Burlington Northern Santa Fe 8-K 2007
Documents found in this filing:
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 25, 2007
Burlington Northern Santa Fe Corporation
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
2650 Lou Menk Drive
Fort Worth, Texas 76131
(Address of principal executive offices) (Zip Code)
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
INFORMATION TO BE INCLUDED IN THE REPORT
This Current Report on Form 8-K revises portions of the Annual Report on Form 10-K for the year ended December 31, 2006 of Burlington Northern Santa Fe Corporations (BNSF or Company) (the 2006 Form 10-K) to reflect the adoption of Financial Accounting Standards Board (FASB) Staff Position (FSP) AUG AIR-1, Accounting for Planned Major Maintenance Activities, which BNSF adopted on January 1, 2007. Upon adoption, the Company was required to retrospectively apply the provisions for all financial statements presented. Under the previous guidance, four alternative methods of accounting for planned major maintenance activities were permitted. However, with the issuance of this FSP, the accrue-in-advance method of accounting for planned major maintenance activities was no longer allowed. Until the adoption of this FSP, BNSF used the accrue-in-advance method of accounting for leased locomotive overhauls, which overhauls include the refurbishment of the engine and related components. Beginning on January 1, 2007, BNSF transitioned to the deferral method. Correspondingly, BNSF eliminated the liability recorded under the accrue-in-advance methodology and established an asset for overhauls that have been performed. Prospectively, the asset will be amortized to expense until the next overhaul or the end of the lease, whichever comes first, typically between six and eight years. The exhibits included under Item 9.01 of this Current Report on Form 8-K revise the following sections of the 2006 Form 10-K to reflect the retrospective application of this FSP:
The impacts to the 2006 unaudited quarterly financial statements have also been included beginning on page 68 of Exhibit 99.1 to this Current Report on Form 8-K.
See Exhibits index included herewith.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 25, 2007
BURLINGTON NORTHERN SANTA FE CORPORATION
INDEX OF EXHIBITS