filings.toolsUnion Pacific 10-Q 2023-09-30
Filed 2023-10-19. 1 sections, 140K characters. Original on sec.gov · Markdown · JSON
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended September 30, 2023
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 incorporation or organization) | (I.R.S. Employer Identification No.) |
| 1400 Douglas Street, Omaha, Nebraska | 68179 |
|---|---|
| (Address of principal executive offices) | (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.
☒ 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).
☒ 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 | ☑ | 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 Exchange Act).
☐ Yes ☒ No
As of October 13, 2023, there were 609,597,495 shares of the Registrant's Common Stock outstanding.
UNION PACIFIC CORPORATION
AND SUBSIDIARY COMPANIES
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, | 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|---|
| Operating revenues: | ||||||||
| Freight revenues | $ | 5,545 | $ | 6,109 | ||||
| Other revenues | 396 | 457 | ||||||
| Total operating revenues | 5,941 | 6,566 | ||||||
| Operating expenses: | ||||||||
| Compensation and benefits | 1,201 | 1,278 | ||||||
| Fuel | 702 | 932 | ||||||
| Purchased services and materials | 668 | 626 | ||||||
| Depreciation | 580 | 563 | ||||||
| Equipment and other rents | 235 | 215 | ||||||
| Other | 378 | 319 | ||||||
| Total operating expenses | 3,764 | 3,933 | ||||||
| Operating income | 2,177 | 2,633 | ||||||
| Other income, net (Note 5) | 106 | 124 | ||||||
| Interest expense | (334 | ) | (315 | ) | ||||
| Income before income taxes | 1,949 | 2,442 | ||||||
| Income tax expense (Note 6) | (421 | ) | (547 | ) | ||||
| Net income | $ | 1,528 | $ | 1,895 | ||||
| Share and Per Share (Note 7): | ||||||||
| Earnings per share - basic | $ | 2.51 | $ | 3.05 | ||||
| Earnings per share - diluted | $ | 2.51 | $ | 3.05 | ||||
| Weighted average number of shares - basic | 608.7 | 620.4 | ||||||
| Weighted average number of shares - diluted | 609.8 | 621.5 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Union Pacific Corporation and Subsidiary Companies
| Millions, for the Three Months Ended September 30, | 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|---|
| Net income | *$ |
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