Property, Plant and Equipment Disclosure
Asset Age Ratios (Summary)
Average Age
Estimated Total Useful Life
Estimated Age, Time Elapsed Since Purchase
Estimated Remaining Life

Union Pacific Corp., balance sheet: property, plant and equipment

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Land	5,441)	5,426)	5,344)	5,339)	5,246)
Rail and other track material	19,283)	18,837)	18,419)	17,980)	17,620)
Ties	12,358)	11,985)	11,676)	11,364)	11,051)
Ballast	6,495)	6,345)	6,222)	6,070)	5,926)
Other roadway	23,913)	23,175)	22,411)	21,593)	21,030)
Road	62,049)	60,342)	58,728)	57,007)	55,627)
Locomotives	9,517)	9,295)	9,166)	9,371)	9,375)
Freight cars	3,011)	2,765)	2,562)	2,227)	2,118)
Work equipment and other	1,222)	1,344)	1,253)	1,161)	1,107)
Equipment	13,750)	13,404)	12,981)	12,759)	12,600)
Technology and other	1,431)	1,388)	1,254)	1,209)	1,199)
Construction in progress	1,169)	1,173)	948)	961)	748)
Properties, cost	83,840)	81,733)	79,255)	77,275)	75,420)
Accumulated depreciation	(25,497)	(24,335)	(23,217)	(22,404)	(21,259)
Properties, net book value	58,343)	57,398)	56,038)	54,871)	54,161)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Download chart

Item	Description	The company
Properties, cost	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Union Pacific Corp. properties, cost increased from 2022 to 2023 and from 2023 to 2024.
Properties, net book value	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Union Pacific Corp. properties, net book value increased from 2022 to 2023 and from 2023 to 2024.

Union Pacific Corp., asset age ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Average age ratio	32.52%	31.89%	31.41%	31.14%	30.29%
Estimated total useful life (years)	33	33	33	33	32
Estimated age, time elapsed since purchase (years)	11	10	10	10	10
Estimated remaining life (years)	22	22	23	22	22

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Download chart

Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Union Pacific Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2022 to 2023 and from 2023 to 2024.
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Union Pacific Corp. estimated total useful life of depreciable property, plant and equipment increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Union Pacific Corp. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2022 to 2023 and from 2023 to 2024.
Estimated remaining life		Union Pacific Corp. estimated remaining life of depreciable property, plant and equipment decreased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Accumulated depreciation	25,497)	24,335)	23,217)	22,404)	21,259)
Properties, cost	83,840)	81,733)	79,255)	77,275)	75,420)
Land	5,441)	5,426)	5,344)	5,339)	5,246)
Asset Age Ratio
Average age¹	32.52%	31.89%	31.41%	31.14%	30.29%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ (Properties, cost – Land)
= 100 × 25,497 ÷ (83,840 – 5,441) = 32.52%

Download chart

Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Union Pacific Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Properties, cost	83,840)	81,733)	79,255)	77,275)	75,420)
Land	5,441)	5,426)	5,344)	5,339)	5,246)
Depreciation expense	2,398)	2,318)	2,246)	2,208)	2,210)
Asset Age Ratio (Years)
Estimated total useful life¹	33	33	33	33	32

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Estimated total useful life = (Properties, cost – Land) ÷ Depreciation expense
= (83,840 – 5,441) ÷ 2,398 = 33

Download chart

Asset age ratio	Description	The company
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Union Pacific Corp. estimated total useful life of depreciable property, plant and equipment increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Accumulated depreciation	25,497)	24,335)	23,217)	22,404)	21,259)
Depreciation expense	2,398)	2,318)	2,246)	2,208)	2,210)
Asset Age Ratio (Years)
Time elapsed since purchase¹	11	10	10	10	10

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Time elapsed since purchase = Accumulated depreciation ÷ Depreciation expense
= 25,497 ÷ 2,398 = 11

Download chart

Asset age ratio	Description	The company
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Union Pacific Corp. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Properties, net book value	58,343)	57,398)	56,038)	54,871)	54,161)
Land	5,441)	5,426)	5,344)	5,339)	5,246)
Depreciation expense	2,398)	2,318)	2,246)	2,208)	2,210)
Asset Age Ratio (Years)
Estimated remaining life¹	22	22	23	22	22

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Estimated remaining life = (Properties, net book value – Land) ÷ Depreciation expense
= (58,343 – 5,441) ÷ 2,398 = 22

Download chart

Asset age ratio	Description	The company
Estimated remaining life		Union Pacific Corp. estimated remaining life of depreciable property, plant and equipment decreased from 2022 to 2023 and from 2023 to 2024.

Union Pacific Corp. (NYSE:UNP)

Analysis of Property, Plant and Equipment

Property, Plant and Equipment Disclosure

Asset Age Ratios (Summary)

Average Age

Estimated Total Useful Life

Estimated Age, Time Elapsed since Purchase

Estimated Remaining Life