false 0000100885 0000100885 2024-10-24 2024-10-24
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 

 
FORM 8-K
 

 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): October 24, 2024 (October 24, 2024)
 

 
UNION PACIFIC CORPORATION
(Exact name of registrant as specified in its charter)
 

 
Utah
1-6075
13-2626465
(State or other jurisdiction
(Commission
(IRS Employer
of Incorporation)
File Number)
Identification No.)
 
1400 Douglas Street, Omaha, Nebraska
68179
(Address of principal executive offices)
(Zip Code)
 
Registrant's telephone number, including area code: (402) 544-5000
 
N/A
(Former name or former address, if changed since last report)
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each Class
Trading Symbol
Name of each exchange on which registered
Common Stock (Par Value $2.50 per share)
UNP
New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company     
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 ☐
 
 
 

 
Item 2.02 Results of Operations and Financial Condition.
 
On October 24, 2024, Union Pacific Corporation issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
 
Item 9.01 Financial Statements and Exhibits.
 
 
(d)
Exhibits.
 
  99.1 Press Release of Union Pacific Corporation, dated October 24, 2024, announcing its financial results for the quarter ended September 30, 2024.
     
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: October 24, 2024
 
 
UNION PACIFIC CORPORATION
     
     
 
By:
 /s/ Jennifer L. Hamann
   
 Jennifer L. Hamann
   
 Executive Vice President and
 Chief Financial Officer
 
 

Exhibit 99.1

 

Union Pacific Reports Third Quarter 2024 Results

 

 

Third quarter earnings per diluted share of $2.75, up 10%

 

Third quarter operating income up 11%

 

Third quarter net income up 9%

 

Omaha, Neb., October 24, 2024 – Union Pacific Corporation (NYSE: UNP) today reported 2024 third quarter net income of $1.7 billion, or $2.75 per diluted share. This compares to 2023 third quarter net income of $1.5 billion, or $2.51 per diluted share.

 

Our third quarter results demonstrate the success of our strategy,” said Union Pacific Chief Executive Officer Jim Vena. “Improved safety and service performance supported solid revenue growth that we converted into double-digit improvement in third quarter operating income and earnings per share.  The entire Union Pacific team is focused on delivering for our customers and shareholders; and is energized to build on these accomplishments to drive sustainable long-term success.”

 

Third Quarter Summary: 2024 vs. 2023

 

Financial Results: Strong Operating Income Growth Driven by Increased Revenue, Volume, Core Pricing Gains, and Operating Efficiency

 

 

Operating revenue of $6.1 billion grew 3% driven by increased volume and core pricing gains partially offset by business mix and reduced fuel surcharge revenue.

 

Freight revenue excluding fuel surcharge revenue grew 5% as revenue carloads grew 6%.

 

Operating ratio was 60.3%, an improvement of 310 basis points. Lower quarterly fuel prices positively impacted the operating ratio 120 basis points.

 

Operating income of $2.4 billion increased 11%.

 

 

Operating Performance: Solid Service and Operational Efficiency Gains While Handling Volume Growth; Quarterly Record for Workforce Productivity

 

 

Union Pacific’s year-to-date reportable personal injury and reportable derailment rates both improved.

 

Quarterly freight car velocity improved 5% to 210 daily miles per car.

 

Quarterly locomotive productivity improved 5% to 135 gross ton-miles (GTMs) per horsepower day.

  Quarterly workforce productivity improved 12% to 1,102 car miles per employee.
  Fuel consumption rate increased 1% to 1.058, measured in gallons of fuel per thousand GTMs.

 

-more-

 

2024 Outlook

 

Updated

 

  Fourth quarter results expected to be consistent sequentially from third quarter while improving year-over-year versus the fourth quarter 2023.

 

Affirmed

 

  Profitability outlook continues positive momentum with strong service product, improving network efficiency, and solid pricing
  Share repurchases of ~$1.5 billion in 2024
  Pricing dollars in excess of inflation dollars
 

No change to long-term capital allocation strategy

   

Capital plan of $3.4 billion

 

Third Quarter 2024 Earnings Conference Call

 

Union Pacific will provide a webcast for its third quarter 2024 earnings release presentation live at https://investor.unionpacific.com and via teleconference on Thursday, October 24, 2024, 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: Clarissa Beyah at 402-957-4793 or cbeyah@up.com

 

Supplemental financial information is attached.

 

-more-

 

****

 

This news release and related materials contain statements about the Companys future that are not statements of historical fact, including specifically the statements regarding the potential impacts of public health crises, including pandemics, epidemics and the outbreak of other contagious diseases, such as the coronavirus and its variant strains (COVID); the Russia-Ukraine and Israel-Hamas wars and other geopolitical tensions in the middle east, and any impacts on our business operations, financial results, liquidity, and financial position, and on the world economy (including customers, employees, and supply chains), including as a result of fluctuations in volume and carloadings; expectations as to general macroeconomic conditions, including slowdowns and recessions, domestically or internationally, and volatility in interest rates and fuel prices; closing of customer manufacturing, distribution, or production facilities; expectations as to operational or service improvements; expectations as to hiring challenges; availability of employees; expectations regarding the effectiveness of steps taken or to be taken to improve operations, service, infrastructure improvements, and transportation plan modifications; expectations as to cost savings, revenue growth, and earnings; the time by which goals, targets, or objectives will be achieved; projections, predictions, expectations, estimates, or forecasts as to business, financial, and operational results, future economic performance, and general economic conditions; proposed new products and services; estimates of costs relating to environmental remediation and restoration; estimates and expectations regarding tax matters; expectations that claims, litigation, environmental costs, commitments, contingent liabilities, labor negotiations or agreements, cyberattacks or other matters. 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 generally include, without limitation, information, or statements regarding: projections, predictions, expectations, estimates, or forecasts as to the Companys and its subsidiaries business, financial, and operational results, and future economic performance; and managements 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 Companys 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 Companys 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 Companys Annual Report on Form 10-K for 2023, which was filed with the SEC on February 9, 2024. 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 the Companys 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

 

3rd Quarter

     

Year-to-Date

   

Percentages, For the Periods Ended September 30,

2024

   

2023

      %    

2024

   

2023

      %  

Operating Revenues

                                                   

Freight revenues

  $ 5,768     $ 5,545       4 %     $ 17,022     $ 16,770       2 %  

Other revenues

    323       396       (18 )       1,107       1,190       (7 )  

Total operating revenues

    6,091       5,941       3         18,129       17,960       1    

Operating Expenses

                                                   

Compensation and benefits

    1,228       1,201       2         3,638       3,649       -    

Purchased services and materials

    644       668       (4 )       1,901       1,971       (4 )  

Fuel

    610       702       (13 )       1,893       2,132       (11 )  

Depreciation

    602       580       4         1,792       1,729       4    

Equipment and other rents

    237       235       1         672       718       (6 )  

Other

    354       378       (6 )       1,045       1,086       (4 )  

Total operating expenses

    3,675       3,764       (2 )       10,941       11,285       (3 )  

Operating Income

    2,416       2,177       11         7,188       6,675       8    

Other income, net

    87       106       (18 )       282       383       (26 )  

Interest expense

    (314 )     (334 )     (6 )       (957 )     (1,009 )     (5 )  

Income before income taxes

    2,189       1,949       12         6,513       6,049       8    

Income tax expense

    (518 )     (421 )     23         (1,528 )     (1,322 )     16    

Net Income

  $ 1,671     $ 1,528       9 %     $ 4,985     $ 4,727       5 %  
                                                     

Share and Per Share

                                                   

Earnings per share - basic

  $ 2.75     $ 2.51       10 %     $ 8.19     $ 7.76       6 %  

Earnings per share - diluted

  $ 2.75     $ 2.51       10       $ 8.18     $ 7.75       6    

Weighted average number of shares - basic

607.6       608.7       -         608.7       609.3       -    

Weighted average number of shares - diluted

608.6       609.8       -         609.7       610.3       -    

Dividends declared per share

  $ 1.34     $ 1.30       3       $ 3.94     $ 3.90       1    
                                                     

Operating Ratio

    60.3 %     63.4 %     (3.1 )

pts

    60.4 %     62.8 %     (2.4 )

pts

Effective Tax Rate

    23.7 %     21.6 %     2.1  

pts

    23.5 %     21.9 %     1.6  

pts

 

1

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited)

 

   

3rd Quarter

   

Year-to-Date

 

For the Periods Ended September 30,

 

2024

   

2023

   

%

   

2024

   

2023

   

%

 

Freight Revenues (Millions)

                                               

Grain & grain products

  $ 923     $ 825       12 %   $ 2,767     $ 2,658       4 %

Fertilizer

    208       194       7       612       563       9  

Food & refrigerated

    269       259       4       832       777       7  

Coal & renewables

    405       488       (17 )     1,132       1,422       (20 )

Bulk

    1,805       1,766       2       5,343       5,420       (1 )

Industrial chemicals & plastics

    598       557       7       1,763       1,638       8  

Metals & minerals

    529       556       (5 )     1,574       1,654       (5 )

Forest products

    322       333       (3 )     1,002       1,012       (1 )

Energy & specialized markets

    672       611       10       2,009       1,856       8  

Industrial

    2,121       2,057       3       6,348       6,160       3  

Automotive

    601       609       (1 )     1,871       1,821       3  

Intermodal

    1,241       1,113       12       3,460       3,369       3  

Premium

    1,842       1,722       7       5,331       5,190       3  

Total

  $ 5,768     $ 5,545       4 %   $ 17,022       16,770       2 %

Revenue Carloads (Thousands)

                                               

Grain & grain products

    206       183       13 %     616       582       6 %

Fertilizer

    53       51       4       162       144       13  

Food & refrigerated

    45       45       -       137       133       3  

Coal & renewables

    192       231       (17 )     527       650       (19 )

Bulk

    496       510       (3 )     1,442       1,509       (4 )

Industrial chemicals & plastics

    169       163       4       502       484       4  

Metals & minerals

    186       206       (10 )     540       604       (11 )

Forest products

    53       54       (2 )     161       161       -  

Energy & specialized markets

    152       146       4       453       429       6  

Industrial

    560       569       (2 )     1,656       1,678       (1 )

Automotive

    202       210       (4 )     627       623       1  

Intermodal [a]

    909       763       19       2,446       2,246       9  

Premium

    1,111       973       14       3,073       2,869       7  

Total

    2,167       2,052       6 %     6,171       6,056       2 %

Average Revenue per Car

                                               

Grain & grain products

  $ 4,498     $ 4,486       - %   $ 4,495     $ 4,563       (1 )%

Fertilizer

    3,872       3,818       1       3,775       3,921       (4 )

Food & refrigerated

    6,099       5,847       4       6,090       5,850       4  

Coal & renewables

    2,101       2,114       (1 )     2,147       2,187       (2 )

Bulk

    3,641       3,465       5       3,706       3,592       3  

Industrial chemicals & plastics

    3,534       3,406       4       3,509       3,381       4  

Metals & minerals

    2,847       2,688       6       2,918       2,736       7  

Forest products

    6,157       6,197       (1 )     6,235       6,305       (1 )

Energy & specialized markets

    4,415       4,201       5       4,431       4,331       2  

Industrial

    3,791       3,612       5       3,833       3,671       4  

Automotive

    2,968       2,894       3       2,983       2,921       2  

Intermodal [a]

    1,365       1,459       (6 )     1,414       1,500       (6 )

Premium

    1,657       1,769       (6 )     1,735       1,809       (4 )

Average

  $ 2,662     $ 2,702       (1 )%   $ 2,758     $ 2,769       - %

 

[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

 

2024

   

2023

 

Assets

               

Cash and cash equivalents

  $ 947     $ 1,055  

Short-term investments

    20       16  

Other current assets

    3,182       3,077  

Investments

    2,649       2,605  

Properties, net

    58,036       57,398  

Operating lease assets

    1,345       1,643  

Other assets

    1,391       1,338  

Total assets

  $ 67,570     $ 67,132  
                 

Liabilities and Common Shareholders' Equity

               

Debt due within one year

  $ 1,652     $ 1,423  

Other current liabilities

    3,714       3,683  

Debt due after one year

    29,761       31,156  

Operating lease liabilities

    934       1,245  

Deferred income taxes

    13,199       13,123  

Other long-term liabilities

    1,726       1,714  

Total liabilities

    50,986       52,344  

Total common shareholders' equity

    16,584       14,788  

Total liabilities and common shareholders' equity

  $ 67,570     $ 67,132  

 

3

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Cash Flows (unaudited)

 

  Year-to-Date  

Millions, for the Periods Ended September 30,

2024

 

2023

 

Operating Activities

           

Net income

$ 4,985   $ 4,727  

Depreciation

  1,792     1,729  

Deferred and other income taxes

  77     59  

Other - net

  (170 )   (531 )

Cash provided by operating activities

  6,684     5,984  

Investing Activities

           

Capital investments*

  (2,530 )   (2,582 )

Other - net

  104     (68 )

Cash used in investing activities

  (2,426 )   (2,650 )

Financing Activities

           

Dividends paid

  (2,403 )   (2,380 )

Debt repaid

  (2,220 )   (2,179 )

Share repurchase programs

  (831 )   (705 )

Debt issued

  800     1,599  

Other - net

  279     125  

Cash used in financing activities

  (4,375 )   (3,540 )

Net change in cash, cash equivalents, and restricted cash

  (117 )   (206 )

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

  1,074     987  

Cash, cash equivalents, and restricted cash at end of period

$ 957   $ 781  

Free Cash Flow**

           

Cash provided by operating activities

$ 6,684   $ 5,984  

Cash used in investing activities

  (2,426 )   (2,650 )

Dividends paid

  (2,403 )   (2,380 )

Free cash flow

$ 1,855   $ 954  

 

*

Capital investments include locomotive and freight car early lease buyouts of $96 million in 2024 and $14 million in 2023.
   
** 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,

 

2024

   

2023

      %    

2024

   

2023

      %  

Operating/Performance Statistics

                                                   

Freight car velocity (daily miles per car)*

    210       200       5 %       205       199       3 %  

Average train speed (miles per hour)*

    23.3       23.6       (1 )       23.5       23.9       (2 )  

Average terminal dwell time (hours)*

    22.4       23.5       (5 )       22.8       23.6       (3 )  

Locomotive productivity (GTMs per horsepower day)

135       129       5         135       126       7    

Gross ton-miles (GTMs) (millions)

    215,993       208,678       4         628,828       622,932       1    

Train length (feet)

    9,580       9,537       -         9,472       9,337       1    

Intermodal service performance index (%)

  86       85       1  

pts

  90       85       5  

pts

Manifest/Automotive service performance index (%)

89       84       5  

pts

  87       83       4  

pts

Intermodal car trip plan compliance (%)**

    76       75       1  

pts

  80       75       5  

pts

Manifest/Automotive car trip plan compliance (%)**

  68       64       4  

pts

  66       63       3  

pts

Workforce productivity (car miles per employee)

    1,102       985       12         1,044       984       6    

Total employees (average)

    29,946       31,624       (5 )       30,518       31,800       (4 )  

 

Locomotive Fuel Statistics

                                               

Average fuel price per gallon consumed

  $ 2.60     $ 3.12       (17 )%   $ 2.71     $ 3.07       (12 )%

Fuel consumed in gallons (millions)

    229       219       5       681       677       1  

Fuel consumption rate***

    1.058       1.052       1       1.084       1.087       -  

 

Revenue Ton-Miles (Millions)

                                               

Grain & grain products

    20,451       17,649       16 %     61,095       56,551       8 %

Fertilizer

    3,056       2,982       2       9,913       9,071       9  

Food & refrigerated

    4,624       4,643       -       14,234       13,700       4  

Coal & renewables

    19,746       23,367       (15 )     54,980       66,728       (18 )

Bulk

    47,877       48,641       (2 )     140,222       146,050       (4 )

Industrial chemicals & plastics

    7,483       7,492       -       22,979       21,797       5  

Metals & minerals

    8,414       9,253       (9 )     24,780       27,409       (10 )

Forest products

    5,355       5,636       (5 )     16,598       17,000       (2 )

Energy & specialized markets

    10,420       9,621       8       31,235       28,937       8  

Industrial

    31,672       32,002       (1 )     95,592       95,143       -  

Automotive

    4,558       4,624       (1 )     13,973       13,711       2  

Intermodal

    19,928       17,765       12       55,505       53,452       4  

Premium

    24,486       22,389       9       69,478       67,163       3  

Total

    104,035       103,032       1 %     305,292       308,356       (1 )%

 

*

Surface Transportation Board (STB) reported performance measures.

   
**

Methodology used to report is not comparable with the reporting to the STB under docket number EP 770.

   
*** 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)

 

   

2024

 

Millions, Except Per Share Amounts and Percentages,

 

1st Qtr

   

2nd Qtr

   

3rd Qtr

   

Year-to-Date

 

Operating Revenues

                               

Freight revenues

  $ 5,616     $ 5,638     $ 5,768     $ 17,022  

Other revenues

    415       369       323       1,107  

Total operating revenues

    6,031       6,007       6,091       18,129  

Operating Expenses

                               

Compensation and benefits

    1,223       1,187       1,228       3,638  

Purchased services and materials

    613       644       644       1,901  

Fuel

    658       625       610       1,893  

Depreciation

    594       596       602       1,792  

Equipment and other rents

    216       219       237       672  

Other

    355       336       354       1,045  

Total operating expenses

    3,659       3,607       3,675       10,941  

Operating Income

    2,372       2,400       2,416       7,188  

Other income, net

    92       103       87       282  

Interest expense

    (324 )     (319 )     (314 )     (957 )

Income before income taxes

    2,140       2,184       2,189       6,513  

Income tax expense

    (499 )     (511 )     (518 )     (1,528 )

Net Income

  $ 1,641     $ 1,673     $ 1,671     $ 4,985  
                                 

Share and Per Share

                               

Earnings per share - basic

  $ 2.69     $ 2.75     $ 2.75     $ 8.19  

Earnings per share - diluted

  $ 2.69     $ 2.74     $ 2.75     $ 8.18  

Weighted average number of shares - basic

    609.2       609.4       607.6       608.7  

Weighted average number of shares - diluted

    610.2       610.3       608.6       609.7  

Dividends declared per share

  $ 1.30     $ 1.30     $ 1.34     $ 3.94  
                                 

Operating Ratio

    60.7 %     60.0 %     60.3 %     60.4 %

Effective Tax Rate

    23.3 %     23.4 %     23.7 %     23.5 %

 

6

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenue Statistics (unaudited)

 

   

2024

 
   

1st Qtr

   

2nd Qtr

   

3rd Qtr

   

Year-to-Date

 

Freight Revenues (Millions)

                               

Grain & grain products

  $ 943     $ 901     $ 923     $ 2,767  

Fertilizer

    201       203       208       612  

Food & refrigerated

    285       278       269       832  

Coal & renewables

    388       339       405       1,132  

Bulk

    1,817       1,721       1,805       5,343  

Industrial chemicals & plastics

    572       593       598       1,763  

Metals & minerals

    515       530       529       1,574  

Forest products

    338       342       322       1,002  

Energy & specialized markets

    679       658       672       2,009  

Industrial

    2,104       2,123       2,121       6,348  

Automotive

    611       659       601       1,871  

Intermodal

    1,084       1,135       1,241       3,460  

Premium

    1,695       1,794       1,842       5,331  

Total

  $ 5,616     $ 5,638     $ 5,768     $ 17,022  

Revenue Carloads (Thousands)

                               

Grain & grain products

    210       200       206       616  

Fertilizer

    47       62       53       162  

Food & refrigerated

    46       46       45       137  

Coal & renewables

    177       158       192       527  

Bulk

    480       466       496       1,442  

Industrial chemicals & plastics

    164       169       169       502  

Metals & minerals

    170       184       186       540  

Forest products

    53       55       53       161  

Energy & specialized markets

    154       147       152       453  

Industrial

    541       555       560       1,656  

Automotive

    207       218       202       627  

Intermodal [a]

    739       798       909       2,446  

Premium

    946       1,016       1,111       3,073  

Total

    1,967       2,037       2,167       6,171  

Average Revenue per Car

                               

Grain & grain products

  $ 4,494     $ 4,493     $ 4,498     $ 4,495  

Fertilizer

    4,271       3,311       3,872       3,775  

Food & refrigerated

    6,231       5,943       6,099       6,090  

Coal & renewables

    2,189       2,156       2,101       2,147  

Bulk

    3,787       3,692       3,641       3,706  

Industrial chemicals & plastics

    3,486       3,507       3,534       3,509  

Metals & minerals

    3,030       2,885       2,847       2,918  

Forest products

    6,297       6,249       6,157       6,235  

Energy & specialized markets

    4,416       4,462       4,415       4,431  

Industrial

    3,886       3,825       3,791       3,833  

Automotive

    2,947       3,033       2,968       2,983  

Intermodal [a]

    1,468       1,421       1,365       1,414  

Premium

    1,792       1,766       1,657       1,735  

Average

  $ 2,855     $ 2,768     $ 2,662     $ 2,758  

 

[a]

For intermodal shipments each container or trailer equals one carload.

 

7

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Non-GAAP Measures Reconciliation to GAAP (unaudited)

 

Debt / Net Income

               

Millions, Except Ratios

 

Sep. 30,

   

Dec. 31,

 

for the Trailing Twelve Months Ended [a]

 

2024

   

2023

 

Debt

  $ 31,413     $ 32,579  

Net income

    6,637       6,379  

Debt / net income

    4.7       5.1  

 

Adjusted Debt / Adjusted EBITDA*

               

Millions, Except Ratios

 

Sep. 30,

   

Dec. 31,

 

for the Trailing Twelve Months Ended [a]

 

2024

   

2023

 

Net income

  $ 6,637     $ 6,379  

Add:

               

Income tax expense

    2,060       1,854  

Depreciation

    2,381       2,318  

Interest expense

    1,288       1,340  

EBITDA

  $ 12,366     $ 11,891  

Adjustments:

               

Other income, net

    (390 )     (491 )

Interest on operating lease liabilities [b]

    47       58  

Adjusted EBITDA

  $ 12,023     $ 11,458  

Debt

  $ 31,413     $ 32,579  

Operating lease liabilities

    1,283       1,600  

Adjusted debt

  $ 32,696     $ 34,179  

Adjusted debt / adjusted EBITDA

    2.7       3.0  

 

[a] The trailing twelve months income statement information ended September 30, 2024, is recalculated by taking the twelve months ended December 31, 2023, subtracting the nine months ended September 30, 2023, and adding the nine months ended September 30, 2024.
   
[b] 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.
   

*

Adjusted debt (total debt plus operating lease liabilities plus after-tax unfunded pension and OPEB (other post-retirement benefit) obligations) to adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and adjustments for other income and interest on present value of operating leases) 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, other information provided in accordance with GAAP. The most comparable GAAP measure is debt to net income ratio. The tables above provide reconciliations from net income to adjusted EBITDA, debt to adjusted debt, and debt to net income to adjusted debt to adjusted EBITDA. At September 30, 2024, and December 31, 2023, the incremental borrowing rate on operating leases was 3.7% and 3.6%, respectively. Pension and OPEB were funded at September 30, 2024, and December 31, 2023

 

8
 
v3.24.3
Document And Entity Information
Oct. 24, 2024
Document Information [Line Items]  
Entity, Registrant Name UNION PACIFIC CORPORATION
Document, Type 8-K
Document, Period End Date Oct. 24, 2024
Entity, Incorporation, State or Country Code UT
Entity, File Number 1-6075
Entity, Tax Identification Number 13-2626465
Entity, Address, Address Line One 1400 Douglas Street
Entity, Address, City or Town Omaha
Entity, Address, State or Province NE
Entity, Address, Postal Zip Code 68179
City Area Code 402
Local Phone Number 544-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock (Par Value $2.50 per share)
Trading Symbol UNP
Security Exchange Name NYSE
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000100885

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