Union Pacific 2001 Annual Report Download

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UNION PACIFIC 2001 ANNUAL REPORT

Table of contents

  • Page 1
    UNION PACIFIC 2001 ANNUAL REPORT

  • Page 2
    ... the Chairman 6 Union Pacific Railroad 18 Overnite Transportation 20 Financial Highlights 22 Ten-Year Financial Summary 24 Directors and Officers Followed by annual report on Form 10-K and corporate information on the inside back cover Cover photo location: Emigrant Gap, California 2001 Stock...

  • Page 3
    ... and continued financial growth in 2001, in spite of the unsettled economy. The linchpins of our successes: > Focusing on what most satisfies our customers > Adding value while reducing costs > Balancing innovation with reliable execution. At the Railroad, the diversity of our business lines and...

  • Page 4
    ... value of our service. In a difficult economic environment, our business remained stable, achieving solid financial results. A few key highlights: • Net income was a record $966 million. • Diluted earnings per share increased 4% to $3.77, excluding the impact of the work force reduction charge...

  • Page 5
    ... sights set on growing market share by converting highway business to railroad business on the Union Pacific. We're using quality principles to design and launch services that meet customer requirements with a high degree of reliability. In 2001 our new services were very successful, with revenue...

  • Page 6
    ...also more productive in 2001. Our continuing locomotive modernization program was a key contributor with 500 new units acquired and over 700 units retired. Maintenance costs decreased dramatically and the fuel consumption rate reached its best level in our history. Longer, heavier trains resulted in...

  • Page 7
    ...Chairman and Chief Executive Officer February 21, 2002 motive Mechanical, worked with General Electric to develop the first alternating current locomotive that could adjust its tractive effort for use in distributed power manifest service. These locomotives reduce transit time for manifest trains...

  • Page 8
    AGRICULTURAL PRODUCTS California Potato Market 100% 80% Truck 60% 40% 20% UPRR Other 0% 1998 1999 2000 2001 Global Positioning System (GPS) technology on Carrier's refrigeration unit enables UP to proactively monitor its fleet, pinpointing the location of a car and monitoring changes in air ...

  • Page 9
    ... Express Lane service continued to expand and draw market share from trucks in 2001. Operated in partnership with CSX, fresh and frozen fruits and vegetables move in refrigerated equipment across the United States from the Pacific Northwest and California to destinations including New York, Boston...

  • Page 10
    ... Yard, east of Chicago, UP's partner railroads, Canadian National, CSX and Norfolk Southern, deliver GM vehicles to UP for combination into unit trains for faster delivery. In St. Louis, UP collects Ford trucks produced in Kentucky and delivers them through Kansas City to western destinations, a day...

  • Page 11
    ...Bow CHICAGO St. Paul Janesville Belvidere Benicia Council Bluffs Reno Fremont Clearfield Salt Lake City Denver Muncie...City West Chicago Granville Gibson Chicago Heights Milpitas Port Hueneme Wilmington Los Angeles Long Beach Salem Gavin Westfield Galena Park Candleridge Brownsville ST. LOUIS...

  • Page 12
    ... Pipeline Working in partnership with customers Dow Chemical and Occidental Chemical, Union Pacific developed a new "pipeline" service designed to shorten delivery time. Rather than shipping a small number of cars every day, Occidental Chemical now holds cars in its Gregory, Texas facility until...

  • Page 13
    Key members of the "pipeline" service team are (from left) Dave Giandinoto, Union Pacific, Bill Huff, Dow Chemical, and Carl Axelson, Occidental Chemical. 11

  • Page 14
    ENERGY ENERGY 12

  • Page 15
    .... A coal train (above) leaves Peabody Energy's North Antelope/Rochelle Mine in Wyoming en route to Midwest Generation's Will County Station in Illinois. At the plant (right), Midwest Generation Fuel Department employees Larry Siler and Marge Ruane discuss production requirements. US Electricity...

  • Page 16
    INDUSTRIAL INDUSTRIAL PRODUCTS PRODUCTS Each rail car added as a result of improved service takes approximately three trucks off the highway. Service Variability Variance from scheduled delivery (hours) 60% December 2001 50% 40% 30% 20% May 2000 10% 0% -60 -30 0 +30 +60 +90 +120 +150...

  • Page 17
    ... have begun to shift from truck to the Railroad, driving a 3% increase in revenue in this corridor despite the slowdown in the economy. Improving the I-5's service reliability is a key focus for UP's (from left) Ken Hunt, general superintendent, Jeff Verhaal, regional vice president - West, and Bob...

  • Page 18
    ... share from the long-haul truck market. Several new services targeting that market were introduced in 2001, notable among them was Blue Streak. Launched in partnership with Norfolk Southern, this five-day coast-to-coast service runs from Los Angeles to Atlanta. The product takes a completely new...

  • Page 19
    INTERMODAL ATL ANTA 17

  • Page 20
    ...-time performance. Overnite also continued to progress toward its strategic position as a nationwide regional carrier with premium long-haul service. In the first half of 2001, Overnite added three new service centers in Benicia and Bakersfield, Calif., and Rolla, Mo. The recent purchase of Motor...

  • Page 21
    OVERNITE Service Centers: Overnite Motor Cargo 19

  • Page 22
    Union Pacific Corporation and Subsidiary Companies FINANCIAL HIGHLIGHTS Millions of Dollars, Except Ratios and Per Share Amounts For the Year Operating Revenue ...Operating Income ...Income from Continuing Operations ...Income from Discontinued Operations ...Net Income ...Per Share - Basic: Income...

  • Page 23
    Commodity Revenue Diversity Union Pacific Railroad Intermodal 18% Agricultural Products 14% Automotive 11% Industrial Products 19% Chemicals 15% Energy 23% Commodity Revenue Union Pacific Railroad $ Millions 9,712 9,072 9,851 10,270 10,391 Operating Ratio Union Pacific Railroad % 95.4 87.4...

  • Page 24
    ... of Motor Cargo as of November 30, 2001, Southern Pacific Rail Corporation as of October 1, 1996, Chicago and North Western Transportation Company as of May 1, 1995 and Skyway Freight Systems, Inc. as of May 31, 1993, and reï¬,ects the disposition of the Corporation's natural resources subsidiary...

  • Page 25
    1995 1994 [d] 1993 [e] 1992 2,500 Operating Income Union Pacific Corporation $ Millions $ 7,486 1,242 619 946 3.02... 92 93 94 95 96 97 98* 99 00* 01 * Excluding unusual items Gross Ton-Miles Per Employee Union Pacific Railroad Millions 20 20.04 $19,500 6,364 6,364 30.96 $14,543 4,...

  • Page 26
    ... Union Pacific Corporation Dennis J. Duffy Executive Vice President - Operations Union Pacific Railroad Company John J. Koraleski Executive Vice President - Marketing and Sales Union Pacific Railroad Company James R. Young Executive Vice President - Finance and Chief Financial Officer Union...

  • Page 27
    ... STREET, OMAHA, NEBRASKA (Address of principal executive offices) 68179 (Zip Code) (402) 271-5777 (Registrant's telephone number, including area code) 13-2626465 (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(b) of the Act: Title of each Class Common Stock (Par...

  • Page 28
    ...'s definitive Proxy Statement for the annual meeting of shareholders to be held on April 19, 2002, have been incorporated by reference into Part III of this Form 10-K. TABLE OF CONTENTS UNION PACIFIC CORPORATION PART I Item 1. Item 2. Item 3. Item 4. Business...Properties ...Legal Proceedings...

  • Page 29
    ... The Railroad currently holds a 26% ownership share in the consortium. This investment is accounted for using the equity method of accounting. Motor Cargo - The Corporation entered into an Agreement and Plan of Merger, dated October 15, 2001 (the Agreement), with Motor Cargo, a Utah corporation, and...

  • Page 30
    ... products. Motor Cargo is a western regional LTL carrier that provides comprehensive service throughout 10 western states. Motor Cargo transports general commodities including consumer goods, packaged foodstuffs, industrial and electronic equipment and auto parts. Overnite and Motor Cargo experience...

  • Page 31
    ... not report to work. Despite the work stoppage, Overnite has managed to improve its revenue and profitability on a year-over-year basis. Employees at two Motor Cargo service centers located in North Salt Lake, Utah and Reno, Nevada, representing approximately 11% of Motor Cargo's total work force at...

  • Page 32
    ...Condition and Results of Operations - Other Matters - Environmental Costs, Item 7, and in note 12 to the Consolidated Financial Statements, Item 8. Item 2. Properties The Corporation's primary real estate, equipment and other property (properties) are owned or leased to support its rail and trucking...

  • Page 33
    ... Locomotives ...Freight cars ...Trucking Operations Properties related to trucking operations consist primarily of terminals and tractor and trailer equipment. The following table provides the number of tractors, trailers and service centers owned or leased within the trucking operations: Equipment...

  • Page 34
    ... of the Southern Pacific acquisition was the requirement that the STB retain oversight jurisdiction for five years to examine whether the conditions imposed under the Decision remain effective to address the competitive harms caused by the merger. On July 2, 2001, the Railroad filed its fifth...

  • Page 35
    ... Financial Condition and Results of Operations - Other Matters - Environmental Costs, Item 7, and in note 12 to the Consolidated Financial Statements, Item 8. Other Matters As previously reported in the Corporation's Annual Report on Form 10-K for 2000, Western Resources (Western) filed a complaint...

  • Page 36
    ...Senior Vice President-Human Resources Senior Vice President-Corporate Relations Senior Vice President, General Counsel and Secretary Vice President-Taxes Vice President-External Relations Vice President and Controller Vice President and Treasurer President and Chief Operating Officer of the Railroad...

  • Page 37
    ... to October 2001, Vice President-Strategic Planning from September 1997 to March 1999, and Vice President-Purchasing for the Railroad prior thereto. Mr. Knight was elected to his current position effective February 1, 2002. He was Vice President and General Manager Autos for the Railroad from June...

  • Page 38
    ...Financial Condition and Results of Operations, Item 7, and with the Consolidated Financial Statements and notes thereto, Item 8. The information below is not necessarily indicative of the results of future operations. Millions of Dollars, Except Per Share Amounts, Ratios and Employee Statistics 2001...

  • Page 39
    ... of Motor Cargo as of November 30, 2001, Southern Pacific Rail Corporation as of October 1, 1996, Chicago and North Western Transportation Company as of May 1, 1995, and Skyway Freight Systems, Inc. as of May 31, 1993, and reflects the disposition of the Corporation's natural resources subsidiary...

  • Page 40
    ... fuel consumption rate, partially offset by higher gross ton miles at the Railroad and losses on fuel hedging activity (see note 4 to the Consolidated Financial Statements, Item 8). Materials and supplies expense decreased $56 million (9%) primarily due to reduced locomotive repairs and cost control...

  • Page 41
    ...average revenue per car. Materials volumes declined 16%, as the soft economy and a decline in vehicle sales led to high inventories, low industry production and auto plant shutdowns. Total finished vehicle shipments declined only 1%, as industry weakness was mitigated by market share gains. Consumer...

  • Page 42
    ..., operating expenses were essentially flat. Higher expenses as a result of inflation, higher equipment rents expense and depreciation were offset by savings from lower force levels, productivity gains and cost control efforts and lower fuel prices. Salaries, Wages and Employee Benefits - Salaries...

  • Page 43
    ... security (related to Teamsters' matters), legal and employee travel expenses in 2001. Operating Income - Trucking operations generated operating income of $54 million in 2001, compared to $53 million for 2000. The operating ratio increased to 95.3%, compared to 95.2% in 2000. Other Product Lines...

  • Page 44
    ... levels and improved productivity at the Railroad more than offset higher rail volume and inflation. Equipment and other rents expense decreased $16 million (1%) as improved car cycle times and lower rental rates more than offset increased Railroad volume and higher contract transportation costs at...

  • Page 45
    ... parts, market share gains and improved rail service. Business volume with Mexico was particularly strong due to increased vehicle production levels and more reliable and expanded rail service. New service offerings facilitated the conversion of automotive parts shipments from truck to the Railroad...

  • Page 46
    ... building materials due to an expanding construction market, especially in the south and southwest. New rail services and generally improved service performance also contributed to the increase in carloads. Starting in the third quarter, a softening in the economy began to adversely affect business...

  • Page 47
    ... as part of its overall strategy of developing new products and services. LIQUIDITY AND CAPITAL RESOURCES Financial Condition Cash from operations was $2.0 billion, $2.1 billion and $1.9 billion in 2001, 2000 and 1999, respectively. The decrease from 2000 to 2001 is primarily due to the timing of...

  • Page 48
    ... and fixed volumes. These commitments are made in order to take advantage of pricing opportunities and to insure availability of assets to meet quality and operational requirements. Excluded are annual contracts made in the normal course of business for performance of routine services, as well as...

  • Page 49
    ... effective June 14, 2001. Under this shelf registration statement, the Corporation may issue, from time to time, any combination of debt securities, preferred stock, common stock or warrants for debt securities or preferred stock in one or more offerings. The total offering price of these securities...

  • Page 50
    ... - The cost of injuries to employees and others on Railroad property or in accidents involving the trucking segment is charged to expense based on actuarial estimates of the ultimate cost and number of incidents each year. In 2001, the Railroad's work-related injuries that resulted in lost job time...

  • Page 51
    ... not report to work. Despite the work stoppage, Overnite has managed to improve its revenue and profitability on a year-over-year basis. Employees at two Motor Cargo service centers located in North Salt Lake, Utah and Reno, Nevada, representing approximately 11% of Motor Cargo's total work force at...

  • Page 52
    ... 31, 2000. The fair values of the Corporation's fixed-rate debt were estimated by considering the impact of the hypothetical interest rates on quoted market prices and current borrowing rates. Fuel - Fuel costs are a significant portion of the Corporation's total operating expenses. As a result...

  • Page 53
    ...$50 million of goodwill remaining. In August 2001, the FASB issued Statement No. 143, "Accounting for Asset Retirement Obligations" (FAS 143). FAS 143 is effective for the Corporation's fiscal year beginning January 1, 2003, and requires the Corporation to record the fair value of a liability for an...

  • Page 54
    ... provider. The Railroad will continue to focus on improving service performance and developing new, innovative rail service offerings to meet the changing needs of its customers. Cost control and continuing improvements in productivity should help drive the operating ratio lower. Fuel prices are...

  • Page 55
    ...; proposed new products and services; expectations that claims, lawsuits, environmental costs, commitments, contingent liabilities, labor negotiations or agreements, or other matters will not have a material adverse effect on its consolidated financial position, results of operations or liquidity...

  • Page 56
    Item 8. Financial Statements and Supplementary Data Index to Consolidated Financial Statements Management Report on Responsibility for Consolidated Financial Statements ...Independent Auditors' Report ...Consolidated Statements of Income For the Years Ended December 31, 2001, 2000 and 1999 ......

  • Page 57
    ...FOR CONSOLIDATED FINANCIAL STATEMENTS The accompanying consolidated financial statements, which consolidate the accounts of Union Pacific Corporation and its Subsidiary Companies (the Corporation), have been prepared in conformity with accounting principles generally accepted in the United States of...

  • Page 58
    ...for our opinion. In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Union Pacific Corporation and Subsidiary Companies at December 31, 2001 and 2000, and the results of their operations and their cash flows for each of the three...

  • Page 59
    CONSOLIDATED STATEMENTS OF INCOME Union Pacific Corporation and Subsidiary Companies Millions of Dollars, Except Share and Per Share Amounts, for the Years Ended December 31 Operating Revenues Operating Expenses Rail, trucking and other ...Salaries, wages and employee benefits ...Equipment and other...

  • Page 60
    ... to affiliated companies...Other investments ...Total ...Properties Cost ...Accumulated depreciation ...Net ...Other Other assets ...Total assets ...Liabilities and Shareholders' Equity Current Liabilities Accounts payable ...Accrued wages and vacation ...Accrued casualty costs ...Income and other...

  • Page 61
    ......Other current assets...Accounts, wages and vacation payable...Debt due within one year...Other current liabilities...Total ...Supplemental cash flow information: Cash paid (received) during the year for: Interest ...Income taxes, net ...Non-cash transaction Acquisition of Motor Cargo...2001 $ 966...

  • Page 62
    ...year, shares at cost: 25,208,819 in 2001; 28,413,483 in 2000; 28,510,907 in 1999. [c] The Corporation utilized approximately 1.7 million shares of treasury stock in the acquisition of Motor Cargo Industries, Inc. The accompanying notes are an integral part of these Consolidated Financial Statements...

  • Page 63
    ... losses related to intercompany accounts are not material. Financial Instruments - The carrying value of the Corporation's non-derivative financial instruments approximates fair value, except for differences with respect to long-term, fixed-rate debt and certain differences relating to cost method...

  • Page 64
    ... completed its integration of Southern Pacific's rail operations. The Railroad has over 33,000 route miles linking Pacific Coast and Gulf Coast ports to the Midwest and eastern United States gateways and providing several north/south corridors to key Mexican gateways. The Railroad serves the western...

  • Page 65
    ... not report to work. Despite the work stoppage, Overnite has managed to improve its revenue and profitability on a year-over-year basis. Employees at two Motor Cargo service centers located in North Salt Lake, Utah and Reno, Nevada, representing approximately 11% of Motor Cargo's total work force at...

  • Page 66
    ... in several railroad-related and other businesses. [d] "Other" included the $43 million pre-tax ($27 million after-tax) adjustment of a liability related to the discontinued operations of a former subsidiary in 1999 (note 3). 2. Acquisitions Southern Pacific - During 2001, UPC completed its...

  • Page 67
    ... of the merger liability as of December 31, 2001 were as follows: December 31, 2001 Liability $$- Millions of Dollars Labor protection related to legislated and contractual obligations...Severance costs...Contract cancellation fees and facility and line closure costs...Relocation costs ...Total...

  • Page 68
    ... to fair value changes. In addition, the Corporation obtains additional flexibility in managing interest costs and the interest rate mix within its debt portfolio by issuing callable fixed-rate debt securities. In May and August 2001, the Corporation entered into interest rate swaps on a total of...

  • Page 69
    ... $ 52 2 54 $54 1999 $(1) 53 1 53 $53 Fair Value of Debt Instruments - The fair value of the Corporation's long- and short-term debt has been estimated using quoted market prices or current borrowing rates. At December 31, 2001 and 2000, the fair value of total debt exceeded the carrying value by...

  • Page 70
    ......At December 31, 2001 and 2000, major accumulated depreciation accounts were as follows: Millions of Dollars Railroad: Road and other ...Equipment ...Total railroad ...Trucking ...Other ...Total ...6. Income Taxes Components of income tax expense, excluding discontinued operations, were as follows...

  • Page 71
    ...Net operating loss ...Net current deferred income tax asset ...Excess tax over book depreciation ...State taxes, net...Retirement benefits...Alternative minimum tax credits ...Net operating loss ...Other ...Net long-term deferred income tax liability...Net deferred income tax liability...2001 $ (341...

  • Page 72
    ... 2000, approximately $9.4 billion and $9.6 billion, respectively, of Railroad properties secure outstanding equipment obligations and mortgage bonds. Credit Facilities - On December 31, 2001, the Corporation had $2.0 billion in revolving credit facilities, of which $1.0 billion expires in March 2002...

  • Page 73
    ... a defined contribution plan (thrift plan) to eligible non-union employees. All non-union and certain of the Corporation's union employees participate in defined contribution medical and life insurance programs for retirees. All Railroad employees are covered by the Railroad Retirement System (the...

  • Page 74
    ... compensation during the latest years of employment. The qualified plans are funded based on the Projected Unit Credit actuarial funding method and are funded at not less than the minimum funding standards set forth in the Employee Retirement Income Security Act of 1974, as amended. The Corporation...

  • Page 75
    ... as follows: Other Postretirement Benefits 2001 2000 1999 7.25% N/A 4.25 7.70 5.50 7.50% N/A 4.50 7.70 5.50 8.00% N/A 5.00 7.70 5.50 Percentages Discount rate...Expected return on plan assets...Rate of compensation increase...Health care cost trend: Current...Level in 2006... 2001 7.25% 10.0 4.25...

  • Page 76
    ... Dollars Effect on total service and interest cost components...Effect on postretirement benefit obligation...10. Stock Options and Other Stock Plans Options - The Corporation applies Accounting Principles Board Opinion No. 25 and related interpretations in accounting for its stock plans. Pursuant...

  • Page 77
    ..., the Corporation approved the 2001 Long Term Plan (LTP). The LTP includes certain performance criteria and a retention requirement. During the year ended December 31, 2001, 1,019,500 performance retention shares and stock units were issued at a weighted-average fair value of $50.07. The cost of the...

  • Page 78
    ... the Executive Stock Purchase Incentive Plan (ESPIP) effective October 1, 1999, in order to encourage and facilitate ownership of common stock by officers and other key executives of the Corporation and its subsidiaries. Under the ESPIP, the participants purchased a total of 1,008,000 shares of the...

  • Page 79
    ... require it to satisfy these guarantees. Other - In December 2001, the Railroad entered into a synthetic operating lease arrangement to finance a new headquarters building which will be constructed in Omaha, Nebraska. The expected completion date of the building is 2004. It will total approximately...

  • Page 80
    ...$50 million of goodwill remaining. In August 2001, the FASB issued Statement No. 143, "Accounting for Asset Retirement Obligations" (FAS 143). FAS 143 is effective for the Corporation's fiscal year beginning January 1, 2003, and requires the Corporation to record the fair value of a liability for an...

  • Page 81
    ... after-tax in the fourth quarter of 2000 for costs related to the Plan. The expense was charged to salaries, wages and employee benefits in the Corporation's 2000 Consolidated Statements of Income. Plan liability activity in 2001 includes $49 million paid in cash or reclassified to contractual...

  • Page 82
    ... Table, Defined Benefit Plans and Change-in-Control Arrangements segments of the Proxy Statement and is incorporated herein by reference. Item 12. Security Ownership of Certain Beneficial Owners and Management Information as to the number of shares of UPC's equity securities beneficially owned as...

  • Page 83
    ... required to be filed as exhibits to the Form 10-K by Item 601 (10) (iii) of Regulation S-K. (b) Reports on Form 8-K On October 16, 2001, UPC filed a Current Report on Form 8-K announcing the Agreement and Plan of Merger by and among Motor Cargo Industries, Inc., Union Pacific Corporation and Motor...

  • Page 84
    ... Davidson Richard K. Davidson, Chairman, President, Chief Executive Officer and Director PRINCIPAL FINANCIAL OFFICER: /s/ James R. Young James R. Young, Executive Vice President-Finance PRINCIPAL ACCOUNTING OFFICER: /s/ Richard J. Putz Richard J. Putz, Vice President and Controller DIRECTORS: Philip...

  • Page 85
    ... AND QUALIFYING ACCOUNTS Union Pacific Corporation and Subsidiary Companies Millions of Dollars, for the Years Ended December 31, Allowance for doubtful accounts: Balance, beginning of period ...Charged to expense ...Deductions...Balance, end of period ...Accrued casualty costs: Balance, beginning...

  • Page 86
    Union Pacific Corporation Exhibit Index Exhibit No. Filed with this Statement 12 21 23 24 Incorporated by Reference 3(a) Description Ratio of Earnings to Fixed Charges. List of the Corporation's significant subsidiaries and their respective states of incorporation. Independent Auditors' Consent. ...

  • Page 87
    ...Effective Amendment No. 2 to UPC's Registration Statement on Form S-4 (No. 33-64707). Agreement, dated September 25, 1995, among UPC, UPRR, Missouri Pacific Railroad Company (MPRR), SP, Southern Pacific Transportation Company (SPT), The Denver & Rio Grande Western Railroad Company (D&RGW), St. Louis...

  • Page 88
    ...Other Executive Compensation Arrangements of Union Pacific Corporation is incorporated herein by reference to Exhibit 10(q) to the Corporation's Annual Report on Form 10-K for the year ended December 31, 1998. Form of 2001 Long Term Plan Stock Unit and Cash Award Agreement dated January 25, 2001, is...

  • Page 89
    Exhibit 12 RATIO OF EARNINGS TO FIXED CHARGES Union Pacific Corporation and Subsidiary Companies Millions of Dollars, Except for Ratio Earnings from continuing operations...Undistributed equity earnings...Total...Income taxes ...Fixed charges: Interest expense including amortization of debt ...

  • Page 90
    Exhibit 21 SIGNIFICANT SUBSIDIARIES OF UNION PACIFIC CORPORATION State of Incorporation Delaware Utah Virginia Name of Corporation Union Pacific Railroad Company ...Southern Pacific Rail Corporation...Overnite Transportation Company ... 64

  • Page 91
    ... No. 1 to Registration Statement No. 333-51617 on Forms S-3 of our report dated January 24, 2002, appearing in this Annual Report on Form 10-K of Union Pacific Corporation for the year ended December 31, 2001. /s/ Deloitte & Touche LLP DELOITTE & TOUCHE LLP Omaha, Nebraska March 4, 2002 65

  • Page 92
    ... Powers of Attorney I, the undersigned, a director of Union Pacific Corporation, a Utah Corporation (the Corporation), do hereby appoint each of James R. Young, Carl W. von Bernuth and Thomas E. Whitaker my true and lawful attorney-in-fact and agent, to sign on my behalf the Corporation's Annual...

  • Page 93
    ... Union Pacific Corporation, a Utah Corporation (the Corporation), do hereby appoint each of James R. Young, Carl W. von Bernuth and Thomas E. Whitaker my true and lawful attorney-in-fact and agent, to sign on my behalf the Corporation's Annual Report on Form 10-K for the year ended December 31, 2001...

  • Page 94
    ... Union Pacific Corporation, a Utah Corporation (the Corporation), do hereby appoint each of James R. Young, Carl W. von Bernuth and Thomas E. Whitaker my true and lawful attorney-in-fact and agent, to sign on my behalf the Corporation's Annual Report on Form 10-K for the year ended December 31, 2001...

  • Page 95
    ... Chicago, IL 60690 For express service deliveries 2 North LaSalle Street Chicago, IL 60602 Most questions regarding your account may be answered by contacting the automated Computershare Investor Services Help Line at (800) 317-2512 from your touch-tone phone, 24 hours a day, 7 days a week. Service...

  • Page 96