|
($ in millions, except per-share amounts)
|
2002
|
2001
|
20001
|
19992
|
1998 | |||||
| Results of operations | ||||||||||
| Railway operating revenues | $ |
6,270
|
$ |
6,170
|
$ |
6,159
|
$ |
5,242
|
$ |
4,254
|
| Railway operating expenses | $ |
5,112
|
$ |
5,163
|
$ |
5,526
|
$ |
4,524
|
$ |
3,202
|
|
|
||||||||||
| Income from railway operations | $ |
1,158
|
$ |
1,007
|
$ |
633
|
$ |
718
|
$ |
1,052
|
| Other income - net | $ |
66
|
$ |
99
|
$ |
168
|
$ |
164
|
$ |
309
|
| Interest expense on debt | $ |
518
|
$ |
553
|
$ |
551
|
$ |
531
|
$ |
516
|
|
|
||||||||||
| Income from continuing operations before income taxes |
$ |
706
|
$ |
553
|
$ |
250
|
$ |
351
|
$ |
845
|
| Provision for income taxes | $ |
246
|
$ |
191
|
$ |
78
|
$ |
112
|
$ |
215
|
|
|
||||||||||
| Income from continuing operations | $ |
460
|
$ |
362
|
$ |
172
|
$ |
239
|
$ |
630
|
| Discontinued operations3 | $ |
--
|
$ |
13
|
$ |
--
|
$ |
--
|
$ |
104
|
|
|
||||||||||
| Net income | $ |
460
|
$ |
375
|
$ |
172
|
$ |
239
|
$ |
734
|
|
|
||||||||||
| Per share data |
|
|||||||||
| Net income - basic | $ |
1.18
|
$ |
0.97
|
$ |
0.45
|
$ |
0.63
|
$ |
1.94
|
| Net income - diluted | $ |
1.18
|
$ |
0.97
|
$ |
0.45
|
$ |
0.63
|
$ |
1.93
|
| Dividends | $ |
0.26
|
$ |
0.24
|
$ |
0.80
|
$ |
0.80
|
$ |
0.80
|
| Stockholders' equity at year end | $ |
16.71
|
$ |
15.78
|
$ |
15.16
|
$ |
15.50
|
$ |
15.61
|
|
|
||||||||||
| Financial position |
|
|||||||||
| Total assets | $ |
19,956
|
$ |
19,418
|
$ |
18,976
|
$ |
19,250
|
$ |
18,180
|
| Total long-term debt, including current maturities | $ |
7,364
|
$ |
7,632
|
$ |
7,636
|
$ |
8,059
|
$ |
7,624
|
| Stockholders' equity | $ |
6,500
|
$ |
6,090
|
$ |
5,824
|
$ |
5,932
|
$ |
5,921
|
|
|
||||||||||
| Other |
|
|||||||||
| Capital expenditures | $ |
695
|
$ |
746
|
$ |
731
|
$ |
912
|
$ |
1,060
|
| Average number of shares oustanding (thousands) |
388,213
|
385,158
|
383,358
|
380,606
|
378,749
|
|||||
| Number of stockholders at year end |
51,418
|
53,042
|
53,194
|
51,123
|
51,727
|
|||||
| Average number of employees |
28,970
|
30,894
|
33,738
|
31,166
|
24,300
|
|||||
Notes
1. 2000 operating expenses include $165 million in work force reduction costs for early retirement and separation programs. These costs reduced net income by $101 million, or 26 cents per diluted share.
2. On June 1, 1999, NS began operating a substantial portion of Conrail’s properties. As a result, both its railroad route miles and the number of its railroad employees increased by approximately 50 percent on that date.
3. In 1998, NS sold all the common stock of its motor carrier subsidiary, North American Van Lines, Inc. (NAVL), for $207 million and recorded a $90 million pretax ($105 million, or 28 cents per diluted share, after-tax) gain. Accordingly, NAVL’s results of operations, financial position and cash flows are presented as “Discontinued operations.” Results in 2001 include an additional after-tax gain of $13 million, or 3 cents per diluted share, that resulted from the expiration of certain indemnity obligations contained in the sales agreement.