OMAHA, Neb., July 20, 2017 /PRNewswire/ -- Union Pacific
Corporation (NYSE: UNP) today reported 2017 second quarter net
income of nearly $1.2 billion, a
second quarter record of $1.45 per
diluted share. This compares to about $1.0 billion, or $1.17 per diluted share, in the second quarter
2016. Union Pacific also reported a second quarter record
operating ratio of 61.8 percent, a 3.4 point improvement compared
to the second quarter 2016 operating ratio.
Second Quarter Results
- Diluted earnings per share of $1.45 increased 24 percent.
- Operating income totaled $2.0
billion, up 21 percent.
- Operating ratio of 61.8 percent improved 3.4
points.
"I am pleased with our results through the first six months, and
look forward to continuing our momentum through the remainder of
the year," said Lance Fritz, Union
Pacific chairman, president and chief executive officer.
"Guided by our strategic value tracks, our entire team is focused
on providing an excellent customer experience while safely and
efficiently delivering on our innovative productivity
initiatives."
Second Quarter Summary
Operating revenue of $5.3 billion
was up 10 percent in the second quarter 2017 compared to the second
quarter 2016. Second quarter business volumes, as measured by
total revenue carloads, increased 5 percent compared to 2016.
Volume increases in coal, industrial products, agricultural
products and intermodal more than offset declines in chemicals and
automotive. In addition:
- Quarterly freight revenue improved 11 percent compared to the
second quarter 2016, as volume growth, increased fuel surcharge
revenue, core pricing gains and positive mix of traffic all
contributed to the increase.
- Union Pacific's second quarter record operating ratio of 61.8
percent improved 3.4 points compared to the second quarter
2016. Higher fuel prices positively impacted the operating
ratio by a half of a point.
- The $1.69 per gallon average
quarterly diesel fuel price in the second quarter 2017 was 17
percent higher than the second quarter 2016.
- Quarterly train speed, as reported to the Association of
American Railroads, was 25.4 mph, 5 percent slower than the second
quarter 2016.
- Union Pacific's first half reportable personal injury rate of
0.76 per 200,000 employee-hours increased from the record first
half rate of 0.70 achieved in 2016.
- The Company repurchased 7.8 million shares in the second
quarter 2017 at an aggregate cost of $850
million.
Summary of Second Quarter Freight Revenues
- Intermodal up 3 percent
- Chemicals up 4 percent
- Automotive up 5 percent
- Agricultural Products up 7 percent
- Industrial Products up 24 percent
- Coal up 25 percent
2017 Outlook
"Absolute business volumes should be stronger in the second half
than the first half, although year-over-year comparisons will be
more challenging. In this environment we will focus on our
growth opportunities. In addition, we will continue to make
progress on our G55 + 0 initiatives as we work to make Union
Pacific a stronger, more efficient company," Fritz said. "We
are confident these efforts will generate top-line growth, margin
improvement and greater returns for our shareholders."
Second Quarter 2017 Earnings Conference Call
Union Pacific will host its second quarter 2017 earnings release
presentation live over the Internet and via teleconference on
Thursday, July 20, 2017 at
8:45 a.m. Eastern Time. The
presentation will be webcast live over the internet on Union
Pacific's website at www.up.com/investor. Alternatively, the
webcast can be accessed directly through the following link.
Participants may join the conference call by dialing 877/407-8293
(or for international participants, 201/689-8349).
ABOUT UNION PACIFIC
Union Pacific Railroad is the principal operating company of
Union Pacific Corporation (NYSE: UNP). One of America's most
recognized companies, Union Pacific Railroad connects 23 states in
the western two-thirds of the country by rail, providing a critical
link in the global supply chain. In the past 10 years, 2007-2016,
Union Pacific invested approximately $34
billion in its network and operations to support America's
transportation infrastructure. The railroad's diversified
business mix includes Agricultural Products, Automotive, Chemicals,
Coal, Industrial Products and Intermodal. Union Pacific serves many
of the fastest-growing U.S. population centers, operates from all
major West Coast and Gulf Coast ports to eastern gateways, connects
with Canada's rail systems and is
the only railroad serving all six major Mexico gateways. Union Pacific provides value
to its roughly 10,000 customers by delivering products in a safe,
reliable, fuel-efficient and environmentally responsible
manner.
Supplemental financial information is attached.
This presentation and related materials contain statements
about the Company's future that are not statements of historical
fact, including specifically the statements regarding the Company's
expectations with respect to economic conditions and demand levels;
its ability to generate financial returns, improve network
performance and customer service; implementation of corporate
strategies; and providing excellent service to its customers and
returns to its shareholders. These statements are, or will
be, forward-looking statements as defined by the Securities Act of
1933 and 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 2016, which was filed with the SEC on February 3, 2017. 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
our 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 Percentages,
|
2nd
Quarter
|
|
Year-to-Date
|
For the Periods
Ended June 30,
|
2017
|
2016
|
%
|
|
|
2017
|
2016
|
%
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freight
revenues
|
$
|
4,906
|
$
|
4,430
|
11%
|
|
|
$
|
9,700
|
$
|
8,932
|
9%
|
|
Other
revenues
|
|
344
|
|
340
|
1
|
|
|
|
682
|
|
667
|
2
|
|
Total operating
revenues
|
|
5,250
|
|
4,770
|
10
|
|
|
|
10,382
|
|
9,599
|
8
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
1,197
|
|
1,160
|
3
|
|
|
|
2,454
|
|
2,373
|
3
|
|
Purchased services and
materials
|
|
597
|
|
570
|
5
|
|
|
|
1,163
|
|
1,139
|
2
|
|
Depreciation
|
|
525
|
|
504
|
4
|
|
|
|
1,045
|
|
1,006
|
4
|
|
Fuel
|
|
434
|
|
346
|
25
|
|
|
|
894
|
|
666
|
34
|
|
Equipment and other
rents
|
|
273
|
|
286
|
(5)
|
|
|
|
549
|
|
575
|
(5)
|
|
Other
|
|
219
|
|
244
|
(10)
|
|
|
|
479
|
|
493
|
(3)
|
|
Total operating
expenses
|
|
3,245
|
|
3,110
|
4
|
|
|
|
6,584
|
|
6,252
|
5
|
|
Operating
Income
|
|
2,005
|
|
1,660
|
21
|
|
|
|
3,798
|
|
3,347
|
13
|
|
Other
income
|
|
43
|
|
77
|
(44)
|
|
|
|
110
|
|
123
|
(11)
|
|
Interest
expense
|
|
(179)
|
|
(173)
|
3
|
|
|
|
(351)
|
|
(340)
|
3
|
|
Income before
income taxes
|
|
1,869
|
|
1,564
|
20
|
|
|
|
3,557
|
|
3,130
|
14
|
|
Income
taxes
|
|
(701)
|
|
(585)
|
20
|
|
|
|
(1,317)
|
|
(1,172)
|
12
|
|
Net
Income
|
$
|
1,168
|
$
|
979
|
19%
|
|
|
$
|
2,240
|
$
|
1,958
|
14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and
Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
|
1.45
|
$
|
1.17
|
24%
|
|
|
$
|
2.77
|
$
|
2.33
|
19%
|
|
Earnings per share -
diluted
|
$
|
1.45
|
$
|
1.17
|
24
|
|
|
$
|
2.76
|
$
|
2.32
|
19
|
|
Weighted average
number of shares - basic
|
|
804.1
|
|
837.4
|
(4)
|
|
|
|
807.8
|
|
840.7
|
(4)
|
|
Weighted average
number of shares - diluted
|
|
807.2
|
|
840.1
|
(4)
|
|
|
|
811.0
|
|
843.4
|
(4)
|
|
Dividends declared per
share
|
$
|
0.605
|
$
|
0.55
|
10
|
|
|
$
|
1.21
|
$
|
1.10
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Ratio
|
|
61.8%
|
|
65.2%
|
(3.4)pts
|
|
|
|
63.4%
|
|
65.1%
|
(1.7)pts
|
|
Effective
Tax Rate
|
|
37.5%
|
|
37.4%
|
0.1pts
|
|
|
|
37.0%
|
|
37.4%
|
(0.4)pts
|
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
|
Freight Revenues
Statistics (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd
Quarter
|
|
Year-to-Date
|
For the Periods
Ended June 30,
|
2017
|
2016
|
%
|
|
|
2017
|
2016
|
%
|
|
Freight
Revenues (Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
907
|
$
|
845
|
7%
|
|
|
$
|
1,849
|
$
|
1,727
|
7%
|
|
Automotive
|
|
513
|
|
488
|
5
|
|
|
|
1,017
|
|
998
|
2
|
|
Chemicals
|
|
898
|
|
864
|
4
|
|
|
|
1,783
|
|
1,742
|
2
|
|
Coal
|
|
619
|
|
494
|
25
|
|
|
|
1,267
|
|
1,013
|
25
|
|
Industrial
Products
|
|
1,030
|
|
830
|
24
|
|
|
|
1,937
|
|
1,664
|
16
|
|
Intermodal
|
|
939
|
|
909
|
3
|
|
|
|
1,847
|
|
1,788
|
3
|
|
Total
|
$
|
4,906
|
$
|
4,430
|
11%
|
|
|
$
|
9,700
|
$
|
8,932
|
9%
|
|
Revenue
Carloads (Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
|
237
|
|
229
|
3%
|
|
|
|
487
|
|
464
|
5%
|
|
Automotive
|
|
215
|
|
217
|
(1)
|
|
|
|
427
|
|
434
|
(2)
|
|
Chemicals
|
|
269
|
|
275
|
(2)
|
|
|
|
526
|
|
543
|
(3)
|
|
Coal
|
|
285
|
|
243
|
17
|
|
|
|
589
|
|
505
|
17
|
|
Industrial
Products
|
|
315
|
|
275
|
15
|
|
|
|
593
|
|
549
|
8
|
|
Intermodal*
|
|
824
|
|
809
|
2
|
|
|
|
1,611
|
|
1,597
|
1
|
|
Total
|
|
2,145
|
|
2,048
|
5%
|
|
|
|
4,233
|
|
4,092
|
3%
|
|
Average
Revenue per Car
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
3,813
|
$
|
3,692
|
3%
|
|
|
$
|
3,793
|
$
|
3,721
|
2%
|
|
Automotive
|
|
2,393
|
|
2,247
|
6
|
|
|
|
2,383
|
|
2,298
|
4
|
|
Chemicals
|
|
3,334
|
|
3,146
|
6
|
|
|
|
3,390
|
|
3,208
|
6
|
|
Coal
|
|
2,173
|
|
2,026
|
7
|
|
|
|
2,153
|
|
2,005
|
7
|
|
Industrial
Products
|
|
3,271
|
|
3,025
|
8
|
|
|
|
3,266
|
|
3,033
|
8
|
|
Intermodal*
|
|
1,140
|
|
1,124
|
1
|
|
|
|
1,147
|
|
1,120
|
2
|
|
Average
|
$
|
2,287
|
$
|
2,163
|
6%
|
|
|
$
|
2,292
|
$
|
2,183
|
5%
|
|
|
|
*
|
Each intermodal
container or trailer equals one carload.
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
|
Condensed
Consolidated Statements of Financial Position
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun.
30,
|
Dec.
31,
|
Millions, Except
Percentages
|
2017
|
2016
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,286
|
$
|
1,277
|
Short-term
investments
|
|
90
|
|
60
|
Other current
assets
|
|
2,493
|
|
2,259
|
Investments
|
|
1,504
|
|
1,457
|
Net
properties
|
|
50,814
|
|
50,389
|
Other
assets
|
|
291
|
|
276
|
Total
assets
|
$
|
56,478
|
$
|
55,718
|
|
|
|
|
|
Liabilities
and Common Shareholders' Equity
|
|
|
|
|
Debt due within one
year
|
$
|
531
|
$
|
758
|
Other current
liabilities
|
|
2,875
|
|
2,882
|
Debt due after one
year
|
|
15,229
|
|
14,249
|
Deferred income
taxes
|
|
16,329
|
|
15,996
|
Other long-term
liabilities
|
|
1,899
|
|
1,901
|
Total
liabilities
|
|
36,863
|
|
35,786
|
Total common
shareholders' equity
|
|
19,615
|
|
19,932
|
Total
liabilities and common shareholders' equity
|
$
|
56,478
|
$
|
55,718
|
|
|
|
|
|
Debt to
Capital
|
|
44.6%
|
|
43.0%
|
Adjusted
Debt to Capital*
|
|
48.5%
|
|
47.3%
|
|
|
*
|
Adjusted Debt to
Capital is a non-GAAP measure; however, management believes that it
is an important measure in evaluating our financial performance.
See page 8 for a reconciliation to GAAP.
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
|
Condensed
Consolidated Statements of Cash Flows (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Millions,
|
Year-to-Date
|
For the Periods
Ended June 30,
|
2017
|
2016
|
Operating
Activities
|
|
|
|
|
Net income
|
$
|
2,240
|
$
|
1,958
|
Depreciation
|
|
1,045
|
|
1,006
|
Deferred income
taxes
|
|
298
|
|
349
|
Other - net
|
|
(124)
|
|
212
|
Cash provided
by operating activities
|
|
3,459
|
|
3,525
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
Capital
investments
|
|
(1,589)
|
|
(1,590)
|
Purchases of
short-term investments
|
|
(90)
|
|
(330)
|
Maturities of
short-term investments
|
|
60
|
|
-
|
Other - net
|
|
55
|
|
82
|
Cash used in
investing activities
|
|
(1,564)
|
|
(1,838)
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
Common shares
repurchased
|
|
(1,611)
|
|
(1,252)
|
Debt issued
|
|
1,186
|
|
1,428
|
Dividends
paid
|
|
(980)
|
|
(925)
|
Debt repaid
|
|
(444)
|
|
(449)
|
Other - net
|
|
(37)
|
|
(50)
|
Cash used in
financing activities
|
|
(1,886)
|
|
(1,248)
|
|
|
|
|
|
Net Change
in Cash and Cash Equivalents
|
|
9
|
|
439
|
Cash and cash
equivalents at beginning of year
|
|
1,277
|
|
1,391
|
Cash and
Cash Equivalents at End of Period
|
$
|
1,286
|
$
|
1,830
|
|
|
|
|
|
Free Cash
Flow*
|
|
|
|
|
Cash provided by
operating activities
|
$
|
3,459
|
$
|
3,525
|
Cash used in investing
activities
|
|
(1,564)
|
|
(1,838)
|
Dividends
paid
|
|
(980)
|
|
(925)
|
Free cash
flow
|
$
|
915
|
$
|
762
|
|
|
*
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd
Quarter
|
|
Year-to-Date
|
For the Periods
Ended June 30,
|
2017
|
|
2016
|
%
|
|
|
2017
|
|
2016
|
%
|
|
Operating/Performance
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Gross ton-miles (GTMs)
(millions)
|
222,842
|
|
202,943
|
10%
|
|
|
441,756
|
|
408,423
|
8%
|
|
Employees
(average)
|
42,256
|
|
43,053
|
(2)
|
|
|
42,162
|
|
43,354
|
(3)
|
|
GTMs (millions) per
employee
|
5.27
|
|
4.71
|
12
|
|
|
10.48
|
|
9.42
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Locomotive
Fuel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel price per
gallon consumed
|
$
1.69
|
|
$
1.45
|
17%
|
|
|
$
1.72
|
|
$
1.35
|
27%
|
|
Fuel consumed in
gallons (millions)
|
246
|
|
232
|
6
|
|
|
499
|
|
479
|
4
|
|
Fuel consumption
rate*
|
1.105
|
|
1.144
|
(3)
|
|
|
1.130
|
|
1.174
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAR Reported
Performance Measures
|
|
|
|
|
|
|
|
|
|
|
|
Average train speed
(miles per hour)
|
25.4
|
|
26.6
|
(5)%
|
|
|
25.6
|
|
27.0
|
(5)%
|
|
Average terminal dwell
time (hours)
|
28.3
|
|
27.1
|
4
|
|
|
29.4
|
|
27.8
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
Ton-Miles (Millions)
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
22,089
|
|
21,565
|
2%
|
|
|
45,548
|
|
43,856
|
4%
|
|
Automotive
|
4,692
|
|
4,528
|
4
|
|
|
9,354
|
|
9,106
|
3
|
|
Chemicals
|
16,631
|
|
16,841
|
(1)
|
|
|
32,901
|
|
34,113
|
(4)
|
|
Coal
|
30,446
|
|
23,811
|
28
|
|
|
62,279
|
|
48,584
|
28
|
|
Industrial
Products
|
21,321
|
|
16,904
|
26
|
|
|
40,160
|
|
33,945
|
18
|
|
Intermodal
|
19,643
|
|
19,226
|
2
|
|
|
38,659
|
|
37,934
|
2
|
|
Total
|
114,822
|
|
102,875
|
12%
|
|
|
228,901
|
|
207,538
|
10%
|
|
|
|
*
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
Millions, Except
Per Share Amounts and Percentages,
|
1st
Qtr
|
2nd
Qtr
|
Year-to-Date
|
Operating
Revenues
|
|
|
|
|
|
|
Freight
revenues
|
$
|
4,794
|
$
|
4,906
|
$
|
9,700
|
Other
revenues
|
|
338
|
|
344
|
|
682
|
Total operating
revenues
|
|
5,132
|
|
5,250
|
|
10,382
|
Operating
Expenses
|
|
|
|
|
|
|
Compensation and
benefits
|
|
1,257
|
|
1,197
|
|
2,454
|
Purchased services and
materials
|
|
566
|
|
597
|
|
1,163
|
Depreciation
|
|
520
|
|
525
|
|
1,045
|
Fuel
|
|
460
|
|
434
|
|
894
|
Equipment and other
rents
|
|
276
|
|
273
|
|
549
|
Other
|
|
260
|
|
219
|
|
479
|
Total operating
expenses
|
|
3,339
|
|
3,245
|
|
6,584
|
Operating
Income
|
|
1,793
|
|
2,005
|
|
3,798
|
Other
income
|
|
67
|
|
43
|
|
110
|
Interest
expense
|
|
(172)
|
|
(179)
|
|
(351)
|
Income before
income taxes
|
|
1,688
|
|
1,869
|
|
3,557
|
Income
taxes
|
|
(616)
|
|
(701)
|
|
(1,317)
|
Net
Income
|
$
|
1,072
|
$
|
1,168
|
$
|
2,240
|
|
|
|
|
|
|
|
Share and
Per Share
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
|
1.32
|
$
|
1.45
|
$
|
2.77
|
Earnings per share -
diluted
|
$
|
1.32
|
$
|
1.45
|
$
|
2.76
|
Weighted average
number of shares - basic
|
|
811.5
|
|
804.1
|
|
807.8
|
Weighted average
number of shares - diluted
|
|
814.8
|
|
807.2
|
|
811.0
|
Dividends declared per
share
|
$
|
0.605
|
$
|
0.605
|
$
|
1.21
|
|
|
|
|
|
|
|
Operating
Ratio
|
|
65.1%
|
|
61.8%
|
|
63.4%
|
Effective
Tax Rate
|
|
36.5%
|
|
37.5%
|
|
37.0%
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
|
Freight Revenues
Statistics (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
1st
Qtr
|
2nd
Qtr
|
Year-to-Date
|
Freight
Revenues (Millions)
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
942
|
$
|
907
|
$
|
1,849
|
Automotive
|
|
504
|
|
513
|
|
1,017
|
Chemicals
|
|
885
|
|
898
|
|
1,783
|
Coal
|
|
648
|
|
619
|
|
1,267
|
Industrial
Products
|
|
907
|
|
1,030
|
|
1,937
|
Intermodal
|
|
908
|
|
939
|
|
1,847
|
Total
|
$
|
4,794
|
$
|
4,906
|
$
|
9,700
|
Revenue
Carloads (Thousands)
|
|
|
|
|
|
|
Agricultural
Products
|
|
250
|
|
237
|
|
487
|
Automotive
|
|
212
|
|
215
|
|
427
|
Chemicals
|
|
257
|
|
269
|
|
526
|
Coal
|
|
304
|
|
285
|
|
589
|
Industrial
Products
|
|
278
|
|
315
|
|
593
|
Intermodal*
|
|
787
|
|
824
|
|
1,611
|
Total
|
|
2,088
|
|
2,145
|
|
4,233
|
Average
Revenue per Car
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
3,773
|
$
|
3,813
|
$
|
3,793
|
Automotive
|
|
2,373
|
|
2,393
|
|
2,383
|
Chemicals
|
|
3,448
|
|
3,334
|
|
3,390
|
Coal
|
|
2,134
|
|
2,173
|
|
2,153
|
Industrial
Products
|
|
3,261
|
|
3,271
|
|
3,266
|
Intermodal*
|
|
1,154
|
|
1,140
|
|
1,147
|
Average
|
$
|
2,297
|
$
|
2,287
|
$
|
2,292
|
|
|
*
|
Each intermodal
container or trailer equals one carload.
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
|
Non-GAAP Measures
Reconciliation to GAAP
|
|
|
|
|
|
|
|
|
|
|
|
Debt to
Capital*
|
|
|
|
|
|
Jun.
30,
|
Dec.
31,
|
Millions, Except
Percentages
|
2017
|
2016
|
Debt
(a)
|
$
|
15,760
|
$
|
15,007
|
Equity
|
|
19,615
|
|
19,932
|
Capital
(b)
|
$
|
35,375
|
$
|
34,939
|
Debt to capital
(a/b)
|
|
44.6%
|
|
43.0%
|
|
|
*
|
Total debt divided by
total debt plus equity. We believe this measure is important to
management and investors in evaluating our balance sheet strength
and is important in managing our credit ratios and financing
relationships.
|
Adjusted
Debt to Capital, Reconciliation to GAAP*
|
|
|
|
|
|
Jun.
30,
|
Dec.
31,
|
Millions, Except
Percentages
|
2017
|
2016
|
Debt
|
$
|
15,760
|
$
|
15,007
|
Net present
value of operating leases
|
|
2,267
|
|
2,435
|
Unfunded
pension and OPEB, net of taxes of $248 and $261
|
|
413
|
|
436
|
Adjusted debt
(a)
|
|
18,440
|
|
17,878
|
Equity
|
|
19,615
|
|
19,932
|
Adjusted
capital (b)
|
$
|
38,055
|
$
|
37,810
|
Adjusted debt
to capital (a/b)
|
|
48.5%
|
|
47.3%
|
|
|
*
|
Total debt plus net
present value of operating leases plus after-tax unfunded pension
and OPEB obligation divided by total debt plus net present value of
operating leases plus after-tax unfunded pension and OPEB
obligation plus equity. Operating leases were discounted using 4.6%
at June 30, 2017, and 4.7% at December 31, 2016. The discount rate
reflects our effective interest rate. We believe this measure is
important to management and investors in evaluating the total
amount of leverage in our capital structure including off-balance
sheet lease obligations.
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/union-pacific-reports-second-quarter-2017-results-300491299.html
SOURCE Union Pacific Corporation