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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kansas City Southern | NYSE:KSU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 293.59 | 0 | 01:00:00 |
|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended March 31, 2017
|
Delaware
|
|
|
|
44-0663509
|
(State or other jurisdiction of
incorporation or organization)
|
|
|
(I.R.S. Employer
Identification No.)
|
|
427 West 12th Street,
Kansas City, Missouri
|
|
|
64105 |
|
(Address of principal executive offices)
|
|
|
(Zip Code)
|
Class
|
|
April 14, 2017
|
Common Stock, $0.01 per share par value
|
|
106,083,719 Shares
|
|
|
Page
|
|
PART I — FINANCIAL INFORMATION
|
|
|
Item 1.
|
||
|
||
|
||
|
||
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||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
PART II — OTHER INFORMATION
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
Item 1.
|
Financial Statements
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In millions, except share and per share amounts)
(Unaudited)
|
||||||
Revenues
|
$
|
609.5
|
|
|
$
|
562.7
|
|
Operating expenses:
|
|
|
|
||||
Compensation and benefits
|
117.4
|
|
|
110.1
|
|
||
Purchased services
|
48.8
|
|
|
50.9
|
|
||
Fuel
|
75.4
|
|
|
56.8
|
|
||
Mexican fuel excise tax credit
|
(11.7
|
)
|
|
—
|
|
||
Equipment costs
|
31.2
|
|
|
26.7
|
|
||
Depreciation and amortization
|
79.3
|
|
|
74.3
|
|
||
Materials and other
|
58.4
|
|
|
56.0
|
|
||
Total operating expenses
|
398.8
|
|
|
374.8
|
|
||
Operating income
|
210.7
|
|
|
187.9
|
|
||
Equity in net earnings of affiliates
|
4.0
|
|
|
3.9
|
|
||
Interest expense
|
(24.7
|
)
|
|
(23.6
|
)
|
||
Foreign exchange gain (loss)
|
46.8
|
|
|
(3.5
|
)
|
||
Other income, net
|
1.1
|
|
|
0.2
|
|
||
Income before income taxes
|
237.9
|
|
|
164.9
|
|
||
Income tax expense
|
91.0
|
|
|
56.8
|
|
||
Net income
|
146.9
|
|
|
108.1
|
|
||
Less: Net income attributable to noncontrolling interest
|
0.3
|
|
|
0.3
|
|
||
Net income attributable to Kansas City Southern and subsidiaries
|
146.6
|
|
|
107.8
|
|
||
Preferred stock dividends
|
0.1
|
|
|
0.1
|
|
||
Net income available to common stockholders
|
$
|
146.5
|
|
|
$
|
107.7
|
|
|
|
|
|
||||
Earnings per share:
|
|
|
|
||||
Basic earnings per share
|
$
|
1.38
|
|
|
$
|
1.00
|
|
Diluted earnings per share
|
$
|
1.38
|
|
|
$
|
0.99
|
|
|
|
|
|
||||
Average shares outstanding
(in thousands):
|
|
|
|
||||
Basic
|
106,111
|
|
|
108,057
|
|
||
Potentially dilutive common shares
|
215
|
|
|
218
|
|
||
Diluted
|
106,326
|
|
|
108,275
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In millions)
(Unaudited) |
||||||
Net income
|
$
|
146.9
|
|
|
$
|
108.1
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Foreign currency translation adjustments, net of tax of $0.5 million and $(0.1) million, respectively
|
0.8
|
|
|
(0.1
|
)
|
||
Other comprehensive income (loss)
|
0.8
|
|
|
(0.1
|
)
|
||
Comprehensive income
|
147.7
|
|
|
108.0
|
|
||
Less: Comprehensive income attributable to noncontrolling interest
|
0.3
|
|
|
0.3
|
|
||
Comprehensive income attributable to Kansas City Southern and subsidiaries
|
$
|
147.4
|
|
|
$
|
107.7
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In millions)
(Unaudited)
|
||||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
146.9
|
|
|
$
|
108.1
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
79.3
|
|
|
74.3
|
|
||
Deferred income taxes
|
44.3
|
|
|
36.7
|
|
||
Equity in net earnings of affiliates
|
(4.0
|
)
|
|
(3.9
|
)
|
||
Share-based compensation
|
4.8
|
|
|
6.1
|
|
||
Settlement of foreign currency derivative instruments
|
(49.5
|
)
|
|
(59.1
|
)
|
||
(Gain) loss on foreign currency derivative instruments
|
(33.9
|
)
|
|
1.7
|
|
||
Mexican fuel excise tax credit
|
(11.7
|
)
|
|
—
|
|
||
Changes in working capital items:
|
|
|
|
||||
Accounts receivable
|
(16.1
|
)
|
|
(2.1
|
)
|
||
Materials and supplies
|
(2.6
|
)
|
|
(3.8
|
)
|
||
Other current assets
|
(5.3
|
)
|
|
7.8
|
|
||
Accounts payable and accrued liabilities
|
(9.8
|
)
|
|
1.6
|
|
||
Other, net
|
(12.8
|
)
|
|
(7.4
|
)
|
||
Net cash provided by operating activities
|
129.6
|
|
|
160.0
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
Capital expenditures
|
(160.1
|
)
|
|
(122.1
|
)
|
||
Purchase or replacement of equipment under operating leases
|
—
|
|
|
(4.6
|
)
|
||
Property investments in MSLLC
|
(4.2
|
)
|
|
(6.6
|
)
|
||
Proceeds from disposal of property
|
4.7
|
|
|
1.2
|
|
||
Other, net
|
(2.8
|
)
|
|
(4.4
|
)
|
||
Net cash used for investing activities
|
(162.4
|
)
|
|
(136.5
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
||||
Proceeds from short-term borrowings
|
2,747.8
|
|
|
4,194.8
|
|
||
Repayment of short-term borrowings
|
(2,664.9
|
)
|
|
(4,221.0
|
)
|
||
Repayment of long-term debt
|
(6.7
|
)
|
|
(7.7
|
)
|
||
Dividends paid
|
(35.2
|
)
|
|
(35.8
|
)
|
||
Shares repurchased
|
(55.7
|
)
|
|
(51.0
|
)
|
||
Debt costs
|
—
|
|
|
(0.2
|
)
|
||
Net cash used for financing activities
|
(14.7
|
)
|
|
(120.9
|
)
|
||
Cash and cash equivalents:
|
|
|
|
||||
Net decrease during each period
|
(47.5
|
)
|
|
(97.4
|
)
|
||
At beginning of year
|
170.6
|
|
|
136.6
|
|
||
At end of period
|
$
|
123.1
|
|
|
$
|
39.2
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net income available to common stockholders for purposes of computing basic and diluted earnings per share
|
$
|
146.5
|
|
|
$
|
107.7
|
|
Weighted-average number of shares outstanding (
in thousands
):
|
|
|
|
||||
Basic shares
|
106,111
|
|
|
108,057
|
|
||
Effect of dilution
|
215
|
|
|
218
|
|
||
Diluted shares
|
106,326
|
|
|
108,275
|
|
||
Earnings per share:
|
|
|
|
||||
Basic earnings per share
|
$
|
1.38
|
|
|
$
|
1.00
|
|
Diluted earnings per share
|
$
|
1.38
|
|
|
$
|
0.99
|
|
Stock options excluded as their inclusion would be anti-dilutive
|
261
|
|
|
185
|
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Land
|
$
|
218.7
|
|
|
$
|
219.2
|
|
Concession land rights
|
141.2
|
|
|
141.2
|
|
||
Road property
|
7,287.8
|
|
|
7,186.0
|
|
||
Equipment
|
2,456.0
|
|
|
2,439.8
|
|
||
Technology and other
|
189.0
|
|
|
182.2
|
|
||
Construction in progress
|
312.6
|
|
|
293.4
|
|
||
Total property
|
10,605.3
|
|
|
10,461.8
|
|
||
Accumulated depreciation and amortization
|
2,472.8
|
|
|
2,392.1
|
|
||
Property and equipment (including concession assets), net
|
$
|
8,132.5
|
|
|
$
|
8,069.7
|
|
Foreign currency forward contracts
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
Contracts to purchase Ps./pay USD
|
|
Offsetting contracts to sell Ps./receive USD
|
|
|
||||||||||||||||||||||||||||
|
Notional amount
|
|
Notional amount
|
|
Weighted-average exchange rate
(in Ps./USD)
|
|
Maturity date
|
|
Notional amount
|
|
Notional amount
|
|
Weighted-average exchange rate
(in Ps./USD)
|
|
Maturity date
|
|
Cash received/(paid) on settlement
|
||||||||||||||||
2016 contracts and 2017 offsetting contracts settled
|
$
|
340.0
|
|
|
Ps.
|
6,207.7
|
|
|
Ps.
|
18.3
|
|
|
1/17/2017
|
|
|
$
|
287.0
|
|
|
Ps.
|
6,207.7
|
|
|
Ps.
|
21.6
|
|
|
1/17/2017
|
|
$
|
(53.0
|
)
|
|
2016 contracts and 2016 offsetting contracts settled
|
$
|
60.0
|
|
|
Ps.
|
1,057.3
|
|
|
Ps.
|
17.6
|
|
|
4/29/2016
|
|
|
$
|
60.7
|
|
|
Ps.
|
1,057.3
|
|
|
Ps.
|
17.4
|
|
|
4/29/2016
|
|
$
|
0.7
|
|
|
2015 contracts and 2016 offsetting contracts settled
|
$
|
300.0
|
|
|
Ps.
|
4,480.4
|
|
|
Ps.
|
14.9
|
|
|
1/15/2016
|
|
|
$
|
251.0
|
|
|
Ps.
|
4,480.4
|
|
|
Ps.
|
17.9
|
|
|
1/15/2016
|
|
$
|
(49.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Foreign currency zero-cost collar contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Notional amount
|
|
Maturity date
|
|
Weighted-average call rate outstanding options
(in Ps./USD)
|
|
Weighted-average put rate outstanding options
(in Ps./USD)
|
|
Cash received/(paid) on settlement
|
|
|
|
|
|
|
|
|
||||||||||||||||
2017 contracts
|
$
|
195.0
|
|
|
4/25/2017
|
|
|
Ps.
|
21.3
|
|
|
Ps.
|
21.9
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|||||||
2017 contracts
|
$
|
250.0
|
|
|
1/16/2018
|
|
|
Ps.
|
21.6
|
|
|
Ps.
|
24.8
|
|
|
$
|
3.5
|
(i)
|
|
|
|
|
|
|
|
|
|||||||
2015 contracts settled in 2016
|
$
|
80.0
|
|
|
1/15/2016
|
|
|
—
|
|
|
—
|
|
|
$
|
(10.1
|
)
|
|
|
|
|
|
|
|
|
|
Derivative Assets
|
||||||||
|
Balance Sheet Location
|
|
March 31,
2017 |
|
December 31, 2016
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
Foreign currency zero-cost collar contracts
|
Other current assets
|
|
$
|
42.3
|
|
|
$
|
—
|
|
Total derivative assets
|
|
|
$
|
42.3
|
|
|
$
|
—
|
|
|
Derivative Liabilities
|
||||||||
|
Balance Sheet Location
|
|
March 31,
2017 |
|
December 31, 2016
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
Foreign currency forward contracts
|
Accounts payable and accrued liabilities
|
|
$
|
—
|
|
|
$
|
41.1
|
|
Total derivative liabilities
|
|
|
$
|
—
|
|
|
$
|
41.1
|
|
|
Location of Gain/(Loss) Recognized in Income on Derivative
|
|
Amount of Gain/(Loss) Recognized in Income on Derivative
|
||||||
|
|
|
Three Months Ended
|
||||||
|
|
|
March 31,
|
||||||
|
|
|
2017
|
|
2016
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
Foreign currency forward contracts
|
Foreign exchange gain (loss)
|
|
$
|
(11.9
|
)
|
|
$
|
2.2
|
|
Foreign currency zero-cost collar contracts
|
Foreign exchange gain (loss)
|
|
45.8
|
|
|
(3.9
|
)
|
||
Total
|
|
|
$
|
33.9
|
|
|
$
|
(1.7
|
)
|
|
Three Months Ended March 31, 2017
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||
|
Kansas City
Southern
Stockholders’
Equity
|
|
Noncontrolling
Interest
|
|
Total
Equity
|
|
Kansas City
Southern
Stockholders’
Equity
|
|
Noncontrolling
Interest
|
|
Total
Equity
|
||||||||||||
Beginning balance
|
$
|
4,089.9
|
|
|
$
|
314.6
|
|
|
$
|
4,404.5
|
|
|
$
|
3,914.3
|
|
|
$
|
310.4
|
|
|
$
|
4,224.7
|
|
Cumulative-effect adjustment (i)
|
2.5
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net income
|
146.6
|
|
|
0.3
|
|
|
146.9
|
|
|
107.8
|
|
|
0.3
|
|
|
108.1
|
|
||||||
Other comprehensive income (loss)
|
0.8
|
|
|
—
|
|
|
0.8
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||
Dividends on common stock
|
(35.0
|
)
|
|
—
|
|
|
(35.0
|
)
|
|
(35.6
|
)
|
|
—
|
|
|
(35.6
|
)
|
||||||
Dividends on $25 par preferred stock
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||
Share repurchases
|
(55.7
|
)
|
|
—
|
|
|
(55.7
|
)
|
|
(51.0
|
)
|
|
—
|
|
|
(51.0
|
)
|
||||||
Options exercised and stock subscribed, net of shares withheld for employee taxes
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||||
Excess tax benefit from share-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
||||||
Share-based compensation
|
4.8
|
|
|
—
|
|
|
4.8
|
|
|
6.1
|
|
|
—
|
|
|
6.1
|
|
||||||
Ending balance
|
$
|
4,154.0
|
|
|
$
|
314.9
|
|
|
$
|
4,468.9
|
|
|
$
|
3,941.4
|
|
|
$
|
310.7
|
|
|
$
|
4,252.1
|
|
(i)
|
The company recognized a
$2.5 million
net cumulative-effect adjustment to equity as of January 1, 2017, due to the adoption of ASU 2016-09,
Improvements to Employee Share-Based Payment Accounting
. For additional discussion, see Note 1 - Basis of Presentation.
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash dividends declared per common share
|
$
|
0.330
|
|
|
$
|
0.330
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Balance at beginning of year
|
$
|
23.8
|
|
|
$
|
23.9
|
|
Accruals
|
1.2
|
|
|
1.2
|
|
||
Payments
|
(1.8
|
)
|
|
(0.7
|
)
|
||
Balance at end of period
|
$
|
23.2
|
|
|
$
|
24.4
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
Revenues
|
2017
|
|
2016
|
||||
U.S.
|
$
|
321.2
|
|
|
$
|
292.3
|
|
Mexico
|
288.3
|
|
|
270.4
|
|
||
Total revenues
|
$
|
609.5
|
|
|
$
|
562.7
|
|
|
|
|
|
||||
Property and equipment (including concession assets), net
|
March 31,
2017 |
|
December 31,
2016 |
||||
U.S.
|
$
|
5,020.4
|
|
|
$
|
4,960.6
|
|
Mexico
|
3,112.1
|
|
|
3,109.1
|
|
||
Total property and equipment (including concession assets), net
|
$
|
8,132.5
|
|
|
$
|
8,069.7
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
295.2
|
|
|
$
|
318.6
|
|
|
$
|
(4.3
|
)
|
|
$
|
609.5
|
|
Operating expenses
|
1.1
|
|
|
217.5
|
|
|
184.5
|
|
|
(4.3
|
)
|
|
398.8
|
|
|||||
Operating income (loss)
|
(1.1
|
)
|
|
77.7
|
|
|
134.1
|
|
|
—
|
|
|
210.7
|
|
|||||
Equity in net earnings of affiliates
|
146.1
|
|
|
1.3
|
|
|
3.5
|
|
|
(146.9
|
)
|
|
4.0
|
|
|||||
Interest expense
|
(20.6
|
)
|
|
(18.7
|
)
|
|
(9.1
|
)
|
|
23.7
|
|
|
(24.7
|
)
|
|||||
Foreign exchange gain
|
—
|
|
|
—
|
|
|
46.8
|
|
|
—
|
|
|
46.8
|
|
|||||
Other income, net
|
23.6
|
|
|
1.1
|
|
|
0.5
|
|
|
(24.1
|
)
|
|
1.1
|
|
|||||
Income before income taxes
|
148.0
|
|
|
61.4
|
|
|
175.8
|
|
|
(147.3
|
)
|
|
237.9
|
|
|||||
Income tax expense
|
1.3
|
|
|
23.6
|
|
|
66.1
|
|
|
—
|
|
|
91.0
|
|
|||||
Net income
|
146.7
|
|
|
37.8
|
|
|
109.7
|
|
|
(147.3
|
)
|
|
146.9
|
|
|||||
Less: Net income attributable to noncontrolling interest
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
Net income attributable to Kansas City Southern and subsidiaries
|
146.7
|
|
|
37.5
|
|
|
109.7
|
|
|
(147.3
|
)
|
|
146.6
|
|
|||||
Other comprehensive income
|
0.8
|
|
|
—
|
|
|
1.3
|
|
|
(1.3
|
)
|
|
0.8
|
|
|||||
Comprehensive income attributable to Kansas City Southern and subsidiaries
|
$
|
147.5
|
|
|
$
|
37.5
|
|
|
$
|
111.0
|
|
|
$
|
(148.6
|
)
|
|
$
|
147.4
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
266.8
|
|
|
$
|
300.4
|
|
|
$
|
(4.5
|
)
|
|
$
|
562.7
|
|
Operating expenses
|
1.1
|
|
|
199.9
|
|
|
178.3
|
|
|
(4.5
|
)
|
|
374.8
|
|
|||||
Operating income (loss)
|
(1.1
|
)
|
|
66.9
|
|
|
122.1
|
|
|
—
|
|
|
187.9
|
|
|||||
Equity in net earnings of affiliates
|
103.7
|
|
|
1.5
|
|
|
3.4
|
|
|
(104.7
|
)
|
|
3.9
|
|
|||||
Interest expense
|
(18.9
|
)
|
|
(21.6
|
)
|
|
(8.4
|
)
|
|
25.3
|
|
|
(23.6
|
)
|
|||||
Foreign exchange loss
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
|
(3.5
|
)
|
|||||
Other income, net
|
25.1
|
|
|
0.3
|
|
|
0.4
|
|
|
(25.6
|
)
|
|
0.2
|
|
|||||
Income before income taxes
|
108.8
|
|
|
47.1
|
|
|
114.0
|
|
|
(105.0
|
)
|
|
164.9
|
|
|||||
Income tax expense
|
1.0
|
|
|
18.5
|
|
|
37.3
|
|
|
—
|
|
|
56.8
|
|
|||||
Net income
|
107.8
|
|
|
28.6
|
|
|
76.7
|
|
|
(105.0
|
)
|
|
108.1
|
|
|||||
Less: Net income attributable to noncontrolling interest
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
Net income attributable to Kansas City Southern and subsidiaries
|
107.8
|
|
|
28.3
|
|
|
76.7
|
|
|
(105.0
|
)
|
|
107.8
|
|
|||||
Other comprehensive loss
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
(0.1
|
)
|
|||||
Comprehensive income attributable to Kansas City Southern and subsidiaries
|
$
|
107.7
|
|
|
$
|
28.3
|
|
|
$
|
76.6
|
|
|
$
|
(104.9
|
)
|
|
$
|
107.7
|
|
|
March 31, 2017
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
$
|
5.2
|
|
|
$
|
227.4
|
|
|
$
|
406.1
|
|
|
$
|
(5.7
|
)
|
|
$
|
633.0
|
|
Investments
|
—
|
|
|
3.8
|
|
|
34.2
|
|
|
—
|
|
|
38.0
|
|
|||||
Investments in consolidated subsidiaries
|
3,646.4
|
|
|
494.8
|
|
|
—
|
|
|
(4,141.2
|
)
|
|
—
|
|
|||||
Property and equipment (including concession assets), net
|
—
|
|
|
4,256.6
|
|
|
3,878.6
|
|
|
(2.7
|
)
|
|
8,132.5
|
|
|||||
Other assets
|
2,015.4
|
|
|
50.2
|
|
|
253.3
|
|
|
(2,244.2
|
)
|
|
74.7
|
|
|||||
Total assets
|
$
|
5,667.0
|
|
|
$
|
5,032.8
|
|
|
$
|
4,572.2
|
|
|
$
|
(6,393.8
|
)
|
|
$
|
8,878.2
|
|
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities
|
$
|
(329.4
|
)
|
|
$
|
877.2
|
|
|
$
|
167.4
|
|
|
$
|
(7.0
|
)
|
|
$
|
708.2
|
|
Long-term debt
|
1,800.1
|
|
|
1,440.4
|
|
|
1,267.3
|
|
|
(2,244.2
|
)
|
|
2,263.6
|
|
|||||
Deferred income taxes
|
26.7
|
|
|
1,095.9
|
|
|
210.0
|
|
|
(0.9
|
)
|
|
1,331.7
|
|
|||||
Other liabilities
|
4.0
|
|
|
83.9
|
|
|
17.9
|
|
|
—
|
|
|
105.8
|
|
|||||
Stockholders’ equity
|
4,165.6
|
|
|
1,220.5
|
|
|
2,909.6
|
|
|
(4,141.7
|
)
|
|
4,154.0
|
|
|||||
Noncontrolling interest
|
—
|
|
|
314.9
|
|
|
—
|
|
|
—
|
|
|
314.9
|
|
|||||
Total liabilities and equity
|
$
|
5,667.0
|
|
|
$
|
5,032.8
|
|
|
$
|
4,572.2
|
|
|
$
|
(6,393.8
|
)
|
|
$
|
8,878.2
|
|
|
December 31, 2016
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
$
|
0.9
|
|
|
$
|
275.4
|
|
|
$
|
381.2
|
|
|
$
|
(9.5
|
)
|
|
$
|
648.0
|
|
Investments
|
—
|
|
|
3.9
|
|
|
29.0
|
|
|
—
|
|
|
32.9
|
|
|||||
Investments in consolidated subsidiaries
|
3,497.7
|
|
|
493.7
|
|
|
—
|
|
|
(3,991.4
|
)
|
|
—
|
|
|||||
Property and equipment (including concession assets), net
|
—
|
|
|
4,203.6
|
|
|
3,868.8
|
|
|
(2.7
|
)
|
|
8,069.7
|
|
|||||
Other assets
|
2,015.5
|
|
|
43.0
|
|
|
252.6
|
|
|
(2,244.2
|
)
|
|
66.9
|
|
|||||
Total assets
|
$
|
5,514.1
|
|
|
$
|
5,019.6
|
|
|
$
|
4,531.6
|
|
|
$
|
(6,247.8
|
)
|
|
$
|
8,817.5
|
|
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities
|
$
|
(501.3
|
)
|
|
$
|
1,004.0
|
|
|
$
|
252.6
|
|
|
$
|
(10.9
|
)
|
|
$
|
744.4
|
|
Long-term debt
|
1,883.1
|
|
|
1,357.7
|
|
|
1,274.9
|
|
|
(2,244.2
|
)
|
|
2,271.5
|
|
|||||
Deferred income taxes
|
26.9
|
|
|
1,075.3
|
|
|
188.0
|
|
|
(0.9
|
)
|
|
1,289.3
|
|
|||||
Other liabilities
|
4.0
|
|
|
86.3
|
|
|
17.5
|
|
|
—
|
|
|
107.8
|
|
|||||
Stockholders’ equity
|
4,101.4
|
|
|
1,181.7
|
|
|
2,798.6
|
|
|
(3,991.8
|
)
|
|
4,089.9
|
|
|||||
Noncontrolling interest
|
—
|
|
|
314.6
|
|
|
—
|
|
|
—
|
|
|
314.6
|
|
|||||
Total liabilities and equity
|
$
|
5,514.1
|
|
|
$
|
5,019.6
|
|
|
$
|
4,531.6
|
|
|
$
|
(6,247.8
|
)
|
|
$
|
8,817.5
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided
|
$
|
4.0
|
|
|
$
|
86.4
|
|
|
$
|
39.2
|
|
|
$
|
—
|
|
|
$
|
129.6
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(110.9
|
)
|
|
(49.2
|
)
|
|
—
|
|
|
(160.1
|
)
|
|||||
Property investments in MSLLC
|
—
|
|
|
—
|
|
|
(4.2
|
)
|
|
—
|
|
|
(4.2
|
)
|
|||||
Proceeds from repayment of loans to affiliates
|
2,752.1
|
|
|
—
|
|
|
—
|
|
|
(2,752.1
|
)
|
|
—
|
|
|||||
Loans to affiliates
|
(2,747.8
|
)
|
|
—
|
|
|
—
|
|
|
2,747.8
|
|
|
—
|
|
|||||
Contribution to consolidated affiliates
|
(0.2
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|||||
Other investing activities
|
—
|
|
|
0.9
|
|
|
1.0
|
|
|
—
|
|
|
1.9
|
|
|||||
Net cash provided (used)
|
4.1
|
|
|
(110.2
|
)
|
|
(52.4
|
)
|
|
(3.9
|
)
|
|
(162.4
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from short-term borrowings
|
2,747.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,747.8
|
|
|||||
Repayment of short-term borrowings
|
(2,664.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,664.9
|
)
|
|||||
Dividends paid
|
(35.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35.2
|
)
|
|||||
Shares repurchased
|
(55.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55.7
|
)
|
|||||
Proceeds from loans from affiliates
|
—
|
|
|
2,747.8
|
|
|
—
|
|
|
(2,747.8
|
)
|
|
—
|
|
|||||
Repayment of loans from affiliates
|
—
|
|
|
(2,752.1
|
)
|
|
—
|
|
|
2,752.1
|
|
|
—
|
|
|||||
Contribution from affiliates
|
—
|
|
|
0.2
|
|
|
0.2
|
|
|
(0.4
|
)
|
|
—
|
|
|||||
Other financing activities
|
—
|
|
|
(0.9
|
)
|
|
(5.8
|
)
|
|
—
|
|
|
(6.7
|
)
|
|||||
Net cash used
|
(8.0
|
)
|
|
(5.0
|
)
|
|
(5.6
|
)
|
|
3.9
|
|
|
(14.7
|
)
|
|||||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease)
|
0.1
|
|
|
(28.8
|
)
|
|
(18.8
|
)
|
|
—
|
|
|
(47.5
|
)
|
|||||
At beginning of year
|
0.2
|
|
|
32.6
|
|
|
137.8
|
|
|
—
|
|
|
170.6
|
|
|||||
At end of period
|
$
|
0.3
|
|
|
$
|
3.8
|
|
|
$
|
119.0
|
|
|
$
|
—
|
|
|
$
|
123.1
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided
|
$
|
109.9
|
|
|
$
|
98.6
|
|
|
$
|
49.9
|
|
|
$
|
(98.4
|
)
|
|
$
|
160.0
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(85.3
|
)
|
|
(36.8
|
)
|
|
—
|
|
|
(122.1
|
)
|
|||||
Purchase or replacement of equipment under operating leases
|
—
|
|
|
(4.6
|
)
|
|
—
|
|
|
—
|
|
|
(4.6
|
)
|
|||||
Property investments in MSLLC
|
—
|
|
|
—
|
|
|
(6.6
|
)
|
|
—
|
|
|
(6.6
|
)
|
|||||
Proceeds from repayment of loans to affiliates
|
4,297.1
|
|
|
—
|
|
|
—
|
|
|
(4,297.1
|
)
|
|
—
|
|
|||||
Loans to affiliates
|
(4,194.8
|
)
|
|
—
|
|
|
—
|
|
|
4,194.8
|
|
|
—
|
|
|||||
Contribution to consolidated affiliates
|
(96.8
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
96.9
|
|
|
(0.1
|
)
|
|||||
Other investing activities
|
—
|
|
|
(4.9
|
)
|
|
1.8
|
|
|
—
|
|
|
(3.1
|
)
|
|||||
Net cash provided (used)
|
5.5
|
|
|
(94.9
|
)
|
|
(41.7
|
)
|
|
(5.4
|
)
|
|
(136.5
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from short-term borrowings
|
4,194.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,194.8
|
|
|||||
Repayment of short-term borrowings
|
(4,221.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,221.0
|
)
|
|||||
Dividends paid
|
(35.8
|
)
|
|
—
|
|
|
(96.7
|
)
|
|
96.7
|
|
|
(35.8
|
)
|
|||||
Shares repurchased
|
(51.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51.0
|
)
|
|||||
Proceeds from loans from affiliates
|
—
|
|
|
4,194.8
|
|
|
—
|
|
|
(4,194.8
|
)
|
|
—
|
|
|||||
Repayment of loans from affiliates
|
—
|
|
|
(4,297.1
|
)
|
|
—
|
|
|
4,297.1
|
|
|
—
|
|
|||||
Contribution from affiliates
|
—
|
|
|
96.8
|
|
|
0.1
|
|
|
(96.9
|
)
|
|
—
|
|
|||||
Other financing activities
|
—
|
|
|
(1.0
|
)
|
|
(8.6
|
)
|
|
1.7
|
|
|
(7.9
|
)
|
|||||
Net cash used
|
(113.0
|
)
|
|
(6.5
|
)
|
|
(105.2
|
)
|
|
103.8
|
|
|
(120.9
|
)
|
|||||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease)
|
2.4
|
|
|
(2.8
|
)
|
|
(97.0
|
)
|
|
—
|
|
|
(97.4
|
)
|
|||||
At beginning of year
|
0.2
|
|
|
10.2
|
|
|
126.2
|
|
|
—
|
|
|
136.6
|
|
|||||
At end of period
|
$
|
2.6
|
|
|
$
|
7.4
|
|
|
$
|
29.2
|
|
|
$
|
—
|
|
|
$
|
39.2
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||||||
|
Parent
|
|
KCSR
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
289.2
|
|
|
$
|
11.1
|
|
|
$
|
318.6
|
|
|
$
|
(9.4
|
)
|
|
$
|
609.5
|
|
Operating expenses
|
1.1
|
|
|
212.9
|
|
|
9.7
|
|
|
184.5
|
|
|
(9.4
|
)
|
|
398.8
|
|
||||||
Operating income (loss)
|
(1.1
|
)
|
|
76.3
|
|
|
1.4
|
|
|
134.1
|
|
|
—
|
|
|
210.7
|
|
||||||
Equity in net earnings (losses) of affiliates
|
146.1
|
|
|
(0.1
|
)
|
|
0.9
|
|
|
3.5
|
|
|
(146.4
|
)
|
|
4.0
|
|
||||||
Interest expense
|
(20.6
|
)
|
|
(18.7
|
)
|
|
—
|
|
|
(9.1
|
)
|
|
23.7
|
|
|
(24.7
|
)
|
||||||
Foreign exchange gain
|
—
|
|
|
—
|
|
|
—
|
|
|
46.8
|
|
|
—
|
|
|
46.8
|
|
||||||
Other income, net
|
23.6
|
|
|
1.1
|
|
|
—
|
|
|
0.5
|
|
|
(24.1
|
)
|
|
1.1
|
|
||||||
Income before income taxes
|
148.0
|
|
|
58.6
|
|
|
2.3
|
|
|
175.8
|
|
|
(146.8
|
)
|
|
237.9
|
|
||||||
Income tax expense
|
1.3
|
|
|
22.6
|
|
|
1.0
|
|
|
66.1
|
|
|
—
|
|
|
91.0
|
|
||||||
Net income
|
146.7
|
|
|
36.0
|
|
|
1.3
|
|
|
109.7
|
|
|
(146.8
|
)
|
|
146.9
|
|
||||||
Less: Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||||
Net income attributable to Kansas City Southern and subsidiaries
|
146.7
|
|
|
36.0
|
|
|
1.0
|
|
|
109.7
|
|
|
(146.8
|
)
|
|
146.6
|
|
||||||
Other comprehensive income
|
0.8
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|
(1.3
|
)
|
|
0.8
|
|
||||||
Comprehensive income attributable to Kansas City Southern and subsidiaries
|
$
|
147.5
|
|
|
$
|
36.0
|
|
|
$
|
1.0
|
|
|
$
|
111.0
|
|
|
$
|
(148.1
|
)
|
|
$
|
147.4
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||||
|
Parent
|
|
KCSR
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
260.6
|
|
|
$
|
10.8
|
|
|
$
|
300.4
|
|
|
$
|
(9.1
|
)
|
|
$
|
562.7
|
|
Operating expenses
|
1.1
|
|
|
195.6
|
|
|
8.9
|
|
|
178.3
|
|
|
(9.1
|
)
|
|
374.8
|
|
||||||
Operating income (loss)
|
(1.1
|
)
|
|
65.0
|
|
|
1.9
|
|
|
122.1
|
|
|
—
|
|
|
187.9
|
|
||||||
Equity in net earnings of affiliates
|
103.7
|
|
|
0.1
|
|
|
1.0
|
|
|
3.4
|
|
|
(104.3
|
)
|
|
3.9
|
|
||||||
Interest expense
|
(18.9
|
)
|
|
(21.6
|
)
|
|
—
|
|
|
(8.4
|
)
|
|
25.3
|
|
|
(23.6
|
)
|
||||||
Foreign exchange loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
|
(3.5
|
)
|
||||||
Other income, net
|
25.1
|
|
|
0.3
|
|
|
—
|
|
|
0.4
|
|
|
(25.6
|
)
|
|
0.2
|
|
||||||
Income before income taxes
|
108.8
|
|
|
43.8
|
|
|
2.9
|
|
|
114.0
|
|
|
(104.6
|
)
|
|
164.9
|
|
||||||
Income tax expense
|
1.0
|
|
|
17.1
|
|
|
1.4
|
|
|
37.3
|
|
|
—
|
|
|
56.8
|
|
||||||
Net income
|
107.8
|
|
|
26.7
|
|
|
1.5
|
|
|
76.7
|
|
|
(104.6
|
)
|
|
108.1
|
|
||||||
Less: Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||||
Net income attributable to Kansas City Southern and subsidiaries
|
107.8
|
|
|
26.7
|
|
|
1.2
|
|
|
76.7
|
|
|
(104.6
|
)
|
|
107.8
|
|
||||||
Other comprehensive loss
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
(0.1
|
)
|
||||||
Comprehensive income attributable to Kansas City Southern and subsidiaries
|
$
|
107.7
|
|
|
$
|
26.7
|
|
|
$
|
1.2
|
|
|
$
|
76.6
|
|
|
$
|
(104.5
|
)
|
|
$
|
107.7
|
|
|
March 31, 2017
|
||||||||||||||||||||||
|
Parent
|
|
KCSR
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
$
|
5.2
|
|
|
$
|
221.6
|
|
|
$
|
5.8
|
|
|
$
|
406.1
|
|
|
$
|
(5.7
|
)
|
|
$
|
633.0
|
|
Investments
|
—
|
|
|
3.8
|
|
|
—
|
|
|
34.2
|
|
|
—
|
|
|
38.0
|
|
||||||
Investments in consolidated subsidiaries
|
3,646.4
|
|
|
(10.1
|
)
|
|
492.7
|
|
|
—
|
|
|
(4,129.0
|
)
|
|
—
|
|
||||||
Property and equipment (including concession assets), net
|
—
|
|
|
4,079.4
|
|
|
177.2
|
|
|
3,878.6
|
|
|
(2.7
|
)
|
|
8,132.5
|
|
||||||
Other assets
|
2,015.4
|
|
|
50.2
|
|
|
—
|
|
|
253.3
|
|
|
(2,244.2
|
)
|
|
74.7
|
|
||||||
Total assets
|
$
|
5,667.0
|
|
|
$
|
4,344.9
|
|
|
$
|
675.7
|
|
|
$
|
4,572.2
|
|
|
$
|
(6,381.6
|
)
|
|
$
|
8,878.2
|
|
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
$
|
(329.4
|
)
|
|
$
|
787.4
|
|
|
$
|
89.8
|
|
|
$
|
167.4
|
|
|
$
|
(7.0
|
)
|
|
$
|
708.2
|
|
Long-term debt
|
1,800.1
|
|
|
1,440.4
|
|
|
—
|
|
|
1,267.3
|
|
|
(2,244.2
|
)
|
|
2,263.6
|
|
||||||
Deferred income taxes
|
26.7
|
|
|
957.4
|
|
|
138.5
|
|
|
210.0
|
|
|
(0.9
|
)
|
|
1,331.7
|
|
||||||
Other liabilities
|
4.0
|
|
|
83.8
|
|
|
0.1
|
|
|
17.9
|
|
|
—
|
|
|
105.8
|
|
||||||
Stockholders’ equity
|
4,165.6
|
|
|
1,075.9
|
|
|
132.4
|
|
|
2,909.6
|
|
|
(4,129.5
|
)
|
|
4,154.0
|
|
||||||
Noncontrolling interest
|
—
|
|
|
—
|
|
|
314.9
|
|
|
—
|
|
|
—
|
|
|
314.9
|
|
||||||
Total liabilities and equity
|
$
|
5,667.0
|
|
|
$
|
4,344.9
|
|
|
$
|
675.7
|
|
|
$
|
4,572.2
|
|
|
$
|
(6,381.6
|
)
|
|
$
|
8,878.2
|
|
|
December 31, 2016
|
||||||||||||||||||||||
|
Parent
|
|
KCSR
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
$
|
0.9
|
|
|
$
|
271.8
|
|
|
$
|
4.6
|
|
|
$
|
381.2
|
|
|
$
|
(10.5
|
)
|
|
$
|
648.0
|
|
Investments
|
—
|
|
|
3.9
|
|
|
—
|
|
|
29.0
|
|
|
—
|
|
|
32.9
|
|
||||||
Investments in consolidated subsidiaries
|
3,497.7
|
|
|
(9.8
|
)
|
|
491.7
|
|
|
—
|
|
|
(3,979.6
|
)
|
|
—
|
|
||||||
Property and equipment (including concession assets), net
|
—
|
|
|
4,024.5
|
|
|
179.1
|
|
|
3,868.8
|
|
|
(2.7
|
)
|
|
8,069.7
|
|
||||||
Other assets
|
2,015.5
|
|
|
43.0
|
|
|
—
|
|
|
252.6
|
|
|
(2,244.2
|
)
|
|
66.9
|
|
||||||
Total assets
|
$
|
5,514.1
|
|
|
$
|
4,333.4
|
|
|
$
|
675.4
|
|
|
$
|
4,531.6
|
|
|
$
|
(6,237.0
|
)
|
|
$
|
8,817.5
|
|
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities
|
$
|
(501.3
|
)
|
|
$
|
913.2
|
|
|
$
|
91.7
|
|
|
$
|
252.6
|
|
|
$
|
(11.8
|
)
|
|
$
|
744.4
|
|
Long-term debt
|
1,883.1
|
|
|
1,357.7
|
|
|
0.1
|
|
|
1,274.9
|
|
|
(2,244.3
|
)
|
|
2,271.5
|
|
||||||
Deferred income taxes
|
26.9
|
|
|
937.7
|
|
|
137.6
|
|
|
188.0
|
|
|
(0.9
|
)
|
|
1,289.3
|
|
||||||
Other liabilities
|
4.0
|
|
|
86.2
|
|
|
0.1
|
|
|
17.5
|
|
|
—
|
|
|
107.8
|
|
||||||
Stockholders’ equity
|
4,101.4
|
|
|
1,038.6
|
|
|
131.3
|
|
|
2,798.6
|
|
|
(3,980.0
|
)
|
|
4,089.9
|
|
||||||
Noncontrolling interest
|
—
|
|
|
—
|
|
|
314.6
|
|
|
—
|
|
|
—
|
|
|
314.6
|
|
||||||
Total liabilities and equity
|
$
|
5,514.1
|
|
|
$
|
4,333.4
|
|
|
$
|
675.4
|
|
|
$
|
4,531.6
|
|
|
$
|
(6,237.0
|
)
|
|
$
|
8,817.5
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||||||
|
Parent
|
|
KCSR
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net cash provided
|
$
|
4.0
|
|
|
$
|
86.3
|
|
|
$
|
0.1
|
|
|
$
|
39.2
|
|
|
$
|
—
|
|
|
$
|
129.6
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
—
|
|
|
(110.9
|
)
|
|
—
|
|
|
(49.2
|
)
|
|
—
|
|
|
(160.1
|
)
|
||||||
Property investments in MSLLC
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.2
|
)
|
|
—
|
|
|
(4.2
|
)
|
||||||
Proceeds from repayment of loans to affiliates
|
2,752.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,752.1
|
)
|
|
—
|
|
||||||
Loans to affiliates
|
(2,747.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,747.8
|
|
|
—
|
|
||||||
Contribution to consolidated affiliates
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
0.4
|
|
|
—
|
|
||||||
Other investing activities
|
—
|
|
|
0.9
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
1.9
|
|
||||||
Net cash provided (used)
|
4.1
|
|
|
(110.0
|
)
|
|
(0.2
|
)
|
|
(52.4
|
)
|
|
(3.9
|
)
|
|
(162.4
|
)
|
||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from short-term borrowings
|
2,747.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,747.8
|
|
||||||
Repayment of short-term borrowings
|
(2,664.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,664.9
|
)
|
||||||
Dividends paid
|
(35.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35.2
|
)
|
||||||
Shares repurchased
|
(55.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55.7
|
)
|
||||||
Proceeds from loans from affiliates
|
—
|
|
|
2,747.8
|
|
|
—
|
|
|
—
|
|
|
(2,747.8
|
)
|
|
—
|
|
||||||
Repayment of loans from affiliates
|
—
|
|
|
(2,752.1
|
)
|
|
—
|
|
|
—
|
|
|
2,752.1
|
|
|
—
|
|
||||||
Contribution from affiliates
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.2
|
|
|
(0.4
|
)
|
|
—
|
|
||||||
Other financing activities
|
—
|
|
|
(0.8
|
)
|
|
(0.1
|
)
|
|
(5.8
|
)
|
|
—
|
|
|
(6.7
|
)
|
||||||
Net cash provided (used)
|
(8.0
|
)
|
|
(5.1
|
)
|
|
0.1
|
|
|
(5.6
|
)
|
|
3.9
|
|
|
(14.7
|
)
|
||||||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease)
|
0.1
|
|
|
(28.8
|
)
|
|
—
|
|
|
(18.8
|
)
|
|
—
|
|
|
(47.5
|
)
|
||||||
At beginning of year
|
0.2
|
|
|
32.6
|
|
|
—
|
|
|
137.8
|
|
|
—
|
|
|
170.6
|
|
||||||
At end of period
|
$
|
0.3
|
|
|
$
|
3.8
|
|
|
$
|
—
|
|
|
$
|
119.0
|
|
|
$
|
—
|
|
|
$
|
123.1
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||||
|
Parent
|
|
KCSR
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
KCS
|
||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net cash provided
|
$
|
109.9
|
|
|
$
|
97.8
|
|
|
$
|
0.8
|
|
|
$
|
49.9
|
|
|
$
|
(98.4
|
)
|
|
$
|
160.0
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
—
|
|
|
(85.1
|
)
|
|
(0.2
|
)
|
|
(36.8
|
)
|
|
—
|
|
|
(122.1
|
)
|
||||||
Purchase or replacement of equipment under operating leases
|
—
|
|
|
(4.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.6
|
)
|
||||||
Property investments in MSLLC
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.6
|
)
|
|
—
|
|
|
(6.6
|
)
|
||||||
Proceeds from repayment of loans to affiliates
|
4,297.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,297.1
|
)
|
|
—
|
|
||||||
Loans to affiliates
|
(4,194.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,194.8
|
|
|
—
|
|
||||||
Contribution to consolidated affiliates
|
(96.8
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
96.9
|
|
|
(0.1
|
)
|
||||||
Other investing activities
|
—
|
|
|
(4.9
|
)
|
|
—
|
|
|
1.8
|
|
|
—
|
|
|
(3.1
|
)
|
||||||
Net cash provided (used)
|
5.5
|
|
|
(94.6
|
)
|
|
(0.3
|
)
|
|
(41.7
|
)
|
|
(5.4
|
)
|
|
(136.5
|
)
|
||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Proceeds from short-term borrowings
|
4,194.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,194.8
|
|
||||||
Repayment of short-term borrowings
|
(4,221.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,221.0
|
)
|
||||||
Dividends paid
|
(35.8
|
)
|
|
—
|
|
|
—
|
|
|
(96.7
|
)
|
|
96.7
|
|
|
(35.8
|
)
|
||||||
Shares repurchased
|
(51.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51.0
|
)
|
||||||
Proceeds from loans from affiliates
|
—
|
|
|
4,194.8
|
|
|
—
|
|
|
—
|
|
|
(4,194.8
|
)
|
|
—
|
|
||||||
Repayment of loans from affiliates
|
—
|
|
|
(4,297.1
|
)
|
|
—
|
|
|
—
|
|
|
4,297.1
|
|
|
—
|
|
||||||
Contribution from affiliates
|
—
|
|
|
96.7
|
|
|
0.1
|
|
|
0.1
|
|
|
(96.9
|
)
|
|
—
|
|
||||||
Other financing activities
|
—
|
|
|
(0.9
|
)
|
|
(0.1
|
)
|
|
(8.6
|
)
|
|
1.7
|
|
|
(7.9
|
)
|
||||||
Net cash used
|
(113.0
|
)
|
|
(6.5
|
)
|
|
—
|
|
|
(105.2
|
)
|
|
103.8
|
|
|
(120.9
|
)
|
||||||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease)
|
2.4
|
|
|
(3.3
|
)
|
|
0.5
|
|
|
(97.0
|
)
|
|
—
|
|
|
(97.4
|
)
|
||||||
At beginning of year
|
0.2
|
|
|
10.1
|
|
|
0.1
|
|
|
126.2
|
|
|
—
|
|
|
136.6
|
|
||||||
At end of period
|
$
|
2.6
|
|
|
$
|
6.8
|
|
|
$
|
0.6
|
|
|
$
|
29.2
|
|
|
$
|
—
|
|
|
$
|
39.2
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
|
|
Change
|
||||||||
|
March 31,
|
|
|||||||||
|
2017
|
|
2016
|
|
|||||||
Revenues
|
$
|
609.5
|
|
|
$
|
562.7
|
|
|
$
|
46.8
|
|
Operating expenses
|
398.8
|
|
|
374.8
|
|
|
24.0
|
|
|||
Operating income
|
210.7
|
|
|
187.9
|
|
|
22.8
|
|
|||
Equity in net earnings of affiliates
|
4.0
|
|
|
3.9
|
|
|
0.1
|
|
|||
Interest expense
|
(24.7
|
)
|
|
(23.6
|
)
|
|
(1.1
|
)
|
|||
Foreign exchange gain (loss)
|
46.8
|
|
|
(3.5
|
)
|
|
50.3
|
|
|||
Other income, net
|
1.1
|
|
|
0.2
|
|
|
0.9
|
|
|||
Income before income taxes
|
237.9
|
|
|
164.9
|
|
|
73.0
|
|
|||
Income tax expense
|
91.0
|
|
|
56.8
|
|
|
34.2
|
|
|||
Net income
|
146.9
|
|
|
108.1
|
|
|
38.8
|
|
|||
Less: Net income attributable to noncontrolling interest
|
0.3
|
|
|
0.3
|
|
|
—
|
|
|||
Net income attributable to Kansas City Southern and subsidiaries
|
$
|
146.6
|
|
|
$
|
107.8
|
|
|
$
|
38.8
|
|
|
Revenues
|
|
Carloads and Units
|
|
Revenue per Carload/Unit
|
|||||||||||||||||||||||||
|
Three Months Ended
|
|
|
|
Three Months Ended
|
|
|
|
Three Months Ended
|
|
|
|||||||||||||||||||
|
March 31,
|
|
|
|
March 31,
|
|
|
|
March 31,
|
|
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|||||||||||||
Chemical and petroleum
|
$
|
126.5
|
|
|
$
|
117.3
|
|
|
8
|
%
|
|
66.7
|
|
|
64.3
|
|
|
4
|
%
|
|
$
|
1,897
|
|
|
$
|
1,824
|
|
|
4
|
%
|
Industrial and consumer products
|
140.1
|
|
|
141.4
|
|
|
(1
|
%)
|
|
80.8
|
|
|
81.9
|
|
|
(1
|
%)
|
|
1,734
|
|
|
1,726
|
|
|
—
|
|
||||
Agriculture and minerals
|
116.3
|
|
|
110.0
|
|
|
6
|
%
|
|
60.1
|
|
|
58.9
|
|
|
2
|
%
|
|
1,935
|
|
|
1,868
|
|
|
4
|
%
|
||||
Energy
|
69.0
|
|
|
42.0
|
|
|
64
|
%
|
|
71.7
|
|
|
55.2
|
|
|
30
|
%
|
|
962
|
|
|
761
|
|
|
26
|
%
|
||||
Intermodal
|
83.5
|
|
|
85.1
|
|
|
(2
|
%)
|
|
224.0
|
|
|
225.2
|
|
|
(1
|
%)
|
|
373
|
|
|
378
|
|
|
(1
|
%)
|
||||
Automotive
|
51.3
|
|
|
41.0
|
|
|
25
|
%
|
|
37.6
|
|
|
27.2
|
|
|
38
|
%
|
|
1,364
|
|
|
1,507
|
|
|
(9
|
%)
|
||||
Carload revenues, carloads and units
|
586.7
|
|
|
536.8
|
|
|
9
|
%
|
|
540.9
|
|
|
512.7
|
|
|
6
|
%
|
|
$
|
1,085
|
|
|
$
|
1,047
|
|
|
4
|
%
|
||
Other revenue
|
22.8
|
|
|
25.9
|
|
|
(12
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues (i)
|
$
|
609.5
|
|
|
$
|
562.7
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(i) Included in revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fuel surcharge
|
$
|
32.6
|
|
|
$
|
30.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by commodity group
for the three months ended March 31, 2017 |
Chemical and petroleum
. Revenues increased $9.2 million for the three months ended March 31, 2017, compared to the same period in 2016, due to a 4% increase in both revenue per carload/unit and carload/unit volumes. Revenue per carload/unit increased due to positive pricing impacts and mix, partially offset by the weakening of the Mexican peso against the U.S. dollar. Chemical volumes increased due to strong market demand and as volumes in the first quarter of 2016 were adversely affected due to the impact of service interruptions resulting from flooding in the southeastern United States. Petroleum volumes increased due to refined product shipments to Mexico.
|
|
Industrial and consumer products.
Revenues decreased $1.3 million for the three months ended March 31, 2017, compared to the same period in 2016, due to a 1% decrease in carload/unit volumes
.
Metals and scrap volumes decreased due to competitive trucking and barge markets. In addition, paper volumes decreased as a result of customers’ planned temporary plant shutdowns in the first quarter of 2017,
partially offset by an increase in other carloads volumes.
|
|
|
Revenues by commodity group
for the three months ended March 31, 2017 |
Agriculture and minerals.
Revenues increased $6.3 million for the three months ended March 31, 2017, compared to the same period in 2016, due to a 4% increase in revenue per carload/unit and a 2% increase in carload/unit volumes. Revenue per carload/unit increased due to mix, positive pricing impacts, and higher fuel surcharge, partially offset by the weakening of the Mexican peso against the U.S. dollar. Food products and grain volumes increased due to strong demand.
|
|
Energy.
Revenues increased $27.0 million for the three months ended March 31, 2017, compared to the same period in 2016, due to a
30% increase in carload/unit volumes and a 26% increase in revenue per carload/unit. Utility coal volumes increased due to higher natural gas prices and lower coal inventory levels. Frac sand volumes also increased due to strong demand as a result of higher crude oil prices. Revenue per carload/unit increased due to longer average length of haul and positive pricing impacts.
|
|
|
Three Months Ended
|
|
|
|||||||||||
|
March 31,
|
|
Change
|
|||||||||||
|
2017
|
|
2016
|
|
Dollars
|
|
Percent
|
|||||||
Compensation and benefits
|
$
|
117.4
|
|
|
$
|
110.1
|
|
|
$
|
7.3
|
|
|
7
|
%
|
Purchased services
|
48.8
|
|
|
50.9
|
|
|
(2.1
|
)
|
|
(4
|
%)
|
|||
Fuel
|
75.4
|
|
|
56.8
|
|
|
18.6
|
|
|
33
|
%
|
|||
Mexican fuel excise tax credit
|
(11.7
|
)
|
|
—
|
|
|
(11.7
|
)
|
|
100
|
%
|
|||
Equipment costs
|
31.2
|
|
|
26.7
|
|
|
4.5
|
|
|
17
|
%
|
|||
Depreciation and amortization
|
79.3
|
|
|
74.3
|
|
|
5.0
|
|
|
7
|
%
|
|||
Materials and other
|
58.4
|
|
|
56.0
|
|
|
2.4
|
|
|
4
|
%
|
|||
Total operating expenses
|
$
|
398.8
|
|
|
$
|
374.8
|
|
|
$
|
24.0
|
|
|
6
|
%
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
|
2017
|
|
2016
|
||
Statutory rate in effect
|
35.0
|
%
|
|
35.0
|
%
|
Tax effect of:
|
|
|
|
||
Difference between U.S. and foreign tax rate
|
(3.1
|
%)
|
|
(2.9
|
%)
|
State and local income tax provision, net
|
1.0
|
%
|
|
1.2
|
%
|
Foreign exchange (i)
|
4.3
|
%
|
|
0.7
|
%
|
Other, net
|
1.1
|
%
|
|
0.4
|
%
|
Effective tax rate
|
38.3
|
%
|
|
34.4
|
%
|
(i)
|
Mexican income taxes are paid in Mexican pesos, and as a result, the effective income tax rate reflects fluctuations in the value of the Mexican peso against the U.S. dollar measured by the forward exchange rate. The foreign exchange impact on income taxes includes the gain or loss from the revaluation of net U.S. dollar-denominated monetary liabilities into Mexican pesos which is included in Mexican taxable income under Mexican tax law. As a result, a strengthening of the Mexican peso against the U.S. dollar for the reporting period will generally increase the Mexican cash tax obligation and the effective income tax rate, and a weakening of the Mexican peso against the U.S. dollar for the reporting period will generally decrease the Mexican cash tax obligation and the effective tax rate. To hedge its exposure to this cash tax risk, the Company enters into foreign currency derivative contracts, which are measured at fair value each period and any change in fair value is recognized in foreign exchange gain (loss) within the consolidated statements of income as described above. Refer to Note
7
Derivative Instruments for more information.
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows provided by (used for):
|
|
|
|
||||
Operating activities
|
$
|
129.6
|
|
|
$
|
160.0
|
|
Investing activities
|
(162.4
|
)
|
|
(136.5
|
)
|
||
Financing activities
|
(14.7
|
)
|
|
(120.9
|
)
|
||
Net decrease in cash and cash equivalents
|
(47.5
|
)
|
|
(97.4
|
)
|
||
Cash and cash equivalents beginning of year
|
170.6
|
|
|
136.6
|
|
||
Cash and cash equivalents end of period
|
$
|
123.1
|
|
|
$
|
39.2
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
Roadway capital program
|
$
|
65.8
|
|
|
$
|
75.0
|
|
Locomotives and freight cars
|
10.1
|
|
|
10.6
|
|
||
Capacity
|
22.6
|
|
|
10.5
|
|
||
Positive train control
|
17.1
|
|
|
14.2
|
|
||
Information technology
|
10.7
|
|
|
2.3
|
|
||
Other
|
2.9
|
|
|
0.8
|
|
||
Total capital expenditures (accrual basis)
|
129.2
|
|
|
113.4
|
|
||
Change in capital accruals
|
30.9
|
|
|
8.7
|
|
||
Total cash capital expenditures
|
$
|
160.1
|
|
|
$
|
122.1
|
|
|
|
|
|
||||
Purchase or replacement of equipment under operating leases (accrual basis)
|
$
|
—
|
|
|
$
|
4.6
|
|
Change in capital accruals
|
—
|
|
|
—
|
|
||
Total cash purchase or replacement of equipment under operating leases
|
$
|
—
|
|
|
$
|
4.6
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
|
(a) Total
Number
of Shares
(or Units)
Purchased
|
|
(b) Average
Price Paid
per Share (or Unit)
|
|
(c) Total
Number of
Shares
(or Units)
Purchased
as Part of
Publicly
Announced
Plans or
Programs
(1)
|
|
(d) Maximum
Number (or
Approximate
Dollar Value)
of Shares (or Units)
that may yet be
purchased under
the Plans
or
Programs
(1)
|
|
||||||||||
January 1-31, 2017
|
|
96,000
|
|
|
|
$
|
86.78
|
|
|
|
96,000
|
|
|
|
$
|
112,089,725
|
|
|
|
February 1-28, 2017
|
|
383,000
|
|
|
|
$
|
86.51
|
|
|
|
383,000
|
|
|
|
$
|
78,956,524
|
|
|
|
March 1-31, 2017
|
|
160,000
|
|
|
|
$
|
88.91
|
|
|
|
160,000
|
|
|
|
$
|
64,730,454
|
|
|
|
Total
|
|
639,000
|
|
|
|
|
|
|
|
639,000
|
|
|
|
|
|
|
|
(1
|
)
|
On May 14, 2015, the Company announced that the Board of Directors approved a share repurchase program, pursuant to which up to
$500 million in shares of common stock could be purchased through June 30, 2017.
|
Item 3.
|
Defaults upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Exhibit
No.
|
|
Description of Exhibits Filed with this Report
|
31.1
|
|
Principal Executive Officer’s Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is attached to this Form 10-Q as Exhibit 31.1.
|
|
|
|
31.2
|
|
Principal Financial Officer’s Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is attached to this Form 10-Q as Exhibit 31.2.
|
|
|
|
32.1
|
|
Principal Executive Officer’s Certification furnished Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is attached to this Form 10-Q as Exhibit 32.1.
|
|
|
|
32.2
|
|
Principal Financial Officer’s Certification furnished Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is attached to this Form 10-Q as Exhibit 32.2.
|
|
|
|
101
|
|
The following unaudited financial information from Kansas City Southern’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, formatted in XBRL (Extensible Business Reporting Language) includes: (i) Consolidated Statements of Income for the three months ended March 31, 2017 and 2016, (ii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2017 and 2016, (iii) Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016, (iv) Consolidated Statements of Cash Flows for the three months ended March 31, 2017 and 2016, and (v) the Notes to Consolidated Financial Statements.
|
Exhibit
No.
|
|
Description of Exhibits Incorporated by Reference
|
10.1
|
|
Form of Non-Qualified Stock Option, Restricted Share and Performance Share Award Agreement under the Kansas City Southern 2008 Stock Option and Performance Award Plan (Amended and Restated February 18, 2015) for the 2017 Long-Term Incentive Program, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 24, 2017 (File No. 1-4717), is incorporated herein by reference as Exhibit 10.1.
|
|
|
|
10.2
|
|
Kansas City Southern Annual Incentive Plan, as amended and restated February 17, 2017, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on February 24, 2017 (File No. 1-4717), is incorporated herein by reference as Exhibit 10.2.
|
|
|
Kansas City Southern
|
|
/s/ M
ICHAEL
W. U
PCHURCH
|
Michael W. Upchurch
|
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
/s/ M
ARY
K. S
TADLER
|
Mary K. Stadler
|
Senior Vice President and Chief Accounting Officer
|
(Principal Accounting Officer)
|
1 Year Kansas City Southern Chart |
1 Month Kansas City Southern Chart |
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