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 2020-06-30 Filed 2020-07-23
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10-K 2014-12-31 Filed 2015-02-06
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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
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10-K 2009-12-31 Filed 2010-02-05
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
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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-20200630xex31_a.htm
EX-31.B unp-20200630xex31_b.htm
EX-32 unp-20200630xex32.htm

Union Pacific Earnings 2020-06-30

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

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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 June 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 July 17, 2020, there were 678,838,800 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 June 30, 2020 and 2019

3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

For the Three Months Ended June 30, 2020 and 2019

3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

For the Six Months Ended June 30, 2020 and 2019

4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

For the Six Months Ended June 30, 2020 and 2019

4

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)

At June 30, 2020 and December 31, 2019

5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

For the Six Months Ended June 30, 2020 and 2019

6

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

For the Three and Six Months Ended June 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

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

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 June 30,

2020

2019

Operating revenues:

Freight revenues

$

3,972 

$

5,236 

Other revenues

272 

360 

Total operating revenues

4,244 

5,596 

Operating expenses:

Compensation and benefits

905 

1,145 

Depreciation

551 

551 

Purchased services and materials

441 

573 

Fuel

247 

560 

Equipment and other rents

211 

260 

Other

235 

247 

Total operating expenses

2,590 

3,336 

Operating income

1,654 

2,260 

Other income (Note 6)

131 

57 

Interest expense

(289)

(259)

Income before income taxes

1,496 

2,058 

Income taxes

(364)

(488)

Net income

$

1,132 

$

1,570 

Share and Per Share (Note 8):

Earnings per share - basic

$

1.67 

$

2.23 

Earnings per share - diluted

$

1.67 

$

2.22 

Weighted average number of shares - basic

677.7 

705.5 

Weighted average number of shares - diluted

679.2 

708.0 

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Union Pacific Corporation and Subsidiary Companies

Millions,

for the Three Months Ended June 30,

2020

2019

Net income

$

1,132 

$

1,570 

Other comprehensive income/(loss):

Defined benefit plans

18 

82 

Foreign currency translation

(61)

(2)

Total other comprehensive income/(loss) [a]

(43)

80 

Comprehensive income

$

1,089 

$

1,650 

[a]Net of deferred taxes of ($5) million and ($27) million during the three months ended June 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 Six Months Ended June 30,

2020

2019

Operating revenues:

Freight revenues

$

8,852 

$

10,246 

Other revenues

621 

734 

Total operating revenues

9,473 

10,980 

Operating expenses:

Compensation and benefits

1,964 

2,350 

Depreciation

1,098 

1,100 

Purchased services and materials

962 

1,149 

Fuel

681 

1,091 

Equipment and other rents

438 

518 

Other

533 

552 

Total operating expenses

5,676 

6,760 

Operating income

3,797 

4,220 

Other income (Note 6)

184 

134 

Interest expense

(567)

(506)

Income before income taxes

3,414 

3,848 

Income taxes

(808)

(887)

Net income

$

2,606 

$

2,961 

Share and Per Share (Note 8):

Earnings per share - basic

$

3.83 

$

4.16 

Earnings per share - diluted

$

3.82 

$

4.15 

Weighted average number of shares - basic

681.0 

711.2 

Weighted average number of shares - diluted

682.7 

713.8 

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Union Pacific Corporation and Subsidiary Companies

Millions,

for the Six Months Ended June 30,

2020

2019

Net income

$

2,606 

$

2,961 

Other comprehensive income/(loss):

Defined benefit plans

40 

92 

Foreign currency translation

(56)

25 

Total other comprehensive income/(loss) [a]

(16)

117 

Comprehensive income

$

2,590 

$

3,078 

[a]Net of deferred taxes of ($12) million and ($31) million during the six months ended June 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

June 30,

December 31,

Millions, Except Share and Per Share Amounts

2020

2019

Assets

Current assets:

Cash and cash equivalents

$

2,706 

$

831 

Short-term investments (Note 13)

60 

60 

Accounts receivable, net (Note 10)

1,388 

1,595 

Materials and supplies

668 

751 

Other current assets

261 

222 

Total current assets

5,083 

3,459 

Investments

2,042 

2,050 

Net properties (Note 11)

54,270 

53,916 

Operating lease assets (Note 16)

1,700 

1,812 

Other assets

460 

436 

Total assets

$

63,555 

$

61,673 

Liabilities and Common Shareholders' Equity

Current liabilities:

Accounts payable and other current liabilities (Note 12)

$

3,289 

$

3,094 

Debt due within one year (Note 14)

1,990 

1,257 

Total current liabilities

5,279 

4,351 

Debt due after one year (Note 14)

26,439 

23,943 

Operating lease liabilities (Note 16)

1,320 

1,471 

Deferred income taxes

12,171 

11,992 

Other long-term liabilities

1,894 

1,788 

Commitments and contingencies (Note 17)

 

 

Total liabilities

47,103 

43,545 

Common shareholders' equity:

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

1,112,266,423 and 1,112,014,480 issued; 678,710,739 and 692,100,651

outstanding, respectively

2,781 

2,780 

Paid-in-surplus

4,135 

4,523 

Retained earnings

49,892 

48,605 

Treasury stock

(38,984)

(36,424)

Accumulated other comprehensive loss (Note 9)

(1,372)

(1,356)

Total common shareholders' equity

16,452 

18,128 

Total liabilities and common shareholders' equity

$

63,555 

$

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 Six Months Ended June 30,

2020

2019

Operating Activities

Net income

$

2,606 

$

2,961 

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

Depreciation

1,098 

1,100 

Deferred and other income taxes

171 

209 

Other operating activities, net

(9)

41 

Changes in current assets and liabilities:

Accounts receivable, net

207 

(54)

Materials and supplies

83 

(33)

Other current assets

(36)

(85)

Accounts payable and other current liabilities

(197)

(185)

Income and other taxes

469 

(54)

Cash provided by operating activities

4,392 

3,900 

Investing Activities

Capital investments

(1,599)

(1,560)

Proceeds from asset sales

107 

30 

Maturities of short-term investments (Note 13)

75 

105 

Purchases of short-term investments (Note 13)

(75)

(100)

Other investing activities, net

75 

(85)

Cash used in investing activities

(1,417)

(1,610)

Financing Activities

Debt issued (Note 14)

4,004 

2,992 

Share repurchase programs (Note 18)

(2,556)

(3,629)

Dividends paid

(1,319)

(1,248)

Debt repaid

(770)

(604)

Accelerated share repurchase programs pending final settlement

(400)

(500)

Net issuance of commercial paper (Note 14)

(1)

471 

Other financing activities, net

(65)

(29)

Cash used in financing activities

(1,107)

(2,547)

Net change in cash, cash equivalents and restricted cash

1,868 

(257)

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

856 

1,328 

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

$

2,724 

$

1,071 

Supplemental Cash Flow Information

Non-cash investing and financing activities:

Capital investments accrued but not yet paid

$

141 

$

136 

Common shares repurchased but not yet paid

-

19 

Cash (paid for)/received from:

Income taxes, net of refunds

$

(158)

$

(717)

Interest, net of amounts capitalized

(489)

(504)

Reconciliation of cash, cash equivalents, and restricted cash

to the Condensed Consolidated Statement of Financial Position:

Cash and cash equivalents

$

2,706 

$

1,049 

Restricted cash equivalents in other current assets

6 

10 

Restricted cash equivalents in other assets

12 

12 

Total cash, cash equivalents and restricted cash equivalents per above

$

2,724 

$

1,071 

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 April 1, 2019

1,112.0 

(403.6)

$   2,780 

$   3,929 

$   46,049 

$   (33,638)