Canadian National Railway Company
(NYSE:CNI)

Canadian National Railway Company, together with its subsidiaries, engages in the rail and related transportation business. Its portfolio of goods includes petroleum and chemicals, grain and fertilizers, coal, metals and minerals, forest products, intermodal, and automotive products serving exporter...

Website: http://www.cn.ca

Founded: 1919

Full Time Employees: 24,008

Sector: Industrials

Industry: Railroads

Transportation Railway Service Canadian

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Quarterly

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Unit: USD	2025-11-06	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-08-08	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-03-31	2018-06-30	2017-12-31	2015-12-31	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2013-12-31	2013-09-30	2013-03-31	2012-09-30	2012-03-31	2010-12-31	2010-09-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-05-29	2009-04-13	2009-03-31	2008-12-31	2008-09-30	2008-07-21	2008-02-12	2008-01-22	2007-10-22	2007-04-23	2007-02-12	2006-07-20	2006-04-20	2005-10-26	2005-10-18	2005-04-20	2005-01-25	2004-11-01	2004-07-20	2004-04-22	2004-02-11	2003-10-21	2003-09-30	2003-07-25	2003-05-01

revenues																	3,535,000,000	13,819,000,000	3,409,000,000	3,209,000,000	3,545,000,000	3,584,000,000	3,544,000,000	3,631,000,000	13,041,000,000	12,611,000,000	3,125,000,000	3,098,000,000	12,134,000,000	3,118,000,000	2,745,000,000	2,698,000,000	2,466,000,000	2,497,000,000	2,346,000,000	2,117,000,000	2,122,000,000	1,965,000,000	7,367,000,000	1,845,000,000	1,781,000,000	2,257,000,000	1,859,000,000	1,859,000,000	2,200,000,000	2,257,000,000	2,098,000,000	7,897,000,000	1,941,000,000	2,023,000,000	1,906,000,000		1,946,000,000	1,847,000,000	1,810,000,000	1,810,000,000	1,706,000,000	1,736,000,000	1,709,000,000	1,665,000,000	1,438,000,000		1,413,000,000		1,463,000,000	1,496,000,000
petroleum and chemicals		854,000,000	808,000,000	915,000,000	868,000,000	839,000,000		850,000,000	857,000,000	861,000,000	758,000,000	748,000,000	828,000,000	3,229,000,000	850,000,000	829,000,000																																				1,173,000,000												273,000,000
metals and minerals		477,000,000	496,000,000	523,000,000	488,000,000	502,000,000		528,000,000	530,000,000	507,000,000	515,000,000	497,000,000	529,000,000	1,911,000,000	539,000,000	466,000,000																																				885,000,000												122,000,000
forest products		451,000,000	461,000,000	494,000,000	469,000,000	467,000,000		501,000,000	494,000,000	486,000,000	466,000,000	480,000,000	511,000,000	2,006,000,000	550,000,000	513,000,000																																				1,745,000,000												325,000,000
coal		237,000,000	242,000,000	246,000,000	238,000,000	229,000,000		241,000,000	221,000,000	249,000,000	242,000,000	263,000,000	263,000,000	937,000,000	258,000,000	249,000,000																																				375,000,000												77,000,000
grain and fertilizers		775,000,000	834,000,000	951,000,000	1,038,000,000	786,000,000		738,000,000	860,000,000	994,000,000	722,000,000	688,000,000	861,000,000	2,783,000,000	621,000,000	604,000,000																																				1,259,000,000												269,000,000
intermodal		980,000,000	1,008,000,000	940,000,000	876,000,000	882,000,000		1,040,000,000	959,000,000	948,000,000	880,000,000	983,000,000	1,012,000,000	4,906,000,000	1,340,000,000	1,326,000,000																																				1,420,000,000												235,000,000
automotive		217,000,000	241,000,000	219,000,000	206,000,000	217,000,000		255,000,000	216,000,000	258,000,000	237,000,000	235,000,000	215,000,000	797,000,000	208,000,000	208,000,000																																				514,000,000												151,000,000
total freight revenues		3,991,000,000	4,090,000,000	4,288,000,000	4,183,000,000	3,922,000,000		4,153,000,000	4,137,000,000	4,303,000,000	3,820,000,000	3,894,000,000	4,219,000,000	16,569,000,000	4,366,000,000	4,195,000,000
other revenues		174,000,000	182,000,000	115,000,000	175,000,000	188,000,000		176,000,000	112,000,000	168,000,000	167,000,000	163,000,000	94,000,000	538,000,000	147,000,000	149,000,000
total revenues		4,165,000,000	4,272,000,000	4,403,000,000	4,358,000,000	4,110,000,000		4,329,000,000	4,249,000,000	4,471,000,000	3,987,000,000	4,057,000,000	4,313,000,000	17,107,000,000	4,513,000,000	4,344,000,000																																				7,716,000,000												1,509,000,000
yoy		1.34%		1.71%	2.57%	-8.07%		6.70%	-1.48%	-73.86%	-11.66%	-6.61%
qoq		-2.50%	-2.98%	1.03%	6.03%			1.88%	-4.97%	12.14%	-1.73%	-5.94%	-74.79%	279.06%	3.89%
operating expenses																																																					1,141,000,000	1,222,000,000	1,145,000,000	1,145,000,000	1,180,000,000	1,129,000,000	1,118,000,000	1,090,000,000	1,043,000,000		959,000,000		1,026,000,000	1,122,000,000
labor and fringe benefits		815,000,000	862,000,000	920,000,000	883,000,000	795,000,000		850,000,000	894,000,000	818,000,000	773,000,000	747,000,000	812,000,000	2,935,000,000	770,000,000	681,000,000	785,000,000	2,723,000,000	662,000,000	563,000,000	743,000,000	749,000,000	798,000,000	648,000,000	2,221,000,000	2,406,000,000	542,000,000	668,000,000	2,319,000,000	580,000,000	594,000,000	521,000,000	569,000,000	476,000,000	509,000,000	423,000,000	437,000,000	470,000,000	1,696,000,000	416,000,000	413,000,000	424,000,000	454,000,000	454,000,000	397,000,000	424,000,000	392,000,000	1,701,000,000	340,000,000	446,000,000	485,000,000	1,800,000,000												457,000,000
purchased services and material		562,000,000	576,000,000	577,000,000	598,000,000	566,000,000		578,000,000	571,000,000	556,000,000	534,000,000	571,000,000	593,000,000	2,191,000,000	520,000,000	557,000,000	549,000,000	2,152,000,000	491,000,000	518,000,000	578,000,000	586,000,000	558,000,000	478,000,000	1,769,000,000	1,729,000,000	434,000,000	457,000,000	1,598,000,000	378,000,000	364,000,000	318,000,000	328,000,000	304,000,000	299,000,000	282,000,000	246,000,000	258,000,000	1,027,000,000	227,000,000	253,000,000	268,000,000	291,000,000	291,000,000	301,000,000	268,000,000	283,000,000	1,045,000,000	259,000,000	247,000,000	276,000,000	845,000,000												198,000,000
fuel		418,000,000	413,000,000	518,000,000	481,000,000	519,000,000		546,000,000	514,000,000	569,000,000	486,000,000	485,000,000	557,000,000	2,518,000,000	649,000,000	672,000,000	364,000,000	1,152,000,000	262,000,000	227,000,000	360,000,000	406,000,000	398,000,000	436,000,000	1,362,000,000	1,285,000,000	327,000,000	361,000,000	1,846,000,000	446,000,000	422,000,000	390,000,000	405,000,000	369,000,000	376,000,000	291,000,000	249,000,000	238,000,000	769,000,000	192,000,000	174,000,000	390,000,000	182,000,000	182,000,000	304,000,000	390,000,000	399,000,000	1,026,000,000	307,000,000	251,000,000	219,000,000	890,000,000												112,000,000
depreciation and amortization		500,000,000	489,000,000	493,000,000	489,000,000	475,000,000		466,000,000	462,000,000	463,000,000	457,000,000	449,000,000	448,000,000	1,729,000,000	435,000,000	423,000,000	404,000,000	1,589,000,000	391,000,000	404,000,000	392,000,000	387,000,000	440,000,000	330,000,000	1,281,000,000	1,158,000,000	285,000,000	296,000,000	1,050,000,000	258,000,000	254,000,000	241,000,000	235,000,000	227,000,000	230,000,000	220,000,000	204,000,000	205,000,000	790,000,000	191,000,000	199,000,000	177,000,000	203,000,000	203,000,000	197,000,000	177,000,000	176,000,000	677,000,000	173,000,000	165,000,000	171,000,000	650,000,000												141,000,000
equipment rents		103,000,000	105,000,000	118,000,000	98,000,000	93,000,000		102,000,000	99,000,000	97,000,000	89,000,000	83,000,000	90,000,000	338,000,000	72,000,000	87,000,000	89,000,000	432,000,000	123,000,000	107,000,000	105,000,000	112,000,000	114,000,000	112,000,000	418,000,000	373,000,000	83,000,000	94,000,000	329,000,000	83,000,000	71,000,000	68,000,000	68,000,000	64,000,000	62,000,000	62,000,000	61,000,000	60,000,000	284,000,000	66,000,000	70,000,000	59,000,000	82,000,000	82,000,000	79,000,000	59,000,000	60,000,000	247,000,000	60,000,000	59,000,000	66,000,000	198,000,000												87,000,000
other		161,000,000	189,000,000	167,000,000	181,000,000	147,000,000		151,000,000	163,000,000	150,000,000
loss on assets held for sale								78,000,000										486,000,000		486,000,000
total operating expenses		2,559,000,000	2,634,000,000	2,793,000,000	2,730,000,000	2,595,000,000		2,771,000,000	2,703,000,000	2,653,000,000	2,470,000,000	2,457,000,000	2,651,000,000	10,267,000,000	2,581,000,000	2,575,000,000	2,208,000,000	9,042,000,000	2,043,000,000	2,424,000,000	2,330,000,000	2,366,000,000	2,464,000,000	2,112,000,000	7,483,000,000	7,345,000,000	1,763,000,000	2,035,000,000	7,510,000,000	1,832,000,000	1,778,000,000	1,614,000,000	1,686,000,000	1,512,000,000	1,553,000,000	1,343,000,000	1,288,000,000	1,362,000,000	4,961,000,000	1,156,000,000	1,198,000,000	1,413,000,000	1,378,000,000	1,378,000,000	1,380,000,000	1,413,000,000	1,391,000,000	5,021,000,000	1,205,000,000	1,255,000,000	1,345,000,000	4,686,000,000												1,103,000,000
operating income		1,606,000,000	1,638,000,000	1,610,000,000	1,628,000,000	1,515,000,000		1,558,000,000	1,546,000,000	1,818,000,000	1,517,000,000	1,600,000,000	1,662,000,000	6,840,000,000	1,932,000,000	1,769,000,000	1,327,000,000	4,777,000,000	1,366,000,000	785,000,000	1,215,000,000	1,218,000,000	1,080,000,000	1,519,000,000	5,558,000,000	5,266,000,000	1,362,000,000	1,063,000,000	4,624,000,000	1,286,000,000	967,000,000	1,084,000,000	780,000,000	985,000,000	793,000,000	774,000,000	834,000,000	603,000,000	2,406,000,000	689,000,000	583,000,000	844,000,000	481,000,000	481,000,000	820,000,000	844,000,000	707,000,000	2,876,000,000	736,000,000	768,000,000	561,000,000	3,030,000,000	805,000,000	625,000,000	665,000,000	665,000,000	526,000,000	607,000,000	591,000,000	575,000,000	395,000,000		454,000,000	406,000,000	437,000,000	374,000,000
yoy		6.01%		3.34%	5.30%	-16.67%		-2.62%	-6.98%	-73.42%	-21.48%	-9.55%	25.24%	43.19%	41.43%	125.35%	9.22%	292.20%	26.48%	-48.32%	-78.14%	-76.87%	-20.70%	42.90%	20.20%	309.49%	40.85%	-1.94%	492.82%	30.56%	21.94%	40.05%	-6.47%	63.35%	-67.04%	12.34%	43.05%	-28.55%	400.21%	43.24%	-28.90%	0.00%	-31.97%	-83.28%	11.41%	9.90%	26.02%	-5.08%	-8.57%	22.88%	-15.64%	355.64%	53.04%	2.97%	12.52%	15.65%	33.16%		30.18%	41.63%	-9.61%
qoq		-1.95%	1.74%	-1.11%	7.46%			0.78%	-14.96%	19.84%	-5.19%	-3.73%	-75.70%	254.04%	9.21%	33.31%	-72.22%	249.71%	74.01%	-35.39%	-0.25%	12.78%	-28.90%	-72.67%	5.55%	286.64%	28.13%	-77.01%	259.56%	32.99%	-10.79%	38.97%	-20.81%	24.21%	2.45%	-7.19%	38.31%	-74.94%	249.20%	18.18%	-30.92%	75.47%	0.00%	-41.34%	-2.84%	19.38%	-75.42%	290.76%	-4.17%	36.90%	-81.49%	276.40%	28.80%	-6.02%	0.00%	26.43%	-13.34%	2.71%	2.78%	45.57%			11.82%	-7.09%	16.84%
operating margin %	NaN%	38.56%	38.34%	36.57%	37.36%	36.86%	NaN%	35.99%	36.39%	40.66%	38.05%	39.44%	38.53%	39.98%	42.81%	40.72%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	39.27%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	26.91%	Infinity%	Infinity%
interest expense		-227,000,000	-219,000,000	-233,000,000	-231,000,000	-230,000,000		-220,000,000	-210,000,000	-199,000,000	-185,000,000	-173,000,000	-165,000,000	-548,000,000	-141,000,000	-128,000,000	-130,000,000	-554,000,000	-137,000,000					-124,000,000	-481,000,000	-439,000,000	-105,000,000	-104,000,000	-371,000,000	-94,000,000	-91,000,000	-89,000,000	-89,000,000	-84,000,000	-86,000,000	-87,000,000	-90,000,000	-92,000,000	-412,000,000	-97,000,000	-108,000,000	-92,000,000	-112,000,000	-112,000,000	-110,000,000	-92,000,000	-87,000,000	-336,000,000	-85,000,000	-78,000,000	-88,000,000												-76,000,000	-96,000,000		-85,000,000
other components of net periodic benefit income		125,000,000	126,000,000	125,000,000	113,000,000	114,000,000		114,000,000	113,000,000	119,000,000	121,000,000	120,000,000	119,000,000	498,000,000	125,000,000	124,000,000	96,000,000	315,000,000	79,000,000	80,000,000	78,000,000	77,000,000	80,000,000	76,000,000
other income		3,000,000	16,000,000	25,000,000		10,000,000		32,000,000	2,000,000	134,000,000		1,000,000	1,000,000	-27,000,000				6,000,000			11,000,000	2,000,000	2,000,000	229,000,000	12,000,000	47,000,000	16,000,000	4,000,000	107,000,000	-2,000,000		5,000,000	42,000,000	18,000,000	293,000,000	12,000,000	24,000,000	162,000,000	267,000,000	21,000,000	9,000,000	4,000,000	161,000,000	161,000,000	19,000,000	4,000,000	9,000,000	166,000,000	159,000,000	2,000,000	4,000,000	11,000,000			11,000,000	11,000,000		25,000,000					13,000,000	38,000,000		4,000,000
income before income taxes		1,507,000,000	1,561,000,000	1,527,000,000	1,508,000,000	1,409,000,000		1,484,000,000	1,451,000,000	1,872,000,000	1,451,000,000	1,548,000,000	1,617,000,000	6,763,000,000	1,915,000,000	1,755,000,000	1,291,000,000	4,544,000,000	1,307,000,000	717,000,000	1,165,000,000	1,161,000,000	1,031,000,000	1,700,000,000	5,089,000,000	4,874,000,000	1,273,000,000	963,000,000	4,360,000,000	1,190,000,000	874,000,000	1,000,000,000	733,000,000	919,000,000	1,000,000,000	699,000,000	768,000,000	673,000,000	2,261,000,000	613,000,000	484,000,000	756,000,000	530,000,000	530,000,000	729,000,000	756,000,000	629,000,000	2,706,000,000	810,000,000	692,000,000	477,000,000	2,729,000,000	725,000,000	549,000,000	604,000,000	604,000,000	447,000,000
income tax expense		-368,000,000	-389,000,000	-366,000,000		-324,000,000		-370,000,000	-348,000,000		-343,000,000	-381,000,000	-397,000,000	-1,645,000,000	-460,000,000	-430,000,000	-317,000,000	-982,000,000	-322,000,000					-390,000,000		-1,336,000,000	-387,000,000	-259,000,000	-1,193,000,000	-337,000,000	-239,000,000	-295,000,000	-178,000,000	-255,000,000	-225,000,000	-196,000,000	-212,000,000	-162,000,000	-407,000,000	-152,000,000	-97,000,000		-106,000,000	-106,000,000		-204,000,000	-170,000,000	-548,000,000		-207,000,000	-153,000,000												-97,000,000			-89,000,000
net income		1,139,000,000	1,172,000,000	1,161,000,000	1,146,000,000	1,085,000,000		1,114,000,000	1,103,000,000	2,130,000,000	1,108,000,000	1,167,000,000	1,220,000,000	5,118,000,000	1,455,000,000	1,325,000,000	974,000,000	3,562,000,000	985,000,000	545,000,000	1,011,000,000	873,000,000	786,000,000	1,310,000,000	5,484,000,000	3,538,000,000	886,000,000	704,000,000	3,167,000,000	853,000,000	635,000,000	705,000,000	555,000,000	664,000,000	775,000,000	503,000,000	556,000,000	511,000,000	1,854,000,000	461,000,000	387,000,000	552,000,000	424,000,000	424,000,000	573,000,000	552,000,000	459,000,000	2,158,000,000	833,000,000	485,000,000	324,000,000	2,087,000,000	729,000,000	362,000,000	411,000,000	411,000,000	299,000,000	376,000,000	346,000,000	326,000,000	210,000,000		294,000,000	230,000,000	244,000,000	252,000,000
yoy		4.98%		4.22%	3.90%	-49.06%		-4.54%	-9.59%	-58.38%	-23.85%	-11.92%	25.26%	43.68%	47.72%	143.12%	-3.66%	308.02%	25.32%	-58.40%	-81.56%	-75.33%	-11.29%	86.08%	73.16%	314.77%	39.53%	-0.14%	470.63%	28.46%	-18.06%	40.16%	-0.18%	29.94%	-58.20%	9.11%	43.67%	-7.43%	337.26%	8.73%	-32.46%	0.00%	-7.63%	-80.35%	-31.21%	13.81%	41.67%	3.40%	14.27%	33.98%	-21.17%	407.79%	143.81%	-3.72%	18.79%	26.07%	42.38%		17.69%	41.74%	-13.93%
qoq		-2.82%	0.95%	1.31%	5.62%			1.00%	-48.22%	92.24%	-5.06%	-4.34%	-76.16%	251.75%	9.81%	36.04%	-72.66%	261.62%	80.73%	-46.09%	15.81%	11.07%	-40.00%	-76.11%	55.00%	299.32%	25.85%	-77.77%	271.28%	34.33%	-9.93%	27.03%	-16.42%	-14.32%	54.08%	-9.53%	8.81%	-72.44%	302.17%	19.12%	-29.89%	30.19%	0.00%	-26.00%	3.80%	20.26%	-78.73%	159.06%	71.75%	49.69%	-84.48%	186.28%	101.38%	-11.92%	0.00%	37.46%	-20.48%	8.67%	6.13%	55.24%			27.83%	-5.74%	-3.17%
net income margin %	NaN%	27.35%	27.43%	26.37%	26.30%	26.40%	NaN%	25.73%	25.96%	47.64%	27.79%	28.77%	28.29%	29.92%	32.24%	30.50%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	27.05%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	15.24%	Infinity%	Infinity%
diluted earnings per share		1.83	1.87	1.85	1.82	1.72		1.75	1.72	3.29	1.69	1.76	1.82	7.44	2.13	1.92
recovery of loss on assets held for sale																	-137,000,000
income tax recovery					-362,000,000					258,000,000															395,000,000																				-156,000,000				23,000,000				4,000,000
casualty and other											131,000,000	122,000,000	151,000,000	556,000,000	135,000,000	155,000,000	154,000,000	508,000,000	114,000,000	119,000,000	152,000,000	126,000,000	156,000,000	108,000,000	432,000,000	394,000,000	92,000,000	159,000,000	368,000,000	87,000,000	73,000,000	76,000,000	81,000,000	72,000,000	77,000,000	65,000,000	91,000,000	131,000,000	395,000,000	64,000,000	89,000,000	95,000,000	166,000,000	166,000,000	102,000,000	95,000,000	81,000,000	325,000,000	66,000,000	87,000,000	128,000,000	303,000,000												108,000,000
transaction-related costs
merger termination fee
other loss																-10,000,000
earnings per share
basic																	1.37	5.01	1.39	0.77	1.42	1.22	1.08	1.78	7.28	4.42	1.1	0.87	3.86	1.04	0.76	1.68	1.3	1.53	1.76	1.09	1.2	1.08	3.95	0.98	0.83	1.17	0.91	0.91	1.22	1.17	0.96	4.31	1.7	0.97	0.64	3.97	1.38	0.68	1.5	1.5	1.06
diluted																	1.37	5	1.38	0.77	1.42	1.22	1.08	1.77	7.24	4.39	1.1	0.86	3.85	1.04	0.76	1.67	1.3	1.52	1.75	1.08	1.19	1.08	3.92	0.97	0.82	1.16	0.9	0.9	1.21	1.16	0.95	4.25	1.68	0.96	0.63	3.91	1.35	0.66	1.47	1.47	1.04
weighted-average number of shares
basic																	711	711.3	711	710.7	712.3	715.2	725.2	736	753.6	800.7	803.5	809.4	819.9	817	833.8	419.6	426.7	433.9	441	461.1	464.6	471	469.2	469.4	468.7	471.7	468.3	468.3	468.1	471.7	476.4		489.8	499.7	510.2		529.9	536.1	273.7	273.7	281.9	285.1	285.9	284.9	284.5		189.3		191.1	195.2
diluted																	712.8	713	712.8	712.2	713.9	717.4	727.7	739.1	757.3	805.1	808	814.3	823.5	820.9	837.1	421.1	428.3	435.9	443.5	464.8	468.4	474.9	473.5	473.8	473	477.1	472.3	472.3	472.5	477.1	482		495.9	506.4	517.8		538.5	545.1	278.7	278.7	287.5	290.7	290.8	289.2	288.8		192.1		193.8	197.4
dividends declared per share																	0.615		0.575	0.575	0.575	0.538	0.538	0.455
the company adopted accounting standards update (asu) 2017-07: improving the presentation of net periodic pension cost and net periodic postretirement benefit cost in the first quarter of 2018 on a retrospective basis. comparative figures have been adjusted to conform to the current presentation. see note 2 – recent accounting pronouncements for additional information.
see accompanying notes to unaudited consolidated financial statements.
see accompanying notes to consolidated financial statements.
on october 22, 2013, the board of directors of the company approved a two-for-one common stock split in the form of a stock dividend of one additional common share of cn for each share outstanding, which was paid on november 29, 2013, to shareholders of record on november 15, 2013. all share and per share data presented herein reflect the impact of the stock split.
these unaudited interim consolidated financial statements, expressed in canadian dollars, and prepared in accordance with u.s. generally accepted accounting principles (u.s. gaap), contain all adjustments (consisting of normal recurring accruals) necessary to present fairly canadian national railway company's (the company) financial position as at december 31, 2013 and december 31, 2012, and its results of operations, comprehensive income, changes in shareholders' equity and cash flows for the three months and years ended december 31, 2013 and 2012. these consolidated financial statements have been prepared using accounting policies consistent with those used in preparing the company's 2013 annual consolidated financial statements and should be read in conjunction with such statements, notes thereto and management's discussion and analysis (md&a).
certain of the 2009 comparative figures have been restated in order to be consistent with the 2010 presentation. these unaudited interim consolidated financial statements, expressed in canadian dollars, and prepared in accordance with u.s. generally accepted accounting principles (u.s. gaap), contain all adjustments (consisting of normal recurring accruals) necessary to present fairly canadian national railway company's (the company) financial position as at december 31, 2010 and december 31, 2009, and its results of operations, changes in shareholders' equity and cash flows for the three months and years ended december 31, 2010 and 2009. these consolidated financial statements have been prepared using accounting policies consistent with those used in preparing the company's 2010 annual consolidated financial statements and should be read in conjunction with such statements, notes thereto and management's discussion and analysis (md&a).
income tax (expense) recovery																																										-204,000,000																						-118,000,000
these unaudited interim consolidated financial statements, expressed in canadian dollars, and prepared in accordance with u.s. generally accepted accounting principles (u.s. gaap), contain all adjustments (consisting of normal recurring accruals) necessary to present fairly canadian national railway company's (the company) financial position as at december 31, 2008 and december 31, 2007, and its results of operations, changes in shareholders' equity and cash flows for the three months and years ended december 31, 2008 and 2007. these consolidated financial statements have been prepared using accounting policies consistent with those used in preparing the company's 2008 annual consolidated financial statements and should be read in conjunction with such statements, notes thereto and management's discussion and analysis (md&a).
other items																																																				345,000,000												57,000,000
income before income taxes and cumulative effect of change
in accounting policy																																																										557,000,000	503,000,000	484,000,000			391,000,000		350,000,000
income before cumulative effect of change in accounting policy																																																										376,000,000	346,000,000	326,000,000	210,000,000		294,000,000		244,000,000	204,000,000
cumulative effect of change in accounting policy																																																																		48,000,000
earnings per share
basic earnings per share
income before income taxes and cumulative effect of change in accounting policy																																																													310,000,000					293,000,000
unaudited
in millions, unless otherwise indicated
and cumulative effect of
change in accounting policy																																																																348,000,000
income before cumulative effect
of change in accounting policy																																																																230,000,000
cumulative effect of change in
accounting policy (net of
applicable taxes)
operating ratio																																																																73,100,000
adjusted operating ratio																																																																73,100,000
certain of the 2001 and 2002 figures have been reclassified in order to be consistent with the 2003 presentation.
includes wisconsin central transportation corporation from october 9, 2001. 2002 excludes fourth-quarter charges for workforce reductions and u.s. personal injury and other claims of 120 million and 281 million, respectively. 2001 excludes a second-quarter charge for workforce reductions of 98 million. see appendix c for a reconciliation of non-gaap measures.

Balance Sheets:

Quarterly

Annual

Unit: USD	2024-12-31	2023-12-31	2022-12-31	2021-03-31	2020-12-31	2020-11-06	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-08-08	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2015-12-31	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2013-12-31	2013-09-30	2013-03-31	2012-09-30	2012-03-31	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-05-29	2009-04-13	2009-03-31	2008-07-21	2008-04-21	2007-12-31	2007-09-30	2007-03-31	2006-12-31	2006-06-30	2005-09-30	2005-03-31	2004-12-31	2004-09-30	2004-03-31	2003-06-30	2003-03-31	2002-09-30

total assets	57,067,000,000	52,666,000,000	50,662,000,000	44,964,000,000	44,804,000,000		45,158,000,000	45,199,000,000	46,435,000,000	43,784,000,000	44,096,000,000		43,002,000,000	42,609,000,000	41,214,000,000	40,209,000,000	37,629,000,000	37,629,000,000	37,104,000,000	37,245,000,000	37,330,000,000	37,057,000,000	37,068,000,000	36,094,000,000	36,402,000,000	33,605,000,000	33,496,000,000	31,792,000,000	31,673,000,000	30,163,000,000	27,797,000,000	26,992,000,000	26,278,000,000	25,873,000,000	25,470,000,000	25,212,000,000	25,206,000,000	26,028,000,000	25,382,000,000	25,176,000,000	25,752,000,000	26,737,000,000	24,353,000,000	27,511,000,000	27,511,000,000	24,353,000,000	24,164,000,000	23,460,000,000	22,905,000,000	23,723,000,000	24,004,000,000	22,482,000,000	21,927,000,000	22,428,000,000	22,365,000,000	22,384,000,000	20,422,000,000	20,285,000,000	21,137,000,000	21,273,000,000
cash and cash equivalents and restricted cash and cash equivalents	401,000,000	924,000,000	834,000,000
other current assets, excluding cash and cash equivalents and restricted cash and cash equivalents	2,218,000,000	2,165,000,000	2,383,000,000
properties	47,960,000,000	44,617,000,000	43,537,000,000		40,069,000,000				41,393,000,000								34,189,000,000	34,189,000,000							32,624,000,000	30,053,000,000	29,857,000,000	28,514,000,000	27,410,000,000	26,227,000,000	25,383,000,000	24,733,000,000	24,004,000,000	23,681,000,000	22,789,000,000	22,677,000,000	22,917,000,000	22,646,000,000	22,269,000,000	22,630,000,000	22,454,000,000	23,160,000,000	20,864,000,000	23,947,000,000	23,947,000,000	20,864,000,000	20,754,000,000	20,413,000,000	19,883,000,000	20,988,000,000	21,053,000,000	19,924,000,000	19,761,000,000	19,799,000,000	19,715,000,000	20,022,000,000	18,421,000,000	18,261,000,000	19,018,000,000	19,179,000,000
operating lease right-of-use-assets	485,000,000	424,000,000	470,000,000
pension asset	4,541,000,000	3,140,000,000	3,033,000,000		777,000,000				488,000,000								994,000,000	994,000,000							1,305,000,000	1,070,000,000	1,010,000,000	882,000,000
deferred income tax assets	689,000,000	682,000,000
intangible assets, goodwill and other	773,000,000	714,000,000	405,000,000		421,000,000				435,000,000
total liabilities and shareholders' equity	57,067,000,000	52,666,000,000	50,662,000,000		44,804,000,000				46,435,000,000								37,629,000,000																26,278,000,000	25,873,000,000	25,470,000,000	25,212,000,000	25,206,000,000	26,028,000,000	25,382,000,000		25,752,000,000	26,737,000,000		27,511,000,000	27,511,000,000	24,353,000,000	24,164,000,000		22,905,000,000	23,723,000,000		22,482,000,000	21,927,000,000	22,428,000,000	22,365,000,000	22,384,000,000	20,422,000,000		21,137,000,000
accounts payable and other excluding current portion of operating lease liabilities	2,676,000,000	2,578,000,000	2,660,000,000
deferred income tax liabilities	10,874,000,000	10,066,000,000
other liabilities and deferred credits	612,000,000	522,000,000	441,000,000		534,000,000				674,000,000								590,000,000								644,000,000	662,000,000	678,000,000	704,000,000	893,000,000	815,000,000	760,000,000	778,000,000	738,000,000	683,000,000	1,284,000,000	1,287,000,000	1,333,000,000	1,310,000,000	1,199,000,000	1,196,000,000	1,227,000,000	1,319,000,000	1,381,000,000	1,371,000,000	1,371,000,000	1,381,000,000	1,404,000,000	1,422,000,000	1,410,000,000	1,532,000,000	1,465,000,000	1,451,000,000	1,463,000,000	1,474,000,000	1,513,000,000	1,671,000,000	1,248,000,000	1,264,000,000		1,279,000,000
pension and other postretirement benefits	483,000,000	495,000,000	486,000,000		767,000,000				742,000,000								699,000,000	699,000,000							720,000,000	666,000,000	666,000,000	650,000,000
total long-term debt, including the current portion	20,894,000,000	18,473,000,000	15,429,000,000															10,828,000,000
operating lease liabilities including the current portion	477,000,000	415,000,000	466,000,000
total shareholders' equity	21,051,000,000	20,117,000,000	21,384,000,000		19,651,000,000				18,834,000,000								16,656,000,000	16,656,000,000															11,305,000,000	10,998,000,000	11,471,000,000	11,458,000,000
deferred income taxes			9,796,000,000		8,271,000,000				8,383,000,000								6,953,000,000	6,953,000,000							8,105,000,000	7,383,000,000	7,267,000,000	6,902,000,000	6,920,000,000	6,537,000,000	5,884,000,000	5,700,000,000	5,603,000,000	5,494,000,000	50,000,000	50,000,000	53,000,000	55,000,000	88,000,000	105,000,000	70,000,000	113,000,000	67,000,000	77,000,000	77,000,000	67,000,000	67,000,000	68,000,000	69,000,000	83,000,000	84,000,000	71,000,000	47,000,000	250,000,000	364,000,000	106,000,000	126,000,000	123,000,000	126,000,000	153,000,000
financial measures
key financial performance indicators
total revenues				3,535,000,000			3,409,000,000	3,209,000,000		14,917,000,000	3,830,000,000		3,959,000,000	3,544,000,000	14,321,000,000	3,688,000,000			3,221,000,000	3,329,000,000	3,206,000,000	12,037,000,000	3,014,000,000	2,842,000,000
freight revenues				3,423,000,000			3,249,000,000	3,038,000,000		14,198,000,000	3,618,000,000		3,759,000,000
operating income				1,327,000,000			1,366,000,000	785,000,000		5,593,000,000	1,613,000,000		1,682,000,000	1,080,000,000	5,493,000,000	1,492,000,000		1,301,000,000	1,459,000,000	1,495,000,000	1,303,000,000	5,312,000,000	1,407,000,000	1,293,000,000
adjusted operating income				1,190,000,000			1,366,000,000	1,271,000,000		5,708,000,000	1,613,000,000		1,682,000,000	1,164,000,000
net income				974,000,000	3,562,000,000		985,000,000	545,000,000		4,216,000,000	1,195,000,000		1,362,000,000	786,000,000	4,328,000,000	1,134,000,000	1,310,000,000	2,611,000,000	958,000,000	1,031,000,000	884,000,000	3,640,000,000	972,000,000	858,000,000
adjusted net income				872,000,000			985,000,000	908,000,000		4,189,000,000	1,195,000,000		1,250,000,000	848,000,000	4,056,000,000	1,102,000,000
diluted earnings per share				1,370,000			1,380,000	770,000		5,830,000	1,660,000		1,880,000	1,080,000	5,870,000	1,540,000		3,480,000	1,270,000	1,360,000	1,160,000	4,670,000	1,250,000	1,100,000
adjusted diluted earnings per share				1,230,000			1,380,000	1,280,000		5,800,000	1,660,000		1,730,000	1,170,000	5,500,000	1,500,000			1,310,000	1,340,000	1,150,000	4,590,000	1,250,000	1,110,000
free cash flow				539,000,000			506,000,000	1,008,000,000		1,992,000,000	700,000,000		513,000,000	286,000,000	2,514,000,000	585,000,000			662,000,000	811,000,000	848,000,000	2,520,000,000	574,000,000	585,000,000
gross property additions				412,000,000			691,000,000	714,000,000		4,079,000,000	961,000,000		1,182,000,000	918,000,000	3,531,000,000	1,002,000,000			724,000,000	675,000,000	396,000,000	2,752,000,000	890,000,000	670,000,000
share repurchases				291,000,000						1,700,000,000	394,000,000		445,000,000	432,000,000	2,000,000,000	521,000,000			532,000,000	521,000,000	491,000,000	2,000,000,000	501,000,000	533,000,000
dividends per share				615,000			575,000	575,000		2,150,000	537,500		537,500	537,500	1,820,000	455,000		412,500	412,500	412,500	412,500	1,500,000	375,000	375,000
financial position
total liabilities				25,073,000,000			25,845,000,000	26,424,000,000		25,743,000,000	25,596,000,000		25,020,000,000	25,081,000,000	23,573,000,000	22,603,000,000		20,973,000,000	22,019,000,000	22,194,000,000	22,448,000,000	22,216,000,000	21,954,000,000	21,281,000,000
shareholders' equity				19,891,000,000			19,313,000,000	18,775,000,000		18,041,000,000	18,500,000,000		17,982,000,000	17,528,000,000	17,641,000,000	17,606,000,000			15,085,000,000	15,051,000,000	14,882,000,000	14,841,000,000	15,114,000,000	14,813,000,000
financial ratio
operating ratio				62,500,000			59,900,000	75,500,000		62,500,000	57,900,000		57,500,000	69,500,000	61,600,000	59,500,000			54,700,000	55,100,000	59,400,000	55,900,000	53,300,000	54,500,000
adjusted operating ratio				66,300,000			59,900,000	60,400,000		61,700,000	57,900,000		57,500,000	67,200,000
operational measures
statistical operating data
gross ton miles				120,780,000,000			113,693,000,000	102,386,000,000		482,890,000,000	124,410,000,000		127,606,000,000	115,859,000,000	490,414,000,000	123,042,000,000			118,171,000,000	117,195,000,000	116,235,000,000	423,426,000,000	105,535,000,000	99,999,000,000
revenue ton miles				61,454,000,000			56,296,000,000	52,517,000,000		241,954,000,000	60,849,000,000		64,329,000,000	59,067,000,000	248,383,000,000	61,642,000,000			59,056,000,000	58,789,000,000	59,776,000,000	214,327,000,000	53,448,000,000	49,717,000,000
carloads				1,431,000,000			1,440,000,000	1,294,000,000		5,912,000,000	1,531,000,000		1,538,000,000	1,418,000,000	5,976,000,000	1,525,000,000			1,484,000,000	1,424,000,000	1,368,000,000	5,205,000,000	1,332,000,000	1,249,000,000
route miles				19,500,000,000			19,500,000,000	19,500,000,000		19,500,000,000	19,500,000,000		19,500,000,000	19,500,000,000	19,500,000,000	19,500,000,000			19,500,000,000	19,500,000,000	19,600,000,000	19,600,000,000	19,600,000,000	19,600,000,000
employees				24,577,000,000			24,008,000,000	22,112,000,000		25,975,000,000	27,290,000,000		27,215,000,000	27,119,000,000	25,720,000,000	26,143,000,000			23,428,000,000	23,089,000,000	22,549,000,000	22,249,000,000	22,166,000,000	22,162,000,000
key operating measures
freight revenue per rtm				5,570,000			5,770,000	5,780,000		5,870,000	5,950,000		5,840,000
freight revenue per carload				2,392,000,000			2,256,000,000	2,348,000,000		2,402,000,000	2,363,000,000		2,444,000,000
gtms per average number of employees				4,928,000,000			4,905,000,000	4,564,000,000		18,063,000,000	4,562,000,000		4,706,000,000	4,452,000,000	19,290,000,000	4,750,000,000			5,097,000,000	5,127,000,000	5,190,000,000	18,969,000,000	4,768,000,000	4,498,000,000
operating expenses per gtm				1,830,000			1,800,000	2,370,000		1,930,000	1,780,000		1,780,000	2,130,000	1,800,000	1,780,000			1,490,000	1,560,000	1,640,000	1,590,000	1,520,000	1,550,000
labor and fringe benefits expense per gtm				650,000			580,000	550,000		610,000	560,000		530,000	690,000	580,000	570,000			440,000	450,000	500,000	500,000	470,000	470,000
diesel fuel consumed				111,300,000			97,200,000	90,200,000		451,400,000	110,100,000		114,900,000	117,500,000	462,700,000	113,400,000			107,100,000	108,600,000	112,900,000	398,900,000	94,300,000	93,600,000
average fuel price				2,890,000			2,270,000	2,080,000		3,170,000	3,050,000		3,310,000	3,040,000	3,320,000	3,420,000			2,560,000	2,650,000	2,770,000	2,340,000	2,430,000	2,300,000
fuel efficiency				920,000			850,000	880,000
train weight				9,421,000,000			9,635,000,000	9,922,000,000
train length				8,340,000,000			8,987,000,000
car velocity				187,000,000			175,000,000	201,000,000		198,000,000	209,000,000		214,000,000	173,000,000	188,000,000
through dwell				8,300,000			9,600,000	8,400,000		7,900,000	7,700,000		7,200,000	8,700,000	8,300,000
through network train speed				18,100,000			17,800,000	19,900,000		18,500,000	18,700,000		19,000,000	17,100,000	18,000,000
locomotive utilization				198,000,000			199,000,000	204,000,000		198,000,000	201,000,000		212,000,000	186,000,000	208,000,000
safety indicators
injury frequency rate				1,650,000			1,700,000	1,450,000		1,910,000	1,900,000		1,600,000	2,200,000	1,810,000	1,600,000			1,720,000	1,540,000	1,890,000	1,700,000	1,910,000	1,480,000
accident rate				1,150,000			1,570,000	1,760,000		2,110,000	1,750,000		1,410,000	2,800,000	2,020,000	1,900,000			2,030,000	1,610,000	1,540,000	1,420,000	1,310,000	1,570,000
other comprehensive income					11,000,000												148,000,000
net gain on foreign currency translation					-82,000,000												90,000,000
net change in pension and other postretirement benefit plans					160,000,000												51,000,000
other comprehensive income before income taxes					78,000,000												141,000,000
income tax recovery					-67,000,000												7,000,000
comprehensive income					3,573,000,000												1,458,000,000
in millions					2,020,000,000												2,017,000,000
assets
current assets
cash and cash equivalents					569,000,000				488,000,000								70,000,000								153,000,000	86,000,000	178,000,000	52,000,000	176,000,000	214,000,000	182,000,000	128,000,000	175,000,000	182,000,000	175,000,000	593,000,000	490,000,000	548,000,000	748,000,000	352,000,000	233,000,000	431,000,000	161,000,000	349,000,000	349,000,000	161,000,000	334,000,000	310,000,000	214,000,000	106,000,000	179,000,000	207,000,000	119,000,000	202,000,000	147,000,000	132,000,000	175,000,000	130,000,000	84,000,000	51,000,000
restricted cash and cash equivalents					531,000,000				525,000,000								483,000,000								523,000,000	462,000,000	473,000,000	463,000,000	467,000,000	448,000,000	529,000,000	512,000,000	518,000,000	499,000,000
accounts receivable					1,054,000,000				1,269,000,000								984,000,000								878,000,000	910,000,000	924,000,000	928,000,000	939,000,000	815,000,000	868,000,000	900,000,000	845,000,000	769,000,000	825,000,000	770,000,000	775,000,000	810,000,000	781,000,000	797,000,000	849,000,000	865,000,000	843,000,000	940,000,000	940,000,000	843,000,000	621,000,000	370,000,000	641,000,000	508,000,000	692,000,000	957,000,000	643,000,000	727,000,000	793,000,000	743,000,000	519,000,000	605,000,000	706,000,000	699,000,000
material and supplies					583,000,000				679,000,000								424,000,000								355,000,000	463,000,000	429,000,000	335,000,000	372,000,000	274,000,000	317,000,000	289,000,000	272,000,000	261,000,000	240,000,000	228,000,000	210,000,000	271,000,000	235,000,000	170,000,000	237,000,000	258,000,000	217,000,000	273,000,000	273,000,000	217,000,000	212,000,000	162,000,000	206,000,000	208,000,000	189,000,000	235,000,000	175,000,000	178,000,000	127,000,000	155,000,000	155,000,000	152,000,000	160,000,000	156,000,000
other current assets					365,000,000				284,000,000								229,000,000
total current assets					3,102,000,000				3,616,000,000								2,190,000,000								2,153,000,000	2,159,000,000	2,292,000,000	2,066,000,000	2,108,000,000	1,977,000,000	2,037,000,000	1,999,000,000	1,925,000,000	1,893,000,000	1,841,000,000	1,714,000,000	1,590,000,000
operating lease right-of-use assets					435,000,000				503,000,000
liabilities and shareholders' equity
current liabilities
accounts payable and other					2,364,000,000				2,146,000,000								1,903,000,000								1,556,000,000	1,596,000,000	1,738,000,000	1,657,000,000	1,718,000,000	1,477,000,000	1,499,000,000	1,332,000,000	1,631,000,000	1,342,000,000	1,452,000,000	1,341,000,000	1,366,000,000	1,193,000,000	1,229,000,000	1,167,000,000	1,159,000,000	1,270,000,000	1,289,000,000	1,280,000,000	1,280,000,000
current portion of long-term debt					910,000,000				2,592,000,000								2,080,000,000								1,442,000,000	1,502,000,000	1,083,000,000	544,000,000	485,000,000	1,021,000,000	1,488,000,000	1,466,000,000	678,000,000	895,000,000		474,000,000	540,000,000	109,000,000	108,000,000	70,000,000	89,000,000	506,000,000	85,000,000	527,000,000	527,000,000	85,000,000	269,000,000	254,000,000	293,000,000	244,000,000	218,000,000	127,000,000	370,000,000	225,000,000	578,000,000	257,000,000	149,000,000	559,000,000	949,000,000	558,000,000
total current liabilities					3,274,000,000				4,738,000,000								3,983,000,000								2,998,000,000	3,098,000,000	2,821,000,000	2,201,000,000	2,203,000,000	2,498,000,000	2,987,000,000	2,798,000,000	2,309,000,000	2,237,000,000	1,982,000,000	1,815,000,000	1,906,000,000
long-term debt					11,996,000,000				12,695,000,000								8,748,000,000								8,985,000,000	7,842,000,000	8,320,000,000	7,865,000,000	7,356,000,000	6,819,000,000	6,010,000,000	5,945,000,000	5,770,000,000	5,892,000,000	5,432,000,000	5,451,000,000	5,531,000,000	6,117,000,000	6,189,000,000	6,391,000,000	6,511,000,000	7,093,000,000	6,389,000,000	7,836,000,000	7,836,000,000	6,389,000,000	6,064,000,000	5,363,000,000	5,342,000,000	5,602,000,000	5,386,000,000	5,294,000,000	4,608,000,000	4,956,000,000	4,586,000,000	5,141,000,000	4,367,000,000	4,552,000,000	4,544,000,000	5,168,000,000
operating lease liabilities					311,000,000				369,000,000
common shares					3,698,000,000				3,658,000,000								3,780,000,000								3,705,000,000	3,687,000,000	3,706,000,000	3,718,000,000	3,965,000,000	4,015,000,000	4,036,000,000	4,088,000,000	4,120,000,000	4,153,000,000	4,211,000,000	4,228,000,000	4,252,000,000	4,270,000,000	4,301,000,000	4,266,000,000	4,239,000,000	4,203,000,000	4,208,000,000	4,188,000,000	4,188,000,000	4,208,000,000	4,241,000,000	4,283,000,000	4,359,000,000	4,426,000,000	4,459,000,000	4,543,000,000	4,605,000,000	4,715,000,000	4,706,000,000	4,742,000,000	4,682,000,000	4,631,000,000	4,668,000,000	4,473,000,000
common shares in share trusts					-115,000,000												-168,000,000								-100,000,000	-44,000,000
additional paid-in capital					379,000,000				363,000,000								242,000,000	242,000,000							475,000,000	461,000,000	452,000,000	439,000,000
accumulated other comprehensive loss					-3,472,000,000												-2,784,000,000	-2,784,000,000							-1,767,000,000	-2,192,000,000	-2,201,000,000	-2,427,000,000	-1,699,000,000	-1,850,000,000	-3,080,000,000	-3,187,000,000	-2,803,000,000	-2,834,000,000	-1,741,000,000	-1,736,000,000	-1,709,000,000	-973,000,000	-980,000,000	-948,000,000		-207,000,000				-1,000,000		-31,000,000	-257,000,000	-50,000,000						-57,000,000
retained earnings					19,161,000,000				17,840,000,000								15,586,000,000	15,586,000,000							12,637,000,000	12,042,000,000	11,787,000,000	11,740,000,000	11,481,000,000	10,788,000,000	10,611,000,000	10,211,000,000	9,988,000,000	9,679,000,000	9,001,000,000	8,966,000,000	8,741,000,000	8,560,000,000	8,191,000,000	7,915,000,000	7,452,000,000	7,110,000,000	5,902,000,000	6,841,000,000	6,841,000,000	5,902,000,000	5,823,000,000	5,925,000,000	5,557,000,000	5,434,000,000	5,409,000,000	5,212,000,000	4,763,000,000	4,684,000,000	4,726,000,000	4,612,000,000	4,052,000,000	3,532,000,000	3,469,000,000	3,176,000,000
income taxes receivable									371,000,000
financial ratios
adjusted debt-to-adjusted ebitda										2,020,000					1,940,000							1,750,000
return on invested capital										15,300,000					16,700,000
adjusted roic										15,100,000					15,700,000
gtms per us gallon of fuel consumed										1,070,000,000	1,130,000,000		1,111,000,000	986,000,000	1,060,000,000	1,085,000,000			1,103,000,000	1,079,000,000	1,030,000,000	1,061,000,000	1,119,000,000	1,068,000,000
rail freight revenues														3,413,000,000	13,548,000,000	3,463,000,000			3,016,000,000	3,111,000,000	3,075,000,000	11,326,000,000	2,813,000,000	2,646,000,000
rail freight revenue per rtm														5,780,000	5,450,000	5,620,000			5,110,000	5,290,000	5,140,000	5,280,000	5,260,000	5,320,000
rail freight revenue per carload														2,407,000,000	2,267,000,000	2,271,000,000			2,032,000,000	2,185,000,000	2,248,000,000	2,176,000,000	2,112,000,000	2,118,000,000
financial
operations
terminal dwell																16,900,000			16,000,000	14,600,000	15,600,000	14,000,000	13,500,000	13,600,000
train velocity																22,500,000			25,600,000	26,100,000	25,700,000	27,300,000	27,400,000	27,600,000
see accompanying notes to unaudited consolidated financial statements.
intangible and other assets																	256,000,000								320,000,000	323,000,000	337,000,000	330,000,000	2,155,000,000	1,959,000,000	377,000,000	260,000,000	349,000,000	299,000,000	840,000,000	821,000,000	699,000,000	1,571,000,000	1,166,000,000	1,056,000,000	1,849,000,000	1,814,000,000	2,113,000,000	1,787,000,000	1,787,000,000	2,113,000,000	2,065,000,000	1,999,000,000	1,576,000,000	1,646,000,000	1,615,000,000	970,000,000	930,000,000	873,000,000	940,000,000
number of
balance at december 31, 2017																	3,780,000,000
stock options exercised																	69,000,000
settlement of equity settled awards																	62,000,000
stock-based compensation expense and other
repurchase of common shares																	-53,000,000
share settlements by share trusts
dividends
balance at june 30, 2018																	3,858,000,000
balance at december 31, 2016																	3,730,000,000
other comprehensive loss
balance at june 30, 2017																	3,785,000,000
in millions, except per share data
revenues																		3,285,000,000
basic earnings per share																		3,500,000
included in net income was a deferred income tax recovery of 1,764 million that resulted from the enactment of the u.s. tax reform and a deferred income tax expense of 50 million that resulted from the enactment of higher provincial corporate income tax rates.
included in net income was a deferred income tax expense of 31 million that resulted from the enactment of a higher state corporate income tax rate.
included in net income was a deferred income tax recovery of 18 million that resulted from the enactment of a lower provincial corporate income tax rate.
included in net income was a deferred income tax recovery of 5 million that resulted from the enactment of a lower provincial corporate income tax rate.
included in net income was a gain on disposal of the viaduc du sud of 76 million, or 66 million after-tax, which was recorded in other income.
included in net income was a deferred income tax expense of 7 million that resulted from the enactment of a higher provincial corporate income tax rate.
variance mainly due to:
amounts expressed in canadian dollars and prepared in accordance with united states generally accepted accounting principles (gaap), unless otherwise noted.
see supplementary schedule entitled non-gaap measures for an explanation of these non-gaap measures.
statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available, as such, certain of the comparative data have been restated. definitions of these indicators are provided on cn's website, www.cn.ca/glossary.
based on federal railroad administration (fra) reporting criteria.
statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. definitions of these indicators are provided on cn's website, www.cn.ca/glossary.
see the section entitled adjusted performance measures in the md&a for an explanation of this non-gaap measure.
see the section entitled liquidity and capital resources - free cash flow in the md&a for an explanation of this non-gaap measure.
see the section entitled liquidity and capital resources - adjusted debt-to-adjusted ebitda multiple in the md&a for an explanation of this non-gaap measure.
statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available, as such, certain of the comparative data have been restated. definitions of these indicators are provided on our website, www.cn.ca/glossary.
see supplementary schedule entitled non-gaap measures for an explanation of this non-gaap measure.
statistical operating data, key operating measures and safety indicators are based on estimated data available at such time and are subject to change as more complete information becomes available, as such, certain of the comparative data have been restated. definitions of these indicators are provided on our website, www.cn.ca/glossary.
amounts expressed in canadian dollars and prepared in accordance with united states generally accepted accounting principles, unless otherwise noted.
other																									244,000,000	162,000,000	180,000,000	125,000,000	82,000,000	89,000,000	67,000,000	95,000,000	78,000,000	102,000,000	551,000,000	73,000,000	62,000,000	127,000,000	95,000,000	66,000,000	60,000,000	96,000,000	88,000,000	138,000,000	138,000,000	88,000,000	111,000,000	138,000,000	316,000,000	184,000,000	192,000,000	118,000,000	252,000,000	399,000,000	279,000,000	279,000,000	252,000,000	186,000,000	206,000,000	179,000,000
liabilities and shareholders’ equity
shareholders’ equity
total shareholders’ equity																									14,950,000,000	13,954,000,000	13,744,000,000	13,470,000,000	13,747,000,000	12,953,000,000	11,567,000,000	11,112,000,000
total liabilities and shareholders’ equity																									36,402,000,000	33,605,000,000	33,496,000,000	31,792,000,000	31,673,000,000	30,163,000,000	27,797,000,000	26,992,000,000								25,176,000,000			24,353,000,000					23,460,000,000			24,004,000,000							20,285,000,000		21,273,000,000
see accompanying notes to consolidated financial statements.
on behalf of the board:
robert pace
director
deferred and receivable income taxes																										76,000,000	108,000,000	163,000,000	72,000,000	137,000,000	74,000,000	75,000,000	37,000,000	80,000,000
the company reclassified certain 2014 balances from common shares to additional paid-in capital to conform with the 2015 presentation.
pension and other postretirement benefits, net of current portion																													554,000,000	541,000,000	589,000,000	659,000,000	553,000,000	569,000,000
these unaudited interim consolidated financial statements, expressed in canadian dollars, and prepared in accordance with u.s. gaap, contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the company’s financial position as at december 31, 2013 and december 31, 2012, and its results of operations, comprehensive income, changes in shareholders’ equity and cash flows for the three months and years ended december 31, 2013 and 2012. these consolidated financial statements have been prepared using accounting policies consistent with those used in preparing the company’s 2013 annual consolidated financial statements and should be read in conjunction with such statements, notes thereto and md&a.
current assets:
current liabilities:
shareholders’ equity:
shareholders' equity:
current portion of long-term debt and short-term debt																																			530,000,000
total shareholder's equity																																					11,284,000,000
these unaudited interim consolidated financial statements, expressed in canadian dollars, and prepared in accordance with u.s. gaap, contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the company’s financial position as at december 31, 2010 and december 31, 2009, and its results of operations, changes in shareholders' equity and cash flows for the three months and years ended december 31, 2010 and 2009. these consolidated financial statements have been prepared using accounting policies consistent with those used in preparing the company's 2010 annual consolidated financial statements and should be read in conjunction with such statements, notes thereto and md&a. subsequent event on january 24, 2011, the board of directors of the company approved a new share repurchase program which allows for the repurchase of up to 16.5 million common shares between january 28, 2011 and december 31, 2011 pursuant to a normal course issuer bid, at prevailing market prices or such other prices as may be permitted by the toronto stock exchange.
david g.a. mclean
accumulated other comprehensive income																																									-288,000,000		-1,000,000	-126,000,000	-126,000,000		9,000,000												-13,000,000	92,000,000
accounts payable and accrued charges																																														1,198,000,000	1,262,000,000	1,282,000,000	1,205,000,000	1,460,000,000	1,823,000,000	1,511,000,000	1,429,000,000	1,586,000,000	1,605,000,000	1,276,000,000	1,311,000,000	1,391,000,000	1,456,000,000	1,367,000,000
other assets and deferred charges																																																								947,000,000	774,000,000	828,000,000	837,000,000	856,000,000
convertible preferred securities																																																												367,000,000
current asset s:
oth er liabiliti es and deferred credits																																																											1,334,000,000
convertible preferr ed securities
unaudited

Cashflow Statements:

Quarterly

Annual

Unit: USD	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-03-31	2016-12-31	2015-06-30	2015-03-31	2014-12-31	2013-12-31	2013-03-31	2012-03-31	2011-06-30	2011-03-31	2010-12-31	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-05-29	2009-04-13	2009-03-31	2008-06-30	2008-04-21	2007-12-31	2007-03-31	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-09-30	2003-06-30	2003-03-31

assets
current assets
cash and cash equivalents
restricted cash and cash equivalents
accounts receivable	-129,000,000		-283,000,000					-66,000,000	71,000,000	-12,000,000		-59,000,000	44,000,000	-36,000,000	-18,000,000	54,000,000		70,000,000	-59,000,000	-181,000,000	209,000,000	1,000,000	1,000,000	2,000,000	-235,000,000	519,000,000	176,000,000	64,000,000				8,000,000	-78,000,000
material and supplies	-49,000,000		4,000,000					49,000,000	-84,000,000	52,000,000	35,000,000	-57,000,000	-61,000,000	6,000,000	-19,000,000	77,000,000	-67,000,000	16,000,000	12,000,000	-2,000,000	6,000,000	-53,000,000	-53,000,000	42,000,000	-48,000,000	50,000,000	-19,000,000		-12,000,000				-40,000,000	40,000,000	-37,000,000
deferred and receivable income taxes
other										-4,000,000		6,000,000	2,000,000	75,000,000	-92,000,000	197,000,000	-71,000,000	-144,000,000	-55,000,000	21,000,000	-43,000,000	-14,000,000	-14,000,000	-26,000,000	-33,000,000	-108,000,000	23,000,000	14,000,000	74,000,000	-3,000,000	-6,000,000	14,000,000	26,000,000	-26,000,000	29,000,000
total current assets
properties
pension asset
intangible and other assets
total assets
liabilities and shareholders’ equity
current liabilities
accounts payable and other	-212,000,000		-322,000,000					-112,000,000	21,000,000	-296,000,000	-156,000,000	-321,000,000	-200,000,000	170,000,000	-64,000,000	460,000,000	101,000,000	-153,000,000			-1,000,000	-132,000,000	-132,000,000
current portion of long-term debt
total current liabilities
deferred income taxes	151,000,000	8,178,000,000			294,000,000	100,000,000		77,000,000	70,000,000	134,000,000	149,000,000	83,000,000	194,000,000	15,000,000	104,000,000	-159,000,000	70,000,000	42,000,000	56,000,000	-33,000,000	73,000,000	10,000,000	10,000,000	64,000,000	25,000,000	-282,000,000	7,000,000	136,000,000	-92,000,000	71,000,000	32,000,000	55,000,000	-13,000,000	13,000,000	72,000,000
other liabilities and deferred credits
pension and other postretirement benefits
long-term debt
shareholders’ equity
common shares
additional paid-in capital
accumulated other comprehensive loss
retained earnings
total shareholders’ equity
total liabilities and shareholders’ equity
see accompanying notes to consolidated financial statements.
on behalf of the board:
robert pace
director
issued and
outstanding
common
shares
in millions
balance at december 31, 2011
net income	974,000,000		440,000,000	-466,000,000	1,011,000,000	786,000,000		182,000,000	704,000,000	-9,000,000	-70,000,000	555,000,000	775,000,000	-130,000,000	668,000,000	-53,000,000	511,000,000	1,393,000,000	74,000,000	-165,000,000	552,000,000	424,000,000	424,000,000	148,000,000	311,000,000	348,000,000	324,000,000	299,000,000	30,000,000	20,000,000	116,000,000	210,000,000	8,000,000	-8,000,000	252,000,000
stock-based compensation and other
share repurchase programs
other comprehensive loss
dividends
balance at december 31, 2012
other comprehensive income
balance at december 31, 2013
balance at december 31, 2014
in millions year ended december 31,
operating activities
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	404,000,000		-13,000,000	12,000,000	392,000,000	440,000,000		-11,000,000	296,000,000	21,000,000	13,000,000	235,000,000	230,000,000	-1,000,000	218,000,000	16,000,000	205,000,000	599,000,000	-8,000,000	22,000,000	177,000,000	203,000,000	203,000,000	1,000,000	175,000,000	7,000,000	172,000,000	157,000,000	1,000,000	1,000,000	9,000,000	143,000,000	5,000,000	-5,000,000	145,000,000
gain on disposal of property												-40,000,000	-281,000,000		-288,000,000		-152,000,000					-157,000,000	-157,000,000
changes in operating assets and liabilities:
other current assets	1,000,000				7,000,000	6,000,000		27,000,000	-17,000,000	-32,000,000	-32,000,000		-30,000,000	13,000,000	-10,000,000	-25,000,000	1,000,000	32,000,000	40,000,000	21,000,000	-16,000,000	36,000,000	36,000,000
pensions and other									-69,000,000	-51,000,000	35,000,000	-72,000,000	-546,000,000
net cash from operating activities	952,000,000	4,945,000,000	-537,000,000	577,000,000	1,180,000,000	997,000,000	3,714,000,000	211,000,000	992,000,000	-193,000,000	32,000,000	321,000,000	125,000,000	400,000,000	499,000,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	952,000,000	4,945,000,000	-537,000,000	577,000,000	1,180,000,000	997,000,000	3,714,000,000	211,000,000	992,000,000	-193,000,000	32,000,000	321,000,000	125,000,000	400,000,000	499,000,000
investing activities
property additions	-412,000,000							-191,000,000	-468,000,000	-327,000,000	-249,000,000	-228,000,000	-224,000,000	-157,000,000	-220,000,000	-373,000,000	-134,000,000	-1,060,000,000	-33,000,000			-187,000,000	-187,000,000	-175,000,000	-177,000,000	-140,000,000	-203,000,000
disposal of property												52,000,000	311,000,000		299,000,000		144,000,000	224,000,000	-33,000,000			110,000,000	110,000,000
change in restricted cash and cash equivalents								21,000,000	-10,000,000	3,000,000	113,000,000	9,000,000
net cash from investing activities	-413,000,000	-2,224,000,000					-1,751,000,000	-181,000,000	-481,000,000	-404,000,000	-122,000,000	-161,000,000	89,000,000	-934,000,000	93,000,000
financing activities
issuance of debt	389,000,000			-137,000,000	947,000,000	790,000,000					-229,000,000	1,260,000,000	1,077,000,000
repayment of debt	-258,000,000								-47,000,000		178,000,000	-929,000,000	-745,000,000
net issuance
issuance of common shares due to exercise of stock options and
related excess tax benefits realized																						2,000,000	2,000,000
repurchase of common shares	-277,000,000							8,000,000	-410,000,000	-27,000,000	78,000,000	-361,000,000	-353,000,000	-67,000,000	-340,000,000	7,000,000	-129,000,000				-327,000,000			44,000,000	-367,000,000	7,000,000	-343,000,000								-362,000,000
dividends paid	-436,000,000							2,000,000	-252,000,000	2,000,000	1,000,000	-183,000,000	-165,000,000	2,000,000	-149,000,000	0	-127,000,000	-355,000,000	-1,000,000	-10,000,000	-108,000,000	-118,000,000	-118,000,000	2,000,000	-111,000,000	2,000,000	-107,000,000								-49,000,000
net cash from financing activities	-592,000,000	-2,121,000,000						-244,000,000	-389,000,000	426,000,000	26,000,000	-199,000,000	-132,000,000	15,000,000	-491,000,000
effect of foreign exchange fluctuations on us
dollar-denominated cash and cash equivalents									4,000,000	-2,000,000	1,000,000	12,000,000			2,000,000	-2,000,000	4,000,000		7,000,000
net increase in cash and cash equivalents								-218,000,000	126,000,000	-173,000,000	-63,000,000	-27,000,000	81,000,000	-521,000,000	103,000,000	290,000,000	396,000,000	137,000,000	-280,000,000	-45,000,000	127,000,000	-64,000,000	-64,000,000	-197,000,000	24,000,000	123,000,000	-73,000,000	55,000,000				45,000,000	13,000,000	-13,000,000	59,000,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
supplemental cash flow information
net cash receipts from customers and other								-129,000,000	3,212,000,000	-129,000,000	209,000,000	2,509,000,000	2,379,000,000	123,000,000	2,105,000,000	148,000,000	2,057,000,000	5,703,000,000	-32,000,000	-557,000,000	2,391,000,000	1,904,000,000	1,904,000,000	138,000,000	1,748,000,000	439,000,000	2,015,000,000	1,886,000,000	2,000,000	119,000,000	215,000,000	1,404,000,000
net cash payments for:
employee services, suppliers and other incomes									-1,800,000,000			-1,672,000,000		115,000,000	-1,271,000,000	56,000,000							-1,362,000,000			127,000,000	-1,178,000,000
interest								-20,000,000	-91,000,000	-25,000,000	0	-90,000,000	-110,000,000	12,000,000	-87,000,000	-10,000,000	-91,000,000	-300,000,000	-14,000,000	-11,000,000	-82,000,000	-106,000,000	-106,000,000	10,000,000	-100,000,000	19,000,000	-114,000,000						1,000,000	-1,000,000	82,000,000
personal injury and other claims								2,000,000	-15,000,000	-5,000,000	-1,000,000	-14,000,000	-30,000,000	1,000,000	-17,000,000	-1,000,000	-14,000,000	-91,000,000	14,000,000	-17,000,000	-18,000,000	-30,000,000	-30,000,000	8,000,000	-26,000,000	-16,000,000	-20,000,000						21,000,000	-21,000,000	38,000,000
pensions									-86,000,000	-15,000,000	-7,000,000	-101,000,000	-553,000,000		-93,000,000	293,000,000	-100,000,000	-74,000,000	-29,000,000	-4,000,000	-24,000,000			-9,000,000	-22,000,000	2,000,000	-1,000,000						-16,000,000	16,000,000	3,000,000
income taxes								42,000,000	-228,000,000	-4,000,000	-36,000,000	-311,000,000	-27,000,000	61,000,000	-138,000,000	81,000,000	-25,000,000	-208,000,000	35,000,000	38,000,000	-110,000,000	-84,000,000	-84,000,000	-27,000,000	-90,000,000	-60,000,000	-430,000,000								58,000,000
table of contents
note
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
selected railroad statistics
·
the cost of pension benefits provided in exchange for employees’ services rendered during the year;
the interest cost of pension obligations;
the expected long-term return on pension fund assets;
the amortization of prior service costs and amendments over the expected average remaining service life of the employee group covered by the plans; and
gain on disposal of land
total other income
includes foreign exchange gains and losses.
canadian statutory federal tax rate
income tax expense at the canadian statutory federal tax rate
income tax expense (recovery) resulting from:
provincial and foreign taxes
deferred income tax adjustments due to rate enactments
gain on disposals
income tax expense
cash payments for income taxes
includes mainly canadian provincial taxes and u.s. federal and state taxes.
includes the net income tax expense resulting from the enactment of provincial and state corporate tax rates.
relates to the permanent differences arising from lower capital gain tax rates on the gain on disposal of the company’s properties in canada.
includes adjustments relating to the resolution of matters pertaining to prior years' income taxes, including net recognized tax benefits, and other items.
income before income taxes
domestic
foreign
total income before income taxes
current income tax expense
total current income tax expense
deferred income tax expense
total deferred income tax expense
deferred income tax assets
pension liability
personal injury and legal claims
environmental and other reserves
other postretirement benefits liability
net operating incomees and tax credit carryforwards
total deferred income tax assets
deferred income tax liabilities
total deferred income tax liabilities
total net deferred income tax liability
net current deferred income tax asset
net noncurrent deferred income tax liability
gross unrecognized tax benefits at beginning of year
increases for:
decreases for:
gross unrecognized tax benefits at end of year
adjustments to reflect tax treaties and other arrangements
net unrecognized tax benefits at end of year
in millions, except per share data
weighted-average basic shares outstanding
effect of stock-based compensation
weighted-average diluted shares outstanding
basic earnings per share
diluted earnings per share
freight
non-freight
gross accounts receivable
allowance for doubtful accounts
net accounts receivable
properties including capital leases
track and roadway
rolling stock
buildings
information technology
total properties including capital leases
capital leases included in properties
total capital leases included in properties
deferred and long-term receivables
intangible assets
investments
total intangible and other assets
trade payables
payroll-related accruals
income and other taxes
accrued charges
stock-based compensation liability
accrued interest
personal injury and other claims provisions
environmental provisions
total accounts payable and other
notes and debentures
canadian national series:
6.80%
5.55%
2.75%
2.85%
2.25%
7.63%
2.95%
6.90%
7.38%
6.25%
6.20%
6.71%
6.38%
3.50%
4.50%
illinois central series:
5.00%
7.70%
bc rail series:
non-interest bearing 90-year subordinated notes
total notes and debentures
commercial paper
accounts receivable securitization
capital lease obligations
total debt, gross
less:
total debt
total long-term debt
the company's notes, debentures and revolving credit facility are unsecured.
the fixed rate debt securities are redeemable, in whole or in part, at the option of the company, at any time, at the greater of par and a formula price based on interest rates prevailing at the time of redemption.
the company records these notes as a discounted debt of 9 million, using an imputed interest rate of 5.75%. the discount of 833 million is included in the net unamortized discount.
see note 17 - financial instruments, for the fair value of debt.
issuances of commercial paper
repayments of commercial paper
net issuance (repayment) of commercial paper
2015
2016
2017
2018
2019
2020 and thereafter
total
current portion of long-term debt.
total amount of us dollar-denominated debt in us
total amount of us dollar-denominated debt in c
personal injury and other claims provisions, net of current portion
stock-based compensation liability, net of current portion
environmental provisions, net of current portion
deferred credits and other
total other liabilities and deferred credits
target
long-term
asset mix
cash and short-term investments
bonds and mortgages
equities
real estate
oil and gas
infrastructure
absolute return
risk-based allocation
real estate is a diversified portfolio of canadian land and commercial properties held by the trusts’ wholly-owned subsidiaries.
oil and gas investments include petroleum and natural gas properties operated by the trusts’ wholly-owned subsidiaries and listed and non-listed canadian securities of oil and gas companies.
infrastructure investments include participations in private infrastructure funds, public and private debt and publicly traded equity securities of infrastructure and utility companies. some of these investments are held by the trusts’ wholly-owned subsidiaries.
risk-based allocation investments are a portfolio of units of externally managed funds where the overall risk of the asset class is managed in order to capture over time different asset classes risk premiums. some of these investments are held by the trusts’ wholly-owned subsidiaries.
bonds
canada, u.s. and supranational
provinces of canada and municipalities
corporate
emerging market debt
mortgages
canadian
u.s.
international
absolute return funds
multi-strategy
fixed income
equity
global macro
commodity
total plan assets
level 1: fair value based on quoted prices in active markets for identical assets.
level 2: fair value based on significant observable inputs.
level 3: fair value based on significant unobservable inputs.
actual return relating to assets still held at the reporting date
purchases
sales
cash and short-term investments are valued at cost, which approximates fair value, and are categorized as level 1 for cash and level 2 for short-term investments.
absolute return investments are valued using the net asset value as reported by the independent fund administrators. all absolute return investments have contractual redemption frequencies, ranging from monthly to annually, and redemption notice periods varying from 5 to 90 days. absolute return investments that have redemption dates less frequent than every four months or that have restrictions on contractual redemption features at the reporting date are categorized as level 3.
risk-based allocation investments are valued using the net asset value as reported by the independent fund administrators and are categorized as level 2. all funds have contractual redemption frequencies ranging from daily to annually, and redemption notice periods varying from 5 to 60 days.
other consists of operating assets of 145 million (85 million in 2013) and liabilities of 130 million (24 million in 2013) required to administer the trusts' investment assets and the plans' benefit and funding activities. such assets are valued at cost and have not been assigned to a fair value category.
obligations and funded status
change in benefit obligation
projected benefit obligation at beginning of year
amendments
interest cost
actuarial gain on projected benefit obligation
service cost
plan participants’ contributions
foreign currency changes
benefit payments, settlements and transfers
projected benefit obligation at end of year
component representing future salary increases
accumulated benefit obligation at end of year
change in plan assets
fair value of plan assets at beginning of year
employer contributions
actual return on plan assets
fair value of plan assets at end of year
funded status - excess (deficiency) of fair value of plan assets over
measurement date for all plans is december 31.
the projected benefit obligation and fair value of plan assets for the cn pension plan at december 31, 2014 were 16,059 million and 16,905 million, respectively (14,458 million and 16,059 million, respectively, at december 31, 2013).
amounts recognized in the consolidated balance sheet
noncurrent assets - pension asset
noncurrent liabilities - pension and other postretirement benefits
total amount recognized
amounts recognized in accumulated other comprehensive loss
net actuarial gain
prior service cost
information for the pension plans with an accumulated benefit obligation in excess of plan assets
projected benefit obligation
accumulated benefit obligation
fair value of plan assets
components of net periodic benefit cost
current service cost
curtailment gain
settlement gain
expected return on plan assets
amortization of prior service cost
amortization of net actuarial gain
net periodic benefit cost
the estimated prior service cost and net actuarial loss for defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost (income) over the next fiscal year are 4 million and 253 million, respectively.
the estimated prior service cost and net actuarial gain for other postretirement benefits that will be amortized from accumulated other comprehensive loss into net periodic benefit cost (income) over the next fiscal year are 1 million and 4 million, respectively.
weighted-average assumptions used in accounting for pensions and other postretirement benefits
to determine projected benefit obligation
discount rate
rate of compensation increase
to determine net periodic benefit cost
the company’s discount rate assumption, which is set annually at the end of each year, is used to determine the projected benefit obligation at the end of the year and the net periodic benefit cost for the following year. the discount rate is used to measure the single amount that, if invested at the measurement date in a portfolio of high-quality debt instruments with a rating of aa or better, would provide the necessary cash flows to pay for pension benefits as they become due. the discount rate is determined by management with the aid of third-party actuaries. for the canadian pension and other postretirement benefit plans, future expected benefit payments at each measurement date are discounted using spot rates from a derived aa corporate bond yield curve. the derived curve is based on observed rates for aa corporate bonds with short-term maturities and a projected aa corporate curve for longer term maturities based on spreads between observed aa corporate bonds and aa provincial bonds. the derived curve is expected to generate cash flows that match the estimated future benefit payments of the plans as the bond rate for each maturity year is applied to the plans’ corresponding expected benefit payments of that year.
the rate of compensation increase is determined by the company based upon its long-term plans for such increases.
health care cost trend rate for other postretirement benefits
for measurement purposes, increases in the per capita cost of covered health care benefits were assumed to be 7.5% for 2014 and 2015. it is assumed that the rate will decrease gradually to 4.5% in 2028 and remain at that level thereafter.
assumed health care costs have an effect on the amounts reported for the health care plan. a one-percentage-point change in the assumed health care cost trend rate would have the following effect:
effect on total service and interest costs
effect on benefit obligation
estimated future benefit payments
years 2020 to 2024
issued and outstanding common shares at beginning of year
number of common shares repurchased
stock options exercised
issued and outstanding common shares at end of year
weighted-average price per share
amount of repurchase
includes brokerage fees.
equity settled stock-based compensation expense
excess tax benefits on stock-based compensation
modification of stock-based compensation awards
total stock-based compensation and other
year ended december 31,
number of participants holding shares
total number of esip shares purchased on behalf of employees
expense for company contribution
cash settled awards
share units plan
voluntary incentive deferral plan
total cash settled awards
equity settled awards
stock option awards
total equity settled awards
total stock-based compensation expense
tax benefit recognized in income
outstanding at december 31, 2013
granted
modifications
forfeited/settled
vested during year
outstanding at december 31, 2014
in millions, unless otherwise indicated
year of grant
stock-based compensation expense
recognized over requisite service period
year ended december 31, 2014
year ended december 31, 2013
year ended december 31, 2012
liability outstanding
december 31, 2014
december 31, 2013
fair value per unit
fair value of awards vested during the year
nonvested awards at december 31, 2014
unrecognized compensation cost
remaining recognition period
assumptions
stock price
expected stock price volatility
expected term
risk-free interest rate
dividend rate
compensation cost is based on the fair value of the awards at period-end using the lattice-based valuation model that uses the assumptions as presented herein.
compensation cost is based on intrinsic value.
includes the reversal of approximately 20 million of stock-based compensation expense related to the forfeiture of psus by former executives.
the remaining recognition period has not been quantified as it relates solely to the 25% company grant and the dividends earned thereon, representing a minimal number of units.
based on the historical volatility of the company's stock over a period commensurate with the expected term of the award.
represents the remaining period of time that awards are expected to be outstanding.
based on the implied yield available on zero-coupon government issues with an equivalent term commensurate with the expected term of the awards.
based on the annualized dividend rate.
units nonvested
modification
at grant date
grant price
compensation cost is based on the fair value of the awards at the modification date using the lattice-based valuation model that uses the assumptions as presented herein.
compensation cost is based on intrinsic value at the modification date.
stock price at the modification date.
exercised
vested
exercisable at december 31, 2014
stock options with a us dollar exercise price have been translated to canadian dollars using the foreign exchange rate in effect at the balance sheet date.
range of exercise prices
16.93
23.04
30.76
41.86
57.62
compensation cost is based on the grant date fair value using the black-scholes option-pricing model that uses the assumptions at the grant date.
based on the average of the historical volatility of the company's stock over a period commensurate with the expected term of the award and the implied volatility from traded options on the company's stock.
total intrinsic value
cash received upon exercise of options
related excess tax benefit realized
before reclassifications:
unrealized foreign exchange loss on
unrealized foreign exchange gain on
actuarial loss arising during year
prior service costs from plan
amounts reclassified from accumulated
other comprehensive loss:
amortization of net actuarial loss
actuarial gain arising during year
reclassified to labor and fringe benefits on the consolidated statement of income and included in components of net periodic benefit cost. see note 12 - pensions and other postretirement benefits.
included in income tax expense on the consolidated statement of income.
amortization of gain on treasury lock
related to treasury lock transactions settled in prior years, which are being amortized over the terms of the related debt to interest expense on the consolidated statement of income.
present value of minimum lease payments included in debt
beginning of year
accruals and other
payments
end of year
current portion - end of year
foreign exchange
the lack of specific technical information available with respect to many sites;
the absence of any government authority, third-party orders, or claims with respect to particular sites;
the potential for new or changed laws and regulations and for development of new remediation technologies and uncertainty regarding the timing of the work with respect to particular sites; and
the determination of the company’s liability in proportion to other potentially responsible parties and the ability to recover costs from any third parties with respect to particular sites.
level 2: quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
financial assets
financial liabilities
each region’s sole business activity is the transportation of freight over the company’s extensive rail network;
the regions service national accounts that extend over the company’s various commodity groups and across its rail network;
the services offered by the company stem predominantly from the transportation of freight by rail with the goal of optimizing the rail network as a whole;
the company and its subsidiaries, not its regions, are subject to single regulatory regimes in both canada and the u.s.
revenues
canada
total revenues
total net income
total properties
financial measures
key financial performance indicators
rail freight revenues
operating income
adjusted diluted earnings per share
free cash flow
gross property additions
share repurchases
dividend per share
financial position
total liabilities
shareholders' equity
financial ratios
operating ratio
adjusted debt-to-total capitalization ratio
adjusted debt-to-adjusted ebitda
operational measures
statistical operating data
gross ton miles
revenue ton miles
carloads
route miles
employees
key operating measures
rail freight revenue per rtm
rail freight revenue per carload
gtms per average number of employees
operating expenses per gtm
labor and fringe benefits expense per gtm
diesel fuel consumed
average fuel price
gtms per us gallon of fuel consumed
terminal dwell
train velocity
safety indicators
injury frequency rate
accident rate
see the section entitled adjusted performance measures in the md&a for an explanation of this non-gaap measure.
see the section entitled liquidity and capital resources - free cash flow in the md&a for an explanation of this non-gaap measure.
see the section entitled liquidity and capital resources - credit measures in the md&a for an explanation of this non-gaap measure.
statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available, as such, certain of the comparative data have been restated. definitions of these indicators are provided on our website, www.cn.ca/glossary.
based on federal railroad administration (fra) reporting criteria.
page
business profile
corporate organization
strategy overview
forward-looking statements
financial outlook
financial highlights
adjusted performance measures
operating expenses
other income and expenses
2013 compared to 2012
summary of quarterly financial data
summary of fourth quarter 2014
liquidity and capital resources
off balance sheet arrangements
financial instruments
outstanding share data
critical accounting estimates
business risks
controls and procedures
statements relating to general economic and business
conditions, including those referring to revenue
growth opportunities
∙ year-over-year carload growth
statements relating to the company’s ability to meet debt
repayments and future obligations in the foreseeable future,
including income tax payments, and capital spending
∙ adequate cash generated from operations and other sources of financing
statements relating to pension contributions
∙ adequate long-term return on investment on pension plan assets
∙ level of funding as determined by actuarial valuations, particularly
influenced by discount rates for funding purposes
in millions, except percentages and per share data
adjusted net income
adjusted basic earnings per share
dividends declared per share
total long-term liabilities
see the section of this md&a entitled adjusted performance measures for an explanation of this non-gaap measure.
see the section of this md&a entitled liquidity and capital resources - free cash flow for an explanation of this non-gaap measure.
net income as reported
adjustments:
other income
basic earnings per share as reported
impact of adjustments, per share
diluted earnings per share as reported
other revenues
petroleum and chemicals
metals and minerals
forest products
coal
grain and fertilizers
intermodal
automotive
total rail freight revenues
rail freight revenue/rtm
rail freight revenue/carload
rtms
revenue/rtm
percentage of 2014 revenues
chemicals and plastics
crude and condensate
refined petroleum products
sulfur
metals
energy materials
minerals
iron ore
pulp and paper
lumber and panels
petroleum coke
oilseeds
food grains
feed grains
fertilizers
finished vehicles
auto parts
vessels and docks
other non-rail services
labor and fringe benefits
purchased services and material
fuel
equipment rents
casualty and other
total operating expenses
income tax expenses
after-tax gain on disposal of property
impact on net income
impact on basic earnings per share
impact on diluted earnings per share
income tax expenses resulted from the enactment of provincial corporate income tax rate changes.
variance mainly due to:
effect of foreign exchange fluctuations on
us dollar-denominated cash and cash equivalents
less: capital leases
october 2014 - october 2015 program
number of common shares
october 2013 - october 2014 program
october 2012 - october 2013 program
total for the year
debt obligations
interest on debt obligations
operating lease obligations
purchase obligations
pension contributions
other long-term liabilities reflected on
the balance sheet
total contractual obligations
presented net of unamortized discounts, of which 833 million relates to non-interest bearing notes due in 2094, and excludes capital lease obligations of 670 million which are included in “capital lease obligations“. also includes 50 million outstanding under the accounts receivable securitization program.
includes 670 million of minimum lease payments and 145 million of imputed interest at rates ranging from 0.7% to 8.5%.
includes minimum rental payments for operating leases having initial non-cancelable lease terms of one year or more. the company also has operating lease agreements for its automotive fleet with one-year non-cancelable terms for which its practice is to renew monthly thereafter. the estimated annual rental payments for such leases are approximately 25 million and generally extend over five years.
includes commitments for railroad ties, rail, freight cars, locomotives and other equipment and services, and outstanding information technology service contracts and licenses.
includes expected payments for workers’ compensation, workforce reductions, postretirement benefits other than pensions, net unrecognized tax benefits and environmental liabilities that have been classified as contractual settlement agreements.
net cash provided before financing activities
adjustment: change in restricted cash and cash equivalents
debt-to-total capitalization ratio
add: impact of present value of operating lease commitments
debt
add: present value of operating lease commitments
adjusted debt
add: depreciation and amortization
ebitda
add: deemed interest on operating leases
adjusted ebitda
debt-to-total capitalization is calculated as total long-term debt plus current portion of long-term debt, divided by the sum of total debt plus total shareholders’ equity.
the operating lease commitments have been discounted using the company’s implicit interest rate for each of the periods presented.
commodity price risk
net periodic benefit cost (income) for pensions
net periodic benefit cost for other postretirement benefits
projected pension benefit obligation
accumulated other postretirement benefit obligation
rates of return
actual
market-related value
expected
plan assets by category
company contributions in 2014
employee contributions in 2014
other consists of operating assets of 145 million (85 million in 2013) and liabilities of 130 million (24 million in 2013) required to administer the trust funds’ investment assets and the plans' benefit and funding activities.
border security arrangements, pursuant to an agreement the company and canadian pacific railway company entered into with the cbp and the cbsa.
the cbp’s customs-trade partnership against terrorism (c-tpat) program and designation as a low-risk carrier under cbsa’s customs self-assessment (csa) program.
regulations imposed by the cbp requiring advance notification by all modes of transportation for all shipments into the u.s. the cbsa is also working on similar requirements for canada-bound traffic.
inspection for imported fruits and vegetables grown in canada and the agricultural quarantine and inspection (aqi) user fee for all traffic entering the u.s. from canada.
gamma ray screening of cargo entering the u.s. from canada, and potential security and agricultural inspections at the canada/u.s. border.
the phmsa requires carriers operating in the u.s. to report annually the volume and route-specific data for cars containing these commodities; conduct a safety and security risk analysis for each used route; identify a commercially practicable alternative route for each used route; and select for use the practical route posing the least safety and security risk.
the phmsa has issued regulations to enhance the crashworthiness protection of tank cars used to transport toxic inhalation hazard materials and to limit the operating conditions of such cars.
in canada, the transportation of dangerous goods act establishes the safety requirements for the transportation of goods classified as dangerous and enables the establishment of regulations for security training and screening of personnel working with dangerous goods, as well as the development of a program to require a transportation security clearance for dangerous goods and that dangerous goods be tracked during transport.
i have reviewed this report on form 6-k of canadian national railway company;
based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
the registrant’s other certifying officer and i are responsible for establishing and maintaining disclosure controls and procedures (as defined in exchange act rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in exchange act rules 13a-15(f) and 15d-15(f)) for the registrant and have:
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
date:
effect of foreign exchange fluctuations on cash, cash equivalents, restricted cash, and restricted cash equivalents
net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	-53,000,000	600,000,000			425,000,000	60,000,000
cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year
cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year
pension income and funding	-109,000,000
recovery of loss on assets held for sale	-137,000,000
other operating activities	58,000,000		-11,000,000	32,000,000	27,000,000	305,000,000
other investing activities
change in commercial paper	13,000,000				304,000,000
settlement of foreign exchange forward contracts on debt			-62,000,000	19,000,000	21,000,000	8,000,000
issuance of common shares for stock options exercised	20,000,000		15,000,000	-15,000,000	22,000,000	32,000,000
withholding taxes remitted on the net settlement of equity settled awards	-27,000,000
purchase of common shares for settlement of equity settled awards
purchase of common shares by share trusts
effect of foreign exchange fluctuations on cash, cash equivalents, restricted cash and restricted cash equivalents					3,000,000
cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period	1,100,000,000		-109,000,000	425,000,000	588,000,000	759,000,000
cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	1,047,000,000		-88,000,000	-109,000,000	1,013,000,000	819,000,000
cash and cash equivalents, end of period	518,000,000		-90,000,000	-113,000,000	488,000,000	339,000,000		-92,000,000	178,000,000	-124,000,000	32,000,000	128,000,000	182,000,000	-418,000,000	593,000,000	-58,000,000	748,000,000		-198,000,000	143,000,000	288,000,000	349,000,000	349,000,000	-173,000,000	334,000,000	96,000,000	106,000,000	202,000,000	15,000,000	-3,000,000	-40,000,000	175,000,000	-46,000,000	46,000,000	84,000,000
restricted cash and cash equivalents, end of period	529,000,000		2,000,000	4,000,000	525,000,000	480,000,000
interest paid	-174,000,000		-94,000,000	91,000,000	-183,000,000	-151,000,000
income taxes refunded	-188,000,000			-7,000,000	9,000,000
cash and cash equivalents and restricted cash and cash equivalents
other current assets, excluding cash and cash equivalents and restricted cash and cash equivalents
operating lease right-of-use-assets
intangible assets, goodwill and other
total liabilities and shareholders' equity
accounts payable and other excluding current portion of operating lease liabilities
total long-term debt, including the current portion
operating lease liabilities including the current portion
total shareholders' equity
loss on assets held for sale
acquisition, net of cash acquired
disbursement (purchase) of common shares by share trusts
acquisition, additional cash consideration
income taxes paid						-242,000,000
acquisitions, net of cash acquired																						-373,000,000	-373,000,000
adjustments to reconcile net income to net cash from
operating activities:
settlement of foreign exchange forward contracts on long-term debt
effect of foreign exchange fluctuations on us dollar-denominated cash,
cash equivalents, restricted cash, and restricted cash equivalents
see accompanying notes to unaudited consolidated financial statements.
effect of foreign exchange fluctuations on us dollar-denominated cash, cash equivalents,
restricted cash, and restricted cash equivalents
common shares issued for stock options exercised,
excess tax benefits, and other
adjustments to reconcile net income to net cash
provided by operating activities:
net issuance of commercial paper								-241,000,000	310,000,000
equity award settlements, and excess tax benefits								-7,000,000	10,000,000
cash and cash equivalents, beginning of period								126,000,000	52,000,000	49,000,000	95,000,000	155,000,000	101,000,000	103,000,000	490,000,000	-348,000,000	352,000,000		82,000,000	188,000,000	161,000,000	413,000,000	413,000,000	24,000,000	310,000,000	-27,000,000	179,000,000	147,000,000	-3,000,000	-40,000,000	45,000,000	130,000,000		59,000,000	25,000,000
employee services, suppliers and other expenses													-1,534,000,000				-1,230,000,000	-3,389,000,000	45,000,000	225,000,000	-1,195,000,000	-1,362,000,000			-1,339,000,000
issuance of common shares due to exercise of stock
options and related excess tax benefits realized										-5,000,000	-2,000,000	14,000,000	54,000,000	11,000,000	20,000,000	-13,000,000	52,000,000		21,000,000
issuance of debt, excluding commercial paper
repayment of debt, excluding commercial paper
repayment of long-term debt															-22,000,000
issuance of long-term debt																		1,441,000,000			778,000,000	1,440,000,000	1,440,000,000	542,000,000	1,055,000,000	-995,000,000	434,000,000	620,000,000	-1,550,000,000	-627,000,000	3,039,000,000	491,000,000	608,000,000	-608,000,000	1,316,000,000
provided from operating activities:
other changes in:
cash provided from operating activities																				-325,000,000	957,000,000	318,000,000	318,000,000	244,000,000	165,000,000	512,000,000	263,000,000	583,000,000	132,000,000	-34,000,000	285,000,000	305,000,000	-140,000,000	140,000,000	361,000,000
cash used by investing activities																		-1,115,000,000	-86,000,000	157,000,000	-393,000,000	-446,000,000	-446,000,000	-177,000,000	-166,000,000	312,000,000	-193,000,000								-131,000,000
reduction of long-term debt																	-18,000,000	-1,498,000,000	-424,000,000	611,000,000	-798,000,000	-1,272,000,000	-1,272,000,000	-838,000,000	-580,000,000	300,000,000	-145,000,000								-1,087,000,000
cash used by financing activities																		-373,000,000	-219,000,000							-696,000,000	-143,000,000								-122,000,000
cash from operating activities																	597,000,000	1,629,000,000
cash from (used by) investing activities																	17,000,000
cash from (used by) financing activities																	-222,000,000
gain on disposal of investment
disposal of investment
effect of foreign exchange fluctuations on us dollar-denominated cash and cash equivalents
workforce reductions																					-5,000,000			0	-6,000,000	1,000,000	-9,000,000						7,000,000	-7,000,000	48,000,000
effect of foreign exchange fluctuations on u.s.
adjustments to reconcile net income to net cash provided from operating activities:
gain on sale of central station complex
gain on sale of investment in english welsh and scottish railway
properties additions																					-415,000,000
sale of central station complex
sale of investment in english welsh and scottish railway
issuance of common shares due to exercise of stock options and related excess tax benefits realized																					14,000,000
cash provided from (used by) financing activities																					-441,000,000				15,000,000				-1,077,000,000	594,000,000
effect of foreign exchange fluctuations on u.s. dollar-denominated cash and cash equivalents																					4,000,000				10,000,000
cash provided from financing activities																						52,000,000	52,000,000
effect of foreign exchange fluctuations on u.s. dollar-
denominated cash and cash equivalents																						12,000,000	12,000,000
certain of the 2007 figures have been restated to conform to the 2008 presentation.
accounts payable and accrued charges																								10,000,000	-68,000,000	185,000,000	-402,000,000
other net current assets and liabilities																								3,000,000	38,000,000	-54,000,000	-18,000,000		-50,000,000	-22,000,000			-13,000,000
issuance of common shares due to exercise of stock options
and related excess tax benefits realized																									18,000,000	-10,000,000	18,000,000
adjustments to reconcile net income to net cash provided from
effect of foreign exchange fluctuations on u.s. dollar-denominated
adjustments to reconcile net income to net cash provided
from operating activities:
equity in earnings of english welsh and scottish railway																															-2,000,000	5,000,000			-14,000,000
net additions to properties																																			-121,000,000
acquisition of bc rail
acquisition of great lakes transportation llc's
railroads and related holdings
issuance of common shares																												70,000,000	-5,000,000	13,000,000	3,000,000	14,000,000	-19,000,000	19,000,000	11,000,000
cash provided from (used by) investing activities																																16,000,000
cumulative effect of change in accounting policy																																			-48,000,000
acquisition of glt
includes glt and bc rail from may 10, 2004 and july 14, 2004, respectively.
net cash receipts (payments) for:
unaudited
charge to increase u.s.personal injury and other
claims liability
workforce reduction charges
gain on sale of investment
write-down of investment
acquisition of wisconsin central transportation corporation
other,net
cash and cash equivalents,beginning of period
certain of the 2001 and 2002 figures have been reclassified in order to be consistent with the 2003 presentation.
adjustments to r econcile net income to net cash provided from
account s receivable																																			1,000,000
account s payable and accrued charges																																			-30,000,000
other net current asset s and liabilities																																			-9,000,000
payments for:

Canadian National Railway Company(NYSE:CNI)

Canadian National Railway Company
(NYSE:CNI)