Union Pacific 2001 Annual Report Download - page 70

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that allow the Corporation to retire the debt instruments prior to final maturity subject, in certain cases, to the payment
of premiums.
Sale of Receivables – The Railroad has sold, on a revolving basis, an undivided percentage ownership interest in a
designated pool of accounts receivable to third parties through a bankruptcy-remote subsidiary. Receivables are sold at
carrying value, which approximates fair value. The third parties have designated the Railroad to service the sold
receivables. The amount of receivables sold fluctuates based upon the availability of the designated pool of receivables
and is directly affected by changing business volumes and credit risks. At December 31, 2001 and 2000, accounts
receivable are presented net of $600 million of receivables sold.
5. Properties
At December 31, 2001 and 2000, major property accounts were as follows:
Millions of Dollars 2001 2000
Railroad:
Road and other .................................................................................................................. $27,934 $26,832
Equipment ......................................................................................................................... 7,507 7,781
Total railroad .......................................................................................................................... 35,441 34,613
Trucking.................................................................................................................................. 954 806
Other ....................................................................................................................................... 41 39
Total ........................................................................................................................................ $36,436 $35,458
At December 31, 2001 and 2000, major accumulated depreciation accounts were as follows:
Millions of Dollars 2001 2000
Railroad:
Road and other .................................................................................................................. $4,910 $4,527
Equipment ......................................................................................................................... 2,267 2,354
Total railroad .......................................................................................................................... 7,177 6,881
Trucking.................................................................................................................................. 453 364
Other ....................................................................................................................................... 14 17
Total ........................................................................................................................................ $7,644 $7,262
6. Income Taxes
Components of income tax expense, excluding discontinued operations, were as follows for the years ended December
31, 2001, 2000 and 1999:
Millions of Dollars 2001 2000 1999
Current:
Federal................................................................................................................... $133 $ 18 $(112)
State....................................................................................................................... 10 3 2
Total current. ............................................................................................................. 143 21 (110)
Deferred:
Federal................................................................................................................... 374 423 516
State....................................................................................................................... 50 24 13
Total deferred............................................................................................................. 424 447 529
Total ........................................................................................................................... $ 5 6 7 $ 4 6 8 $ 4 1 9