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If you suffered losses and would like a davenport investments ii llc formation consultation with a securities attorney, then please call Galvin Legal, PLLC at Rule is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Galvin Legal, PLLC is a national securities arbitrationsecurities mediationsecurities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. First Name required. Last Name required. Phone Number required.

Canadian pacific pension investment management larmkartan kalmar investments

Canadian pacific pension investment management

Fuel efficiency 3. Average train weight - excluding local traffic tons 2. Average train length - excluding local traffic feet 2. Safety indicators. FRA personal injuries per , employee-hours. FRA train accidents per million train-miles. Certain prior period figures have been reclassified to conform with current presentation or have been updated to reflect new information.

Fuel efficiency is defined as U. In the first half of , we experienced significant disruptions to train operations across the network due to unusually severe winter weather and subsequent flooding which are reflected in our year-to-date operating metrics. In the second half of , we saw a recovery of our network, and this set the stage for certain record setting operating metrics in the fourth quarter of This increase was primarily due to traffic mix changes.

This increase was primarily due to an increase in traffic across all lines of business, other than grain which was relatively flat year-over-year. Train miles for were relatively flat year-over-year. This increase was primarily due to additional hiring to address volume growth projections and attrition.

This increase was primarily due to higher traffic volumes resulting from a stronger economy. The average daily active cars on-line was relatively flat year-over-year. This increase was primarily due to an increase in traffic across all lines of business, other than grain which was relatively flat.

This was primarily due to significant disruptions to train operations across the network due to unusually severe winter weather and flooding in the first half of the year which reduced network speed and added train miles for rerouting of traffic. The second half of saw a return to more normalized numbers. This increase was primarily due to increased volumes, traffic mix, and supply chain pipeline issues.

Average train speed was This decline was primarily due to increased volumes, traffic mix, supply chain pipeline issues and significant disruptions to train operations across the network due to unusually severe winter weather and flooding in the first half of the year.

This decline was primarily due to increased volumes, traffic mix, and supply chain pipeline issues. These improvements were primarily due to programs supporting the execution of our IOP designed to improve asset velocity and a continued focus on the storage of surplus cars. Car miles per car day were This was primarily due to poor operating fluidity due to significant disruptions to train operations across the network due to unusually severe winter weather and flooding in the first half of the year and was partially offset by various initiatives in the design and execution of our IOP focused on improving asset velocity.

This increase was primarily due to various initiatives in the design and execution of our IOP focused on improving asset velocity. This decline was primarily due to significant disruptions to train operations across the network due to unusually severe winter weather and flooding in the first half of the year.

This decline was partially offset by the new fuel savings technology introduced on over locomotives and continued focus on fuel conservation programs including idle reduction and train handling practices. This improvement was primarily due to new fuel saving technology introduced on locomotives and continued focus on fuel conservation programs including idle reduction and train handling practices.

This improvement was primarily due to our continued implementation of the long-train strategy in the bulk franchise. This was a record for CP. Average train length was relatively flat year over year. This decrease was primarily due to significant disruptions to train operations across the network due to unusually severe winter weather and flooding in the first half of the year.

Locomotive productivity decreased in by The decrease in was mainly due to increased traffic volumes and supply chain issues. Employee productivity, as measured by million GTMs per expense employee, was unchanged in , compared to Franchise investment is an integral part of our multi-year capital program and supports our growth initiatives.

Our annual capital program typically includes investments in track and facilities including rail yards and intermodal terminals , locomotives, IT, and freight cars and other equipment. Our locomotive fleet now includes AC locomotives. Our investment in AC locomotives has helped to improve service reliability and generate cost savings in fuel, equipment rents and maintenance. The following is a synopsis of our owned and leased locomotive fleet:.

Age in Years. Over We own, lease or manage approximately 58, freight cars. Approximately 17, are owned by CP, approximately 6, are hopper cars owned by Canadian federal and provincial government agencies, approximately 14, are leased on a short-term basis and 19, are held under long-term leases. Short-term leases on approximately 8, cars are scheduled to expire during , and the leases on approximately 6, additional cars are scheduled to expire before the end of Our covered hopper car fleet, used for transporting regulated grain, consists of owned, leased and managed cars.

In the normal course of our operations, we are exposed to various business risks and uncertainties that can have an effect on our financial condition. The ERM process instils discipline in the approach to managing risk at CP and has been a contributing factor in providing focus on key areas. CP has managed to mitigate a number of strategic business risks using this focused approach.

The indemnity includes liabilities, costs or expenses relating to any legal reporting or notification obligations of the trustee with respect to the defined contribution option of the pension plans or otherwise with respect to the assets of the pension plans that are not part of the fund. The indemnity survives the termination or expiry of the agreement with respect to claims and liabilities arising prior to the termination or expiry.

Pursuant to our by-laws, we indemnify all of our current and former directors and officers. In addition to the indemnity provided by our by-laws, we also indemnify our directors and officers pursuant to indemnity agreements. We carry a liability insurance policy for directors and officers, subject to a maximum coverage limit and certain deductibles in cases where a director or officer is reimbursed for any loss covered by the policy. Safety is a key priority for our management and Board of Directors.

Our two main safety indicators, personal injuries and train accidents, follow strict U. FRA reporting guidelines. CP strives to continually improve its safety performance through key strategies and activities such as training and technology. The increase in was primarily due to a higher number of minor injuries. The increase in was primarily due to difficult operating conditions in the first half of the year. Our Safety, Operations and Environment Committee provides ongoing focus, leadership, commitment and support for efforts to improve the safety of our operations as well as the safety and health of our employees.

The committee is comprised of all of the most senior representatives from our different operations departments and is a key component of safety governance at CP. Our Safety Framework governs the safety management process, which involves more than 1, employees in planning and implementing safety-related activities. This management process, combined with planning that encompasses all operational functions, ensures a continuous and consistent focus on safety.

We have adopted an Environmental Protection Policy and continue to develop and implement policies and procedures to address specific environmental issues and reduce environmental risk. Each policy is implemented with training for employees and a clear identification of roles and responsibilities. We were successfully re-verified in , in and we are scheduled to be re-verified in We prepare an annual Corporate Environmental Plan and an Operations Environmental Plan, which include details of our environmental goals and targets as well as high-level strategies.

These plans are used by various departments to integrate key corporate environmental strategies into their business plans. We have developed specific environmental programs to address areas such as air emissions, wastewater, management of vegetation, chemicals and waste, storage tanks and fuelling facilities, and environmental impact assessment.

Our environmental specialists and consultants lead these programs. Our focus is on preventing spills and other incidents that have a negative impact on the environment. As a precaution, we have established a Strategic Emergency Response Contractor network and located spill equipment kits across Canada and the U. In addition, we regularly update and test emergency preparedness and response plans. We continue to be responsible for remediation work on portions of a property in the State of Minnesota and continue to retain liability accruals for remaining future anticipated costs.

The costs are expected to be incurred over a period of approximately 10 years. Our environmental audit comprehensively, systematically and regularly assesses our facilities for compliance with legal and regulatory requirements and conformance to our policies, which are based on legal requirements and accepted industry standards. Audits are scheduled based on risk assessment for each facility and are led by third-party environmental audit specialists supported by our environmental staff.

Audits are followed by a formal Corrective Action Planning process that ensures findings are addressed in a timely manner. Progress is monitored against completion targets and reported quarterly to senior management.

Our audit program includes health and safety. We maintain insurance policies to protect our assets and to protect against liabilities. Our insurance policies include, but are not limited to, liability insurance, director and officer liability insurance, automobile insurance and property insurance. The property insurance program includes business interruption coverage and contingent business interruption coverage, which would apply in the event of catastrophic damage to our infrastructure and specified strategic assets in the transportation network.

We believe our insurance is adequate to protect us from known and unknown liabilities. However, in certain circumstances, certain losses may not be covered or completely covered by insurance and we may suffer losses, which could be material. Dividends declared by the Board of Directors in the last three years are as follows:. Dividend amount. Our Board of Directors is expected to give consideration on a quarterly basis to the payment of future dividends.

The amount of any future quarterly dividends will be determined based on a number of factors that may include the results of operations, financial condition, cash requirements and future prospects of the Company. The Board of Directors is, however, under no obligation to declare dividends and the declaration of dividends is wholly within their discretion. Further, our Board of Directors may cease declaring dividends or may declare dividends in amounts that are different from those previously declared.

Restrictions in the credit or financing agreements entered into by the Company or the provisions of applicable law may preclude the payment of dividends in certain circumstances. The Company is authorized to issue an unlimited number of Common Shares, an unlimited number of First Preferred Shares and an unlimited number of Second Preferred Shares. Currently, our securities are rated as Investment Grade, shown in the table below:.

Approved Rating Organization. Dominion Bond Rating Service. Credit ratings are intended to provide investors with an independent measure of the credit quality of an issue of securities and are indicators of the likelihood of payment and of the capacity and willingness of a company to meet its financial commitment on an obligation in accordance with the terms of the obligation.

A description of the rating categories of each of the rating agencies in the table above is set out below. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market price or suitability of a specific security for a particular investor and may be subject to revision or withdrawal at any time by the rating agencies. Credit ratings may not reflect the potential impact of all risks on the value of securities.

In addition, real or anticipated changes in the rating assigned to a security will generally affect the market value of that security. There can be no assurance that a rating will remain in effect for any given period of time or that a rating will not be revised or withdrawn entirely by a rating agency in the future.

The following table summarizes rating categories for respective rating agencies:. A low. Investment Grade. B low. The following table provides the monthly trading information for our Common Shares on the Toronto Stock Exchange during The following table provides the monthly composite trading information for our Common Shares on the New York Stock Exchange during Name and Municipality of Residence.

Phelps, O. West Vancouver, B. Cleghorn and J. Manley, both former directors. The Quebec and Alberta Securities commissions issued similar orders. The Quebec and Alberta orders were revoked shortly thereafter. Cleghorn and Mr. Manley were not subject to the Quebec and Alberta orders. Manley from trading in the securities of the Nortel Companies. The British Columbia and Quebec Securities commissions issued similar orders.

Manley were not subject to the British Columbia and Quebec orders. Bankruptcy Code to restructure their debt. Principal occupation within the preceding five years. Toronto, Ontario, Canada. Calgary, Alberta, Canada. Executive Vice-. Mesquite, Nevada, U. President and Chief Financial Officer. Name and municipality of residence. Position held. Guthrie, Q. Municipal District of Rockyview, Alberta, Canada.

We are involved in various claims and litigation arising in the normal course of business. There are no significant legal proceedings currently in progress. Computershare Investor Services Inc. Requests for information should be directed to:. Toronto, Ontario Canada. M5J 2Y1. Hoeg is the former President and Chief Executive Officer of Corby Distilleries Limited, a marketer and seller of spirits and wine, a position that she held from October to February He held that position from September until retirement in September Kelly earned both an M.

The Hon. He has held that position since January In addition, Mr. As a Member of Parliament, Mr. He graduated from Carleton University with a B. He was granted the designation C. Prior to joining the Interstate Commerce Commission, Ms. She graduated from Vassar College with an A. Kennedy School of Government.

He held that position from February until his retirement in December He is currently a director of Cliffs Natural Resources. He was appointed an Officer of the Order of Canada in and was presented with the Saskatchewan Order of Merit in He has held that position since April He is involved in a number of charitable endeavours and community organizations.

He graduated from the University of Manitoba in. Winnipeg with a B. The University of Manitoba conferred upon Mr. Richardson the honorary degree of Doctor of Laws in He was appointed to the Order of Canada in and to the Order of Manitoba in Each of the aforementioned committee members has been determined by the board to be independent and financially literate within the meaning of National Instrument The Committee has adopted a written policy governing the pre-approval of audit and non-audit services to be provided to CP by our independent auditors.

The policy is reviewed annually and the audit and non-audit services to be provided by our independent auditors, as well as the budgeted amounts for such services, are pre-approved at that time. Our Senior Vice-President, Finance must submit to the Committee at least quarterly a report of all services performed or to be performed by our independent auditors pursuant to the policy.

In addition, prior to the granting of any pre-approval, the Committee or its Chairman, as the case may be, must be satisfied that the performance of the services in question will not compromise the independence of our independent auditors. Our Chief Internal Auditor monitors compliance with this policy.

Committee and Procedures. The Committee shall consist of not less than three and not more than six Directors, none of whom is either an officer or employee of the Corporation or any of its subsidiaries. Members of the Committee shall meet applicable requirements and guidelines for audit committee service, including requirements and guidelines with respect to being independent and unrelated to the Corporation and to having accounting or related financial management expertise and financial literacy, set forth in.

No director who serves on the audit committee of more than two public companies other than the Corporation shall be eligible to serve as a member of the Committee, unless the Board of Directors has determined that such simultaneous service would not impair the ability of such member to effectively serve on the Committee. Determinations as to whether a particular Director satisfies the requirements for membership on the Committee shall be affirmatively made by the full Board.

Members of the Committee shall be appointed from time to time by the Board and shall hold office at the pleasure of the Board. Where a vacancy occurs at any time in the membership of the Committee, it may be filled by the Board. The Board shall fill a vacancy whenever necessary to maintain a Committee membership of at least three Directors.

The Board shall appoint a Chair for the Committee from among the Committee members. If the Chair of the Committee is not present at any meeting of the Committee, one of the other members of the Committee who is present at the meeting shall be chosen by the Committee to preside at the meeting. The Committee shall appoint a Secretary who need not be a Director of the Corporation. The Committee shall meet at regularly scheduled meetings at least once every quarter and shall meet at such other times during each year as it deems appropriate.

In addition, the Chair of the Committee may call a special meeting of the Committee at any time. Three members of the Committee shall constitute a quorum. Notice of the time and place of every meeting shall be given in writing by any means of transmitted or recorded communication, including facsimile, telex, telegram or other electronic means that produces a written copy, to each member of the Committee at least 24 hours prior to the time fixed for such meeting; provided however, that a member may in any manner waive a notice of a meeting.

Attendance of a member at a meeting constitutes a waiver of notice of the meeting, except where a member attends a meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

At the invitation of the Chair of the Committee, other individuals who are not members of the Committee may attend any meeting of the Committee. Subject to any statute or the articles and by-laws of the Corporation, the Committee shall fix its own procedures at meetings, keep records of its proceedings and report to the Board when the Committee may deem appropriate but not later than the next meeting of the Board.

The minutes of its meetings shall be tabled at the next meeting of the Board. The Board recognizes that meeting the responsibilities of the Committee in a dynamic business environment requires a degree of flexibility. Accordingly, the procedures outlined in these Terms of Reference are meant to serve as guidelines rather than inflexible rules, and the Committee may adopt such different or additional procedures as it deems necessary from time to time.

The Committee may retain, at its discretion, outside legal, accounting or other advisors, at the expense of the Corporation, to obtain advice and assistance in respect of any matters relating to its duties, responsibilities and powers as provided for or imposed by these Terms of Reference or otherwise by law. The Committee shall be provided by the Corporation with appropriate funding, as determined by the Committee, for payment of:.

All outside legal, accounting or other advisors retained to assist the Committee shall be accountable ultimately to the Committee. No member of the Committee shall receive from the Corporation or any of its affiliates any compensation other than the fees to which he or she is entitled as a Director of the Corporation or a member of a committee of the Board.

The Committee shall:. Audit Matters. Earnings Releases, Earnings Guidance. Material Litigation, Tax Assessments, Etc. Oversight of External Auditors. Oversight of Internal Audit. Internal Controls and Financial Reporting Processes. Complaints Processes. Terms of Reference and Performance Evaluation of Committee. In accordance with applicable laws and the requirements of stock exchanges and securities regulatory authorities, the audit committees of the Company must pre-approve all audit and non-audit services to be provided by the independent auditors.

The nature of the services provided under each of the categories indicated in the table is described below:. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that actual results will be different from our forward-looking information.

In addition, except as required by law, we undertake no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information in this document involves numerous assumptions, inherent risks and uncertainties, including but not limited to the following factors: the ability to implement cost-cutting and efficiency initiatives, the effectiveness of new information technology and estimates of future costs.

The aforementioned information is issued and made available in accordance with legal requirements and is not incorporated by reference into this AIF except as specifically stated. This information is also available on our website at www. During the past year, the Board was pleased to announce the addition of Rick George. Rick has had significant experience with the rail industry, as Suncor is both a supplier of fuel to the industry and a shipper of petroleum products by rail.

Ingram and Mr. Harris have joined the Safety, Operations and Environment Committee, tasked by the Board with monitoring the progress of the Multi-Year Plan developed by management and fully endorsed by the Board. The additions of Rick, Tony and Ed have significantly strengthened our Board, and we look forward to benefiting from their broad range of experience for many years to come.

The disciplined implementation has led to materially enhanced operational efficiency and further increased service quality and reliability, setting the stage for additional meaningful improvements of key operating and financial metrics going forward. These improvements will translate into enhanced value for shareholders. To ensure that we continue to fulfill our responsibility of advancing the interest of shareholders, we continue our director education program to further expand our knowledge of CP and the railway industry.

Over the past year we have received regular reports and presentations involving the changing regulatory and business environment. I want to thank the directors for their ongoing, high level of engagement, their commitment to the railroad as well as for the extensive time they spend on CP matters every year. Even through a challenging operating environment in , CP has made great strides in the areas of governance, management and operations.

On behalf of the Board, I would like to extend our appreciation to Fred Green and his management team for aggressively and successfully implementing our Multi-Year plan and creating superior value for our shareholders and customers. I also thank all employees of CP for their continued hard work and their unremitting commitment to safely delivering against our objectives, achieving new operational records, and setting new efficiency benchmarks.

Thank you for your continued support of CP. John E. Cleghorn, O. Chairman of the Board. In the first half of , the Company experienced extraordinary and prolonged weather that disrupted service and fluidity throughout the network. Our first priority was to re-establish the reputation for service which underpins our price and growth plans, and we have done just that.

In grain, we filled per cent of planned orders during the fourth quarter and achieved 92 per cent overall on-time daily car spotting. In Intermodal, we delivered on-time transcontinental train performance over 90 per cent during the fourth quarter. CP also made improvements over the course of in our operating metrics, which are a leading indicator of both reliable service and financial results.

Active cars online showed an improvement of 14 per cent versus fourth-quarter while handling five per cent more gross ton miles. We ended the year with record metrics in:. Fuel efficiency of 1. Train weights, which set a new full-year record; and. Car miles per car day and terminal dwell, both fourth-quarter records, showing improvements of 20 per cent from the previous year. CP has made further improvements to its operating metrics in The improvements in these and other metrics are early evidence that our Multi-Year Plan is producing the desired results and we expect further improvements as the Plan progresses.

The time, effort and capital invested in this program during contributed to CP achieving records in train weights, increased train speeds on our North Line and increased train lengths for export coal. These results are encouraging, but are only the first steps. We expect to see even greater operational and financial benefits as we deliver on years two, three and four of the capital program.

CP also finished the year with many successes in Marketing and Sales. During , CP signed a number of commercial agreements with customers, terminal operators and ports that will drive supply chain improvement and enable growth. We have announced a new five-year agreement with Canadian Tire and a ten-year agreement with Canpotex. In addition, our scheduled grain program was successfully implemented in Canada.

CP is taking advantage of our network reach to expand markets for key bulk customers to meet Asian demand. We have used our Kansas City gateway and its Northeast U. Our successful market development activities have also enabled us to successfully take advantage of our access to the Bakken oil formation, the Marcellus gas formation and the Alberta oil sands area. As a result, CP is attracting new customers to invest in and ship energy-related products by rail.

These products include crude oil, sulphur, fuels, diluents and materials key to the energy industry, such as frac sand and pipe. A key example of this kind of partnership is the recent announcement made by CP that it will be moving additional volumes of Bakken crude oil by unit train from the Van Hook logistics hub owned by the U.

Development Group USD , a high capacity facility that will become part of the largest crude by rail network in the US. Looking to , CP expects to see continued strength in our operating performance and service reliability. These operating and service improvements are directly linked to the improved financial performance we expect starting in the first quarter of I would like to thank the employees of CP for their efforts in safely working through very challenging weather events in the first half of the year and delivering real operating improvements in the second half of We are already seeing the results of this hard work in In the year ahead, we are committed to delivering further operating improvement to drive enhanced financial performance and significant value for all stakeholders.

Fred Green. President and Chief Executive Officer. Except where otherwise indicated, all financial information reflected herein is expressed in Canadian dollars. March 5, Unless otherwise indicated, all comparisons of results for and are against the results for and , respectively. Unless otherwise indicated, all comparisons of results for the fourth quarter of are against the results for the fourth quarter of Northeast and Midwest regions.

Our railway feeds directly into the U. Agreements with other carriers extend our market reach east of Montreal in Canada, throughout the U. We transport bulk commodities, merchandise freight and intermodal traffic. Bulk commodities include grain, coal, sulphur and fertilizers.

Merchandise freight consists of finished vehicles and automotive parts, as well as forest and industrial and consumer products. Intermodal traffic consists largely of high-value, time-sensitive retail goods in overseas containers that can be transported by train, ship and truck, and in domestic containers and trailers that can be moved by train and truck.

Table of Contents Strategic Summary. Integrated Operating Plan. Table of Contents Investments. These planned multi-year system upgrades position CP to enhance labour productivity, improve asset management and provide better shipment visibility to all parties.

Table of Contents Summary. Our continued work on building new sidings and extending our current ones to support our long-train strategy paid dividends; CP set a new full-year record in train weights. These forward-looking statements include, but are not limited to statements concerning our operations, anticipated financial performance, business prospects and strategies as well as statements concerning the anticipation that cash flow from operations and various sources of financing will be sufficient to meet debt repayments and future obligations in the foreseeable future, statements regarding future payments including income taxes and pension contributions, and capital expenditures.

Readers are cautioned not to place undue reliance on forward-looking information because it is possible that we will not achieve predictions, forecasts, projections and other forms of forward-looking information. Current economic conditions render assumptions, although reasonable when made, subject to greater uncertainty. Other risks are detailed from time to time in reports filed by CP with securities regulators in Canada and the United States. Undue reliance should not be placed on these assumptions and other forward-looking information.

Table of Contents 5. Operating income. Net income. Basic earnings per share. Dividends declared per share. Operating ratio. Free cash 4 5. Voluntary prepayments to the main Canadian defined benefit pension plan included in Free cash above. It is an all-encompassing measure of performance which measures how productively the Company uses its assets. Table of Contents 6. This decrease was primarily due to:. This decrease was partially offset by lower incentive and stock-based compensation expenses.

This was partially offset by the gain on sales of significant properties and the unfavourable impact of the change in FX. This increase was primarily due to higher Operating income. This increase was partially offset by:. Diluted Earnings per Share. This decrease was primarily due to lower Net income.

This increase was primarily due to higher Net income, offset slightly by an increase in the number of common shares. Operating Ratio. The operating ratio provides the percentage of revenues used to operate the railway, and is calculated as total operating expenses divided by total revenues. A lower percentage normally indicates higher efficiency in the operation of the railway. The operating ratio was The increase was primarily due to higher weather related costs and inefficiencies, higher fuel costs, increased IT costs and increased crew training costs.

Our operating ratio was This was primarily due to higher freight revenues and continued cost management initiatives. Table of Contents Return on Capital Employed. Driving these fluctuations over this period were the changes in earnings. The decrease in was due to lower earnings while the increase reflected higher earnings. Impact of Foreign Exchange on Earnings.

Fluctuations in FX affect our results because U. Canadian to U. Average exchange rates. Exchange rates. Average Fuel Prices. Freight gross ton-miles millions. Table of Contents The indicators listed in this table are key measures of our operating performance. Operations Performance. This was primarily due to poor operating fluidity as a result of significant disruptions to train operations across the network due to unusually severe winter weather and flooding in the first half of the year and was partially offset by various initiatives in the design and execution of our IOP focused on improving asset velocity.

Average train length was relatively flat year-over-year. This decrease was primarily due to significant disruptions to train operations across the network due to unusually severe winter weather and flooding in the first half of. Table of Contents the year.

Safety Indicators. Freight revenues. Other revenue. Total revenues. Our revenues are primarily derived from transporting freight. Freight Revenues. Freight revenues are earned from transporting bulk, merchandise and intermodal goods, and include fuel recoveries billed to our customers.

This increase was primarily due to higher:. Fuel Cost Recovery Program. A change in fuel prices may adversely impact expenses and revenues. CP employs a fuel cost recovery program designed to mechanistically respond to fluctuations in fuel prices and help mitigate the financial impact of rising fuel prices. Grain shipments consist of both whole grains, such as wheat, corn, soybeans, and canola, and processed products such as meals, oils, and flour.

Canadian grain products are primarily transported to ports for export and to Canadian and U. This decrease was partially offset by:. Our Canadian coal business consists primarily of metallurgical coal transported from southeastern B. Midwest and growing shipments of Powder River Basin coal for export off the Canadian west coast. This increase was primarily due to an increase in long-haul metallurgical coal shipments due to strong overall demand and increased freight rates for U.

This increase was partially offset by lower U. Sulphur and Fertilizers. Sulphur and fertilizers include potash, chemical fertilizers and sulphur shipped mainly from western Canada to the ports of Vancouver, B. Table of Contents This increase was primarily due to higher:. This increase was partially offset by the unfavourable impact of the change in FX.

Forest Products. Forest products include lumber, wood pulp, paper products and panel transported from key producing areas in western Canada, Ontario and Quebec to various destinations in North America. Industrial and Consumer Products. Industrial and consumer products include chemicals, plastics, aggregates, steel, mine, ethanol and other energy-related products other than coal shipped throughout North America. Automotive consists primarily of three core finished-vehicle traffic segments: import vehicles, Canadian-produced vehicles and U.

This increase was partially offset by reduced import volumes through the Port Metro Vancouver and production at certain North American plants which suffered from component delivery disruptions following the earthquake and tsunami in Japan, and the unfavourable impact of the change in FX.

Our domestic business consists primarily of the movement of manufactured consumer products in containers within North America. The international business handles the movement of marine containers between ports and North American inland markets.

Table of Contents This decrease was primarily due to:. This decrease was partially offset by increased freight rates and higher fuel cost recovery revenues due to the increase in fuel price. Other Revenue.

This decrease was primarily due to lower passenger revenues and the unfavourable impact of the change in FX, partially offset by higher leasing and switching revenues. Revenue variances below compare to figures. This increase was primarily due to:.

The decrease was partially offset by increased U. This increase was partially offset by a reduced average length of haul as a result of changes in traffic mix, and the unfavourable impact of the change in FX. Table of Contents This increase was partially offset by the unfavourable impact of the change in FX. The increase was partially offset by the unfavourable impact of the change in FX. This increase was partially offset by reduced volumes in short-haul lanes and the unfavourable impact of the change in FX and overall lower imports through the Eastern ports by CP served shipping lines.

Table of Contents Other Revenue. This increase was primarily due to increased revenues from leasing and switching, partially offset by lower passenger revenues and the unfavourable impact of the change in FX. Carloads in thousands. Total carloads. Revenue ton-miles in millions. Forest products 1. Industrial and consumer products 1.

Total revenue ton-miles. Changes in freight volumes generally contribute to corresponding changes in freight revenues and certain variable expenses, such as fuel, equipment rents and crew costs. This decrease in carloads was primarily due to lower volumes of:.

This decrease in carloads was partially offset by increased:. This increase in carloads was a result of higher demand driven by an improved economy, a rebound in coal and fertilizer volumes, and inventory replenishment by our customers benefiting the majority of our lines of business in the year. This increase in RTMs was partially offset by lower U. This increase was a result of higher demand driven by an improved economy, a rebound in coal and fertilizer volumes, and inventory replenishment by our customers benefiting the majority of our lines of business in the year.

Freight Revenue per Carload. Freight revenue per carload. Total freight revenue per carload. This increase was due to:. This increase was due to higher fuel surcharge revenues and increased freight rates. Freight Revenue per Revenue Ton-Mile.

Total freight revenue per revenue ton-mile. Freight revenue per RTM is the amount of freight revenue earned for every RTM moved, calculated by dividing the freight revenue for a commodity by the number of RTMs of the commodity transported in the period. This increase was primarily due to increased fuel surcharge revenues and increased freight rates. This increase was partially offset by traffic mix changes including strong growth in the sulphur and fertilizers line of business, which generates lower revenue per RTM, and the unfavourable impact of the change in FX.

This decrease was primarily due to the unfavourable impact of the change in FX and a significant increase in shipments of potash and metallurgical coal, which generate lower freight revenue per RTM. This decrease was partially offset by increased fuel surcharge revenues and increased freight rates. Table of Contents 9. Operating expenses. Compensation and benefits. Equipment rents. Depreciation and amortization. Purchased services and other. Gain on sale of significant properties.

Loss on termination of lease with shortline railway. Total operating expenses. This was primarily due to higher:. IT costs associated with outsourced infrastructure and maintenance services and planning expenses with respect to new applications in support of future growth;. This increase was partially offset by lower incentive and stock-based compensation expense and the favourable impact of the change in FX.

Compensation and Benefits. Compensation and benefits expense includes employee wages, salaries and fringe benefits. This decrease was primarily due to lower incentive and stock-based compensation and the favourable impact of the change in FX. This decrease was partially offset by higher:. Fuel expense consists of fuel used by locomotives and includes provincial, state and federal fuel taxes and the impact of our hedging program. This increase was primarily due to higher fuel prices and increased consumption as a result of higher workload as measured by GTMs.

Materials expense includes the cost of material used for track, locomotive, freight car, and building maintenance. This increase was partially offset by the favourable impact of the change in FX. Equipment Rents.

Equipment rents expense includes the cost to lease freight cars, intermodal equipment, and locomotives from other companies including railways, net of rent income received from other railways for the use of our equipment. This increase was primarily due to higher workload as measured by GTMs, resulting in increased freight car and locomotive leasing costs including higher lease rates.

Depreciation and Amortization. Depreciation and amortization expense represents the charge associated with the use of track and roadway, buildings, rolling stock, information systems and other depreciable assets. This increase was primarily due to higher depreciable assets. This increase was partially offset by the favourable impact of updated depreciation rates implemented in combined with the favourable impact of the change in FX.

Table of Contents Purchased Services and Other. Support and facilities. Track and operations. Land sales. Total purchased services and other. Purchased services and other expense encompasses a wide range of costs, including expenses for joint facilities, personal injuries and damage, environmental remediation, property and other taxes, contractor and consulting fees, insurance, gains on land sales and equity earnings. The increase was primarily due to higher:.

Casualty expenses due to more costly mishaps and increased claims;. The increase was partially offset by the favourable impact of the change in FX and lower consulting costs. Operating Expenses. Cumulative net income for year period. Climate change has slipped from view as an issue in recent months. For most of , governments, first responders, businesses, and society have been consumed with the scourge of COVID That is of course appropriate.

The great events of history have a way of molding people and societies. The generation raised during the Great Depression was left with a deeply engrained sense of thrift. For the WWII generation, it was an attitude of stoic. Just like the rest of the investing world, venture capitalists have had to adjust to rapid change during the COVID pandemic. That includes long-term investors, who are increasingly turning to early stage companies as a source o. The global pandemic, for all the human misery it has wrought, is changing communities in profound ways, forcing people and b.

English US French. View All Results. Investing today, for your tomorrow. Managing a resilient, globally diversified portfolio to help ensure the Canada Pension Plan is there for generations to come. Learn more.

Our Performance Learn more. Thinking Ahead Insights, big ideas, trends and analysis See all. Lessons from COVID can help us respond to climate change Climate change has slipped from view as an issue in recent months. At t Read more. How COVID is shaping the landscape for long-term investors The great events of history have a way of molding people and societies.

That includes long-term investors, who are increasingly turning to early stage companies as a source o Read more. The global pandemic, for all the human misery it has wrought, is changing communities in profound ways, forcing people and b Read more.

How We Invest. We actively buy and sell public and private investments to build a globally diverse portfolio that maximizes long-term returns. As a long-term, active investor we benefit from compelling comparative advantages to grow the Fund. We believe organizations that manage Environmental, Social and Governance factors effectively are more likely to create sustainable value over the long term.

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There are no service providers who failed or refused to provide information. Termination Information on Accountants and Enrolled Actuaries. There is no termination information for this plan. No investments information available for this plan. Insurance Information. There are no insurance carriers listed for this plan. For Enterprise Beacon. Social Facebook Twitter LinkedIn.

No Reproduction without Prior Authorizations. A defined contribution plan that allows employer discretionary contributions. Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account. A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium for example, a trust or custodial account is established for the joint use of all adopting employers.

During the plan year did the employer fail to transmit to the plan any participant contributions within the time period described in 29 CFT Were any loans by the plan or fixed income obligations due the plan in default as of the close of plan year or classified during the year as uncollectible? Were any leases to which the plan was a party in default or classified during the year as uncollectible? Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty?

Did the plan hold any assets whose current value was neither readily determinable on an established market nor set by an independent third party appraiser? Did the plan receive any noncash contributions whose value was neither readily determinable on an established market nor set by an independent third party appraiser? Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC?

If there was a blackout period, have you either provided the required notice or one of the exceptions to providing the notice applied under 29 CFR Recordkeeping and information management computing, tabulating, data processing, etc. The global pandemic, for all the human misery it has wrought, is changing communities in profound ways, forcing people and b. English US French. View All Results. Investing today, for your tomorrow.

Managing a resilient, globally diversified portfolio to help ensure the Canada Pension Plan is there for generations to come. Learn more. Our Performance Learn more. Thinking Ahead Insights, big ideas, trends and analysis See all. Lessons from COVID can help us respond to climate change Climate change has slipped from view as an issue in recent months.

At t Read more. How COVID is shaping the landscape for long-term investors The great events of history have a way of molding people and societies. That includes long-term investors, who are increasingly turning to early stage companies as a source o Read more. The global pandemic, for all the human misery it has wrought, is changing communities in profound ways, forcing people and b Read more.

How We Invest. We actively buy and sell public and private investments to build a globally diverse portfolio that maximizes long-term returns. As a long-term, active investor we benefit from compelling comparative advantages to grow the Fund. We believe organizations that manage Environmental, Social and Governance factors effectively are more likely to create sustainable value over the long term. Our Investment Programs.

Private Equity. Private Equity Invests in funds, secondaries and directly in private equity. Active Equities. Active Equities Invests globally in public, and soon-to be public, companies and securities focused on long-horizon structural change. Real Assets. Real Assets Invests in commercial real estate, energy and resources, infrastructure, and power and renewables assets around the world.

Capital Markets and Factor Investing. Capital Markets and Factor Investing Invests worldwide in public equities, fixed income securities, currencies, commodities and derivatives in public-market securities.