Canadian National Railway Company reported financial results for the first quarter of 2009 with the following highlights:
- Revenues were $1,859 million, down slightly from $1,927 million in the first quarter of 2008.
- Net income was $424 million, up 36% compared to $311 million in the previous year.
- Earnings per share increased to $0.91 from $0.64 in the first quarter of 2008.
The document is the Clorox Company's condensed consolidated financial statements for fiscal years 2008, 2007 and 2006. It includes statements of earnings, balance sheets, cash flows and stockholders' equity. Some key details are:
- Net sales increased year-over-year from $4.8B in 2007 to $5.3B in 2008.
- Earnings from continuing operations were $461M in 2008, down from $496M in 2007.
- Total assets increased from $3.6B in 2007 to $4.7B in 2008, driven largely by acquisitions.
- Cash flows from operations were $730M in 2008, up from $709M in 2007.
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportfinance49
This document is El Paso Corporation's 2008 annual report which summarizes the company's financial and operating highlights for 2008. It discusses declines in operating income and earnings compared to previous years due to a $2.7 billion non-cash ceiling test charge in its Exploration & Production segment. However, it notes the Pipeline segment placed seven growth projects into service and increased its backlog of committed growth projects to $8 billion. The report provides an overview of accomplishments in 2008 and challenges faced by the company in a difficult market environment.
Precision Drilling Trust reported financial results for the first quarter of 2009, with revenue increasing 31% and EBITDA rising 15% compared to Q1 2008. The increases were due to the acquisition of Grey Wolf in December 2008, which added 123 rigs in the US. Net earnings decreased 46% to $57 million due to higher interest and foreign exchange losses. Precision's president stated that the acquisition helped mitigate the impacts of weak market conditions in Canada and the US and that term contracts supported strong rig rates. However, low commodity prices continued to drive down activity levels significantly. Precision took steps to strengthen its balance sheet, including debt repayment and an equity raise.
This document provides financial information for Advanced Micro Devices for the first quarter of 2009 including statements of operations, balance sheets, and selected corporate data. It shows a net loss of $414 million for the quarter, decreased revenue compared to the same quarter last year, and cash, cash equivalents, and marketable securities of $2.719 billion as of the end of the quarter. Non-GAAP information is also provided to show financial results excluding AMD's Foundry segment.
1) Burlington Northern Santa Fe Corporation reported record first quarter 2008 earnings of $1.30 per diluted share, up from $0.96 per diluted share in the first quarter of 2007.
2) Freight revenues increased 17% to $4.14 billion driven by growth in agricultural, coal, and industrial volumes as well as higher fuel surcharges from increased fuel prices.
3) Operating expenses grew due to a $357 million increase in fuel costs from higher fuel prices, while operating income increased to $875 million.
This document contains financial statements and exhibits from Covanta Holding Corporation for the first quarter of 2009 compared to the first quarter of 2008. It includes statements of income, reconciliation of net income to adjusted EBITDA, reconciliation of cash flow to adjusted EBITDA, and statements of cash flows. Adjusted EBITDA is a non-GAAP measure used to evaluate performance and compliance with debt covenants, and excludes items such as interest, taxes, depreciation, and amortization.
- DTE Energy is an energy company headquartered in Detroit, Michigan. It owns Detroit Edison, an electric utility, and MichCon, a natural gas utility.
- In 2007, DTE Energy reported total assets of $23.9 billion, total debt of $6.6 billion, and total shareholders' equity of $5.9 billion.
- For Detroit Edison, electric sales increased 1% in 2007 compared to 2006, while revenues increased 4%. Residential sales and revenues increased the most at 2% and 4% respectively.
ConocoPhillips reported financial results for the third quarter and first nine months of 2005:
- Revenues for the quarter increased to $49.7 billion, up from $34.7 billion in the same period last year, driven by higher oil and gas prices. Net income was $3.8 billion compared to $2 billion last year.
- For the first nine months of the year, revenues were $131.2 billion compared to $96.8 billion last year. Net income was $9.85 billion compared to $5.7 billion in the same period of 2004.
- Oil and gas production for the quarter averaged 790 thousand barrels of oil equivalent per day for
The document is the Clorox Company's condensed consolidated financial statements for fiscal years 2008, 2007 and 2006. It includes statements of earnings, balance sheets, cash flows and stockholders' equity. Some key details are:
- Net sales increased year-over-year from $4.8B in 2007 to $5.3B in 2008.
- Earnings from continuing operations were $461M in 2008, down from $496M in 2007.
- Total assets increased from $3.6B in 2007 to $4.7B in 2008, driven largely by acquisitions.
- Cash flows from operations were $730M in 2008, up from $709M in 2007.
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportfinance49
This document is El Paso Corporation's 2008 annual report which summarizes the company's financial and operating highlights for 2008. It discusses declines in operating income and earnings compared to previous years due to a $2.7 billion non-cash ceiling test charge in its Exploration & Production segment. However, it notes the Pipeline segment placed seven growth projects into service and increased its backlog of committed growth projects to $8 billion. The report provides an overview of accomplishments in 2008 and challenges faced by the company in a difficult market environment.
Precision Drilling Trust reported financial results for the first quarter of 2009, with revenue increasing 31% and EBITDA rising 15% compared to Q1 2008. The increases were due to the acquisition of Grey Wolf in December 2008, which added 123 rigs in the US. Net earnings decreased 46% to $57 million due to higher interest and foreign exchange losses. Precision's president stated that the acquisition helped mitigate the impacts of weak market conditions in Canada and the US and that term contracts supported strong rig rates. However, low commodity prices continued to drive down activity levels significantly. Precision took steps to strengthen its balance sheet, including debt repayment and an equity raise.
This document provides financial information for Advanced Micro Devices for the first quarter of 2009 including statements of operations, balance sheets, and selected corporate data. It shows a net loss of $414 million for the quarter, decreased revenue compared to the same quarter last year, and cash, cash equivalents, and marketable securities of $2.719 billion as of the end of the quarter. Non-GAAP information is also provided to show financial results excluding AMD's Foundry segment.
1) Burlington Northern Santa Fe Corporation reported record first quarter 2008 earnings of $1.30 per diluted share, up from $0.96 per diluted share in the first quarter of 2007.
2) Freight revenues increased 17% to $4.14 billion driven by growth in agricultural, coal, and industrial volumes as well as higher fuel surcharges from increased fuel prices.
3) Operating expenses grew due to a $357 million increase in fuel costs from higher fuel prices, while operating income increased to $875 million.
This document contains financial statements and exhibits from Covanta Holding Corporation for the first quarter of 2009 compared to the first quarter of 2008. It includes statements of income, reconciliation of net income to adjusted EBITDA, reconciliation of cash flow to adjusted EBITDA, and statements of cash flows. Adjusted EBITDA is a non-GAAP measure used to evaluate performance and compliance with debt covenants, and excludes items such as interest, taxes, depreciation, and amortization.
- DTE Energy is an energy company headquartered in Detroit, Michigan. It owns Detroit Edison, an electric utility, and MichCon, a natural gas utility.
- In 2007, DTE Energy reported total assets of $23.9 billion, total debt of $6.6 billion, and total shareholders' equity of $5.9 billion.
- For Detroit Edison, electric sales increased 1% in 2007 compared to 2006, while revenues increased 4%. Residential sales and revenues increased the most at 2% and 4% respectively.
ConocoPhillips reported financial results for the third quarter and first nine months of 2005:
- Revenues for the quarter increased to $49.7 billion, up from $34.7 billion in the same period last year, driven by higher oil and gas prices. Net income was $3.8 billion compared to $2 billion last year.
- For the first nine months of the year, revenues were $131.2 billion compared to $96.8 billion last year. Net income was $9.85 billion compared to $5.7 billion in the same period of 2004.
- Oil and gas production for the quarter averaged 790 thousand barrels of oil equivalent per day for
- Revenue for the third quarter of 2008 was $1.965 billion, up slightly from $1.865 billion in the third quarter of 2007.
- Net earnings for the quarter were $187.65 million, up 8% from $174.59 million in the third quarter of 2007.
- Earnings per share for the quarter were $1.01, up from $0.87 in the prior year period.
- The document provides financial information for DTE Energy Company and its subsidiaries Detroit Edison and MichCon for the third quarter of 2007, including statements of financial position, cash flows, and operations.
- Key details include total assets of $23.8 billion, total debt of $6.8 billion or 53% of total capitalization, and operating revenues of $1.2 billion for Detroit Edison and $1.3 billion for MichCon.
- Electric sales decreased 1% while gas sales increased for Detroit Edison and MichCon respectively, compared to the same quarter in 2006.
The document is the second quarter 2008 investor supplement from Dover Corporation. It provides condensed consolidated financial statements and quarterly segment information for Dover for Q2 2008 and comparisons to prior periods. Some key details include:
- Revenue for Q2 2008 was $2.01 billion, up 10% from $1.82 billion in Q2 2007. Net earnings for Q2 2008 were $135.3 million, down 21% from $172.2 million in Q2 2007.
- All business segments saw revenue increases in Q2 2008 compared to Q2 2007, with the exception of Electronic Technologies which was flat. Industrial Products and Fluid Management had the largest revenue gains.
Energy East Corporation announced its second quarter 2008 financial results, reporting earnings per share of $0.10, down from $0.12 in the second quarter of 2007. For the 12 months ended June 30, 2008, earnings per share were $1.56, lower than the $1.68 per share earned in the same period in 2007. The results included a $0.02 per share charge from Central Maine Power Company's new rate plan. Regulatory approval for Energy East's acquisition by Iberdrola was received from all agencies except the New York Public Service Commission, whose decision is still pending.
This document is Burlington Northern Santa Fe Corporation's Investors' Report for the first quarter of 2005. It includes:
- Record first quarter earnings of $0.83 per share, a 60% increase over the same period last year. Freight revenues increased 18% to $2.9 billion, also a record.
- Operating income increased 55% to $634 million due to 18% revenue growth and a 5 point reduction in operating ratio to 78.1%.
- Revenues increased double-digits across all business groups, especially consumer products which grew 22% due to international and trucking volume increases.
- The company transported a record number of cars/units and revenue ton miles
This annual report from Nordstrom provides an overview of the company's financial performance in 2000 and discusses some changes made that year based on customer feedback. It highlights that Nordstrom's greatest asset is its employees and salespeople. The report emphasizes focusing resources on supporting employees and giving them ownership over merchandise selection to best meet customer needs at the local level. It provides examples of top performing salespeople to illustrate Nordstrom's culture of customer service.
PPG Industries reported financial results for the second quarter and first half of 2008. Net sales increased 42% to $4.5 billion for the quarter due to acquisitions. Income from continuing operations was $250 million for the quarter and $350 million for the first half. Total debt increased to fund the acquisition of SigmaKalon, which contributed to higher interest expense. Segment income increased due to acquisitions, but was reduced by one-time acquisition related costs including inventory step-up costs and in-process R&D write-offs associated with SigmaKalon.
This document provides an overview and summary of key financial information for Big Lots for fiscal year 2003. It includes selected financial data such as net sales, costs of sales, gross profit, selling and administrative expenses, operating profit, interest expense/income, income before taxes, tax expense, net income, earnings per share, balance sheet information, and store count data for fiscal years 2004, 2003, 2002, 2001, and 2000. It also provides a cautionary statement about forward-looking statements and an overview of Big Lots' business operations and seasonal fluctuations.
This document provides financial highlights and selected financial data for ConocoPhillips for the first quarter of 2005 compared to the first quarter of 2004. Some key figures include:
- Net income for Q1 2005 was $2.912 billion compared to $1.616 billion in Q1 2004.
- Income from continuing operations was $2.923 billion in Q1 2005 compared to $1.603 billion in Q1 2004.
- Total worldwide crude oil and natural gas production was 942 thousand barrels of oil equivalent per day in Q1 2005.
- Total revenues for Q1 2005 were $38.918 billion compared to $30.217 billion in Q1 2004.
This document provides financial highlights and selected financial data for ConocoPhillips for the third quarter and first nine months of 2007 compared to the same periods in 2006. Some key details include total revenues of $47.9 billion for the third quarter of 2007, net income of $3.7 billion, and cash flows from operating activities of $6 billion. Capital expenditures and investments totaled $2.6 billion for the third quarter.
This document summarizes financial information for PPG Industries for the second quarter and first half of 2007 compared to the same periods in 2006. It shows that net sales increased but net income decreased slightly for both periods. The business is organized into five segments: Performance Coatings, Industrial Coatings, Optical and Specialty Materials, Commodity Chemicals, and Glass. Total segment income decreased slightly for both periods. Current assets exceeded current liabilities, and long-term debt was $1.15 billion at the end of the second quarter of 2007.
Dole Food Company reported strong financial results in its 1999 Annual Report. Revenue exceeded $5 billion for the first time, up 14% from 1998. Net income was $49 million, though it would have been $68 million excluding special charges. Cash flow from operations remained strong at $308 million. The company focused on its core businesses of fresh fruits, vegetables and flowers, maintaining low costs, and investing in its people. It undertook various restructuring and cost-cutting measures following challenges like hurricanes and citrus freezes. Dole entered 2000 with renewed purpose to profitably grow its brands and enhance shareholder returns.
- Illinois Tool Works reported a loss of 6 cents per share in the first quarter of 2009 compared to earnings of 70 cents per share in the first quarter of 2008. Revenues declined 24% due to weak global end markets.
- The company recorded $90 million in impairment charges and $28 million in tax charges in the quarter. Excluding these charges, earnings would have been 17 cents per share.
- Cash flow from operations remained strong at $447 million in the quarter, driven by reductions in working capital. The company expects revenues to increase 5-11% in the second quarter and forecasts earnings of 25-37 cents per share.
- Fastenal Company reported financial results for Q3 2009, with net sales down 21.7% and net earnings down 34.7% from Q3 2008. For the first nine months of 2009, net sales were down 19% and net earnings down 35.6% compared to the same period in 2008.
- The weakened economy continues to negatively impact Fastenal's business, particularly sales to manufacturing and non-residential construction customers. Sales to manufacturers were down approximately 23% in Q3 2009 compared to Q3 2008.
- Fastenal remains focused on balancing long-term growth opportunities with necessary short-term reactions to current economic challenges. It has slowed store openings and headcount growth to help
- Genuine Parts Company reported financial results for Q3 and the first nine months of 2009.
- Sales were down 10% for Q3 and 11% for the nine month period compared to the previous year.
- Net income decreased 18% for Q3 and 23% for the nine month period year-over-year.
- The automotive segment saw a 1% sales decline for Q3, while industrial and electrical groups saw larger decreases.
BB&T Corporation reported financial results for the first quarter of 2009. Net income available to common shareholders was $271 million, down 36.7% from the first quarter of 2008, with diluted earnings per share of $0.48. Total assets increased 5.1% from the end of 2008 to $143.4 billion. However, nonperforming assets more than tripled to $2.75 billion compared to the prior year. Provision for credit losses increased significantly to $676 million from $223 million in the previous year. Overall, BB&T's financial results declined compared to the first quarter of 2008 largely due to higher credit costs.
Boston Scientific announced financial results for the first quarter of 2009. Key highlights include:
- Worldwide sales of cardiac rhythm management products increased 9%, including a 13% rise in ICD sales. US CRM sales grew 11%, with a 14% increase in ICDs.
- The company expanded its worldwide drug-eluting stent market share to 44% and increased its US market share to 50%.
- Net sales were $2.01 billion, in line with guidance. Adjusted earnings per share were $0.19, at the high end of guidance range.
- For the second quarter, the company estimates net sales of $1.96-2.08 billion and adjusted EPS
Duke Realty reported first quarter 2019 results, with FFO per share of $0.71, in line with expectations. To strengthen its balance sheet, Duke raised $575 million through a common stock offering, completed $156 million in secured debt financing, and repurchased $170 million of debt. Duke also reaffirmed its 2019 FFO guidance range despite economic challenges.
This document is RPM International Inc.'s quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes:
- Financial statements including the balance sheet, income statement, and cash flow statement for the quarter.
- Notes to the financial statements providing additional details.
- Management's discussion and analysis of financial condition and results of operations for the quarter.
- Disclosures around legal proceedings, risk factors, equity securities, and exhibits.
The financial statements show that for the quarter ended August 31, 2009, RPM reported net income of $73 million on net sales of $916 million. Cash provided by operating activities was $52 million for the quarter.
- AMD reported a net loss of $358 million for Q1 2008 on net revenue of $1.505 billion. This compares to a net loss of $1.772 billion on revenue of $1.770 billion in Q4 2007.
- Gross margin was 42% in Q1 2008, down from 44% in the previous quarter. Research and development expenses were $501 million for the most recent quarter.
- Total current assets were $3.513 billion as of March 29, 2008, including $1.753 billion in cash, cash equivalents and marketable securities. Total stockholders' equity was $2.637 billion.
This document provides financial information for Advanced Micro Devices for the first quarter of 2009 including statements of operations, balance sheets, and selected corporate data. It shows a net loss of $414 million for the quarter, decreased revenue compared to the same quarter last year, and cash, cash equivalents and marketable securities of $2.719 billion. Non-GAAP information is also provided to show financial results without consolidation of GLOBALFOUNDRIES operations.
- Revenue for the third quarter of 2008 was $1.965 billion, up slightly from $1.865 billion in the third quarter of 2007.
- Net earnings for the quarter were $187.65 million, up 8% from $174.59 million in the third quarter of 2007.
- Earnings per share for the quarter were $1.01, up from $0.87 in the prior year period.
- The document provides financial information for DTE Energy Company and its subsidiaries Detroit Edison and MichCon for the third quarter of 2007, including statements of financial position, cash flows, and operations.
- Key details include total assets of $23.8 billion, total debt of $6.8 billion or 53% of total capitalization, and operating revenues of $1.2 billion for Detroit Edison and $1.3 billion for MichCon.
- Electric sales decreased 1% while gas sales increased for Detroit Edison and MichCon respectively, compared to the same quarter in 2006.
The document is the second quarter 2008 investor supplement from Dover Corporation. It provides condensed consolidated financial statements and quarterly segment information for Dover for Q2 2008 and comparisons to prior periods. Some key details include:
- Revenue for Q2 2008 was $2.01 billion, up 10% from $1.82 billion in Q2 2007. Net earnings for Q2 2008 were $135.3 million, down 21% from $172.2 million in Q2 2007.
- All business segments saw revenue increases in Q2 2008 compared to Q2 2007, with the exception of Electronic Technologies which was flat. Industrial Products and Fluid Management had the largest revenue gains.
Energy East Corporation announced its second quarter 2008 financial results, reporting earnings per share of $0.10, down from $0.12 in the second quarter of 2007. For the 12 months ended June 30, 2008, earnings per share were $1.56, lower than the $1.68 per share earned in the same period in 2007. The results included a $0.02 per share charge from Central Maine Power Company's new rate plan. Regulatory approval for Energy East's acquisition by Iberdrola was received from all agencies except the New York Public Service Commission, whose decision is still pending.
This document is Burlington Northern Santa Fe Corporation's Investors' Report for the first quarter of 2005. It includes:
- Record first quarter earnings of $0.83 per share, a 60% increase over the same period last year. Freight revenues increased 18% to $2.9 billion, also a record.
- Operating income increased 55% to $634 million due to 18% revenue growth and a 5 point reduction in operating ratio to 78.1%.
- Revenues increased double-digits across all business groups, especially consumer products which grew 22% due to international and trucking volume increases.
- The company transported a record number of cars/units and revenue ton miles
This annual report from Nordstrom provides an overview of the company's financial performance in 2000 and discusses some changes made that year based on customer feedback. It highlights that Nordstrom's greatest asset is its employees and salespeople. The report emphasizes focusing resources on supporting employees and giving them ownership over merchandise selection to best meet customer needs at the local level. It provides examples of top performing salespeople to illustrate Nordstrom's culture of customer service.
PPG Industries reported financial results for the second quarter and first half of 2008. Net sales increased 42% to $4.5 billion for the quarter due to acquisitions. Income from continuing operations was $250 million for the quarter and $350 million for the first half. Total debt increased to fund the acquisition of SigmaKalon, which contributed to higher interest expense. Segment income increased due to acquisitions, but was reduced by one-time acquisition related costs including inventory step-up costs and in-process R&D write-offs associated with SigmaKalon.
This document provides an overview and summary of key financial information for Big Lots for fiscal year 2003. It includes selected financial data such as net sales, costs of sales, gross profit, selling and administrative expenses, operating profit, interest expense/income, income before taxes, tax expense, net income, earnings per share, balance sheet information, and store count data for fiscal years 2004, 2003, 2002, 2001, and 2000. It also provides a cautionary statement about forward-looking statements and an overview of Big Lots' business operations and seasonal fluctuations.
This document provides financial highlights and selected financial data for ConocoPhillips for the first quarter of 2005 compared to the first quarter of 2004. Some key figures include:
- Net income for Q1 2005 was $2.912 billion compared to $1.616 billion in Q1 2004.
- Income from continuing operations was $2.923 billion in Q1 2005 compared to $1.603 billion in Q1 2004.
- Total worldwide crude oil and natural gas production was 942 thousand barrels of oil equivalent per day in Q1 2005.
- Total revenues for Q1 2005 were $38.918 billion compared to $30.217 billion in Q1 2004.
This document provides financial highlights and selected financial data for ConocoPhillips for the third quarter and first nine months of 2007 compared to the same periods in 2006. Some key details include total revenues of $47.9 billion for the third quarter of 2007, net income of $3.7 billion, and cash flows from operating activities of $6 billion. Capital expenditures and investments totaled $2.6 billion for the third quarter.
This document summarizes financial information for PPG Industries for the second quarter and first half of 2007 compared to the same periods in 2006. It shows that net sales increased but net income decreased slightly for both periods. The business is organized into five segments: Performance Coatings, Industrial Coatings, Optical and Specialty Materials, Commodity Chemicals, and Glass. Total segment income decreased slightly for both periods. Current assets exceeded current liabilities, and long-term debt was $1.15 billion at the end of the second quarter of 2007.
Dole Food Company reported strong financial results in its 1999 Annual Report. Revenue exceeded $5 billion for the first time, up 14% from 1998. Net income was $49 million, though it would have been $68 million excluding special charges. Cash flow from operations remained strong at $308 million. The company focused on its core businesses of fresh fruits, vegetables and flowers, maintaining low costs, and investing in its people. It undertook various restructuring and cost-cutting measures following challenges like hurricanes and citrus freezes. Dole entered 2000 with renewed purpose to profitably grow its brands and enhance shareholder returns.
- Illinois Tool Works reported a loss of 6 cents per share in the first quarter of 2009 compared to earnings of 70 cents per share in the first quarter of 2008. Revenues declined 24% due to weak global end markets.
- The company recorded $90 million in impairment charges and $28 million in tax charges in the quarter. Excluding these charges, earnings would have been 17 cents per share.
- Cash flow from operations remained strong at $447 million in the quarter, driven by reductions in working capital. The company expects revenues to increase 5-11% in the second quarter and forecasts earnings of 25-37 cents per share.
- Fastenal Company reported financial results for Q3 2009, with net sales down 21.7% and net earnings down 34.7% from Q3 2008. For the first nine months of 2009, net sales were down 19% and net earnings down 35.6% compared to the same period in 2008.
- The weakened economy continues to negatively impact Fastenal's business, particularly sales to manufacturing and non-residential construction customers. Sales to manufacturers were down approximately 23% in Q3 2009 compared to Q3 2008.
- Fastenal remains focused on balancing long-term growth opportunities with necessary short-term reactions to current economic challenges. It has slowed store openings and headcount growth to help
- Genuine Parts Company reported financial results for Q3 and the first nine months of 2009.
- Sales were down 10% for Q3 and 11% for the nine month period compared to the previous year.
- Net income decreased 18% for Q3 and 23% for the nine month period year-over-year.
- The automotive segment saw a 1% sales decline for Q3, while industrial and electrical groups saw larger decreases.
BB&T Corporation reported financial results for the first quarter of 2009. Net income available to common shareholders was $271 million, down 36.7% from the first quarter of 2008, with diluted earnings per share of $0.48. Total assets increased 5.1% from the end of 2008 to $143.4 billion. However, nonperforming assets more than tripled to $2.75 billion compared to the prior year. Provision for credit losses increased significantly to $676 million from $223 million in the previous year. Overall, BB&T's financial results declined compared to the first quarter of 2008 largely due to higher credit costs.
Boston Scientific announced financial results for the first quarter of 2009. Key highlights include:
- Worldwide sales of cardiac rhythm management products increased 9%, including a 13% rise in ICD sales. US CRM sales grew 11%, with a 14% increase in ICDs.
- The company expanded its worldwide drug-eluting stent market share to 44% and increased its US market share to 50%.
- Net sales were $2.01 billion, in line with guidance. Adjusted earnings per share were $0.19, at the high end of guidance range.
- For the second quarter, the company estimates net sales of $1.96-2.08 billion and adjusted EPS
Duke Realty reported first quarter 2019 results, with FFO per share of $0.71, in line with expectations. To strengthen its balance sheet, Duke raised $575 million through a common stock offering, completed $156 million in secured debt financing, and repurchased $170 million of debt. Duke also reaffirmed its 2019 FFO guidance range despite economic challenges.
This document is RPM International Inc.'s quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes:
- Financial statements including the balance sheet, income statement, and cash flow statement for the quarter.
- Notes to the financial statements providing additional details.
- Management's discussion and analysis of financial condition and results of operations for the quarter.
- Disclosures around legal proceedings, risk factors, equity securities, and exhibits.
The financial statements show that for the quarter ended August 31, 2009, RPM reported net income of $73 million on net sales of $916 million. Cash provided by operating activities was $52 million for the quarter.
- AMD reported a net loss of $358 million for Q1 2008 on net revenue of $1.505 billion. This compares to a net loss of $1.772 billion on revenue of $1.770 billion in Q4 2007.
- Gross margin was 42% in Q1 2008, down from 44% in the previous quarter. Research and development expenses were $501 million for the most recent quarter.
- Total current assets were $3.513 billion as of March 29, 2008, including $1.753 billion in cash, cash equivalents and marketable securities. Total stockholders' equity was $2.637 billion.
This document provides financial information for Advanced Micro Devices for the first quarter of 2009 including statements of operations, balance sheets, and selected corporate data. It shows a net loss of $414 million for the quarter, decreased revenue compared to the same quarter last year, and cash, cash equivalents and marketable securities of $2.719 billion. Non-GAAP information is also provided to show financial results without consolidation of GLOBALFOUNDRIES operations.
This document summarizes the reconciliation of total segment and other EBIT (earnings before interest and taxes) to net income and earnings available for common stockholders for Duke Energy for the three and six month periods ended June 30, 2003 and 2002. It shows EBIT by business segment and other items, total EBIT, expenses (interest, minority interest, income taxes), cumulative effect of accounting changes, net income, dividends/redemptions, and earnings available for common stockholders.
This document summarizes the reconciliation of total segment and other EBIT (earnings before interest and taxes) to net income and earnings available for common stockholders for Duke Energy for the three and six month periods ended June 30, 2003 and 2002. It shows EBIT by business segment and other items, total EBIT, expenses (interest, minority interest, income taxes), cumulative effect of accounting changes, net income, dividends/redemptions, and earnings available for common stockholders.
- AMD reported a net loss of $611 million for Q1 2007 due to lower revenue and higher costs. Revenue fell to $1.23 billion from $1.77 billion in the previous quarter.
- Gross margin declined to 28.1% from 36.2% in the previous quarter due to higher costs and lower factory utilization. Research and development expenses increased while marketing and administrative costs declined slightly.
- The Computing Solutions segment reported an operating loss of $321 million on revenue of $918 million, compared to an operating income of $65 million on revenue of $1.486 billion in the previous quarter.
Advanced Micro Devices reported a net loss of $611 million for the first quarter of 2007, with net revenue of $1.233 billion. The Computing Solutions segment experienced an operating loss of $321 million on $918 million in revenue. Research and development expenses were $432 million for the quarter. Adjusted EBITDA, which excludes certain one-time acquisition costs, was a loss of $196 million.
PPG Industries reported net income of $184 million for the first quarter of 2006, up significantly from $95 million in the same period in 2005. Net sales increased 6% to $2.638 billion. Gross profit rose slightly to $947 million. Operating income for the coatings segment increased substantially due to a legal settlement charge in 2005, while the glass and chemicals segments saw modest operating income declines. Total current assets were $4.174 billion and total assets were $8.918 billion as of March 31, 2006.
Texas Eastern Transmission reported financial results for the second quarter of 2008. Revenue increased slightly from the prior year to $228 million, while net income decreased to $94 million from $107 million. Total assets increased to $5.3 billion from $5.1 billion at the end of 2007. The company continued to invest in pipeline infrastructure, with capital expenditures of $72 million for the first half of the year.
- Advanced Micro Devices reported a net loss of $600 million for the quarter ended June 30, 2007, bringing the total net loss for the first half of 2007 to $1.211 billion.
- Revenue increased 11.9% compared to the previous quarter but the gross margin percentage declined from 28.1% to 33.5% due to higher costs.
- Research and development expenses increased 9.5% compared to the previous quarter as the company continued investing in new products.
- Advanced Micro Devices reported a net loss of $600 million for the quarter ended June 30, 2007, bringing the total net loss for the first half of 2007 to $1.211 billion.
- Revenue increased 11.9% compared to the previous quarter but the gross margin percentage declined from 28.1% to 33.5% due to higher costs.
- Research and development expenses increased 9.5% compared to the previous quarter as the company continued investing in new products.
- AMD reported a net loss of $67 million for Q3 2008 and $1.6 billion for the first 9 months of 2008 due to losses from discontinued operations related to its memory chip business Spansion. Revenue increased 14% in Q3 2008 compared to Q3 2007 but gross margin percentage increased from 41% to 51%.
- Total assets decreased from $11.55 billion as of December 2007 to $9.49 billion as of September 2008 mainly due to assets transferred from discontinued operations to liabilities held for sale. Cash and marketable securities decreased from $1.89 billion to $1.34 billion over the same period.
The document provides operating statistics for El Paso Corporation for the fourth quarter of 2008. It includes consolidated statements of income, operating results, and business segment results for Pipelines, Exploration and Production, Marketing, Power, and Corporate/Other. Key details include a net loss of $1.68 billion for Q4 2008 driven by $2.66 billion in ceiling test charges in Exploration and Production. Pipelines contributed operating income of $291 million in Q4. Exploration and Production had an operating loss of $2.39 billion in Q4 due to the ceiling test charges.
el paso 22758BEF-CBE8-4368-BDC6-D02434EE5C13_EP_4Q08OpStatsFinalfinance49
The document provides operating statistics for El Paso Corporation for the fourth quarter of 2008. It includes consolidated statements of income, operating results, and business segment results for Pipelines, Exploration and Production, Marketing, Power, and Corporate/Other. Key details include a net loss of $1.68 billion for Q4 2008 driven by $2.66 billion in ceiling test charges in Exploration and Production. Pipelines generated $319 million in EBIT for Q4. Exploration and Production had an EBIT loss of $2.53 billion for the quarter due to the ceiling test charges.
el paso 22758BEF-CBE8-4368-BDC6-D02434EE5C13_EP_4Q08OpStatsFinalfinance49
The document provides operating statistics for El Paso Corporation for the fourth quarter of 2008. It includes consolidated statements of income, operating results, and business segment results for Pipelines, Exploration and Production, Marketing, Power, and Corporate/Other. Key details include a net loss of $1.68 billion for Q4 2008 driven by $2.66 billion in ceiling test charges in Exploration and Production. Pipelines EBIT was $319 million for Q4. Exploration and Production had an EBIT loss of $2.526 billion for the quarter due to the ceiling test charges.
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportfinance49
This document is El Paso Corporation's 2008 annual report which summarizes the company's financial and operating highlights for 2008. It discusses declines in operating income and earnings compared to previous years due to a $2.7 billion non-cash ceiling test charge in its Exploration & Production segment. However, it notes the Pipeline segment placed seven growth projects into service and increased its backlog of committed growth projects to $8 billion. The report provides an overview of accomplishments in 2008 and challenges faced by the company in a difficult market environment.
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportfinance49
This document is El Paso Corporation's 2008 annual report which summarizes the company's financial and operating highlights for 2008. It discusses declines in operating income and earnings compared to previous years due to a $2.7 billion non-cash ceiling test charge in its Exploration & Production segment. However, it notes the Pipeline segment placed seven growth projects into service and increased its backlog of committed growth projects to $8 billion. The report provides an overview of accomplishments in 2008 and challenges faced by the company in a difficult market environment.
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportfinance49
This document summarizes the financial and operating highlights for El Paso Corporation for the years 2008, 2007, and 2006. Some key points include:
- In 2008, El Paso reported a net loss of $860 million compared to net income of $1.073 billion in 2007. Operating revenues were $5.363 billion in 2008.
- Significant non-cash charges in 2008 included $2.7 billion in ceiling test charges for its Exploration & Production segment and a $125 million impairment related to its investment in Four Star.
- Pipeline throughput volumes across El Paso's owned and equity systems increased slightly from 2007 to 2008 but were up overall from 2006 levels. Exploration and production of natural gas declined slightly from
- PPG Industries reported net sales of $2.87 billion for the quarter and $11.2 billion for the year, up compared to the same periods in 2006. Net income was $200 million for the quarter and $834 million for the year.
- By business segment, Performance Coatings and Industrial Coatings experienced the largest sales increases both for the quarter and full year.
- Total current assets at the end of 2007 were $7.14 billion, up from $4.86 billion at the end of 2006, mainly due to increases in cash, short-term investments, and receivables.
The document contains financial statements and segment information for Motorola for Q4 2003 and full year 2003. It shows that Motorola's net sales were $8.02 billion for Q4 2003, with operating earnings of $520 million. For the full year, net sales were $27.06 billion and operating earnings were $1.08 billion. It provides details on results by business segment and excludes certain special items from GAAP results to show underlying performance.
The document provides operating statistics and financial results for El Paso Corporation for the fourth quarter and full year of 2005. Some key details include:
- For the fourth quarter of 2005, El Paso reported a net loss of $162 million and a loss from continuing operations of $283 million.
- For the full year 2005, El Paso reported a net loss of $606 million and a loss from continuing operations of $702 million.
- El Paso reported earnings before interest and taxes of -$106 million for the fourth quarter and $398 million for the full year from its various business segments including pipelines, exploration and production, marketing and trading, power and field services.
Similar to Q1 2009 Financial Report of Canadian National Railway Co (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
How Does CRISIL Evaluate Lenders in India for Credit Ratings
Q1 2009 Financial Report of Canadian National Railway Co
1. CANADIAN NATIONAL RAILWAY COMPANY
CONSOLIDATED STATEMENT OF INCOME (U.S. GAAP)
(In millions, except per share data)
Three months ended
March 31
2009 2008
(Unaudited)
$ 1,859
Revenues $ 1,927
Operating expenses
454
Labor and fringe benefits 461
291
Purchased services and material 285
182
Fuel 310
203
Depreciation and amortization 175
82
Equipment rents 64
166
Casualty and other 109
1,378
Total operating expenses 1,404
481
Operating income 523
(112)
Interest expense (86)
161 (6)
Other income (loss) (Note 3)
530
Income before income taxes 431
(106)
Income tax expense (120)
Net income $ 424 $ 311
Earnings per share (Note 9)
$ 0.91
Basic $ 0.64
$ 0.90
Diluted $ 0.64
Weighted-average number of shares
468.3
Basic 482.8
472.3
Diluted 488.6
See accompanying notes to unaudited consolidated financial statements.
1
2. CANADIAN NATIONAL RAILWAY COMPANY
CONSOLIDATED BALANCE SHEET (U.S. GAAP)
(In millions)
March 31 December 31 March 31
2009 2008 2008
(Unaudited) (Unaudited)
Assets
Current assets:
$ 349
Cash and cash equivalents $ 413 $ 334
940 913 621
Accounts receivable (Note 4)
273
Material and supplies 200 212
77
Deferred income taxes 98 67
138
Other 132 111
1,777 1,756 1,345
23,947
Properties 23,203 20,754
1,787
Intangible and other assets 1,761 2,065
Total assets $ 27,511 $ 26,720 $ 24,164
Liabilities and shareholders' equity
Current liabilities:
$ 1,280
Accounts payable and other $ 1,386 $ 1,333
527 506 269
Current portion of long-term debt (Note 4)
1,807 1,892 1,602
5,594
Deferred income taxes 5,511 5,021
1,371
Other liabilities and deferred credits 1,353 1,404
7,836 7,405 6,064
Long-term debt (Note 4)
Shareholders' equity:
4,188
Common shares 4,179 4,241
(126)
Accumulated other comprehensive income (loss) (155) 9
6,841
Retained earnings 6,535 5,823
10,903 10,559 10,073
Total liabilities and shareholders' equity $ 27,511 $ 26,720 $ 24,164
See accompanying notes to unaudited consolidated financial statements.
2
3. CANADIAN NATIONAL RAILWAY COMPANY
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (U.S. GAAP)
(In millions)
Three months ended
March 31
2009 2008
(Unaudited)
Common shares (1)
$ 4,179
Balance, beginning of period $ 4,283
9
Stock options exercised and other 23
- (65)
Share repurchase programs (Note 4)
$ 4,188
Balance, end of period $ 4,241
Accumulated other comprehensive income (loss)
$ (155)
Balance, beginning of period $ (31)
Other comprehensive income (loss):
Unrealized foreign exchange gain (loss) on:
251
Translation of the net investment in foreign operations 187
Translation of U.S. dollar-denominated long-term debt
(258)
designated as a hedge of the net investment in U.S. subsidiaries (182)
Pension and other postretirement benefit plans:
Amortization of net actuarial gain included in net
-
periodic benefit cost (1)
Amortization of prior service cost included in net
1
periodic benefit cost 6
(6)
Other comprehensive income (loss) before income taxes 10
35
Income tax recovery 30
29
Other comprehensive income 40
$ (126)
Balance, end of period $ 9
Retained earnings
$ 6,535
Balance, beginning of period $ 5,925
424
Net income 311
-
Share repurchase programs (302)
(118)
Dividends (111)
$ 6,841
Balance, end of period $ 5,823
See accompanying notes to unaudited consolidated financial statements.
(1) During the three months ended March 31, 2009, the Company issued 0.2 million common shares as a result of stock options exercised. At
March 31, 2009, the Company had 468.4 million common shares outstanding.
3
4. CANADIAN NATIONAL RAILWAY COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (U.S. GAAP)
(In millions)
Three months ended
March 31
2009 2008
(Unaudited)
Operating activities
$ 424
Net income $ 311
Adjustments to reconcile net income to net cash
provided from operating activities:
203
Depreciation and amortization 175
10
Deferred income taxes 25
(157)
Gain on disposal of property (Note 3) -
Other changes in:
1
Accounts receivable (235)
(53)
Material and supplies (48)
(132)
Accounts payable and other (59)
36
Other current assets 29
(14)
Other (33)
318
Cash provided from operating activities 165
Investing activities
(187)
Property additions (177)
(373) -
Acquisitions, net of cash acquired (Note 3)
110 -
Disposal of property (Note 3)
4
Other, net 11
(446)
Cash used by investing activities (166)
Financing activities
1,440
Issuance of long-term debt 1,055
(1,272)
Reduction of long-term debt (580)
Issuance of common shares due to exercise of stock options and
2
related excess tax benefits realized 18
-
Repurchase of common shares (367)
(118)
Dividends paid (111)
52
Cash provided from financing activities 15
Effect of foreign exchange fluctuations on U.S. dollar-
12
denominated cash and cash equivalents 10
Net increase (decrease) in cash and cash equivalents (64) 24
413
Cash and cash equivalents, beginning of period 310
Cash and cash equivalents, end of period $ 349 $ 334
Supplemental cash flow information
$ 1,904
Net cash receipts from customers and other $ 1,748
Net cash payments for:
(1,362)
Employee services, suppliers and other expenses (1,339)
(106)
Interest (100)
(4)
Workforce reductions (6)
(30)
Personal injury and other claims (26)
-
Pensions (22)
(84)
Income taxes (90)
$ 318
Cash provided from operating activities $ 165
See accompanying notes to unaudited consolidated financial statements.
4
5. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
Note 1 - Basis of presentation
In management’s opinion, the accompanying unaudited Interim Consolidated Financial Statements and Notes thereto, expressed in
Canadian dollars, and prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial
statements, contain all adjustments (consisting of normal recurring accruals) necessary to present fairly Canadian National Railway
Company’s (the Company) financial position as at March 31, 2009, December 31, 2008, and March 31, 2008, and its results of
operations, changes in shareholders’ equity and cash flows for the three months ended March 31, 2009 and 2008.
These unaudited Interim Consolidated Financial Statements and Notes thereto have been prepared using accounting policies
consistent with those used in preparing the Company’s 2008 Annual Consolidated Financial Statements, except as disclosed in Note
2 – Accounting change. While management believes that the disclosures presented are adequate to make the information not
misleading, these unaudited Interim Consolidated Financial Statements and Notes thereto should be read in conjunction with the
Company’s Interim Management’s Discussion and Analysis (MD&A) and Annual Consolidated Financial Statements and Notes
thereto.
Note 2 – Accounting change
On January 1, 2009, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 141 (R), “Business
Combinations,” which became effective for acquisitions with an acquisition date on or after the beginning of the first annual
reporting period beginning on or after December 15, 2008. Until December 31, 2008, the Company was subject to the requirements
of SFAS No. 141, “Business Combinations,” which required that acquisition-related costs be included as part of the purchase cost of
an acquired business. As such, the Company had reported acquisition-related costs in Other current assets pending the closing of its
acquisition of the Elgin, Joliet and Eastern Railway Company (EJ&E), which had been subject to an extensive U.S. Surface
Transportation Board (STB) approval process. On January 31, 2009, the Company completed its acquisition of the EJ&E and
accounted for the acquisition under SFAS No. 141 (R). The acquisition-related costs incurred to acquire the EJ&E of approximately
$46 million, including costs to obtain regulatory approval, were expensed and reported in Casualty and other in the Consolidated
Statement of Income for the three months ended March 31, 2009 pursuant to SFAS No. 141 (R) requirements. This change in
accounting policy had the effect of decreasing net income by $28 million ($0.06 per basic or diluted earnings per share) and Other
current assets by $46 million. This change had no effect on the Consolidated Statement of Cash Flows. Disclosures prescribed by
SFAS No. 141 (R) are presented in Note 3 – Acquisition and disposal of property.
Note 3 - Acquisition and disposal of property
Acquisition of Elgin, Joliet and Eastern Railway Company
On January 31, 2009, the Company acquired the principal rail lines of the EJ&E for a total cash consideration of U.S.$300 million
(Cdn$373 million), paid with cash on hand. The EJ&E is a short-line railway previously owned by U.S. Steel Corporation (U.S. Steel)
that operates over 198 miles of track and serves steel mills, petrochemical customers, utility plants and distribution centers in Illinois
and Indiana, as well as connects with all the major railroads entering Chicago. Under the terms of the acquisition agreement, the
Company acquired substantially all of the railroad operations of EJ&E, except those that support the Gary Works site in northwest
Indiana and the steelmaking operations of U.S. Steel. The acquisition is expected to drive new efficiencies and operating
improvements on CN’s network as a result of streamlined rail operations and reduced congestion in the Chicago area.
The Company and EJ&E had entered into the acquisition agreement on September 25, 2007, and the Company had filed an
application for authorization of the transaction with the STB on October 30, 2007. Following an extensive regulatory approval
process, which included an Environmental Impact Statement (EIS) that resulted in conditions imposed to mitigate municipalities’
concerns regarding increased rail activity expected along the EJ&E line, the STB approved the transaction on December 24, 2008.
Over the next few years, the Company has committed to spend approximately U.S.$100 million for railroad infrastructure
improvements and over U.S.$60 million under a series of agreements with individual communities, a comprehensive voluntary
5
6. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
mitigation program that addresses municipalities’ concerns, and additional STB-imposed conditions that the Company has accepted
with one exception. The Company has filed an appeal challenging the STB's condition requiring the installation of grade separations
at two locations along the EJ&E at Company funding levels significantly beyond prior STB practice. Although the STB granted the
Company’s application to acquire control of the EJ&E on December 24, 2008, challenges have since been made by certain
communities as to the sufficiency of the STB’s EIS which, if successful, could result in reconsideration of the STB’s decision or further
consideration of the environmental impact of the transaction. The Company strongly disputes the merit of these challenges, and has
intervened in support of the STB’s defense against them. The final outcome of such challenges cannot be predicted with certainty,
and therefore, there can be no assurance that their resolution will not have a material adverse effect on the Company’s financial
position or results of operations.
The Company has accounted for the acquisition using the purchase method of accounting pursuant to SFAS No. 141 (R),
“Business Combinations,” which the Company adopted on January 1, 2009. As such, the consolidated financial statements of the
Company include the assets, liabilities and results of operations of EJ&E as of January 31, 2009, the date of acquisition. The costs
incurred to acquire the EJ&E of approximately $46 million were expensed and reported in Casualty and other in the Consolidated
Statement of Income for the three-months ended March 31, 2009 (see Note 2 - Accounting change).
The following table summarizes the consideration paid for EJ&E and the estimated fair value of the assets acquired and liabilities
assumed that were recognized at the acquisition date. The Company has not finalized its valuation of such assets and liabilities. As
such, the fair value is subject to change, although no material change is anticipated.
At January 31, 2009
(In U.S. millions)
Consideration
Cash $ 300
Fair value of total consideration transferred $ 300
Recognized amounts of identifiable assets acquired and liabilities assumed
Current assets $ 6
Other long-term assets 4
Property, plant and equipment 304
Current liabilities (4)
Other long-term liabilities (10)
Total identifiable net assets $ 300
The amount of revenues and net income of EJ&E included in the Company’s Consolidated Statement of Income from the
acquisition date to March 31, 2009, were $14 million and $3 million, respectively. The Company has not provided supplemental pro
forma information relating to the pre-acquisition period as it was not considered material to the results of operations of the
Company.
Disposal of Weston subdivision
In March 2009, the Company entered into an agreement with GO Transit to sell the property known as the Weston subdivision in
Toronto, Ontario, together with the rail fixtures and certain passenger agreements (collectively the “Rail Property”), for cash proceeds
of $110 million before transaction costs, with a balance on sale of about $50 million to be placed in escrow on the Company’s
behalf and released in accordance with the terms of the agreement but no later than December 31, 2009. Under the agreement, the
Company obtained the perpetual right to operate freight trains over the Rail Property at the current level of operating activity. The
transaction resulted in a gain on disposition of $157 million ($135 million after-tax), including amounts related to the real estate as
well as the retention of trackage and other rights. The Company accounted for the transaction in Other income (loss) under the full
accrual method of accounting for real estate transactions.
6
7. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
Note 4 - Financing activities
Shelf prospectus and registration statement
In February 2009, the Company issued U.S.$550 million (Cdn$684 million) of 5.55% Notes due 2019. The debt offering was made
under the Company’s currently effective shelf prospectus and registration statement, filed by the Company in December 2007.
Accordingly, the amount registered for offering under the shelf prospectus and registration statement has been reduced to U.S.$1.3
billion. The Company used the net proceeds of U.S.$540 million (Cdn$672 million) from the offering to repay a portion of its
outstanding commercial paper and to reduce a portion of its accounts receivable securitization program.
Revolving credit facility
As at March 31, 2009, the Company had letters of credit drawn on its U.S.$1 billion revolving credit facility, expiring in October
2011, of $193 million ($181 million as at December 31, 2008). The Company also had total borrowings under its commercial paper
program of $166 million, of which $155 million was denominated in Canadian dollars and $11 million was denominated in U.S.
dollars (U.S.$9 million). The weighted-average interest rate on these borrowings was 1.24%. As at December 31, 2008, total
borrowings under the Company’s commercial paper program were $626 million, of which $256 million was denominated in
Canadian dollars and $370 million was denominated in U.S. dollars (U.S.$303 million). The weighted-average interest rate on these
borrowings was 2.42%.
Accounts receivable securitization
The Company has a five-year agreement, expiring in May 2011, to sell an undivided co-ownership interest for maximum cash
proceeds of $600 million in a revolving pool of freight receivables to an unrelated trust. Pursuant to the agreement, the Company
sells an interest in its receivables and receives proceeds net of the required reserve as stipulated in the agreement. The required
reserve represents an amount set aside to allow for possible credit losses and is recognized by the Company as retained interest and
recorded in Other current assets in its Consolidated Balance Sheet. The eligible freight receivables as defined in the agreement may
not include delinquent or defaulted receivables, or receivables that do not meet certain obligor-specific criteria, including
concentrations in excess of prescribed limits with any one customer.
During the first quarter of 2009, proceeds from collections reinvested in the securitization program were approximately $132
million and purchases of previously transferred accounts receivable were approximately $4 million. At March 31, 2009, the servicing
asset and liability were not significant. Subject to customary indemnifications, the trust’s recourse is generally limited to the
receivables.
As at March 31, 2009, the Company had sold receivables that resulted in proceeds of $2 million under this program ($71 million
at December 31, 2008), and recorded retained interest of approximately 10% of this amount in Other current assets (retained
interest of approximately 10% recorded as at December 31, 2008). The fair value of the retained interest approximated carrying
value as a result of the short collection cycle and negligible credit losses.
Share repurchase program
During the first quarter of 2009, the Company did not repurchase any common shares under its current 25.0 million share
repurchase program.
The Company has repurchased a total of 6.1 million common shares since July 2008, the inception of the program, for $331
million, at a weighted-average price of $54.42 per share.
7
8. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
Note 5 - Stock plans
The Company has various stock-based incentive plans for eligible employees. A description of the plans is provided in Note 11 –
Stock plans, to the Company’s 2008 Annual Consolidated Financial Statements. For the three months ended March 31, 2009 and
2008, the Company recorded total compensation expense for awards under all plans of $15 million and $28 million, respectively. The
total tax benefit recognized in income in relation to stock-based compensation expense for the three months ended March 31, 2009
and 2008 was $4 million and $7 million, respectively.
Cash settled awards
Following approval by the Board of Directors in January 2009, the Company granted 0.8 million restricted share units (RSUs) to
designated management employees entitling them to receive payout in cash based on the Company’s share price. The RSUs granted
by the Company are generally scheduled for payout in cash after three years (“plan period”) and vest conditionally upon the
attainment of a target relating to return on invested capital over the plan period. Payout is conditional upon the attainment of a
minimum share price calculated using the average of the last three months of the plan period. As at March 31, 2009, 0.2 million
RSUs remained authorized for future issuance under this plan.
The following table provides the 2009 activity for all cash settled awards:
Voluntary Incentive
RSUs Deferral Plan (VIDP)
Nonvested Vested Nonvested Vested
In millions
0.9 (1)
Outstanding at December 31, 2008 1.3 0.1 1.8
Granted 0.8 - - -
Transferred into plan - - - 0.1
Payout - (0.9) - (0.1)
2.1 - 0.1 1.8
Outstanding at March 31, 2009
(1) Includes 0.1 million of 2004 time-vested RSUs.
8
9. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
The following table provides valuation and expense information for all cash settled awards:
RSUs (1) Vision (1) VIDP (2) Total
In millions, unless otherwise indicated
2003
Year of grant 2009 2008 2007 2006 2004 2005 onwards
Stock-based compensation expense (recovery)
recognized over requisite service period
Three months ended March 31, 2009 $ 9$ 1 $ - $ (2) N/A N/A $ - $ 8
Three months ended March 31, 2008 N/A $ 7 $ 2 $ 4 $ 1 $ 3 $ 6 $ 23
Liability outstanding
March 31, 2009 $ 9$ 9 $ 9 $ - $ - N/A $ 88 $ 115
December 31, 2008 N/A $ 8 $ 9 $ 53 $ 3 $ - $ 88 $ 161
Fair value per unit
March 31, 2009 ($) $ 25.44 $ 21.20 $ 16.61 N/A N/A N/A $ 45.20 N/A
Fair value of awards vested during period
Three months ended March 31, 2009 $ -$ - $ - N/A N/A N/A $ 1 $ 1
Three months ended March 31, 2008 N/A $ - $ - $ - $ - $ - $ 1 $ 1
Nonvested awards at March 31, 2009
Unrecognized compensation cost $ 10 $ 4 $ 2 N/A N/A N/A $ 3 $ 19
Remaining recognition period (years) 2.75 1.75 0.75 N/A N/A N/A 3.75 N/A
Assumptions (3)
Stock price ($) $ 45.20 $ 45.20 $ 45.20 N/A N/A N/A $ 45.20 N/A
(4)
Expected stock price volatility 29% 32% 37% N/A N/A N/A N/A N/A
Expected term (years) (5) 2.75 1.75 0.75 N/A N/A N/A N/A N/A
Risk-free interest rate (6) 1.28% 0.95% 0.53% N/A N/A N/A N/A N/A
Dividend rate ($) (7) $ 1.01 $ 1.01 $ 1.01 N/A N/A N/A N/A N/A
(1) Compensation cost is based on the fair value of the awards at period-end using the lattice-based valuation model that uses the assumptions as presented
herein.
(2) Compensation cost is based on intrinsic value.
(3) Assumptions used to determine fair value are at March 31, 2009.
(4) Based on the historical volatility of the Company's stock over a period commensurate with the expected term of the award.
(5) Represents the remaining period of time that awards are expected to be outstanding.
(6) Based on the implied yield available on zero-coupon government issues with an equivalent term commensurate with the expected term of the awards.
(7) Based on the annualized dividend rate.
Stock option awards
Following approval by the Board of Directors in January 2009, the Company granted 1.2 million conventional stock options to
designated senior management employees. The stock option plan allows eligible employees to acquire common shares of the
Company upon vesting at a price equal to the market value of the common shares at the date of grant. The options are exercisable
during a period not exceeding 10 years. The right to exercise options generally accrues over a period of four years of continuous
employment. Options are not generally exercisable during the first 12 months after the date of grant. At March 31, 2009, 12.3
million common shares remained authorized for future issuances under this plan. The total number of options outstanding at March
31, 2009, including conventional, performance and performance-accelerated options, was 10.9 million, 0.1 million and 3.2 million,
respectively.
9
10. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
The following table provides the activity of stock option awards in 2009. The table also provides the aggregate intrinsic value for
in-the-money stock options, which represents the amount that would have been received by option holders had they exercised their
options on March 31, 2009 at the Company’s closing stock price of $45.20.
Options outstanding
Weighted-
Number average Weighted-average Aggregate
of options exercise price years to expiration intrinsic value
In millions In millions
Outstanding at December 31, 2008(1) 13.2 $ 29.05
Granted 1.2 $ 41.92
Exercised (0.2) $ 16.45
Outstanding at March 31, 2009 (1) 14.2 $ 30.67 4.6 $ 233
(1)
11.6 $ 26.51 3.7 $ 230
Exercisable at March 31, 2009
(1) Stock options with a U.S. dollar exercise price have been translated to Canadian dollars using the foreign exchange rate in effect at the
balance sheet date.
10
11. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
The following table provides valuation and expense information for all stock option awards:
In millions, unless otherwise indicated
Year of grant 2009 2008 2007 2006 2005 Total
Stock-based compensation expense
recognized over requisite service period (1)
Three months ended March 31, 2009 $ 5 $ - $ 1 $ 1 $ - $ 7
Three months ended March 31, 2008 N/A $ 3 $ 1 $ - $ 1 $ 5
Fair value per unit
At grant date ($) $ 12.51 $ 12.44 $ 13.36 $ 13.80 $ 9.19 N/A
Fair value of awards vested during period
Three months ended March 31, 2009 $ - $ 3 $ 3 $ 3 $ 3 $ 12
Three months ended March 31, 2008 N/A $ - $ 3 $ 3 $ 3 $ 9
Nonvested awards at March 31, 2009
Unrecognized compensation cost $ 9 $ 4 $ 2 $ 1 $ - $ 16
Remaining recognition period (years) 3.8 2.8 1.8 0.8 - N/A
Assumptions
Grant price ($) $ 41.92 $ 48.51 $ 52.79 $ 51.51 $ 36.33 N/A
(2)
Expected stock price volatility 39% 27% 24% 25% 25% N/A
Expected term (years) (3) 5.3 5.3 5.2 5.2 5.2 N/A
(4)
Risk-free interest rate 1.95% 3.58% 4.12% 4.04% 3.50% N/A
Dividend rate ($) (5) $ 1.01 $ 0.92 $ 0.84 $ 0.65 $ 0.50 N/A
(1) Compensation cost is based on the grant date fair value using the Black-Scholes option-pricing model that uses the assumptions at the grant date.
(2) Based on the average of the historical volatility of the Company's stock over a period commensurate with the expected term of the award and the implied volatility
from traded options on the Company's stock.
(3) Represents the period of time that awards are expected to be outstanding. The Company uses historical data to estimate option exercise and employee termination,
and groups of employees that have similar historical exercise behavior are considered separately.
(4) Based on the implied yield available on zero-coupon government issues with an equivalent term commensurate with the expected term of the awards.
(5) Based on the annualized dividend rate.
11
12. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
Note 6 - Pensions and other postretirement benefits
For the three months ended March 31, 2009 and 2008, the components of net periodic benefit cost (income) for pensions and other
postretirement benefits were as follows:
(a) Components of net periodic benefit income for pensions
Three months ended
March 31
2009 2008
In millions
$ 22
Service cost $ 35
222
Interest cost 200
(252)
Expected return on plan assets (251)
-
Amortization of prior service cost 5
1
Recognized net actuarial loss -
$ (7) $ (11)
Net periodic benefit income
(b) Components of net periodic benefit cost for other postretirement benefits
Three months ended
March 31
2009 2008
In millions
$ 1
Service cost $ 1
4
Interest cost 4
(3)
Curtailment gain (2)
1
Amortization of prior service cost 1
(1)
Recognized net actuarial gain (1)
$ 2 $ 3
Net periodic benefit cost
In 2009, the Company expects to make total contributions of approximately $130 million for all its defined benefit plans.
Note 7 – Income taxes
In the first quarter of 2009, the Company recorded a deferred income tax recovery of $15 million in the Consolidated Statement of
Income resulting from the enactment of lower provincial corporate income tax rates.
In the first quarter of 2008, the Company recorded a deferred income tax recovery of $11 million in the Consolidated Statement of
Income that resulted from net capital losses arising from the reorganization of a subsidiary.
12
13. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
Note 8 - Major commitments and contingencies
A. Commitments
As at March 31, 2009, the Company had commitments to acquire railroad ties, rail, freight cars, locomotives, and other equipment
and services, as well as outstanding information technology service contracts and licenses, at an aggregate cost of $917 million
($1,006 million at December 31, 2008). The Company also has agreements with fuel suppliers to purchase approximately 85% of the
estimated remaining 2009 volume, 50% of its anticipated 2010 volume, and 18% of its anticipated 2011 volume, at market prices
prevailing on the date of the purchase.
B. Contingencies
The Company becomes involved, from time to time, in various legal actions, including actions brought on behalf of various
purported classes of claimants and claims relating to personal injuries, occupational disease, and property damage, arising out of
harm to individuals or property allegedly caused by derailments or other accidents.
Canada
Employee injuries are governed by the workers’ compensation legislation in each province whereby employees may be awarded
either a lump sum or future stream of payments depending on the nature and severity of the injury. Accordingly, the Company
accounts for costs related to employee work-related injuries based on actuarially developed estimates of the ultimate cost associated
with such injuries, including compensation, health care and third-party administration costs. For all other legal actions, the Company
maintains, and regularly updates on a case-by-case basis, provisions for such items when the expected loss is both probable and can
be reasonably estimated based on currently available information.
United States
Employee work-related injuries, including occupational disease claims, are compensated according to the provisions of the Federal
Employers’ Liability Act (FELA), which requires either the finding of fault through the U.S. jury system or individual settlements, and
represent a major liability for the railroad industry. With limited exceptions where claims are evaluated on a case-by-case basis, the
Company follows an actuarial-based approach and accrues the expected cost for personal injury and property damage claims and
asserted and unasserted occupational disease claims, based on actuarial estimates of their ultimate cost. A comprehensive actuarial
study is conducted on an annual basis, in the fourth quarter, by an independent actuarial firm for occupational disease claims and
non-occupational disease claims. On an ongoing basis, management reviews and compares the assumptions inherent in the latest
actuarial study with the current claim experience and, if required, adjustments to the liability are recorded.
As at March 31, 2009, the Company had aggregate reserves for personal injury and other claims of $461 million, of which $121
million was recorded as a current liability ($454 million, of which $118 million was recorded as a current liability at December 31,
2008). Although the Company considers such provisions to be adequate for all its outstanding and pending claims, the final
outcome with respect to actions outstanding or pending at March 31, 2009, or with respect to future claims, cannot be predicted
with certainty, and therefore there can be no assurance that their resolution will not have a material adverse effect on the
Company’s results of operations, financial position or liquidity in a particular quarter or fiscal year.
C. Environmental matters
The Company’s operations are subject to numerous federal, provincial, state, municipal and local environmental laws and regulations
in Canada and the United States concerning, among other things, emissions into the air; discharges into waters; the generation,
handling, storage, transportation, treatment and disposal of waste, hazardous substances, and other materials; decommissioning of
underground and aboveground storage tanks; and soil and groundwater contamination. A risk of environmental liability is inherent
in railroad and related transportation operations; real estate ownership, operation or control; and other commercial activities of the
Company with respect to both current and past operations.
13
14. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
Known existing environmental concerns
The Company has identified approximately 340 sites at which it is or may be liable for remediation costs, in some cases along with
other potentially responsible parties, associated with alleged contamination and is subject to environmental clean-up and
enforcement actions, including those imposed by the United States Federal Comprehensive Environmental Response, Compensation
and Liability Act of 1980 (CERCLA), also known as the Superfund law, or analogous state laws. CERCLA and similar state laws, in
addition to other similar Canadian and U.S. laws generally impose joint and several liability for clean-up and enforcement costs on
current and former owners and operators of a site, as well as those whose waste is disposed of at the site, without regard to fault or
the legality of the original conduct. The Company has been notified that it is a potentially responsible party for study and clean-up
costs at approximately 10 sites governed by the Superfund law (and analogous state laws) for which investigation and remediation
payments are or will be made or are yet to be determined and, in many instances, is one of several potentially responsible parties.
The ultimate cost of addressing these known contaminated sites cannot be definitely established given that the estimated
environmental liability for any given site may vary depending on the nature and extent of the contamination, the available clean-up
techniques, the Company’s share of the costs and evolving regulatory standards governing environmental liability. As a result, a
liability is initially recorded when environmental assessments occur and/or remedial efforts are probable, and when the costs, based
on a specific plan of action in terms of the technology to be used and the extent of the corrective action required, can be reasonably
estimated. Adjustments to initial estimates are recorded as additional information becomes available.
The Company’s provision for specific environmental sites is undiscounted, is recorded net of potential and actual insurance
recoveries, and includes costs for remediation and restoration of sites, as well as significant monitoring costs. Environmental
accruals, which are classified as Casualty and other in the Consolidated Statement of Income, include amounts for newly identified
sites or contaminants as well as adjustments to initial estimates.
As at March 31, 2009, the Company had aggregate accruals for environmental costs of $125 million, of which $32 million was
recorded as a current liability ($125 million, of which $30 million was recorded as a current liability as at December 31, 2008). Based
on the information currently available, the Company considers its provisions to be adequate.
Unknown existing environmental concerns
While the Company believes that it has identified the costs likely to be incurred for environmental matters in the next several years,
based on known information, newly discovered facts, changes in law, the possibility of spills and releases of hazardous materials into
the environment and the Company’s ongoing efforts to identify potential environment liabilities that may be associated with its
properties may lead to future environmental investigations, which may result in the identification of additional environmental costs
and liabilities and related costs. The magnitude of such additional liabilities and the costs of complying with future environmental
laws and containing or remediating contamination cannot be reasonably estimated due to many factors including:
(i) the lack of specific technical information available with respect to many sites;
(ii) the absence of any government authority, third-party orders, or claims with respect to particular sites;
(iii) the potential for new or changed laws and regulations and for development of new remediation technologies and uncertainty
regarding the timing of the work with respect to particular sites;
(iv) the ability to recover costs from any third parties with respect to particular sites; and
therefore, the likelihood of any such costs being incurred or whether such costs would be material to the Company cannot be
determined at this time. There can thus be no assurance that material liabilities or costs related to environmental matters will not be
incurred in the future, or will not have a material adverse effect on the Company’s financial position or results of operations in a
particular quarter or fiscal year, or that the Company’s liquidity will not be adversely impacted by such liabilities or costs, although
management believes, based on current information, that the costs to address environmental matters will not have a material
adverse effect on the Company’s financial condition or liquidity. Costs related to any unknown existing or future contamination
remediation will be accrued in the period in which they become probable and reasonably estimable.
14
15. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
D. Guarantees and indemnifications
In the normal course of business, the Company, including certain of its subsidiaries, enters into agreements that may involve
providing certain guarantees or indemnifications to third parties and others, which may extend beyond the term of the agreement.
These include, but are not limited to, residual value guarantees on operating leases, standby letters of credit and surety and other
bonds, and indemnifications that are customary for the type of transaction or for the railway business.
The Company is required to recognize a liability for the fair value of the obligation undertaken in issuing certain guarantees on
the date the guarantee is issued or modified. In addition, where the Company expects to make a payment in respect of a guarantee,
a liability will be recognized to the extent that one has not yet been recognized.
(i) Guarantee of residual values of operating leases
The Company has guaranteed a portion of the residual values of certain of its assets under operating leases with expiry dates
between 2009 and 2020, for the benefit of the lessor. If the fair value of the assets, at the end of their respective lease term, is less
than the fair value, as estimated at the inception of the lease, then the Company must, under certain conditions, compensate the
lessor for the shortfall. At March 31, 2009, the maximum exposure in respect of these guarantees was $245 million. There are no
recourse provisions to recover any amounts from third parties.
(ii) Other guarantees
The Company, including certain of its subsidiaries, has granted irrevocable standby letters of credit and surety and other bonds,
issued by highly rated financial institutions, to third parties to indemnify them in the event the Company does not perform its
contractual obligations. As at March 31, 2009, the maximum potential liability under these guarantees was $466 million, of which
$409 million was for workers’ compensation and other employee benefits and $57 million was for equipment under leases and
other. During 2009, the Company has granted guarantees for which no liability has been recorded, as they relate to the Company’s
future performance.
As at March 31, 2009, the Company had not recorded any additional liability with respect to these guarantees, as the Company
does not expect to make any additional payments associated with these guarantees. The majority of the guarantee instruments
mature at various dates between 2009 and 2012.
(iii) General indemnifications
In the normal course of business, the Company has provided indemnifications, customary for the type of transaction or for the
railway business, in various agreements with third parties, including indemnification provisions where the Company would be
required to indemnify third parties and others. Indemnifications are found in various types of contracts with third parties which
include, but are not limited to:
(a) contracts granting the Company the right to use or enter upon property owned by third parties such as leases, easements,
trackage rights and sidetrack agreements;
(b) contracts granting rights to others to use the Company’s property, such as leases, licenses and easements;
(c) contracts for the sale of assets and securitization of accounts receivable;
(d) contracts for the acquisition of services;
(e) financing agreements;
(f) trust indentures, fiscal agency agreements, underwriting agreements or similar agreements relating to debt or equity
securities of the Company and engagement agreements with financial advisors;
(g) transfer agent and registrar agreements in respect of the Company’s securities;
(h) trust and other agreements relating to pension plans and other plans, including those establishing trust funds to secure
payment to certain officers and senior employees of special retirement compensation arrangements;
(i) pension transfer agreements;
(j) master agreements with financial institutions governing derivative transactions; and
(k) settlement agreements with insurance companies or other third parties whereby such insurer or third party has been
indemnified for any present or future claims relating to insurance policies, incidents or events covered by the settlement
agreements.
15
16. CANADIAN NATIONAL RAILWAY COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (U.S. GAAP)
To the extent of any actual claims under these agreements, the Company maintains provisions for such items, which it considers
to be adequate. Due to the nature of the indemnification clauses, the maximum exposure for future payments may be material.
However, such exposure cannot be determined with certainty.
The Company has entered into various indemnification contracts with third parties for which the maximum exposure for future
payments cannot be determined with certainty. As a result, the Company was unable to determine the fair value of these
guarantees and accordingly, no liability was recorded. There are no recourse provisions to recover any amounts from third parties.
Note 9 – Earnings per share
The following table provides a reconciliation between basic and diluted earnings per share:
Three months ended
March 31
2009 2008
In millions, except per share data
$ 424
Net income $ 311
468.3
Weighted-average shares outstanding 482.8
4.0
Effect of stock options 5.8
472.3
Weighted-average diluted shares outstanding 488.6
$ 0.91
Basic earnings per share $ 0.64
$ 0.90
Diluted earnings per share $ 0.64
The weighted-average number of stock options that were not included in the calculation of diluted earnings per share, as their
inclusion would have had an anti-dilutive impact, was 1.1 million for the three months ended March 31, 2009, and 0.2 million for
the corresponding period in 2008.
Note 10 – Comparative figures
Certain figures, previously reported in 2008, have been reclassified to conform with the basis of presentation adopted in 2009.
16
17. CANADIAN NATIONAL RAILWAY COMPANY
SELECTED RAILROAD STATISTICS (1) (U.S. GAAP)
Three months ended
March 31
2009 2008
(Unaudited)
Statistical operating data
1,696
Rail freight revenues ($ millions) 1,760
73,557
Gross ton miles (GTM) (millions) 84,327
38,691
Revenue ton miles (RTM) (millions) 44,959
954
Carloads (thousands) 1,132
21,104
Route miles (includes Canada and the U.S.) 20,421
22,083
Employees (end of period) 22,703
22,260
Employees (average for the period) 22,636
Productivity
74.1
Operating ratio (%) 72.9
4.38
Rail freight revenue per RTM (cents) 3.91
1,778
Rail freight revenue per carload ($) 1,555
1.87
Operating expenses per GTM (cents) 1.66
0.62
Labor and fringe benefits expense per GTM (cents) 0.55
3,304
GTMs per average number of employees (thousands) 3,725
85
Diesel fuel consumed (U.S. gallons in millions) 99
1.98
Average fuel price ($/U.S. gallon) 3.02
865
GTMs per U.S. gallon of fuel consumed 852
Safety indicators
Injury frequency rate per 200,000 person hours (2) 1.29 2.11
Accident rate per million train miles (2) 2.13 2.66
Financial ratio
43.4
Debt to total capitalization ratio (% at end of period) 38.6
(1) Includes data relating to companies acquired as of the date of acquisition.
(2) Based on Federal Railroad Administration (FRA) reporting criteria.
Certain statistical data and related productivity measures are based on estimated data available at such time and are subject to
change as more complete information becomes available.
17
18. CANADIAN NATIONAL RAILWAY COMPANY
SUPPLEMENTARY INFORMATION (U.S. GAAP)
Three months ended March 31
Variance
2009 2008 Fav (Unfav)
(Unaudited)
Revenues (millions of dollars)
340
Petroleum and chemicals 319 7%
198
Metals and minerals 205 (3%)
302
Forest products 330 (8%)
103
Coal 99 4%
357
Grain and fertilizers 340 5%
319
Intermodal 351 (9%)
77
Automotive 116 (34%)
1,696
Total rail freight revenue 1,760 (4%)
163
Other revenues 167 (2%)
1,859
Total revenues 1,927 (4%)
Revenue ton miles (millions)
7,527
Petroleum and chemicals 8,426 (11%)
3,252
Metals and minerals 4,091 (21%)
6,614
Forest products 8,458 (22%)
2,841
Coal 3,392 (16%)
10,558
Grain and fertilizers 11,829 (11%)
7,476
Intermodal 8,089 (8%)
423
Automotive 674 (37%)
38,691 44,959 (14%)
Rail freight revenue / RTM (cents)
Total rail freight revenue per RTM 4.38 3.91 12%
Commodity groups:
4.52
Petroleum and chemicals 3.79 19%
6.09
Metals and minerals 5.01 22%
4.57
Forest products 3.90 17%
3.63
Coal 2.92 24%
3.38
Grain and fertilizers 2.87 18%
4.27
Intermodal 4.34 (2%)
18.20
Automotive 17.21 6%
Carloads (thousands)
128
Petroleum and chemicals 145 (12%)
180
Metals and minerals 238 (24%)
100
Forest products 127 (21%)
90
Coal 87 3%
132
Grain and fertilizers 151 (13%)
292
Intermodal 327 (11%)
32
Automotive 57 (44%)
954 1,132 (16%)
Rail freight revenue / carload (dollars)
Total rail freight revenue per carload 1,778 1,555 14%
Commodity groups:
2,656
Petroleum and chemicals 2,200 21%
1,100
Metals and minerals 861 28%
3,020
Forest products 2,598 16%
1,144
Coal 1,138 1%
2,705
Grain and fertilizers 2,252 20%
1,092
Intermodal 1,073 2%
2,406
Automotive 2,035 18%
Such statistical data and related productivity measures are based on estimated data available at such time and are subject to change
as more complete information becomes available.
18
19. CANADIAN NATIONAL RAILWAY COMPANY
NON-GAAP MEASURES - unaudited
Adjusted performance measures
During the three months ended March 31, 2009, the Company reported adjusted net income of $302 million, or $0.64 per diluted
share. The adjusted figures exclude the EJ&E acquisition-related costs of $46 million or $28 million after-tax ($0.06 per diluted share),
the gain on sale of the Weston subdivision of $157 million or $135 million after-tax ($0.29 per diluted share) and a deferred income
tax recovery of $15 million ($0.03 per diluted share) resulting from the enactment of lower provincial corporate income tax rates.
During the three months ended March 31, 2008, the Company reported adjusted net income of $300 million, or $0.62 per diluted
share. The adjusted figures exclude a deferred income tax recovery of $11 million ($0.02 per diluted share) that resulted from net
capital losses arising from the reorganization of a subsidiary.
Management believes that adjusted net income and adjusted earnings per share are useful measures of performance that can
facilitate period-to-period comparisons, as they exclude items that do not necessarily arise as part of the normal day-to-day
operations of the Company and could distort the analysis of trends in business performance. The exclusion of such items in adjusted
net income and adjusted earnings per share does not, however, imply that such items are necessarily non-recurring. These adjusted
measures do not have any standardized meaning prescribed by GAAP and may, therefore, not be comparable to similar measures
presented by other companies. The reader is advised to read all information provided in the Company’s 2009 unaudited Interim
Consolidated Financial Statements and Notes thereto. The following tables provide a reconciliation of net income and earnings per
share, as reported for the three months ended March 31, 2009 and 2008, to the adjusted performance measures presented herein.
Three months ended Three months ended
March 31, 2009 March 31, 2008
Reported Adjustments Adjusted Reported Adjustments Adjusted
In millions, except per share data
Revenues $ 1,859 $ - $ 1,859 $ 1,927 $ - $ 1,927
Operating expenses 1,378 (46) 1,332 1,404 - 1,404
Operating income 481 46 527 523 - 523
Interest expense (112) - (112) (86) - (86)
Other income (loss) 161 (157) 4 (6) - (6)
Income before income taxes 530 (111) 419 431 - 431
Income tax expense (106) (11) (117) (120) (11) (131)
Net income $ 424 $ (122) $ 302 $ 311 $ (11) $ 300
Operating ratio 74.1% 71.7% 72.9% 72.9%
Basic earnings per share $ 0.91 $ (0.26) $ 0.65 $ 0.64 $ (0.02) $ 0.62
Diluted earnings per share $ 0.90 $ (0.26) $ 0.64 $ 0.64 $ (0.02) $ 0.62
19
20. CANADIAN NATIONAL RAILWAY COMPANY
NON-GAAP MEASURES - unaudited
Free cash flow
The Company generated $207 million of free cash flow for the quarter ended March 31, 2009 compared to $61 million for the same
period in 2008. Free cash flow does not have any standardized meaning prescribed by GAAP and may, therefore, not be comparable
to similar measures presented by other companies. The Company believes that free cash flow is a useful measure of performance as
it demonstrates the Company’s ability to generate cash after the payment of capital expenditures and dividends. The Company
defines free cash flow as cash provided from operating activities, adjusted for changes in the accounts receivable securitization
program and in cash and cash equivalents resulting from foreign exchange fluctuations, less cash used by investing activities,
adjusted for the impact of major acquisitions, and the payment of dividends, calculated as follows:
Three months ended
March 31
2009 2008
In millions
$ 318
Cash provided from operating activities $ 165
(446)
Cash used by investing activities (166)
(128)
Cash used before financing activities (1)
Adjustments:
68
Change in accounts receivable securitization 163
(118)
Dividends paid (111)
373
Acquisition of EJ&E -
Effect of foreign exchange fluctuations on U.S. dollar-denominated
12
cash and cash equivalents 10
$ 207
Free cash flow $ 61
20