Union Pacific 8-K 2010
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): October 25, 2010 (October 25, 2010)
UNION PACIFIC CORPORATION
(Exact name of registrant as specified in its charter)
(Registrants telephone number, including area code): (402) 544-5000
(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):
Item 8.01 Other Events.
Union Pacific Corporation (the Company) is filing this Current Report on Form 8-K (Form 8-K) to reflect the impact of a change from an acceptable accounting principle to a preferable accounting principle on the financial information contained in the Companys Annual Report on Form 10-K for the year ended December 31, 2009, which was filed with the Securities and Exchange Commission (SEC) on February 5, 2010 (Form 10-K). The information in this Form 8-K is not an amendment to or restatement of the Form 10-K.
We historically accounted for rail grinding costs as a capital asset. Effective January 1, 2010, we changed our accounting policy for rail grinding costs from a capitalization method, under which we capitalized the cost of rail grinding and depreciated such capitalized costs, to a direct expense method, under which we expense rail grinding costs as incurred. This change was reflected as a change in accounting principle from an acceptable accounting principle to a preferable accounting principle. The expense as incurred method is preferable, as it eliminates the subjectivity in determining the period of benefit associated with rail grinding over which to depreciate the associated capitalized costs. When the accounting principle was retrospectively applied, as shown in this Form 8-K, net income for the years ended December 31, 2009, 2008, and 2007 decreased by $8 million, $3 million, and $7 million, or $0.01, $0.01, and $0.02 per share, respectively.
The following Items of the Form 10-K have been presented retrospectively to reflect the change in accounting principle for rail grinding and are attached as Exhibit 99.1 to this Form 8-K:
Except as described above, this Form 8-K does not modify or update any disclosures in the Form 10-K. Information in the Form 10-K generally is presented as of February 5, 2010, and this Form 8-K does not reflect subsequent information or events other than the change in accounting principle for rail grinding. Without limitation of the foregoing, this Form 8-K does not purport to update Managements Discussion and Analysis of Financial Condition and Results of Operations contained in the Form 10-K with respect to any uncertainties, transactions, risks, events or trends occurring or known to management. More current information is included in the Companys Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2010, June 30, 2010, and September 30, 2010, and other filings with the SEC. This Form 8-K should be read in conjunction with the Form 10-K, and such Quarterly Reports on Form 10-Q and any other filings of the Company.
Attached as Exhibit 101 to this Current Report are documents formatted in eXtensible Business Reporting Language (XBRL).
Item 9.01 Financial Statements and Exhibits
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.
Dated: October 25, 2010