|
(Mark One)
|
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
06-0984624
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Title of Each Class
|
Trading Symbol
|
Name of Each Exchange on Which Registered
|
|
Class A Common Stock
|
GWR
|
New York Stock Exchange
|
(NYSE)
|
Large accelerated filer
|
|
☒
|
|
Accelerated filer
|
|
☐
|
Non-accelerated filer
|
|
☐
|
|
Smaller reporting company
|
|
☐
|
|
|
|
|
Emerging growth company
|
|
☐
|
Class
|
|
Number of Shares Outstanding
|
Class A Common Stock
|
|
56,592,802
|
Class B Common Stock
|
|
376,392
|
|
INDEX
|
||
|
|
Page
|
|
|
|
|
||
|
|
|
Part I
|
||
|
|
|
Item 1.
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Part II
|
||
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
82,383
|
|
|
$
|
90,387
|
|
Accounts receivable, net
|
444,168
|
|
|
426,305
|
|
||
Materials and supplies
|
55,321
|
|
|
56,716
|
|
||
Prepaid expenses and other
|
40,074
|
|
|
54,185
|
|
||
Total current assets
|
621,946
|
|
|
627,593
|
|
||
PROPERTY AND EQUIPMENT, net
|
4,669,704
|
|
|
4,613,014
|
|
||
GOODWILL
|
1,114,478
|
|
|
1,115,849
|
|
||
INTANGIBLE ASSETS, net
|
1,401,971
|
|
|
1,430,197
|
|
||
DEFERRED INCOME TAX ASSETS, net
|
5,376
|
|
|
4,616
|
|
||
OTHER ASSETS
|
550,714
|
|
|
77,192
|
|
||
Total assets
|
$
|
8,364,189
|
|
|
$
|
7,868,461
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
57,289
|
|
|
$
|
28,303
|
|
Accounts payable
|
269,644
|
|
|
288,070
|
|
||
Accrued expenses
|
246,188
|
|
|
165,280
|
|
||
Total current liabilities
|
573,121
|
|
|
481,653
|
|
||
LONG-TERM DEBT, less current portion
|
2,281,191
|
|
|
2,425,235
|
|
||
DEFERRED INCOME TAX LIABILITIES, net
|
889,197
|
|
|
877,721
|
|
||
DEFERRED ITEMS - grants from outside parties
|
335,485
|
|
|
326,520
|
|
||
OTHER LONG-TERM LIABILITIES
|
594,293
|
|
|
127,280
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
||||
Class A Common Stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at June 30, 2019 and December 31, 2018; 75,584,503 and 75,240,513 shares issued and 56,581,921 and 56,349,327 shares outstanding (net of 19,002,582 and 18,891,186 shares in treasury) on June 30, 2019 and December 31, 2018, respectively
|
756
|
|
|
752
|
|
||
Class B Common Stock, $0.01 par value, ten votes per share; 30,000,000 shares authorized at June 30, 2019 and December 31, 2018; 376,392 and 517,138 shares issued and outstanding on June 30, 2019 and December 31, 2018, respectively
|
4
|
|
|
5
|
|
||
Additional paid-in capital
|
1,797,794
|
|
|
1,785,005
|
|
||
Retained earnings
|
2,571,251
|
|
|
2,482,252
|
|
||
Accumulated other comprehensive loss
|
(173,797
|
)
|
|
(146,456
|
)
|
||
Treasury stock, at cost
|
(708,482
|
)
|
|
(699,852
|
)
|
||
Total Genesee & Wyoming Inc. stockholders' equity
|
3,487,526
|
|
|
3,421,706
|
|
||
Noncontrolling interest
|
203,376
|
|
|
208,346
|
|
||
Total equity
|
3,690,902
|
|
|
3,630,052
|
|
||
Total liabilities and equity
|
$
|
8,364,189
|
|
|
$
|
7,868,461
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
OPERATING REVENUES
|
$
|
571,480
|
|
|
$
|
594,990
|
|
|
$
|
1,129,569
|
|
|
$
|
1,169,651
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Labor and benefits
|
179,943
|
|
|
179,838
|
|
|
364,251
|
|
|
363,554
|
|
||||
Equipment rents
|
32,010
|
|
|
34,802
|
|
|
64,243
|
|
|
68,889
|
|
||||
Purchased services
|
54,034
|
|
|
61,045
|
|
|
105,282
|
|
|
125,147
|
|
||||
Depreciation and amortization
|
62,517
|
|
|
65,745
|
|
|
125,143
|
|
|
131,735
|
|
||||
Diesel fuel used in train operations
|
41,504
|
|
|
45,623
|
|
|
86,141
|
|
|
91,774
|
|
||||
Electricity used in train operations
|
2,226
|
|
|
2,044
|
|
|
4,550
|
|
|
4,278
|
|
||||
Casualties and insurance
|
11,839
|
|
|
12,984
|
|
|
23,211
|
|
|
22,950
|
|
||||
Materials
|
31,294
|
|
|
32,376
|
|
|
62,514
|
|
|
64,845
|
|
||||
Trackage rights
|
21,727
|
|
|
23,303
|
|
|
43,367
|
|
|
44,281
|
|
||||
Net loss/(gain) on sale and impairment of assets
|
980
|
|
|
(823
|
)
|
|
(510
|
)
|
|
(1,859
|
)
|
||||
Restructuring and related costs
|
7,561
|
|
|
9,362
|
|
|
15,195
|
|
|
9,645
|
|
||||
Other expenses, net
|
31,645
|
|
|
25,566
|
|
|
62,272
|
|
|
54,374
|
|
||||
Total operating expenses
|
477,280
|
|
|
491,865
|
|
|
955,659
|
|
|
979,613
|
|
||||
OPERATING INCOME
|
94,200
|
|
|
103,125
|
|
|
173,910
|
|
|
190,038
|
|
||||
Interest income
|
824
|
|
|
584
|
|
|
1,371
|
|
|
1,082
|
|
||||
Interest expense
|
(27,399
|
)
|
|
(28,940
|
)
|
|
(55,009
|
)
|
|
(54,176
|
)
|
||||
Other income/(loss), net
|
2,614
|
|
|
288
|
|
|
3,033
|
|
|
(1,752
|
)
|
||||
Income before income taxes
|
70,239
|
|
|
75,057
|
|
|
123,305
|
|
|
135,192
|
|
||||
Provision for income taxes
|
(18,866
|
)
|
|
(26,446
|
)
|
|
(33,126
|
)
|
|
(10,556
|
)
|
||||
Net income
|
$
|
51,373
|
|
|
$
|
48,611
|
|
|
$
|
90,179
|
|
|
$
|
124,636
|
|
Less: Net (loss)/income attributable to noncontrolling interest
|
(68
|
)
|
|
4,443
|
|
|
32
|
|
|
5,370
|
|
||||
Net income attributable to Genesee & Wyoming Inc.
|
$
|
51,441
|
|
|
$
|
44,168
|
|
|
$
|
90,147
|
|
|
$
|
119,266
|
|
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders:
|
$
|
0.91
|
|
|
$
|
0.74
|
|
|
$
|
1.60
|
|
|
$
|
1.96
|
|
Weighted average shares – Basic
|
56,536
|
|
|
59,996
|
|
|
56,433
|
|
|
60,946
|
|
||||
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders:
|
$
|
0.90
|
|
|
$
|
0.73
|
|
|
$
|
1.58
|
|
|
$
|
1.93
|
|
Weighted average shares – Diluted
|
57,272
|
|
|
60,879
|
|
|
57,182
|
|
|
61,841
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
NET INCOME
|
$
|
51,373
|
|
|
$
|
48,611
|
|
|
$
|
90,179
|
|
|
$
|
124,636
|
|
OTHER COMPREHENSIVE INCOME/(LOSS):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
(2,191
|
)
|
|
(48,923
|
)
|
|
4,828
|
|
|
(49,541
|
)
|
||||
Net unrealized (loss)/gain on qualifying hedges, net of tax benefit/(provision) of $6,484, ($879), $10,710 and ($3,029), respectively
|
(21,525
|
)
|
|
2,701
|
|
|
(34,499
|
)
|
|
9,603
|
|
||||
Changes in pension and other postretirement benefits, net of tax (provision)/benefit of ($7), ($14), $82 and ($28), respectively
|
62
|
|
|
43
|
|
|
(154
|
)
|
|
86
|
|
||||
Other comprehensive loss
|
(23,654
|
)
|
|
(46,179
|
)
|
|
(29,825
|
)
|
|
(39,852
|
)
|
||||
COMPREHENSIVE INCOME
|
$
|
27,719
|
|
|
$
|
2,432
|
|
|
$
|
60,354
|
|
|
$
|
84,784
|
|
Less: Comprehensive loss attributable to noncontrolling interest
|
(3,370
|
)
|
|
(4,225
|
)
|
|
(2,452
|
)
|
|
(7,316
|
)
|
||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO GENESEE & WYOMING INC.
|
$
|
31,089
|
|
|
$
|
6,657
|
|
|
$
|
62,806
|
|
|
$
|
92,100
|
|
|
|
G&W Stockholders
|
|
|
|
|
||||||||||||||||||||||||||
|
|
Class A
Common Stock |
|
Class B
Common Stock |
|
Additional
Paid-in Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive (Loss)/Income |
|
Treasury
Stock |
|
Non-controlling Interest
|
|
Total
Equity |
||||||||||||||||
BALANCE, December 31, 2018
|
|
$
|
752
|
|
|
$
|
5
|
|
|
$
|
1,785,005
|
|
|
$
|
2,482,252
|
|
|
$
|
(146,456
|
)
|
|
$
|
(699,852
|
)
|
|
$
|
208,346
|
|
|
3,630,052
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,706
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
38,806
|
|
||||||||
Other comprehensive (loss)/income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,989
|
)
|
|
—
|
|
|
818
|
|
|
(6,171
|
)
|
||||||||
Conversion of 100,000 shares Class B Common Stock to Class A Common Stock
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Value of stock issued for stock-based compensation - 164,732 shares Class A Common Stock
|
|
2
|
|
|
—
|
|
|
2,069
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,071
|
|
||||||||
Compensation cost related to stock-based compensation
|
|
—
|
|
|
—
|
|
|
3,884
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,884
|
|
||||||||
Value of treasury stock repurchased - 111,289 shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,630
|
)
|
|
—
|
|
|
(8,630
|
)
|
||||||||
Other
|
|
—
|
|
|
—
|
|
|
(832
|
)
|
|
(1,104
|
)
|
|
—
|
|
|
—
|
|
|
(796
|
)
|
|
(2,732
|
)
|
||||||||
BALANCE, March 31, 2019
|
|
$
|
755
|
|
|
$
|
4
|
|
|
$
|
1,790,126
|
|
|
$
|
2,519,854
|
|
|
$
|
(153,445
|
)
|
|
$
|
(708,482
|
)
|
|
$
|
208,468
|
|
|
$
|
3,657,280
|
|
Net income/(loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,441
|
|
|
—
|
|
|
—
|
|
|
(68
|
)
|
|
51,373
|
|
||||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,352
|
)
|
|
—
|
|
|
(3,302
|
)
|
|
(23,654
|
)
|
||||||||
Conversion of 40,746 shares Class B Common Stock to Class A Common Stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Value of stock issued for stock-based compensation - 38,512 shares Class A Common Stock
|
|
1
|
|
|
—
|
|
|
2,095
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,096
|
|
||||||||
Compensation cost related to stock-based compensation
|
|
—
|
|
|
—
|
|
|
4,227
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,227
|
|
||||||||
Other (including treasury stock repurchased - 107 shares)
|
|
—
|
|
|
—
|
|
|
1,346
|
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
(1,722
|
)
|
|
(420
|
)
|
||||||||
BALANCE, June 30, 2019
|
|
$
|
756
|
|
|
$
|
4
|
|
|
$
|
1,797,794
|
|
|
$
|
2,571,251
|
|
|
$
|
(173,797
|
)
|
|
$
|
(708,482
|
)
|
|
$
|
203,376
|
|
|
$
|
3,690,902
|
|
|
|
G&W Stockholders
|
|
Non-controlling Interest
|
|
Total
Equity |
||||||||||||||||||||||||||
|
|
Class A
Common Stock |
|
Class B
Common Stock |
|
Additional
Paid-in Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive (Loss)/Income |
|
Treasury
Stock |
|
|
||||||||||||||||||
BALANCE, December 31, 2017
|
|
$
|
748
|
|
|
$
|
7
|
|
|
$
|
1,757,332
|
|
|
$
|
2,234,864
|
|
|
$
|
(105,534
|
)
|
|
$
|
(236,951
|
)
|
|
$
|
245,626
|
|
|
$
|
3,896,092
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,098
|
|
|
—
|
|
|
—
|
|
|
927
|
|
|
76,025
|
|
||||||||
Other comprehensive income/(loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,345
|
|
|
—
|
|
|
(4,018
|
)
|
|
6,327
|
|
||||||||
Value of stock issued for stock-based compensation - 115,897 shares Class A Common Stock
|
|
1
|
|
|
—
|
|
|
1,049
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,050
|
|
||||||||
Compensation cost related to stock-based compensation
|
|
—
|
|
|
—
|
|
|
4,056
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,056
|
|
||||||||
Value of treasury stock repurchased - 832,232 shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60,175
|
)
|
|
—
|
|
|
(60,175
|
)
|
||||||||
Amounts reclassified from accumulated other comprehensive loss to retained earnings related to the United States Tax Cuts and Jobs Act
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,970
|
|
|
(2,970
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||||||
BALANCE, March 31, 2018
|
|
$
|
749
|
|
|
$
|
7
|
|
|
$
|
1,762,437
|
|
|
$
|
2,312,932
|
|
|
$
|
(98,159
|
)
|
|
$
|
(297,126
|
)
|
|
$
|
242,536
|
|
|
$
|
3,923,376
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,168
|
|
|
—
|
|
|
—
|
|
|
4,443
|
|
|
48,611
|
|
||||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,511
|
)
|
|
—
|
|
|
(8,668
|
)
|
|
(46,179
|
)
|
||||||||
Conversion of 30,000 shares Class B Common Stock to Class A Common Stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Value of stock issued for stock-based compensation - 42,102 shares Class A Common Stock
|
|
1
|
|
|
—
|
|
|
1,856
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,857
|
|
||||||||
Compensation cost related to stock-based compensation
|
|
—
|
|
|
—
|
|
|
4,515
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,515
|
|
||||||||
Value of treasury stock repurchased - 1,873,170 shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(134,952
|
)
|
|
—
|
|
|
(134,952
|
)
|
||||||||
Distribution to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,898
|
)
|
|
(14,898
|
)
|
||||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
48
|
|
||||||||
BALANCE, June 30, 2018
|
|
$
|
750
|
|
|
$
|
7
|
|
|
$
|
1,768,808
|
|
|
$
|
2,357,100
|
|
|
$
|
(135,670
|
)
|
|
$
|
(432,078
|
)
|
|
$
|
223,461
|
|
|
$
|
3,782,378
|
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2019
|
|
2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
90,179
|
|
|
$
|
124,636
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
125,143
|
|
|
131,735
|
|
||
Stock-based compensation
|
8,100
|
|
|
8,601
|
|
||
Deferred income taxes
|
22,534
|
|
|
(11,489
|
)
|
||
Insurance proceeds received
|
1,600
|
|
|
—
|
|
||
Net gain on sale and impairment of assets
|
(510
|
)
|
|
(1,859
|
)
|
||
Changes in assets and liabilities which provided/(used) cash:
|
|
|
|
||||
Accounts receivable, net
|
(4,930
|
)
|
|
(46,519
|
)
|
||
Materials and supplies
|
1,278
|
|
|
2,460
|
|
||
Prepaid expenses and other
|
(7,121
|
)
|
|
(7,587
|
)
|
||
Accounts payable and accrued expenses
|
(18,673
|
)
|
|
20,665
|
|
||
Other assets and liabilities, net
|
5,521
|
|
|
10,684
|
|
||
Net cash provided by operating activities
|
223,121
|
|
|
231,327
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(144,740
|
)
|
|
(133,328
|
)
|
||
Grant proceeds from outside parties
|
14,881
|
|
|
12,901
|
|
||
Proceeds from settlement of derivative transactions
|
45,360
|
|
|
—
|
|
||
Proceeds from sale of business
|
—
|
|
|
7,927
|
|
||
Insurance proceeds for replacement of assets
|
1,597
|
|
|
1,866
|
|
||
Proceeds from disposition of property and equipment
|
4,176
|
|
|
2,795
|
|
||
Contributions to joint venture
|
(2,700
|
)
|
|
(2,921
|
)
|
||
Net cash used in investing activities
|
(81,426
|
)
|
|
(110,760
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Principal payments on revolving line-of-credit, long-term debt and finance lease obligations
|
(319,338
|
)
|
|
(706,965
|
)
|
||
Proceeds from revolving line-of-credit and long-term debt
|
178,726
|
|
|
795,241
|
|
||
Debt amendment/issuance costs
|
—
|
|
|
(5,303
|
)
|
||
Purchase of additional shares in Freightliner Australia
|
(4,696
|
)
|
|
—
|
|
||
Common share repurchases
|
(4,796
|
)
|
|
(192,324
|
)
|
||
Distribution to noncontrolling interest
|
—
|
|
|
(14,898
|
)
|
||
Installment payments on Freightliner deferred consideration
|
(2,522
|
)
|
|
(6,255
|
)
|
||
Other financing related activities, net
|
(253
|
)
|
|
(893
|
)
|
||
Net cash used in financing activities
|
(152,879
|
)
|
|
(131,397
|
)
|
||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
3,180
|
|
|
60
|
|
||
DECREASE IN CASH AND CASH EQUIVALENTS
|
(8,004
|
)
|
|
(10,770
|
)
|
||
CASH AND CASH EQUIVALENTS, beginning of period
|
90,387
|
|
|
80,472
|
|
||
CASH AND CASH EQUIVALENTS, end of period
|
$
|
82,383
|
|
|
$
|
69,702
|
|
|
Three Months Ended
June 30, 2019 |
|
Six Months Ended June 30, 2019
|
|
Total Costs Incurred Through
June 30, 2019 |
|
Estimated Total Restructuring and Related Costs
|
||||||||
Rationalization of locomotive and railcar fleet
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,301
|
|
|
$
|
9,000
|
|
Management restructuring(a)
|
5,058
|
|
|
9,141
|
|
|
13,781
|
|
|
16,000
|
|
||||
Productivity and automation investments
|
1,725
|
|
|
3,138
|
|
|
7,181
|
|
|
12,000
|
|
||||
Total
|
$
|
6,783
|
|
|
$
|
12,279
|
|
|
$
|
27,263
|
|
|
$
|
37,000
|
|
(a)
|
Subject to requisite U.K. consultative process.
|
|
Rationalization of Locomotive and Railcar Fleet
|
|
Management Restructuring
|
|
Productivity and Automation Investments
|
|
Total
|
||||||||
Restructuring and related liabilities as of December 31, 2018
|
$
|
4,094
|
|
|
$
|
982
|
|
|
$
|
—
|
|
|
$
|
5,076
|
|
Restructuring and related costs incurred
|
—
|
|
|
9,141
|
|
|
3,138
|
|
|
12,279
|
|
||||
Cash payments
|
(610
|
)
|
|
(6,691
|
)
|
|
(3,138
|
)
|
|
(10,439
|
)
|
||||
Non-cash settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Restructuring and related liabilities as of June 30, 2019
|
$
|
3,484
|
|
|
$
|
3,432
|
|
|
$
|
—
|
|
|
$
|
6,916
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerators:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Genesee & Wyoming Inc.
|
$
|
51,441
|
|
|
$
|
44,168
|
|
|
$
|
90,147
|
|
|
$
|
119,266
|
|
Denominators:
|
|
|
|
|
|
|
|
||||||||
Weighted average Class A common shares outstanding – Basic
|
56,536
|
|
|
59,996
|
|
|
56,433
|
|
|
60,946
|
|
||||
Weighted average Class B common shares outstanding
|
405
|
|
|
673
|
|
|
452
|
|
|
687
|
|
||||
Dilutive effect of employee stock-based awards
|
331
|
|
|
210
|
|
|
297
|
|
|
208
|
|
||||
Weighted average shares – Diluted
|
57,272
|
|
|
60,879
|
|
|
57,182
|
|
|
61,841
|
|
||||
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders:
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
$
|
0.91
|
|
|
$
|
0.74
|
|
|
$
|
1.60
|
|
|
$
|
1.96
|
|
Diluted earnings per common share
|
$
|
0.90
|
|
|
$
|
0.73
|
|
|
$
|
1.58
|
|
|
$
|
1.93
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Antidilutive shares
|
257
|
|
|
1,130
|
|
|
566
|
|
|
1,043
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Class A Common Stock repurchased
|
—
|
|
|
1,873
|
|
|
65
|
|
|
2,666
|
|
||||
Average price paid per share of Class A Common Stock repurchased
|
$
|
—
|
|
|
$
|
72.04
|
|
|
$
|
73.94
|
|
|
$
|
72.14
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Accounts receivable – trade
|
$
|
406,770
|
|
|
$
|
397,255
|
|
Accounts receivable – grants from outside parties
|
18,748
|
|
|
19,376
|
|
||
Accounts receivable – insurance and other third-party claims
|
31,707
|
|
|
19,729
|
|
||
Total accounts receivable
|
457,225
|
|
|
436,360
|
|
||
Less: Allowance for doubtful accounts
|
(13,057
|
)
|
|
(10,055
|
)
|
||
Accounts receivable, net
|
$
|
444,168
|
|
|
$
|
426,305
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Amortization of deferred grants
|
$
|
3,315
|
|
|
$
|
3,136
|
|
|
$
|
6,823
|
|
|
$
|
5,603
|
|
1.
|
Not recognize an asset and liability for leases of all asset classes with a term of 12 months or less;
|
2.
|
Carry forward the historical lease classification and not reassess its existing contracts to determine whether the arrangements contained a lease or whether initial direct costs qualified for capitalization;
|
3.
|
Not separate lease and non-lease components; and
|
4.
|
Carry forward its current accounting treatment for land easements on existing agreements.
|
|
Balance Sheet Location
|
|
June 30,
2019 |
||
Leased right-of-use assets:
|
|
|
|
||
Operating leased assets
|
Other assets
|
|
$
|
494,803
|
|
Finance leased assets, net
|
Property and equipment, net(a)
|
|
90,716
|
|
|
Total leased assets
|
|
|
$
|
585,519
|
|
Lease liabilities:
|
|
|
|
||
Current
|
|
|
|
||
Operating lease liabilities
|
Accrued expenses
|
|
$
|
65,004
|
|
Finance lease liabilities
|
Current portion of long-term debt
|
|
11,477
|
|
|
Non-current
|
|
|
|
||
Operating lease liabilities
|
Other long-term liabilities
|
|
428,087
|
|
|
Finance lease liabilities
|
Long-term debt, less current portion
|
|
72,500
|
|
|
Total lease liabilities
|
|
|
$
|
577,068
|
|
(a)
|
Net of $29.2 million of accumulated amortization as of June 30, 2019, which was recognized in depreciation and amortization expense within the Company's consolidated statement of operations.
|
|
Location of Amount Recognized in Earnings
|
|
Three Months Ended
|
|
Six Months
Ended
|
||||
|
|
June 30, 2019
|
|
June 30, 2019
|
|||||
Finance leases:
|
|
|
|
|
|
||||
Amortization of right-of-use assets
|
Depreciation and amortization
|
|
$
|
1,888
|
|
|
$
|
3,761
|
|
Interest on lease liability
|
Interest expense
|
|
847
|
|
|
1,673
|
|
||
Total finance lease cost
|
|
|
$
|
2,735
|
|
|
$
|
5,434
|
|
Operating leases:
|
|
|
|
|
|
||||
Operating lease cost
|
Equipment rents/Trackage rights
|
|
$
|
22,533
|
|
|
$
|
44,684
|
|
Short-term lease cost
|
Equipment rents/Trackage rights
|
|
2,566
|
|
|
4,993
|
|
||
Variable lease cost
|
Equipment rents/Trackage rights
|
|
2,995
|
|
|
4,907
|
|
||
Sublease income (gross basis)
|
Operating revenues
|
|
(1,527
|
)
|
|
(2,250
|
)
|
||
Total operating lease cost
|
|
|
$
|
26,567
|
|
|
$
|
52,334
|
|
Total lease cost
|
|
|
$
|
29,302
|
|
|
$
|
57,768
|
|
|
Finance Leases
|
|
Operating Leases
|
||||
Maturity of lease liabilities:
|
|
|
|
||||
2019 (remainder)
|
$
|
7,789
|
|
|
$
|
45,446
|
|
2020
|
19,586
|
|
|
74,453
|
|
||
2021
|
10,807
|
|
|
64,080
|
|
||
2022
|
15,097
|
|
|
52,091
|
|
||
2023
|
10,862
|
|
|
43,242
|
|
||
Thereafter
|
35,671
|
|
|
564,700
|
|
||
Total lease payments
|
99,812
|
|
|
844,012
|
|
||
Less: Imputed interest
|
15,835
|
|
|
350,921
|
|
||
Total lease liabilities
|
$
|
83,977
|
|
|
$
|
493,091
|
|
|
Capital
|
|
Operating
|
||||
2019
|
$
|
11,405
|
|
|
$
|
82,191
|
|
2020
|
17,261
|
|
|
63,062
|
|
||
2021
|
8,668
|
|
|
54,305
|
|
||
2022
|
9,625
|
|
|
44,739
|
|
||
2023
|
10,780
|
|
|
35,919
|
|
||
Thereafter
|
13,988
|
|
|
383,739
|
|
||
Total minimum payments
|
$
|
71,727
|
|
|
$
|
663,955
|
|
|
Six Months Ended
|
||
|
June 30, 2019
|
||
Cash flow information:
|
|
||
Cash paid for operating leases included in operating activities
|
$
|
45,571
|
|
Cash paid for finance leases included in operating activities
|
$
|
1,387
|
|
Cash paid for finance leases included in financing activities
|
$
|
4,688
|
|
|
|
||
Weighted average remaining lease term (in years):
|
|
||
Operating leases
|
26.5
|
|
|
Finance leases
|
8.2
|
|
|
|
|
||
Weighted average discount rate:
|
|
||
Operating leases
|
3.8
|
%
|
|
Finance leases
|
4.4
|
%
|
|
|
|
||
New leases:
|
|
||
Right-of-use assets obtained in exchange for operating lease liabilities
|
$
|
31,445
|
|
Right-of-use assets obtained in exchange for finance lease liabilities
|
$
|
27,335
|
|
|
|
|
Fair Value
|
||||||
|
Balance Sheet Location
|
|
June 30,
2019 |
|
December 31, 2018
|
||||
Asset Derivatives:
|
|
|
|
|
|
||||
Derivatives designated as cash flow hedges:
|
|
|
|
|
|
||||
British pound forward contracts
|
Prepaid expenses and other
|
|
$
|
3,055
|
|
|
$
|
—
|
|
British pound forward contracts
|
Other assets
|
|
—
|
|
|
26,011
|
|
||
Total derivatives designated as hedges
|
|
|
$
|
3,055
|
|
|
$
|
26,011
|
|
Derivatives not designated as hedges:
|
|
|
|
|
|
||||
Cross-currency swap contract
|
Prepaid expenses and other
|
|
$
|
—
|
|
|
$
|
19,684
|
|
Total derivatives not designated as hedges
|
|
|
$
|
—
|
|
|
$
|
19,684
|
|
|
|
|
|
|
|
||||
Liability Derivatives:
|
|
|
|
|
|
||||
Derivatives designated as cash flow hedges:
|
|
|
|
|
|
||||
Interest rate swap agreements
|
Accrued expenses
|
|
$
|
6,774
|
|
|
$
|
1,954
|
|
British pound forward contracts
|
Accrued expenses
|
|
14
|
|
|
—
|
|
||
Interest rate swap agreements
|
Other long-term liabilities
|
|
53,446
|
|
|
12,441
|
|
||
British pound forward contracts
|
Other long-term liabilities
|
|
—
|
|
|
59
|
|
||
Derivative designated as a net investment hedge:
|
|
|
|
|
|
||||
Cross-currency swap contract
|
Other long-term liabilities
|
|
807
|
|
|
—
|
|
||
Derivative designated as a fair value hedge:
|
|
|
|
|
|
||||
Cross-currency swap contract
|
Other long-term liabilities
|
|
2,387
|
|
|
—
|
|
||
Total derivatives designated as hedges
|
|
|
$
|
63,428
|
|
|
$
|
14,454
|
|
|
|
Total Derivatives Designated as Hedges OCI Activity, Net of Tax
|
||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Derivatives Designated as Hedges:
|
|
|
|
|
|
|
|
|
||||||||
Cash Flow Hedges:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements
|
|
$
|
(21,299
|
)
|
|
$
|
2,687
|
|
|
$
|
(34,705
|
)
|
|
$
|
9,580
|
|
Foreign currency forward contracts
|
|
—
|
|
|
288
|
|
|
—
|
|
|
288
|
|
||||
British pound forward contracts, net (a)
|
|
1,026
|
|
|
(274
|
)
|
|
1,458
|
|
|
(265
|
)
|
||||
|
|
$
|
(20,273
|
)
|
|
$
|
2,701
|
|
|
$
|
(33,247
|
)
|
|
$
|
9,603
|
|
Net Investment Hedge:
|
|
|
|
|
|
|
|
|
||||||||
Cross-currency swap contract
|
|
$
|
(822
|
)
|
|
$
|
—
|
|
|
$
|
(822
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair Value Hedge:
|
|
|
|
|
|
|
|
|
||||||||
Cross-currency swap contract
|
|
$
|
(430
|
)
|
|
$
|
—
|
|
|
$
|
(430
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total derivatives designated as hedges
|
|
$
|
(21,525
|
)
|
|
$
|
2,701
|
|
|
$
|
(34,499
|
)
|
|
$
|
9,603
|
|
(a)
|
The three and six months ended June 30, 2019 represented a net gain of $16.7 million and $19.5 million, respectively, for the mark-to-market of the U.K. intercompany loan, partially offset by a net loss of $15.6 million and $18.0 million, respectively, for the mark-to-market of the British pound forward contracts.
|
|
|
|
|
Amount Recognized in Earnings
|
||||||||||||||
|
|
Location of Amount Recognized in Earnings
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
June 30,
|
|
June 30,
|
|||||||||||||
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Derivatives Not Designated as Hedges:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cross-currency swap agreements, net (a)
|
|
Other income/(loss), net
|
|
$
|
715
|
|
|
$
|
272
|
|
|
$
|
(1,770
|
)
|
|
$
|
(2,490
|
)
|
(a)
|
The three months ended June 30, 2019 represented a net gain of $7.1 million for the mark-to-market of the swaps, partially offset by a net loss of $6.4 million for the mark-to-market of the GRail Intercompany Loan. The six months ended June 30, 2019 represented a net loss of $1.4 million for the mark-to-market of the GRail Intercompany Loan and a net loss of $0.3 million for the mark-to-market of the swaps. This derivative was settled in June 2019, and the Company received cash proceeds of €17.0 million (or $19.3 million at the exchange rate on June 30, 2019).
|
|
Six Months Ended
|
||
|
June 30, 2019
|
||
Derivatives designated as hedges:
|
|
||
British pound forward contracts
|
$
|
26,088
|
|
|
|
||
Derivatives not designated as hedges:
|
|
||
Cross-currency swap contract
|
19,272
|
|
|
Total cash received from settlement of derivative transactions, investing activities
|
$
|
45,360
|
|
Effective Date
|
|
Expiration Date
|
|
Notional Amount
|
|
Pay Fixed Rate
|
|
Receive Variable Rate
|
||
12/1/2016
|
|
12/1/2021
|
|
A$
|
517,500
|
|
|
2.44%
|
|
AUD-BBR
|
8/31/2018
|
|
8/31/2021 - 8/31/2048
|
|
$
|
500,000
|
|
|
2.70% - 2.87%
|
|
1-month LIBOR
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Financial instruments carried at fair value using Level 2 inputs:
|
|
|
|
||||
Financial assets carried at fair value:
|
|
|
|
||||
British pound forward contracts
|
$
|
3,055
|
|
|
$
|
26,011
|
|
Cross-currency swap contracts
|
—
|
|
|
19,684
|
|
||
Total financial assets carried at fair value
|
$
|
3,055
|
|
|
$
|
45,695
|
|
Financial liabilities carried at fair value:
|
|
|
|
||||
Interest rate swap agreements
|
$
|
60,220
|
|
|
$
|
14,395
|
|
British pound forward contracts
|
14
|
|
|
59
|
|
||
Cross-currency swap contract - net investment hedge
|
807
|
|
|
—
|
|
||
Cross-currency swap contract - fair value hedge
|
2,387
|
|
|
—
|
|
||
Total financial liabilities carried at fair value
|
$
|
63,428
|
|
|
$
|
14,454
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Financial liabilities carried at historical cost:
|
|
|
|
|
|
|
|
|
||||||||
United States term loan
|
|
$
|
1,296,549
|
|
|
$
|
1,294,634
|
|
|
$
|
1,295,672
|
|
|
$
|
1,296,079
|
|
U.K. term loan
|
|
314,078
|
|
|
317,394
|
|
|
315,524
|
|
|
319,556
|
|
||||
Australian credit agreement
|
|
441,768
|
|
|
447,511
|
|
|
450,252
|
|
|
457,978
|
|
||||
Australia subordinated shareholder loan from Macquarie Infrastructure and Real Assets
|
|
166,962
|
|
|
164,153
|
|
|
167,796
|
|
|
166,974
|
|
||||
Revolving credit facility
|
|
32,707
|
|
|
36,150
|
|
|
160,033
|
|
|
163,662
|
|
||||
Other debt
|
|
2,438
|
|
|
2,424
|
|
|
2,356
|
|
|
2,352
|
|
||||
Total
|
|
$
|
2,254,502
|
|
|
$
|
2,262,266
|
|
|
$
|
2,391,633
|
|
|
$
|
2,406,601
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operating expense:
|
|
|
|
|
|
|
|
|||||||||
|
Service cost(a)
|
$
|
3,397
|
|
|
$
|
3,770
|
|
|
$
|
6,837
|
|
|
$
|
7,625
|
|
Nonoperating income, net:
|
|
|
|
|
|
|
|
|||||||||
|
Interest cost
|
2,336
|
|
|
2,488
|
|
|
4,702
|
|
|
5,033
|
|
||||
|
Expected return on plan assets
|
(4,336
|
)
|
|
(4,775
|
)
|
|
(8,727
|
)
|
|
(9,659
|
)
|
||||
|
Amortization of prior year service cost
|
44
|
|
|
—
|
|
|
88
|
|
|
—
|
|
||||
|
Total nonoperating income, net(b)
|
(1,956
|
)
|
|
(2,287
|
)
|
|
(3,937
|
)
|
|
(4,626
|
)
|
||||
Net periodic benefit cost
|
$
|
1,441
|
|
|
$
|
1,483
|
|
|
$
|
2,900
|
|
|
$
|
2,999
|
|
|
Foreign Currency Translation Adjustment
|
|
Defined Benefit Plans
|
|
Net Unrealized Gain/(Loss) on Hedges
|
|
Accumulated Other Comprehensive Loss
|
||||||||
Balance, December 31, 2018
|
$
|
(144,503
|
)
|
|
$
|
11,120
|
|
|
$
|
(13,073
|
)
|
|
$
|
(146,456
|
)
|
Other comprehensive income/(loss) before reclassifications
|
5,835
|
|
|
—
|
|
|
(31,995
|
)
|
|
(26,160
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $82 and $233, respectively
|
—
|
|
|
(154
|
)
|
(a)
|
(1,027
|
)
|
(b)
|
(1,181
|
)
|
||||
Current period change
|
5,835
|
|
|
(154
|
)
|
|
(33,022
|
)
|
|
(27,341
|
)
|
||||
Balance, June 30, 2019
|
$
|
(138,668
|
)
|
|
$
|
10,966
|
|
|
$
|
(46,095
|
)
|
|
$
|
(173,797
|
)
|
|
Foreign Currency Translation Adjustment
|
|
Defined Benefit Plans
|
|
Net Unrealized Gain/(Loss) on Hedges
|
|
Accumulated Other Comprehensive Loss
|
||||||||
Balance, December 31, 2017
|
$
|
(74,617
|
)
|
|
$
|
(19,601
|
)
|
|
$
|
(11,316
|
)
|
|
$
|
(105,534
|
)
|
Other comprehensive income before reclassifications
|
(36,698
|
)
|
|
—
|
|
|
9,736
|
|
|
(26,962
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss, net of tax (provision)/benefit of ($28) and $115, respectively
|
—
|
|
|
86
|
|
(a)
|
(290
|
)
|
(b)
|
(204
|
)
|
||||
Current period change
|
(36,698
|
)
|
|
86
|
|
|
9,446
|
|
|
(27,166
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss to retained earnings related to the United States Tax Cuts and Jobs Act
|
—
|
|
|
(132
|
)
|
|
(2,838
|
)
|
|
(2,970
|
)
|
||||
Balance, June 30, 2018
|
$
|
(111,315
|
)
|
|
$
|
(19,647
|
)
|
|
$
|
(4,708
|
)
|
|
$
|
(135,670
|
)
|
(a)
|
Net (losses)/gains realized were recorded in labor and benefits on the consolidated statements of operations.
|
(b)
|
For the six months ended June 30, 2019, $0.5 million and $0.5 million of net losses were recorded in interest expense and other income/(loss), net, respectively, within the consolidated statements of operations. For the six months ended June 30, 2018, net losses realized were recorded in interest expense on the consolidated statements of operations. See Note 6, Derivative Financial Instruments.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net (loss)/income attributable to noncontrolling interest
|
$
|
(68
|
)
|
|
$
|
4,443
|
|
|
$
|
32
|
|
|
$
|
5,370
|
|
Other comprehensive income/(loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
(2,594
|
)
|
|
(8,825
|
)
|
|
(1,007
|
)
|
|
(12,843
|
)
|
||||
Net unrealized (loss)/gain on qualifying cash flow hedges, net of tax benefit/(provision) of $303, ($67), $633 and ($67), respectively
|
(708
|
)
|
|
157
|
|
|
(1,477
|
)
|
|
157
|
|
||||
Comprehensive loss attributable to noncontrolling interest
|
$
|
(3,370
|
)
|
|
$
|
(4,225
|
)
|
|
$
|
(2,452
|
)
|
|
$
|
(7,316
|
)
|
|
|
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
United States dollar per Australian dollar
|
|
|
|
|
$
|
0.70
|
|
|
$
|
0.70
|
|
United States dollar per British pound
|
|
|
|
|
$
|
1.27
|
|
|
$
|
1.28
|
|
United States dollar per Canadian dollar
|
|
|
|
|
$
|
0.76
|
|
|
$
|
0.73
|
|
United States dollar per Euro
|
|
|
|
|
$
|
1.14
|
|
|
$
|
1.15
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
United States dollar per Australian dollar
|
$
|
0.70
|
|
|
$
|
0.76
|
|
|
$
|
0.71
|
|
|
$
|
0.77
|
|
United States dollar per British pound
|
$
|
1.29
|
|
|
$
|
1.36
|
|
|
$
|
1.29
|
|
|
$
|
1.38
|
|
United States dollar per Canadian dollar
|
$
|
0.75
|
|
|
$
|
0.77
|
|
|
$
|
0.75
|
|
|
$
|
0.78
|
|
United States dollar per Euro
|
$
|
1.12
|
|
|
$
|
1.19
|
|
|
$
|
1.13
|
|
|
$
|
1.21
|
|
|
Three Months Ended
|
||||||||||||||
|
June 30, 2019
|
||||||||||||||
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total
Operations |
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Freight revenues by commodity group:
|
|
|
|
|
|
|
|
||||||||
Agricultural Products
|
$
|
32,846
|
|
|
$
|
2,999
|
|
|
$
|
512
|
|
|
$
|
36,357
|
|
Autos & Auto Parts
|
6,084
|
|
|
—
|
|
|
—
|
|
|
6,084
|
|
||||
Chemicals & Plastics
|
39,813
|
|
|
—
|
|
|
—
|
|
|
39,813
|
|
||||
Coal & Coke
|
18,563
|
|
|
28,965
|
|
|
896
|
|
|
48,424
|
|
||||
Food & Kindred Products
|
8,801
|
|
|
—
|
|
|
—
|
|
|
8,801
|
|
||||
Intermodal
|
523
|
|
|
15,459
|
|
|
58,297
|
|
|
74,279
|
|
||||
Lumber & Forest Products
|
23,519
|
|
|
—
|
|
|
—
|
|
|
23,519
|
|
||||
Metallic Ores
|
2,865
|
|
|
7,523
|
|
|
—
|
|
|
10,388
|
|
||||
Metals
|
29,055
|
|
|
—
|
|
|
—
|
|
|
29,055
|
|
||||
Minerals & Stone
|
38,597
|
|
|
1,817
|
|
|
21,155
|
|
|
61,569
|
|
||||
Petroleum Products
|
17,053
|
|
|
160
|
|
|
717
|
|
|
17,930
|
|
||||
Pulp & Paper
|
28,013
|
|
|
—
|
|
|
—
|
|
|
28,013
|
|
||||
Waste
|
7,964
|
|
|
—
|
|
|
—
|
|
|
7,964
|
|
||||
Other
|
5,485
|
|
|
—
|
|
|
—
|
|
|
5,485
|
|
||||
Total freight revenues
|
259,181
|
|
|
56,923
|
|
|
81,577
|
|
|
397,681
|
|
||||
Freight-related revenues
|
66,135
|
|
|
8,036
|
|
|
68,225
|
|
|
142,396
|
|
||||
All other revenues
|
16,531
|
|
|
1,572
|
|
|
13,300
|
|
|
31,403
|
|
||||
Total operating revenues
|
$
|
341,847
|
|
|
$
|
66,531
|
|
|
$
|
163,102
|
|
|
$
|
571,480
|
|
Operating income/(loss)
|
$
|
84,261
|
|
|
$
|
11,655
|
|
|
$
|
(1,716
|
)
|
|
$
|
94,200
|
|
Depreciation and amortization
|
$
|
38,738
|
|
|
$
|
14,192
|
|
|
$
|
9,587
|
|
|
$
|
62,517
|
|
Interest expense, net
|
$
|
11,872
|
|
|
$
|
11,800
|
|
|
$
|
2,903
|
|
|
$
|
26,575
|
|
Provision for/(benefit from) income taxes
|
$
|
18,140
|
|
|
$
|
(44
|
)
|
|
$
|
770
|
|
|
$
|
18,866
|
|
Cash expenditures for additions to property & equipment, net of grants from outside parties
|
$
|
52,649
|
|
|
$
|
9,103
|
|
|
$
|
6,814
|
|
|
$
|
68,566
|
|
|
Three Months Ended
|
||||||||||||||
|
June 30, 2018
|
||||||||||||||
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total
Operations |
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Freight revenues by commodity group:
|
|
|
|
|
|
|
|
||||||||
Agricultural Products
|
$
|
29,693
|
|
|
$
|
6,006
|
|
|
$
|
785
|
|
|
$
|
36,484
|
|
Autos & Auto Parts
|
5,806
|
|
|
—
|
|
|
—
|
|
|
5,806
|
|
||||
Chemicals & Plastics
|
38,972
|
|
|
—
|
|
|
—
|
|
|
38,972
|
|
||||
Coal & Coke
|
19,087
|
|
|
32,570
|
|
|
2,687
|
|
|
54,344
|
|
||||
Food & Kindred Products
|
8,476
|
|
|
—
|
|
|
—
|
|
|
8,476
|
|
||||
Intermodal
|
380
|
|
|
17,102
|
|
|
66,483
|
|
|
83,965
|
|
||||
Lumber & Forest Products
|
23,810
|
|
|
—
|
|
|
—
|
|
|
23,810
|
|
||||
Metallic Ores
|
3,670
|
|
|
8,125
|
|
|
—
|
|
|
11,795
|
|
||||
Metals
|
32,493
|
|
|
—
|
|
|
—
|
|
|
32,493
|
|
||||
Minerals & Stone
|
38,034
|
|
|
2,087
|
|
|
22,326
|
|
|
62,447
|
|
||||
Petroleum Products
|
16,151
|
|
|
185
|
|
|
8
|
|
|
16,344
|
|
||||
Pulp & Paper
|
29,514
|
|
|
—
|
|
|
—
|
|
|
29,514
|
|
||||
Waste
|
7,339
|
|
|
—
|
|
|
—
|
|
|
7,339
|
|
||||
Other
|
6,443
|
|
|
—
|
|
|
—
|
|
|
6,443
|
|
||||
Total freight revenues
|
259,868
|
|
|
66,075
|
|
|
92,289
|
|
|
418,232
|
|
||||
Freight-related revenues
|
63,467
|
|
|
11,515
|
|
|
67,420
|
|
|
142,402
|
|
||||
All other revenues
|
16,222
|
|
|
1,439
|
|
|
16,695
|
|
|
34,356
|
|
||||
Total operating revenues
|
$
|
339,557
|
|
|
$
|
79,029
|
|
|
$
|
176,404
|
|
|
$
|
594,990
|
|
Operating income/(loss)
|
$
|
80,274
|
|
|
$
|
25,896
|
|
|
$
|
(3,045
|
)
|
|
$
|
103,125
|
|
Depreciation and amortization
|
$
|
41,247
|
|
|
$
|
15,288
|
|
|
$
|
9,210
|
|
|
$
|
65,745
|
|
Interest expense, net
|
$
|
11,778
|
|
|
$
|
12,893
|
|
|
$
|
3,685
|
|
|
$
|
28,356
|
|
Provision for income taxes
|
$
|
20,091
|
|
|
$
|
3,901
|
|
|
$
|
2,454
|
|
|
$
|
26,446
|
|
Cash expenditures for additions to property & equipment, net of grants from outside parties
|
$
|
48,924
|
|
|
$
|
14,489
|
|
|
$
|
4,726
|
|
|
$
|
68,139
|
|
|
Six Months Ended
|
||||||||||||||
|
June 30, 2019
|
||||||||||||||
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total
Operations |
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Freight revenues by commodity group:
|
|
|
|
|
|
|
|
||||||||
Agricultural Products
|
$
|
64,809
|
|
|
$
|
6,053
|
|
|
$
|
1,248
|
|
|
$
|
72,110
|
|
Autos & Auto Parts
|
11,566
|
|
|
—
|
|
|
—
|
|
|
11,566
|
|
||||
Chemicals & Plastics
|
76,986
|
|
|
—
|
|
|
—
|
|
|
76,986
|
|
||||
Coal & Coke
|
37,753
|
|
|
58,136
|
|
|
5,589
|
|
|
101,478
|
|
||||
Food & Kindred Products
|
17,204
|
|
|
—
|
|
|
—
|
|
|
17,204
|
|
||||
Intermodal
|
978
|
|
|
29,259
|
|
|
117,502
|
|
|
147,739
|
|
||||
Lumber & Forest Products
|
45,376
|
|
|
—
|
|
|
—
|
|
|
45,376
|
|
||||
Metallic Ores
|
5,658
|
|
|
15,141
|
|
|
—
|
|
|
20,799
|
|
||||
Metals
|
58,917
|
|
|
—
|
|
|
—
|
|
|
58,917
|
|
||||
Minerals & Stone
|
70,407
|
|
|
3,855
|
|
|
37,037
|
|
|
111,299
|
|
||||
Petroleum Products
|
37,752
|
|
|
298
|
|
|
1,408
|
|
|
39,458
|
|
||||
Pulp & Paper
|
58,292
|
|
|
—
|
|
|
—
|
|
|
58,292
|
|
||||
Waste
|
14,826
|
|
|
—
|
|
|
—
|
|
|
14,826
|
|
||||
Other
|
10,420
|
|
|
—
|
|
|
—
|
|
|
10,420
|
|
||||
Total freight revenues
|
510,944
|
|
|
112,742
|
|
|
162,784
|
|
|
786,470
|
|
||||
Freight-related revenues
|
130,611
|
|
|
15,891
|
|
|
132,156
|
|
|
278,658
|
|
||||
All other revenues
|
32,738
|
|
|
3,005
|
|
|
28,698
|
|
|
64,441
|
|
||||
Total operating revenues
|
$
|
674,293
|
|
|
$
|
131,638
|
|
|
$
|
323,638
|
|
|
$
|
1,129,569
|
|
Operating income/(loss)
|
$
|
153,576
|
|
|
$
|
24,158
|
|
|
$
|
(3,824
|
)
|
|
$
|
173,910
|
|
Depreciation and amortization
|
$
|
77,169
|
|
|
$
|
28,603
|
|
|
$
|
19,371
|
|
|
$
|
125,143
|
|
Interest expense, net
|
$
|
24,273
|
|
|
$
|
23,923
|
|
|
$
|
5,442
|
|
|
$
|
53,638
|
|
Provision for income taxes
|
$
|
32,227
|
|
|
$
|
70
|
|
|
$
|
829
|
|
|
$
|
33,126
|
|
Cash expenditures for additions to property & equipment, net of grants from outside parties
|
$
|
100,720
|
|
|
$
|
11,952
|
|
|
$
|
17,187
|
|
|
$
|
129,859
|
|
|
Six Months Ended
|
||||||||||||||
|
June 30, 2018
|
||||||||||||||
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total
Operations |
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Freight revenues by commodity group:
|
|
|
|
|
|
|
|
||||||||
Agricultural Products
|
$
|
61,065
|
|
|
$
|
11,489
|
|
|
$
|
2,020
|
|
|
$
|
74,574
|
|
Autos & Auto Parts
|
11,173
|
|
|
—
|
|
|
—
|
|
|
11,173
|
|
||||
Chemicals & Plastics
|
75,189
|
|
|
—
|
|
|
—
|
|
|
75,189
|
|
||||
Coal & Coke
|
39,032
|
|
|
64,149
|
|
|
6,163
|
|
|
109,344
|
|
||||
Food & Kindred Products
|
16,826
|
|
|
—
|
|
|
—
|
|
|
16,826
|
|
||||
Intermodal
|
689
|
|
|
33,075
|
|
|
133,804
|
|
|
167,568
|
|
||||
Lumber & Forest Products
|
46,249
|
|
|
—
|
|
|
—
|
|
|
46,249
|
|
||||
Metallic Ores
|
7,243
|
|
|
15,856
|
|
|
—
|
|
|
23,099
|
|
||||
Metals
|
60,887
|
|
|
—
|
|
|
—
|
|
|
60,887
|
|
||||
Minerals & Stone
|
68,552
|
|
|
4,181
|
|
|
41,505
|
|
|
114,238
|
|
||||
Petroleum Products
|
34,634
|
|
|
336
|
|
|
8
|
|
|
34,978
|
|
||||
Pulp & Paper
|
58,385
|
|
|
—
|
|
|
—
|
|
|
58,385
|
|
||||
Waste
|
13,227
|
|
|
—
|
|
|
—
|
|
|
13,227
|
|
||||
Other
|
12,134
|
|
|
—
|
|
|
—
|
|
|
12,134
|
|
||||
Total freight revenues
|
505,285
|
|
|
129,086
|
|
|
183,500
|
|
|
817,871
|
|
||||
Freight-related revenues
|
127,299
|
|
|
22,078
|
|
|
134,222
|
|
|
283,599
|
|
||||
All other revenues
|
32,603
|
|
|
2,699
|
|
|
32,879
|
|
|
68,181
|
|
||||
Total operating revenues
|
$
|
665,187
|
|
|
$
|
153,863
|
|
|
$
|
350,601
|
|
|
$
|
1,169,651
|
|
Operating income/(loss)
|
$
|
153,434
|
|
|
$
|
41,872
|
|
|
$
|
(5,268
|
)
|
|
$
|
190,038
|
|
Depreciation and amortization
|
$
|
81,878
|
|
|
$
|
31,295
|
|
|
$
|
18,562
|
|
|
$
|
131,735
|
|
Interest expense, net
|
$
|
20,233
|
|
|
$
|
26,134
|
|
|
$
|
6,727
|
|
|
$
|
53,094
|
|
Provision for income taxes
|
$
|
606
|
|
|
$
|
4,722
|
|
|
$
|
5,228
|
|
|
$
|
10,556
|
|
Cash expenditures for additions to property & equipment, net of grants from outside parties
|
$
|
87,487
|
|
|
$
|
19,751
|
|
|
$
|
13,189
|
|
|
$
|
120,427
|
|
|
June 30, 2019
|
||||||||||||||
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total
Operations
|
||||||||
Cash and cash equivalents
|
$
|
23,624
|
|
|
$
|
41,325
|
|
|
$
|
17,434
|
|
|
$
|
82,383
|
|
Property and equipment, net
|
$
|
3,727,668
|
|
|
$
|
601,130
|
|
|
$
|
340,906
|
|
|
$
|
4,669,704
|
|
|
December 31, 2018
|
||||||||||||||
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total
Operations
|
||||||||
Cash and cash equivalents
|
$
|
33,996
|
|
|
$
|
26,902
|
|
|
$
|
29,489
|
|
|
$
|
90,387
|
|
Property and equipment, net
|
$
|
3,679,279
|
|
|
$
|
609,450
|
|
|
$
|
324,285
|
|
|
$
|
4,613,014
|
|
•
|
Our North American Operations segment includes six regions (Coastal, Midwest, Northeast, Southern, Western and Canada) that serve 41 U.S. states and four Canadian provinces and include 114 short line and regional freight railroads with more than 13,000 track-miles.
|
•
|
Our Australian Operations segment serves New South Wales, the Northern Territory and South Australia and operates the 1,400-mile Tarcoola-to-Darwin rail line. Since December 1, 2016, the Australia Region has been 51.1% owned by us and 48.9% owned by a consortium of funds and clients managed by Macquarie Infrastructure and Real Assets (MIRA).
|
•
|
Our U.K./European Operations segment is led by Freightliner Group Limited (Freightliner), the United Kingdom's (U.K.) largest rail maritime intermodal operator and second-largest freight rail provider, as well as regional rail services in Continental Europe.
|
|
|
Income/(Loss) Before Taxes Impact
|
|
After-Tax Net Income/(Loss) Attributable to G&W Impact
|
|
Diluted Earnings/(Loss) Per Common Share Impact
|
||||||
Three Months Ended June 30, 2019
|
|
|
|
|
|
|
||||||
Corporate development and related costs
|
|
$
|
(2.4
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
(0.03
|
)
|
Restructuring and related costs
|
|
$
|
(7.6
|
)
|
|
$
|
(6.0
|
)
|
|
$
|
(0.10
|
)
|
Net loss on sale and impairment of certain assets in North America
|
|
$
|
(1.0
|
)
|
|
$
|
(0.8
|
)
|
|
$
|
(0.01
|
)
|
Australia enterprise bargaining agreement amendment
|
|
$
|
(2.6
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
||||||
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
||||||
Corporate development and related costs
|
|
$
|
(0.4
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
—
|
|
Restructuring and related costs
|
|
$
|
(9.4
|
)
|
|
$
|
(7.6
|
)
|
|
$
|
(0.12
|
)
|
Loss on sale of ERS
|
|
$
|
(1.4
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
(0.02
|
)
|
Gain on settlement
|
|
$
|
6.3
|
|
|
$
|
2.3
|
|
|
$
|
0.04
|
|
Credit facility refinancing-related costs
|
|
$
|
(2.7
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
(0.03
|
)
|
Prior period portion of tax adjustment
|
|
$
|
—
|
|
|
$
|
(4.1
|
)
|
|
$
|
(0.07
|
)
|
|
|
Income/(Loss) Before Taxes Impact
|
|
After-Tax Net Income/(Loss) Attributable to G&W Impact
|
|
Diluted Earnings/(Loss) Per Common Share Impact
|
||||||
Six Months Ended June 30, 2019
|
|
|
|
|
|
|
||||||
Restructuring and related costs
|
|
$
|
(15.2
|
)
|
|
$
|
(11.5
|
)
|
|
$
|
(0.20
|
)
|
Corporate development and related costs
|
|
$
|
(2.9
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
(0.04
|
)
|
Net loss on sale and impairment of certain assets in North America
|
|
$
|
(1.0
|
)
|
|
$
|
(0.8
|
)
|
|
$
|
(0.01
|
)
|
Australia enterprise bargaining agreement amendment
|
|
$
|
(2.6
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
||||||
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
||||||
Corporate development and related costs
|
|
$
|
(0.5
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.01
|
)
|
Restructuring costs
|
|
$
|
(9.6
|
)
|
|
$
|
(7.8
|
)
|
|
$
|
(0.13
|
)
|
Loss on sale of ERS
|
|
$
|
(1.4
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
(0.02
|
)
|
Gain on settlement
|
|
$
|
6.3
|
|
|
$
|
2.3
|
|
|
$
|
0.04
|
|
Credit facility refinancing-related costs
|
|
$
|
(2.7
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
(0.03
|
)
|
2017 Short Line Tax Credit
|
|
$
|
—
|
|
|
$
|
31.6
|
|
|
$
|
0.51
|
|
Prior period portion of tax adjustment
|
|
$
|
—
|
|
|
$
|
(3.7
|
)
|
|
$
|
(0.06
|
)
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease) in Total Operations
|
|
Increase/(Decrease) in Existing Operations
|
|
Currency Impact on 2018 Total Operations*
|
|
Currency Impact on 2018 Existing Operations*
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
Total Operations
|
|
Divested Operations
|
|
Existing Operations
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
|
|||||||||||||||||||||
Freight revenues
|
$
|
397,681
|
|
|
$
|
418,232
|
|
|
$
|
10,407
|
|
|
$
|
407,825
|
|
|
$
|
(20,551
|
)
|
|
(4.9
|
)%
|
|
$
|
(10,144
|
)
|
|
(2.5
|
)%
|
|
$
|
(10,885
|
)
|
|
$
|
(10,286
|
)
|
Freight-related revenues
|
142,396
|
|
|
142,402
|
|
|
4,152
|
|
|
138,250
|
|
|
(6
|
)
|
|
—
|
%
|
|
4,146
|
|
|
3.0
|
%
|
|
(4,876
|
)
|
|
(4,646
|
)
|
||||||||
All other revenues
|
31,403
|
|
|
34,356
|
|
|
432
|
|
|
33,924
|
|
|
(2,953
|
)
|
|
(8.6
|
)%
|
|
(2,521
|
)
|
|
(7.4
|
)%
|
|
(1,143
|
)
|
|
(1,128
|
)
|
||||||||
Total operating revenues
|
$
|
571,480
|
|
|
$
|
594,990
|
|
|
$
|
14,991
|
|
|
$
|
579,999
|
|
|
$
|
(23,510
|
)
|
|
(4.0
|
)%
|
|
$
|
(8,519
|
)
|
|
(1.5
|
)%
|
|
$
|
(16,904
|
)
|
|
$
|
(16,060
|
)
|
Carloads
|
766,355
|
|
|
834,363
|
|
|
29,502
|
|
|
804,861
|
|
|
(68,008
|
)
|
|
(8.2
|
)%
|
|
(38,506
|
)
|
|
(4.8
|
)%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease)
|
|
Currency
Impact |
|
2018 Constant Currency*
|
|
Increase/(Decrease)Constant Currency*
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||
|
Amount
|
|
% of
Operating Revenues |
|
Amount
|
|
% of
Operating Revenues |
|
|
|
|||||||||||||||||||
Labor and benefits
|
$
|
179,943
|
|
|
31.4
|
%
|
|
$
|
179,838
|
|
|
30.2
|
%
|
|
$
|
105
|
|
|
$
|
(4,637
|
)
|
|
$
|
175,201
|
|
|
$
|
4,742
|
|
Equipment rents
|
32,010
|
|
|
5.6
|
%
|
|
34,802
|
|
|
5.9
|
%
|
|
(2,792
|
)
|
|
(1,263
|
)
|
|
33,539
|
|
|
(1,529
|
)
|
||||||
Purchased services
|
54,034
|
|
|
9.5
|
%
|
|
61,045
|
|
|
10.3
|
%
|
|
(7,011
|
)
|
|
(2,875
|
)
|
|
58,170
|
|
|
(4,136
|
)
|
||||||
Depreciation and amortization
|
62,517
|
|
|
10.9
|
%
|
|
65,745
|
|
|
11.0
|
%
|
|
(3,228
|
)
|
|
(1,889
|
)
|
|
63,856
|
|
|
(1,339
|
)
|
||||||
Diesel fuel used in train operations
|
41,504
|
|
|
7.3
|
%
|
|
45,623
|
|
|
7.7
|
%
|
|
(4,119
|
)
|
|
(1,513
|
)
|
|
44,110
|
|
|
(2,606
|
)
|
||||||
Electricity used in train operations
|
2,226
|
|
|
0.4
|
%
|
|
2,044
|
|
|
0.3
|
%
|
|
182
|
|
|
(113
|
)
|
|
1,931
|
|
|
295
|
|
||||||
Casualties and insurance
|
11,839
|
|
|
2.1
|
%
|
|
12,984
|
|
|
2.2
|
%
|
|
(1,145
|
)
|
|
(206
|
)
|
|
12,778
|
|
|
(939
|
)
|
||||||
Materials
|
31,294
|
|
|
5.5
|
%
|
|
32,376
|
|
|
5.4
|
%
|
|
(1,082
|
)
|
|
(1,185
|
)
|
|
31,191
|
|
|
103
|
|
||||||
Trackage rights
|
21,727
|
|
|
3.8
|
%
|
|
23,303
|
|
|
3.9
|
%
|
|
(1,576
|
)
|
|
(775
|
)
|
|
22,528
|
|
|
(801
|
)
|
||||||
Net gain on sale and impairment of assets
|
980
|
|
|
0.2
|
%
|
|
(823
|
)
|
|
(0.1
|
)%
|
|
1,803
|
|
|
(14
|
)
|
|
(837
|
)
|
|
1,817
|
|
||||||
Restructuring and related costs
|
7,561
|
|
|
1.3
|
%
|
|
9,362
|
|
|
1.6
|
%
|
|
(1,801
|
)
|
|
(481
|
)
|
|
8,881
|
|
|
(1,320
|
)
|
||||||
Other expenses, net
|
31,645
|
|
|
5.5
|
%
|
|
25,566
|
|
|
4.3
|
%
|
|
6,079
|
|
|
(78
|
)
|
|
25,488
|
|
|
6,157
|
|
||||||
Total operating expenses
|
$
|
477,280
|
|
|
83.5
|
%
|
|
$
|
491,865
|
|
|
82.7
|
%
|
|
$
|
(14,585
|
)
|
|
$
|
(15,029
|
)
|
|
$
|
476,836
|
|
|
$
|
444
|
|
*
|
Currency impact was calculated by comparing the 2018 results translated from local currency to United States dollars using 2019 exchange rates to the 2018 results in United States dollars as reported.
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease) in Existing Operations
|
|
Currency Impact on Existing Operations
|
|
2018 Constant Currency Existing Operations*
|
|
Increase/(Decrease) in Existing Operations Constant Currency*
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||||
Commodity Group
|
|
Total Operations
|
|
Divested Operations
|
|
Existing Operations
|
|
|
|
|
|||||||||||||||||||||
Agricultural Products
|
$
|
32,846
|
|
|
$
|
29,693
|
|
|
$
|
458
|
|
|
$
|
29,235
|
|
|
$
|
3,611
|
|
|
$
|
(24
|
)
|
|
$
|
29,211
|
|
|
$
|
3,635
|
|
Autos & Auto Parts
|
6,084
|
|
|
5,806
|
|
|
301
|
|
|
5,505
|
|
|
579
|
|
|
(26
|
)
|
|
5,479
|
|
|
605
|
|
||||||||
Chemicals & Plastics
|
39,813
|
|
|
38,972
|
|
|
775
|
|
|
38,197
|
|
|
1,616
|
|
|
(87
|
)
|
|
38,110
|
|
|
1,703
|
|
||||||||
Coal & Coke
|
18,563
|
|
|
19,087
|
|
|
—
|
|
|
19,087
|
|
|
(524
|
)
|
|
(34
|
)
|
|
19,053
|
|
|
(490
|
)
|
||||||||
Food & Kindred Products
|
8,801
|
|
|
8,476
|
|
|
186
|
|
|
8,290
|
|
|
511
|
|
|
(2
|
)
|
|
8,288
|
|
|
513
|
|
||||||||
Intermodal
|
523
|
|
|
380
|
|
|
—
|
|
|
380
|
|
|
143
|
|
|
—
|
|
|
380
|
|
|
143
|
|
||||||||
Lumber & Forest Products
|
23,519
|
|
|
23,810
|
|
|
109
|
|
|
23,701
|
|
|
(182
|
)
|
|
(40
|
)
|
|
23,661
|
|
|
(142
|
)
|
||||||||
Metallic Ores
|
2,865
|
|
|
3,670
|
|
|
1
|
|
|
3,669
|
|
|
(804
|
)
|
|
(28
|
)
|
|
3,641
|
|
|
(776
|
)
|
||||||||
Metals
|
29,055
|
|
|
32,493
|
|
|
589
|
|
|
31,904
|
|
|
(2,849
|
)
|
|
(57
|
)
|
|
31,847
|
|
|
(2,792
|
)
|
||||||||
Minerals & Stone
|
38,597
|
|
|
38,034
|
|
|
268
|
|
|
37,766
|
|
|
831
|
|
|
(31
|
)
|
|
37,735
|
|
|
862
|
|
||||||||
Petroleum Products
|
17,053
|
|
|
16,151
|
|
|
717
|
|
|
15,434
|
|
|
1,619
|
|
|
(40
|
)
|
|
15,394
|
|
|
1,659
|
|
||||||||
Pulp & Paper
|
28,013
|
|
|
29,514
|
|
|
41
|
|
|
29,473
|
|
|
(1,460
|
)
|
|
(127
|
)
|
|
29,346
|
|
|
(1,333
|
)
|
||||||||
Waste
|
7,964
|
|
|
7,339
|
|
|
66
|
|
|
7,273
|
|
|
691
|
|
|
(3
|
)
|
|
7,270
|
|
|
694
|
|
||||||||
Other
|
5,485
|
|
|
6,443
|
|
|
222
|
|
|
6,221
|
|
|
(736
|
)
|
|
(19
|
)
|
|
6,202
|
|
|
(717
|
)
|
||||||||
Total
|
$
|
259,181
|
|
|
$
|
259,868
|
|
|
$
|
3,733
|
|
|
$
|
256,135
|
|
|
$
|
3,046
|
|
|
$
|
(518
|
)
|
|
$
|
255,617
|
|
|
$
|
3,564
|
|
|
|
Freight Revenues
|
|
Carloads
|
|
Average Freight Revenues Per
Carload
|
||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
2019
|
|
2018 Constant Currency*
|
|
|
||||||||||||||||||||||||||
Commodity Group
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018 Constant Currency*
|
|||||||||||||||
Agricultural Products
|
$
|
32,846
|
|
|
12.7
|
%
|
|
$
|
29,653
|
|
|
11.4
|
%
|
|
56,134
|
|
|
51,762
|
|
|
$
|
585
|
|
|
$
|
574
|
|
|
$
|
573
|
|
|
Autos & Auto Parts
|
6,084
|
|
|
2.3
|
%
|
|
5,769
|
|
|
2.2
|
%
|
|
9,041
|
|
|
9,106
|
|
|
673
|
|
|
638
|
|
|
634
|
|
||||||
Chemicals & Plastics
|
39,813
|
|
|
15.3
|
%
|
|
38,858
|
|
|
15.0
|
%
|
|
44,376
|
|
|
45,285
|
|
|
897
|
|
|
861
|
|
|
858
|
|
||||||
Coal & Coke
|
18,563
|
|
|
7.2
|
%
|
|
19,053
|
|
|
7.4
|
%
|
|
48,140
|
|
|
59,346
|
|
|
386
|
|
|
322
|
|
|
321
|
|
||||||
Food & Kindred Products
|
8,801
|
|
|
3.4
|
%
|
|
8,468
|
|
|
3.3
|
%
|
|
14,699
|
|
|
14,907
|
|
|
599
|
|
|
569
|
|
|
568
|
|
||||||
Intermodal
|
523
|
|
|
0.2
|
%
|
|
380
|
|
|
0.1
|
%
|
|
3,984
|
|
|
3,816
|
|
|
131
|
|
|
100
|
|
|
100
|
|
||||||
Lumber & Forest Products
|
23,519
|
|
|
9.1
|
%
|
|
23,765
|
|
|
9.2
|
%
|
|
35,140
|
|
|
37,733
|
|
|
669
|
|
|
631
|
|
|
630
|
|
||||||
Metallic Ores
|
2,865
|
|
|
1.1
|
%
|
|
3,642
|
|
|
1.4
|
%
|
|
3,813
|
|
|
4,448
|
|
|
751
|
|
|
825
|
|
|
819
|
|
||||||
Metals
|
29,055
|
|
|
11.2
|
%
|
|
32,418
|
|
|
12.5
|
%
|
|
34,860
|
|
|
40,806
|
|
|
833
|
|
|
796
|
|
|
794
|
|
||||||
Minerals & Stone
|
38,597
|
|
|
14.9
|
%
|
|
37,994
|
|
|
14.7
|
%
|
|
62,005
|
|
|
62,156
|
|
|
622
|
|
|
612
|
|
|
611
|
|
||||||
Petroleum Products
|
17,053
|
|
|
6.6
|
%
|
|
16,085
|
|
|
6.2
|
%
|
|
23,811
|
|
|
24,340
|
|
|
716
|
|
|
664
|
|
|
661
|
|
||||||
Pulp & Paper
|
28,013
|
|
|
10.8
|
%
|
|
29,386
|
|
|
11.3
|
%
|
|
37,943
|
|
|
41,762
|
|
|
738
|
|
|
707
|
|
|
704
|
|
||||||
Waste
|
7,964
|
|
|
3.1
|
%
|
|
7,334
|
|
|
2.8
|
%
|
|
15,331
|
|
|
14,837
|
|
|
519
|
|
|
495
|
|
|
494
|
|
||||||
Other
|
5,485
|
|
|
2.1
|
%
|
|
6,418
|
|
|
2.5
|
%
|
|
17,618
|
|
|
20,049
|
|
|
311
|
|
|
321
|
|
|
320
|
|
||||||
Total
|
$
|
259,181
|
|
|
100.0
|
%
|
|
$
|
259,223
|
|
|
100.0
|
%
|
|
406,895
|
|
|
430,353
|
|
|
$
|
637
|
|
|
$
|
604
|
|
|
$
|
602
|
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease)
|
|
Currency
Impact
|
|
2018 Constant Currency*
|
|
Increase/(Decrease) Constant Currency*
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||
|
Amount
|
|
% of
Operating
Revenues
|
|
Amount
|
|
% of
Operating
Revenues
|
|
|
|
|
||||||||||||||||||
Labor and benefits
|
$
|
108,458
|
|
|
31.7
|
%
|
|
$
|
109,289
|
|
|
32.2
|
%
|
|
$
|
(831
|
)
|
|
$
|
(326
|
)
|
|
$
|
108,963
|
|
|
$
|
(505
|
)
|
Equipment rents
|
12,257
|
|
|
3.6
|
%
|
|
13,633
|
|
|
4.0
|
%
|
|
(1,376
|
)
|
|
(41
|
)
|
|
13,592
|
|
|
(1,335
|
)
|
||||||
Purchased services
|
16,821
|
|
|
4.9
|
%
|
|
14,652
|
|
|
4.3
|
%
|
|
2,169
|
|
|
(56
|
)
|
|
14,596
|
|
|
2,225
|
|
||||||
Depreciation and amortization
|
38,738
|
|
|
11.3
|
%
|
|
41,247
|
|
|
12.2
|
%
|
|
(2,509
|
)
|
|
(225
|
)
|
|
41,022
|
|
|
(2,284
|
)
|
||||||
Diesel fuel used in train operations
|
21,672
|
|
|
6.4
|
%
|
|
23,253
|
|
|
6.8
|
%
|
|
(1,581
|
)
|
|
(105
|
)
|
|
23,148
|
|
|
(1,476
|
)
|
||||||
Casualties and insurance
|
8,978
|
|
|
2.6
|
%
|
|
10,156
|
|
|
3.0
|
%
|
|
(1,178
|
)
|
|
(11
|
)
|
|
10,145
|
|
|
(1,167
|
)
|
||||||
Materials
|
14,551
|
|
|
4.3
|
%
|
|
13,163
|
|
|
3.9
|
%
|
|
1,388
|
|
|
(51
|
)
|
|
13,112
|
|
|
1,439
|
|
||||||
Trackage rights
|
10,906
|
|
|
3.2
|
%
|
|
10,527
|
|
|
3.1
|
%
|
|
379
|
|
|
(7
|
)
|
|
10,520
|
|
|
386
|
|
||||||
Net loss/(gain) on sale and impairment of assets
|
1,037
|
|
|
0.3
|
%
|
|
(706
|
)
|
|
(0.2
|
)%
|
|
1,743
|
|
|
—
|
|
|
(706
|
)
|
|
1,743
|
|
||||||
Restructuring and related costs
|
641
|
|
|
0.2
|
%
|
|
7
|
|
|
—
|
%
|
|
634
|
|
|
—
|
|
|
7
|
|
|
634
|
|
||||||
Other expenses, net
|
23,527
|
|
|
6.9
|
%
|
|
24,062
|
|
|
7.1
|
%
|
|
(535
|
)
|
|
(62
|
)
|
|
24,000
|
|
|
(473
|
)
|
||||||
Total operating expenses
|
$
|
257,586
|
|
|
75.4
|
%
|
|
$
|
259,283
|
|
|
76.4
|
%
|
|
$
|
(1,697
|
)
|
|
$
|
(884
|
)
|
|
$
|
258,399
|
|
|
$
|
(813
|
)
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease) in Total Operations
|
|
Currency Impact on 2018 Total Operations*
|
|||||||||||||
|
2019
|
|
2018
|
|
Amount
|
|
%
|
|
||||||||||
Freight revenues
|
$
|
56,923
|
|
|
$
|
66,075
|
|
|
$
|
(9,152
|
)
|
|
(13.9
|
)%
|
|
$
|
(4,960
|
)
|
Freight-related revenues
|
8,036
|
|
|
11,515
|
|
|
(3,479
|
)
|
|
(30.2
|
)%
|
|
(866
|
)
|
||||
All other revenues
|
1,572
|
|
|
1,439
|
|
|
133
|
|
|
9.2
|
%
|
|
(108
|
)
|
||||
Total operating revenues
|
$
|
66,531
|
|
|
$
|
79,029
|
|
|
$
|
(12,498
|
)
|
|
(15.8
|
)%
|
|
$
|
(5,934
|
)
|
Carloads
|
134,395
|
|
|
147,965
|
|
|
(13,570
|
)
|
|
(9.2
|
)%
|
|
|
*
|
Currency impact was calculated by comparing the 2018 results translated from local currency to United States dollars using 2019 exchange rates to the 2018 results in United States dollars as reported.
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease) in Total Operations
|
|
Currency Impact
|
|
2018 Constant Currency*
|
|
Increase/(Decrease) in Total Operations Constant Currency*
|
||||||||||||||
|
|
|
|
|
|||||||||||||||||||
Commodity Group
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||
Agricultural Products
|
$
|
2,999
|
|
|
$
|
6,006
|
|
|
$
|
(3,007
|
)
|
|
$
|
(451
|
)
|
|
$
|
5,555
|
|
|
$
|
(2,556
|
)
|
Coal & Coke
|
28,965
|
|
|
32,570
|
|
|
(3,605
|
)
|
|
(2,445
|
)
|
|
30,125
|
|
|
(1,160
|
)
|
||||||
Intermodal
|
15,459
|
|
|
17,102
|
|
|
(1,643
|
)
|
|
(1,284
|
)
|
|
15,818
|
|
|
(359
|
)
|
||||||
Metallic Ores
|
7,523
|
|
|
8,125
|
|
|
(602
|
)
|
|
(610
|
)
|
|
7,515
|
|
|
8
|
|
||||||
Minerals & Stone
|
1,817
|
|
|
2,087
|
|
|
(270
|
)
|
|
(157
|
)
|
|
1,930
|
|
|
(113
|
)
|
||||||
Petroleum Products
|
160
|
|
|
185
|
|
|
(25
|
)
|
|
(13
|
)
|
|
172
|
|
|
(12
|
)
|
||||||
Total
|
$
|
56,923
|
|
|
$
|
66,075
|
|
|
$
|
(9,152
|
)
|
|
$
|
(4,960
|
)
|
|
$
|
61,115
|
|
|
$
|
(4,192
|
)
|
|
|
Freight Revenues
|
|
Carloads
|
|
Average Freight Revenues Per
Carload
|
||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
2019
|
|
2018 Constant Currency*
|
|
|
||||||||||||||||||||||||||
Commodity Group
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018 Constant Currency*
|
|||||||||||||||
Agricultural Products
|
$
|
2,999
|
|
|
5.3
|
%
|
|
$
|
5,555
|
|
|
9.1
|
%
|
|
4,224
|
|
|
14,175
|
|
|
$
|
710
|
|
|
$
|
424
|
|
|
$
|
392
|
|
|
Coal & Coke
|
28,965
|
|
|
50.9
|
%
|
|
30,125
|
|
|
49.3
|
%
|
|
96,749
|
|
|
97,282
|
|
|
299
|
|
|
335
|
|
|
310
|
|
||||||
Intermodal
|
15,459
|
|
|
27.1
|
%
|
|
15,818
|
|
|
25.9
|
%
|
|
13,294
|
|
|
13,957
|
|
|
1,163
|
|
|
1,225
|
|
|
1,133
|
|
||||||
Metallic Ores
|
7,523
|
|
|
13.2
|
%
|
|
7,515
|
|
|
12.3
|
%
|
|
5,272
|
|
|
5,586
|
|
|
1,427
|
|
|
1,455
|
|
|
1,345
|
|
||||||
Minerals & Stone
|
1,817
|
|
|
3.2
|
%
|
|
1,930
|
|
|
3.1
|
%
|
|
14,791
|
|
|
16,891
|
|
|
123
|
|
|
124
|
|
|
114
|
|
||||||
Petroleum Products
|
160
|
|
|
0.3
|
%
|
|
172
|
|
|
0.3
|
%
|
|
65
|
|
|
74
|
|
|
2,462
|
|
|
2,500
|
|
|
2,324
|
|
||||||
Total
|
$
|
56,923
|
|
|
100.0
|
%
|
|
$
|
61,115
|
|
|
100.0
|
%
|
|
134,395
|
|
|
147,965
|
|
|
$
|
424
|
|
|
$
|
447
|
|
|
$
|
413
|
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease)
|
|
Currency Impact
|
|
2018 Constant Currency*
|
|
Increase/(Decrease)
Constant Currency* |
||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||
|
Amount
|
|
% of
Operating Revenues |
|
Amount
|
|
% of
Operating Revenues |
|
|
|
|
||||||||||||||||||
Labor and benefits
|
$
|
19,462
|
|
|
29.3
|
%
|
|
$
|
18,886
|
|
|
23.9
|
%
|
|
$
|
576
|
|
|
$
|
(1,417
|
)
|
|
$
|
17,469
|
|
|
$
|
1,993
|
|
Equipment rents
|
827
|
|
|
1.2
|
%
|
|
1,183
|
|
|
1.5
|
%
|
|
(356
|
)
|
|
(89
|
)
|
|
1,094
|
|
|
(267
|
)
|
||||||
Purchased services
|
5,451
|
|
|
8.2
|
%
|
|
6,895
|
|
|
8.7
|
%
|
|
(1,444
|
)
|
|
(518
|
)
|
|
6,377
|
|
|
(926
|
)
|
||||||
Depreciation and amortization
|
14,192
|
|
|
21.3
|
%
|
|
15,288
|
|
|
19.4
|
%
|
|
(1,096
|
)
|
|
(1,147
|
)
|
|
14,141
|
|
|
51
|
|
||||||
Diesel fuel used in train operations
|
6,962
|
|
|
10.5
|
%
|
|
8,173
|
|
|
10.3
|
%
|
|
(1,211
|
)
|
|
(614
|
)
|
|
7,559
|
|
|
(597
|
)
|
||||||
Casualties and insurance
|
1,573
|
|
|
2.4
|
%
|
|
1,766
|
|
|
2.2
|
%
|
|
(193
|
)
|
|
(131
|
)
|
|
1,635
|
|
|
(62
|
)
|
||||||
Materials
|
2,693
|
|
|
4.0
|
%
|
|
2,761
|
|
|
3.5
|
%
|
|
(68
|
)
|
|
(207
|
)
|
|
2,554
|
|
|
139
|
|
||||||
Trackage rights
|
1,576
|
|
|
2.4
|
%
|
|
2,364
|
|
|
3.0
|
%
|
|
(788
|
)
|
|
(178
|
)
|
|
2,186
|
|
|
(610
|
)
|
||||||
Net gain on sale and impairment of assets
|
(42
|
)
|
|
(0.1
|
)%
|
|
(67
|
)
|
|
(0.1
|
)%
|
|
25
|
|
|
5
|
|
|
(62
|
)
|
|
20
|
|
||||||
Restructuring and related costs
|
137
|
|
|
0.2
|
%
|
|
—
|
|
|
—
|
%
|
|
137
|
|
|
—
|
|
|
—
|
|
|
137
|
|
||||||
Other expenses, net
|
2,045
|
|
|
3.1
|
%
|
|
(4,116
|
)
|
|
(5.2
|
)%
|
|
6,161
|
|
|
296
|
|
|
(3,820
|
)
|
|
5,865
|
|
||||||
Total operating expenses
|
$
|
54,876
|
|
|
82.5
|
%
|
|
$
|
53,133
|
|
|
67.2
|
%
|
|
$
|
1,743
|
|
|
$
|
(4,000
|
)
|
|
$
|
49,133
|
|
|
$
|
5,743
|
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease) in Total Operations
|
|
Increase/(Decrease) in Existing Operations
|
|
Currency Impact on 2018 Total Operations*
|
|
Currency Impact on 2018 Existing Operations*
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
Total Operations
|
|
Divested Operations
|
|
Existing Operations
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
|
|||||||||||||||||||||
Freight revenues
|
$
|
81,577
|
|
|
$
|
92,289
|
|
|
$
|
6,674
|
|
|
$
|
85,615
|
|
|
$
|
(10,712
|
)
|
|
(11.6
|
)%
|
|
$
|
(4,038
|
)
|
|
(4.7
|
)%
|
|
$
|
(5,280
|
)
|
|
$
|
(4,808
|
)
|
Freight-related revenues
|
68,225
|
|
|
67,420
|
|
|
2,685
|
|
|
64,735
|
|
|
805
|
|
|
1.2
|
%
|
|
3,490
|
|
|
5.4
|
%
|
|
(3,786
|
)
|
|
(3,609
|
)
|
||||||||
All other revenues
|
13,300
|
|
|
16,695
|
|
|
9
|
|
|
16,686
|
|
|
(3,395
|
)
|
|
(20.3
|
)%
|
|
(3,386
|
)
|
|
(20.3
|
)%
|
|
(944
|
)
|
|
(943
|
)
|
||||||||
Total operating revenues
|
$
|
163,102
|
|
|
$
|
176,404
|
|
|
$
|
9,368
|
|
|
$
|
167,036
|
|
|
$
|
(13,302
|
)
|
|
(7.5
|
)%
|
|
$
|
(3,934
|
)
|
|
(2.4
|
)%
|
|
$
|
(10,010
|
)
|
|
$
|
(9,360
|
)
|
Carloads
|
225,065
|
|
|
256,045
|
|
|
20,823
|
|
|
235,222
|
|
|
(30,980
|
)
|
|
(12.1
|
)%
|
|
(10,157
|
)
|
|
(4.3
|
)%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease) in Existing Operations
|
|
Currency Impact on Existing Operations
|
|
2018 Constant Currency Existing Operations*
|
|
Increase/(Decrease) in Existing Operations Constant Currency*
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||||
Commodity Group
|
|
Total Operations
|
|
Divested Operations
|
|
Existing Operations
|
|
|
|
|
|||||||||||||||||||||
Agricultural Products
|
$
|
512
|
|
|
$
|
785
|
|
|
$
|
—
|
|
|
$
|
785
|
|
|
$
|
(273
|
)
|
|
$
|
(43
|
)
|
|
$
|
742
|
|
|
$
|
(230
|
)
|
Coal & Coke
|
896
|
|
|
2,687
|
|
|
—
|
|
|
2,687
|
|
|
(1,791
|
)
|
|
(150
|
)
|
|
2,537
|
|
|
(1,641
|
)
|
||||||||
Intermodal
|
58,297
|
|
|
66,483
|
|
|
6,674
|
|
|
59,809
|
|
|
(1,512
|
)
|
|
(3,311
|
)
|
|
56,498
|
|
|
1,799
|
|
||||||||
Minerals & Stone
|
21,155
|
|
|
22,326
|
|
|
—
|
|
|
22,326
|
|
|
(1,171
|
)
|
|
(1,304
|
)
|
|
21,022
|
|
|
133
|
|
||||||||
Petroleum Products
|
717
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
709
|
|
|
—
|
|
|
8
|
|
|
709
|
|
||||||||
Total
|
$
|
81,577
|
|
|
$
|
92,289
|
|
|
$
|
6,674
|
|
|
$
|
85,615
|
|
|
$
|
(4,038
|
)
|
|
$
|
(4,808
|
)
|
|
$
|
80,807
|
|
|
$
|
770
|
|
|
|
Freight Revenues
|
|
Carloads
|
|
Average Freight Revenues Per
Carload
|
||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
2019
|
|
2018 Constant Currency*
|
|
|
||||||||||||||||||||||||||
Commodity Group
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018 Constant Currency*
|
|||||||||||||||
Agricultural Products
|
$
|
512
|
|
|
0.6
|
%
|
|
$
|
742
|
|
|
0.8
|
%
|
|
393
|
|
|
607
|
|
|
$
|
1,303
|
|
|
$
|
1,293
|
|
|
$
|
1,222
|
|
|
Coal & Coke
|
896
|
|
|
1.1
|
%
|
|
2,537
|
|
|
2.9
|
%
|
|
1,655
|
|
|
4,038
|
|
|
541
|
|
|
665
|
|
|
628
|
|
||||||
Intermodal
|
58,297
|
|
|
71.5
|
%
|
|
62,700
|
|
|
72.1
|
%
|
|
172,966
|
|
|
201,058
|
|
|
337
|
|
|
331
|
|
|
312
|
|
||||||
Minerals & Stone
|
21,155
|
|
|
25.9
|
%
|
|
21,022
|
|
|
24.2
|
%
|
|
46,517
|
|
|
50,322
|
|
|
455
|
|
|
444
|
|
|
418
|
|
||||||
Petroleum Products
|
717
|
|
|
0.9
|
%
|
|
8
|
|
|
—
|
%
|
|
3,534
|
|
|
20
|
|
|
203
|
|
|
400
|
|
|
400
|
|
||||||
Total
|
$
|
81,577
|
|
|
100.0
|
%
|
|
$
|
87,009
|
|
|
100.0
|
%
|
|
225,065
|
|
|
256,045
|
|
|
$
|
362
|
|
|
$
|
360
|
|
|
$
|
340
|
|
*
|
Constant currency amounts reflect the prior period results translated at the current period exchange rates.
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease)
|
|
Currency Impact
|
|
2018 Constant Currency*
|
|
Increase/(Decrease)
Constant Currency* |
||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||
|
Amount
|
|
% of
Operating Revenues |
|
Amount
|
|
% of
Operating Revenues |
|
|
|
|
||||||||||||||||||
Labor and benefits
|
$
|
52,023
|
|
|
31.9
|
%
|
|
$
|
51,663
|
|
|
29.3
|
%
|
|
$
|
360
|
|
|
$
|
(2,894
|
)
|
|
$
|
48,769
|
|
|
$
|
3,254
|
|
Equipment rents
|
18,926
|
|
|
11.6
|
%
|
|
19,986
|
|
|
11.3
|
%
|
|
(1,060
|
)
|
|
(1,133
|
)
|
|
18,853
|
|
|
73
|
|
||||||
Purchased services
|
31,762
|
|
|
19.5
|
%
|
|
39,498
|
|
|
22.4
|
%
|
|
(7,736
|
)
|
|
(2,301
|
)
|
|
37,197
|
|
|
(5,435
|
)
|
||||||
Depreciation and amortization
|
9,587
|
|
|
5.9
|
%
|
|
9,210
|
|
|
5.2
|
%
|
|
377
|
|
|
(517
|
)
|
|
8,693
|
|
|
894
|
|
||||||
Diesel fuel used in train operations
|
12,870
|
|
|
7.9
|
%
|
|
14,197
|
|
|
8.0
|
%
|
|
(1,327
|
)
|
|
(794
|
)
|
|
13,403
|
|
|
(533
|
)
|
||||||
Electricity used in train operations
|
2,226
|
|
|
1.4
|
%
|
|
2,044
|
|
|
1.2
|
%
|
|
182
|
|
|
(113
|
)
|
|
1,931
|
|
|
295
|
|
||||||
Casualties and insurance
|
1,288
|
|
|
0.8
|
%
|
|
1,062
|
|
|
0.6
|
%
|
|
226
|
|
|
(64
|
)
|
|
998
|
|
|
290
|
|
||||||
Materials
|
14,050
|
|
|
8.6
|
%
|
|
16,452
|
|
|
9.3
|
%
|
|
(2,402
|
)
|
|
(927
|
)
|
|
15,525
|
|
|
(1,475
|
)
|
||||||
Trackage rights
|
9,245
|
|
|
5.7
|
%
|
|
10,412
|
|
|
5.9
|
%
|
|
(1,167
|
)
|
|
(590
|
)
|
|
9,822
|
|
|
(577
|
)
|
||||||
Net gain on sale and impairment of assets
|
(15
|
)
|
|
—
|
%
|
|
(50
|
)
|
|
—
|
%
|
|
35
|
|
|
(19
|
)
|
|
(69
|
)
|
|
54
|
|
||||||
Restructuring and related costs
|
6,783
|
|
|
4.1
|
%
|
|
9,355
|
|
|
5.3
|
%
|
|
(2,572
|
)
|
|
(481
|
)
|
|
8,874
|
|
|
(2,091
|
)
|
||||||
Other expenses, net
|
6,073
|
|
|
3.7
|
%
|
|
5,620
|
|
|
3.2
|
%
|
|
453
|
|
|
(312
|
)
|
|
5,308
|
|
|
765
|
|
||||||
Total operating expenses
|
$
|
164,818
|
|
|
101.1
|
%
|
|
$
|
179,449
|
|
|
101.7
|
%
|
|
$
|
(14,631
|
)
|
|
$
|
(10,145
|
)
|
|
$
|
169,304
|
|
|
$
|
(4,486
|
)
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease) in
Total Operations
|
|
Increase/(Decrease) in
Existing Operations |
|
Currency Impact on 2018 Total Operations*
|
|
Currency Impact on 2018 Existing Operations*
|
||||||||||||||||||||||||||||
|
|
|
2018
|
|
|
|
|
||||||||||||||||||||||||||||||
|
2019
|
|
Total Operations
|
|
Divested Operations
|
|
Existing Operations
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
|
||||||||||||||||||||
Freight revenues
|
$
|
786,470
|
|
|
$
|
817,871
|
|
|
$
|
23,905
|
|
|
$
|
793,966
|
|
|
$
|
(31,401
|
)
|
|
(3.8
|
)%
|
|
$
|
(7,496
|
)
|
|
(0.9
|
)%
|
|
$
|
(24,258
|
)
|
|
$
|
(22,720
|
)
|
Freight-related revenues
|
278,658
|
|
|
283,599
|
|
|
10,325
|
|
|
273,274
|
|
|
(4,941
|
)
|
|
(1.7
|
)%
|
|
$
|
5,384
|
|
|
2.0
|
%
|
|
(10,563
|
)
|
|
(9,948
|
)
|
|||||||
All other revenues
|
64,441
|
|
|
68,181
|
|
|
958
|
|
|
67,223
|
|
|
(3,740
|
)
|
|
(5.5
|
)%
|
|
$
|
(2,782
|
)
|
|
(4.1
|
)%
|
|
(2,474
|
)
|
|
(2,432
|
)
|
|||||||
Total operating revenues
|
$
|
1,129,569
|
|
|
$
|
1,169,651
|
|
|
$
|
35,188
|
|
|
$
|
1,134,463
|
|
|
$
|
(40,082
|
)
|
|
(3.4
|
)%
|
|
$
|
(4,894
|
)
|
|
(0.4
|
)%
|
|
$
|
(37,295
|
)
|
|
$
|
(35,100
|
)
|
Carloads
|
1,527,868
|
|
|
1,645,676
|
|
|
67,094
|
|
|
1,578,582
|
|
|
(117,808
|
)
|
|
(7.2
|
)%
|
|
(50,714
|
)
|
|
(3.2
|
)%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease)
|
|
Currency
Impact |
|
2018 Constant Currency*
|
|
Increase/(Decrease)
Constant Currency*
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||
|
Amount
|
|
% of
Operating Revenues |
|
Amount
|
|
% of
Operating Revenues |
|
|
|
|||||||||||||||||||
Labor and benefits
|
$
|
364,251
|
|
|
32.3
|
%
|
|
$
|
363,554
|
|
|
31.1
|
%
|
|
$
|
697
|
|
|
$
|
(10,393
|
)
|
|
$
|
353,161
|
|
|
$
|
11,090
|
|
Equipment rents
|
64,243
|
|
|
5.7
|
%
|
|
68,889
|
|
|
5.9
|
%
|
|
(4,646
|
)
|
|
(2,944
|
)
|
|
65,945
|
|
|
(1,702
|
)
|
||||||
Purchased services
|
105,282
|
|
|
9.3
|
%
|
|
125,147
|
|
|
10.7
|
%
|
|
(19,865
|
)
|
|
(6,561
|
)
|
|
118,586
|
|
|
(13,304
|
)
|
||||||
Depreciation and amortization
|
125,143
|
|
|
11.1
|
%
|
|
131,735
|
|
|
11.3
|
%
|
|
(6,592
|
)
|
|
(4,336
|
)
|
|
127,399
|
|
|
(2,256
|
)
|
||||||
Diesel fuel used in train operations
|
86,141
|
|
|
7.6
|
%
|
|
91,774
|
|
|
7.9
|
%
|
|
(5,633
|
)
|
|
(3,344
|
)
|
|
88,430
|
|
|
(2,289
|
)
|
||||||
Electricity used in train operations
|
4,550
|
|
|
0.4
|
%
|
|
4,278
|
|
|
0.4
|
%
|
|
272
|
|
|
(283
|
)
|
|
3,995
|
|
|
555
|
|
||||||
Casualties and insurance
|
23,211
|
|
|
2.1
|
%
|
|
22,950
|
|
|
2.0
|
%
|
|
261
|
|
|
(528
|
)
|
|
22,422
|
|
|
789
|
|
||||||
Materials
|
62,514
|
|
|
5.5
|
%
|
|
64,845
|
|
|
5.5
|
%
|
|
(2,331
|
)
|
|
(2,589
|
)
|
|
62,256
|
|
|
258
|
|
||||||
Trackage rights
|
43,367
|
|
|
3.8
|
%
|
|
44,281
|
|
|
3.8
|
%
|
|
(914
|
)
|
|
(1,724
|
)
|
|
42,557
|
|
|
810
|
|
||||||
Net gain on sale and impairment of assets
|
(510
|
)
|
|
—
|
%
|
|
(1,859
|
)
|
|
(0.2
|
)%
|
|
1,349
|
|
|
(2
|
)
|
|
(1,861
|
)
|
|
1,351
|
|
||||||
Restructuring costs
|
15,195
|
|
|
1.3
|
%
|
|
9,645
|
|
|
0.8
|
%
|
|
5,550
|
|
|
(497
|
)
|
|
9,148
|
|
|
6,047
|
|
||||||
Other expenses, net
|
62,272
|
|
|
5.5
|
%
|
|
54,374
|
|
|
4.6
|
%
|
|
7,898
|
|
|
(818
|
)
|
|
53,556
|
|
|
8,716
|
|
||||||
Total operating expenses
|
$
|
955,659
|
|
|
84.6
|
%
|
|
$
|
979,613
|
|
|
83.8
|
%
|
|
$
|
(23,954
|
)
|
|
$
|
(34,019
|
)
|
|
$
|
945,594
|
|
|
$
|
10,065
|
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease) in Existing Operations
|
|
Currency Impact on Existing Operations
|
|
2018 Constant Currency Existing Operations*
|
|
Increase/(Decrease) in Existing Operations Constant Currency*
|
||||||||||||||||||||||
|
|
|
2018
|
|
|
|
|
||||||||||||||||||||||||
Commodity Group
|
2019
|
|
Total Operations
|
|
Divested Operations
|
|
Existing Operations
|
|
|
|
|
||||||||||||||||||||
Agricultural Products
|
$
|
64,809
|
|
|
$
|
61,065
|
|
|
$
|
1,007
|
|
|
$
|
60,058
|
|
|
$
|
4,751
|
|
|
$
|
(123
|
)
|
|
$
|
59,935
|
|
|
$
|
4,874
|
|
Autos & Auto Parts
|
11,566
|
|
|
11,173
|
|
|
481
|
|
|
10,692
|
|
|
874
|
|
|
(53
|
)
|
|
10,639
|
|
|
927
|
|
||||||||
Chemicals & Plastics
|
76,986
|
|
|
75,189
|
|
|
1,368
|
|
|
73,821
|
|
|
3,165
|
|
|
(206
|
)
|
|
73,615
|
|
|
3,371
|
|
||||||||
Coal & Coke
|
37,753
|
|
|
39,032
|
|
|
—
|
|
|
39,032
|
|
|
(1,279
|
)
|
|
(62
|
)
|
|
38,970
|
|
|
(1,217
|
)
|
||||||||
Food & Kindred Products
|
17,204
|
|
|
16,826
|
|
|
326
|
|
|
16,500
|
|
|
704
|
|
|
(5
|
)
|
|
16,495
|
|
|
709
|
|
||||||||
Intermodal
|
978
|
|
|
689
|
|
|
—
|
|
|
689
|
|
|
289
|
|
|
(1
|
)
|
|
688
|
|
|
290
|
|
||||||||
Lumber & Forest Products
|
45,376
|
|
|
46,249
|
|
|
187
|
|
|
46,062
|
|
|
(686
|
)
|
|
(88
|
)
|
|
45,974
|
|
|
(598
|
)
|
||||||||
Metallic Ores
|
5,658
|
|
|
7,243
|
|
|
3
|
|
|
7,240
|
|
|
(1,582
|
)
|
|
(72
|
)
|
|
7,168
|
|
|
(1,510
|
)
|
||||||||
Metals
|
58,917
|
|
|
60,887
|
|
|
983
|
|
|
59,904
|
|
|
(987
|
)
|
|
(147
|
)
|
|
59,757
|
|
|
(840
|
)
|
||||||||
Minerals & Stone
|
70,407
|
|
|
68,552
|
|
|
527
|
|
|
68,025
|
|
|
2,382
|
|
|
(63
|
)
|
|
67,962
|
|
|
2,445
|
|
||||||||
Petroleum Products
|
37,752
|
|
|
34,634
|
|
|
1,357
|
|
|
33,277
|
|
|
4,475
|
|
|
(101
|
)
|
|
33,176
|
|
|
4,576
|
|
||||||||
Pulp & Paper
|
58,292
|
|
|
58,385
|
|
|
83
|
|
|
58,302
|
|
|
(10
|
)
|
|
(297
|
)
|
|
58,005
|
|
|
287
|
|
||||||||
Waste
|
14,826
|
|
|
13,227
|
|
|
117
|
|
|
13,110
|
|
|
1,716
|
|
|
(4
|
)
|
|
13,106
|
|
|
1,720
|
|
||||||||
Other
|
10,420
|
|
|
12,134
|
|
|
380
|
|
|
11,754
|
|
|
(1,334
|
)
|
|
(36
|
)
|
|
11,718
|
|
|
(1,298
|
)
|
||||||||
Total
|
$
|
510,944
|
|
|
$
|
505,285
|
|
|
$
|
6,819
|
|
|
$
|
498,466
|
|
|
$
|
12,478
|
|
|
$
|
(1,258
|
)
|
|
$
|
497,208
|
|
|
$
|
13,736
|
|
|
|
Freight Revenues
|
|
Carloads
|
|
Average Freight Revenues Per
Carload
|
||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
2019
|
|
2018 Constant Currency*
|
|
|
||||||||||||||||||||||||||
Commodity Group
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018 Constant Currency*
|
|||||||||||||||
Agricultural Products
|
$
|
64,809
|
|
|
12.7
|
%
|
|
$
|
60,900
|
|
|
12.1
|
%
|
|
110,389
|
|
|
105,526
|
|
|
$
|
587
|
|
|
$
|
579
|
|
|
$
|
577
|
|
|
Autos & Auto Parts
|
11,566
|
|
|
2.3
|
%
|
|
11,101
|
|
|
2.2
|
%
|
|
17,460
|
|
|
17,822
|
|
|
662
|
|
|
627
|
|
|
623
|
|
||||||
Chemicals & Plastics
|
76,986
|
|
|
15.1
|
%
|
|
74,928
|
|
|
14.9
|
%
|
|
85,304
|
|
|
88,627
|
|
|
902
|
|
|
848
|
|
|
845
|
|
||||||
Coal & Coke
|
37,753
|
|
|
7.4
|
%
|
|
38,970
|
|
|
7.7
|
%
|
|
102,210
|
|
|
121,312
|
|
|
369
|
|
|
322
|
|
|
321
|
|
||||||
Food & Kindred Products
|
17,204
|
|
|
3.4
|
%
|
|
16,808
|
|
|
3.4
|
%
|
|
29,064
|
|
|
30,090
|
|
|
592
|
|
|
559
|
|
|
559
|
|
||||||
Intermodal
|
978
|
|
|
0.2
|
%
|
|
688
|
|
|
0.1
|
%
|
|
7,793
|
|
|
6,900
|
|
|
125
|
|
|
100
|
|
|
100
|
|
||||||
Lumber & Forest Products
|
45,376
|
|
|
8.9
|
%
|
|
46,153
|
|
|
9.2
|
%
|
|
68,085
|
|
|
73,983
|
|
|
666
|
|
|
625
|
|
|
624
|
|
||||||
Metallic Ores
|
5,658
|
|
|
1.0
|
%
|
|
7,170
|
|
|
1.4
|
%
|
|
7,415
|
|
|
8,844
|
|
|
763
|
|
|
819
|
|
|
811
|
|
||||||
Metals
|
58,917
|
|
|
11.5
|
%
|
|
60,702
|
|
|
12.1
|
%
|
|
72,110
|
|
|
76,044
|
|
|
817
|
|
|
801
|
|
|
798
|
|
||||||
Minerals & Stone
|
70,407
|
|
|
13.8
|
%
|
|
68,468
|
|
|
13.6
|
%
|
|
109,510
|
|
|
109,852
|
|
|
643
|
|
|
624
|
|
|
623
|
|
||||||
Petroleum Products
|
37,752
|
|
|
7.4
|
%
|
|
34,476
|
|
|
6.8
|
%
|
|
50,879
|
|
|
50,000
|
|
|
742
|
|
|
693
|
|
|
690
|
|
||||||
Pulp & Paper
|
58,292
|
|
|
11.4
|
%
|
|
58,085
|
|
|
11.5
|
%
|
|
79,256
|
|
|
83,119
|
|
|
735
|
|
|
702
|
|
|
699
|
|
||||||
Waste
|
14,826
|
|
|
2.9
|
%
|
|
13,218
|
|
|
2.6
|
%
|
|
28,305
|
|
|
26,818
|
|
|
524
|
|
|
493
|
|
|
493
|
|
||||||
Other
|
10,420
|
|
|
2.0
|
%
|
|
12,085
|
|
|
2.4
|
%
|
|
32,972
|
|
|
37,429
|
|
|
316
|
|
|
324
|
|
|
323
|
|
||||||
Total
|
$
|
510,944
|
|
|
100.0
|
%
|
|
$
|
503,752
|
|
|
100.0
|
%
|
|
800,752
|
|
|
836,366
|
|
|
$
|
638
|
|
|
$
|
604
|
|
|
$
|
602
|
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease)
|
|
Currency
Impact
|
|
2018 Constant Currency*
|
|
Increase/(Decrease) Constant Currency*
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||
|
Amount
|
|
% of
Operating
Revenues
|
|
Amount
|
|
% of
Operating
Revenues
|
|
|
|
|
||||||||||||||||||
Labor and benefits
|
$
|
225,810
|
|
|
33.5
|
%
|
|
$
|
221,206
|
|
|
33.3
|
%
|
|
$
|
4,604
|
|
|
$
|
(800
|
)
|
|
$
|
220,406
|
|
|
$
|
5,404
|
|
Equipment rents
|
24,534
|
|
|
3.6
|
%
|
|
26,133
|
|
|
3.9
|
%
|
|
(1,599
|
)
|
|
(99
|
)
|
|
26,034
|
|
|
(1,500
|
)
|
||||||
Purchased services
|
33,116
|
|
|
4.9
|
%
|
|
28,582
|
|
|
4.3
|
%
|
|
4,534
|
|
|
(111
|
)
|
|
28,471
|
|
|
4,645
|
|
||||||
Depreciation and amortization
|
77,169
|
|
|
11.4
|
%
|
|
81,878
|
|
|
12.3
|
%
|
|
(4,709
|
)
|
|
(542
|
)
|
|
81,336
|
|
|
(4,167
|
)
|
||||||
Diesel fuel used in train operations
|
47,140
|
|
|
7.0
|
%
|
|
48,733
|
|
|
7.3
|
%
|
|
(1,593
|
)
|
|
(285
|
)
|
|
48,448
|
|
|
(1,308
|
)
|
||||||
Casualties and insurance
|
17,829
|
|
|
2.6
|
%
|
|
16,613
|
|
|
2.5
|
%
|
|
1,216
|
|
|
(54
|
)
|
|
16,559
|
|
|
1,270
|
|
||||||
Materials
|
27,716
|
|
|
4.1
|
%
|
|
26,353
|
|
|
4.0
|
%
|
|
1,363
|
|
|
(111
|
)
|
|
26,242
|
|
|
1,474
|
|
||||||
Trackage rights
|
22,095
|
|
|
3.3
|
%
|
|
19,639
|
|
|
2.9
|
%
|
|
2,456
|
|
|
(16
|
)
|
|
19,623
|
|
|
2,472
|
|
||||||
Net loss/(gain) on sale and impairment of assets
|
358
|
|
|
0.1
|
%
|
|
(1,618
|
)
|
|
(0.2
|
)%
|
|
1,976
|
|
|
3
|
|
|
(1,615
|
)
|
|
1,973
|
|
||||||
Restructuring and related costs
|
1,230
|
|
|
0.2
|
%
|
|
41
|
|
|
—
|
%
|
|
1,189
|
|
|
—
|
|
|
41
|
|
|
1,189
|
|
||||||
Other expenses, net
|
43,720
|
|
|
6.5
|
%
|
|
44,193
|
|
|
6.6
|
%
|
|
(473
|
)
|
|
(147
|
)
|
|
44,046
|
|
|
(326
|
)
|
||||||
Total operating expenses
|
$
|
520,717
|
|
|
77.2
|
%
|
|
$
|
511,753
|
|
|
76.9
|
%
|
|
$
|
8,964
|
|
|
$
|
(2,162
|
)
|
|
$
|
509,591
|
|
|
$
|
11,126
|
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease) in Total Operations
|
|
Currency Impact on 2018 Total Operations*
|
|||||||||||||
|
2019
|
|
2018
|
|
Amount
|
|
%
|
|
||||||||||
Freight revenues
|
$
|
112,742
|
|
|
$
|
129,086
|
|
|
$
|
(16,344
|
)
|
|
(12.7
|
)%
|
|
$
|
(10,863
|
)
|
Freight-related revenues
|
15,891
|
|
|
22,078
|
|
|
(6,187
|
)
|
|
(28.0
|
)%
|
|
(1,852
|
)
|
||||
All other revenues
|
3,005
|
|
|
2,699
|
|
|
306
|
|
|
11.3
|
%
|
|
(226
|
)
|
||||
Total operating revenues
|
$
|
131,638
|
|
|
$
|
153,863
|
|
|
$
|
(22,225
|
)
|
|
(14.4
|
)%
|
|
$
|
(12,941
|
)
|
Carloads
|
271,773
|
|
|
291,480
|
|
|
(19,707
|
)
|
|
(6.8
|
)%
|
|
|
|
|
|
Increase/(Decrease) in Total Operations
|
|
Currency Impact
|
|
2018 Constant Currency*
|
|
Increase/(Decrease) Total Operations Constant Currency*
|
||||||||||||||
|
Six Months Ended June 30,
|
|
|
|
|
||||||||||||||||||
Commodity Group
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||
Agricultural Products
|
$
|
6,053
|
|
|
$
|
11,489
|
|
|
$
|
(5,436
|
)
|
|
$
|
(963
|
)
|
|
$
|
10,526
|
|
|
$
|
(4,473
|
)
|
Coal and Coke
|
58,136
|
|
|
64,149
|
|
|
(6,013
|
)
|
|
(5,406
|
)
|
|
58,743
|
|
|
(607
|
)
|
||||||
Intermodal
|
29,259
|
|
|
33,075
|
|
|
(3,816
|
)
|
|
(2,780
|
)
|
|
30,295
|
|
|
(1,036
|
)
|
||||||
Metallic Ores
|
15,141
|
|
|
15,856
|
|
|
(715
|
)
|
|
(1,333
|
)
|
|
14,523
|
|
|
618
|
|
||||||
Minerals & Stone
|
3,855
|
|
|
4,181
|
|
|
(326
|
)
|
|
(354
|
)
|
|
3,827
|
|
|
28
|
|
||||||
Petroleum Products
|
298
|
|
|
336
|
|
|
(38
|
)
|
|
(27
|
)
|
|
309
|
|
|
(11
|
)
|
||||||
Total
|
$
|
112,742
|
|
|
$
|
129,086
|
|
|
$
|
(16,344
|
)
|
|
$
|
(10,863
|
)
|
|
118,223
|
|
|
$
|
(5,481
|
)
|
|
|
Freight Revenues
|
|
Carloads
|
|
Average Freight Revenues Per
Carload
|
||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
2019
|
|
2018 Constant Currency*
|
|
|
||||||||||||||||||||||||||
Commodity Group
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018 Constant Currency*
|
|||||||||||||||
Agricultural Products
|
$
|
6,053
|
|
|
5.4
|
%
|
|
$
|
10,526
|
|
|
8.9
|
%
|
|
8,484
|
|
|
27,287
|
|
|
$
|
713
|
|
|
$
|
421
|
|
|
$
|
386
|
|
|
Coal & Coke
|
58,136
|
|
|
51.6
|
%
|
|
58,743
|
|
|
49.7
|
%
|
|
196,251
|
|
|
194,138
|
|
|
296
|
|
|
330
|
|
|
303
|
|
||||||
Intermodal
|
29,259
|
|
|
25.9
|
%
|
|
30,295
|
|
|
25.6
|
%
|
|
24,995
|
|
|
26,711
|
|
|
1,171
|
|
|
1,238
|
|
|
1,134
|
|
||||||
Metallic Ores
|
15,141
|
|
|
13.4
|
%
|
|
14,523
|
|
|
12.3
|
%
|
|
10,629
|
|
|
10,457
|
|
|
1,424
|
|
|
1,516
|
|
|
1,389
|
|
||||||
Minerals & Stone
|
3,855
|
|
|
3.4
|
%
|
|
3,827
|
|
|
3.2
|
%
|
|
31,290
|
|
|
32,754
|
|
|
123
|
|
|
128
|
|
|
117
|
|
||||||
Petroleum Products
|
298
|
|
|
0.3
|
%
|
|
309
|
|
|
0.3
|
%
|
|
124
|
|
|
133
|
|
|
2,403
|
|
|
2,526
|
|
|
2,323
|
|
||||||
Total
|
$
|
112,742
|
|
|
100.0
|
%
|
|
$
|
118,223
|
|
|
100.0
|
%
|
|
271,773
|
|
|
291,480
|
|
|
$
|
415
|
|
|
$
|
443
|
|
|
$
|
406
|
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease)
|
|
Currency
Impact
|
|
2018 Constant Currency*
|
|
Increase/(Decrease) Constant Currency*
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||
|
Amount
|
|
% of
Operating
Revenues
|
|
Amount
|
|
% of
Operating
Revenues
|
|
|
|
|
||||||||||||||||||
Labor and benefits
|
$
|
35,740
|
|
|
27.1
|
%
|
|
$
|
37,918
|
|
|
24.7
|
%
|
|
$
|
(2,178
|
)
|
|
$
|
(3,201
|
)
|
|
$
|
34,717
|
|
|
$
|
1,023
|
|
Equipment rents
|
1,884
|
|
|
1.4
|
%
|
|
2,498
|
|
|
1.6
|
%
|
|
(614
|
)
|
|
(213
|
)
|
|
2,285
|
|
|
(401
|
)
|
||||||
Purchased services
|
11,023
|
|
|
8.4
|
%
|
|
13,284
|
|
|
8.6
|
%
|
|
(2,261
|
)
|
|
(1,114
|
)
|
|
12,170
|
|
|
(1,147
|
)
|
||||||
Depreciation and amortization
|
28,603
|
|
|
21.7
|
%
|
|
31,295
|
|
|
20.3
|
%
|
|
(2,692
|
)
|
|
(2,648
|
)
|
|
28,647
|
|
|
(44
|
)
|
||||||
Diesel fuel used in train operations
|
13,165
|
|
|
10.0
|
%
|
|
15,483
|
|
|
10.1
|
%
|
|
(2,318
|
)
|
|
(1,300
|
)
|
|
14,183
|
|
|
(1,018
|
)
|
||||||
Casualties and insurance
|
2,955
|
|
|
2.2
|
%
|
|
3,547
|
|
|
2.3
|
%
|
|
(592
|
)
|
|
(298
|
)
|
|
3,249
|
|
|
(294
|
)
|
||||||
Materials
|
5,491
|
|
|
4.2
|
%
|
|
5,722
|
|
|
3.7
|
%
|
|
(231
|
)
|
|
(482
|
)
|
|
5,240
|
|
|
251
|
|
||||||
Trackage rights
|
2,942
|
|
|
2.2
|
%
|
|
4,578
|
|
|
3.0
|
%
|
|
(1,636
|
)
|
|
(385
|
)
|
|
4,193
|
|
|
(1,251
|
)
|
||||||
Net (gain)/loss on sale and impairment of assets
|
(59
|
)
|
|
—
|
%
|
|
(113
|
)
|
|
(0.1
|
)%
|
|
54
|
|
|
9
|
|
|
(104
|
)
|
|
45
|
|
||||||
Restructuring and related costs
|
1,686
|
|
|
1.3
|
%
|
|
—
|
|
|
—
|
%
|
|
1,686
|
|
|
—
|
|
|
—
|
|
|
1,686
|
|
||||||
Other expenses, net
|
4,050
|
|
|
3.1
|
%
|
|
(2,221
|
)
|
|
(1.4
|
)%
|
|
6,271
|
|
|
121
|
|
|
(2,100
|
)
|
|
6,150
|
|
||||||
Total operating expenses
|
$
|
107,480
|
|
|
81.6
|
%
|
|
$
|
111,991
|
|
|
72.8
|
%
|
|
$
|
(4,511
|
)
|
|
$
|
(9,511
|
)
|
|
$
|
102,480
|
|
|
$
|
5,000
|
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease) in Total Operations
|
|
Increase/(Decrease) in Existing Operations
|
|
Currency Impact on 2018 Total Operations*
|
|
Currency Impact on 2018 Existing Operations*
|
||||||||||||||||||||||||||||
|
|
|
2018
|
|
|
|
|
||||||||||||||||||||||||||||||
|
2019
|
|
Total Operations
|
|
Divested Operations
|
|
Existing Operations
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
|
||||||||||||||||||||
Freight revenues
|
$
|
162,784
|
|
|
$
|
183,500
|
|
|
$
|
17,086
|
|
|
$
|
166,414
|
|
|
$
|
(20,716
|
)
|
|
(11.3
|
)%
|
|
$
|
(3,630
|
)
|
|
(2.2
|
)%
|
|
$
|
(11,862
|
)
|
|
$
|
(10,599
|
)
|
Freight-related revenues
|
132,156
|
|
|
134,222
|
|
|
7,006
|
|
|
127,216
|
|
|
(2,066
|
)
|
|
(1.5
|
)%
|
|
4,940
|
|
|
3.9
|
%
|
|
(8,218
|
)
|
|
(7,744
|
)
|
||||||||
All other revenues
|
28,698
|
|
|
32,879
|
|
|
21
|
|
|
32,858
|
|
|
(4,181
|
)
|
|
(12.7
|
)%
|
|
(4,160
|
)
|
|
(12.7
|
)%
|
|
(1,992
|
)
|
|
(1,990
|
)
|
||||||||
Total operating revenues
|
$
|
323,638
|
|
|
$
|
350,601
|
|
|
$
|
24,113
|
|
|
$
|
326,488
|
|
|
$
|
(26,963
|
)
|
|
(7.7
|
)%
|
|
$
|
(2,850
|
)
|
|
(0.9
|
)%
|
|
$
|
(22,072
|
)
|
|
$
|
(20,333
|
)
|
Carloads
|
455,343
|
|
|
517,830
|
|
|
50,949
|
|
|
466,881
|
|
|
(62,487
|
)
|
|
(12.1
|
)%
|
|
(11,538
|
)
|
|
(2.5
|
)%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease) in Existing Operations
|
|
Currency Impact on Existing Operations
|
|
2018 Constant Currency Existing Operations*
|
|
Increase/(Decrease) in Existing Operations Constant Currency*
|
||||||||||||||||||||||
|
|
|
2018
|
|
|
|
|
||||||||||||||||||||||||
Commodity Group
|
2019
|
|
Total Operations
|
|
Divested Operations
|
|
Existing Operations
|
|
|
|
|
||||||||||||||||||||
Agricultural Products
|
$
|
1,248
|
|
|
$
|
2,020
|
|
|
$
|
—
|
|
|
$
|
2,020
|
|
|
$
|
(772
|
)
|
|
$
|
(171
|
)
|
|
$
|
1,849
|
|
|
$
|
(601
|
)
|
Coal & Coke
|
5,589
|
|
|
6,163
|
|
|
—
|
|
|
6,163
|
|
|
(574
|
)
|
|
(426
|
)
|
|
5,737
|
|
|
(148
|
)
|
||||||||
Intermodal
|
117,502
|
|
|
133,804
|
|
|
17,086
|
|
|
116,718
|
|
|
784
|
|
|
(6,955
|
)
|
|
109,763
|
|
|
7,739
|
|
||||||||
Minerals & Stone
|
37,037
|
|
|
41,505
|
|
|
—
|
|
|
41,505
|
|
|
(4,468
|
)
|
|
(3,047
|
)
|
|
38,458
|
|
|
(1,421
|
)
|
||||||||
Petroleum Products
|
1,408
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
1,400
|
|
|
—
|
|
|
8
|
|
|
1,400
|
|
||||||||
Total
|
$
|
162,784
|
|
|
$
|
183,500
|
|
|
$
|
17,086
|
|
|
$
|
166,414
|
|
|
$
|
(3,630
|
)
|
|
$
|
(10,599
|
)
|
|
$
|
155,815
|
|
|
$
|
6,969
|
|
|
|
Freight Revenues
|
|
Carloads
|
|
Average Freight Revenues Per
Carload
|
||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
2019
|
|
2018 Constant Currency*
|
|
|
||||||||||||||||||||||||||
Commodity Group
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018 Constant Currency*
|
|||||||||||||||
Agricultural Products
|
$
|
1,248
|
|
|
0.8
|
%
|
|
$
|
1,849
|
|
|
1.1
|
%
|
|
926
|
|
|
1,573
|
|
|
$
|
1,348
|
|
|
$
|
1,284
|
|
|
$
|
1,175
|
|
|
Coal & Coke
|
5,589
|
|
|
3.4
|
%
|
|
5,737
|
|
|
3.3
|
%
|
|
9,939
|
|
|
9,933
|
|
|
562
|
|
|
620
|
|
|
578
|
|
||||||
Intermodal
|
117,502
|
|
|
72.2
|
%
|
|
125,586
|
|
|
73.2
|
%
|
|
353,968
|
|
|
411,838
|
|
|
332
|
|
|
325
|
|
|
305
|
|
||||||
Minerals & Stone
|
37,037
|
|
|
22.7
|
%
|
|
38,458
|
|
|
22.4
|
%
|
|
83,990
|
|
|
94,466
|
|
|
441
|
|
|
439
|
|
|
407
|
|
||||||
Petroleum Products
|
1,408
|
|
|
0.9
|
%
|
|
8
|
|
|
—
|
%
|
|
6,520
|
|
|
20
|
|
|
216
|
|
|
400
|
|
|
400
|
|
||||||
Total
|
$
|
162,784
|
|
|
100.0
|
%
|
|
$
|
171,638
|
|
|
100.0
|
%
|
|
455,343
|
|
|
517,830
|
|
|
$
|
357
|
|
|
$
|
354
|
|
|
$
|
331
|
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease)
|
|
Currency
Impact
|
|
2018 Constant Currency*
|
|
Increase/(Decrease) Constant Currency*
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
||||||||||||||||||||||
|
Amount
|
|
% of
Operating
Revenues
|
|
Amount
|
|
% of
Operating
Revenues
|
|
|
|
|
||||||||||||||||||
Labor and benefits
|
$
|
102,701
|
|
|
31.7
|
%
|
|
$
|
104,430
|
|
|
29.8
|
%
|
|
$
|
(1,729
|
)
|
|
$
|
(6,392
|
)
|
|
$
|
98,038
|
|
|
$
|
4,663
|
|
Equipment rents
|
37,825
|
|
|
11.7
|
%
|
|
40,258
|
|
|
11.5
|
%
|
|
(2,433
|
)
|
|
(2,632
|
)
|
|
37,626
|
|
|
199
|
|
||||||
Purchased services
|
61,143
|
|
|
18.9
|
%
|
|
83,281
|
|
|
23.8
|
%
|
|
(22,138
|
)
|
|
(5,336
|
)
|
|
77,945
|
|
|
(16,802
|
)
|
||||||
Depreciation and amortization
|
19,371
|
|
|
6.0
|
%
|
|
18,562
|
|
|
5.3
|
%
|
|
809
|
|
|
(1,146
|
)
|
|
17,416
|
|
|
1,955
|
|
||||||
Diesel fuel used in train operations
|
25,836
|
|
|
8.0
|
%
|
|
27,558
|
|
|
7.9
|
%
|
|
(1,722
|
)
|
|
(1,759
|
)
|
|
25,799
|
|
|
37
|
|
||||||
Electricity used in train operations
|
4,550
|
|
|
1.4
|
%
|
|
4,278
|
|
|
1.2
|
%
|
|
272
|
|
|
(283
|
)
|
|
3,995
|
|
|
555
|
|
||||||
Casualties and insurance
|
2,427
|
|
|
0.7
|
%
|
|
2,790
|
|
|
0.8
|
%
|
|
(363
|
)
|
|
(176
|
)
|
|
2,614
|
|
|
(187
|
)
|
||||||
Materials
|
29,307
|
|
|
9.0
|
%
|
|
32,770
|
|
|
9.3
|
%
|
|
(3,463
|
)
|
|
(1,996
|
)
|
|
30,774
|
|
|
(1,467
|
)
|
||||||
Trackage rights
|
18,330
|
|
|
5.7
|
%
|
|
20,064
|
|
|
5.7
|
%
|
|
(1,734
|
)
|
|
(1,323
|
)
|
|
18,741
|
|
|
(411
|
)
|
||||||
Net loss/(gain) on sale and impairment of assets
|
(809
|
)
|
|
(0.2
|
)%
|
|
(128
|
)
|
|
—
|
%
|
|
(681
|
)
|
|
(14
|
)
|
|
(142
|
)
|
|
(667
|
)
|
||||||
Restructuring and related costs
|
12,279
|
|
|
3.8
|
%
|
|
9,604
|
|
|
2.7
|
%
|
|
2,675
|
|
|
(497
|
)
|
|
9,107
|
|
|
3,172
|
|
||||||
Other expenses, net
|
14,502
|
|
|
4.5
|
%
|
|
12,402
|
|
|
3.5
|
%
|
|
2,100
|
|
|
(792
|
)
|
|
11,610
|
|
|
2,892
|
|
||||||
Total operating expenses
|
$
|
327,462
|
|
|
101.2
|
%
|
|
$
|
355,869
|
|
|
101.5
|
%
|
|
$
|
(28,407
|
)
|
|
$
|
(22,346
|
)
|
|
$
|
333,523
|
|
|
$
|
(6,061
|
)
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Senior secured credit facility
|
$
|
1,654,098
|
|
|
$
|
1,783,423
|
|
Australian senior secured credit facility(a)
|
448,266
|
|
|
458,166
|
|
||
Australian subordinated shareholder loan from MIRA(b)
|
166,962
|
|
|
167,796
|
|
||
Other debt
|
86,416
|
|
|
64,261
|
|
||
Less: deferred financing fees
|
(17,262
|
)
|
|
(20,108
|
)
|
||
Total debt
|
$
|
2,338,480
|
|
|
$
|
2,453,538
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total
|
||||||||
Capital Expenditures:
|
|
|
|
|
|
|
|
||||||||
Track and equipment, self-funded
|
$
|
103,184
|
|
|
$
|
4,637
|
|
|
$
|
17,187
|
|
|
$
|
125,008
|
|
Track and equipment, subject to third-party funding
|
7,992
|
|
|
—
|
|
|
—
|
|
|
7,992
|
|
||||
New business investments
|
1,208
|
|
|
6,117
|
|
|
—
|
|
|
7,325
|
|
||||
Gross capital expenditures
|
112,384
|
|
|
10,754
|
|
|
17,187
|
|
|
140,325
|
|
||||
Grants from outside parties
|
(13,993
|
)
|
|
—
|
|
|
—
|
|
|
(13,993
|
)
|
||||
Net capital expenditures
|
$
|
98,391
|
|
|
$
|
10,754
|
|
|
$
|
17,187
|
|
|
$
|
126,332
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
ITEM 4.
|
CONTROLS AND PROCEDURES.
|
ITEM 1.
|
LEGAL PROCEEDINGS.
|
ITEM 1A.
|
RISK FACTORS.
|
•
|
the occurrence of any event, change or other circumstances that could give us or Parent the right to terminate the Merger Agreement;
|
•
|
the outcome of any legal proceedings that may be instituted against us with respect to the proposed Merger;
|
•
|
the risk that we may not obtain the required stockholder approval on the expected schedule or at all;
|
•
|
the ability to obtain regulatory approvals and satisfy other closing conditions to the proposed Merger in a timely manner or at all, including the risk that regulatory approvals required for the proposed Merger are not obtained or are obtained subject to conditions that are not anticipated;
|
•
|
delay in closing the proposed Merger;
|
•
|
business disruptions from the proposed Merger that may harm our business, including our current plans and operations;
|
•
|
adverse effects on our ability to retain and hire key personnel or maintain relationships with customers or on our operating results and business generally;
|
•
|
the risk that developments with respect to the proposed Merger could have adverse effects on the market price of our common stock;
|
•
|
certain restrictions during the pendency of the proposed Merger that may impact our ability to pursue certain business opportunities or strategic transactions; and
|
•
|
the risk that G&W will be required to pay Parent a termination fee of $194 million in the event the Merger Agreement is terminated by G&W or Parent under certain circumstances specified in the Merger Agreement, including upon a termination by G&W in connection with G&W’s entry into a superior proposal (which termination fee would be payable even if such superior proposal is not consummated).
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|
Period in 2019
|
(a) Total Number of
Shares (or Units)
Purchased (1)
|
|
(b) Average Price Paid
per Share (or Unit)(1)
|
|
(c) Total Number of
Shares (or Units)
Purchased as Part of
Publicly Announced
Plans or Programs (2)
|
|
(d) Maximum Number
of Shares (or Units)
(or Approximate Dollar Value)
that May Yet Be Purchased
Under the Plans or
Programs (2)
|
||||||
April 1 to April 30
|
92
|
|
|
$
|
82.00
|
|
|
—
|
|
|
$
|
335,000,045
|
|
May 1 to May 30
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
335,000,045
|
|
June 1 to June 30
|
15
|
|
|
$
|
82.00
|
|
|
—
|
|
|
$
|
335,000,045
|
|
Total
|
107
|
|
|
$
|
82.00
|
|
|
—
|
|
|
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES.
|
ITEM 4.
|
MINE SAFETY DISCLOSURES.
|
ITEM 5.
|
OTHER INFORMATION.
|
ITEM 6.
|
EXHIBITS.
|
Number
|
|
Description
|
|
|
|
|
|
2.1
|
|
|
|
|
|
|
|
*2.2
|
|
|
|
|
|
|
|
3.1
|
|
|
|
|
|
|
|
*31.1
|
|
|
|
|
|
|
|
*31.2
|
|
|
|
|
|
|
|
*32.1
|
|
|
|
|
|
|
|
*101
|
|
|
The following financial information from Genesee & Wyoming Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018, (ii) Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018, (iii) Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018, (iv) Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2019 and 2018, (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018, and (vi) the Notes to Consolidated Financial Statements.
|
|
|
|
|
*104
|
|
|
Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101)
|
|
|
GENESEE & WYOMING INC.
|
|
|
|
|
|
Date:
|
August 7, 2019
|
By:
|
/s/ TIMOTHY J. GALLAGHER
|
|
|
Name:
|
Timothy J. Gallagher
|
|
|
Title:
|
Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
Date:
|
August 7, 2019
|
By:
|
/s/ CHRISTOPHER F. LIUCCI
|
|
|
Name:
|
Christopher F. Liucci
|
|
|
Title:
|
Chief Accounting Officer
(Principal Accounting Officer)
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019, of Genesee & Wyoming Inc. (the "registrant");
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 7, 2019
|
|
/s/ JOHN C. HELLMANN
|
|
|
|
John C. Hellmann,
|
|
|
|
Chairman and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019, of Genesee & Wyoming Inc. (the "registrant");
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 7, 2019
|
|
/s/ TIMOTHY J. GALLAGHER
|
|
|
|
Timothy J. Gallagher,
|
|
|
|
Chief Financial Officer
|
|
|
/s/ JOHN C. HELLMANN
|
|
|
|
John C. Hellmann
|
|
|
|
Chairman and Chief Executive Officer
|
|
|
|
Date:
|
August 7, 2019
|
|
|
|
|
|
|
/s/ TIMOTHY J. GALLAGHER
|
|
|
|
Timothy J. Gallagher
|
|
|
|
Chief Financial Officer
|
|
|
|
Date:
|
August 7, 2019
|