Union Pacific 2007 Annual Report Download - page 81

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77
In December 2007, the FASB issued Statement No. 160, Noncontrolling Interests in Consolidated Financial
Statements – An Amendment of ARB No. 51 (FAS 160). FAS 160 establishes new accounting and reporting
standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. FAS 160 is
effective for us beginning in 2009. We are still assessing the potential impact, if any, of the adoption of FAS
160 on our consolidated financial position, results of operations and cash flows.
In December 2007, the FASB ratified the consensus reached on Emerging Issues Task Force (EITF) Issue No.
07-1, Collaborative Arrangements (EITF 07-1), which defines collaborative arrangements and establishes
reporting and disclosure requirements for transactions between participants in a collaborative arrangement.
The requirements of this EITF will be applied to collaborative arrangements in existence on or after January 1,
2009. We are still assessing the potential impact, if any, of the adoption of EITF 07-1 on our consolidated
financial position, results of operations and cash flows.
15. Selected Quarterly Data (Unaudited)
Millions of Dollars, Except Per Share Amounts
2007 Mar. 31 June 30 Sep. 30 Dec. 31
Operating revenue ............................................................. $3,849 $4,046 $4,191 $4,197
Operating income.............................................................. 719 787 1,005 864
Net income......................................................................... 386 446 532 491
Net income per share
Basic ............................................................................. 1.43 1.66 2.02 1.88
Diluted......................................................................... 1.41 1.65 2.00 1.86
2006 Mar. 31 June 30 Sep. 30 Dec. 31
Operating revenue ............................................................. $3,710 $3,923 $3,983 $3,962
Operating income.............................................................. 605 717 752 810
Net income......................................................................... 311 390 420 485
Net income per share
Basic ............................................................................. 1.16 1.45 1.56 1.79
Diluted......................................................................... 1.15 1.44 1.54 1.78
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