Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2020 |
Document Transition Report | false |
Entity File Number | 1-8339 |
Entity Registrant Name | NORFOLK SOUTHERN CORPORATION |
Entity Incorporation, State or Country Code | VA |
Entity Tax Identification Number | 52-1188014 |
Entity Address, Address Line One | Three Commercial Place |
Entity Address, City or Town | Norfolk, |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 23510-2191 |
City Area Code | (757) |
Local Phone Number | 629-2680 |
Title of 12(b) Security | Norfolk Southern Corporation Common Stock (Par Value $1.00) |
Trading Symbol | NSC |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 256,179,130 |
Entity Central Index Key | 0000702165 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Railway operating revenues | $ 2,625 | $ 2,840 |
Railway operating expenses: | ||
Compensation and benefits | 622 | 727 |
Purchased services and rents | 403 | 424 |
Fuel | 189 | 250 |
Depreciation | 292 | 283 |
Materials and other | 166 | 190 |
Loss on asset disposal | (385) | 0 |
Total railway operating expenses | 2,057 | 1,874 |
Income from railway operations | 568 | 966 |
Other income – net | 22 | 44 |
Interest expense on debt | 154 | 149 |
Income before income taxes | 436 | 861 |
Income taxes | 55 | 184 |
Net income | $ 381 | $ 677 |
Earnings per share: | ||
Basic (in dollars per share) | $ 1.48 | $ 2.53 |
Diluted (in dollars per share) | $ 1.47 | $ 2.51 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 381 | $ 677 |
Other comprehensive income, before tax: | ||
Pension and other postretirement benefits | 7 | 5 |
Other comprehensive income, before tax | 12 | 4 |
Income tax expense related to items of other comprehensive income | (2) | (1) |
Other comprehensive income, net of tax | 10 | 3 |
Total comprehensive income | 391 | 680 |
Accumulated Other Comprehensive Loss Equity Investees | ||
Other comprehensive income, before tax: | ||
Other comprehensive income, before tax | $ 5 | $ (1) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 608 | $ 580 |
Accounts receivable – net | 889 | 920 |
Materials and supplies | 265 | 244 |
Other current assets | 240 | 337 |
Total current assets | 2,002 | 2,081 |
Investments | 3,470 | 3,428 |
Properties less accumulated depreciation of $11,819 and $11,982, respectively | 31,179 | 31,614 |
Other assets | 787 | 800 |
Total assets | 37,438 | 37,923 |
Current liabilities: | ||
Accounts payable | 1,284 | 1,428 |
Income and other taxes | 200 | 229 |
Other current liabilities | 352 | 327 |
Current maturities of long-term debt | 400 | 316 |
Total current liabilities | 2,236 | 2,300 |
Long-term debt | 11,807 | 11,880 |
Other liabilities | 1,683 | 1,744 |
Deferred income taxes | 6,828 | 6,815 |
Total liabilities | 22,554 | 22,739 |
Stockholders’ equity: | ||
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 256,179,130 and 257,904,956 shares, respectively, net of treasury shares | 258 | 259 |
Additional paid-in capital | 2,205 | 2,209 |
Accumulated other comprehensive loss | (481) | (491) |
Retained income | 12,902 | 13,207 |
Total stockholders’ equity | 14,884 | 15,184 |
Total liabilities and stockholders’ equity | $ 37,438 | $ 37,923 |
Common stock, par or stated value per share (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 1,350,000,000 | 1,350,000,000 |
Common stock, shares outstanding, net of treasury shares (in shares) | 256,179,130 | 257,904,956 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Properties, accumulated depreciation | $ 11,794 | $ 11,982 |
Common stock, par or stated value per share (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 1,350,000,000 | 1,350,000,000 |
Common stock, shares outstanding, net of treasury shares (in shares) | 256,179,130 | 257,904,956 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 381 | $ 677 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation | 292 | 283 |
Deferred income taxes | 11 | 57 |
Gains and losses on properties | (8) | (18) |
Loss on asset disposal | 385 | 0 |
Changes in assets and liabilities affecting operations: | ||
Accounts receivable | 32 | (39) |
Materials and supplies | (21) | (21) |
Other current assets | (33) | 12 |
Current liabilities other than debt | (40) | (27) |
Other – net | (44) | (43) |
Net cash provided by operating activities | 955 | 881 |
Cash flows from investing activities: | ||
Property additions | (366) | (467) |
Property sales and other transactions | 158 | 152 |
Investment purchases | 0 | (2) |
Investment sales and other transactions | (25) | (33) |
Net cash used in investing activities | (233) | (350) |
Cash flows from financing activities: | ||
Dividends | (242) | (230) |
Common stock transactions | 14 | 2 |
Purchase and retirement of common stock | (466) | (500) |
Proceeds from borrowings | 0 | 250 |
Net cash used in financing activities | (694) | (478) |
Net increase in cash, cash equivalents, and restricted cash | 28 | 53 |
Cash, cash equivalents, and restricted cash: | ||
At beginning of year | 580 | 446 |
At end of period | 608 | 499 |
Supplemental disclosures of cash flow information: | ||
Interest (net of amounts capitalized) | 121 | 112 |
Income taxes (net of refunds) | $ 16 | $ 9 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accum. Other Comprehensive Loss | Retained Income |
Balance at Beginning of Year at Dec. 31, 2018 | $ 15,362 | $ 269 | $ 2,216 | $ (563) | $ 13,440 |
Comprehensive income: | |||||
Net income | 677 | 677 | |||
Other comprehensive income | 3 | 3 | |||
Total comprehensive income | 680 | ||||
Dividends on common stock, | (230) | (230) | |||
Share repurchases | (500) | (3) | (22) | (475) | |
Stock-based compensation | 19 | 1 | 19 | (1) | |
Balance at End of Period at Mar. 31, 2019 | 15,331 | 267 | 2,213 | (560) | 13,411 |
Balance at Beginning of Year at Dec. 31, 2019 | 15,184 | 259 | 2,209 | (491) | 13,207 |
Comprehensive income: | |||||
Net income | 381 | 381 | |||
Other comprehensive income | 10 | 10 | |||
Total comprehensive income | 391 | ||||
Dividends on common stock, | (242) | (242) | |||
Share repurchases | (466) | (2) | (21) | (443) | |
Stock-based compensation | 17 | 1 | 17 | (1) | |
Balance at End of Period at Mar. 31, 2020 | $ 14,884 | $ 258 | $ 2,205 | $ (481) | $ 12,902 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.94 | $ 0.86 |
Railway Operating Revenues
Railway Operating Revenues | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Railway Operating Revenues | Railway Operating Revenues The following table disaggregates our revenues by major commodity group: First Quarter 2020 2019 Merchandise: ($ in millions) Agriculture, forest and consumer products $ 551 $ 558 Chemicals 520 507 Metals and construction 367 370 Automotive 234 251 Merchandise 1,672 1,686 Intermodal 655 719 Coal 298 435 Total $ 2,625 $ 2,840 At the beginning of 2020, we combined the agriculture products and forest and consumer commodity groups. In addition, we also made changes in the categorization of certain other commodity groups within Merchandise. Specifically, certain commodities were shifted between agriculture, forest, and consumer products; chemicals; and metals and construction. These changes were made as a result of organizational initiatives to better align with how we manage these commodities. Prior period railway operating revenues have been reclassified to conform to the current presentation. We recognize the amount of revenue we expect to be entitled to for the transfer of promised goods or services to customers. A performance obligation is created when a customer under a transportation contract or public tariff submits a bill of lading to NS for the transport of goods. These performance obligations are satisfied as the shipments move from origin to destination. As such, transportation revenue is recognized proportionally as a shipment moves, and related expenses are recognized as incurred. These performance obligations are generally short-term in nature with transit days averaging approximately one week or less for each commodity group. The customer has an unconditional obligation to pay for the service once the service has been completed. Estimated revenue associated with in-process shipments at period-end is recorded based on the estimated percentage of service completed to total transit days. We had no material remaining performance obligations as of March 31, 2020 or December 31, 2019. Revenue related to interline transportation services that involve another railroad is reported on a net basis. Therefore, the portion of the amount that relates to another party is not reflected in revenue. Under the typical payment terms of our freight contracts, payment for services is due within fifteen days of billing the customer, thus there are no significant financing components. “Accounts receivable – net” on the Consolidated Balance Sheets includes both customer and non-customer receivables as follows: March 31, December 31, 2019 ($ in millions) Customer $ 665 $ 682 Non-customer 224 238 Accounts receivable – net $ 889 $ 920 Non-customer receivables include non-revenue-related amounts due from other railroads, governmental entities, and others. “Other assets” on the Consolidated Balance Sheets includes non-current customer receivables of $23 million at both March 31, 2020 and December 31, 2019. We do not have any material contract assets or liabilities at March 31, 2020 or December 31, 2019. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation First Quarter 2020 2019 ($ in millions) Stock-based compensation expense $ 2 $ 16 Total tax benefit 26 23 During the first quarter of 2020, a committee of nonemployee members of our Board of Directors (and the Chief Executive Officer when delegated authority by such committee) granted stock options, restricted stock units (RSUs) and performance share units (PSUs) pursuant to the Long-Term Incentive Plan (LTIP), as follows: First Quarter Granted Weighted-Average Grant-Date Fair Value Stock options 42,720 $ 52.37 RSUs 164,160 210.77 PSUs 76,790 213.38 Stock Options First Quarter 2020 2019 ($ in millions) Stock options exercised 523,238 406,371 Cash received upon exercise $ 43 $ 28 Related tax benefit realized 13 9 Restricted Stock Units RSUs granted primarily have a four First Quarter 2020 2019 ($ in millions) RSUs vested 202,299 165,549 Common Stock issued net of tax withholding 143,712 118,881 Related tax benefit realized $ 5 $ 2 Performance Share Units PSUs provide for awards based on the achievement of certain predetermined corporate performance goals at the end of a three First Quarter 2020 2019 ($ in millions) PSUs earned 235,935 331,099 Common Stock issued net of tax withholding 156,450 221,241 Related tax benefit realized $ 7 $ 9 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the calculation of basic and diluted earnings per share: Basic Diluted First Quarter 2020 2019 2020 2019 ($ in millions, except per share amounts, Net income $ 381 $ 677 $ 381 $ 677 Dividend equivalent payments (1) (1) (1) — Income available to common stockholders $ 380 $ 676 $ 380 $ 677 Weighted-average shares outstanding 257.3 267.1 257.3 267.1 Dilutive effect of outstanding options and share-settled awards 1.4 2.3 Adjusted weighted-average shares outstanding 258.7 269.4 Earnings per share $ 1.48 $ 2.53 $ 1.47 $ 2.51 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The changes in the cumulative balances of “Accumulated other comprehensive loss” reported in the Consolidated Balance Sheets consisted of the following: Balance at Net Income Reclassification Balance at ($ in millions) Three Months Ended March 31, 2020 Pensions and other postretirement liabilities $ (421) $ — $ 5 $ (416) Other comprehensive income (loss) of equity investees (70) 5 — (65) Accumulated other comprehensive loss $ (491) $ 5 $ 5 $ (481) Three Months Ended March 31, 2019 Pensions and other postretirement liabilities $ (497) $ — $ 4 $ (493) Other comprehensive loss of equity investees (66) (1) — (67) Accumulated other comprehensive loss $ (563) $ (1) $ 4 $ (560) |
Stock Repurchase Program
Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2020 | |
Stock Repurchase Program [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program We repurchased and retired 2.6 million and 2.9 million shares of Common Stock under our stock repurchase program during the first three months of 2020 and 2019, respectively, at a cost of $466 million and $500 million, respectively. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Investments | Investments Investment in Conrail Through a limited liability company, we and CSX Corporation (CSX) jointly own Conrail Inc. (Conrail), whose primary subsidiary is Consolidated Rail Corporation (CRC). We have a 58% economic and 50% voting interest in the jointly owned entity, and CSX has the remainder of the economic and voting interests. Our investment in Conrail was $1.4 billion at both March 31, 2020 and December 31, 2019. CRC owns and operates certain properties (the Shared Assets Areas) for the joint and exclusive benefit of Norfolk Southern Railway Company (NSR) and CSX Transportation, Inc. (CSXT). The costs of operating the Shared Assets Areas are borne by NSR and CSXT based on usage. In addition, NSR and CSXT pay CRC a fee for access to the Shared Assets Areas. “Purchased services and rents” and “Fuel” include amounts payable to CRC for the operation of the Shared Assets Areas totaling $35 million and $37 million for the first quarters of 2020 and 2019, respectively. Our equity in the earnings of Conrail, net of amortization, included in “Purchased services and rents,” which offsets the costs of operating the Shared Assets Areas, was $9 million and $8 million for the first quarters of 2020 and 2019, respectively. “Other liabilities” includes $280 million at both March 31, 2020, and December 31, 2019, for long-term advances from Conrail, maturing 2044, that bear interest at an average rate of 2.9%. Investment in TTX NS and eight other North American railroads jointly own TTX Company (TTX). NS has a 19.65% ownership interest in TTX, a railcar pooling company that provides its owner-railroads with standardized fleets of intermodal, automotive, and general use railcars at stated rates. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt We have in place an accounts receivable securitization program with maximum borrowing capacity of $450 million and a term expiring in May 2020. We had no amounts outstanding at both March 31, 2020, and December 31, 2019, and our available borrowing capacity was $412 million and $429 million, respectively. In March 2020, we renewed and amended our five |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Defined Contribution Plan [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits We have both funded and unfunded defined benefit pension plans covering principally salaried employees. We also provide specified health care and life insurance benefits to eligible retired employees; these plans can be amended or terminated at our option. Under our self-insured retiree health care plan, for those participants who are not Medicare-eligible, certain health care expenses are covered for retired employees and their dependents, reduced by any deductibles, coinsurance, and, in some cases, coverage provided under other group insurance policies. Those participants who are Medicare-eligible are not covered under the self-insured retiree health care plan, but instead are provided with an employer-funded health reimbursement account which can be used for reimbursement of health insurance premiums or eligible out-of-pocket medical expenses. Pension and postretirement benefit cost components for the first quarter were as follows: Other Postretirement Pension Benefits Benefits First Quarter 2020 2019 2020 2019 ($ in millions) Service cost $ 10 $ 9 $ 1 $ 2 Interest cost 19 23 3 4 Expected return on plan assets (48) (45) (3) (4) Amortization of net losses 13 11 — — Amortization of prior service benefit — — (6) (6) Net benefit $ (6) $ (2) $ (5) $ (4) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Values of Financial Instruments The fair values of “Cash and cash equivalents,” “Accounts receivable – net,” and “Accounts payable,” approximate carrying values because of the short maturity of these financial instruments. The carrying value of corporate-owned life insurance is recorded at cash surrender value and, accordingly, approximates fair value. There are no other assets or liabilities measured at fair value on a recurring basis at March 31, 2020 or December 31, 2019. The carrying amounts and estimated fair values, based on Level 1 inputs, of long-term debt consisted of the following: March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair ($ in millions) Long-term debt, including current maturities $ (12,207) $ (14,630) $ (12,196) $ (14,806) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lawsuits We and/or certain subsidiaries are defendants in numerous lawsuits and other claims relating principally to railroad operations. When we conclude that it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, it is accrued through a charge to earnings. While the ultimate amount of liability incurred in any of these lawsuits and claims is dependent on future developments, in our opinion, the recorded liability is adequate to cover the future payment of such liability and claims. However, the final outcome of any of these lawsuits and claims cannot be predicted with certainty, and unfavorable or unexpected outcomes could result in additional accruals that could be significant to results of operations in a particular year or quarter. Any adjustments to the recorded liability will be reflected in earnings in the periods in which such adjustments become known. In 2007, various antitrust class actions filed against us and other Class I railroads in various Federal district courts regarding fuel surcharges were consolidated in the District of Columbia by the Judicial Panel on Multidistrict Litigation. In 2012, the court certified the case as a class action. The defendant railroads appealed this certification, and the Court of Appeals for the District of Columbia vacated the District Court’s decision and remanded the case for further consideration. On October 10, 2017, the District Court denied class certification. The decision was upheld by the Court of Appeals on August 16, 2019. Since that decision, various individual cases have been filed in multiple jurisdictions. We believe the allegations in the complaints are without merit and intend to vigorously defend the cases. We do not believe the outcome of these proceedings will have a material effect on our financial position, results of operations, or liquidity. In 2018, a lawsuit was filed against one of our subsidiaries by the minority owner in a jointly-owned terminal railroad company in which our subsidiary has the majority ownership. The lawsuit alleged violations of various state laws and federal antitrust laws. It is reasonably possible that we could incur a loss in the case; however, we intend to vigorously defend the case and believe that we will prevail. The potential range of loss cannot be estimated at this time. Casualty Claims Casualty claims include employee personal injury and occupational claims as well as third-party claims, all exclusive of legal costs. To aid in valuing our personal injury liability and determining the amount to accrue with respect to such claims during the year, we utilize studies prepared by an independent consulting actuarial firm. Job-related personal injury and occupational claims are subject to the F ederal Employer’s Liability Act (FELA), which is applicable only to railroads. FELA’s fault-based tort system produces results that are unpredictable and inconsistent as compared with a no-fault workers’ compensation system. The variability inherent in this system could result in actual costs being different from the liability recorded. While the ultimate amount of claims incurred is dependent on future developments, in our opinion the recorded liability is adequate to cover the future payments of claims and is supported by the most recent actuarial study. In all cases, we record a liability when the expected loss for the claim is both probable and reasonably estimable. Employee personal injury claims – The largest component of claims expense is employee personal injury costs. The independent actuarial firm engaged by us provides quarterly studies to aid in valuing our employee personal injury liability and estimating personal injury expense. The actuarial firm studies our historical patterns of reserving for claims and subsequent settlements, taking into account relevant outside influences. The actuarial firm uses the results of these analyses to estimate the ultimate amount of liability. We adjust the liability quarterly based upon our assessment and the results of the study. Our estimate of the liability is subject to inherent limitation given the difficulty of predicting future events such as jury decisions, court interpretations, or legislative changes. As a result, actual claim settlements may vary from the estimated liability recorded. Occupational claims – Occupational claims include injuries and illnesses alleged to be caused by exposures which occur over time as opposed to injuries or illnesses caused by a specific accident or event. Types of occupational claims commonly seen allege exposure to asbestos and other claimed toxic substances resulting in respiratory diseases or cancer. Many such claims are being asserted by former or retired employees, some of whom have not been employed in the rail industry for decades. The independent actuarial firm provides an estimate of the occupational claims liability based upon our history of claim filings, severity, payments, and other pertinent facts. The liability is dependent upon judgments we make as to the specific case reserves as well as judgments of the actuarial firm in the quarterly studies. The actuarial firm’s estimate of ultimate loss includes a provision for those claims that have been incurred but not reported. This provision is derived by analyzing industry data and projecting our experience. We adjust the liability quarterly based upon our assessment and the results of the study. However, it is possible that the recorded liability may not be adequate to cover the future payment of claims. Adjustments to the recorded liability are reflected in operating expenses in the periods in which such adjustments become known. Third-party claims – We record a liability for third-party claims including those for highway crossing accidents, trespasser and other injuries, property damage, and lading damage. The actuarial firm assists us with the calculation of potential liability for third-party claims, except lading damage, based upon our experience including the number and timing of incidents, amount of payments, settlement rates, number of open claims, and legal defenses. We adjust the liability quarterly based upon our assessment and the results of the study. Given the inherent uncertainty in regard to the ultimate outcome of third-party claims, it is possible that the actual loss may differ from the estimated liability recorded. Environmental Matters We are subject to various jurisdictions’ environmental laws and regulations. We record a liability where such liability or loss is probable and reasonably estimable. Environmental specialists regularly participate in ongoing evaluations of all known sites and in determining any necessary adjustments to liability estimates. Our Consolidated Balance Sheets include liabilities for environmental exposures of $56 million at both March 31, 2020 and December 31, 2019 of which $15 million is classified as a current liability at both dates. At March 31, 2020, the liability represents our estimates of the probable cleanup, investigation, and remediation costs based on available information at 109 known locations and projects compared with 110 locations and projects at December 31, 2019. At March 31, 2020, fifteen sites accounted for $39 million of the liability, and no individual site was considered to be material. We anticipate that much of this liability will be paid out over five years; however, some costs will be paid out over a longer period. At twelve locations, one or more of our subsidiaries in conjunction with a number of other parties have been identified as potentially responsible parties under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 or comparable state statutes that impose joint and several liability for cleanup costs. We calculate our estimated liability for these sites based on facts and legal defenses applicable to each site and not solely on the basis of the potential for joint liability. With respect to known environmental sites (whether identified by us or by the Environmental Protection Agency or comparable state authorities), estimates of our ultimate potential financial exposure for a given site or in the aggregate for all such sites can change over time because of the widely varying costs of currently available cleanup techniques, unpredictable contaminant recovery and reduction rates associated with available cleanup technologies, the likely development of new cleanup technologies, the difficulty of determining in advance the nature and full extent of contamination and each potential participant’s share of any estimated loss (and that participant’s ability to bear it), and evolving statutory and regulatory standards governing liability. The risk of incurring environmental liability for acts and omissions, past, present, and future, is inherent in the railroad business. Some of the commodities we transport, particularly those classified as hazardous materials, pose special risks that we work diligently to reduce. In addition, several of our subsidiaries own, or have owned, land used as operating property, or which is leased and operated by others, or held for sale. Because environmental problems that are latent or undisclosed may exist on these properties, there can be no assurance that we will not incur environmental liabilities or costs with respect to one or more of them, the amount and materiality of which cannot be estimated reliably at this time. Moreover, lawsuits and claims involving these and potentially other unidentified environmental sites and matters are likely to arise from time to time. The resulting liabilities could have a significant effect on financial position, results of operations, or liquidity in a particular year or quarter. Based on our assessment of the facts and circumstances now known, we believe we have recorded the probable and reasonably estimable costs for dealing with those environmental matters of which we are aware. Further, we believe that it is unlikely that any known matters, either individually or in the aggregate, will have a material adverse effect on our financial position, results of operations, or liquidity. Insurance |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements On January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, “Credit Losses - Measurement of Credit Losses on Financial Instruments,” which replaced the current incurred loss impairment method with a method that reflects expected credit losses. Historically, losses associated from the inability to collect on accounts receivable have been insignificant, with little divergence in collection trends through varying economic cycles. Short-term and long-term financial assets, as defined by the standard, are impacted by immediate recognition of estimated credit losses in the financial statements, reflecting the net amount expected to be collected. There was no material impact to the financial statements upon adoption. In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, “ Simplifying the Accounting for Income Taxes |
Loss on Asset Disposal
Loss on Asset Disposal | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Loss on Asset Disposal | Loss on Asset DisposalIn the first quarter of 2020, in connection with our initiatives to increase operational fluidity and asset utilization and improve labor and fuel efficiency, we committed to a plan to dispose of certain locomotives deemed excess and no longer needed for railroad operations. When depreciable operating road and equipment assets are sold or retired in the ordinary course of business, the cost of the assets, net of sale proceeds or salvage, is charged to accumulated depreciation, and no gain or loss is recognized in earnings. A retirement is considered abnormal if it does not occur in the ordinary course of business, if it relates to disposition of a large segment of an asset class and if the retirement varies significantly from the retirement profile identified through our depreciation studies, which inherently consider the impact of normal retirements on expected service lives and depreciation rates. We evaluated the planned locomotive retirements and concluded they were abnormal. Accordingly, a $385 million loss was recorded to adjust their carrying amount to their estimated fair value, which resulted in a $97 million tax benefit. During the first quarter, we sold 297 of 703 locomotives under the plan. The carrying amount of the remaining assets held for sale of $44 million is classified as “Other current assets” in the Consolidated Balance Sheets at March 31, 2020. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements On January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, “Credit Losses - Measurement of Credit Losses on Financial Instruments,” which replaced the current incurred loss impairment method with a method that reflects expected credit losses. Historically, losses associated from the inability to collect on accounts receivable have been insignificant, with little divergence in collection trends through varying economic cycles. Short-term and long-term financial assets, as defined by the standard, are impacted by immediate recognition of estimated credit losses in the financial statements, reflecting the net amount expected to be collected. There was no material impact to the financial statements upon adoption. In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, “ Simplifying the Accounting for Income Taxes |
Railway Operating Revenues (Tab
Railway Operating Revenues (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our revenues by major commodity group: First Quarter 2020 2019 Merchandise: ($ in millions) Agriculture, forest and consumer products $ 551 $ 558 Chemicals 520 507 Metals and construction 367 370 Automotive 234 251 Merchandise 1,672 1,686 Intermodal 655 719 Coal 298 435 Total $ 2,625 $ 2,840 |
Schedule of Accounts Receivable | “Accounts receivable – net” on the Consolidated Balance Sheets includes both customer and non-customer receivables as follows: March 31, December 31, 2019 ($ in millions) Customer $ 665 $ 682 Non-customer 224 238 Accounts receivable – net $ 889 $ 920 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | First Quarter 2020 2019 ($ in millions) Stock-based compensation expense $ 2 $ 16 Total tax benefit 26 23 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | During the first quarter of 2020, a committee of nonemployee members of our Board of Directors (and the Chief Executive Officer when delegated authority by such committee) granted stock options, restricted stock units (RSUs) and performance share units (PSUs) pursuant to the Long-Term Incentive Plan (LTIP), as follows: First Quarter Granted Weighted-Average Grant-Date Fair Value Stock options 42,720 $ 52.37 RSUs 164,160 210.77 PSUs 76,790 213.38 |
Schedule of Cash Proceeds Received from Share-based Payment Awards | First Quarter 2020 2019 ($ in millions) Stock options exercised 523,238 406,371 Cash received upon exercise $ 43 $ 28 Related tax benefit realized 13 9 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Activity | First Quarter 2020 2019 ($ in millions) RSUs vested 202,299 165,549 Common Stock issued net of tax withholding 143,712 118,881 Related tax benefit realized $ 5 $ 2 |
Performance Share Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Activity | First Quarter 2020 2019 ($ in millions) PSUs earned 235,935 331,099 Common Stock issued net of tax withholding 156,450 221,241 Related tax benefit realized $ 7 $ 9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the calculation of basic and diluted earnings per share: Basic Diluted First Quarter 2020 2019 2020 2019 ($ in millions, except per share amounts, Net income $ 381 $ 677 $ 381 $ 677 Dividend equivalent payments (1) (1) (1) — Income available to common stockholders $ 380 $ 676 $ 380 $ 677 Weighted-average shares outstanding 257.3 267.1 257.3 267.1 Dilutive effect of outstanding options and share-settled awards 1.4 2.3 Adjusted weighted-average shares outstanding 258.7 269.4 Earnings per share $ 1.48 $ 2.53 $ 1.47 $ 2.51 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Balance at Net Income Reclassification Balance at ($ in millions) Three Months Ended March 31, 2020 Pensions and other postretirement liabilities $ (421) $ — $ 5 $ (416) Other comprehensive income (loss) of equity investees (70) 5 — (65) Accumulated other comprehensive loss $ (491) $ 5 $ 5 $ (481) Three Months Ended March 31, 2019 Pensions and other postretirement liabilities $ (497) $ — $ 4 $ (493) Other comprehensive loss of equity investees (66) (1) — (67) Accumulated other comprehensive loss $ (563) $ (1) $ 4 $ (560) |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Defined Contribution Plan [Abstract] | |
Pension and Other Postretirement Benefit Cost Components | Pension and postretirement benefit cost components for the first quarter were as follows: Other Postretirement Pension Benefits Benefits First Quarter 2020 2019 2020 2019 ($ in millions) Service cost $ 10 $ 9 $ 1 $ 2 Interest cost 19 23 3 4 Expected return on plan assets (48) (45) (3) (4) Amortization of net losses 13 11 — — Amortization of prior service benefit — — (6) (6) Net benefit $ (6) $ (2) $ (5) $ (4) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Amounts and Estimated Fair Values | The carrying amounts and estimated fair values, based on Level 1 inputs, of long-term debt consisted of the following: March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair ($ in millions) Long-term debt, including current maturities $ (12,207) $ (14,630) $ (12,196) $ (14,806) |
Railway Operating Revenues (Det
Railway Operating Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 2,625 | $ 2,840 |
Revenue, payment terms | 15 days | |
Accessorial Services | ||
Disaggregation of Revenue [Line Items] | ||
Accessorial services percent of total railway operating revenues | 5.00% | 5.00% |
Merchandise | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 1,672 | $ 1,686 |
Merchandise | Agriculture, forest and consumer products | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 551 | 558 |
Merchandise | Chemicals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 520 | 507 |
Merchandise | Metals and construction | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 367 | 370 |
Merchandise | Automotive | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 234 | 251 |
Intermodal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 655 | 719 |
Coal | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 298 | $ 435 |
Railway Operating Revenues - Sc
Railway Operating Revenues - Schedule of Account Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable – net | $ 889 | $ 920 |
Trade Accounts Receivable | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable – net | 665 | 682 |
Other Receivables | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable – net | 224 | 238 |
Other Noncurrent Receivables | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net, noncurrent | $ 23 | $ 23 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-based compensation expense | $ 2 | $ 16 |
Total tax benefit | $ 26 | $ 23 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Grants and Weighted-Average Grant-Date Fair Values (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Stock options | |
Granted | |
Stock options (in shares) | shares | 42,720 |
Weighted-Average Grant-Date Fair Value | |
Stock options (in dollars per shares) | $ / shares | $ 52.37 |
RSUs | |
Granted | |
Other than stock options (in shares) | shares | 164,160 |
Weighted-Average Grant-Date Fair Value | |
Other than stock options (in dollars per share) | $ / shares | $ 210.77 |
PSUs | |
Granted | |
Other than stock options (in shares) | shares | 76,790 |
Weighted-Average Grant-Date Fair Value | |
Other than stock options (in dollars per share) | $ / shares | $ 213.38 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Options Exercised, Cash Received, and Related Tax Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Stock options exercised (in shares) | 523,238 | 406,371 |
Cash received upon exercise | $ 43 | $ 28 |
Related tax benefit realized | $ 13 | $ 9 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) | 3 Months Ended |
Mar. 31, 2020 | |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 4 years |
PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
PSU Cycle | 3 years |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of RSU Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Related tax benefit realized | $ 13 | $ 9 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share units earned (in shares) | 202,299 | 165,549 |
Shares issued net of withholding taxes (in shares) | 143,712 | 118,881 |
Related tax benefit realized | $ 5 | $ 2 |
Stock-Based Compensation - Sc_5
Stock-Based Compensation - Schedule of PSU Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Related tax benefit realized | $ 13 | $ 9 |
PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share units earned (in shares) | 235,935 | 331,099 |
Shares issued net of withholding taxes (in shares) | 156,450 | 221,241 |
Related tax benefit realized | $ 7 | $ 9 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income | $ 381 | $ 677 |
Dividend equivalent payments, basic | (1) | (1) |
Dividend equivalent payments, diluted | (1) | 0 |
Income available to common stockholders, basic | 380 | 676 |
Income available to common stockholders, diluted | $ 380 | $ 677 |
Weighted-average shares outstanding (in shares) | 257.3 | 267.1 |
Dilutive effect of outstanding options and share-settled awards (in shares) | 1.4 | 2.3 |
Adjusted weighted-average shares outstanding (in shares) | 258.7 | 269.4 |
Basic (in dollars per share) | $ 1.48 | $ 2.53 |
Diluted (in dollars per share) | $ 1.47 | $ 2.51 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities Excluded From Computation Of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at Beginning of Year | $ 15,184 | $ 15,362 |
Net Income (Loss) | 5 | (1) |
Reclassification Adjustments | 5 | 4 |
Balance at End of Period | 14,884 | 15,331 |
Accum. Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at Beginning of Year | (491) | (563) |
Balance at End of Period | (481) | (560) |
Pensions and other postretirment liabilities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at Beginning of Year | (421) | (497) |
Net Income (Loss) | 0 | 0 |
Reclassification Adjustments | 5 | 4 |
Balance at End of Period | (416) | (493) |
Other comprehensive loss of equity investees | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at Beginning of Year | (70) | (66) |
Net Income (Loss) | 5 | (1) |
Reclassification Adjustments | 0 | 0 |
Balance at End of Period | $ (65) | $ (67) |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock Repurchase Program [Abstract] | ||
Stock repurchased and retired during period (in shares) | 2.6 | 2.9 |
Stock repurchased and retired during period, cost | $ 466 | $ 500 |
Investments (Details)
Investments (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)railroad | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Investments [Line Items] | |||
Number of North American railroads | railroad | 8 | ||
Equity Method Investee | |||
Schedule of Investments [Line Items] | |||
Equity method investment, ownership percentage | 58.00% | ||
Conrail Voting | |||
Schedule of Investments [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Conrail Inc | |||
Schedule of Investments [Line Items] | |||
Equity method investments | $ 1,400 | $ 1,400 | |
Expenses from transactions with related party | 35 | $ 37 | |
Equity in the earnings of investee | 9 | 8 | |
Due to affiliate, noncurrent | $ 280 | $ 280 | |
Due to affiliate, average interest rate | 2.90% | 2.90% | |
TTX Company | |||
Schedule of Investments [Line Items] | |||
Equity method investment, ownership percentage | 19.65% | ||
Expenses from transactions with related party | $ 60 | 62 | |
Equity in the earnings of investee | $ 4 | $ 13 |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Restricted cash | $ 88,000,000 | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit agreement term, years | 5 years | |||
Debt instrument, face amount | $ 800,000,000 | $ 750,000,000 | ||
Long-term line of credit | 0 | $ 0 | ||
Securitization Borrowings | ||||
Debt Instrument [Line Items] | ||||
Credit agreement | 450,000,000 | |||
Accounts receivable securitization balance | 0 | 0 | ||
Available borrowing capacity | $ 412,000,000 | $ 429,000,000 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 10 | $ 9 |
Interest cost | 19 | 23 |
Expected return on plan assets | (48) | (45) |
Amortization of net losses | 13 | 11 |
Amortization of prior service benefit | 0 | 0 |
Net expense (benefit) | (6) | (2) |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 2 |
Interest cost | 3 | 4 |
Expected return on plan assets | (3) | (4) |
Amortization of net losses | 0 | 0 |
Amortization of prior service benefit | (6) | (6) |
Net expense (benefit) | $ (5) | $ (4) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current maturities | $ (12,207) | $ (12,196) |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current maturities | $ (14,630) | $ (14,806) |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)location | Dec. 31, 2019USD ($)location | |
Commitments and Contingencies Disclosure [Abstract] | ||
Environmental liability | $ 56,000,000 | $ 56,000,000 |
Current environmental liability | $ 15,000,000 | $ 15,000,000 |
Known cleanup and remediation locations and projects | location | 109 | 110 |
Number of sites - representative sample | location | 15 | |
Liability associated with those sites | $ 39,000,000 | |
Environmental locations representative sample liability payout period, in years | 5 years | |
Responsible locations with another party | location | 12 | |
Self-insured injury/damage to third parties - and above, per occurrence | $ 75,000,000 | |
Self-insured injury/damage to third party - up to | 1,100,000,000 | |
Self-insured injury/damage to third parties - and above, per occurrence for specific perils | 1,500,000,000 | |
Self-insured NS owned property - up to | 25,000,000 | |
Self-insured NS owned property - and above, per occurrence | $ 200,000,000 |
Loss on Asset Disposal (Details
Loss on Asset Disposal (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($)locomotive | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on locomotives | $ (8) | $ (18) | |
Carrying value of locomotives Held-for-Sale | 240 | $ 337 | |
Railroad Transportation Equipment | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on locomotives | 385 | ||
Tax benefit on loss from sale of locomotives | $ (97) | ||
Number of locomotives sold | locomotive | 297 | ||
Number of locomotives classified as Held-for-Sale | locomotive | 703 | ||
Assets Held-for-sale, Not Part of Disposal Group | $ 44 |