Company Quick10K Filing
Union Pacific
Price166.05 EPS9
Shares710 P/E19
MCap117,862 P/FCF27
Net Debt23,011 EBIT8,195
TEV140,873 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-22
10-Q 2020-06-30 Filed 2020-07-23
10-Q 2020-03-31 Filed 2020-04-23
10-K 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-10-17
10-Q 2019-06-30 Filed 2019-07-18
10-Q 2019-03-31 Filed 2019-04-18
10-K 2018-12-31 Filed 2019-02-08
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-19
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-09
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-20
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-03
10-Q 2016-09-30 Filed 2016-10-20
10-Q 2016-06-30 Filed 2016-07-21
10-Q 2016-03-31 Filed 2016-04-21
10-K 2015-12-31 Filed 2016-02-05
10-Q 2015-09-30 Filed 2015-10-22
10-Q 2015-06-30 Filed 2015-07-24
10-Q 2015-03-31 Filed 2015-04-23
10-K 2014-12-31 Filed 2015-02-06
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-25
10-Q 2014-03-31 Filed 2014-04-17
10-K 2013-12-31 Filed 2014-02-07
10-Q 2013-09-30 Filed 2013-10-17
10-Q 2013-06-30 Filed 2013-07-19
10-Q 2013-03-31 Filed 2013-04-18
10-K 2012-12-31 Filed 2013-02-08
10-Q 2012-09-30 Filed 2012-10-18
10-Q 2012-06-30 Filed 2012-07-20
10-Q 2012-03-31 Filed 2012-04-19
10-K 2011-12-31 Filed 2012-02-03
10-Q 2011-09-30 Filed 2011-10-21
10-Q 2011-06-30 Filed 2011-07-22
10-Q 2011-03-31 Filed 2011-04-21
10-Q 2010-09-30 Filed 2010-10-22
10-Q 2010-06-30 Filed 2010-07-23
10-Q 2010-03-31 Filed 2010-04-23
10-K 2009-12-31 Filed 2010-02-05
8-K 2020-11-17 Regulation FD
8-K 2020-10-22 Earnings, Exhibits
8-K 2020-10-20 Officers, Regulation FD, Exhibits
8-K 2020-09-15 Regulation FD, Other Events, Exhibits
8-K 2020-09-01 Other Events, Exhibits
8-K 2020-08-28 Officers
8-K 2020-08-18 Other Events, Exhibits
8-K 2020-08-12 Regulation FD
8-K 2020-08-11 Regulation FD
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-06-09
8-K 2020-05-20
8-K 2020-05-15
8-K 2020-04-23
8-K 2020-04-07
8-K 2020-03-31
8-K 2020-03-10
8-K 2020-03-03
8-K 2020-02-18
8-K 2020-02-18
8-K 2020-01-31
8-K 2020-01-23
8-K 2019-12-04
8-K 2019-11-19
8-K 2019-11-14
8-K 2019-11-04
8-K 2019-10-21
8-K 2019-10-17
8-K 2019-09-26
8-K 2019-09-04
8-K 2019-08-05
8-K 2019-07-18
8-K 2019-05-17
8-K 2019-04-18
8-K 2019-03-07
8-K 2019-03-06
8-K 2019-02-25
8-K 2019-02-19
8-K 2019-02-08
8-K 2019-01-29
8-K 2019-01-24
8-K 2019-01-09
8-K 2019-01-07
8-K 2018-10-25
8-K 2018-09-17
8-K 2018-09-06
8-K 2018-08-24
8-K 2018-08-15
8-K 2018-07-26
8-K 2018-07-19
8-K 2018-06-14
8-K 2018-06-08
8-K 2018-06-01
8-K 2018-05-11
8-K 2018-04-26
8-K 2018-04-06
8-K 2018-02-22
8-K 2018-02-14
8-K 2018-02-14
8-K 2018-02-13
8-K 2018-01-25
8-K 2018-01-09

UNP 10Q Quarterly Report

Part II. Other Information
EX-31.A unp-20200930xex31_a.htm
EX-31.B unp-20200930xex31_b.htm
EX-32 unp-20200930xex32.htm

Union Pacific Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
655239261302012201420172020
Assets, Equity
10.08.06.04.02.00.02012201420172020
Rev, G Profit, Net Income
2.41.50.6-0.4-1.3-2.22012201420172020
Ops, Inv, Fin

unp-20200930x10q
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a

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ____________

Commission File Number 1-6075

UNION PACIFIC CORPORATION

(Exact name of registrant as specified in its charter)

Utah

13-2626465

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1400 Douglas Street, Omaha, Nebraska

(Address of principal executive offices)

68179

(Zip Code)

(402) 544-5000

(Registrant’s telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes     ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

x Yes     ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

þ

Accelerated Filer 

¨

Non-Accelerated Filer

¨

Smaller Reporting Company 

¨

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.

¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

¨ Yes     x No

As of October 16, 2020, there were 673,868,865 shares of the Registrant's Common Stock outstanding.

 


TABLE OF CONTENTS

UNION PACIFIC CORPORATION

AND SUBSIDIARY COMPANIES

PART I. FINANCIAL INFORMATION

Item 1.

Condensed Consolidated Financial Statements:

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

For the Three Months Ended September 30, 2020 and 2019

3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

For the Three Months Ended September 30, 2020 and 2019

3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

For the Nine Months Ended September 30, 2020 and 2019

4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

For the Nine Months Ended September 30, 2020 and 2019

4

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)

At September 30, 2020 and December 31, 2019

5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

For the Nine Months Ended September 30, 2020 and 2019

6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN COMMON SHAREHOLDERS’ EQUITY (Unaudited)

For the Three and Nine Months Ended September 30, 2020 and 2019

7

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

8

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

38

PART II. OTHER INFORMATION

 

2


PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Income (Unaudited)

Union Pacific Corporation and Subsidiary Companies

Millions, Except Per Share Amounts,

for the Three Months Ended September 30,

2020

2019 

Operating revenues:

Freight revenues

$

4,596 

$

5,146 

Other revenues

323 

370 

Total operating revenues

4,919 

5,516 

Operating expenses:

Compensation and benefits

1,008 

1,134 

Depreciation

555 

557 

Purchased services and materials

508 

574 

Fuel

301 

504 

Equipment and other rents

217 

236 

Other

299 

277 

Total operating expenses

2,888 

3,282 

Operating income

2,031 

2,234 

Other income (Note 6)

37 

53 

Interest expense

(295)

(266)

Income before income taxes

1,773 

2,021 

Income taxes

(410)

(466)

Net income

$

1,363 

$

1,555 

Share and Per Share (Note 8):

Earnings per share - basic

$

2.02 

$

2.22 

Earnings per share - diluted

$

2.01 

$

2.22 

Weighted average number of shares - basic

675.0 

699.3 

Weighted average number of shares - diluted

676.8 

701.9 

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Union Pacific Corporation and Subsidiary Companies

Millions,

for the Three Months Ended September 30,

2020

2019 

Net income

$

1,363 

$

1,555 

Other comprehensive income/(loss):

Defined benefit plans

18 

11 

Foreign currency translation

3 

(18)

Total other comprehensive income/(loss) [a]

21 

(7)

Comprehensive income

$

1,384 

$

1,548 

[a]Net of deferred taxes of ($6) million and ($4) million during the three months ended September 30, 2020 and 2019, respectively. The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.


3


Condensed Consolidated Statements of Income (Unaudited)

Union Pacific Corporation and Subsidiary Companies

Millions, Except Per Share Amounts,

for the Nine Months Ended September 30,

2020

2019

Operating revenues:

Freight revenues

$

13,448 

$

15,392 

Other revenues

944 

1,104 

Total operating revenues

14,392 

16,496 

Operating expenses:

Compensation and benefits

2,972 

3,484 

Depreciation

1,653 

1,657 

Purchased services and materials

1,470 

1,723 

Fuel

982 

1,595 

Equipment and other rents

655 

754 

Other

832 

829 

Total operating expenses

8,564 

10,042 

Operating income

5,828 

6,454 

Other income (Note 6)

221 

187 

Interest expense

(862)

(772)

Income before income taxes

5,187 

5,869 

Income taxes

(1,218)

(1,353)

Net income

$

3,969 

$

4,516 

Share and Per Share (Note 8):

Earnings per share - basic

$

5.85 

$

6.39 

Earnings per share - diluted

$

5.83 

$

6.36 

Weighted average number of shares - basic

679.0 

707.2 

Weighted average number of shares - diluted

680.7 

709.8 

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Union Pacific Corporation and Subsidiary Companies

Millions,

for the Nine Months Ended September 30,

2020

2019

Net income

$

3,969 

$

4,516 

Other comprehensive income/(loss):

Defined benefit plans

58 

103 

Foreign currency translation

(53)

7 

Total other comprehensive income/(loss) [a]

5 

110 

Comprehensive income

$

3,974 

$

4,626 

[a] Net of deferred taxes of ($18) million and ($35) million during the nine months ended September 30, 2020 and 2019, respectively. The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

4


Condensed Consolidated Statements of Financial Position (Unaudited)

Union Pacific Corporation and Subsidiary Companies

September 30,

December 31,

Millions, Except Share and Per Share Amounts

2020

2019

Assets

Current assets:

Cash and cash equivalents

$

2,601 

$

831 

Short-term investments (Note 13)

60 

60 

Accounts receivable, net (Note 10)

1,565 

1,595 

Materials and supplies

649 

751 

Other current assets

255 

222 

Total current assets

5,130 

3,459 

Investments

2,071 

2,050 

Net properties (Note 11)

54,375 

53,916 

Operating lease assets (Note 16)

1,642 

1,812 

Other assets

496 

436 

Total assets

$

63,714 

$

61,673 

Liabilities and Common Shareholders' Equity

Current liabilities:

Accounts payable and other current liabilities (Note 12)

$

2,861 

$

3,094 

Debt due within one year (Note 14)

1,980 

1,257 

Total current liabilities

4,841 

4,351 

Debt due after one year (Note 14)

26,080 

23,943 

Operating lease liabilities (Note 16)

1,293 

1,471 

Deferred income taxes

12,328 

11,992 

Other long-term liabilities

1,973 

1,788 

Commitments and contingencies (Note 17)

 

 

Total liabilities

46,515 

43,545 

Common shareholders' equity:

Common shares, $2.50 par value, 1,400,000,000 authorized;

1,112,246,049 and 1,112,014,840 issued; 675,033,254 and 692,100,651

outstanding, respectively

2,781 

2,780 

Paid-in-surplus

4,849 

4,523 

Retained earnings

50,600 

48,605 

Treasury stock

(39,680)

(36,424)

Accumulated other comprehensive loss (Note 9)

(1,351)

(1,356)

Total common shareholders' equity

17,199 

18,128 

Total liabilities and common shareholders' equity

$

63,714 

$

61,673 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

 

5


Condensed Consolidated Statements of Cash Flows (Unaudited)

Union Pacific Corporation and Subsidiary Companies

Millions,

for the Nine Months Ended September 30,

2020

2019

Operating Activities

Net income

$

3,969 

$

4,516 

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation

1,653 

1,657 

Deferred and other income taxes

327 

297 

Other operating activities, net

119 

102 

Changes in current assets and liabilities:

Accounts receivable, net

30 

105 

Materials and supplies

102 

(29)

Other current assets

(7)

(12)

Accounts payable and other current liabilities

(215)

(257)

Income and other taxes

15 

(115)

Cash provided by operating activities

5,993 

6,264 

Investing Activities

Capital investments

(2,294)

(2,495)

Proceeds from asset sales

119 

63 

Maturities of short-term investments (Note 13)

106 

120 

Purchases of short-term investments (Note 13)

(106)

(110)

Other investing activities, net

94 

(85)

Cash used in investing activities

(2,081)

(2,507)

Financing Activities

Debt issued (Note 14)

4,004 

3,986 

Share repurchase programs (Note 18)

(2,956)

(5,162)

Dividends paid

(1,974)

(1,925)

Debt repaid

(832)

(642)

Debt exchange

(327)

-

Net issuance of commercial paper (Note 14)

(2)

(5)

Other financing activities, 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 

Supplemental Cash Flow Information

Non-cash investing and financing activities:

Capital investments accrued but not yet paid

$

152 

$

151 

Common shares repurchased but not yet paid

-

42 

Cash (paid for)/received from:

Income taxes, net of refunds

$

(925)

$

(1,104)

Interest, net of amounts capitalized

(911)

(855)

Reconciliation of cash, cash equivalents, and restricted cash

to the Condensed Consolidated Statement of Financial Position:

Cash and cash equivalents

$

2,601 

$

1,250 

Restricted cash equivalents in other current assets

5 

41 

Restricted cash equivalents in other assets

12 

12 

Total cash, cash equivalents and restricted cash equivalents per above

$

2,618 

$

1,303 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

 

6


Condensed Consolidated Statements of Changes in Common Shareholders’ Equity (Unaudited)

Union Pacific Corporation and Subsidiary Companies


Millions

Common
Shares

Treasury
Shares

Common Shares

Paid-in-Surplus

Retained Earnings

Treasury Stock

AOCI
[a]

Total 

Balance at July 1, 2019

1,112.0 

(407.1)