☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 87-3883291 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
427 West 12th Street | |||||||||||||||||
Kansas City | , | Missouri | 64105 | ||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Symbol(s) | on Which Registered | |||
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Item 9C. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
2022 Revenues Business Mix | |||||
Chemical and petroleum. This commodity group includes products such as chemicals, plastics, petroleum, liquefied petroleum gas, and petroleum refined products, such as gasoline and diesel. KCS transports these products across its network and through interchanges with other rail carriers. Refined fuels and liquefied petroleum gas groups of commodities primarily supply Mexican demand. The chemical and plastic products are used in the automotive, housing and packaging industries as well as in general manufacturing. KCS hauls petroleum products across its network and as U.S. petroleum refineries have continued to increase their refining capacity, they have coordinated with KCS to develop additional long-term storage opportunities that complement a fluid freight railroad operation. |
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Owned | Leased | Total | Avg Age (in Years) | Owned | Leased | Total | Avg Age (in Years) | ||||||||||||||||||||||||||||||||||||||||
Freight Cars: | |||||||||||||||||||||||||||||||||||||||||||||||
Box cars | 2,044 | 755 | 2,799 | 28.0 | 2,072 | 691 | 2,763 | 27.3 | |||||||||||||||||||||||||||||||||||||||
Hoppers (covered and open top) | 4,785 | 1,161 | 5,946 | 16.9 | 4,809 | 1,164 | 5,973 | 15.9 | |||||||||||||||||||||||||||||||||||||||
Gondolas | 2,409 | 1,331 | 3,740 | 24.4 | 2,418 | 1,180 | 3,598 | 24.9 | |||||||||||||||||||||||||||||||||||||||
Automotive | 3,281 | 321 | 3,602 | 9.2 | 3,304 | 323 | 3,627 | 8.2 | |||||||||||||||||||||||||||||||||||||||
Flat cars (intermodal and other) | 852 | 53 | 905 | 29.4 | 793 | 53 | 846 | 27.5 | |||||||||||||||||||||||||||||||||||||||
Tank cars | — | 347 | 347 | 28.0 | — | 332 | 332 | 27.1 | |||||||||||||||||||||||||||||||||||||||
Total | 13,371 | 3,968 | 17,339 | 19.6 | 13,396 | 3,743 | 17,139 | 18.8 | |||||||||||||||||||||||||||||||||||||||
Locomotives: | |||||||||||||||||||||||||||||||||||||||||||||||
Freight | 816 | — | 816 | 19.3 | 815 | — | 815 | 17.9 | |||||||||||||||||||||||||||||||||||||||
Switching | 190 | — | 190 | 49.4 | 192 | — | 192 | 46.7 | |||||||||||||||||||||||||||||||||||||||
Total | 1,006 | — | 1,006 | 25 | 1,007 | — | 1,007 | 23.4 |
2022 | 2021 | Change | |||||||||||||||
Revenues | $ | 3,370.4 | $ | 2,947.3 | $ | 423.1 | |||||||||||
Operating expenses | 2,143.3 | 2,063.5 | 79.8 | ||||||||||||||
Operating income | 1,227.1 | 883.8 | 343.3 | ||||||||||||||
Equity in net earnings of affiliates | 8.7 | 16.7 | (8.0) | ||||||||||||||
Interest expense | (156.6) | (156.0) | (0.6) | ||||||||||||||
Foreign exchange loss | (33.2) | (9.0) | (24.2) | ||||||||||||||
Gain on settlement of treasury lock agreements | 259.3 | — | 259.3 | ||||||||||||||
Other income, net | 4.4 | 2.6 | 1.8 | ||||||||||||||
Income before income taxes | 1,309.7 | 738.1 | 571.6 | ||||||||||||||
Income tax expense | 325.9 | 211.1 | 114.8 | ||||||||||||||
Net income | 983.8 | 527.0 | 456.8 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | 1.6 | 1.8 | (0.2) | ||||||||||||||
Net income attributable to Kansas City Southern and subsidiaries | $ | 982.2 | $ | 525.2 | $ | 457.0 |
Years ended | Improvement/ (Deterioration) | |||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Gross velocity (mph) (i) | 14.1 | 14.0 | 1% | |||||||||||||||||||||||
Terminal dwell (hours) (ii) | 22.2 | 23.5 | 6% | |||||||||||||||||||||||
Train length (feet) (iii) | 6,479 | 6,635 | (2)% | |||||||||||||||||||||||
Fuel efficiency (gallons per 1,000 GTM's) (iv) | 1.26 | 1.23 | (2)% |
(i) Gross velocity is the average train speed between origin and destination in miles per hour calculated as the sum of the miles traveled divided by the sum of total transit hours. Transit hours are measured as the difference between a train’s origin departure and destination arrival date and times broken down by segment across the train route (includes all time spent including crew changes, terminal dwell, delays, and incidents). | |||||||||||||||||
(ii) Terminal dwell is the average amount of time in hours between car arrival to and departure from the yard (excludes cars that move through a terminal on a run-through train, stored, bad ordered, and maintenance-of-way cars). Calculated by dividing the total number of hours cars spent in terminals by the total count of car dwell events. | |||||||||||||||||
(iii) Train length is the average length of a train across its reporting stations, including the origin and intermediate stations. Length of a train is the sum of car and locomotive lengths measured in feet. | |||||||||||||||||
(iv) Fuel efficiency is calculated by taking locomotive fuel consumed in gallons divided by thousand gross ton miles (“GTM’s”) net of detours with no associated fuel gallons. GTM’s are the movement of one ton of train weight over one mile calculated by multiplying total train weight by distance the train moved. GTM’s exclude locomotive gross ton miles. |
Revenues | Carloads and Units | Revenue per Carload/Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||
Chemical and petroleum | $ | 783.5 | $ | 851.8 | (8 | %) | 323.3 | 371.5 | (13 | %) | $ | 2,423 | $ | 2,293 | 6 | % | |||||||||||||||||||||||||||||||||||||
Industrial and consumer products | 710.6 | 589.6 | 21 | % | 335.0 | 304.3 | 10 | % | 2,121 | 1,938 | 9 | % | |||||||||||||||||||||||||||||||||||||||||
Agriculture and minerals | 682.0 | 571.7 | 19 | % | 288.5 | 269.9 | 7 | % | 2,364 | 2,118 | 12 | % | |||||||||||||||||||||||||||||||||||||||||
Energy | 305.2 | 254.8 | 20 | % | 271.1 | 263.1 | 3 | % | 1,126 | 968 | 16 | % | |||||||||||||||||||||||||||||||||||||||||
Intermodal | 449.7 | 346.3 | 30 | % | 1,034.1 | 952.8 | 9 | % | 435 | 363 | 20 | % | |||||||||||||||||||||||||||||||||||||||||
Automotive | 258.4 | 183.2 | 41 | % | 130.6 | 104.6 | 25 | % | 1,979 | 1,751 | 13 | % | |||||||||||||||||||||||||||||||||||||||||
Carload revenues, carloads and units | 3,189.4 | 2,797.4 | 14 | % | 2,382.6 | 2,266.2 | 5 | % | $ | 1,339 | $ | 1,234 | 9 | % | |||||||||||||||||||||||||||||||||||||||
Other revenue | 181.0 | 149.9 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues (i) | $ | 3,370.4 | $ | 2,947.3 | 14 | % | |||||||||||||||||||||||||||||||||||||||||||||||
(i) Included in revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | $ | 501.6 | $ | 274.5 |
Revenues by commodity group for 2022 | |||||
Chemical and petroleum. Revenues decreased $68.3 million for the year ended December 31, 2022, compared to 2021, due to a 13% decrease in carload/unit volumes, partially offset by a 6% increase in revenue per carload/unit. Volumes decreased due to refined fuel product shipments into Mexico being negatively impacted by supply chain disruptions as a result of increased regulation. Refer to Mexico Regulatory and Legal Updates for further discussion. Revenue per carload/unit increased due to higher fuel surcharge and positive pricing impacts, partially offset by mix and shorter average length of haul. |
Industrial and consumer products. Revenues increased $121.0 million for the year ended December 31, 2022, compared to 2021, due to a 10% increase in carload/unit volumes and 9% increase in revenue per carload/unit. Metal volumes increased due to new steel plants that opened on the KCSM network in 2021 and higher demand. Revenue per carload/unit increased due to higher fuel surcharge, positive pricing impacts, and longer average length of haul, partially offset by mix. |
Revenues by commodity group for 2022 | |||||
Agriculture and minerals. Revenues increased $110.3 million for the year ended December 31, 2022, compared to 2021, due to 12% increase in revenue per carload/unit and a 7% increase in carload/unit volumes. Revenue per carload/unit increased due to higher fuel surcharge, positive pricing impacts, and longer average length of haul, partially offset by mix. Volumes increased due to higher demand for cross-border grain and improved cycle times. |
Energy. Revenues increased $50.4 million for the year ended December 31, 2022, compared to 2021, due to a 16% increase in revenue per carload/unit and a 3% increase in carload/unit volumes. Revenue per carload/unit increased due to higher fuel surcharge, positive pricing impacts, and longer average length of haul, partially offset by mix. Volumes increased due to new crude oil business, partially offset by a decline in utility coal as a result of deteriorated interchange cycle times and utility plant maintenance outages. |
Change | |||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
Compensation and benefits | $ | 567.0 | $ | 522.0 | $ | 45.0 | 9 | % | |||||||||||||||
Purchased services | 225.9 | 211.8 | 14.1 | 7 | % | ||||||||||||||||||
Fuel | 461.7 | 313.6 | 148.1 | 47 | % | ||||||||||||||||||
Equipment costs | 91.4 | 82.2 | 9.2 | 11 | % | ||||||||||||||||||
Depreciation and amortization | 390.9 | 365.8 | 25.1 | 7 | % | ||||||||||||||||||
Materials and other | 359.8 | 304.1 | 55.7 | 18 | % | ||||||||||||||||||
Merger costs, net | 46.6 | 264.0 | (217.4) | (82 | %) | ||||||||||||||||||
Total operating expenses | $ | 2,143.3 | $ | 2,063.5 | $ | 79.8 | 4 | % |
2022 | 2021 | Change | |||||||||||||||||||||||||||||||||
Dollars | Percent | Dollars | Percent | Dollars | Percent | ||||||||||||||||||||||||||||||
Income tax expense using the statutory rate in effect | $ | 275.0 | 21.0 | % | $ | 155.0 | 21.0 | % | $ | 120.0 | — | ||||||||||||||||||||||||
Tax effect of: | |||||||||||||||||||||||||||||||||||
Difference between U.S. and foreign tax rate | 57.4 | 4.4 | % | 51.9 | 7.0 | % | 5.5 | (2.6 | %) | ||||||||||||||||||||||||||
Inflation | (25.8) | (2.0 | %) | (10.4) | (1.4 | %) | (15.4) | (0.6 | %) | ||||||||||||||||||||||||||
Tax credits | (11.9) | (0.9 | %) | (11.7) | (1.6 | %) | (0.2) | 0.7 | % | ||||||||||||||||||||||||||
Foreign exchange (i) | 9.4 | 0.7 | % | 5.9 | 0.8 | % | 3.5 | (0.1 | %) | ||||||||||||||||||||||||||
State and local income tax provision, net | 9.1 | 0.7 | % | 0.2 | — | 8.9 | 0.7 | % | |||||||||||||||||||||||||||
Withholding tax | 8.5 | 0.6 | % | 8.5 | 1.2 | % | — | (0.6 | %) | ||||||||||||||||||||||||||
Non-deductible executive compensation | 3.6 | 0.3 | % | 14.7 | 2.0 | % | (11.1) | (1.7 | %) | ||||||||||||||||||||||||||
Non-deductible transaction costs | 0.6 | — | 14.0 | 1.9 | % | (13.4) | (1.9 | %) | |||||||||||||||||||||||||||
Global intangible low-taxed income tax, net | 0.1 | — | 0.4 | 0.1 | % | (0.3) | (0.1 | %) | |||||||||||||||||||||||||||
Share-based compensation | — | — | (25.2) | (3.4 | %) | 25.2 | 3.4 | % | |||||||||||||||||||||||||||
Other, net | (0.1) | 0.1 | % | 7.8 | 1.0 | % | (7.9) | (0.9 | %) | ||||||||||||||||||||||||||
Income tax expense | $ | 325.9 | 24.9 | % | $ | 211.1 | 28.6 | % | $ | 114.8 | (3.7 | %) |
2022 | 2021 | ||||||||||
Cash flows provided by (used for): | |||||||||||
Operating activities | $ | 1,073.1 | $ | 935.8 | |||||||
Investing activities | (312.5) | (531.2) | |||||||||
Financing activities | (890.5) | (251.2) | |||||||||
Effect of exchange rate changes on cash | (1.8) | (2.3) | |||||||||
Net increase (decrease) in cash and cash equivalents | (131.7) | 151.1 | |||||||||
Cash and cash equivalents beginning of year | 339.3 | 188.2 | |||||||||
Cash and cash equivalents end of year | $ | 207.6 | $ | 339.3 |
Payments Due by Period | |||||||||||||||||||||||||||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More than 5 years | Other | ||||||||||||||||||||||||||||||
Long-term debt and short-term borrowings (including interest and finance lease obligations) (i) | $ | 6,894.7 | $ | 797.1 | $ | 271.2 | $ | 504.5 | $ | 5,321.9 | $ | — | |||||||||||||||||||||||
Operating leases | 104.2 | 29.7 | 44.5 | 26.5 | 3.5 | — | |||||||||||||||||||||||||||||
Obligations due to uncertainty in income taxes (ii) | 1.3 | — | — | — | — | 1.3 | |||||||||||||||||||||||||||||
Capital expenditure obligations (iii) | 313.1 | 121.5 | 127.0 | 64.6 | — | — | |||||||||||||||||||||||||||||
Other contractual obligations (iv) | 450.8 | 130.9 | 149.0 | 152.9 | 18.0 | — | |||||||||||||||||||||||||||||
Total | $ | 7,764.1 | $ | 1,079.2 | $ | 591.7 | $ | 748.5 | $ | 5,343.4 | $ | 1.3 |
2022 | 2021 | |||||||||||||||||||
Roadway capital program | $ | 296.2 | $ | 258.8 | ||||||||||||||||
Locomotives and freight cars | 45.3 | 68.0 | ||||||||||||||||||
Capacity | 112.6 | 101.1 | ||||||||||||||||||
Information technology | 41.4 | 41.2 | ||||||||||||||||||
Positive train control | 6.2 | 14.3 | ||||||||||||||||||
Other | 3.6 | 6.0 | ||||||||||||||||||
Total capital expenditures (accrual basis) | 505.3 | 489.4 | ||||||||||||||||||
Change in capital accruals | 23.7 | 7.4 | ||||||||||||||||||
Total cash capital expenditures | $ | 529.0 | $ | 496.8 | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Track miles of rail installed | 74 | 76 | |||||||||||||||
Cross ties installed (thousands) | 561 | 494 |
Income Statements | KCS and Guarantor Subsidiaries | |||||||||||||
Years ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Revenues | $ | 1,796.9 | $ | 1,561.3 | ||||||||||
Operating expenses | 1,158.6 | 1,200.8 | ||||||||||||
Operating income | 638.3 | 360.5 | ||||||||||||
Income before income taxes | 748.4 | 207.7 | ||||||||||||
Net income | 610.1 | 182.7 |
Balance Sheets | KCS and Guarantor Subsidiaries | |||||||||||||
December 31, 2022 | December 31, 2021 | |||||||||||||
Assets: | ||||||||||||||
Current assets | $ | 351.6 | $ | 524.6 | ||||||||||
Property and equipment (including concession assets), net | 4,938.4 | 4,876.5 | ||||||||||||
Other non-current assets | 95.7 | 125.8 | ||||||||||||
Liabilities and equity: | ||||||||||||||
Current liabilities | $ | 1,035.7 | $ | 316.5 | ||||||||||
Non-current liabilities | 4,321.4 | 4,942.7 | ||||||||||||
Noncontrolling interest | 331.0 | 328.2 |
Hypothetical Change in Exchange Rate | Amount of Gain (Loss) | Affected Line Item in the | ||||||||||||||||||
Net monetary assets denominated in | ||||||||||||||||||||
Ps.4,431.4 million | ($11.2 million) | Foreign exchange gain (loss) | ||||||||||||||||||
Ps.4,431.4 million | From Ps.19.4 to Ps.18.4 | $12.5 million | Foreign exchange gain (loss) |
Hypothetical Change in Exchange Rate | Amount of Expense (Benefit) | Affected Line Item in the | ||||||||||||||||||
From Ps.19.4 to Ps.20.4 | (0.2%) | ($2.7 million) | Income tax expense (benefit) | |||||||||||||||||
From Ps.19.4 to Ps.18.4 | $2.9 million | Income tax expense (benefit) |
Aggregate notional amount: | Amount of | Affected Line Item in the | ||||||||||||||||||
$250.0 million | From Ps.20.5 to | $11.7 million | Foreign exchange gain (loss) | |||||||||||||||||
$250.0 million | From Ps.20.5 to Ps.19.5 | ($12.8 million) | Foreign exchange gain (loss) |
Page | ||||||
Financial Statement Schedules: | ||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Revenues | $ | 3,370.4 | $ | 2,947.3 | $ | 2,632.6 | |||||||||||
Operating expenses: | |||||||||||||||||
Compensation and benefits | 567.0 | 522.0 | 476.5 | ||||||||||||||
Purchased services | 225.9 | 211.8 | 198.1 | ||||||||||||||
Fuel | 461.7 | 313.6 | 219.8 | ||||||||||||||
Equipment costs | 91.4 | 82.2 | 85.8 | ||||||||||||||
Depreciation and amortization | 390.9 | 365.8 | 357.9 | ||||||||||||||
Materials and other | 359.8 | 304.1 | 260.9 | ||||||||||||||
Merger costs, net | 46.6 | 264.0 | — | ||||||||||||||
Write-off of software development costs | — | — | 13.6 | ||||||||||||||
Restructuring charges | — | — | 17.0 | ||||||||||||||
Total operating expenses | 2,143.3 | 2,063.5 | 1,629.6 | ||||||||||||||
Operating income | 1,227.1 | 883.8 | 1,003.0 | ||||||||||||||
Equity in net earnings (losses) of affiliates | 8.7 | 16.7 | (1.4) | ||||||||||||||
Interest expense | (156.6) | (156.0) | (150.9) | ||||||||||||||
Foreign exchange loss | (33.2) | (9.0) | (29.6) | ||||||||||||||
Gain on settlement of treasury lock agreements | 259.3 | — | — | ||||||||||||||
Other income, net | 4.4 | 2.6 | 2.1 | ||||||||||||||
Income before income taxes | 1,309.7 | 738.1 | 823.2 | ||||||||||||||
Income tax expense | 325.9 | 211.1 | 204.1 | ||||||||||||||
Net income | 983.8 | 527.0 | 619.1 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | 1.6 | 1.8 | 2.1 | ||||||||||||||
Net income attributable to Kansas City Southern and subsidiaries | 982.2 | 525.2 | 617.0 | ||||||||||||||
Preferred stock dividends | — | 0.2 | 0.2 | ||||||||||||||
Net income available to common stockholder(s) | $ | 982.2 | $ | 525.0 | $ | 616.8 | |||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Net income | $ | 983.8 | $ | 527.0 | $ | 619.1 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Unrealized gain on interest rate derivative instruments, net of tax of $42.4 million, $4.6 million and $7.5 million | 159.5 | 17.2 | 28.1 | ||||||||||||||
Reclassification of interest rate derivative instruments gain, net of tax of $(54.5) million | (204.8) | — | — | ||||||||||||||
Reclassification adjustment from cash flow hedges included in net income, net of tax of $0.5 million for each year presented | 1.9 | 2.0 | 1.9 | ||||||||||||||
Foreign currency translation adjustments | 0.6 | (0.2) | (0.5) | ||||||||||||||
Other comprehensive income (loss) | (42.8) | 19.0 | 29.5 | ||||||||||||||
Comprehensive income | 941.0 | 546.0 | 648.6 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interest | 1.6 | 1.8 | 2.1 | ||||||||||||||
Comprehensive income attributable to Kansas City Southern and subsidiaries | $ | 939.4 | $ | 544.2 | $ | 646.5 |
2022 | 2021 | ||||||||||
(In millions, except share and per share amounts) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 207.6 | $ | 339.3 | |||||||
Accounts receivable, net | 543.6 | 271.0 | |||||||||
Materials and supplies | 174.2 | 131.0 | |||||||||
Other current assets | 138.8 | 142.1 | |||||||||
Total current assets | 1,064.2 | 883.4 | |||||||||
Operating lease right-of-use assets | 100.9 | 69.6 | |||||||||
Investments | 55.8 | 48.3 | |||||||||
Property and equipment (including concession assets), net | 9,362.4 | 9,209.3 | |||||||||
Other assets | 94.1 | 217.5 | |||||||||
Total assets | $ | 10,677.4 | $ | 10,428.1 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Long-term debt due within one year | $ | 655.0 | $ | 8.8 | |||||||
Accounts payable and accrued liabilities | 635.7 | 479.7 | |||||||||
Total current liabilities | 1,290.7 | 488.5 | |||||||||
Long-term operating lease liabilities | 71.5 | 46.4 | |||||||||
Long-term debt | 3,124.6 | 3,768.8 | |||||||||
Deferred income taxes | 1,237.1 | 1,213.7 | |||||||||
Other noncurrent liabilities and deferred credits | 158.7 | 178.1 | |||||||||
Total liabilities | 5,882.6 | 5,695.5 | |||||||||
Stockholder’s equity: | |||||||||||
$0.01 par, common stock, 100 shares authorized, 100 shares issued; 100 shares outstanding at December 31, 2022 and 2021 | — | — | |||||||||
Additional paid-in capital | 860.6 | 860.6 | |||||||||
Retained earnings | 3,626.6 | 3,524.4 | |||||||||
Accumulated other comprehensive income (loss) | (23.4) | 19.4 | |||||||||
Total stockholder’s equity | 4,463.8 | 4,404.4 | |||||||||
Noncontrolling interest | 331.0 | 328.2 | |||||||||
Total equity | 4,794.8 | 4,732.6 | |||||||||
Total liabilities and equity | $ | 10,677.4 | $ | 10,428.1 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Operating activities: | |||||||||||||||||
Net income | $ | 983.8 | $ | 527.0 | $ | 619.1 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 390.9 | 365.8 | 357.9 | ||||||||||||||
Deferred income taxes | 35.0 | 23.2 | 49.4 | ||||||||||||||
Equity in net (earnings) losses of affiliates | (8.7) | (16.7) | 1.4 | ||||||||||||||
Share-based compensation | — | 24.5 | 22.9 | ||||||||||||||
Loss on foreign currency derivative instruments | 44.3 | 3.7 | 22.5 | ||||||||||||||
Foreign exchange (gain) loss | (11.1) | 5.3 | 7.1 | ||||||||||||||
Merger costs, net | 46.6 | 264.0 | — | ||||||||||||||
Restructuring charges | — | — | 17.0 | ||||||||||||||
Gain on settlement of treasury lock agreements | (259.3) | — | — | ||||||||||||||
Write-off of software development costs | — | — | 13.6 | ||||||||||||||
Distributions from affiliates | 6.5 | 12.0 | 4.5 | ||||||||||||||
Settlement of foreign currency derivative instruments | (5.1) | (1.9) | (20.0) | ||||||||||||||
Cash payments for merger costs | (34.1) | (2,287.2) | — | ||||||||||||||
Reimbursement of merger termination fees | — | 2,100.0 | — | ||||||||||||||
Changes in working capital items: | |||||||||||||||||
Accounts receivable | (269.1) | (30.6) | 25.5 | ||||||||||||||
Materials and supplies | (42.1) | 1.9 | 21.7 | ||||||||||||||
Other current assets | 89.3 | (54.7) | (66.0) | ||||||||||||||
Accounts payable and accrued liabilities | 98.8 | (9.9) | 6.0 | ||||||||||||||
Other, net | 7.4 | 9.4 | (2.6) | ||||||||||||||
Net cash provided by operating activities | 1,073.1 | 935.8 | 1,080.0 | ||||||||||||||
Investing activities: | |||||||||||||||||
Capital expenditures | (529.0) | (496.8) | (411.9) | ||||||||||||||
Settlement of treasury lock agreements | 259.3 | — | — | ||||||||||||||
Purchase or replacement of assets under operating leases | — | — | (78.2) | ||||||||||||||
Property investments in MSLLC | (27.1) | (24.2) | (24.8) | ||||||||||||||
Investments in and advances to affiliates | (8.5) | (7.8) | (7.4) | ||||||||||||||
Proceeds from disposal of property | 6.5 | 6.4 | 12.9 | ||||||||||||||
Other, net | (13.7) | (8.8) | (16.6) | ||||||||||||||
Net cash used for investing activities | (312.5) | (531.2) | (526.0) | ||||||||||||||
Financing activities: | |||||||||||||||||
Proceeds from issuance of long-term debt | — | — | 545.6 | ||||||||||||||
Repayment of long-term debt | (10.5) | (7.9) | (18.0) | ||||||||||||||
Dividends paid | (880.0) | (188.0) | (152.3) | ||||||||||||||
Shares repurchased | — | — | (888.9) | ||||||||||||||
Debt issuance and retirement costs paid | — | — | (6.6) | ||||||||||||||
Cash settlement of stock options | — | (75.2) | — | ||||||||||||||
Proceeds from employee stock plans | — | 19.9 | 9.9 | ||||||||||||||
Net cash used for financing activities | (890.5) | (251.2) | (510.3) | ||||||||||||||
Effect of exchange rate changes on cash | (1.8) | (2.3) | (4.3) | ||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Net increase (decrease) during each year | (131.7) | 151.1 | 39.4 | ||||||||||||||
At beginning of year | 339.3 | 188.2 | 148.8 | ||||||||||||||
At end of year | $ | 207.6 | $ | 339.3 | $ | 188.2 | |||||||||||
Supplemental information continued on next page. | |||||||||||||||||
Continued from previous page. | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Supplemental cash flow information | |||||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Capital expenditures accrued but not yet paid at end of year | $ | 0.6 | $ | 14.1 | $ | 21.5 | |||||||||||
Other investing activities accrued but not yet paid at the end of the year | 32.4 | 35.6 | 31.9 | ||||||||||||||
Finance lease obligations incurred | 9.1 | 11.5 | 0.8 | ||||||||||||||
Non-cash asset acquisitions | 0.4 | 4.2 | 2.8 | ||||||||||||||
Dividends accrued but not yet paid at end of year | — | — | 40.6 | ||||||||||||||
Cash payments: | |||||||||||||||||
Interest paid, net of amounts capitalized | $ | 152.2 | $ | 152.7 | $ | 144.5 | |||||||||||
Income tax payments, net of refunds | 275.8 | 173.0 | 182.3 |
$25 Par Preferred Stock | $.01 Par Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest | Total | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 5.6 | $ | 1.0 | $ | 843.7 | $ | 3,601.3 | $ | (29.1) | $ | 323.4 | $ | 4,745.9 | |||||||||||||||||||||||||||
Net income | 617.0 | 2.1 | 619.1 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 29.5 | 29.5 | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | 0.9 | 0.9 | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($1.64/share) | — | (153.7) | (153.7) | ||||||||||||||||||||||||||||||||||||||
Dividends on $25 par preferred stock ($1.00/share) | (0.2) | (0.2) | |||||||||||||||||||||||||||||||||||||||
Share repurchases | (0.2) | (0.1) | (51.3) | (844.8) | (896.4) | ||||||||||||||||||||||||||||||||||||
Forward contract for accelerated share repurchases | (75.0) | (75.0) | |||||||||||||||||||||||||||||||||||||||
Settlement of forward contract for accelerated share repurchases | 82.5 | 82.5 | |||||||||||||||||||||||||||||||||||||||
Options exercised and stock subscribed, net of shares withheld for employee taxes | — | 6.2 | 6.2 | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | 24.8 | 24.8 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 5.4 | 0.9 | 830.9 | 3,219.6 | 0.4 | 326.4 | 4,383.6 | ||||||||||||||||||||||||||||||||||
Net income | 525.2 | 1.8 | 527.0 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 19.0 | 19.0 | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($1.62/share) | — | (147.3) | (147.3) | ||||||||||||||||||||||||||||||||||||||
Dividends on $25 par preferred stock ($0.75/share) | (0.2) | (0.2) | |||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | (2.1) | (72.9) | (75.0) | ||||||||||||||||||||||||||||||||||||
Settlement of forward contract for accelerated share repurchases | 75.0 | 75.0 | |||||||||||||||||||||||||||||||||||||||
Options exercised and stock subscribed, net of shares withheld for employee taxes | — | (0.2) | (0.2) | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | 80.4 | 80.4 | |||||||||||||||||||||||||||||||||||||||
Replacement of equity share awards with liability awards | (54.5) | (54.5) | |||||||||||||||||||||||||||||||||||||||
Cash settlement of stock options | (75.2) | (75.2) | |||||||||||||||||||||||||||||||||||||||
Recapitalization of stock | (5.4) | (0.9) | 6.3 | — | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | — | — | 860.6 | 3,524.4 | 19.4 | 328.2 | 4,732.6 | ||||||||||||||||||||||||||||||||||
Net income | 982.2 | 1.6 | 983.8 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (42.8) | (42.8) | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | 1.2 | 1.2 | |||||||||||||||||||||||||||||||||||||||
Dividends to Canadian Pacific | (880.0) | (880.0) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | — | — | $ | 860.6 | $ | 3,626.6 | $ | (23.4) | $ | 331.0 | $ | 4,794.8 |
Leases | Classification | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||||
Operating | Operating lease right-of-use assets | $ | 100.9 | $ | 69.6 | |||||||||||||||||||||
Finance | Property and equipment (including Concession assets), net | 17.8 | 13.9 | |||||||||||||||||||||||
Total leased assets | $ | 118.7 | $ | 83.5 | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||
Operating | Accounts payable and accrued liabilities | $ | 28.8 | $ | 22.3 | |||||||||||||||||||||
Finance | Long-term debt due within one year | 6.3 | 4.5 | |||||||||||||||||||||||
Noncurrent | ||||||||||||||||||||||||||
Operating | Long-term operating lease liabilities | 71.5 | 46.4 | |||||||||||||||||||||||
Finance | Long-term debt | 12.4 | 10.9 | |||||||||||||||||||||||
Total lease liabilities | $ | 119.0 | $ | 84.1 |
Years ended | ||||||||||||||||||||||||||
Lease Cost | Classification | December 31, 2022 | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Operating lease cost: | (in millions) | |||||||||||||||||||||||||
Equipment costs | $ | 20.8 | $ | 19.6 | $ | 23.3 | ||||||||||||||||||||
Materials and other | 5.7 | 5.8 | 5.0 | |||||||||||||||||||||||
Finance lease cost: | ||||||||||||||||||||||||||
Amortization of finance lease assets | Depreciation and amortization | 2.8 | 1.7 | 1.6 | ||||||||||||||||||||||
Interest on lease liabilities | Interest expense | 0.6 | 0.6 | 0.9 | ||||||||||||||||||||||
Total lease cost | $ | 29.9 | $ | 27.7 | $ | 30.8 |
Years ended | ||||||||||||||||||||
Cash Flow Information | December 31, 2022 | December 31, 2021 | December 31, 2020 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash paid for operating leases included in operating activities | $ | 32.5 | $ | 29.4 | $ | 45.6 | ||||||||||||||
Cash paid for finance leases included in operating activities | 0.7 | 0.8 | 0.9 | |||||||||||||||||
Cash paid for finance leases included in financing activities | 5.9 | 3.5 | 2.0 | |||||||||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | 58.9 | 32.9 | 18.4 | |||||||||||||||||
Right-of-use assets obtained in exchange for financing lease liabilities | 9.2 | 11.5 | 0.8 |
Lease Term and Discount Rate | December 31, 2022 | December 31, 2021 | ||||||||||||
Weighted-average remaining lease term (years) | ||||||||||||||
Operating leases | 4.2 | 4.2 | ||||||||||||
Finance leases | 3.6 | 3.8 | ||||||||||||
Weighted-average discount rate | ||||||||||||||
Operating leases | 2.9 | % | 2.2 | % | ||||||||||
Finance leases | 3.5 | % | 5.1 | % |
Remaining Maturities of Lease Liabilities Year Ending December 31 (in millions), | Operating Leases | Finance Leases | ||||||||||||
2023 | $ | 29.7 | $ | 6.8 | ||||||||||
2024 | 25.6 | 4.5 | ||||||||||||
2025 | 18.9 | 4.2 | ||||||||||||
2026 | 17.0 | 3.6 | ||||||||||||
2027 | 9.5 | 0.4 | ||||||||||||
Thereafter | 3.5 | — | ||||||||||||
Total lease payments | 104.2 | 19.5 | ||||||||||||
Less imputed interest | 3.9 | 0.8 | ||||||||||||
Total | $ | 100.3 | $ | 18.7 |
Years ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Chemical & Petroleum | |||||||||||||||||
Chemicals | $ | 291.9 | $ | 263.5 | $ | 236.7 | |||||||||||
Petroleum | 324.8 | 442.1 | 375.0 | ||||||||||||||
Plastics | 166.8 | 146.2 | 152.1 | ||||||||||||||
Total | 783.5 | 851.8 | 763.8 | ||||||||||||||
Industrial & Consumer Products | |||||||||||||||||
Forest Products | 295.8 | 261.8 | 247.8 | ||||||||||||||
Metals & Scrap | 257.3 | 204.9 | 188.4 | ||||||||||||||
Other | 157.5 | 122.9 | 101.5 | ||||||||||||||
Total | 710.6 | 589.6 | 537.7 | ||||||||||||||
Agriculture & Minerals | |||||||||||||||||
Grain | 432.5 | 358.6 | 299.6 | ||||||||||||||
Food Products | 175.1 | 152.3 | 154.6 | ||||||||||||||
Ores & Minerals | 33.5 | 25.9 | 21.8 | ||||||||||||||
Stone, Clay & Glass | 40.9 | 34.9 | 29.4 | ||||||||||||||
Total | 682.0 | 571.7 | 505.4 | ||||||||||||||
Energy | |||||||||||||||||
Utility Coal | 165.3 | 148.5 | 105.6 | ||||||||||||||
Coal & Petroleum Coke | 49.2 | 47.3 | 41.8 | ||||||||||||||
Frac Sand | 18.3 | 15.6 | 11.3 | ||||||||||||||
Crude Oil | 72.4 | 43.4 | 36.3 | ||||||||||||||
Total | 305.2 | 254.8 | 195.0 | ||||||||||||||
Intermodal | 449.7 | 346.3 | 319.1 | ||||||||||||||
Automotive | 258.4 | 183.2 | 172.7 | ||||||||||||||
Total Freight Revenues | 3,189.4 | 2,797.4 | 2,493.7 | ||||||||||||||
Other Revenue | 181.0 | 149.9 | 138.9 | ||||||||||||||
Total Revenues | $ | 3,370.4 | $ | 2,947.3 | $ | 2,632.6 |
Contract liabilities | Years ended December 31, | |||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Beginning balance | $ | 68.4 | $ | 29.9 | ||||||||||||||||
Revenue recognized that was included in the contract liability balance at the beginning of the period | (34.1) | (29.7) | ||||||||||||||||||
Increases due to consideration received, excluding amounts recognized as revenue during the period | 29.8 | 68.2 | ||||||||||||||||||
Ending balance | $ | 64.1 | $ | 68.4 |
As of December 31, 2022 | Cost | Accumulated Depreciation | Net Book Value | Depreciation Rates for 2022 | |||||||||||||||||||
Land | $ | 244.7 | $ | — | $ | 244.7 | N/A | ||||||||||||||||
Concession land rights | 141.1 | (33.6) | 107.5 | 1.0 | % | ||||||||||||||||||
Rail and other track material | 2,394.8 | (454.3) | 1,940.5 | 1.9-3.6% | |||||||||||||||||||
Ties | 1,868.0 | (475.8) | 1,392.2 | 1.4-5.4% | |||||||||||||||||||
Grading | 1,013.1 | (210.8) | 802.3 | 1.0 | % | ||||||||||||||||||
Bridges and tunnels | 940.8 | (192.3) | 748.5 | 1.3 | % | ||||||||||||||||||
Ballast | 940.2 | (277.8) | 662.4 | 2.2-4.4% | |||||||||||||||||||
Other (a) | 1,652.5 | (567.7) | 1,084.8 | 3.0 | % | ||||||||||||||||||
Total road property | 8,809.4 | (2,178.7) | 6,630.7 | 2.7 | % | ||||||||||||||||||
Locomotives | 1,826.2 | (637.0) | 1,189.2 | 5.0 | % | ||||||||||||||||||
Freight cars | 995.0 | (266.4) | 728.6 | 2.9 | % | ||||||||||||||||||
Other equipment | 83.0 | (41.1) | 41.9 | 5.2 | % | ||||||||||||||||||
Total equipment | 2,904.2 | (944.5) | 1,959.7 | 4.3 | % | ||||||||||||||||||
Technology and other | 453.7 | (335.6) | 118.1 | 10.9 | % | ||||||||||||||||||
Construction in progress | 301.7 | — | 301.7 | N/A | |||||||||||||||||||
Total property and equipment (including Concession assets) | $ | 12,854.8 | $ | (3,492.4) | $ | 9,362.4 | N/A |
As of December 31, 2021 | Cost | Accumulated Depreciation | Net Book Value | Depreciation Rates for 2021 | |||||||||||||||||||
Land | $ | 243.0 | $ | — | $ | 243.0 | N/A | ||||||||||||||||
Concession land rights | 141.1 | (32.2) | 108.9 | 1.0 | % | ||||||||||||||||||
Rail and other track material | 2,240.6 | (417.7) | 1,822.9 | 1.8-3.6% | |||||||||||||||||||
Ties | 1,790.0 | (435.6) | 1,354.4 | 1.4-5.4% | |||||||||||||||||||
Grading | 1,006.8 | (200.3) | 806.5 | 1.0 | % | ||||||||||||||||||
Bridges and tunnels | 884.1 | (181.0) | 703.1 | 1.3 | % | ||||||||||||||||||
Ballast | 898.6 | (258.2) | 640.4 | 2.2-4.4% | |||||||||||||||||||
Other (a) | 1,610.5 | (519.6) | 1,090.9 | 2.7 | % | ||||||||||||||||||
Total road property | 8,430.6 | (2,012.4) | 6,418.2 | 2.6 | % | ||||||||||||||||||
Locomotives | 1,777.2 | (546.6) | 1,230.6 | 4.5 | % | ||||||||||||||||||
Freight cars | 974.2 | (234.4) | 739.8 | 2.2 | % | ||||||||||||||||||
Other equipment | 91.0 | (39.9) | 51.1 | 5.0 | % | ||||||||||||||||||
Total equipment | 2,842.4 | (820.9) | 2,021.5 | 3.7 | % | ||||||||||||||||||
Technology and other | 372.6 | (290.7) | 81.9 | 15.6 | % | ||||||||||||||||||
Construction in progress | 335.8 | — | 335.8 | N/A | |||||||||||||||||||
Total property and equipment (including Concession assets) | $ | 12,365.5 | $ | (3,156.2) | $ | 9,209.3 | N/A |
2022 | 2021 | ||||||||||
Prepaid expenses | $ | 28.4 | $ | 25.8 | |||||||
Refundable Mexican value added tax | 78.9 | 78.0 | |||||||||
Prepaid income taxes | 14.3 | 19.0 | |||||||||
Advances to affiliates | 8.8 | 9.0 | |||||||||
Other | 8.4 | 10.3 | |||||||||
Other current assets | $ | 138.8 | $ | 142.1 |
2022 | 2021 | ||||||||||
Accounts payable | $ | 207.2 | $ | 169.7 | |||||||
Accrued wages and vacation | 128.4 | 103.7 | |||||||||
Accrued merger costs | 55.8 | 37.3 | |||||||||
Income and other taxes | 41.9 | 37.0 | |||||||||
Foreign currency forward contracts | 41.0 | 1.8 | |||||||||
Contract liabilities | 31.3 | 30.0 | |||||||||
Short-term operating lease liability | 28.8 | 22.3 | |||||||||
Interest payable | 26.2 | 26.2 | |||||||||
Derailments, personal injury and other claim provisions | 25.1 | 27.5 | |||||||||
Accrued rents and leases | 13.3 | 7.7 | |||||||||
Other | 36.7 | 16.5 | |||||||||
Accounts payable and accrued liabilities | $ | 635.7 | $ | 479.7 |
December 31, 2022 | December 31, 2021 | |||||||||||||
Level 2 | Level 2 | |||||||||||||
Assets | ||||||||||||||
Treasury lock agreements | $ | — | $ | 57.4 | ||||||||||
Liabilities | ||||||||||||||
Debt instruments | 3,308.3 | 4,311.1 | ||||||||||||
Foreign currency derivative instruments | 41.0 | 1.8 |
Foreign currency forward contracts | |||||||||||||||||||||||||||||||||||||||||
Contracts to sell Ps./receive USD | Offsetting contracts to purchase Ps./pay USD | ||||||||||||||||||||||||||||||||||||||||
Notional amount | Notional amount | Weighted-average exchange rate (in Ps./USD) | Notional amount | Notional amount | Weighted-average exchange rate (in Ps./USD) | Cash received/(paid) on settlement | |||||||||||||||||||||||||||||||||||
Contracts executed in 2022 and outstanding | $ | 535.0 | Ps. | 11,235.2 | Ps. | 21.0 | — | — | — | — | |||||||||||||||||||||||||||||||
Contracts executed in 2022 and settled in 2022 | $ | 110.0 | Ps. | 2,348.4 | Ps. | 21.3 | $ | 113.4 | Ps. | 2,348.4 | Ps. | 20.7 | $ | (3.4) | |||||||||||||||||||||||||||
Contracts executed in 2021 and settled in 2022 | $ | 270.0 | Ps. | 5,583.3 | Ps. | 20.7 | $ | 271.7 | Ps. | 5,583.3 | Ps. | 20.6 | $ | (1.7) | |||||||||||||||||||||||||||
Contracts executed in 2020 and settled in 2020 | $ | 75.0 | Ps. | 1,555.5 | Ps. | 20.7 | $ | 78.0 | Ps. | 1,555.5 | Ps. | 20.0 | $ | (2.9) | |||||||||||||||||||||||||||
Contracts to purchase Ps./pay USD | Offsetting contracts to sell Ps./receive USD | ||||||||||||||||||||||||||||||||||||||||
Notional amount | Notional amount | Weighted-average exchange rate (in Ps./USD) | Notional amount | Notional amount | Weighted-average exchange rate (in Ps./USD) | Cash received/(paid) on settlement | |||||||||||||||||||||||||||||||||||
Contracts executed in 2021 and settled in 2021 | $ | 100.0 | Ps. | 1,993.5 | Ps. | 19.9 | $ | 98.1 | Ps. | 1,993.5 | Ps. | 20.3 | $ | (1.9) | |||||||||||||||||||||||||||
Contracts executed in 2020 and settled in 2020 | $ | 555.0 | Ps. | 11,254.3 | Ps. | 20.3 | $ | 534.3 | Ps. | 11,254.3 | Ps. | 21.1 | $ | (20.7) | |||||||||||||||||||||||||||
Contracts executed in 2019 and settled in 2020 | $ | 105.0 | Ps. | 2,041.2 | Ps. | 19.4 | $ | 108.6 | Ps. | 2,041.2 | Ps. | 18.8 | $ | 3.6 |
Derivative Assets | |||||||||||||||||
Balance Sheet Location | 2022 | 2021 | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Treasury lock agreements | Other assets | — | $ | 57.4 | |||||||||||||
Total derivatives designated as hedging instruments | — | 57.4 | |||||||||||||||
Total derivative assets | — | $ | 57.4 |
Derivative Liabilities | |||||||||||||||||
Balance Sheet Location | 2022 | 2021 | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts | Accounts payable and accrued liabilities | $ | 41.0 | $ | 1.8 | ||||||||||||
Total derivatives not designated as hedging instruments | 41.0 | 1.8 | |||||||||||||||
Total derivative liabilities | $ | 41.0 | $ | 1.8 |
As of December 31, 2022 | Gross Liabilities | Gross Assets | Net Amounts Presented in the Consolidated Balance Sheets | |||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | 41.0 | — | $ | 41.0 | |||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | 2.8 | $ | (1.0) | $ | 1.8 |
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in OCI on Derivative | Location of Gain/(Loss) Reclassified from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Treasury lock agreements | $ | 201.9 | $ | 21.8 | $ | 35.6 | Interest expense | $ | (2.4) | $ | (2.5) | $ | (2.4) | ||||||||||||||||||||||||||||||||||
Gain on settlement of treasury lock agreements | 259.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 201.9 | $ | 21.8 | $ | 35.6 | $ | 256.9 | $ | (2.5) | $ | (2.4) | |||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) Recognized in Income on Derivative | Amount of Gain/(Loss) Recognized in Income on Derivative | ||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||
Foreign currency forward contracts | Foreign exchange loss | $ | (44.3) | $ | (3.7) | $ | (22.5) | |||||||||||||||||||
Total | $ | (44.3) | $ | (3.7) | $ | (22.5) |
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Principal | Unamortized Discount and Debt Issuance Costs | Net | Principal | Unamortized Discount and Debt Issuance Costs | Net | ||||||||||||||||||||||||||||||
Revolving credit facilities, variable interest rate, due 2024 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
KCS 3.00% senior notes, due 2023 | 439.1 | 0.3 | 438.8 | 439.1 | 1.0 | 438.1 | |||||||||||||||||||||||||||||
KCS 3.85% senior notes, due 2023 | 199.2 | 0.2 | 199.0 | 199.2 | 0.5 | 198.7 | |||||||||||||||||||||||||||||
KCS 3.125% senior notes, due 2026 | 250.0 | 1.3 | 248.7 | 250.0 | 1.7 | 248.3 | |||||||||||||||||||||||||||||
KCS 2.875% senior notes, due 2029 | 425.0 | 3.0 | 422.0 | 425.0 | 3.4 | 421.6 | |||||||||||||||||||||||||||||
KCS 4.30% senior notes, due 2043 | 448.7 | 7.8 | 440.9 | 448.7 | 8.1 | 440.6 | |||||||||||||||||||||||||||||
KCS 4.95% senior notes, due 2045 | 499.2 | 6.4 | 492.8 | 499.2 | 6.7 | 492.5 | |||||||||||||||||||||||||||||
KCS 4.70% senior notes, due 2048 | 500.0 | 5.4 | 494.6 | 500.0 | 5.6 | 494.4 | |||||||||||||||||||||||||||||
KCS 3.50% senior notes, due 2050 | 550.0 | 10.1 | 539.9 | 550.0 | 10.4 | 539.6 | |||||||||||||||||||||||||||||
KCS 4.20% senior notes, due 2069 | 425.0 | 6.7 | 418.3 | 425.0 | 6.8 | 418.2 | |||||||||||||||||||||||||||||
KCSR 3.85% to 4.95% senior notes, due through 2045 | 2.7 | — | 2.7 | 2.7 | — | 2.7 | |||||||||||||||||||||||||||||
KCSM 3.00% senior notes, due 2023 | 5.6 | — | 5.6 | 5.6 | — | 5.6 | |||||||||||||||||||||||||||||
RRIF loans 2.96% to 4.29%, due serially through 2037 | 57.7 | 0.3 | 57.4 | 62.0 | 0.3 | 61.7 | |||||||||||||||||||||||||||||
Finance lease obligations, due serially to 2027 | 18.7 | — | 18.7 | 15.4 | — | 15.4 | |||||||||||||||||||||||||||||
Other debt obligations | 0.2 | — | 0.2 | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||
Total | 3,821.1 | 41.5 | 3,779.6 | 3,822.1 | 44.5 | 3,777.6 | |||||||||||||||||||||||||||||
Less: Debt due within one year | 655.5 | 0.5 | 655.0 | 8.8 | — | 8.8 | |||||||||||||||||||||||||||||
Long-term debt | $ | 3,165.6 | $ | 41.0 | $ | 3,124.6 | $ | 3,813.3 | $ | 44.5 | $ | 3,768.8 |
Years | Long-Term Debt | Net Present Value Finance Leases | Total | ||||||||||||||||||||||||||||||||||||||||||||
2023 | $ | 649.2 | $ | 6.3 | $ | 655.5 | |||||||||||||||||||||||||||||||||||||||||
2024 | 4.6 | 4.3 | 8.9 | ||||||||||||||||||||||||||||||||||||||||||||
2025 | 5.0 | 4.1 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||
2026 | 255.0 | 3.6 | 258.6 | ||||||||||||||||||||||||||||||||||||||||||||
2027 | 5.2 | 0.4 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 2,883.4 | — | 2,883.4 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,802.4 | $ | 18.7 | $ | 3,821.1 |
2022 | 2021 | 2020 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 88.4 | $ | 18.1 | $ | (1.9) | |||||||||||
State and local | 8.2 | 2.7 | 1.6 | ||||||||||||||
Foreign | 194.3 | 167.1 | 155.0 | ||||||||||||||
Total current | 290.9 | 187.9 | 154.7 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | 52.7 | 21.2 | 49.4 | ||||||||||||||
State and local | (3.3) | (1.6) | 13.8 | ||||||||||||||
Foreign | (14.4) | 3.6 | (13.8) | ||||||||||||||
Total deferred | 35.0 | 23.2 | 49.4 | ||||||||||||||
Total income tax expense | $ | 325.9 | $ | 211.1 | $ | 204.1 |
2022 | 2021 | 2020 | |||||||||||||||
Income before income taxes: | |||||||||||||||||
U.S. | $ | 662.1 | $ | 148.6 | $ | 329.0 | |||||||||||
Foreign | 647.6 | 589.5 | 494.2 | ||||||||||||||
Total income before income taxes | $ | 1,309.7 | $ | 738.1 | $ | 823.2 |
2022 | 2021 | ||||||||||
Assets: | |||||||||||
Reserves not currently deductible for tax | $ | 65.5 | $ | 42.5 | |||||||
Compensation and benefits | 32.0 | 28.0 | |||||||||
Lease liability | 26.9 | 19.4 | |||||||||
Tax credit and loss carryovers | 14.8 | 26.4 | |||||||||
Other | 26.5 | 6.5 | |||||||||
Gross deferred tax assets before valuation allowance | 165.7 | 122.8 | |||||||||
Valuation allowance | (2.1) | (7.3) | |||||||||
Net deferred tax assets | 163.6 | 115.5 | |||||||||
Liabilities: | |||||||||||
Property | (1,317.1) | (1,253.0) | |||||||||
Investments | (57.9) | (56.0) | |||||||||
Other | (25.7) | (20.2) | |||||||||
Gross deferred tax liabilities | (1,400.7) | (1,329.2) | |||||||||
Net deferred tax liability | $ | (1,237.1) | $ | (1,213.7) |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Dollars | Percent | Dollars | Percent | Dollars | Percent | ||||||||||||||||||||||||||||||
Income tax expense using the statutory rate in effect | $ | 275.0 | 21.0 | % | $ | 155.0 | 21.0 | % | $ | 172.9 | 21.0 | % | |||||||||||||||||||||||
Tax effect of: | |||||||||||||||||||||||||||||||||||
Difference between U.S. and foreign tax rate | 57.4 | 4.4 | % | 51.9 | 7.0 | % | 44.1 | 5.4 | % | ||||||||||||||||||||||||||
Inflation | (25.8) | (2.0 | %) | (10.4) | (1.4 | %) | (4.9) | (0.6 | %) | ||||||||||||||||||||||||||
Tax credits | (11.9) | (0.9 | %) | (11.7) | (1.6 | %) | (13.8) | (1.7 | %) | ||||||||||||||||||||||||||
Foreign exchange (i) | 9.4 | 0.7 | % | 5.9 | 0.8 | % | (3.4) | (0.4 | %) | ||||||||||||||||||||||||||
State and local income tax provision, net | 9.1 | 0.7 | % | 0.2 | — | 12.5 | 1.5 | % | |||||||||||||||||||||||||||
Withholding tax | 8.5 | 0.6 | % | 8.5 | 1.2 | % | 9.9 | 1.2 | % | ||||||||||||||||||||||||||
Non-deductible executive compensation | 3.6 | 0.3 | % | 14.7 | 2.0 | % | 1.8 | 0.2 | % | ||||||||||||||||||||||||||
Non-deductible transaction costs | 0.6 | — | 14.0 | 1.9 | % | — | — | ||||||||||||||||||||||||||||
Global intangible low-taxed income tax, net | 0.1 | — | 0.4 | 0.1 | % | (14.5) | (1.8 | %) | |||||||||||||||||||||||||||
Share-based compensation | — | — | (25.2) | (3.4 | %) | (4.6) | (0.6 | %) | |||||||||||||||||||||||||||
Other, net | (0.1) | 0.1 | % | 7.8 | 1.0 | % | 4.1 | 0.6 | % | ||||||||||||||||||||||||||
Income tax expense | $ | 325.9 | 24.9 | % | $ | 211.1 | 28.6 | % | $ | 204.1 | 24.8 | % |
2022 | 2021 | ||||||||||
Balance at January 1, | $ | 2.2 | $ | 2.2 | |||||||
Additions for tax positions of prior years | 1.3 | — | |||||||||
Reductions for settlement with taxing authorities | (2.2) | — | |||||||||
Balance at December 31, | $ | 1.3 | $ | 2.2 |
2021 | 2020 | ||||||||||||||||
Balance at beginning of year | 32,305,078 | 27,236,516 | |||||||||||||||
Shares repurchased | 233,402 | 5,350,976 | |||||||||||||||
Shares issued to fund stock option exercises | (189,775) | (133,951) | |||||||||||||||
Employee stock purchase plan shares issued | (41,338) | (51,658) | |||||||||||||||
Nonvested shares issued | (50,127) | (111,003) | |||||||||||||||
Nonvested shares forfeited | 16,808 | 14,198 | |||||||||||||||
Conversion of restricted shares to cash | 25,049 | — | |||||||||||||||
Recapitalization of equity | (32,299,097) | — | |||||||||||||||
Balance at end of year | — | 32,305,078 |
2021 | 2020 | ||||||||||||||||
Cash dividends declared per common share | $ | 1.62 | $ | 1.64 |
2021 | 2020 | ||||||||||||||||
Expected dividend yield | 0.83 | % | 1.04 | % | |||||||||||||
Expected volatility | 30.86 | % | 26.07 | % | |||||||||||||
Risk-free interest rate | 0.74 | % | 1.27 | % | |||||||||||||
Expected term (years) | 6.0 | 5.7 | |||||||||||||||
Weighted-average grant date fair value of stock options granted | $ | 58.74 | $ | 37.79 |
2021 | 2020 | ||||||||||||||||
Aggregate grant-date fair value of stock options vested | $ | 8.5 | $ | 3.7 | |||||||||||||
Intrinsic value of stock options exercised | 34.9 | 13.9 | |||||||||||||||
Cash received from option exercises | 19.9 | 9.9 | |||||||||||||||
Tax benefit from options exercised during the annual period | 7.8 | 3.5 |
Exercise Date | Received from Employees(i) In millions | ||||||||||||||||||||||
Date Issued | Purchase Price | Shares Issued | |||||||||||||||||||||
January 2021 offering | July 1, 2021 | $ | 170.83 | 18,046 | $ | 3.1 | |||||||||||||||||
July 2020 offering | January 5, 2021 | $ | 122.91 | 23,292 | $ | 2.9 | |||||||||||||||||
January 2020 offering | July 2, 2020 | $ | 126.90 | 23,709 | $ | 3.0 | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Expected dividend yield | 0.88 | % | 1.07 | % | |||||||||||||
Expected volatility | 18.65 | % | 30.55 | % | |||||||||||||
Risk-free interest rate | 0.05 | % | 1.01 | % | |||||||||||||
Expected term (years) | 0.5 | 0.5 | |||||||||||||||
Weighted-average grant date fair value | $ | 40.40 | $ | 35.14 |
2022 | 2021 | ||||||||||
Balance at beginning of year | $ | 32.6 | $ | 31.3 | |||||||
Accruals | 18.3 | 6.3 | |||||||||
Changes in estimate | 1.4 | (1.4) | |||||||||
Payments | (15.6) | (3.6) | |||||||||
Balance at end of year | $ | 36.7 | $ | 32.6 |
Fourth | Third | Second | First | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
2022 | |||||||||||||||||||||||
Revenues | $ | 864.5 | $ | 882.2 | $ | 845.5 | $ | 778.2 | |||||||||||||||
Operating income (i) | 298.2 | 325.0 | 312.8 | 291.1 | |||||||||||||||||||
Net income (ii) | 400.0 | 201.7 | 194.1 | 188.0 | |||||||||||||||||||
Net income attributable to Kansas City Southern and subsidiaries | 399.4 | 201.3 | 194.1 | 187.4 | |||||||||||||||||||
2021 | |||||||||||||||||||||||
Revenues | $ | 747.8 | $ | 744.0 | $ | 749.5 | $ | 706.0 | |||||||||||||||
Operating income (loss) (iii) | 810.6 | 251.9 | (431.7) | 253.0 | |||||||||||||||||||
Net income (loss) | 595.1 | 156.5 | (378.0) | 153.4 | |||||||||||||||||||
Net income (loss) attributable to Kansas City Southern and subsidiaries | 594.5 | 156.2 | (378.5) | 153.0 | |||||||||||||||||||
Years ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Revenues | |||||||||||||||||
U.S. | $ | 1,816.2 | $ | 1,580.6 | $ | 1,388.5 | |||||||||||
Mexico | 1,554.2 | 1,366.7 | 1,244.1 | ||||||||||||||
Total revenues | $ | 3,370.4 | $ | 2,947.3 | $ | 2,632.6 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Property and equipment (including Concession assets), net | |||||||||||
U.S. | $ | 5,885.3 | $ | 5,744.4 | |||||||
Mexico | 3,477.1 | 3,464.9 | |||||||||
Total property and equipment (including Concession assets), net | $ | 9,362.4 | $ | 9,209.3 |
Pay Mix | ||||||||
CEO | Other NEOs | |||||||
Base Salary | 15 | % | 28 | % | ||||
Short - Term Incentive | 17 | % | 21 | % | ||||
Stock Options | 17 | % | 13 | % | ||||
Performance Shares | 34 | % | 25 | % | ||||
Restricted Stock | 17 | % | 13 | % | ||||
Total | 100 | % | 100 | % | ||||
Base Salary | ||
Percentage of Base Salary | ||||||||||||
Current Officers | Threshold Performance Level | Target Performance Level | Maximum Performance Level | |||||||||
Mr. Ottensmeyer | 0 | % | 115 | % | 230 | % | ||||||
Mr. Upchurch | 0 | % | 75 | % | 150 | % | ||||||
Mr. Songer | 0 | % | 80 | % | 160 | % | ||||||
Mr. Naatz | 0 | % | 70 | % | 140 | % |
Percentage of Base Salary | ||||||||||||
Current Officers | Threshold Performance Level | Target Performance Level | Maximum Performance Level | |||||||||
Mr. Godderz | 0 | % | 65 | % | 130 | % | ||||||
Mr. Hancock | 0 | % | 70 | % | 140 | % |
OR | OCF | Operational Objectives | ||||||||||||||||||
TPC | Safety | |||||||||||||||||||
IFR | AFR | |||||||||||||||||||
Ottensmeyer | 40 | % | 40 | % | 10 | % | 5 | % | 5 | % | ||||||||||
Upchurch | 45 | % | 45 | % | 5 | % | 2.5 | % | 2.5 | % | ||||||||||
Songer | 40 | % | 40 | % | 10 | % | 5 | % | 5 | % | ||||||||||
Naatz | 45 | % | 45 | % | 5 | % | 2.5 | % | 2.5 | % | ||||||||||
Godderz | 45 | % | 45 | % | 5 | % | 2.5 | % | 2.5 | % | ||||||||||
Hancock | 45 | % | 45 | % | 5 | % | 2.5 | % | 2.5 | % |
Threshold (0% Payout) | Target (100% Payout) | Maximum (200% Payout) | ||||||||||
OR | 62.15 | % | 59.15% - 59.65 | % | 56.90 | % | ||||||
OCF (in millions) | $ | 854 | $ | 1,024 - $1,057 | $ | 1,187 | ||||||
TPC | <60.26 | % | 60.26% - 63.13 | % | >63.13 | % | ||||||
IFR | >1.62 | 1.62 | 1.44 | |||||||||
AFR | >3.35 | 3.35 | 2.97 |
2021 Results | ||||
OR | 60.28 | % | ||
OCF (in millions) | $ | 1,032 | ||
TPC | 63.12 | % | ||
IFR | 1.71 | |||
AFR | 3.24 |
Current Officers | Number of Target Performance Shares Granted Under the 2021 LTI Program | Number of Non-Incentive Stock Options Granted Under the 2021 LTI Program | Number of Shares of Restricted Stock Granted Under the 2021 LTI Program | |||||||||
Mr. Ottensmeyer | 11,369 | 20,429 | 5,685 | |||||||||
Mr. Upchurch | 2,821 | 5,069 | 1,410 | |||||||||
Mr. Songer* | 2,399 | 4,311 | 3,568 | |||||||||
Mr. Naatz | 2,271 | 4,082 | 1,136 | |||||||||
Mr. Godderz | 1,516 | 2,724 | 758 | |||||||||
Mr. Hancock | 2,271 | 4,082 | 1,136 |
Percentage | ||||
Performance Level | Return on Invested Capital (75% weight) | Consolidated Operating Ratio (25% weight) | Percentage Payout of Total Incentive Target | |||||||||
2021 | ||||||||||||
Threshold | 8.19% | 62.15% | 0% | |||||||||
Target | 9.77% - 10.09% | 59.15% - 59.65% | 100% | |||||||||
Maximum | 12.150% | 56.90% | 200% | |||||||||
2022 | ||||||||||||
Threshold | -120 bp change (1) | +200 bp change (1) | 0% | |||||||||
Target | +10 bp to +20 bp change (1) | -20 bp to -50 bp change (1) | 100% | |||||||||
Maximum | +50 bp change (1) | -100 bp change (1) | 200% | |||||||||
2023 | ||||||||||||
Threshold | -120 bp change (1) | +200 bp change (1) | 0% | |||||||||
Target | +10 bp to +20 bp change (1) | -20 bp to -50 bp change (1) | 100% | |||||||||
Maximum | +50 bp change (1) | -100 bp change (1) | 200% |
2019 LTI Program (Vest Date – 02/25/2022) | 2020 LTI Program (Vest Date – 02/24/2023) | 2021 LTI Program (Vest Date – 02/23/2024) | ||||||||||
Ottensmeyer | $ | 9,304,068.00 | $ | 7,619,155.20 | $ | 6,848,685.60 | ||||||
Upchurch | $ | 2,078,280.00 | $ | 1,775,272.80 | $ | 1,699,370.40 | ||||||
Songer | $ | 2,051,172.00 | $ | 1,775,272.80 | $ | 1,445,157.60 | ||||||
Naatz | $ | 1,983,100.80 | $ | 1,680,696.00 | $ | 1,368,050.40 | ||||||
Godderz | $ | 1,017,453.60 | $ | 942,756.00 | $ | 913,238.40 | ||||||
Hancock (1) | N/A | N/A | N/A |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($)(3) | Total ($) | ||||||||||||||||||||||||
Patrick J. Ottensmeyer President and Chief Executive Officer | | 2021 2020 2019 | | $ $ $ | 1,051,250 983,333 971,691 | | $ $ $ | 530,000 0 0 | | $ $ $ | 3,859,541 3,566,267 2,733,648 | | $ $ $ | 1,199,999 1,086,895 850,501 | | $ $ $ | 1,324,628 1,376,677 1,752,931 | | $ $ $ | 202,765 122,740 71,641 | | $ $ $ | 8,168,183 7,135,912 6,380,412 | | ||||||||
Michael W. Upchurch Executive Vice President and Chief Financial Officer | | 2021 2020 2019 | | $ $ $ | 536,250 509,428 501,641 | | $ $ $ | 420,500 0 0 | | $ $ $ | 977,182 859,644 631,971 | | $ $ $ | 297,753 253,253 190,014 | | $ $ $ | 447,747 446,108 575,884 | | $ $ $ | 61,300 62,492 61,602 | | $ $ $ | 2,740,732 2,130,925 1,961,112 | | ||||||||
Jeffrey M. Songer Executive Vice President and Chief Operating Officer | | 2021 2020 2019 | | $ $ $ | 534,000 510,076 505,159 | | $ $ $ | 269,000 0 0 | | $ $ $ | 1,343,652 860,503 625,818 | | $ $ $ | 253,228 253,253 187,494 | | $ $ $ | 464,633 446,666 579,922 | | $ $ $ | 54,817 62,197 63,791 | | $ $ $ | 2,919,330 2,132,695 1,962,184 | | ||||||||
Michael J. Naatz Executive Vice President and Chief Marketing Officer | | 2021 2020 2019 | | $ $ $ | 505,250 469,337 424,960 | | $ $ $ | 254,500 0 0 | | $ $ $ | 793,736 798,462 577,044 | | $ $ $ | 239,777 239,732 181,236 | | $ $ $ | 396,116 411,188 487,854 | | $ $ $ | 50,854 48,165 54,216 | | $ $ $ | 2,240,233 1,966,884 1,725,310 | | ||||||||
Adam J. Godderz Senior Vice President Chief Legal Officer and Corporate Secretary (4) | 2021 | $ | 482,500 | $ | 375,000 | $ | 537,038 | $ | 160,008 | $ | 346,396 | $ | 204,870 | $ | 2,105,812 | |||||||||||||||||
Brian D. Hancock Executive Vice President and Chief Innovation Officer (5) | | 2021 2020 2019 | | $ $ $ | 254,606 478,367 460,800 | | $ $ $ | 0 0 0 | | $ $ $ | 795,847 808,086 597,590 | | $ $ $ | 239,776 239,732 181,236 | | $ $ $ | 0 418,963 528,998 | | $ $ $ | 2,077,549 60,277 66,380 | | $ $ $ | 3,367,778 2,005,425 1,835,004 | |
Name | Year | KCS 401(K) Plan Matching Contributions ($)(a) | Group Term Life Insurance Premiums ($) | AD&D Premiums ($) | LTD Premiums ($) | Matching Charitable Gifts ($)(b) | Financial Planning Reimbursement ($) | Other ($)(c) | Total ($) | |||||||||||||||||||||||||||
Ottensmeyer | 2021 | $ | 14,500 | $ | 600 | $ | 150 | $ | 1,050 | $ | 30,000 | $ | 15,000 | $ | 141,465 | $ | 202,765 | |||||||||||||||||||
2020 | $ | 14,250 | $ | 600 | $ | 150 | $ | 1,050 | $ | 25,000 | $ | 15,945 | $ | 65,745 | $ | 122,740 | ||||||||||||||||||||
2019 | $ | 14,000 | $ | 600 | $ | 150 | $ | 1,050 | $ | 30,000 | $ | 12,071 | $ | 13,770 | $ | 71,641 | ||||||||||||||||||||
Upchurch | 2021 | $ | 14,500 | $ | 600 | $ | 150 | $ | 1,050 | $ | 30,000 | $ | 15,000 | $ | 0 | $ | 61,300 | |||||||||||||||||||
2020 | $ | 14,250 | $ | 600 | $ | 150 | $ | 1,050 | $ | 30,000 | $ | 16,442 | $ | 0 | $ | 62,492 | ||||||||||||||||||||
2019 | $ | 14,000 | $ | 600 | $ | 150 | $ | 1,050 | $ | 30,000 | $ | 15,802 | $ | 0 | $ | 61,602 | ||||||||||||||||||||
Songer | 2021 | $ | 14,500 | $ | 600 | $ | 150 | $ | 1,050 | $ | 20,000 | $ | 15,000 | $ | 3,517 | $ | 54,817 | |||||||||||||||||||
2020 | $ | 14,250 | $ | 600 | $ | 150 | $ | 1,050 | $ | 25,000 | $ | 15,183 | $ | 5,964 | $ | 62,197 | ||||||||||||||||||||
2019 | $ | 14,000 | $ | 600 | $ | 150 | $ | 1,050 | $ | 27,668 | $ | 15,288 | $ | 5,035 | $ | 63,791 | ||||||||||||||||||||
Naatz | 2021 | $ | 14,500 | $ | 600 | $ | 150 | $ | 1,050 | $ | 15,000 | $ | 15,000 | $ | 4,554 | $ | 50,854 | |||||||||||||||||||
2020 | $ | 14,250 | $ | 600 | $ | 150 | $ | 1,050 | $ | 15,000 | $ | 15,435 | $ | 1,680 | $ | 48,165 | ||||||||||||||||||||
2019 | $ | 14,000 | $ | 600 | $ | 150 | $ | 1,050 | $ | 16,400 | $ | 15,698 | $ | 6,318 | $ | 54,216 | ||||||||||||||||||||
Godderz | 2021 | $ | 14,500 | $ | 600 | $ | 150 | $ | 1,050 | $ | 17,530 | $ | 15,000 | $ | 156,040 | $ | 204,870 | |||||||||||||||||||
Hancock | 2021 | $ | 14,500 | $ | 300 | $ | 75 | $ | 525 | $ | 30,000 | $ | 7,438 | $ | 2,024,711 | $ | 2,077,549 | |||||||||||||||||||
2020 | $ | 14,250 | $ | 600 | $ | 150 | $ | 1,050 | $ | 24,000 | $ | 15,440 | $ | 4,787 | $ | 60,277 | ||||||||||||||||||||
2019 | $ | 14,000 | $ | 600 | $ | 150 | $ | 1,050 | $ | 30,000 | $ | 15,288 | $ | 5,292 | $ | 66,380 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards (1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Date Action Taken by Compensation Committee | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | All Other Stock Awards: Number of Shares of Stock or Units (#) | All Other Option Awards: Number of Securities Underlying Options (#)(5) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($) | ||||||||||||||||||||||||||||||||||||
Patrick J. Ottensmeyer | N/A | N/A | $ | 0 | $ | 1,204,207 | $ | 2,408,414 | ||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 1,229 | (4) | $ | 259,442 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 0 | 11,369 | 22,738 | $ | 2,399,996 | |||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 5,685 | (3) | $ | 1,200,104 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 20,429 | $ | 211.10 | $ | 1,199,999 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards (1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Date Action Taken by Compensation Committee | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | All Other Stock Awards: Number of Shares of Stock or Units (#) | All Other Option Awards: Number of Securities Underlying Options (#)(5) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($) | ||||||||||||||||||||||||||||||||||||
Michael W. Upchurch | N/A | N/A | $ | 0 | $ | 399,774 | $ | 799,548 | ||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 398 | (4) | $ | 84,018 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 0 | 2,821 | 5,642 | $ | 595,513 | |||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 1,410 | (3) | $ | 297,651 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 5,069 | $ | 211.10 | $ | 297,753 | |||||||||||||||||||||||||||||||||||||||||||
Jeffrey M. Songer | N/A | N/A | $ | 0 | $ | 422,394 | $ | 844,788 | ||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 398 | (4) | $ | 84,018 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 0 | 2,399 | 4,798 | $ | 506,429 | |||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 3,568 | (3) | $ | 753,205 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 4,311 | $ | 211.10 | $ | 253,228 | |||||||||||||||||||||||||||||||||||||||||||
Michael J. Naatz | N/A | N/A | $ | 0 | $ | 353,675 | $ | 707,350 | ||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 353 | (4) | $ | 74,518 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 0 | 2,271 | 4,542 | $ | 479,408 | |||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 1,136 | (3) | $ | 239,810 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 4,082 | $ | 211.10 | $ | 239,777 | |||||||||||||||||||||||||||||||||||||||||||
Adam J. Godderz | N/A | N/A | $ | 0 | $ | 309,283 | $ | 618,566 | ||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 270 | (4) | $ | 56,997 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 0 | 1,516 | 3,032 | $ | 320,028 | |||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 758 | (3) | $ | 160,014 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 2,724 | $ | 211.10 | $ | 160,008 | |||||||||||||||||||||||||||||||||||||||||||
Brian D. Hancock | N/A | N/A | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 363 | (4) | $ | 76,629 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 0 | 2,271 | 4,542 | $ | 479,408 | |||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 1,136 | (3) | $ | 239,810 | ||||||||||||||||||||||||||||||||||||||||||||
02/03/2021 | 4,082 | $ | 211.10 | $ | 239,777 |
Option Awards | Stock Awards | |||||||||||||||
Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(3) | |||||||||||||
Ottensmeyer | | 4,690 161,650 | | $ $ | 1,101,704 28,455,431.46 | (1) (2) | 53,996 | $ | 12,000,240 | |||||||
Upchurch | | 37,845 11,288 | | $ $ | 7,559,089 1,396,024.14 | (1) (2) | 12,570 | $ | 2,787,307 | |||||||
Songer | 27,768 | $ | 4,667,998.97 | (2) | 22,811 | $ | 5,808,904 | |||||||||
Naatz | 20,010 | $ | 3,074,586.95 | (2) | 9,240 | $ | 2,320,635 | |||||||||
Godderz | | 8,844 5,936 | | $ $ | 1,725,180 726,923.58 | (1) (2) | 3,910 | $ | 1,038,968 | |||||||
Hancock | 14,619 | $ | 2,182,889 | (1) | 7,364 | $ | 1,570,142 |
Patrick J. Ottensmeyer | ||||||||||||||||||||
Benefit | Death | Disability | Retirement | Change in Control | Without Cause or Good Reason | |||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | 6,792,621 | $ | 4,528,414 | ||||||||||
Retention Bonus | $ | — | $ | — | $ | — | $ | 1,590,000 | $ | — | ||||||||||
Equity (Intrinsic Value) | $ | — | $ | — | $ | — | ||||||||||||||
Unvested Restricted Stock | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Unvested Performance Shares | $ | 23,771,909 | $ | 23,771,909 | $ | 16,666,400 | $ | 23,771,909 | $ | — | ||||||||||
Unexercisable Options | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Total | $ | 23,771,909 | $ | 23,771,909 | $ | 16,666,400 | $ | 23,771,909 | $ | — | ||||||||||
Other Benefits | ||||||||||||||||||||
Outplacement Benefits | $ | — | $ | — | $ | — | $ | 25,000 | $ | 25,000 | ||||||||||
Health & Welfare (Present Value) | $ | — | $ | — | $ | — | $ | 8,072 | $ | 5,381 | ||||||||||
Estimated Make Whole Payment | $ | — | $ | — | $ | — | $ | 9,884,670 | $ | — | ||||||||||
Total | $ | — | $ | — | $ | — | $ | 9,917,742 | $ | 30,381 | ||||||||||
Total | $ | 23,771,909 | $ | 23,771,909 | $ | 16,666,400 | $ | 42,072,272 | $ | 4,558,795 | ||||||||||
Michael W. Upchurch | ||||||||||||||||||||
Benefit | Death | Disability | Retirement | Change in Control | Without Cause or Good Reason | |||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | 2,822,322 | $ | 940,774 | ||||||||||
Retention Bonus | $ | — | $ | — | $ | — | $ | 811,500 | $ | — | ||||||||||
Equity (Intrinsic Value) | $ | — | $ | — | $ | — | ||||||||||||||
Unvested Restricted Stock | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Unvested Performance Shares | $ | 5,552,923 | $ | 5,552,923 | $ | 3,828,252 | $ | 5,552,923 | $ | — | ||||||||||
Unexercisable Options | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Total | $ | 5,552,923 | $ | 5,552,923 | $ | 3,828,252 | $ | 5,552,923 | $ | — | ||||||||||
Other Benefits | ||||||||||||||||||||
Outplacement Benefits | $ | — | $ | — | $ | — | $ | 25,000 | $ | 25,000 | ||||||||||
Health & Welfare (Present Value) | $ | — | $ | — | $ | — | $ | 16,115 | $ | 10,743 | ||||||||||
Estimated Make Whole Payment | $ | — | $ | — | $ | — | $ | 3,080,020 | $ | — | ||||||||||
Total | $ | — | $ | — | $ | — | $ | 3,121,135 | $ | 35,743 | ||||||||||
Total | $ | 5,552,923 | $ | 5,552,923 | $ | 3,828,252 | $ | 12,307,880 | $ | 976,517 | ||||||||||
Jeffrey M. Songer | ||||||||||||||||||||
Benefit | Death | Disability | Retirement | Change in Control | Without Cause or Good Reason | |||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | 1,920,788 | $ | 960,394 | ||||||||||
Retention Bonus | $ | — | $ | — | $ | — | $ | 807,000 | $ | — | ||||||||||
Equity (Intrinsic Value) | $ | — | $ | — | $ | — | ||||||||||||||
Unvested Restricted Stock | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Unvested Performance Shares | $ | 5,271,602 | $ | 5,271,602 | $ | — | $ | 5,271,602 | $ | — | ||||||||||
Unexercisable Options | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Total | $ | 5,271,602 | $ | 5,271,602 | $ | — | $ | 5,271,602 | $ | — | ||||||||||
Other Benefits | $ | — | ||||||||||||||||||
Outplacement Benefits | $ | — | $ | — | $ | — | $ | 25,000 | $ | 25,000 | ||||||||||
Health & Welfare (Present Value) | $ | — | $ | — | $ | — | $ | 25,028 | $ | 16,685 | ||||||||||
Estimated Make Whole Payment | $ | — | $ | — | $ | — | $ | 2,677,757 | $ | — | ||||||||||
Total | $ | — | $ | — | $ | — | $ | 2,727,785 | $ | 41,685 | ||||||||||
$ | — | |||||||||||||||||||
Total | $ | 5,271,602 | $ | 5,271,602 | $ | — | $ | 10,727,175 | $ | 1,002,079 | ||||||||||
Michael J. Naatz | ||||||||||||||||||||
Benefit | Death | Disability | Retirement | Change in Control | Without Cause or Good Reason | |||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | 1,725,350 | $ | 862,675 | ||||||||||
Retention Bonus | $ | — | $ | — | $ | — | $ | 763,500 | $ | — | ||||||||||
Equity (Intrinsic Value) | $ | — | $ | — | $ | — | ||||||||||||||
Unvested Restricted Stock | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Unvested Performance Shares | $ | 5,031,847 | $ | 5,031,847 | $ | — | $ | 5,031,847 | $ | — | ||||||||||
Unexercisable Options | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Total | $ | 5,031,847 | $ | 5,031,847 | $ | — | $ | 5,031,847 | $ | — | ||||||||||
Other Benefits | $ | — | ||||||||||||||||||
Outplacement Benefits | $ | — | $ | — | $ | — | $ | 25,000 | $ | 25,000 | ||||||||||
Health & Welfare (Present Value) | $ | — | $ | — | $ | — | $ | 24,978 | $ | 16,652 | ||||||||||
Estimated Make Whole Payment | $ | — | $ | — | $ | — | $ | 2,498,114 | $ | — | ||||||||||
Total | $ | — | $ | — | $ | — | $ | 2,548,092 | $ | 41,652 | ||||||||||
Total | $ | 5,031,847 | $ | 5,031,847 | $ | — | $ | 10,068,789 | $ | 904,327 | ||||||||||
Adam J. Godderz | ||||||||||||||||||||
Benefit | Death | Disability | Retirement | Change in Control | Without Cause or Good Reason | |||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | 2,397,849 | $ | 799,283 | ||||||||||
Retention Bonus | $ | — | $ | — | $ | — | $ | 735,000 | $ | — | ||||||||||
Equity (Intrinsic Value) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Unvested Restricted Stock | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Unvested Performance Shares | $ | 2,873,448 | $ | 2,873,448 | $ | — | $ | 2,873,448 | $ | — | ||||||||||
Unexercisable Options | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Total | $ | 2,873,448 | $ | 2,873,448 | $ | — | $ | 2,873,448 | $ | — | ||||||||||
Other Benefits | $ | — | ||||||||||||||||||
Outplacement Benefits | $ | — | $ | — | $ | — | $ | 25,000 | $ | 25,000 | ||||||||||
Health & Welfare (Present Value) | $ | — | $ | — | $ | — | $ | 25,028 | $ | 16,685 | ||||||||||
Estimated Make Whole Payment | $ | — | $ | — | $ | — | $ | 2,649,758 | $ | — | ||||||||||
Total | $ | — | $ | — | $ | — | $ | 2,699,786 | $ | 41,685 | ||||||||||
Total | $ | 2,873,448 | $ | 2,873,448 | $ | — | $ | 8,706,083 | $ | 840,968 | ||||||||||
or Good Reason | ||||||||||||||||||||
Type | Amount | |||
Board of Directors | $ | 75,000 | ||
Chair of the Board | $ | 100,000 | ||
Committee Chair | $ | 20,000 | ||
Committee Membership | $ | 10,000 |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Option Awards ($)(1) | All Other Compensation ($)(4) | Total ($) | |||||||||||||||
Lydia I. Beebe | $ | 260,000 | $ | 0 | $ | 0 | $ | 30,049 | $ | 290,049 | ||||||||||
Lu M. Córdova | $ | 270,000 | $ | 0 | $ | 0 | $ | 17,049 | $ | 287,049 | ||||||||||
Robert J. Druten | $ | 380,000 | (2) | $ | 0 | $ | 0 | $ | 27,430 | $ | 407,430 | |||||||||
Antonio O. Garza, Jr. | $ | 260,000 | $ | 0 | $ | 0 | $ | 50,075 | $ | 310,075 | ||||||||||
David Garza-Santos | $ | 250,000 | (3) | $ | 0 | $ | 0 | $ | 75 | $ | 250,075 | |||||||||
Janet H. Kennedy | $ | 250,000 | $ | 0 | $ | 0 | $ | 10,075 | $ | 260,075 | ||||||||||
Mitchell J. Krebs | $ | 260,000 | $ | 0 | $ | 0 | $ | 8,075 | $ | 268,075 | ||||||||||
Henry J. Maier | $ | 270,000 | $ | 0 | $ | 0 | $ | 49 | $ | 270,049 | ||||||||||
Thomas A. McDonnell | $ | 280,000 | $ | 0 | $ | 0 | $ | 30,030 | $ | 310,030 |
Name | Group Term Life Premiums | AD&D Premiums | Charitable Matching Gifts (a) | Other(b) | Total | |||||||||||||||
Lydia I. Beebe | $ | 39 | $ | 10 | $ | 30,000 | $ | 0 | $ | 30,049 | ||||||||||
Lu M. Córdova | $ | 39 | $ | 10 | $ | 17,000 | $ | 0 | $ | 17,049 | ||||||||||
Robert J. Druten | $ | 24 | $ | 6 | $ | 27,400 | $ | 0 | $ | 27,430 | ||||||||||
Antonio O. Garza, Jr. | $ | 60 | $ | 15 | $ | 14,000 | $ | 36,000 | $ | 50,075 | ||||||||||
David Garza-Santos | $ | 60 | $ | 15 | $ | 0 | $ | 0 | $ | 75 | ||||||||||
Janet H. Kennedy | $ | 60 | $ | 15 | $ | 10,000 | $ | 0 | $ | 10,075 | ||||||||||
Mitchell J. Krebs | $ | 60 | $ | 15 | $ | 8,000 | $ | 0 | $ | 8,075 | ||||||||||
Henry J. Maier | $ | 39 | $ | 10 | $ | 0 | $ | 0 | $ | 49 | ||||||||||
Thomas A. McDonnell | $ | 24 | $ | 6 | $ | 30,000 | $ | 0 | $ | 30,030 |
Name of Beneficial Owner | Common Stock (1) | Percent of Class (1) | ||||||
5% or Greater Owners | ||||||||
CP VOTING TRUST(2) | 100 | 100 | % | |||||
Named Executive Officers and Directors | ||||||||
Lydia I. Beebe | — | — | ||||||
Lu M. Córdova | — | — | ||||||
Robert J. Druten | — | — | ||||||
Antonio O. Garza, Jr. | — | — | ||||||
David Garza-Santos | — | — | ||||||
Janet H. Kennedy | — | — | ||||||
Mitchell J. Krebs | — | — | ||||||
Henry J. Maier | — | — | ||||||
Thomas A. McDonnell | — | — | ||||||
Patrick J. Ottensmeyer | — | — | ||||||
Brian D. Hancock | — | — | ||||||
Michael J. Naatz | — | — | ||||||
Jeffrey M. Songer | — | — | ||||||
Michael W. Upchurch | ||||||||
All executive officers and directors as a group (14 persons) | — | — |
Year Ended December 31 | ||||||||
Fees | 2021 | 2020 | ||||||
Audit fees(1) | $ | 2,491.4 | $ | 1,779.8 | ||||
Audit-related fees(2) | 64.0 | 63.0 | ||||||
Tax fees(3) | 36.5 | 29.5 | ||||||
All other fees | 160.0 | — | ||||||
Total | $ | 2,751.9 | $ | 1,872.3 | ||||
Exhibit | Description | ||||
2.1 | |||||
3.2 | |||||
4.1 | As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the Company has not filed with this Annual Report on Form 10-K certain instruments defining the rights of holders of long-term debt of the Company and its subsidiaries because the total amount of securities authorized under any of such instruments does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis. The Company agrees to furnish a copy of any such agreements to the Securities and Exchange Commission upon request. | ||||
4.2 | |||||
4.2.1 | |||||
4.2.2 |
Exhibit | Description | ||||
4.2.3 | |||||
4.3 | |||||
4.3.1 | |||||
4.3.2 | |||||
4.4 | |||||
4.4.1 | |||||
4.4.2 | |||||
4.4.3 | |||||
4.5 | |||||
4.5.1 | |||||
4.5.2 | |||||
4.5.3 | |||||
4.5.4 | |||||
4.6 | |||||
4.6.1 | |||||
4.6.2 | |||||
Exhibit | Description | ||||
4.6.3 | |||||
4.6.4 | |||||
4.6.5 | |||||
4.6.6 | |||||
4.6.7 | |||||
4.6.8 | |||||
4.6.9 | |||||
4.6.10 | |||||
4.6.11 | |||||
4.6.12 | |||||
4.6.13 | |||||
4.6.14 | |||||
4.6.15 | |||||
10.1 | |||||
10.2 | |||||
10.3* | |||||
10.4* | |||||
Exhibit | Description | ||||
10.5* | |||||
10.5.1* | |||||
10.6* | |||||
10.7 | |||||
10.7.1 | |||||
10.7.2 | |||||
10.7.3 | |||||
10.7.4 | |||||
10.7.5 | |||||
10.7.6 | |||||
10.8 | |||||
10.8.1 | |||||
10.8.2 | |||||
10.8.3 |
Exhibit | Description | ||||
10.8.4 | |||||
10.8.5 | |||||
10.9 | |||||
10.10 | |||||
10.11 | |||||
10.11.1 | |||||
10.12 | |||||
10.12.1 | |||||
10.12.2 | |||||
10.12.3 | |||||
10.13 | |||||
10.13.1 | |||||
10.13.2 |
Exhibit | Description | |||||
10.14* | ||||||
10.15* | ||||||
10.16* | ||||||
10.17* | ||||||
10.17.1* | ||||||
10.17.2* | ||||||
10.18* | ||||||
10.19* | ||||||
10.20* | ||||||
21.1 | ||||||
22.1 | ||||||
24.1 | ||||||
31.1 | ||||||
31.2 | ||||||
32.2 | ||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File tags are embedded within the Inline XBRL | |||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||
. | ||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||
Exhibit | Description | ||||
104 | The cover page from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, formatted in Inline XBRL (included within the Exhibit 101 attachments). | ||||
* Management contract or compensatory plan or arrangement. | |||||
†† Portions of this exhibit have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of 1934, which were subsequently approved. | |||||
Kansas City Southern | |||||
By: | /S/ PATRICK J. OTTENSMEYER | ||||
Patrick J. Ottensmeyer President, Chief Executive Officer and Director |
Signature | Title | |||||||
/S/ PATRICK J. OTTENSMEYER | President, Chief Executive Officer and Director (Principal Executive Officer). | |||||||
Patrick J. Ottensmeyer | ||||||||
/S/ MICHAEL W. UPCHURCH | Executive Vice President and Chief Financial Officer (Principal Financial Officer). | |||||||
Michael W. Upchurch | ||||||||
/s/ SUZANNE M. GRAFTON | Vice President and Chief Accounting Officer (Principal Accounting Officer). | |||||||
Suzanne M. Grafton | ||||||||
/S/ ROBERT J. DRUTEN | Chairman of the Board and Director. | |||||||
Robert J. Druten | ||||||||
/s/ LYDIA I. BEEBE | Director. | |||||||
Lydia I. Beebe | ||||||||
/S/ LU M. CÓRDOVA | Director. | |||||||
Lu M. Córdova | ||||||||
Title | ||||||||
/S/ ANTONIO O. GARZA, JR. | ||||||||
Antonio O. Garza, Jr. | ||||||||
/S/ DAVID GARZA-SANTOS | Director. | |||||||
David Garza-Santos | ||||||||
Director. | ||||||||
Janet H. Kennedy | ||||||||
/s/ MITCHELL J. | Director. | |||||||
Mitchell J. Krebs | ||||||||
/s/ HENRY J. MAIER | Director. | |||||||
Henry J. Maier | ||||||||
Director. | ||||||||
Thomas A. McDonnell | ||||||||