Exhibit 99.1

 



Union Pacific Reports Third Quarter 2020 Results



FOR IMMEDIATE RELEASE



Omaha, Neb., October 22, 2020 – Union Pacific Corporation (NYSE: UNP) today reported 2020 third quarter net income of $1.4 billion, or $2.01 per diluted share. This compares to $1.6 billion, or $2.22 per diluted share, in the third quarter 2019.

“Our third quarter results represent another step in our company’s transformation.  We demonstrated our ability to efficiently adjust to a sharp rebound in volume, which increased 19% from the second quarter, while operating expenses, excluding fuel price changes, increased only 11% sequentially,” said Lance Fritz, Union Pacific chairman, president and chief executive officer. “The strong financial results and quality service product delivered in the quarter are a testament to the women and men of Union Pacific as they continue to exhibit their commitment and resilience through safe operations.”

   

Third Quarter Summary

Operating revenue of $4.9 billion was down 11% in third quarter 2020, compared to third quarter 2019. Third quarter business volumes, as measured by total revenue carloads, decreased 4% compared to 2019. Premium volumes increased compared to 2019, while industrial and bulk declined. In addition:



 

·

Quarterly freight revenue declined 11%, compared to third quarter 2019, as core pricing gains were more than offset by lower volumes, a less favorable business mix, and decreased fuel surcharge revenue.

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·

Union Pacific’s 58.7% operating ratio, an all-time quarterly record, improved 0.8 points compared to the third quarter 2019.  Lower fuel prices positively impacted the operating ratio by 100 basis points.

·

The $1.36 per gallon average quarterly diesel fuel price in third quarter 2020 was 35% lower than third quarter 2019.

·

Union Pacific’s reportable personal injury rate was 0.90 per 200,000 employee-hours for the first three quarters 2020, compared to 0.82 for the same period 2019.

·

Quarterly freight car velocity was 220 daily miles per car, a 3% improvement compared to third quarter 2019.

·

Quarterly locomotive productivity was 138 gross ton-miles per horsepower day, an all-time quarterly record and an 11% improvement compared to third quarter 2019.

·

Quarterly workforce productivity was 998 car miles per employee, an all-time quarterly record and a 13% improvement compared to third quarter 2019.

·

Average maximum train length was 8,984 feet, a 13% increase compared to third quarter 2019.

Summary of Third Quarter Freight Revenues

·

Bulk down 12%

·

Industrial down 18%

·

Premium down 1%

 

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2020 Outlook

“The results we are delivering, both operationally and financially, deepen our conviction that the changes we’re making to transform our railroad are on target and on track,” said Fritz. “An improved customer experience, coupled with a lower cost structure, is opening up new markets and opportunities to grow our business as we win with customers and convert more freight to rail.”

 

Third Quarter 2020 Earnings Conference Call

Union Pacific will webcast its third quarter 2020 earnings release presentation live at www.up.com/investor and via teleconference on Thursday, October 22, 2020 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: Raquel Espinoza at 402-544-5034 or respinoza@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 Company’s expectations with respect to economic conditions and demand levels,  its ability to improve network performance, its results of operations, and potential impacts of the COVID-19 pandemic.  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

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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 2019, which was filed with the SEC on February 7, 2020 and the Company’s Quarterly Report on Form 10-Q which was filed with the SEC on July 23, 2020. 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.



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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income (unaudited)







 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Millions, Except Per Share Amounts and Percentages,

3rd Quarter

 

Year-to-Date

For the Periods Ended September 30,

2020  2019 

%

 

 

2020  2019 

%

 

Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

     Freight revenues

$

4,596 

$

5,146  (11)

%

 

$

13,448 

$

15,392  (13)

%

     Other

 

323 

 

370  (13)

 

 

 

944 

 

1,104  (14)

 

Total operating revenues

 

4,919 

 

5,516  (11)

 

 

 

14,392 

 

16,496  (13)

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

     Compensation and benefits

 

1,008 

 

1,134  (11)

 

 

 

2,972 

 

3,484  (15)

 

     Depreciation

 

555 

 

557 

 -

 

 

 

1,653 

 

1,657 

 -

 

     Purchased services and materials

 

508 

 

574  (11)

 

 

 

1,470 

 

1,723  (15)

 

     Fuel

 

301 

 

504  (40)

 

 

 

982 

 

1,595  (38)

 

     Equipment and other rents

 

217 

 

236  (8)

 

 

 

655 

 

754  (13)

 

     Other

 

299 

 

277 

 

 

 

832 

 

829 

 -

 

Total operating expenses

 

2,888 

 

3,282  (12)

 

 

 

8,564 

 

10,042  (15)

 

Operating Income

 

2,031 

 

2,234  (9)

 

 

 

5,828 

 

6,454  (10)

 

     Other income

 

37 

 

53  (30)

 

 

 

221 

 

187  18 

 

     Interest expense

 

(295)

 

(266) 11 

 

 

 

(862)

 

(772) 12 

 

Income before income taxes

 

1,773 

 

2,021  (12)

 

 

 

5,187 

 

5,869  (12)

 

Income taxes

 

(410)

 

(466) (12)

 

 

 

(1,218)

 

(1,353) (10)

 

Net Income

$

1,363 

$

1,555  (12)

%

 

$

3,969 

$

4,516  (12)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share and Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

     Earnings per share - basic

$

2.02 

$

2.22  (9)

%

 

$

5.85 

$

6.39  (8)

%

     Earnings per share - diluted

$

2.01 

$

2.22  (9)

 

 

$

5.83 

$

6.36  (8)

 

     Weighted average number of shares - basic

 

675.0 

 

699.3  (3)

 

 

 

679.0 

 

707.2  (4)

 

     Weighted average number of shares - diluted

 

676.8 

 

701.9  (4)

 

 

 

680.7 

 

709.8  (4)

 

     Dividends declared per share

$

0.97 

$

0.97 

 -

 

 

$

2.91 

$

2.73 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Ratio

 

58.7% 

 

59.5%  (0.8)

pts

 

 

59.5% 

 

60.9%  (1.4)

pts

Effective Tax Rate

 

23.1% 

 

23.1% 

 -

pts

 

 

23.5% 

 

23.1%  0.4 

pts

1

 


 

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited)







 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



3rd Quarter

 

Year-to-Date

For the Periods Ended September 30,

2020  2019 

%

 

 

2020  2019 

%

 

Freight Revenues (Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

     Grain & grain products

$

695 

$

704  (1)

%

 

$

2,028 

$

2,080  (3)

%

     Fertilizer

 

157 

 

161  (2)

 

 

 

499 

 

492 

 

     Food & refrigerated

 

239 

 

253  (6)

 

 

 

694 

 

767  (10)

 

     Coal & renewables

 

387 

 

564  (31)

 

 

 

1,177 

 

1,641  (28)

 

   Bulk

 

1,478 

 

1,682  (12)

 

 

 

4,398 

 

4,980  (12)

 

     Industrial chemicals & plastics

 

454 

 

494  (8)

 

 

 

1,384 

 

1,428  (3)

 

     Metals & minerals

 

365 

 

520  (30)

 

 

 

1,202 

 

1,613  (25)

 

     Forest products

 

284 

 

290  (2)

 

 

 

853 

 

878  (3)

 

     Energy & specialized markets

 

464 

 

598  (22)

 

 

 

1,522 

 

1,759  (13)

 

   Industrial

 

1,567 

 

1,902  (18)

 

 

 

4,961 

 

5,678  (13)

 

     Automotive

 

481 

 

542  (11)

 

 

 

1,194 

 

1,616  (26)

 

     Intermodal

 

1,070 

 

1,020 

 

 

 

2,895 

 

3,118  (7)

 

   Premium

 

1,551 

 

1,562  (1)

 

 

 

4,089 

 

4,734  (14)

 

Total

$

4,596 

$

5,146  (11)

%

 

$

13,448 

 -

15,392  (13)

%

Revenue Carloads (Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

     Grain & grain products

 

187 

 

181 

%

 

 

529 

 

528 

 -

%

     Fertilizer

 

50 

 

48 

 

 

 

149 

 

145 

 

     Food & refrigerated

 

48 

 

48 

 -

 

 

 

137 

 

147  (7)

 

     Coal & renewables

 

213 

 

271  (21)

 

 

 

607 

 

771  (21)

 

   Bulk

 

498 

 

548  (9)

 

 

 

1,422 

 

1,591  (11)

 

     Industrial chemicals & plastics

 

144 

 

158  (9)

 

 

 

439 

 

463  (5)

 

     Metals & minerals

 

156 

 

200  (22)

 

 

 

492 

 

579  (15)

 

     Forest products

 

55 

 

55 

 -

 

 

 

161 

 

167  (4)

 

     Energy & specialized markets

 

125 

 

157  (20)

 

 

 

402 

 

460  (13)

 

   Industrial

 

480 

 

570  (16)

 

 

 

1,494 

 

1,669  (10)

 

     Automotive

 

203 

 

222  (9)

 

 

 

490 

 

650  (25)

 

     Intermodal [a]

 

863 

 

789 

 

 

 

2,296 

 

2,443  (6)

 

   Premium

 

1,066 

 

1,011 

 

 

 

2,786 

 

3,093  (10)

 

Total

 

2,044 

 

2,129  (4)

%

 

 

5,702 

 

6,353  (10)

%

Average Revenue per Car

 

 

 

 

 

 

 

 

 

 

 

 

 

     Grain & grain products

$

3,705 

$

3,900  (5)

%

 

$

3,832 

$

3,939  (3)

%

     Fertilizer

 

3,172 

 

3,334  (5)

 

 

 

3,361 

 

3,391  (1)

 

     Food & refrigerated

 

4,891 

 

5,203  (6)

 

 

 

5,053 

 

5,211  (3)

 

     Coal & renewables

 

1,820 

 

2,082  (13)

 

 

 

1,938 

 

2,129  (9)

 

   Bulk

 

2,964 

 

3,068  (3)

 

 

 

3,092 

 

3,130  (1)

 

     Industrial chemicals & plastics

 

3,154 

 

3,131 

 

 

 

3,150 

 

3,087 

 

     Metals & minerals

 

2,337 

 

2,599  (10)

 

 

 

2,444 

 

2,785  (12)

 

     Forest products

 

5,181 

 

5,275  (2)

 

 

 

5,300 

 

5,249 

 

     Energy & specialized markets

 

3,742 

 

3,797  (1)

 

 

 

3,791 

 

3,822  (1)

 

   Industrial

 

3,271 

 

3,336  (2)

 

 

 

3,321 

 

3,402  (2)

 

     Automotive

 

2,368 

 

2,436  (3)

 

 

 

2,438 

 

2,485  (2)

 

     Intermodal [a]

 

1,238 

 

1,294  (4)

 

 

 

1,261 

 

1,276  (1)

 

   Premium

 

1,454 

 

1,545  (6)

 

 

 

1,468 

 

1,530  (4)

 

Average 

$

2,248 

$

2,417  (7)

%

 

$

2,359 

$

2,423  (3)

%



[a]

For intermodal shipments each container or trailer equals one carload.

2

 


 

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Financial Position (unaudited)







 

 

 

 

 

 

 

 

 

 

Sep. 30,

Dec. 31,

Millions, Except Percentages

2020  2019 

Assets

 

 

 

 

     Cash and cash equivalents

$

2,601 

$

831 

     Short-term investments

 

60 

 

60 

     Other current assets

 

2,469 

 

2,568 

     Investments

 

2,071 

 

2,050 

     Net properties

 

54,375 

 

53,916 

     Operating lease assets

 

1,642 

 

1,812 

     Other assets

 

496 

 

436 

Total assets

$

63,714 

$

61,673 

 

 

 

 

 

Liabilities and Common Shareholders' Equity

 

 

 

 

     Debt due within one year

$

1,980 

$

1,257 

     Other current liabilities

 

2,861 

 

3,094 

     Debt due after one year

 

26,080 

 

23,943 

     Operating lease liabilities

 

1,293 

 

1,471 

     Deferred income taxes

 

12,328 

 

11,992 

     Other long-term liabilities

 

1,973 

 

1,788 

Total liabilities

 

46,515 

 

43,545 

Total common shareholders' equity

 

17,199 

 

18,128 

Total liabilities and common shareholders' equity

$

63,714 

$

61,673 







3

 


 

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Cash Flows (unaudited)







 

 

 

 

 

 

 

 

 

Millions,

Year-to-Date

For the Periods Ended September 30,

2020  2019 

Operating Activities

 

 

 

 

     Net income

$

3,969 

$

4,516 

     Depreciation

 

1,653 

 

1,657 

     Deferred income taxes

 

327 

 

297 

     Other - net

 

44 

 

(206)

Cash provided by operating activities

 

5,993 

 

6,264 

Investing Activities

 

 

 

 

     Capital investments

 

(2,294)

 

(2,495)

     Maturities of short-term investments

 

106 

 

120 

     Purchases of short-term investments

 

(106)

 

(110)

     Other - net

 

213 

 

(22)

Cash used in investing activities

 

(2,081)

 

(2,507)

Financing Activities

 

 

 

 

     Debt issued

 

4,004 

 

3,986 

     Share repurchase programs

 

(2,956)

 

(5,162)

     Dividends paid

 

(1,974)

 

(1,925)

     Debt repaid

 

(832)

 

(642)

     Debt Exchange

 

(327)

 

 -

     Net issuance of commercial paper

 

(2)

 

(5)

     Other - net

 

(63)

 

(34)

Cash used in financing activities

 

(2,150)

 

(3,782)

Net Change in Cash, Cash Equivalents and Restricted Cash

 

1,762 

 

(25)

Cash, cash equivalents, and restricted cash at beginning of year

 

856 

 

1,328 

Cash, Cash Equivalents, and Restricted Cash at End of Period

$

2,618 

$

1,303 

Free Cash Flow*

 

 

 

 

     Cash provided by operating activities

$

5,993 

$

6,264 

     Cash used in investing activities

 

(2,081)

 

(2,507)

     Dividends paid

 

(1,974)

 

(1,925)

Free cash flow

$

1,938 

$

1,832 



*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.



4

 


 

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Operating and Performance Statistics (unaudited)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



3rd Quarter

 

Year-to-Date

For the Periods Ended September 30,

2020 

 

2019 

%

 

 

2020 

 

2019 

%

 

Operating/Performance Statistics 

 

 

 

 

 

 

 

 

 

 

 

     Freight car velocity (daily miles per car) [a]

220 

 

214 

%

 

217 

 

203 

%

     Average train speed (miles per hour) [a] *

25.3 

 

25.2 

 -

 

 

25.8 

 

24.8 

 

     Average terminal dwell time (hours) [a] *

22.8 

 

23.6  (3)

 

 

22.8 

 

25.3  (10)

 

     Locomotive productivity (GTMs per horsepower day)

138 

 

124  11 

 

 

135 

 

118  14 

 

     Gross ton-miles (GTMs) (millions)

196,998 

 

215,487  (9)

 

 

568,921 

 

645,815  (12)

 

     Train length (feet)

8,984 

 

7,924  13 

 

 

8,676 

 

7,618  14 

 

     Intermodal car trip plan compliance (%)

77 

 

81  (4)

pts

 

81 

 

72 

pts

     Manifest/Automotive car trip plan compliance (%)

72 

 

67 

pts

 

70 

 

63 

pts

     Workforce productivity (car miles per employee)

998 

 

883  13 

 

 

920 

 

853 

 

     Total employees (average)

30,155 

 

36,659  (18)

 

 

31,362 

 

38,456  (18)

 

 

 

 

 

 

 

 

 

 

 

 

 

Locomotive Fuel Statistics

 

 

 

 

 

 

 

 

 

 

 

     Average fuel price per gallon consumed

$1.36 

 

$       2.09 

(35)

%

 

$       1.51 

 

$       2.13 

(29)

%

     Fuel consumed in gallons (millions)

213 

 

232  (8)

 

 

627 

 

725  (14)

 

     Fuel consumption rate**

1.084 

 

1.075 

 

 

1.103 

 

1.122  (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Ton-Miles (Millions)

 

 

 

 

 

 

 

 

 

 

 

     Grain & grain products

18,035 

 

16,545 

%

 

50,388 

 

49,966 

%

     Fertilizer

2,932 

 

2,737 

 

 

9,092 

 

8,722 

 

     Food & refrigerated

4,614 

 

4,679  (1)

 

 

12,872 

 

14,037  (8)

 

     Coal & renewables

20,374 

 

27,516  (26)

 

 

58,567 

 

78,700  (26)

 

   Bulk

45,955 

 

51,477  (11)

 

 

130,919 

 

151,425  (14)

 

     Industrial chemicals & plastics

7,170 

 

7,268  (1)

 

 

20,630 

 

21,295  (3)

 

     Metals & minerals

6,536 

 

9,224  (29)

 

 

21,471 

 

29,403  (27)

 

     Forest products

5,882 

 

5,784 

 

 

17,321 

 

17,711  (2)

 

     Energy & specialized markets

8,005 

 

11,381  (30)

 

 

27,327 

 

33,173  (18)

 

   Industrial

27,593 

 

33,657  (18)

 

 

86,749 

 

101,582  (15)

 

     Automotive

4,269 

 

4,757  (10)

 

 

10,498 

 

13,954  (25)

 

     Intermodal

20,096 

 

18,216  10 

 

 

55,344 

 

56,540  (2)

 

   Premium

24,365 

 

22,973 

 

 

65,842 

 

70,494  (7)

 

Total

97,913 

 

108,107  (9)

%

 

283,510 

 

323,501  (12)

%

 

 

 

 

 

 

 

 

 

 

 

 



[a]Prior years have been realigned to conform to the current year presentation.



*Surface Transportation Board reported performance measures.    



**Fuel consumption is computed as follows: gallons of fuel consumed divided by gross ton-miles in thousands. 



5

 


 

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income (unaudited)





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



2020

Millions, Except Per Share Amounts and Percentages,

1st Qtr 

2nd Qtr 

3rd Qtr 

Year-to-Date

Operating Revenues

 

 

 

 

 

 

 

 

     Freight revenues

$

4,880 

$

3,972 

$

4,596 

$

13,448 

     Other revenues

 

349 

 

272 

 

323 

 

944 

Total operating revenues

 

5,229 

 

4,244 

 

4,919 

 

14,392 

Operating Expenses

 

 

 

 

 

 

 

 

     Compensation and benefits

 

1,059 

 

905 

 

1,008 

 

2,972 

     Depreciation

 

547 

 

551 

 

555 

 

1,653 

     Purchased services and materials

 

521 

 

441 

 

508 

 

1,470 

     Fuel

 

434 

 

247 

 

301 

 

982 

     Equipment and other rents

 

227 

 

211 

 

217 

 

655 

     Other

 

298 

 

235 

 

299 

 

832 

Total operating expenses

 

3,086 

 

2,590 

 

2,888 

 

8,564 

Operating Income

 

2,143 

 

1,654 

 

2,031 

 

5,828 

     Other income

 

53 

 

131 

 

37 

 

221 

     Interest expense

 

(278)

 

(289)

 

(295)

 

(862)

Income before income taxes

 

1,918 

 

1,496 

 

1,773 

 

5,187 

Income taxes

 

(444)

 

(364)

 

(410)

 

(1,218)

Net Income

$

1,474 

$

1,132 

$

1,363 

$

3,969 

 

 

 

 

 

 

 

 

 

Share and Per Share

 

 

 

 

 

 

 

 

     Earnings per share - basic

$

2.15 

$

1.67 

$

2.02 

$

5.85 

     Earnings per share - diluted

$

2.15 

$

1.67 

$

2.01 

$

5.83 

     Weighted average number of shares - basic

 

684.3 

 

677.7 

 

675.0 

 

679.0 

     Weighted average number of shares - diluted

 

686.2 

 

679.2 

 

676.8 

 

680.7 

     Dividends declared per share

$

0.97 

$

0.97 

$

0.97 

$

2.91 

 

 

 

 

 

 

 

 

 

Operating Ratio

 

59.0% 

 

61.0% 

 

58.7% 

 

59.5% 

Effective Tax Rate

 

23.1% 

 

24.3% 

 

23.1% 

 

23.5% 





6

 


 

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited)







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



2020



1st Qtr 

2nd Qtr 

3rd Qtr 

Year-to-Date

Freight Revenues (Millions)

 

 

 

 

 

 

 

 

     Grain & grain products

$

689 

$

644 

$

695 

$

2,028 

     Fertilizer

 

174 

 

168 

 

157 

 

499 

     Food & refrigerated

 

250 

 

205 

 

239 

 

694 

     Coal & renewables

 

421 

 

369 

 

387 

 

1,177 

   Bulk

 

1,534 

 

1,386 

 

1,478 

 

4,398 

     Industrial chemicals & plastics

 

495 

 

435 

 

454 

 

1,384 

     Metals & minerals

 

469 

 

368 

 

365 

 

1,202 

     Forest products

 

303 

 

266 

 

284 

 

853 

     Energy & specialized markets

 

627 

 

431 

 

464 

 

1,522 

   Industrial

 

1,894 

 

1,500 

 

1,567 

 

4,961 

     Automotive

 

524 

 

189 

 

481 

 

1,194 

     Intermodal

 

928 

 

897 

 

1,070 

 

2,895 

   Premium

 

1,452 

 

1,086 

 

1,551 

 

4,089 

Total

$

4,880 

$

3,972 

$

4,596 

$

13,448 

Revenue Carloads (Thousands)

 

 

 

 

 

 

 

 

     Grain & grain products

 

175 

 

167 

 

187 

 

529 

     Fertilizer

 

46 

 

53 

 

50 

 

149 

     Food & refrigerated

 

48 

 

41 

 

48 

 

137 

     Coal & renewables

 

208 

 

186 

 

213 

 

607 

   Bulk

 

477 

 

447 

 

498 

 

1,422 

     Industrial chemicals & plastics

 

154 

 

141 

 

144 

 

439 

     Metals & minerals

 

174 

 

162 

 

156 

 

492 

     Forest products

 

56 

 

50 

 

55 

 

161 

     Energy & specialized markets

 

162 

 

115 

 

125 

 

402 

   Industrial

 

546 

 

468 

 

480 

 

1,494 

     Automotive

 

208 

 

79 

 

203 

 

490 

     Intermodal [a]

 

709 

 

724 

 

863 

 

2,296 

   Premium

 

917 

 

803 

 

1,066 

 

2,786 

Total

 

1,940 

 

1,718 

 

2,044 

 

5,702 

Average Revenue per Car

 

 

 

 

 

 

 

 

     Grain & grain products

$

3,940 

$

3,861 

$

3,705 

$

3,832 

     Fertilizer

 

3,768 

 

3,181 

 

3,172 

 

3,361 

     Food & refrigerated

 

5,277 

 

4,986 

 

4,891 

 

5,053 

     Coal & renewables

 

2,022 

 

1,979 

 

1,820 

 

1,938 

   Bulk

 

3,219 

 

3,099 

 

2,964 

 

3,092 

     Industrial chemicals & plastics

 

3,205 

 

3,086 

 

3,154 

 

3,150 

     Metals & minerals

 

2,697 

 

2,276 

 

2,337 

 

2,444 

     Forest products

 

5,457 

 

5,256 

 

5,181 

 

5,300 

     Energy & specialized markets

 

3,866 

 

3,739 

 

3,742 

 

3,791 

   Industrial

 

3,469 

 

3,201 

 

3,271 

 

3,321 

     Automotive

 

2,525 

 

2,388 

 

2,368 

 

2,438 

     Intermodal [a]

 

1,307 

 

1,241 

 

1,238 

 

1,261 

   Premium

 

1,583 

 

1,354 

 

1,454 

 

1,468 

Average 

$

2,516 

$

2,312 

$

2,248 

$

2,359 



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

7

 


 

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Non-GAAP Measures Reconciliation to GAAP





Adjusted Debt / Adjusted EBITDA*





 

 

 

 



 

 

 

 

Millions, Except Ratios

Sep. 30,

Dec. 31,

for the Trailing Twelve Months Ended [a]

2020  2019 

Net income

$

5,372 

$

5,919 

Add:

 

 

 

 

Income tax expense

 

1,693 

 

1,828 

Depreciation

 

2,212 

 

2,216 

Interest expense

 

1,140 

 

1,050 

EBITDA

$

10,417 

$

11,013 

Adjustments:

 

 

 

Other income

 

(277)

 

(243)

Interest on operating lease liabilities**

 

59 

 

68 

Adjusted EBITDA

$

10,199 

$

10,838 

Debt

$

28,060 

$

25,200 

Operating lease liabilities

 

1,601 

 

1,833 

Unfunded pension and OPEB,  net of taxes of $107 and $124

 

349 

 

400 

Adjusted debt

$

30,010 

$

27,433 

Adjusted debt / Adjusted EBITDA

 

2.9 

 

2.5 



[a]

The trailing twelve months income statement information ended September  30, 2020 is recalculated by taking the twelve months ended December 31, 2019, subtracting the nine months ended September 30, 2019, and adding the nine months ended September 30, 2020.







 

 

 

 



 

 

 

 

*Total debt plus operating lease liabilities plus after-tax unfunded pension and OPEB obligation divided by net income plus income tax expense, depreciation, amortization, interest expense and adjustments for other income and interest on operating lease liabilities. Adjusted debt to adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, other income and interest on operating lease liabilities) 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, net income. The table above provides reconciliations from net income to adjusted debt to adjusted EBITDA. At both September 30, 2020 and December 31, 2019, the incremental borrowing rate on operating lease liabilities was 3.7%.



**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.

8

 


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