Item 6. Selected Financial Data

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Item 6. Selected Financial Data

FIVE-YEAR FINANCIAL REVIEW


	2020		2019		2018		2017		2016
	($ in millions, except per share amounts)

RESULTS OF OPERATIONS
Railway operating revenues	$	9,789	$	11,296	$	11,458	$	10,551	$	9,888
Railway operating expenses	6,787		7,307		7,499		7,029		6,879
Income from railway operations	3,002		3,989		3,959		3,522		3,009

Other income – net	153		106		67		156		136
Interest expense on debt	625		604		557		550		563
Income before income taxes	2,530		3,491		3,469		3,128		2,582

Income taxes	517		769		803		(2,276)		914
Net income	$	2,013	$	2,722	$	2,666	$	5,404	$	1,668

PER SHARE DATA
Basic earnings per share	$	7.88	$	10.32	$	9.58	$	18.76	$	5.66
Diluted earnings per share	7.84		10.25		9.51		18.61		5.62
Dividends	3.76		3.60		3.04		2.44		2.36
Stockholders’ equity at year-end	58.67		58.87		57.30		57.57		42.73

FINANCIAL POSITION
Total assets	$	37,962	$	37,923	$	36,239	$	35,711	$	34,892
Total debt	12,681		12,196		11,145		9,836		10,212
Stockholders’ equity	14,791		15,184		15,362		16,359		12,409

OTHER
Property additions	$	1,494	$	2,019	$	1,951	$	1,723	$	1,887


Average number of shares outstanding (thousands)	255,117		263,270		277,708		287,861		293,943
Number of stockholders at year-end	21,825		23,273		24,475		25,737		27,288
Average number of employees:
Rail	20,029		24,442		26,512		26,955		27,856
Nonrail	127		145		150		155		188

Total	20,156		24,587		26,662		27,110		28,044

Note 1: In 2017, as a result of the enactment of tax reform, “Railway operating expenses” included a $151 million benefit and “Income taxes” included a $3,331 million benefit, which added $3,482 million to “Net income” and $12.00 to “Diluted earnings per share.”

Note 2: On January 1, 2019, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02, “Leases (Topic 842),” which requires lessees to recognize right-of-use (ROU) assets and lease liabilities on the balance sheet for leases greater than twelve months. As a result of the adoption, the Consolidated Balance Sheets include the recognition of ROU assets of $433 million and $539 million at December 31, 2020 and 2019, respectively, and corresponding lease liabilities of $433 million and $538 million, respectively.

See accompanying consolidated financial statements and notes thereto.

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