SPOTLIGHT TOPIC UPDATE - Agricultural Products
Reconciliation to GAAP
Computation of Adjusted Debt to EBITDAR less Maintenance Capital and
EBITDAR less Maintenance Capital Interest Coverage
Twelve Months
Ended 9/30/16
12/31/2015
12/31/2014
$ in Millions
Net Income
$
3,660
$
Add: Taxes
2,197
4,248
2,527
$
Add: Interest Expense
989
928
3,869
2,300
833
Add: Other (Income) Expense - net
(2)
21
11
Operating Income
$
6,844
$
7,724
$
7,013
Add: Depreciation & Amortization
$
2,097
$
2,001
$
2,123
Add: Rent Expense
EBITDAR
564
605
613
$
9,505
$
10,330
$
9,749
Less: Replacement capital
(2,766)
(2,944)
(2,539)
Less: Locomotive Replacement
(459)
(480)
(450)
EBITDAR Less Maintenance Capital
$
6,280
$
6,906
$
6,760
Debt (a)
$
22,166
$
21,737
$
19,204
Other adjustments (b)
72
(925)
(323)
Adjusted Debt
$
22,238
$
20,812
$
18,881
Adjusted Debt to EBITDAR less Maintenance Capital
EBITDAR Less Maintenance Capital
Interest
3.5x
3.0x
2.8x
$
6,280
$
6,906
$
6,760
989
928
833
Adjustments including interest portion of rent expense
Adjusted Interest
$
187
1,176
$
202
1,130
205
$
1,038
EBITDAR less Maintenance Capital Interest Coverage
5.3x
6.1x
6.5x
(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 long-term operating leases offset by cash
BNSF
33
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