OMAHA, Neb., July 23, 2015 /PRNewswire/ --
Second Quarter Results
- Diluted earnings per share of $1.38 declined 3 percent.
- Operating income totaled $1.9
billion, down 11 percent.
- Operating ratio of 64.1 percent, up 0.6 points.
Union Pacific Corporation (NYSE: UNP) today reported 2015 second
quarter net income of $1.2 billion,
or $1.38 per diluted share, compared
to $1.3 billion, or $1.43 per diluted share, in the second quarter
2014.
"Solid core pricing gains were not enough to overcome a
significant decrease in demand," said Lance
Fritz, Union Pacific president and chief executive
officer. "Total volumes in the second quarter were down 6
percent, led by a sharp decline in coal. Industrial products and
agricultural products also posted significant volume
decreases. However, we made meaningful progress right sizing
our resources to current volumes, and I am encouraged to report
that we made these improvements while posting strong safety
performance."
Second Quarter Summary
Operating revenue of $5.4 billion
was down 10 percent in the second quarter 2015 versus the second
quarter 2014. Second quarter business volumes, as measured by
total revenue carloads, declined 6 percent compared to 2014.
Volume declines in coal, industrial products, and agricultural
products more than offset the growth in automotive and
intermodal. Chemicals volume was flat compared to 2014 as
growth in base chemicals carloads offset a decline in crude oil
shipments. In addition:
- Quarterly freight revenue decreased 10 percent compared to the
second quarter 2014, as the volume decline, lower fuel surcharge
revenue, and negative business mix more than offset core pricing
gains.
- Union Pacific's 64.1 percent operating ratio was 0.6 points
worse than the second quarter 2014. The operating ratio
benefited just under a point from the net impact of lower fuel
prices in the quarter.
- Other income of $142 million
increased $120 million compared to
the second quarter 2014. Included in this amount is the previously
announced Fremont, California,
land sale, which contributed $113
million to pre-tax income, or 8
cents per diluted share to total earnings.
- The $1.99 per gallon average
quarterly diesel fuel price in the second quarter 2015 was 36
percent lower than the second quarter 2014.
- Quarterly train speed, as reported to the Association of
American Railroads, was 24.6 mph, about 3 percent faster compared
with the second quarter 2014.
- The Company repurchased almost 8.0 million shares in the second
quarter 2015 at an aggregate cost of $834
million.
Summary of Second Quarter Freight Revenues
- Automotive up 3 percent
- Chemicals down 1 percent
- Intermodal down 5 percent
- Agricultural Products down 7 percent
- Industrial Products down 14 percent
- Coal down 31 percent
2015 Outlook
"While the volume outlook remains uncertain, we remain laser
focused on operating safely and efficiently no matter what the
market environment. We will continue to reduce costs and
improve productivity as we further align resources with demand,"
Fritz said. "Longer term, we continue to be optimistic about
the strengths of our diverse rail franchise."
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. From 2005-2014, Union Pacific
invested more than $31 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 Corporation's future that are not statements of
historical fact, including specifically the statements regarding
the Corporation's expectations with respect to economic conditions
and demand levels; and its ability to generate financial returns,
improve network performance and cost efficiency, and provide
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 Corporation'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 Corporation'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 Corporation'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
Corporation's Annual Report on Form 10-K for 2014, which was filed
with the SEC on February 6,
2015. The Corporation 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 Corporation 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 Corporation does update one or more
forward-looking statements, no inference should be drawn that the
Corporation 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,
|
2015
|
2014
|
%
|
|
|
2015
|
2014
|
%
|
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freight
revenues
|
$
|
5,068
|
$
|
5,661
|
(10)
|
%
|
|
$
|
10,319
|
$
|
10,947
|
(6)
|
%
|
|
Other
revenues
|
|
361
|
|
354
|
2
|
|
|
|
724
|
|
706
|
3
|
|
|
Total operating
revenues
|
|
5,429
|
|
6,015
|
(10)
|
|
|
|
11,043
|
|
11,653
|
(5)
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
1,305
|
|
1,246
|
5
|
|
|
|
2,674
|
|
2,500
|
7
|
|
|
Purchased services
and materials
|
|
600
|
|
636
|
(6)
|
|
|
|
1,243
|
|
1,243
|
-
|
|
|
Fuel
|
|
541
|
|
923
|
(41)
|
|
|
|
1,105
|
|
1,844
|
(40)
|
|
|
Depreciation
|
|
497
|
|
470
|
6
|
|
|
|
988
|
|
934
|
6
|
|
|
Equipment and other
rents
|
|
312
|
|
316
|
(1)
|
|
|
|
623
|
|
628
|
(1)
|
|
|
Other
|
|
225
|
|
228
|
(1)
|
|
|
|
484
|
|
454
|
7
|
|
|
Total operating
expenses
|
|
3,480
|
|
3,819
|
(9)
|
|
|
|
7,117
|
|
7,603
|
(6)
|
|
|
Operating
Income
|
|
1,949
|
|
2,196
|
(11)
|
|
|
|
3,926
|
|
4,050
|
(3)
|
|
|
Other
income
|
|
142
|
|
22
|
F
|
|
|
|
168
|
|
60
|
F
|
|
|
Interest
expense
|
|
(153)
|
|
(138)
|
11
|
|
|
|
(301)
|
|
(271)
|
11
|
|
|
Income before income
taxes
|
|
1,938
|
|
2,080
|
(7)
|
|
|
|
3,793
|
|
3,839
|
(1)
|
|
|
Income
taxes
|
|
(734)
|
|
(789)
|
(7)
|
|
|
|
(1,438)
|
|
(1,460)
|
(2)
|
|
|
Net
Income
|
$
|
1,204
|
$
|
1,291
|
(7)
|
%
|
|
$
|
2,355
|
$
|
2,379
|
(1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
|
1.38
|
$
|
1.43
|
(3)
|
%
|
|
$
|
2.69
|
$
|
2.63
|
2
|
%
|
|
Earnings per share -
diluted
|
$
|
1.38
|
$
|
1.43
|
(3)
|
|
|
$
|
2.68
|
$
|
2.62
|
2
|
|
|
Weighted average
number of shares - basic
|
|
872.2
|
|
901.5
|
(3)
|
|
|
|
875.8
|
|
904.8
|
(3)
|
|
|
Weighted average
number of shares - diluted
|
|
875.2
|
|
905.0
|
(3)
|
|
|
|
879.0
|
|
908.7
|
(3)
|
|
|
Dividends declared
per share
|
$
|
0.55
|
$
|
0.455
|
21
|
|
|
$
|
1.10
|
$
|
0.91
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Ratio
|
|
64.1%
|
|
63.5%
|
0.6
|
pts
|
|
|
64.4%
|
|
65.2%
|
(0.8)
|
pts
|
|
Effective Tax
Rate
|
|
37.9%
|
|
37.9%
|
-
|
pts
|
|
|
37.9%
|
|
38.0%
|
(0.1)
|
pts
|
|
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
Freight Revenues
Statistics (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd
Quarter
|
|
Year-to-Date
|
|
For the
Periods Ended June 30,
|
2015
|
2014
|
%
|
|
|
2015
|
2014
|
%
|
|
|
Freight
Revenues (Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
867
|
$
|
934
|
(7)
|
%
|
|
$
|
1,806
|
$
|
1,844
|
(2)
|
%
|
|
Automotive
|
|
560
|
|
545
|
3
|
|
|
|
1,076
|
|
1,033
|
4
|
|
|
Chemicals
|
|
905
|
|
913
|
(1)
|
|
|
|
1,802
|
|
1,806
|
-
|
|
|
Coal
|
|
679
|
|
989
|
(31)
|
|
|
|
1,594
|
|
1,950
|
(18)
|
|
|
Industrial
Products
|
|
970
|
|
1,130
|
(14)
|
|
|
|
1,987
|
|
2,141
|
(7)
|
|
|
Intermodal
|
|
1,087
|
|
1,150
|
(5)
|
|
|
|
2,054
|
|
2,173
|
(5)
|
|
|
Total
|
$
|
5,068
|
$
|
5,661
|
(10)
|
%
|
|
$
|
10,319
|
$
|
10,947
|
(6)
|
%
|
|
Revenue
Carloads (Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
|
225
|
|
243
|
(7)
|
%
|
|
|
470
|
|
482
|
(2)
|
%
|
|
Automotive
|
|
222
|
|
208
|
7
|
|
|
|
424
|
|
396
|
7
|
|
|
Chemicals
|
|
283
|
|
283
|
-
|
|
|
|
550
|
|
553
|
(1)
|
|
|
Coal
|
|
309
|
|
417
|
(26)
|
|
|
|
708
|
|
847
|
(16)
|
|
|
Industrial
Products
|
|
308
|
|
356
|
(13)
|
|
|
|
614
|
|
670
|
(8)
|
|
|
Intermodal*
|
|
942
|
|
924
|
2
|
|
|
|
1,754
|
|
1,757
|
-
|
|
|
Total
|
|
2,289
|
|
2,431
|
(6)
|
%
|
|
|
4,520
|
|
4,705
|
(4)
|
%
|
|
Average
Revenue per Car
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
3,844
|
$
|
3,833
|
-
|
%
|
|
$
|
3,840
|
$
|
3,824
|
-
|
%
|
|
Automotive
|
|
2,528
|
|
2,619
|
(3)
|
|
|
|
2,540
|
|
2,606
|
(3)
|
|
|
Chemicals
|
|
3,197
|
|
3,230
|
(1)
|
|
|
|
3,277
|
|
3,267
|
-
|
|
|
Coal
|
|
2,197
|
|
2,369
|
(7)
|
|
|
|
2,251
|
|
2,301
|
(2)
|
|
|
Industrial
Products
|
|
3,144
|
|
3,175
|
(1)
|
|
|
|
3,234
|
|
3,195
|
1
|
|
|
Intermodal*
|
|
1,154
|
|
1,246
|
(7)
|
|
|
|
1,171
|
|
1,237
|
(5)
|
|
|
Average
|
$
|
2,213
|
$
|
2,329
|
(5)
|
%
|
|
$
|
2,283
|
$
|
2,327
|
(2)
|
%
|
|
|
|
*
|
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
|
2015
|
2014
|
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,041
|
$
|
1,586
|
|
Other current
assets
|
|
2,942
|
|
3,093
|
|
Investments
|
|
1,375
|
|
1,390
|
|
Net
properties
|
|
47,512
|
|
46,272
|
|
Other
assets
|
|
307
|
|
375
|
|
Total
assets
|
$
|
54,177
|
$
|
52,716
|
|
|
|
|
|
|
Liabilities
and Common Shareholders' Equity
|
|
|
|
|
|
Debt due within one
year
|
$
|
431
|
$
|
462
|
|
Other current
liabilities
|
|
2,982
|
|
3,303
|
|
Debt due after one
year
|
|
12,908
|
|
11,018
|
|
Deferred income
taxes
|
|
14,907
|
|
14,680
|
|
Other long-term
liabilities
|
|
1,959
|
|
2,064
|
|
Total
liabilities
|
|
33,187
|
|
31,527
|
|
Total common
shareholders' equity
|
|
20,990
|
|
21,189
|
|
Total
liabilities and common shareholders' equity
|
$
|
54,177
|
$
|
52,716
|
|
|
|
|
|
|
Debt to
Capital
|
|
38.9%
|
|
35.1%
|
|
Adjusted
Debt to Capital*
|
|
44.2%
|
|
41.3%
|
|
|
|
*
|
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,
|
2015
|
2014
|
|
Operating
Activities
|
|
|
|
|
|
Net income
|
$
|
2,355
|
$
|
2,379
|
|
Depreciation
|
|
988
|
|
934
|
|
Deferred income
taxes
|
|
237
|
|
155
|
|
Other - net
|
|
193
|
|
(247)
|
|
Cash provided
by operating activities
|
|
3,773
|
|
3,221
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
Capital
investments
|
|
(2,207)
|
|
(2,068)
|
|
Other - net
|
|
71
|
|
(110)
|
|
Cash used in
investing activities
|
|
(2,136)
|
|
(2,178)
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
Debt issued
|
|
2,243
|
|
1,895
|
|
Common shares
repurchased
|
|
(1,605)
|
|
(1,450)
|
|
Dividends
paid*
|
|
(1,401)
|
|
(776)
|
|
Debt repaid
|
|
(396)
|
|
(640)
|
|
Other - net
|
|
(23)
|
|
33
|
|
Cash used in
financing activities
|
|
(1,182)
|
|
(938)
|
|
|
|
|
|
|
Net Change
in Cash and Cash Equivalents
|
|
455
|
|
105
|
|
Cash and cash
equivalents at beginning of year
|
|
1,586
|
|
1,432
|
|
Cash and
Cash Equivalents at End of Period
|
$
|
2,041
|
$
|
1,537
|
|
|
|
|
|
|
Free Cash
Flow**
|
|
|
|
|
|
Cash provided by
operating activities
|
$
|
3,773
|
$
|
3,221
|
|
Cash used in investing
activities
|
|
(2,136)
|
|
(2,178)
|
|
Dividends
paid*
|
|
(1,401)
|
|
(776)
|
|
Free cash
flow
|
$
|
236
|
$
|
267
|
|
|
|
*
|
The 2015 dividends
paid amount includes the fourth quarter 2014 dividend of $438
million, which was paid on January 2, 2015, the first quarter 2015
dividend of $484 million, which was paid on March 30, 2015, as well
as the second quarter 2015 dividend of $479 million, which was paid
on June 30, 2015. Beginning in 2015, the timing of the dividend
declaration and payable dates was aligned to occur within the same
quarter.
|
|
|
|
**
|
Free cash flow is a
non-GAAP measure; however, management believes that it is an
important measure 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,
|
2015
|
2014
|
%
|
|
|
2015
|
2014
|
%
|
|
|
Operating/Performance
Statistics
|
|
|
|
|
|
|
|
|
|
|
Gross ton-miles (GTMs)
(millions)
|
227,608
|
252,500
|
(10)
|
%
|
|
464,821
|
492,669
|
(6)
|
%
|
|
Employees
(average)
|
48,992
|
47,052
|
4
|
|
|
48,911
|
46,608
|
5
|
|
|
GTMs (millions) per
employee
|
4.65
|
5.37
|
(13)
|
|
|
9.50
|
10.57
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
Locomotive
Fuel Statistics
|
|
|
|
|
|
|
|
|
|
|
Average fuel price per
gallon consumed
|
$ 1.99
|
$ 3.10
|
(36)
|
%
|
|
$ 1.97
|
$ 3.11
|
(37)
|
%
|
|
Fuel consumed in
gallons (millions)
|
264
|
290
|
(9)
|
|
|
546
|
577
|
(5)
|
|
|
Fuel consumption
rate*
|
1.163
|
1.145
|
2
|
|
|
1.175
|
1.170
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
AAR Reported
Performance Measures
|
|
|
|
|
|
|
|
|
|
|
Average train speed
(miles per hour)
|
24.6
|
23.9
|
3
|
%
|
|
24.6
|
24.2
|
2
|
%
|
|
Average terminal dwell
time (hours)
|
28.4
|
29.8
|
(5)
|
|
|
29.5
|
30.3
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
Ton-Miles (Millions)
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
21,281
|
23,088
|
(8)
|
%
|
|
44,263
|
46,811
|
(5)
|
%
|
|
Automotive
|
4,749
|
4,340
|
9
|
|
|
9,042
|
8,298
|
9
|
|
|
Chemicals
|
18,676
|
18,850
|
(1)
|
|
|
36,885
|
37,664
|
(2)
|
|
|
Coal
|
31,233
|
45,573
|
(31)
|
|
|
72,943
|
90,256
|
(19)
|
|
|
Industrial
Products
|
19,334
|
22,592
|
(14)
|
|
|
39,502
|
43,017
|
(8)
|
|
|
Intermodal
|
20,986
|
21,320
|
(2)
|
|
|
40,034
|
41,260
|
(3)
|
|
|
Total
|
116,259
|
135,763
|
(14)
|
%
|
|
242,669
|
267,306
|
(9)
|
%
|
|
|
|
*
|
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)
|
|
|
|
|
|
|
|
|
|
2015
|
|
Millions,
Except Per Share Amounts and Percentages,
|
1st
Qtr
|
2nd
Qtr
|
Year-to-Date
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
Freight
revenues
|
$
|
5,251
|
$
|
5,068
|
$
|
10,319
|
|
Other
revenues
|
|
363
|
|
361
|
|
724
|
|
Total operating
revenues
|
|
5,614
|
|
5,429
|
|
11,043
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
1,369
|
|
1,305
|
|
2,674
|
|
Purchased services and
materials
|
|
643
|
|
600
|
|
1,243
|
|
Fuel
|
|
564
|
|
541
|
|
1,105
|
|
Depreciation
|
|
491
|
|
497
|
|
988
|
|
Equipment and other
rents
|
|
311
|
|
312
|
|
623
|
|
Other
|
|
259
|
|
225
|
|
484
|
|
Total operating
expenses
|
|
3,637
|
|
3,480
|
|
7,117
|
|
Operating
Income
|
|
1,977
|
|
1,949
|
|
3,926
|
|
Other
income
|
|
26
|
|
142
|
|
168
|
|
Interest
expense
|
|
(148)
|
|
(153)
|
|
(301)
|
|
Income before
income taxes
|
|
1,855
|
|
1,938
|
|
3,793
|
|
Income
taxes
|
|
(704)
|
|
(734)
|
|
(1,438)
|
|
Net
Income
|
$
|
1,151
|
$
|
1,204
|
$
|
2,355
|
|
|
|
|
|
|
|
|
Share and
Per Share
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
|
1.31
|
$
|
1.38
|
$
|
2.69
|
|
Earnings per share -
diluted
|
$
|
1.30
|
$
|
1.38
|
$
|
2.68
|
|
Weighted average
number of shares - basic
|
|
879.3
|
|
872.2
|
|
875.8
|
|
Weighted average
number of shares - diluted
|
|
882.8
|
|
875.2
|
|
879.0
|
|
Dividends declared per
share
|
$
|
0.55
|
$
|
0.55
|
$
|
1.10
|
|
|
|
|
|
|
|
|
Operating
Ratio
|
|
64.8%
|
|
64.1%
|
|
64.4%
|
|
Effective
Tax Rate
|
|
38.0%
|
|
37.9%
|
|
37.9%
|
|
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
Freight Revenues
Statistics (unaudited)
|
|
|
|
|
|
|
|
|
|
2015
|
|
1st
Qtr
|
2nd
Qtr
|
Year-to-Date
|
|
Freight
Revenues (Millions)
|
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
939
|
$
|
867
|
$
|
1,806
|
|
Automotive
|
|
516
|
|
560
|
|
1,076
|
|
Chemicals
|
|
897
|
|
905
|
|
1,802
|
|
Coal
|
|
915
|
|
679
|
|
1,594
|
|
Industrial
Products
|
|
1,017
|
|
970
|
|
1,987
|
|
Intermodal
|
|
967
|
|
1,087
|
|
2,054
|
|
Total
|
$
|
5,251
|
$
|
5,068
|
$
|
10,319
|
|
Revenue
Carloads (Thousands)
|
|
|
|
|
|
|
|
Agricultural
Products
|
|
245
|
|
225
|
|
470
|
|
Automotive
|
|
202
|
|
222
|
|
424
|
|
Chemicals
|
|
267
|
|
283
|
|
550
|
|
Coal
|
|
399
|
|
309
|
|
708
|
|
Industrial
Products
|
|
306
|
|
308
|
|
614
|
|
Intermodal*
|
|
812
|
|
942
|
|
1,754
|
|
Total
|
|
2,231
|
|
2,289
|
|
4,520
|
|
Average
Revenue per Car
|
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
3,838
|
$
|
3,844
|
$
|
3,840
|
|
Automotive
|
|
2,553
|
|
2,528
|
|
2,540
|
|
Chemicals
|
|
3,362
|
|
3,197
|
|
3,277
|
|
Coal
|
|
2,293
|
|
2,197
|
|
2,251
|
|
Industrial
Products
|
|
3,325
|
|
3,144
|
|
3,234
|
|
Intermodal*
|
|
1,191
|
|
1,154
|
|
1,171
|
|
Average
|
$
|
2,354
|
$
|
2,213
|
$
|
2,283
|
|
|
|
*
|
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
|
2015
|
2014
|
|
Debt
(a)
|
$
|
13,339
|
$
|
11,480
|
|
Equity
|
|
20,990
|
|
21,189
|
|
Capital
(b)
|
$
|
34,329
|
$
|
32,669
|
|
Debt to capital
(a/b)
|
|
38.9%
|
|
35.1%
|
|
|
|
*
|
Total debt divided by
total debt plus equity. Management believes this is an important
measure 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
|
2015
|
2014
|
|
Debt
|
$
|
13,339
|
$
|
11,480
|
|
Net present
value of operating leases
|
|
2,782
|
|
2,902
|
|
Unfunded
pension and OPEB
|
|
515
|
|
523
|
|
Adjusted debt
(a)
|
|
16,636
|
|
14,905
|
|
Equity
|
|
20,990
|
|
21,189
|
|
Adjusted
capital (b)
|
$
|
37,626
|
$
|
36,094
|
|
Adjusted debt
to capital (a/b)
|
|
44.2%
|
|
41.3%
|
|
|
|
*
|
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 4.9%
at June 30, 2015, and 5.3% at December 31, 2014. The discount rate
reflects our effective interest rate. Management believes this is
an important measure in evaluating the total amount of leverage in
our capital structure including off-balance sheet lease
obligations.
|
Logo -
http://photos.prnewswire.com/prnh/20110304/LA59497LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/union-pacific-reports-second-quarter-results-300117612.html
SOURCE Union Pacific Corporation