v3.26.1
Debt
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
 
Notes and Debentures

As of June 30, 2026, $2.80 billion remained authorized by the Board of Directors to be issued through the debt shelf offering process.

Fair Value of Debt Instruments
 
As of June 30, 2026 and December 31, 2025, the fair value of BNSF’s debt, excluding finance leases, was $21.3 billion and $22.1 billion, respectively, while the book value as of June 30, 2026 and December 31, 2025, which also excludes finance leases, was $23.5 billion and $24.0 billion, respectively. The fair value of BNSF’s debt is primarily based on market value price models using observable market-based data for the same or similar issues, or on the estimated rates that would be offered to BNSF for debt of the same remaining maturities (Level 2 inputs).