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As Of Filer Filing For·On·As Docs:Size 10/27/22 Kansas City Southern 10-Q 9/30/22 57:8M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.57M 2: EX-10.1 Material Contract HTML 54K 3: EX-31.1 Principal Executive Officer's Certification HTML 20K 4: EX-31.2 Principal Financial Officer's Certification HTML 20K 5: EX-32.1 Principal Executive Officer's Certification HTML 18K 6: EX-32.2 Principal Financial Officer's Certification HTML 18K 12: R1 Document and Entity Information HTML 64K 13: R2 Consolidated Statements of Operations HTML 102K 14: R3 Consolidated Statements of Comprehensive Income HTML 56K (Loss) 15: R4 Consolidated Statements of Comprehensive Income HTML 21K (Loss) (Parentheticals) 16: R5 Consolidated Balance Sheets HTML 120K 17: R6 Consolidated Balance Sheets (Parenthetical) HTML 25K 18: R7 Consolidated Statements of Cash Flows HTML 119K 19: R8 Consolidated Statements of Changes in Equity HTML 104K 20: R9 Consolidated Statements of Changes in Equity HTML 23K (Parenthetical) 21: R10 Basis of Presentation HTML 21K 22: R11 Merger Agreement HTML 23K 23: R12 Revenue HTML 88K 24: R13 Property and Equipment (including Concession HTML 31K Assets) 25: R14 Fair Value Measurements HTML 29K 26: R15 Derivative Instruments HTML 133K 27: R16 Short-Term Borrowings HTML 19K 28: R17 Refundable Mexican Value Added Tax HTML 20K 29: R18 Commitments and Contingencies HTML 39K 30: R19 Geographic Information HTML 41K 31: R20 Subsequent Event HTML 19K 32: R21 Revenue (Tables) HTML 85K 33: R22 Property and Equipment (including Concession HTML 29K Assets) (Tables) 34: R23 Fair Value Measurements (Tables) HTML 27K 35: R24 Derivative Instruments (Tables) HTML 134K 36: R25 Geographic Information (Tables) HTML 37K 37: R26 Merger Agreement (Details) HTML 49K 38: R27 Revenue Disaggregation of Revenue (Details) HTML 75K 39: R28 Revenue Narrative (Details) HTML 30K 40: R29 Revenue Changes in Contract Liabilities (Details) HTML 24K 41: R30 Property and Equipment (Including Concession HTML 45K Assets) (Details) 42: R31 Fair Value Measurements (Details) HTML 32K 43: R32 Derivative Instruments Interest Rate Derivative HTML 43K Instruments (Details) 44: R33 Derivative Instruments Summary of Foreign Currency HTML 60K Derivative Contracts (Details) 45: R34 Derivative Instruments Fair Value of Derivative HTML 37K Instruments (Details) 46: R35 Derivative Instruments Offsetting of Derivative HTML 26K Liabilities (Details) 47: R36 Derivative Instruments Derivative Instruments HTML 41K Affecting the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) (Details) 48: R37 Short-Term Borrowings (Details) HTML 25K 49: R38 Refundable Mexican Value Added Tax (Details) HTML 22K 50: R39 Commitments and Contingencies (Narrative) HTML 75K (Details) 51: R40 Geographic Information (Information by Geographic HTML 36K Area) (Details) 52: R41 Subsequent Event (Details) HTML 21K 55: XML IDEA XML File -- Filing Summary XML 96K 53: XML XBRL Instance -- ksu-20220930_htm XML 1.62M 54: EXCEL IDEA Workbook of Financial Reports XLSX 95K 8: EX-101.CAL XBRL Calculations -- ksu-20220930_cal XML 135K 9: EX-101.DEF XBRL Definitions -- ksu-20220930_def XML 429K 10: EX-101.LAB XBRL Labels -- ksu-20220930_lab XML 1.21M 11: EX-101.PRE XBRL Presentations -- ksu-20220930_pre XML 652K 7: EX-101.SCH XBRL Schema -- ksu-20220930 XSD 134K 56: JSON XBRL Instance as JSON Data -- MetaLinks 293± 437K 57: ZIP XBRL Zipped Folder -- 0000054480-22-000019-xbrl Zip 1.12M
ksu-20220930 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to |
i Delaware | i 87-3883291 | |||||||||||||||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
i 427 West 12th Street | ||||||||||||||||||||
i Kansas City | , | i Missouri | i 64105 | |||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Class | October 25, 2022 | |||||||
Common Stock, $0.01 per share par value | i 100 Shares |
Page | ||||||||
PART I — FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II — OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $ | i 882.2 | $ | i 744.0 | $ | i 2,505.9 | $ | i 2,199.5 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Compensation and benefits | i 154.4 | i 133.3 | i 423.8 | i 391.2 | |||||||||||||||||||
Purchased services | i 57.8 | i 51.4 | i 163.6 | i 161.0 | |||||||||||||||||||
Fuel | i 121.0 | i 78.0 | i 341.1 | i 227.9 | |||||||||||||||||||
Equipment costs | i 25.5 | i 19.6 | i 67.2 | i 64.8 | |||||||||||||||||||
Depreciation and amortization | i 98.2 | i 90.5 | i 292.1 | i 273.7 | |||||||||||||||||||
Materials and other | i 88.8 | i 82.8 | i 252.4 | i 231.1 | |||||||||||||||||||
Merger costs, net | i 11.5 | i 36.5 | i 36.8 | i 776.6 | |||||||||||||||||||
Total operating expenses | i 557.2 | i 492.1 | i 1,577.0 | i 2,126.3 | |||||||||||||||||||
Operating income | i 325.0 | i 251.9 | i 928.9 | i 73.2 | |||||||||||||||||||
Equity in net earnings (losses) of affiliates | ( i 0.1) | i 3.8 | i 7.9 | i 13.2 | |||||||||||||||||||
Interest expense | ( i 38.9) | ( i 39.0) | ( i 118.0) | ( i 117.1) | |||||||||||||||||||
Foreign exchange loss | ( i 12.3) | ( i 0.5) | ( i 18.0) | ( i 1.0) | |||||||||||||||||||
Other income, net | i 0.2 | i 0.5 | i 0.3 | i 0.7 | |||||||||||||||||||
Income (loss) before income taxes | i 273.9 | i 216.7 | i 801.1 | ( i 31.0) | |||||||||||||||||||
Income tax expense | i 72.2 | i 60.2 | i 217.3 | i 37.1 | |||||||||||||||||||
Net income (loss) | i 201.7 | i 156.5 | i 583.8 | ( i 68.1) | |||||||||||||||||||
Less: Net income attributable to noncontrolling interest | i 0.4 | i 0.3 | i 1.0 | i 1.2 | |||||||||||||||||||
Net income (loss) attributable to Kansas City Southern and subsidiaries | i 201.3 | i 156.2 | i 582.8 | ( i 69.3) | |||||||||||||||||||
Preferred stock dividends | i — | i 0.1 | i — | i 0.2 | |||||||||||||||||||
Net income (loss) available to common stockholder(s) | $ | i 201.3 | $ | i 156.1 | $ | i 582.8 | $ | ( i 69.5) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income (loss) | $ | i 201.7 | $ | i 156.5 | $ | i 583.8 | $ | ( i 68.1) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized gain (loss) on interest rate derivative instruments, net of tax of $ i 9.9 million, $( i 0.4)
million, $ i 36.7 million and $ i 11.6
million, respectively | i 37.5 | ( i 1.7) | i 138.1 | i 43.5 | |||||||||||||||||||
Reclassification
adjustment from cash flow hedges included in net income, net of tax of $ i 0.2 million, $ i 0.1
million, $ i 0.4 million and $ i 0.3
million, respectively | i 0.5 | i 0.5 | i 1.5 | i 1.5 | |||||||||||||||||||
Foreign currency translation adjustments | ( i 0.2) | ( i 0.2) | i 0.1 | ( i 0.1) | |||||||||||||||||||
Other comprehensive income (loss) | i 37.8 | ( i 1.4) | i 139.7 | i 44.9 | |||||||||||||||||||
Comprehensive income (loss) | i 239.5 | i 155.1 | i 723.5 | ( i 23.2) | |||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | i 0.4 | i 0.3 | i 1.0 | i 1.2 | |||||||||||||||||||
Comprehensive income (loss) attributable to Kansas City Southern and subsidiaries | $ | i 239.1 | $ | i 154.8 | $ | i 722.5 | $ | ( i 24.4) |
September
30, 2022 | December 31, 2021 | ||||||||||
(In millions, except share and per share amounts) | |||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 163.8 | $ | i 339.3 | |||||||
Accounts receivable, net | i 600.9 | i 271.0 | |||||||||
Materials and supplies | i 169.0 | i 131.0 | |||||||||
Other current assets | i 359.5 | i 142.1 | |||||||||
Total current assets | i 1,293.2 | i 883.4 | |||||||||
Operating lease right-of-use assets | i 86.4 | i 69.6 | |||||||||
Investments | i 58.9 | i 48.3 | |||||||||
Property and equipment (including concession assets), net | i 9,317.9 | i 9,209.3 | |||||||||
Other assets | i 110.9 | i 217.5 | |||||||||
Total assets | $ | i 10,867.3 | $ | i 10,428.1 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Long-term debt due within one year | $ | i 455.2 | $ | i 8.8 | |||||||
Accounts payable and accrued liabilities | i 600.1 | i 479.7 | |||||||||
Total current liabilities | i 1,055.3 | i 488.5 | |||||||||
Long-term operating lease liabilities | i 60.6 | i 46.4 | |||||||||
Long-term debt | i 3,326.4 | i 3,768.8 | |||||||||
Deferred income taxes | i 1,292.2 | i 1,213.7 | |||||||||
Other noncurrent liabilities and deferred credits | i 140.5 | i 178.1 | |||||||||
Total liabilities | i 5,875.0 | i 5,695.5 | |||||||||
Stockholder equity: | |||||||||||
$ i i .01 /
par, common stock, i i 100 / shares authorized; i i 100 /
shares issued; i i 100 / shares outstanding at September 30, 2022 and
December 31, 2021 | i — | i — | |||||||||
Additional paid-in capital | i 860.6 | i 860.6 | |||||||||
Retained earnings | i 3,642.2 | i 3,524.4 | |||||||||
Accumulated other comprehensive income | i 159.1 | i 19.4 | |||||||||
Total stockholder equity | i 4,661.9 | i 4,404.4 | |||||||||
Noncontrolling interest | i 330.4 | i 328.2 | |||||||||
Total equity | i 4,992.3 | i 4,732.6 | |||||||||
Total liabilities and equity | $ | i 10,867.3 | $ | i 10,428.1 |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities: | |||||||||||
Net income (loss) | $ | i 583.8 | $ | ( i 68.1) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | i 292.1 | i 273.7 | |||||||||
Deferred income taxes | i 41.4 | ( i 129.5) | |||||||||
Equity in net earnings of affiliates | ( i 7.9) | ( i 13.2) | |||||||||
Share-based compensation | i — | i 20.5 | |||||||||
(Gain) loss on foreign currency derivative instruments | i 18.9 | ( i 0.8) | |||||||||
Foreign exchange (gain) loss | ( i 0.9) | i 1.8 | |||||||||
Merger costs, net | i 36.8 | i 776.6 | |||||||||
Distributions from affiliates | i 2.0 | i 2.5 | |||||||||
Settlement of foreign currency derivative instruments | ( i 2.2) | ( i 1.9) | |||||||||
Cash payments for merger costs | ( i 32.3) | ( i 2,125.7) | |||||||||
Reimbursement of merger termination fee | i — | i 2,100.0 | |||||||||
Refundable Mexican value added tax payments | i — | ( i 41.9) | |||||||||
Changes in working capital items: | |||||||||||
Accounts receivable | ( i 333.1) | ( i 25.9) | |||||||||
Materials and supplies | ( i 40.0) | i 2.2 | |||||||||
Other current assets | i 75.7 | i 9.2 | |||||||||
Accounts payable and accrued liabilities | i 82.3 | i 39.5 | |||||||||
Other, net | ( i 3.7) | i 11.1 | |||||||||
Net cash provided by operating activities | i 712.9 | i 830.1 | |||||||||
Investing activities: | |||||||||||
Capital expenditures | ( i 381.2) | ( i 377.7) | |||||||||
Property investments in MSLLC | ( i 25.1) | ( i 22.3) | |||||||||
Investments in and advances to affiliates | ( i 8.3) | ( i 7.8) | |||||||||
Proceeds from disposal of property | i 4.5 | i 5.5 | |||||||||
Other, net | ( i 3.3) | ( i 5.0) | |||||||||
Net cash used for investing activities | ( i 413.4) | ( i 407.3) | |||||||||
Financing activities: | |||||||||||
Repayment of long-term debt | ( i 7.7) | ( i 5.7) | |||||||||
Dividends paid | ( i 465.0) | ( i 138.4) | |||||||||
Proceeds from employee stock plans | i — | i 4.2 | |||||||||
Net cash used for financing activities | ( i 472.7) | ( i 139.9) | |||||||||
Effect of exchange rate changes on cash | ( i 2.3) | ( i 1.1) | |||||||||
Cash and cash equivalents: | |||||||||||
Net increase (decrease) during each period | ( i 175.5) | i 281.8 | |||||||||
At beginning of year | i 339.3 | i 188.2 | |||||||||
At end of period | $ | i 163.8 | $ | i 470.0 |
$25
Par Preferred Stock | $.01 Par Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Non- controlling Interest | Total | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | i 5.4 | $ | i 0.9 | $ | i 830.9 | $ | i 3,219.6 | $ | i 0.4 | $ | i 326.4 | $ | i 4,383.6 | |||||||||||||||||||||||||||
Net income | i 153.0 | i 0.4 | i 153.4 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 79.4 | i 79.4 | |||||||||||||||||||||||||||||||||||||||
Dividends
on common stock ($ i 0.54/share) | i — | ( i 49.1) | ( i 49.1) | ||||||||||||||||||||||||||||||||||||||
Dividends
on $ i 25 par preferred stock ($ i 0.25/share) | i — | i — | |||||||||||||||||||||||||||||||||||||||
Share repurchases | i — | i — | ( i 2.1) | ( i 72.9) | ( i 75.0) | ||||||||||||||||||||||||||||||||||||
Settlement of forward contract for accelerated share repurchases | i 75.0 | i 75.0 | |||||||||||||||||||||||||||||||||||||||
Options exercised and stock subscribed, net of shares withheld for employee taxes | i — | ( i 3.0) | ( i 3.0) | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | i 8.2 | i 8.2 | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | i 5.4 | i 0.9 | i 909.0 | i 3,250.6 | i 79.8 | i 326.8 | i 4,572.5 | ||||||||||||||||||||||||||||||||||
Net income (loss) | ( i 378.5) | i 0.5 | ( i 378.0) | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( i 33.1) | ( i 33.1) | |||||||||||||||||||||||||||||||||||||||
Dividends
on common stock ($ i 0.54/share) | i — | ( i 49.1) | ( i 49.1) | ||||||||||||||||||||||||||||||||||||||
Dividends
on $ i 25 par preferred stock ($ i 0.25/share) | ( i 0.1) | ( i 0.1) | |||||||||||||||||||||||||||||||||||||||
Options exercised and stock subscribed, net of shares withheld for employee taxes | i — | ( i 2.0) | ( i 2.0) | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | i 6.2 | i 6.2 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | i 5.4 | i 0.9 | i 913.2 | i 2,822.9 | i 46.7 | i 327.3 | i 4,116.4 | ||||||||||||||||||||||||||||||||||
Net income | i 156.2 | i 0.3 | i 156.5 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( i 1.4) | ( i 1.4) | |||||||||||||||||||||||||||||||||||||||
Dividends
on common stock ($ i 0.54/share) | i — | ( i 49.1) | ( i 49.1) | ||||||||||||||||||||||||||||||||||||||
Dividends
on $ i 25 par preferred stock ($ i 0.25/share) | ( i 0.1) | ( i 0.1) | |||||||||||||||||||||||||||||||||||||||
Options exercised and stock subscribed, net of shares withheld for employee taxes | i — | i 4.4 | i 4.4 | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | i 6.1 | i 6.1 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | i 5.4 | i 0.9 | i 923.7 | i 2,929.9 | i 45.3 | i 327.6 | i 4,232.8 | ||||||||||||||||||||||||||||||||||
Net income | i 594.5 | i 0.6 | i 595.1 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( i 25.9) | ( i 25.9) | |||||||||||||||||||||||||||||||||||||||
Options exercised and stock subscribed, net of shares withheld for employee taxes | i — | i 0.4 | i 0.4 | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | i 59.9 | i 59.9 | |||||||||||||||||||||||||||||||||||||||
Replacement of equity share awards with liability awards | ( i 54.5) | ( i 54.5) | |||||||||||||||||||||||||||||||||||||||
Cash settlement of stock options | ( i 75.2) | ( i 75.2) | |||||||||||||||||||||||||||||||||||||||
Recapitalization of stock | ( i 5.4) | ( i 0.9) | i 6.3 | i — | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | i — | i — | i 860.6 | i 3,524.4 | i 19.4 | i 328.2 | i 4,732.6 | ||||||||||||||||||||||||||||||||||
Net income | i 187.4 | i 0.6 | i 188.0 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 48.1 | i 48.1 | |||||||||||||||||||||||||||||||||||||||
Dividend to Canadian Pacific | ( i 265.0) | ( i 265.0) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | i — | i — | i 860.6 | i 3,446.8 | i 67.5 | i 328.8 | i 4,703.7 | ||||||||||||||||||||||||||||||||||
Net income | i 194.1 | i — | i 194.1 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 53.8 | i 53.8 | |||||||||||||||||||||||||||||||||||||||
Contribution from noncontrolling interest | i 1.2 | i 1.2 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | i — | i — | i 860.6 | i 3,640.9 | i 121.3 | i 330.0 | i 4,952.8 | ||||||||||||||||||||||||||||||||||
Net income | i 201.3 | i 0.4 | i 201.7 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 37.8 | i 37.8 | |||||||||||||||||||||||||||||||||||||||
Dividend to Canadian Pacific | ( i 200.0) | ( i 200.0) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | i — | $ | i — | $ | i 860.6 | $ | i 3,642.2 | $ | i 159.1 | $ | i 330.4 | $ | i 4,992.3 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Chemical & Petroleum | |||||||||||||||||||||||
Chemicals | $ | i 76.3 | $ | i 71.0 | $ | i 220.9 | $ | i 196.4 | |||||||||||||||
Petroleum | i 85.4 | i 93.7 | i 245.8 | i 361.8 | |||||||||||||||||||
Plastics | i 42.9 | i 39.4 | i 125.6 | i 109.7 | |||||||||||||||||||
Total | i 204.6 | i 204.1 | i 592.3 | i 667.9 | |||||||||||||||||||
Industrial & Consumer Products | |||||||||||||||||||||||
Forest Products | i 79.2 | i 71.6 | i 221.5 | i 191.9 | |||||||||||||||||||
Metals & Scrap | i 70.2 | i 54.1 | i 191.5 | i 151.4 | |||||||||||||||||||
Other | i 39.0 | i 33.3 | i 110.6 | i 94.3 | |||||||||||||||||||
Total | i 188.4 | i 159.0 | i 523.6 | i 437.6 | |||||||||||||||||||
Agriculture & Minerals | |||||||||||||||||||||||
Grain | i 99.9 | i 87.0 | i 316.7 | i 250.6 | |||||||||||||||||||
Food Products | i 46.9 | i 35.4 | i 130.2 | i 109.0 | |||||||||||||||||||
Ores & Minerals | i 9.6 | i 7.5 | i 25.3 | i 18.8 | |||||||||||||||||||
Stone, Clay & Glass | i 11.2 | i 9.9 | i 31.3 | i 25.7 | |||||||||||||||||||
Total | i 167.6 | i 139.8 | i 503.5 | i 404.1 | |||||||||||||||||||
Energy | |||||||||||||||||||||||
Utility Coal | i 45.2 | i 45.8 | i 123.3 | i 108.7 | |||||||||||||||||||
Coal & Petroleum Coke | i 12.3 | i 12.8 | i 37.3 | i 35.2 | |||||||||||||||||||
Frac Sand | i 4.6 | i 4.0 | i 14.4 | i 11.6 | |||||||||||||||||||
Crude Oil | i 20.8 | i 12.0 | i 51.4 | i 31.1 | |||||||||||||||||||
Total | i 82.9 | i 74.6 | i 226.4 | i 186.6 | |||||||||||||||||||
Intermodal | i 121.9 | i 86.9 | i 335.3 | i 259.3 | |||||||||||||||||||
Automotive | i 70.1 | i 40.1 | i 190.8 | i 133.6 | |||||||||||||||||||
Total Freight Revenues | i 835.5 | i 704.5 | i 2,371.9 | i 2,089.1 | |||||||||||||||||||
Other Revenue | i 46.7 | i 39.5 | i 134.0 | i 110.4 | |||||||||||||||||||
Total Revenues | $ | i 882.2 | $ | i 744.0 | $ | i 2,505.9 | $ | i 2,199.5 |
Contract liabilities | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Beginning balance | $ | i 49.4 | $ | i 19.7 | $ | i 68.4 | $ | i 29.9 | ||||||||||||||||||
Revenue recognized that was included in the contract liability balance at the beginning of the period | ( i 8.0) | ( i 9.6) | ( i 30.1) | ( i 25.3) | ||||||||||||||||||||||
Increases due to consideration received, excluding amounts recognized as revenue during the period | i 4.7 | i 2.4 | i 7.8 | i 7.9 | ||||||||||||||||||||||
Ending balance | $ | i 46.1 | $ | i 12.5 | $ | i 46.1 | $ | i 12.5 |
September
30, 2022 | December 31, 2021 | ||||||||||
Land | $ | i 244.7 | $ | i 243.0 | |||||||
Concession land rights | i 141.1 | i 141.1 | |||||||||
Road property | i 8,630.7 | i 8,430.6 | |||||||||
Equipment | i 2,868.0 | i 2,842.4 | |||||||||
Technology and other | i 433.4 | i 372.6 | |||||||||
Construction in progress | i 393.0 | i 335.8 | |||||||||
Total property | i 12,710.9 | i 12,365.5 | |||||||||
Accumulated depreciation and amortization | i 3,393.0 | i 3,156.2 | |||||||||
Property and equipment (including concession assets), net | $ | i 9,317.9 | $ | i 9,209.3 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Level 2 | Level 2 | |||||||||||||
Assets | ||||||||||||||
Treasury lock agreements | $ | i 232.2 | $ | i 57.4 | ||||||||||
Liabilities | ||||||||||||||
Debt instruments | i 3,235.8 | i 4,311.1 | ||||||||||||
Foreign currency derivative instruments | i 18.5 | i 1.8 |
Foreign currency forward contracts | |||||||||||||||||||||||||||||||||||||||||
Contracts to sell Ps./receive USD | Offsetting contracts to purchase Ps./pay USD | ||||||||||||||||||||||||||||||||||||||||
Notional amount | Notional
amount | Weighted-average exchange rate (in Ps./USD) | Notional amount | Notional amount | Weighted-average exchange rate (in Ps./USD) | Cash received/(paid) on settlement | |||||||||||||||||||||||||||||||||||
Contracts executed in 2022 and outstanding | $ | i 460.0 | Ps. | i 9,797.1 | Ps. | i 21.3 | — | — | — | — | |||||||||||||||||||||||||||||||
Contracts executed in 2022 and settled in 2022 | $ | i 50.0 | Ps. | i 1,105.3 | Ps. | i 22.1 | $ | i 50.5 | Ps. | i 1,105.3 | Ps. | i 21.9 | $ | ( i 0.5) | |||||||||||||||||||||||||||
Contracts executed in 2021 and settled in 2022 | $ | i 270.0 | Ps. | i 5,583.3 | Ps. | i 20.7 | $ | i 271.7 | Ps. | i 5,583.3 | Ps. | i 20.6 | $ | ( i 1.7) | |||||||||||||||||||||||||||
Contracts to purchase Ps./pay USD | Offsetting contracts to sell Ps./receive USD | ||||||||||||||||||||||||||||||||||||||||
Notional amount | Notional amount | Weighted-average exchange rate (in Ps./USD) | Notional amount | Notional
amount | Weighted-average exchange rate (in Ps./USD) | Cash received/(paid) on settlement | |||||||||||||||||||||||||||||||||||
Contracts executed in 2021 and settled in 2021 (i) | $ | i 100.0 | Ps. | i 1,993.5 | Ps. | i 19.9 | $ | i 98.1 | Ps. | i 1,993.5 | Ps. | i 20.3 | $ | ( i 1.9) |
Derivative Assets | ||||||||||||||||||||
Balance Sheet Location | September
30, 2022 | December 31, 2021 | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Treasury lock agreements | Other current assets | $ | i 232.2 | $ | i — | |||||||||||||||
Other assets | i — | i 57.4 | ||||||||||||||||||
Total derivatives designated as hedging instruments | i 232.2 | i 57.4 | ||||||||||||||||||
Total derivative assets | $ | i 232.2 | $ | i 57.4 |
Derivative Liabilities | |||||||||||||||||
Balance Sheet Location | September 30, 2022 | December 31, 2021 | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts | Accounts payable and accrued liabilities | $ | i 18.5 | $ | i 1.8 | ||||||||||||
Total derivatives not designated as hedging instruments | i 18.5 | i 1.8 | |||||||||||||||
Total derivative liabilities | $ | i 18.5 | $ | i 1.8 |
As of September 30, 2022 | Gross Liabilities | Gross Assets | Net Amounts Presented in the Consolidated Balance Sheets | |||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | i 18.5 | $ | i — | $ | i 18.5 | ||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | i 2.8 | $ | ( i 1.0) | $ | i 1.8 |
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in OCI on Derivative | Location of Gain/(Loss) Reclassified from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury lock agreements | $ | i 47.4 | $ | ( i 2.1) | Interest expense | $ | ( i 0.7) | $ | ( i 0.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 47.4 | $ | ( i 2.1) | $ | ( i 0.7) | $ | ( i 0.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) Recognized in Income on Derivative | Amount of Gain/(Loss) Recognized in Income on Derivative | |||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Foreign exchange loss | $ | ( i 8.1) | $ | i 4.9 | ||||||||||||||||||||||||||||||
Total | $ | ( i 8.1) | $ | i 4.9 |
Derivatives in Cash Flow Hedging Relationships | Amount of Gain/(Loss) Recognized in OCI on Derivative | Location of Gain/(Loss) Reclassified from AOCI into Income | Amount of Gain/(Loss) Reclassified from AOCI into Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury lock agreements | $ | i 174.8 | $ | i 55.1 | Interest expense | $ | ( i 1.9) | $ | ( i 1.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 174.8 | $ | i 55.1 | $ | ( i 1.9) | $ | ( i 1.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain/(Loss) Recognized in Income on Derivative | Amount of Gain/(Loss) Recognized in Income on Derivative | |||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Foreign exchange loss | $ | ( i 18.9) | $ | i 0.8 | ||||||||||||||||||||||||||||||
Total | $ | ( i 18.9) | $ | i 0.8 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
Revenues | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
U.S. | $ | i 476.0 | $ | i 409.5 | $ | i 1,351.6 | $ | i 1,160.5 | |||||||||||||||
Mexico | i 406.2 | i 334.5 | i 1,154.3 | i 1,039.0 | |||||||||||||||||||
Total revenues | $ | i 882.2 | $ | i 744.0 | $ | i 2,505.9 | $ | i 2,199.5 | |||||||||||||||
Property and equipment (including concession assets), net | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||
U.S. | $ | i 5,849.2 | $ | i 5,744.4 | |||||||||||||||||||
Mexico | i 3,468.7 | i 3,464.9 | |||||||||||||||||||||
Total property and equipment (including concession assets), net | $ | i 9,317.9 | $ | i 9,209.3 |
Three Months Ended | Change | ||||||||||||||||
September 30, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Revenues | $ | 882.2 | $ | 744.0 | $ | 138.2 | |||||||||||
Operating expenses | 557.2 | 492.1 | 65.1 | ||||||||||||||
Operating income | 325.0 | 251.9 | 73.1 | ||||||||||||||
Equity in net earnings (losses) of affiliates | (0.1) | 3.8 | (3.9) | ||||||||||||||
Interest expense | (38.9) | (39.0) | 0.1 | ||||||||||||||
Foreign exchange loss | (12.3) | (0.5) | (11.8) | ||||||||||||||
Other income, net | 0.2 | 0.5 | (0.3) | ||||||||||||||
Income before income taxes | 273.9 | 216.7 | 57.2 | ||||||||||||||
Income tax expense | 72.2 | 60.2 | 12.0 | ||||||||||||||
Net income | 201.7 | 156.5 | 45.2 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | 0.4 | 0.3 | 0.1 | ||||||||||||||
Net income attributable to Kansas City Southern and subsidiaries | $ | 201.3 | $ | 156.2 | $ | 45.1 |
Nine Months Ended | Change | ||||||||||||||||
September 30, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Revenues | $ | 2,505.9 | $ | 2,199.5 | $ | 306.4 | |||||||||||
Operating expenses | 1,577.0 | 2,126.3 | (549.3) | ||||||||||||||
Operating income | 928.9 | 73.2 | 855.7 | ||||||||||||||
Equity in net earnings of affiliates | 7.9 | 13.2 | (5.3) | ||||||||||||||
Interest expense | (118.0) | (117.1) | (0.9) | ||||||||||||||
Foreign exchange loss | (18.0) | (1.0) | (17.0) | ||||||||||||||
Other income, net | 0.3 | 0.7 | (0.4) | ||||||||||||||
Income (loss) before income taxes | 801.1 | (31.0) | 832.1 | ||||||||||||||
Income tax expense | 217.3 | 37.1 | 180.2 | ||||||||||||||
Net income (loss) | 583.8 | (68.1) | 651.9 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | 1.0 | 1.2 | (0.2) | ||||||||||||||
Net income (loss) available to common stockholder(s) | $ | 582.8 | $ | (69.3) | $ | 652.1 |
Three Months Ended | Improvement/ (Deterioration) | Nine Months Ended | Improvement/ (Deterioration) | |||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Gross
velocity (mph) (i) | 14.1 | 15.3 | (8)% | 14.4 | 13.4 | 7% | ||||||||||||||||||||||||||||||||||||||
Terminal dwell (hours) (ii) | 23.3 | 21.5 | (8)% | 21.7 | 24.9 | 13% | ||||||||||||||||||||||||||||||||||||||
Train
length (feet) (iii) | 6,510 | 6,481 | — | 6,465 | 6,690 | (3)% | ||||||||||||||||||||||||||||||||||||||
Fuel
efficiency (gallons per 1,000 GTM's) (iv) | 1.26 | 1.22 | (3)% | 1.25 | 1.24 | (1)% |
(i) Gross velocity is the average train speed between origin and destination in miles per hour calculated as the sum of the miles traveled divided by the sum of total transit hours. Transit hours are measured as the difference between a train’s origin departure and destination arrival date and times broken down by segment across the train route (includes all time spent including crew changes, terminal dwell, delays, and incidents). | |||||||||||||||||
(ii) Terminal dwell is the average amount of time in hours between car arrival to and departure from the yard (excludes cars that move through a terminal on a run-through train, stored, bad ordered, and maintenance-of-way cars). Calculated by dividing the total number of hours cars spent in terminals by the total count of car dwell events. | |||||||||||||||||
(iii) Train length is the average length of a train across its reporting stations, including the origin and intermediate stations. Length of a train is the sum of car and locomotive lengths measured in feet. | |||||||||||||||||
(iv) Fuel efficiency is calculated by taking locomotive fuel consumed in gallons divided by thousand gross ton miles (“GTM’s”) net of detours with no associated fuel gallons. GTM’s are the movement of one ton of train weight over one mile calculated by multiplying total train weight by distance the train moved. GTM’s exclude locomotive gross ton miles. |
Revenues | Carloads and Units | Revenue per Carload/Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||
Chemical and petroleum | $ | 204.6 | $ | 204.1 | — | 82.6 | 86.9 | (5 | %) | $ | 2,477 | $ | 2,349 | 5 | % | ||||||||||||||||||||||||||||||||||||||
Industrial and consumer products | 188.4 | 159.0 | 18 | % | 85.9 | 79.0 | 9 | % | 2,193 | 2,013 | 9 | % | |||||||||||||||||||||||||||||||||||||||||
Agriculture and minerals | 167.6 | 139.8 | 20 | % | 68.4 | 67.1 | 2 | % | 2,450 | 2,083 | 18 | % | |||||||||||||||||||||||||||||||||||||||||
Energy | 82.9 | 74.6 | 11 | % | 73.2 | 73.4 | — | 1,133 | 1,016 | 12 | % | ||||||||||||||||||||||||||||||||||||||||||
Intermodal | 121.9 | 86.9 | 40 | % | 269.8 | 231.6 | 16 | % | 452 | 375 | 21 | % | |||||||||||||||||||||||||||||||||||||||||
Automotive | 70.1 | 40.1 | 75 | % | 34.0 | 22.4 | 52 | % | 2,062 | 1,790 | 15 | % | |||||||||||||||||||||||||||||||||||||||||
Carload revenues, carloads and units | 835.5 | 704.5 | 19 | % | 613.9 | 560.4 | 10 | % | $ | 1,361 | $ | 1,257 | 8 | % | |||||||||||||||||||||||||||||||||||||||
Other revenue | 46.7 | 39.5 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues (i) | $ | 882.2 | $ | 744.0 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||||
(i) Included in revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | $ | 147.9 | $ | 75.3 |
Revenues | Carloads and Units | Revenue per Carload/Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||
Chemical and petroleum | $ | 592.3 | $ | 667.9 | (11 | %) | 244.9 | 291.9 | (16 | %) | $ | 2,419 | $ | 2,288 | 6 | % | |||||||||||||||||||||||||||||||||||||
Industrial and consumer products | 523.6 | 437.6 | 20 | % | 250.2 | 225.7 | 11 | % | 2,093 | 1,939 | 8 | % | |||||||||||||||||||||||||||||||||||||||||
Agriculture and minerals | 503.5 | 404.1 | 25 | % | 214.6 | 193.7 | 11 | % | 2,346 | 2,086 | 12 | % | |||||||||||||||||||||||||||||||||||||||||
Energy | 226.4 | 186.6 | 21 | % | 203.5 | 198.1 | 3 | % | 1,113 | 942 | 18 | % | |||||||||||||||||||||||||||||||||||||||||
Intermodal | 335.3 | 259.3 | 29 | % | 780.6 | 714.7 | 9 | % | 430 | 363 | 18 | % | |||||||||||||||||||||||||||||||||||||||||
Automotive | 190.8 | 133.6 | 43 | % | 98.1 | 76.5 | 28 | % | 1,945 | 1,746 | 11 | % | |||||||||||||||||||||||||||||||||||||||||
Carload revenues, carloads and units | 2,371.9 | 2,089.1 | 14 | % | 1,791.9 | 1,700.6 | 5 | % | $ | 1,324 | $ | 1,228 | 8 | % | |||||||||||||||||||||||||||||||||||||||
Other revenue | 134.0 | 110.4 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues (i) | $ | 2,505.9 | $ | 2,199.5 | 14 | % | |||||||||||||||||||||||||||||||||||||||||||||||
(i) Included in revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel surcharge | $ | 364.2 | $ | 196.0 |
Revenues by commodity group for the three months ended September 30, 2022 | |||||
Chemical
and petroleum. Revenues increased $0.5 million for the three months ended September 30, 2022, compared to the same period in 2021, due to a 5% decrease in carload/unit volumes, offset by a 5% increase in revenue per carload/unit. Revenues decreased $75.6 million for the nine months ended September 30, 2022, compared to the same period in 2021, due to a 16% decrease in carload/unit volumes, partially offset by a 6% increase in revenue per carload/unit. Volumes decreased due to refined fuel product shipments into Mexico being negatively impacted by supply chain disruptions as a result of increased regulation. Refer to Mexico Regulatory and Legal Updates for further discussion. Revenue per carload/unit increased due to higher fuel surcharge, positive pricing impacts, and mix, partially offset by shorter average length of haul. |
Industrial
and consumer products. Revenues increased $29.4 million for the three months ended September 30, 2022, compared to the same period in 2021, due to a 9% increase in both carload/unit volumes and revenue per carload/unit. Revenues increased $86.0 million for the nine months ended September 30, 2022, compared to the same period in 2021, due to an 11% increase in carload/unit volumes and an 8% increase in revenue per carload/unit. Metal volumes increased for the three and nine months ended September 30, 2022 due to higher demand and new steel plants that opened on the KCSM network in 2021. Additionally for the three months ended September 30, 2022, volumes increased due to cement shipments in the Mexican market, partially offset by slower paper and appliance
shipments due to customer rationalization of inventory. Revenue per carload/unit increased due to higher fuel surcharge, positive pricing impacts, and longer average length of haul, partially offset by mix. |
Revenues by commodity group for the three months ended September 30, 2022 | |||||
Agriculture and minerals. Revenues increased $27.8 million for the three months ended September 30, 2022, compared to the same period in 2021, due to an 18% increase in revenue per carload/unit and a 2% increase in carload/unit volumes. Revenue per carload/unit increased due to higher fuel surcharge, positive pricing impacts, mix, and longer average length of haul. Volumes increased due to higher demand. Revenues increased $99.4 million for the nine months ended September 30, 2022, compared to the same period in 2021, due to a 12% increase in revenue per carload/unit and an 11% increase in
carload/unit volumes. Revenue per carload/unit increased due to higher fuel surcharge, positive pricing impacts, longer average length of haul, and mix. Volumes increased due to improved cycle times and higher demand. |
Energy. Revenues increased $8.3 million for the three months ended September 30, 2022, compared to the same period in 2021, due to a 12% increase in revenue per carload/unit. Revenue per carload/unit increased due to higher fuel surcharge and positive pricing
impacts, partially offset by shorter average length of haul and mix. Revenues increased $39.8 million for the nine months ended September 30, 2022, compared to the same period in 2021, due to an 18% increase in revenue per carload/unit and a 3% increase in carload/unit volumes. Revenue per carload/unit increased due to higher fuel surcharge, longer average length of haul, and positive pricing impacts, partially offset by mix. Volumes increased in crude oil due to new business, partially offset by a decline in utility coal as a result of deteriorated interchange cycle times and utility plant maintenance outages. |
Three Months Ended | |||||||||||||||||||||||
September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
Compensation and benefits | $ | 154.4 | $ | 133.3 | $ | 21.1 | 16 | % | |||||||||||||||
Purchased services | 57.8 | 51.4 | 6.4 | 12 | % | ||||||||||||||||||
Fuel | 121.0 | 78.0 | 43.0 | 55 | % | ||||||||||||||||||
Equipment costs | 25.5 | 19.6 | 5.9 | 30 | % | ||||||||||||||||||
Depreciation and amortization | 98.2 | 90.5 | 7.7 | 9 | % | ||||||||||||||||||
Materials and other | 88.8 | 82.8 | 6.0 | 7 | % | ||||||||||||||||||
Merger costs, net | 11.5 | 36.5 | (25.0) | (68 | %) | ||||||||||||||||||
Total operating expenses | $ | 557.2 | $ | 492.1 | $ | 65.1 | 13 | % |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
Compensation and benefits | $ | 423.8 | $ | 391.2 | $ | 32.6 | 8 | % | |||||||||||||||
Purchased services | 163.6 | 161.0 | 2.6 | 2 | % | ||||||||||||||||||
Fuel | 341.1 | 227.9 | 113.2 | 50 | % | ||||||||||||||||||
Equipment costs | 67.2 | 64.8 | 2.4 | 4 | % | ||||||||||||||||||
Depreciation and amortization | 292.1 | 273.7 | 18.4 | 7 | % | ||||||||||||||||||
Materials and other | 252.4 | 231.1 | 21.3 | 9 | % | ||||||||||||||||||
Merger costs, net | 36.8 | 776.6 | (739.8) | (95 | %) | ||||||||||||||||||
Total operating expenses | $ | 1,577.0 | $ | 2,126.3 | $ | (549.3) | (26 | %) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Statutory rate in effect | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||
Tax effect of: | |||||||||||||||||||||||
Difference between U.S. and foreign tax rate | 5.6 | % | 5.5 | % | 5.6 | % | (123.3 | %) | |||||||||||||||
Inflation | (2.8 | %) | (0.6 | %) | (2.2 | %) | 11.2 | % | |||||||||||||||
State and local income tax provision, net | 1.2 | % | 1.3 | % | 1.3 | % | (28.1 | %) | |||||||||||||||
Foreign exchange (i) | 0.8 | % | — | 0.9 | % | (10.2 | %) | ||||||||||||||||
Other, net | 0.6 | % | 0.6 | % | 0.5 | % | 9.7 | % | |||||||||||||||
Effective tax rate | 26.4 | % | 27.8 | % | 27.1 | % | (119.7 | %) |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows provided by (used for): | |||||||||||
Operating activities | $ | 712.9 | $ | 830.1 | |||||||
Investing activities | (413.4) | (407.3) | |||||||||
Financing activities | (472.7) | (139.9) | |||||||||
Effect of exchange rate changes on cash | (2.3) | (1.1) | |||||||||
Net increase (decrease) in cash and cash equivalents | (175.5) | 281.8 | |||||||||
Cash and cash equivalents beginning of year | 339.3 | 188.2 | |||||||||
Cash and cash equivalents end of period | $ | 163.8 | $ | 470.0 |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Roadway capital program | $ | 215.8 | $ | 189.2 | |||||||
Locomotives and freight cars | 35.1 | 59.8 | |||||||||
Capacity | 68.9 | 81.5 | |||||||||
Information technology | 35.3 | 29.5 | |||||||||
Positive train control | 3.9 | 12.4 | |||||||||
Other | 2.1 | 4.4 | |||||||||
Total capital expenditures (accrual basis) | 361.1 | 376.8 | |||||||||
Change in capital accruals | 20.1 | 0.9 | |||||||||
Total cash capital expenditures | $ | 381.2 | $ | 377.7 | |||||||
Income Statements | KCS and Guarantor Subsidiaries | ||||||||||
Nine Months Ended | Twelve Months Ended | ||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Revenues | $ | 1,336.0 | $ | 1,561.3 | |||||||
Operating expenses | 854.1 | 1,200.8 | |||||||||
Operating income | 481.9 | 360.5 | |||||||||
Income before income taxes | 368.8 | 207.7 | |||||||||
Net income | 293.5 | 182.7 |
Balance Sheets | KCS and Guarantor Subsidiaries | ||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Assets: | |||||||||||
Current assets | $ | 552.4 | $ | 524.6 | |||||||
Property and equipment (including concession assets), net | 4,914.3 | 4,876.5 | |||||||||
Other non-current assets | 72.3 | 125.8 | |||||||||
Liabilities and equity: | |||||||||||
Current liabilities | $ | 812.3 | $ | 316.5 | |||||||
Non-current liabilities | 4,550.4 | 4,942.7 | |||||||||
Noncontrolling interest | 330.4 | 328.2 |
Exhibit No. | Exhibits | |||||||
10.1* | ||||||||
22.1 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101.INS | XBRL Instance
Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as an Inline XBRL document and included in Exhibit 101). | |||||||
* Filed herewith. | ||||||||
** Furnished herewith. | ||||||||
Kansas City Southern | ||
/s/ MICHAEL W. UPCHURCH | ||
Michael W. Upchurch | ||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||
/s/ SUZANNE M. GRAFTON | ||
Suzanne M. Grafton | ||
Vice President and Chief Accounting Officer | ||
(Principal Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
11/1/26 | ||||
11/15/23 | ||||
5/15/23 | ||||
12/31/22 | ||||
11/19/22 | ||||
10/31/22 | ||||
Filed as of: | 10/27/22 | |||
Filed on: | 10/26/22 | |||
10/25/22 | ||||
For Period end: | 9/30/22 | |||
9/16/22 | ||||
9/15/22 | ||||
7/15/22 | ||||
7/14/22 | 8-K | |||
7/7/22 | ||||
7/1/22 | ||||
6/30/22 | 10-Q | |||
4/30/22 | ||||
4/13/22 | ||||
3/31/22 | 10-Q | |||
1/1/22 | ||||
12/31/21 | 10-K, 10-K/A | |||
12/14/21 | 25-NSE, 4, 8-K, POSASR, S-8 POS | |||
9/30/21 | 10-Q | |||
9/15/21 | 425, 8-K | |||
6/30/21 | 10-Q, 425 | |||
5/5/21 | 425 | |||
3/31/21 | 10-Q | |||
12/31/20 | 10-K, 4, 5 | |||
4/16/12 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/17/20 Kansas City Southern 10-Q 3/31/20 60:7.7M |