The document is Norfolk Southern Corporation's Quarterly Financial Review for the fourth quarter of 2008. It includes consolidated statements of income, balance sheets, cash flows and various financial metrics for Norfolk Southern for Q4 2008 compared to Q4 2007. Key highlights include railway operating revenues of $2.5 billion for Q4 2008, income from railway operations of $813 million, and net income of $452 million, resulting in diluted earnings per share of $1.21. Various notes provide additional details on items such as coal revenues, labor agreements and stock repurchases. Charts and tables present quarterly and annual trends in financial and operating results.
Claudio De Conto, General Manager Operations at Pirelli & C. S.p.A. illustrates both a) Pirelli Group 2008 Key Financial Results and b) Pirelli Group ‘09 –‘11: Net Financial Position Targets.
More on: http://industrial-plan.pirelli.com/idayPost/jsp/downloadArea.jsp
Claudio De Conto, General Manager Operations at Pirelli & C. S.p.A. illustrates both a) Pirelli Group 2008 Key Financial Results and b) Pirelli Group ‘09 –‘11: Net Financial Position Targets.
More on: http://industrial-plan.pirelli.com/idayPost/jsp/downloadArea.jsp
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Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
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how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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how can I sell pi coins after successfully completing KYC
Norfolk Southern 4Q 2008 financial review
1. Quarterly Financial Review
Fourth Quarter 2008
Norfolk Southern Corporation
Finance Department
Three Commercial Place
Norfolk, Virginia 23510.2191
rS
2. Norfolk Southern Railway System
Boston
Ayer
Titusville
NS Lines & Rights
NS Trackage/Haulage Rights
Conrail Shared Assets Areas
3. Contents
Consolidated Statements of Income………………………………………2
Consolidated Balance Sheets…………………………………………… 4
Consolidated Statements of Cash Flows………………………………… 5
Consolidated Financial Information……………………………………… 6
Railway Operating Revenues Yield Analysis…………………………… 8
Monthly Railway Carloadings…………………………………………… 9
Railway Operating Revenues Variance Analysis………………………10
Coal, Coke and Iron Ore Tonnage by Market…………………………10
Railway Operating Expenses Variance Analysis………………………11
Compensation and Benefits Expense Analysis…………………………12
Fuel Expense Analysis……………………….……………………………12
Other Income — Net Analysis……………………………………………13
Productivity Measures…………………………………………………… 14
Financial, Traffic and Operating Statistics:
Consolidated Financial Data……………….……………………16
Traffic and Operating Statistics……………..……………………
18
Financial Inquiries: James A. Squires…………………………(757) 629-2845
Investor Inquiries: William J. Romig………………………… (757) 629-2780
Leanne D. Marilley………………………(757) 629-2861
The accompanying unaudited interim financial statements should be read in conjunction with: (a) the
financial statements and notes included in the Corporation’s latest Annual Report on Form 10-K and in
subsequent Quarterly Reports on Form 10-Q, and (b) any Current Reports on Form 8-K.
Any statements contained in this document which are not related to historical facts are forward-looking
statements as that term is defined in the Private Securities Litigation Reform Act of 1995, and Norfolk
Southern undertakes no obligation to update such statements. Such forward-looking statements are subject to
risks and uncertainties (the most significant of which are described in Norfolk Southern's SEC filings) which
could cause actual results to differ.
1
Quarterly Financial Review /
4. Consolidated Statements of Income
Three Months Ended Dec. 31,
($ millions except per share)
2008 2007 Notes to Consolidated
Financial Statements
Railway operating revenues:
1. Coal Revenues
Coal $ 798 $ 601 Third quarter 2008 includes $22 million
General merchandise (note 2) 1,224 1,357 related to a coal customer's 2008 contracted
Intermodal 480 496 volume shortfall and a nonrecurring effect related
to the implementation of NS' new export coal
Total railway operating revenues 2,502 2,454
billing system.
Railway operating expenses:
2. Contract Settlement
Compensation and benefits 609 623
Fourth quarter 2007 automotive revenue
Purchased services and rents 405 396
includes $26 million related to a contract
Fuel 269 353 settlement.
Depreciation 206 197
Materials and other 200 199
3. Labor Agreement
Total railway operating expenses 1,689 1,768
2008 includes $31 million for lump-sum
payments (including payroll taxes) due under a
Income from railway operations 813 686
new labor agreement with the Brotherhood of
Locomotive Engineers and Trainmen (BLET).
Other income — net 18 34
Interest expense on debt 112 108
4. Stock Repurchase Program
Income before income taxes 719 612
In March 2007, NS' Board of Directors
amended the stock repurchase program that was
Provision for income taxes: authorized in November 2005 so as to increase the
Current 158 107 number of shares of NS common stock that may be
Deferred 109 106 repurchased from 50 million to 75 million. In
addition, the term of the program was shortened
Total income taxes 267 213
from December 31, 2015 to December 31, 2010.
During 2008, NS purchased and retired 19.4
Net income $ 452 $ 399
million shares of common stock at a cost of $1.1
billion. Since inception of the stock repurchase
Earnings per share: program in 2006, NS has repurchased and retired
Basic $ 1.23 $ 1.04 64.7 million shares at a total cost of $3.3 billion.
Diluted $ 1.21 $ 1.02
Weighted average shares outstanding (millions) (note 4):
Basic 365.8 381.6
Diluted 372.4 389.9
2 / Quarterly Financial Review
5. Consolidated Statements of Income
Years Ended Dec. 31,
($ millions except per share)
2008 2007
Railway operating revenues:
Coal (note 1) $ 3,111 $ 2,315
General merchandise (note 2) 5,492 5,196
Intermodal 2,058 1,921
Total railway operating revenues 10,661 9,432
Railway operating expenses:
Compensation and benefits (note 3) 2,684 2,552
Purchased services and rents 1,599 1,551
Fuel 1,638 1,169
Depreciation 804 775
Materials and other 852 800
Total railway operating expenses 7,577 6,847
Income from railway operations 3,084 2,585
Other income — net 110 93
Interest expense on debt 444 441
Income before income taxes 2,750 2,237
Provision for income taxes:
Current 744 648
Deferred 290 125
Total income taxes 1,034 773
Net income $ 1,716 $ 1,464
Earnings per share:
Basic $ 4.60 $ 3.74
Diluted $ 4.52 $ 3.68
Weighted average shares outstanding (millions) (note 4):
Basic 372.3 389.6
Diluted 380.0 397.8
3
Quarterly Financial Review /
6. Consolidated Balance Sheets
As of December 31,
($ millions)
2008 2007
Assets
Current assets:
Cash and cash equivalents $ 618 $ 206
Accounts receivable — net 870 942
Materials and supplies 194 176
Deferred income taxes 149 190
Other current assets 168 161
Total current assets 1,999 1,675
Investments 1,779 1,974
Properties less accumulated depreciation 22,247 21,583
Other assets 272 912
Total assets $ 26,297 $ 26,144
Liabilities and stockholders‘ equity
Current liabilities:
Accounts payable $ 1,140 $ 1,139
Income and other taxes 261 203
Other current liabilities 220 237
Current maturities of long-term debt 484 369
Total current liabilities 2,105 1,948
Long-term debt 6,183 5,999
Other liabilities 2,046 2,039
Deferred income taxes 6,366 6,431
Total liabilities 16,700 16,417
Stockholders‘ equity:
Common stock $1.00 per share par value, 1,350,000,000 shares
authorized; outstanding 366,233,106 and 379,297,891 shares,
respectively, net of treasury shares 368 380
Additional paid-in capital 1,680 1,466
Accumulated other comprehensive loss (952) (399)
Retained income 8,501 8,280
Total stockholders‘ equity 9,597 9,727
Total liabilities and stockholders‘ equity $ 26,297 $ 26,144
4 / Quarterly Financial Review
7. Consolidated Statements of Cash Flows
Years Ended December 31,
($ millions)
2008 2007
Cash flows from operating activities:
Net income $ 1,716 $ 1,464
Reconciliation of net income to net cash provided
by operating activities:
Depreciation 815 786
Deferred income taxes 290 125
Gains and losses on properties and investments (29) (51)
Changes in assets and liabilities affecting operations:
Accounts receivable 269 30
Materials and supplies (18) (25)
Other current assets (8) (17)
Current liabilities other than debt (262) 38
Other — net (58) (17)
Net cash provided by operating activities 2,715 2,333
Cash flows from investing activities:
Property additions (1,558) (1,341)
Property sales and other transactions 109 124
Investments, including short-term (86) (635)
Investment sales and other transactions 307 827
Net cash used in investing activities (1,228) (1,025)
Cash flows from financing activities:
Dividends (456) (377)
Common stock issued — net 229 183
Purchase and retirement of common stock (note 4) (1,128) (1,196)
Proceeds from borrowings 1,425 250
Debt repayments (1,145) (489)
Net cash used in financing activities (1,075) (1,629)
Net increase (decrease) in cash and cash equivalents 412 (321)
Cash and cash equivalents:
At beginning of year 206 527
At end of year $ 618 $ 206
Supplemental disclosure of cash flow information
Cash paid during the year for:
Interest (net of amounts capitalized) $ 421 $ 441
Income taxes (net of refunds) $ 615 $ 603
Quarterly Financial Review / 5
13. Railway Operating Expenses Variance Analysis
Fourth Quarter ($ millions)
2008 vs. 2007 Amount of change
Net Decrease
$79 Million
4%
Compensation $9
$9
$1
and benefits
Fuel
Depreciation
Materials Purchased services
and other and rents
$14
$84
Year ($ millions)
2008 vs. 2007 Amount of change
Total Increase
$730 Million
$469
11%
$132
$52
$48
$29
Purchased services Materials Compensation
Depreciation Fuel
and rents and other and benefits
11
Quarterly Financial Review /
14. Compensation and Benefits Expense Analysis
Fourth Quarter Year
($ millions) ($ millions)
2008 vs. 2007 2008 vs. 2007
Amount of change Amount of change
Incentive Compensation/$19 Incentive Compensation/$66
Net Decrease Net Increase
Wage Rates/$15
$14 Million $132 Million
2%
Other Items — Net/$4 5%
Wage Rates/$54
T&E Volume Related Payroll/$9
BLET Agreement/$31
Stock-Based Compensation/$43 Payroll Taxes/$24
Other Items — Net/$5
T&E Volume Related Payroll/$19
Medical Benefits/$19
(Active and Retiree)
Fuel Expense Analysis
Fourth Quarter Year
($ millions) ($ millions)
2008 vs. 2007 2008 vs. 2007
Amount of change Amount of change
Net Increase
Total
Consumption/$38
$469 Million
Decrease
Cost per Gallon/$511 40%
$84 Million
24%
Cost per Gallon/$46
Consumption/$42
12 / Quarterly Financial Review
15. Other Income — Net Analysis
Fourth Quarter ($ millions)
2008 vs. 2007 Amount of change
Net Decrease
Expenses Related to Synthetic
Fuel Investments/$16 $16 Million
47%
Coal Royalties/$6
Interest Income/$3
Other Items — Net/$7
Gains/Losses on Property
and Investments/$10
Equity in Conrail Earnings/$18
Year ($ millions)
2008 vs. 2007 Amount of change
Expenses Related to Synthetic
Fuel Investments/$77
Net Increase
$17 Million
18%
Interest on Tax Deficiencies/$21
Coal Royalties/$12
Other Items — Net/$8
Equity in Conrail Earnings/$16
Gains/Losses on Property
and Investments/$22
Interest Income/$25
Corporate-Owned Life
Insurance/$38
Quarterly Financial Review / 13