Investor Presentaiton
Reconciliation to GAAP
Computation of Adjusted Debt to EBITDAR less Maintenance Capital and EBITDAR less
Maintenance Capital Interest Coverage
Twelve Months
Ended 3/31/17
12/31/2016
12/31/2015
Net Income
Add: Taxes
Add: Interest Expense
Add: Other (Income) Expense - net
Operating Income
Add: Depreciation & Amort
Add: Rent Expense
3,623
2,157
3,569
2,124
4,248
999
992
2,527
928
(5)
21
LA LA
$
6,774
$
6,685
$
7,724
2,181
2,128
2,001
579
584
605
EBITDAR
$
9,534
$
9,397
10,330
Less: Replacement capital
(2,506)
(2,594)
(2,944)
Less: Locomotive Replacement
(309)
(363)
(480)
Adjusted EBITDAR
$
6,719
$
6,440
$
6,906
Debt (a)
23,241
22,044
21,737
Other adjustments (b)
(1,277)
Adjusted Debt
$
21,964
$
166
22,210
(925)
$
20,812
Adjusted Debt to EBITDAR less Maintenance Capital
Adjusted EBITDAR
Interest
3.3
3.5
3.0
6,719
999
6,440
992
6,906
928
Adjustments including interest portion of rent expense
Adjusted Interest
192
193
202
$
1,191
$
1,185
$
1,130
EBITDAR less Maintenance Capital Interest Coverage
5.6
5.4
6.1
BNSF
$ in Millions
(a) Debt was restated to reclassify debt issuance costs from other assets to long term debt with the adoption of ASU 2015-
03 in 2015. Restatement period was December 2014 and 2015.
(b) Primarily cash offset by long-term operating leases.
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