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Railroad Facts 1989 Edition
Railroad Facts 1989 Edition
Soft Cover
64 pages
Copyright 1989
CONTENTS
Preface 2-3
Recent Trends 4-8
Statistical Highlights 9
Financial Results:
Condensed Income Account 10
Revenues and Expenses 11-15
Taxes 16
"NROI" and Return on Investment 17-18
Retained Funds and Capital Outlays 19
Ordinary Income and Return on Equity 20-21
Net Working Capital 22
Equipment Obligations 23
Traffic:
Freight 24-29
Traffic Averages 30-31
Intercity Traffic Distribution 32
Train-miles and Car-miles 33-34
Operating Averages 35-41
Plant and Equipment:
Mileage 42-43
Locomotives 44-45
Freight Cars 46-49
Passenger Train Cars 50
New and Rebuilt Equipment 51
New Rail and Crossties 52
Weight of Rail 53
Investment 54
Capital Expenditures 55
Employment and Wages 56-58
Railroad Cost Recovery Index 59
Fuel Consumption and Cost 60
Amtrak Statistics 61
Index 62-64
INDEX
Age of lac-motive fleet 45
Air carrier traffic 32
Average haul 9, 31
Average trip per passenger 61
Amtrak statistics 61
Automobile passenger-miles 32
Buses, passenger-miles 32
Capacity, freight car 48
Capital expenditures 9, 55
Carloadings 9, 24-26
Car mileage, freight 34
Cars, freight, in service 46-47
Cars, freight, per train 9, 35
Cars installed 9, 51
Cars, passenger-train, in service 50
Condensed income account 10
Cost of new freight cars 49
Crossties laid 52
Diesel fuel, consumption, cost 60
Distribution of operating revenues 11
Distribution of traffic 32
Dividends 9
Earnings 9,17-21
Employees
Average number 9, 56
Number of employees, by classes 57
Number of employees, by state 58
Number of employees, by years 56
Payroll 9, 56
Wages, annual 9, 56
Wages, by classes of employees 57
Wages, hourly 56
Equipment obligations 23
Expenses 9,14-15
Freight car capacity 48
Freight carload-tons 9, 36
Freight car-miles 34
Freight cars in service 9,46-47
Freight cars, cost 49
Freight cars, installed 9, 51
Freight commodity statistics 28
Freight revenue 10, 13
Freight traffic distribution 32
Freight train length 9, 35
Freight train load 9,37
Freight train mileage 33
Haul per ton, average 9, 31
Hourly wages 56
Income account 10
Income, net railway operating 17
Income, other 10
Index of prices and wages 59
Installation of equipment 51
Intercity traffic 32
Investment, property 9, 54
List of Class I railroads Inside front cover
Load per car 9, 36
Load per train 9, 37
Loadings, freight car 9, 24-26
Locomotives in service 9, 44
Locomotives installed 51
Locomotives, age of fleet 45
Maintenance expenses 15
Material price index 59
Miles of road, track 42
Mileage by state 43
Mileage, freight 33
Mileage, freight-train car 34
Motor carriers
Passenger-miles 32
Ton-miles 32
Net income 21
Net investment 9,54
Net railway operating income 9,10,17
Net ton-miles
per train-hour 9, 38
Net working capital 9, 22
Operating expenses 9,10,14-15
Operating revenues 9,10,12
Ordinary income 9, 20
Originated tonnage 27-28
Passenger cars 50, 51
Passenger revenue 10
Passenger traffic distribution 32
Passenger-train cars installed 51
Payroll, total 56
Piggyback loadings 26
Pipeline ton-miles 32
Price index 59
Property investment 9, 54
Rail Cost Recovery Index 59
Rail laid 52
Rail, weight of 53
Ranking of commodities 28
Rate of return on net investment 9,10,18
Rate of return on shareholders' equity 21
Retained funds and capital expenditures 19
Revenue carloadings 9, 24-25
Revenue ton-miles 9, 29, 40
Revenue ton-miles per car loaded 9, 39
Revenue ton-miles per employee and employee hour 41
Revenue ton-miles per gallon of fuel consumed 40
Revenue tons originated 27-28
Revenue per ton 31
Revenue per ton-mile 9,30
Revenues, freight 13
Revenues, operating 10, 12
States
Railroad employment 58
Railroad mileage 43
Statistical highlights 9
Taxes 9,10,16
Ties laid 52
Ton-mile revenue 9,30
Ton-mileage 9, 29, 32
Tons per car, average 9,36
Tonnage originated 27-28
Ton-miles per train-hour 9, 38
Tons per train 9, 37
Traffic distribution-freight, passenger 32
Trailer-on-flatcar loadings 26
Train, freight cars per 9, 35
Train load, freight 9, 37
Train mileage, freight 33
Truck traffic 32
Wage compensation 9
Wages, annual per employee 9, 56
Wages, hourly 56
Wages by classes of employees 57
Wages, total 56
Water carrier traffic 32
Weight of rail 53
Working capital, net 9, 22
PREFACE
RAILROAD FACTS presents a summary of historical railroad data through 1988. Except where noted, statistics reported in this publication represent Class I railroads, defined by the Interstate Commerce Commission (ICC), for each respective year. The 1988 threshold for Class I railroads is $92 million in annual operating revenue. In 1988 there were 14 Class I railroad systems that reported operating and financial data to the ICC. There are 476 other railroads defined by the Association of American Railroads as being one of two types: regional railroads which earned between $40 million and $92 million in 1988 operating revenue, or operate at least 350 miles of track; and local railroads, which were below both the regional railroad thresholds. In 1988, there were 30 regional railroads and 446 local railroads (the latter include switching and terminal railroads).
An organizational breakdown of the freight railroad industry in the United States is presented below. As can be seen, while Class I railroads comprise only 3 percent of the number of railroads, they operate about 81 percent of the mileage and employ 90 percent of the railroad labor force. A list of Class I systems is provided on the inside of the front cover.
Railroad TypeNumberMilesEmployees
Class I14140,767231,299
Regional3015,31012,092
Local28014,5566,431
Switching &Terminal1664,1817,255
Total490174,814257,077
Historical data presented in RAILROAD FACTS are not necessarily comparable on a yearly basis because:
1. The consist of Class I railroads has changed throughout the years because of mergers, bankruptcies and declassifications by the ICC. Between 1978 and 1988, 12 railroads were declassified from Class I status. In their last year of reporting to the ICC, these railroads accounted for 3,664 miles of road operated; 9,202 employees; 1,509,594 carloads; and $467 million in operating revenue.
This edition of RAILROAD FACTS does not include the 1988 financial and statistical data for the Boston and Maine Corp., which failed to meet the Class I annual revenue threshold for three years in a row. Even if Boston and Maine were included, comparisons with previous years would be difficult because of major changes in the railroad's corporate structure and related expense allocation.
2. Beginning in 1978, the railroad "Uniform System of Accounts" was refined. Therefore, historical operating expenses are not precisely comparable.
3. In 1983, railroad accounting for track and related structures was changed from "Retirement, Replacement, Betterment" to "Ratable Depreciation." Tables in RAILROAD FACTS that include a horizontal line between the years 1982 and 1983 are ones in which the regulatory accounting change has a significant impact.
4. From 1985 to 1987, some railroads recorded significant "special charges" to recognize the diminished value of certain assets and to record the cost associated with programs to reduce employee levels. While some of these costs have been reported as operating expenses, the 1985 to 1987 Return on Net Investment (ROI) calculations published herein exclude these special charges in order to match ROI calculations published by the ICC; this is not the case for the return on equity measure. At the time of printing, the 1988 ICC Revenue Adequacy Decision had not yet been released; therefore, ROI as computed by the ICC was not available.
Where more comprehensive and/or detailed railroad data are desired, two AAR publications are available: "Analysis of Class I Railroads" ($200 annual cost), and "Railroad Ten-Year Trends" ($50 annual cost). Both can be ordered from the Economics and Finance Department of the AAR.
The year 1988 saw a record traffic volume of 996 billion revenue ton-miles, up 5.6 percent from last year's record total. Similarly, Class I railroad carloadings were up 4.8 percent, the highest level since 1980; and railroads hauled 4.2 percent more tonnage in 1988 than in 1987. The size of the labor force continued to decline, to 235,880, down 5.1 percent; miles of road decreased by 3.5 percent; and the size of the railroad fleet was also down-with 3.8 percent and 1.4 percent fewer freight cars and locomotives, respectively. This combination of increased traffic, smaller work force, and less rolling stock and physical plant contributed to further increases in productivity: revenue ton-miles per employee-hour rose 9.9 percent and revenue ton-miles per gallon of fuel climbed 2.6 percent.
On the negative side, operating expenses rose 3.9 percent, while intensified competition forced railroads to hold down rates. Revenue per ton-mile continued its downward trend in 1988, decreasing by 4.8 percent in current dollars and 3.1 percent in constant (deflated) dollars.
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