Press Release: CP reports third-quarter revenue -4-
Press Release: CP reports third-quarter revenue -4-
Shares issued under
stock option plan 0.6 25 (5) -- -- 20
--------------------- --------- -------- ------------ ------------- -------- -----------------
Balance at September
30, 2021 666.9 $ 2,008 $ 68 $ (2,643) $ 10,035 $ 9,468
===================== ========= ======= ======== ============ ======= =============
Balance at January 1,
2020 685.0 $ 1,993 $ 48 $ (2,522) $ 7,549 $ 7,068
Net income -- -- -- -- 1,642 1,642
Other comprehensive
income (Note 7) -- -- -- 106 -- 106
Dividends declared
($0.522 per share)
(Note 1) -- -- -- -- (353) (353)
Effect of
stock-based
compensation
expense -- -- 13 -- -- 13
CP Common Shares
repurchased (Note
13) (13.7) (39) -- -- (877) (916)
Shares issued under
stock option plan 1.2 24 (5) -- -- 19
--------------------- --------- -------- ------------ ------------- -------- -----------------
Balance at September
30, 2020 672.5 $ 1,978 $ 56 $ (2,416) $ 7,961 $ 7,579
--------------------- --------- ------- -------- ------------ ------- -------------
根據以下條款發行的股份股票期權計劃0.6 25(5)-20--------------------- --------- -------- ------------ ------------- -------- ----------------- 9月份的餘額 30, 2021 666.9 $ 2,008 $ 68 $ (2,643) $ 10,035 $ 9,468 ===================== ========= ======= ======== ============ ======= ============= 1月1日的餘額， 2020 685.0 $ 1,993 $ 48 $ (2,522) $ 7,549 $ 7,068 淨收入-1,642,642其他綜合性收入(注7)-106--106宣佈的股息(每股0.522美元)(注1)-(353)(353)的效果基於股票的補償費用-13-13CP普通股已回購(注： 13) (13.7) (39) -- -- (877) (916) 根據以下條款發行的股份股票期權計劃1.2 24(5)-19--------------------- --------- -------- ------------ ------------- -------- ----------------- 9月份的餘額 30, 2020 672.5 $ 1,978 $ 56 $ (2,416) $ 7,961 $ 7,579 --------------------- --------- ------- -------- ------------ ------- -------------
See Notes to Interim Consolidated Financial Statements.
請參閲中期合併財務報表附註。
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
中期合併財務報表附註
September 30, 2021
2021年9月30日
(unaudited)
(未經審計)
1 Basis of presentation
1個演示基礎
These unaudited Interim Consolidated Financial Statements ("Interim Consolidated Financial Statements") of Canadian Pacific Railway Limited ("CPRL") and its subsidiaries (collectively, "CP", or "the Company"), expressed in Canadian dollars, reflect management's estimates and assumptions that are necessary for their fair presentation in conformity with generally accepted accounting principles in the United States of America ("GAAP"). They do not include all disclosures required under GAAP for annual financial statements and should be read in conjunction with the 2020 annual Consolidated Financial Statements and notes included in CP's 2020 Annual Report on Form 10-K. The accounting policies used are consistent with the accounting policies used in preparing the 2020 annual Consolidated Financial Statements.
這些以加元表示的加拿大太平洋鐵路有限公司(“CPRL”)及其子公司(統稱“CP”或“本公司”)未經審計的中期綜合財務報表(“中期綜合財務報表”)反映了管理層根據美國公認會計原則(“GAAP”)公平列報這些報表所需的估計和假設。它們不包括GAAP要求的年度財務報表的所有披露，應與正大集團2020年年度報告Form 10-K中包含的2020年年度合併財務報表和附註一起閲讀。所使用的會計政策與編制2020年年度合併財務報表時使用的會計政策一致。
On April 21, 2021, the Company's shareholders approved a five-for-one share split of the Company's issued and outstanding Common Shares. On May 13, 2021, the Company's shareholders of record as of May 5, 2021 received four additional shares for every Common Share held. Ex-distribution trading in the Company's Common Shares on a split-adjusted basis commenced on May 14, 2021. Proportional adjustments were also made to outstanding awards under the Company's stock-based compensation plans in order to reflect the share split. All outstanding Common Shares, stock-based compensation awards, and per share amounts herein have been retrospectively adjusted to reflect the share split.
2021年4月21日，公司股東批准對公司已發行和已發行普通股進行五合一拆分。2021年5月13日，公司截至2021年5月5日登記在冊的股東每持有一股普通股，將獲得額外4股普通股。公司普通股在拆分調整基礎上的除分配交易於2021年5月14日開始。公司基於股票的薪酬計劃下的未償還獎金也進行了比例調整，以反映股票拆分。所有已發行普通股、基於股票的補償獎勵和每股金額都進行了追溯調整，以反映股票拆分。
CP's operations can be affected by seasonal fluctuations such as changes in customer demand and weather-related issues. This seasonality could impact quarter-over-quarter comparisons.
正大的運營可能會受到季節性波動的影響，例如客户需求的變化和與天氣有關的問題。這種季節性可能會影響季度環比。
In management's opinion, the Interim Consolidated Financial Statements include all adjustments (consisting of normal and recurring adjustments) necessary to present fairly such information. Interim results are not necessarily indicative of the results expected for the fiscal year.
管理層認為，中期合併財務報表包括公平列報此類信息所需的所有調整(包括正常調整和經常性調整)。中期業績不一定代表本財年的預期業績。
2 Accounting changes
2會計變更
Accounting pronouncements that became effective during the period covered by the Interim Consolidated Financial Statements did not have a material impact on the Company's Interim Consolidated Balance Sheets, Interim Consolidated Statements of Income, or Interim Consolidated Statements of Cash Flows. Likewise, accounting pronouncements issued, but not effective until after September 30, 2021, are not expected to have a material impact on the Company's Consolidated Balance Sheets, Consolidated Statements of Income, or Consolidated Statements of Cash Flows.
在中期綜合財務報表涵蓋期間生效的會計聲明對公司的中期綜合資產負債表、中期綜合收益表或中期綜合現金流量表沒有實質性影響。同樣，發佈但在2021年9月30日之後才生效的會計聲明預計不會對公司的綜合資產負債表、綜合收益表或綜合現金流量表產生實質性影響。
Future changes
未來的變化
Reference Rate Reform
參考匯率改革
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. From the end of 2021, banks will no longer be required to report information that is used to determine the London Interbank Offered Rate ("LIBOR"), which is a benchmark interest rate commonly referenced in a variety of contractual agreements. As a result, LIBOR or other reference rates used globally could be discontinued.
2020年3月，財務會計準則委員會(FASB)發佈了會計準則更新(ASU)2020-04，參考匯率改革(主題848)：促進參考匯率改革對財務報告的影響。從2021年底開始，銀行將不再被要求報告用於確定倫敦銀行間同業拆借利率(LIBOR)的信息，LIBOR是各種合同協議中通常引用的基準利率。因此，倫敦銀行間同業拆借利率(LIBOR)或全球使用的其他參考利率可能會停產。
The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include contract modifications, hedging relationships, and sale or transfer of debt securities classified as held-to-maturity.
如果符合某些標準，ASU為將普遍接受的會計原則應用於受參考匯率改革影響的交易提供了可選的權宜之計和例外。這些交易包括合同修改、套期保值關係，以及出售或轉讓歸類為持有至到期的債務證券。
The guidance in the ASU was effective starting on March 12, 2020, and is available to be adopted on a prospective basis no later than December 31, 2022. The Company currently has a fully drawn U.S. $500 million non-revolving term credit facility referencing LIBOR that could be affected by the provisions of this ASU (See Note 11 - Debt). The Company also has a revolving credit facility that references LIBOR. The Company had no outstanding borrowings under the revolving credit facility as at September 30, 2021. The Company is evaluating the effects that the adoption of the ASU will have on its Consolidated Financial Statements and related disclosures, and whether it will elect to apply any of the optional expedients and exceptions provided in the ASU.
亞利桑那州立大學的指導方針從2020年3月12日起生效，並可在不遲於2022年12月31日的預期基礎上採用。該公司目前擁有一項全額提取的5億美元非循環定期信貸安排，涉及倫敦銀行間同業拆借利率(LIBOR)，這可能會受到本ASU條款的影響(見附註11-債務)。該公司還擁有一項參照倫敦銀行間同業拆借利率(LIBOR)的循環信貸安排。截至2021年9月30日，該公司在循環信貸安排下沒有未償還的借款。該公司正在評估採用ASU將對其綜合財務報表和相關披露產生的影響，以及它是否會選擇適用ASU中規定的任何可選的權宜之計和例外情況。
3 Revenues
3收入
The following table disaggregates the Company's revenues from contracts with customers by major source:
下表按主要來源對公司與客户的合同收入進行了分類：
For the three months For the nine months
ended September 30 ended September 30
(in millions of
Canadian
dollars) 2021 2020 2021 2020
================ ============ ========= ============ ===========
Freight
Grain $ 352 $ 457 $ 1,244 $ 1,321
Coal 158 130 491 411
Potash 113 132 348 390
Fertilizers and
sulphur 72 65 227 212
Forest products 89 85 259 244
Energy,
chemicals and
plastics 392 321 1,149 1,153
Metals,
minerals and
consumer
products 196 152 535 474
Automotive 83 94 289 215
Intermodal 441 385 1,280 1,153
---------------- ------------ --------- ------------ -----------
Total freight
revenues 1,896 1,821 5,822 5,573
Non-freight
excluding
leasing
revenues 25 27 75 80
---------------- ------------ --------- ------------ -----------
Revenues from
contracts with
customers 1,921 1,848 5,897 5,653
Leasing revenues 21 15 58 45
---------------- ------------ --------- ------------ -----------
Total revenues $ 1,942 $ 1,863 $ 5,955 $ 5,698
================ ======== ======== ======== =======
九個月中的三個月截至9月30日截至9月30日(以百萬美元為單位加拿大人美元)2021 2020 2021 2020================ ============ ========= ============ =========== 運費穀物$352$457$1,244$1,321煤炭158 130 491 411鉀肥113 132 348 390化肥和硫磺72 65 227 212林產品89 85 259 244能量,化學品和塑膠392 321 1,149 1,153金屬，礦物質和消費者產品類別196 152 535 474汽車83 94 289 215多式聯運441 385 1,280 1,153---------------- ------------ --------- ------------ ----------- 總運費收入1,896 1,821 5,822 5,573非運費不包括租賃收入25 27 75 80---------------- ------------ --------- ------------ ----------- 從以下來源獲得的收入與以下項目簽訂合同客户1,921,848 5,897,653租賃收入21 15 58 45---------------- ------------ --------- ------------ ----------- 總收入$1,942$1,863$5,955$5,698================ ======== ======== ======== =======
Contract liabilities
合同責任
Contract liabilities represent payments received for performance obligations not yet satisfied and relate to deferred revenue, and are presented as components of "Accounts payable and accrued liabilities" and "Other long-term liabilities" on the Company's Interim Consolidated Balance Sheets.
合同負債是指尚未履行的履約義務收到的付款，與遞延收入有關，在公司的臨時綜合資產負債表上作為“應付賬款和應計負債”和“其他長期負債”的組成部分列示。
The following table summarizes the changes in contract liabilities:
下表彙總了合同負債的變化情況：
For the three months For the nine months
ended September 30 ended September 30
(in millions of
Canadian
dollars) 2021 2020 2021 2020
================ ============= ========== ============ =============
Opening balance $ 245 $ 79 $ 61 $ 146
Revenue
recognized that
was included in
the contract
liability
balance at the
beginning of
the period (93) (25) (36) (95)
Increase due to
consideration
received, net
of revenue
recognized
during the
period 4 5 131 8
---------------- ------------- ---------- ------------ -----------
Closing balance $ 156 $ 59 $ 156 $ 59
================ === ======== === ===== === ======= =======
九個月中的三個月截至9月30日截至9月30日(以百萬美元為單位加拿大人美元)2021 2020 2021 2020================ ============= ========== ============ ============= 期初餘額$245$79$61$146收入認識到包括在這份合同責任平衡在開始於第(93)(25)(36)(95)期由於以下原因而增加考慮已接收，淨額收入的百分比公認的在此期間期間4 5 131 8---------------- ------------- ---------- ------------ ----------- 期末餘額$156$59$156$59================ === ======== === ===== === ======= =======