and benefits			1,223				1,187				1,228				3,638
Purchased services and materials			613				644				644				1,901
Fuel			658				625				610				1,893
Depreciation			594				596				602				1,792
Equipment and other rents			216				219				237				672
Other			355				336				354				1,045
Total operating expenses			3,659				3,607				3,675				10,941
Operating Income			2,372				2,400				2,416				7,188
Other income, net			92				103				87				282
Interest expense			(324	)			(319	)			(314	)			(957	)
Income before income taxes			2,140				2,184				2,189				6,513
Income tax expense			(499	)			(511	)			(518	)			(1,528	)
Net Income		$	1,641			$	1,673			$	1,671			$	4,985
Share and Per Share
Earnings per share - basic		$	2.69			$	2.75			$	2.75			$	8.19
Earnings per share - diluted		$	2.69			$	2.74			$	2.75			$	8.18
Weighted average number of shares - basic			609.2				609.4				607.6				608.7
Weighted average number of shares - diluted			610.2				610.3				608.6				609.7
Dividends declared per share		$	1.30			$	1.30			$	1.34			$	3.94
Operating Ratio			60.7	%			60.0	%			60.3	%			60.4	%
Effective Tax Rate			23.3	%			23.4	%			23.7	%			23.5	%

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenue Statistics (unaudited)

 

		2024
		1st Qtr				2nd Qtr				3rd Qtr				Year-to-Date
Freight Revenues (Millions)
Grain & grain products		$	943			$	901			$	923			$	2,767
Fertilizer			201				203				208				612
Food & refrigerated			285				278				269				832
Coal & renewables			388				339				405				1,132
Bulk			1,817				1,721				1,805				5,343
Industrial chemicals & plastics			572				593				598				1,763
Metals & minerals			515				530				529				1,574
Forest products			338				342				322				1,002
Energy & specialized markets			679				658				672				2,009
Industrial			2,104				2,123				2,121				6,348
Automotive			611				659				601				1,871
Intermodal			1,084				1,135				1,241				3,460
Premium			1,695				1,794				1,842				5,331
Total		$	5,616			$	5,638			$	5,768			$	17,022
Revenue Carloads (Thousands)
Grain & grain products			210				200				206				616
Fertilizer			47				62				53				162
Food & refrigerated			46				46				45				137
Coal & renewables			177				158				192				527
Bulk			480				466				496				1,442
Industrial chemicals & plastics			164				169				169				502
Metals & minerals			170				184				186				540
Forest products			53				55				53				161
Energy & specialized markets			154				147				152				453
Industrial			541				555				560				1,656
Automotive			207				218				202				627
Intermodal [a]			739				798				909				2,446
Premium			946				1,016				1,111				3,073
Total			1,967				2,037				2,167				6,171
Average Revenue per Car
Grain & grain products		$	4,494			$	4,493			$	4,498			$	4,495
Fertilizer			4,271				3,311				3,872				3,775
Food & refrigerated			6,231				5,943				6,099				6,090
Coal & renewables			2,189				2,156				2,101				2,147
Bulk			3,787				3,692				3,641				3,706
Industrial chemicals & plastics			3,486				3,507				3,534				3,509
Metals & minerals			3,030				2,885				2,847				2,918
Forest products			6,297				6,249				6,157				6,235
Energy & specialized markets			4,416				4,462				4,415				4,431
Industrial			3,886				3,825				3,791				3,833
Automotive			2,947				3,033				2,968				2,983
Intermodal [a]			1,468				1,421				1,365				1,414
Premium			1,792				1,766				1,657				1,735
Average		$	2,855			$	2,768			$	2,662			$	2,758

 

[a]	For intermodal shipments each container or trailer equals one carload.

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Non-GAAP Measures Reconciliation to GAAP (unaudited)

 

Debt / Net Income
Millions, Except Ratios		Sep. 30,				Dec. 31,
for the Trailing Twelve Months Ended [a]		2024				2023
Debt		$	31,413			$	32,579
Net income			6,637				6,379
Debt / net income			4.7				5.1

 

Adjusted Debt / Adjusted EBITDA*
Millions, Except Ratios		Sep. 30,				Dec. 31,
for the Trailing Twelve Months Ended [a]		2024				2023
Net income		$	6,637			$	6,379
Add:
Income tax expense			2,060				1,854
Depreciation			2,381				2,318
Interest expense			1,288				1,340
EBITDA		$	12,366			$	11,891
Adjustments:
Other income, net			(390	)			(491	)
Interest on operating lease liabilities [b]			47				58
Adjusted EBITDA		$	12,023			$	11,458
Debt		$	31,413			$	32,579
Operating lease liabilities			1,283				1,600
Adjusted debt		$	32,696			$	34,179
Adjusted debt / adjusted EBITDA			2.7				3.0

 

[a]	The trailing twelve months income statement information ended September 30, 2024, is recalculated by taking the twelve months ended December 31, 2023, subtracting the nine months ended September 30, 2023, and adding the nine months ended September 30, 2024.
[b]	Represents the hypothetical interest expense we would incur (using the incremental borrowing rate) if the property under our operating leases were owned or accounted for as finance leases.
*	Adjusted debt (total debt plus operating lease liabilities plus after-tax unfunded pension and OPEB (other post-retirement benefit) obligations) to adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and adjustments for other income and interest on present value of operating leases) is considered a non-GAAP financial measure by SEC Regulation G and Item 10 of SEC Regulation S-K and may not be defined and calculated by other companies in the same manner. We believe this measure is important to management and investors in evaluating the Company’s ability to sustain given debt levels (including leases) with the cash generated from operations. In addition, a comparable measure is used by rating agencies when reviewing the Company’s credit rating. Adjusted debt to adjusted EBITDA should be considered in addition to, rather than as a substitute for, other information provided in accordance with GAAP. The most comparable GAAP measure is debt to net income ratio. The tables above provide reconciliations from net income to adjusted EBITDA, debt to adjusted debt, and debt to net income to adjusted debt to adjusted EBITDA. At September 30, 2024, and December 31, 2023, the incremental borrowing rate on operating leases was 3.7% and 3.6%, respectively. Pension and OPEB were funded at September 30, 2024, and December 31, 2023.

 

v3.24.3

Document And Entity Information	Oct. 24, 2024
Document Information [Line Items]
Entity, Registrant Name	UNION PACIFIC CORPORATION
Document, Type	8-K
Document, Period End Date	Oct. 24, 2024
Entity, Incorporation, State or Country Code	UT
Entity, File Number	1-6075
Entity, Tax Identification Number	13-2626465
Entity, Address, Address Line One	1400 Douglas Street
Entity, Address, City or Town	Omaha
Entity, Address, State or Province	NE
Entity, Address, Postal Zip Code	68179
City Area Code	402
Local Phone Number	544-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock (Par Value $2.50 per share)
Trading Symbol	UNP
Security Exchange Name	NYSE
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000100885

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