Annual Reports

R E S P O N S I B I L I T I E S   F O R   F I N A N C I A L   S T A T E M E N T S

The accompanying consolidated financial statements, which consolidate the accounts of Union Pacific Corporation and its subsidiaries (the Corporation), have been prepared in conformity with accounting principles generally accepted in the United States of America.

The integrity and objectivity of data in these consolidated financial statements and accompanying notes, including estimates and judgments related to matters not concluded by year end, are the responsibility of management as is all other information in this Annual Report. Management devotes ongoing attention to review and appraisal of its system of internal controls. This system is designed to provide reasonable assurance, at an appropriate cost, that the Corporation's assets are protected, that transactions and events are recorded properly and that financial reports are reliable. The system is augmented by a staff of internal auditors; careful attention to selection and development of qualified financial personnel; programs to further timely communication and monitoring of policies, standards and delegated authorities; and evaluation by independent auditors during their audits of the annual consolidated financial statements.

The Audit Committee of the Corporation's Board of Directors, composed entirely of outside directors, as identified on Board of Directors page, meets regularly with financial management, the corporate auditors and the independent auditors to review the work of each. The independent auditors and corporate auditors have free access to the Audit Committee, without management representatives present, to discuss the results of their audits and their comments on the adequacy of internal controls and the quality of financial reporting.


Dick Davidson
Chairman, President and Chief Executive Officer

Gary M. Stuart
Executive Vice President – Finance

John J. Koraleski
Vice President and Controller
Independent Auditor's Report | Consolidated Statements of Income