filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following table presents as of, and for the years ended, December 31, our selected financial data for each of the last five years. The selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 7, and with the Financial Statements and Supplementary Data, Item 8. The information below is historical in nature and is not necessarily indicative of future financial condition or results of operations.
| Millions, Except per Share Amounts, | |||||||||||
| Carloads, Employee Statistics, and Ratios | 2020[a] | 2019 | 2018 | 2017[b] | 2016 | ||||||
| For the Year Ended December 31 | |||||||||||
| Operating revenues [c] | $ | 19,533 | $ | 21,708 | $ | 22,832 | $ | 21,240 | $ | 19,941 | |
| Operating income | 7,834 | 8,554 | 8,517 | 8,106 | 7,243 | ||||||
| Net income | 5,349 | 5,919 | 5,966 | 10,712 | 4,233 | ||||||
| Earnings per share - basic | 7.90 | 8.41 | 7.95 | 13.42 | 5.09 | ||||||
| Earnings per share - diluted | 7.88 | 8.38 | 7.91 | 13.36 | 5.07 | ||||||
| Dividends declared per share | 3.88 | 3.70 | 3.06 | 2.48 | 2.255 | ||||||
| Cash provided by operating activities | 8,540 | 8,609 | 8,686 | 7,230 | 7,525 | ||||||
| Cash used in investing activities | (2,676) | (3,435) | (3,411) | (3,086) | (3,393) | ||||||
| Cash used in financing activities | (4,902) | (5,646) | (5,222) | (4,146) | (4,246) | ||||||
| Cash used for share repurchase programs | (3,705) | (5,804) | (8,225) | (4,013) | (3,105) | ||||||
| At December 31 | |||||||||||
| Total assets | $ | 62,398 | $ | 61,673 | $ | 59,147 | $ | 57,806 | $ | 55,718 | |
| Long-term obligations [d] | 41,267 | 39,194 | 34,098 | 29,011 | 32,146 | ||||||
| Debt due after one year | 25,660 | 23,943 | 20,925 | 16,144 | 14,249 | ||||||
| Common shareholders' equity | 16,958 | 18,128 | 20,423 | 24,856 | 19,932 | ||||||
| Additional Data | |||||||||||
| Freight revenues [c] | $ | 18,251 | $ | 20,243 | $ | 21,384 | $ | 19,837 | $ | 18,601 | |
| Revenue carloads (units) (000) | 7,753 | 8,346 | 8,908 | 8,588 | 8,442 | ||||||
| Operating ratio (%) [e] | 59.9 | 60.6 | 62.7 | 61.8 | 63.7 | ||||||
| Average employees (000) | 31.0 | 37.5 | 42.0 | 42.0 | 42.9 | ||||||
| Financial Ratios (%) | |||||||||||
| Return on average common shareholders' equity [f] | 30.5 | 30.7 | 26.4 | 47.8 | 20.8 |
*[a]*2020 includes a $278 million non-cash impairment charge related to Brazos yard.
*[b]*2017 includes a $5.9 billion non-cash reduction to income tax expense and $212 million non-cash reduction to operating expenses related to the Tax Cuts and Jobs Act enacted on December 22, 2017.
*[c]*Includes fuel surcharge revenue of $967 million, $1.6 billion, $1.7 billion, $966 million, and $560 million for 2020, 2019, 2018, 2017, and 2016, respectively, which partially offsets increased operating expenses for fuel. (See further discussion in Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 7, of this report.)
*[d]*Long-term obligations is determined as follows: total liabilities less current liabilities.
*[e]*Operating ratio is defined as operating expenses divided by operating revenues.
*[f]*Return on average common shareholders' equity is determined as follows: Net income divided by average common shareholders' equity.
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