Large and strategically important rail network that serves major freight sources and destinations, primarily in the western U.S., with a diversified revenue and customer base; Fluctuation in demand for various commodities, particularly coal and autos, but also continuing yield-improvement initiatives and efficient operations; and Price competition from other railroads and trucking companies in certain commodities. Ongoing substantial capital expenditures and shareholder returns; The company should realize moderate margin improvement from its operating efficiency initiative; and Higher debt levels in 2017 and 2018, due to the capital-intensive nature of the business and continued shareholder return programs. The outlook on Union Pacific Corp. is stable. We expect modest increases in volume and pricing to result in revenue and earnings growth over the
