2009 Form 8-K Financial Statement

#000119312510235508 Filed on October 25, 2010

View on sec.gov

Income Statement

Concept 2009 2008 Q4 2008
Revenue $14.14B $4.286B $17.97B
YoY Change -21.3% 2.12% 10.36%
Cost Of Revenue $3.407B $1.190B $5.911B
YoY Change -42.36% -12.44% 19.17%
Gross Profit $10.74B $3.096B $12.06B
YoY Change -10.97% 9.09% 6.5%
Gross Profit Margin 75.91% 72.24% 67.11%
Selling, General & Admin $5.243B $1.421B $5.783B
YoY Change -9.34% -2.27% -1.88%
% of Gross Profit 48.84% 45.9% 47.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.427B $332.0M $1.366B
YoY Change 4.47% -1.48% 4.83%
% of Gross Profit 13.29% 10.72% 11.33%
Operating Expenses $10.76B $1.955B $13.90B
YoY Change -22.56% -0.96% 7.59%
Operating Profit $3.379B $1.141B $4.070B
YoY Change -16.98% 32.06% 20.99%
Interest Expense $600.0M -$122.0M $511.0M
YoY Change 17.42% 17.31% 6.02%
% of Operating Profit 17.76% -10.69% 12.56%
Other Income/Expense, Net $195.0M $9.000M $92.00M
YoY Change 111.96% 12.5% -20.69%
Pretax Income $2.974B $1.039B $3.651B
YoY Change -18.54% 33.38% 21.78%
Income Tax $1.084B $378.0M $1.316B
% Of Pretax Income 36.45% 36.38% 36.04%
Net Earnings $1.890B $661.0M $2.335B
YoY Change -19.06% 34.62% 26.35%
Net Earnings / Revenue 13.36% 15.42% 12.99%
Basic Earnings Per Share $3.76 $4.57
Diluted Earnings Per Share $3.74 $652.5K $4.53
COMMON SHARES
Basic Shares Outstanding 503.0M shares 510.6M shares
Diluted Shares Outstanding 505.8M shares 515.0M shares

Balance Sheet

Concept 2009 2008 Q4 2008
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.850B $1.249B $1.249B
YoY Change 48.12% 42.26% 42.26%
Cash & Equivalents $1.850B $1.249B $1.249B
Short-Term Investments
Other Short-Term Assets $689.0M $244.0M $520.0M
YoY Change 32.5% -61.33% -17.59%
Inventory $475.0M $450.0M $450.0M
Prepaid Expenses
Receivables $666.0M $594.0M $594.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.680B $2.813B $2.813B
YoY Change 30.82% 8.44% 8.44%
LONG-TERM ASSETS
Property, Plant & Equipment $37.20B $35.49B $35.70B
YoY Change 4.2% 3.89% 4.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.036B $974.0M $974.0M
YoY Change 6.37% 5.53% 5.53%
Other Assets $266.0M $234.0M $234.0M
YoY Change 13.68% -34.64% -34.64%
Total Long-Term Assets $38.50B $36.70B $36.91B
YoY Change 4.32% 3.55% 4.15%
TOTAL ASSETS
Total Short-Term Assets $3.680B $2.813B $2.813B
Total Long-Term Assets $38.50B $36.70B $36.91B
Total Assets $42.18B $39.51B $39.72B
YoY Change 6.2% 3.88% 4.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $612.0M $629.0M $629.0M
YoY Change -2.7% -14.07% -14.07%
Accrued Expenses $718.0M $757.0M $757.0M
YoY Change -5.15% -1.05% -1.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $212.0M $320.0M $320.0M
YoY Change -33.75% 130.22% 130.22%
Total Short-Term Liabilities $2.682B $2.880B $2.880B
YoY Change -6.88% -5.29% -5.29%
LONG-TERM LIABILITIES
Long-Term Debt $9.636B $8.607B $8.607B
YoY Change 11.96% 14.11% 14.11%
Other Long-Term Liabilities $2.021B $2.506B $2.506B
YoY Change -19.35% 38.15% 38.15%
Total Long-Term Liabilities $11.66B $2.506B $11.11B
YoY Change 4.9% -73.22% 18.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.682B $2.880B $2.880B
Total Long-Term Liabilities $11.66B $2.506B $11.11B
Total Liabilities $25.38B $24.19B $24.28B
YoY Change 4.56% 7.78% 8.14%
SHAREHOLDERS EQUITY
Retained Earnings $13.68B
YoY Change
Common Stock $1.382B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.993B
YoY Change
Treasury Stock Shares
Shareholders Equity $16.80B $15.32B $15.45B
YoY Change
Total Liabilities & Shareholders Equity $42.18B $39.51B $39.72B
YoY Change 6.2% 3.88% 4.44%

Cashflow Statement

Concept 2009 2008 Q4 2008
OPERATING ACTIVITIES
Net Income $1.890B $661.0M $2.335B
YoY Change -19.06% 34.62% 26.35%
Depreciation, Depletion And Amortization $1.427B $332.0M $1.366B
YoY Change 4.47% -1.48% 4.83%
Cash From Operating Activities $3.204B $1.006B $4.044B
YoY Change -20.77% 10.55% 24.51%
INVESTING ACTIVITIES
Capital Expenditures $2.354B -$739.0M $2.754B
YoY Change -14.52% 12.31% 11.63%
Acquisitions
YoY Change
Other Investing Activities -$22.00M $10.00M $77.00M
YoY Change -128.57% -75.0% 48.08%
Cash From Investing Activities -$2.145B -$729.0M -$2.738B
YoY Change -21.66% 17.96% 14.23%
FINANCING ACTIVITIES
Cash Dividend Paid $544.0M $481.0M
YoY Change 13.1% 32.14%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $871.0M $1.208B
YoY Change -27.9% 52.53%
Cash From Financing Activities -$458.0M 115.0M -$935.0M
YoY Change -51.02% -126.38% 16.88%
NET CHANGE
Cash From Operating Activities $3.204B 1.006B $4.044B
Cash From Investing Activities -$2.145B -729.0M -$2.738B
Cash From Financing Activities -$458.0M 115.0M -$935.0M
Net Change In Cash $601.0M 392.0M $371.0M
YoY Change 61.99% -372.22% 627.45%
FREE CASH FLOW
Cash From Operating Activities $3.204B $1.006B $4.044B
Capital Expenditures $2.354B -$739.0M $2.754B
Free Cash Flow $850.0M $1.745B $1.290B
YoY Change -34.11% 11.29% 65.17%

Facts In Submission

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112000000 USD
CY2009 us-gaap Capital Expenditures Incurred But Not Yet Paid
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96000000 USD
CY2008 us-gaap Capital Expenditures Incurred But Not Yet Paid
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93000000 USD
CY2007 us-gaap Capital Expenditures Incurred But Not Yet Paid
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126000000 USD
CY2009Q4 unp Repurchase Of Common Stock Not Yet Paid
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0 USD
CY2008Q4 unp Repurchase Of Common Stock Not Yet Paid
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0 USD
CY2007Q4 unp Repurchase Of Common Stock Not Yet Paid
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CY2009 us-gaap Interest Paid Net
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CY2008 us-gaap Interest Paid Net
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CY2007 us-gaap Interest Paid Net
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CY2009 us-gaap Income Taxes Paid Net
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CY2008 us-gaap Income Taxes Paid Net
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-699000000 USD
CY2007 us-gaap Income Taxes Paid Net
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CY2009 us-gaap Increase Decrease In Accounts Receivable
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72000000 USD
CY2008 us-gaap Increase Decrease In Accounts Receivable
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CY2007 us-gaap Increase Decrease In Accounts Receivable
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CY2009 unp Increase Decrease In Material And Supplies
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25000000 USD
CY2008 unp Increase Decrease In Material And Supplies
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CY2007 unp Increase Decrease In Material And Supplies
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58000000 USD
CY2009 us-gaap Increase Decrease In Other Operating Assets
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106000000 USD
CY2008 us-gaap Increase Decrease In Other Operating Assets
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CY2007 us-gaap Increase Decrease In Other Operating Assets
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104000000 USD
CY2009 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2008 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2007 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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143000000 USD
CY2009 us-gaap Liabilities Assumed
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14000000 USD
CY2008 us-gaap Liabilities Assumed
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0 USD
CY2007 us-gaap Liabilities Assumed
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0 USD
CY2007Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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878000000 USD
CY2009 us-gaap Other Comprehensive Income Loss Net Of Tax Period Increase Decrease
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50000000 USD
CY2009 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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1940000000 USD
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15315000000 USD
CY2008 us-gaap Other Comprehensive Income Loss Net Of Tax Period Increase Decrease
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-630000000 USD
CY2008 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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1705000000 USD
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182000000 USD
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68000000 USD
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1916000000 USD
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210000000 USD
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0.745 USD
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CY2009 us-gaap Nature Of Operations
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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Minion;font-size:11pt;margin-left:0px;">For purposes of this report, unless the context otherwise requires, all references herein to the &#8220;Corporation&#8221;, &#8220;UPC&#8221;, &#8220;we&#8221;, &#8220;us&#8221;, and &#8220;our&#8221; mean Union Pacific Corporation and its subsidiaries, including Union Pacific Railroad Company, which will be separately referred to herein as &#8220;UPRR&#8221; or the &#8220;Railroad&#8221;. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Minion;font-size:11pt;font-weight:bold;margin-left:0px;">1. 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border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: right;">2008</font></td><td style="width: 19px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: right;">2007</font></td></tr><tr style="height: 20px"><td style="width: 385px; border-top-style:solid;border-top-width:1px;text-align:left;background-color:#FFCC99;border-color:#000000;min-width:385px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> Agricultural </font></td><td style="width: 19px; 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text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 1,458</font></td></tr><tr style="height: 20px"><td style="width: 385px; text-align:left;background-color:#FFCC99;border-color:#000000;min-width:385px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> Chemicals </font></td><td style="width: 19px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 2,102</font></td><td style="width: 19px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 2,494</font></td><td style="width: 19px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 2,287</font></td></tr><tr style="height: 20px"><td style="width: 385px; text-align:left;border-color:#000000;min-width:385px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> Energy </font></td><td style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 3,118</font></td><td style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 3,810</font></td><td style="width: 19px; text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 3,134</font></td></tr><tr style="height: 20px"><td style="width: 385px; text-align:left;background-color:#FFCC99;border-color:#000000;min-width:385px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> Industrial Products </font></td><td style="width: 19px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 2,147</font></td><td style="width: 19px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 3,273</font></td><td style="width: 19px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 3,077</font></td></tr><tr style="height: 20px"><td style="width: 385px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:385px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> Intermodal </font></td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 2,486</font></td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 3,023</font></td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 2,925</font></td></tr><tr style="height: 20px"><td style="width: 385px; border-top-style:solid;border-top-width:1px;text-align:left;background-color:#FFCC99;border-color:#000000;min-width:385px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> Total freight revenues </font></td><td style="width: 19px; border-top-style:solid;border-top-width:1px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 61px; border-top-style:solid;border-top-width:1px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 13,373</font></td><td style="width: 19px; border-top-style:solid;border-top-width:1px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 61px; border-top-style:solid;border-top-width:1px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 17,118</font></td><td style="width: 19px; border-top-style:solid;border-top-width:1px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 61px; border-top-style:solid;border-top-width:1px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 15,486</font></td></tr><tr style="height: 20px"><td style="width: 385px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:385px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> Other revenues </font></td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 770</font></td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 852</font></td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 61px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 797</font></td></tr><tr style="height: 28px"><td style="width: 385px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;background-color:#FFCC99;border-color:#000000;min-width:385px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> Total operating revenues </font></td><td style="width: 19px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 61px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 14,143</font></td><td style="width: 19px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 61px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 17,970</font></td><td style="width: 19px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:19px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 61px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;background-color:#FFCC99;border-color:#000000;min-width:61px;"><font style="FONT-FAMILY: Minion;FONT-SIZE: 11pt;COLOR: #000000;"> 16,283</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Minion;font-size:11pt;margin-left:0px;">Although our revenues are principally derived from customers domiciled in the United States, the ultimate points of origination or destination for some products transported are outside the United States.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:5pt; margin-bottom:0pt'><font style="font-family:Minion;font-size:11pt;font-weight:bold;margin-left:0px;">Basis of Presentation</font><font style="font-family:Minion;font-size:11pt;"> &#8211; </font><font style="font-family:Minion;font-size:11pt;">The C</font><font style="font-family:Minion;font-size:11pt;">onsolidated </font><font style="font-family:Minion;font-size:11pt;">F</font><font style="font-family:Minion;font-size:11pt;">inancial </font><font style="font-family:Minion;font-size:11pt;">S</font><font style="font-family:Minion;font-size:11pt;">tatements are presented in accordance with accounting principles generally accepted in</font><font style="font-family:Minion;font-size:11pt;"> the United States of America (</font><font style="font-family:Minion;font-size:11pt;">GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification</font><font style="font-family:Minion;font-size:11pt;"> (ASC)</font><font style="font-family:Minion;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Minion;font-size:11pt;font-weight:bold;margin-left:0px;">Subsequent Events Evaluation</font><font style="font-family:Minion;font-size:11pt;"> &#8211; We </font><font style="font-family:Minion;font-size:11pt;">evaluated the effects of all subsequent events through </font><font style="font-family:Minion;font-size:11pt;">February 5</font><font style="font-family:Minion;font-size:11pt;">, 20</font><font style="font-family:Minion;font-size:11pt;">10</font><font style="font-family:Minion;font-size:11pt;">, the date of this report, which is concurrent with the date we file this report with the U.S. Securities and Exchange Commission (SEC).</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>

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