BNSF Railway Company | Date: 2016-03-16
A system for simulating electrical systems of a diesel-electric locomotive comprising includes a first electric motor for simulating a locomotive diesel engine and a generator coupled to the electric motor for simulating a locomotive main generator in a main generator operating mode. A second electric motor is driven by an electrical output of the generator in the main generator operating mode and simulates a locomotive traction motor. A third electric motor is coupled to the second electric motor and operates as a generator providing a load on the second electric motor during simulated locomotive motoring operations.
News Article | April 17, 2017
On Tuesday, April 18th, the Women’s Business Council – Southwest (WBCS) is hosting its annual Power to Potential, a procurement focused event that includes corporate roundtable discussions, a keynote lunch, a pitch event, breakout sessions, and a networking reception. New to this year’s programming is Power Pitch, an exclusive session for 16 women-owned businesses to showcase their products or services to an audience of corporate buyers. The participants will be given 10 minutes to pitch their product or service. At the end of the session, two finalist will be selected and given the opportunity to pitch to all event attendees during the networking reception and will be featured on the WBCS blog, newsletter, and social media. “We are so excited for sixteen of our women-owned businesses to participate in Power Pitch, because it is such a unique opportunity to get their product or service in front of a room full of buyers from some of the area’s largest corporations,” said Debbie Hurst, President of the Women’s Business Council – Southwest. “Any time we can provide the opportunity for our members to mass market their abilities to a prime audience, we want to do it.” In the morning, attendees can participate in corporate roundtable discussions hosted by 23 of WBCS’ Sustaining (Corporate) Members where they will learn about each company’s supplier diversity program and upcoming opportunities. The corporate roundtables are followed by a luncheon with keynote speaker, Noelle LeVeaux, CEO of Noelle LeVeaux Concepts, a marketing strategies and brand development expert, known for launching the highly visible and award winning “BIG” campaign seen across the city of Dallas. Participants can attend a variety of procurement-focused workshops before capping the day with a networking reception. Event Details Tuesday, April 18, 2017, 10:30am - 5pm Hurst Conference Center – 1601 Campus Drive, Hurst, Texas 76054 Online registration for WBCS members is $65 and $75 for non-members and is available until Tuesday, April 11, 2017. On-site registration is available at an increased rate. For more information, please call Elizabeth Garner at 817-299-0566. Sponsors This event is graciously sponsored by PepsiCo, Argent Associates, Walmart, SPI, Vistra Energy, Raytheon, BNSF Railway Company, Painters USA, and Kelly Mitchell.
News Article | May 7, 2017
Here are some important highlights of Warren Buffett's Q&A session that investors might want to know. This article originally appeared on the Motley Fool. Warren Buffett and Charlie Munger fielded several hours of questions from Berkshire Hathaway's (NYSE:BRK-A) (NYSE:BRK-B) shareholders at the company's annual meeting. As always, the topics were as varied as the answers were colorful. Here are five highlights investors should know. In Berkshire's first-quarter earnings report, which was released the day before the meeting, the company revealed a cash stockpile of $96.5 billion. And unlike many companies with massive stockpiles of cash, Berkshire's is mostly stashed in the U.S., meaning it could easily be put to work. Now, Buffett likes to keep at least $20 billion in cash on the balance sheet at all times at an absolute minimum, but that still leaves massive potential for acquisitions and/or stock investments. Munger even said that Berkshire could potentially do a $150 billion deal tomorrow, if it was willing to take on some debt and/or sell some stocks. Unfortunately, good opportunities are getting more difficult to find. In reference to Berkshire's acquisition of Precision Castparts, Munger pointed out that "this is no screaming bargain like the old days," and Buffett agreed, saying that compelling bargains are tough to find -- hence the stockpile of cash. So, what would prompt Berkshire to start putting its cash to work? Essentially, Buffett said that Berkshire wants to acquire businesses that will have a competitive advantage over the next five to 10 years, whose management teams are strong, and that are offered at a fair price. For more color, Buffett has actually laid out Berkshire's acquisition criteria in some of his annual letters to shareholders, and you can read about them here. Buffett also said that if there's a persistent shortage of attractive investment opportunities, Berkshire may eventually choose to increase its buyback criteria of 120% of book value or less, but he is still optimistic about finding ways to deploy Berkshire's capital. Tax reform has been a major news item since President Donald Trump took office, with a particular focus on the prospect of lowering the corporate tax rate from 35% to 15%. During the Q&A, Buffett was asked how this would affect Berkshire -- specifically, how much of the benefit would be realized by the customers of Berkshire's businesses, and how much of the benefit would go to shareholders. Buffett said that any change in how Berkshire's investment gains are taxed would directly benefit shareholders, while some of the savings for businesses would likely be passed on to customers, with the amounts differing by business. More importantly than what the Trump tax plan would mean to Berkshire is that Buffett is confident that Berkshire would do well in any economic climate, pointing out that Berkshire has dealt with extremely high corporate tax rates in the past -- and has thrived. For most investors, Warren Buffett says that a simple S&P 500 index fund is the best investment that they can make. He's been especially vocal about this in recent years, particularly as an alternative to utilizing active investment managers. In fact, Buffett has advised his own wife to invest in index funds after his death, as opposed to Berkshire shares. • This Stock Could Be Like Buying Amazon in 1997 When asked why this was, Buffett said, "It's the best investment for people looking for the least amount of worry." Previously, Buffett has referred to an investment in an S&P 500 index fund as a bet on American business, which is almost certain to do well over long periods of time. Buffett is such a fan of low-cost index funds that he said that "Jack Bogle [the founder of index fund pioneer Vanguard] has probably done more for the American investor than any man in the country." Berkshire surprised many investors with its investment in the four largest U.S. airlines, but there's one comparison Buffett wanted to address. Specifically, many analysts have compared Buffett's airline investments to his railroad investments. And it makes sense -- before acquiring BNSF Railway in full, Buffett took smaller stakes in several major railroad companies. In fact, Munger recently said, "It [the railroad industry] was a terrible business for 80 years...but they finally got down to four big railroads, and it was a better business. And something similar is happening in the airline business." However, when asked about the airline investments, Buffett rejected this logic, saying that there's no comparison between the two. Airlines simply don't have the competitive advantages of railroads. Railroads are a lower-cost option than other methods of transporting freight (such as trucks), and have lower operational expenses. Airlines, on the other hand, are in a highly competitive environment (although it's gotten better), and the fundamentals of the business aren't as attractive. So why did Buffett buy the airlines after years of negativity? Essentially, he feels that after having gone through years of consolidation, the few major airlines that are left are positioned to grow revenue over the coming years. “It has been operating for some time now at 80% or better of capacity – meaning available seat miles – and you can see what delivery is going to be," as Buffett puts it. In addition, all four airlines Berkshire owns have been producing strong returns on invested capital and have been buying back stock fairly aggressively, characteristics Buffett loves to see. Not surprisingly, one of the first questions of the meeting was about Wells Fargo and the company's now infamous "fake accounts" scandal. As he's done before, Buffett essentially responded that Wells Fargo is still a great company, but it made a serious mistake. • 7 of 8 People Are Clueless About This Trillion-Dollar Market As we know now, Wells' incentive structure was the big problem. "Clearly at Wells Fargo there was an incentive system built around cross-selling a number of services per customer," said Buffett. " Well, it turned out that that was incentivizing the wrong kind of behavior. We've made similar mistakes." He also said that Wells' biggest mistake was lack of action on the part of then-CEO John Stumpf. "It had to stop when the CEO learned about it...they totally underestimated the impact" of the issue. Later in the meeting, Buffett was asked a similar question about some of Berkshire's other investments, such as American Express and the loss of its Costco relationship, as well as United Continental and the widely publicized incident of a passenger being violently dragged off of a flight. "We did not buy American Express or Wells Fargo or United Airlines or Coca-Cola with the idea that they would never have problems or they would never have competition. But we did buy them because we thought they had very, very strong hands." In other words, all businesses have problems, and as long as the problems are dealt with responsibly and Berkshire's long-term investing thesis still applies, Berkshire doesn't abandon its investments because of hiccups like these. That's an important takeaway for all long-term investors as the businesses they own inevitably run into problems. If the thesis hasn't changed, headwinds may create even more buying opportunities for those with the right mindset. Matthew Frankel owns shares of American Express and Berkshire Hathaway (B shares). The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares) and Costco Wholesale. The Motley Fool recommends American Express. The Motley Fool has a disclosure policy.
News Article | February 15, 2017
GILLETTE, Wyo.--(BUSINESS WIRE)--Cloud Peak Energy Inc. (NYSE:CLD), one of the largest U.S. coal producers and the only pure-play Powder River Basin (“PRB”) coal company, today announced that Cloud Peak Energy Logistics LLC replaced its throughput agreement with Westshore Terminals Limited Partnership (TMX: WTE) and its transportation agreement with BNSF Railway Company (“BNSF”). Under the new agreements, which are effective commencing January 2017 for the throughput agreement and April 2017 for the transportation agreement, Cloud Peak Energy made upfront payments and also committed to minimum payments through 2018. The outstanding undiscounted commitments are approximately $51 million through the current two year term of these agreements. Both agreements provide that the parties may extend the agreements through the end of 2019 if elected. In addition, Westshore has certain priority rights on throughput capacity in respect of any export shipments by Cloud Peak Energy through 2024. The original throughput and transportation agreements and underlying take-or-pay commitments, which have now been replaced, previously would have expired at the end of 2024. “Westshore and BNSF are critical parts of our effort to maintain a viable long-term Asian export business. We value our strong relationships with Westshore and BNSF and appreciate their willingness to work with us. We believe in the long-term opportunity for Asian exports of Powder River Basin coal,” said Colin Marshall, Cloud Peak Energy’s President and Chief Executive Officer. Cloud Peak Energy Inc. (NYSE:CLD) is headquartered in Wyoming and is one of the largest U.S. coal producers and the only pure-play Powder River Basin coal company. As one of the safest coal producers in the nation, Cloud Peak Energy mines low sulfur, subbituminous coal and provides logistics supply services. The Company owns and operates three surface coal mines in the PRB, the lowest cost major coal producing region in the nation. The Antelope and Cordero Rojo mines are located in Wyoming and the Spring Creek Mine is located in Montana. In 2016, Cloud Peak Energy shipped approximately 59 million tons from its three mines to customers located throughout the U.S. and around the world. Cloud Peak Energy also owns rights to substantial undeveloped coal and complimentary surface assets in the Northern PRB, further building the Company’s long-term position to serve Asian export and domestic customers. With approximately 1,300 total employees, the Company is widely recognized for its exemplary performance in its safety and environmental programs. Cloud Peak Energy is a sustainable fuel supplier for approximately three percent of the nation’s electricity. This release contains “forward-looking statements” within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not statements of historical facts and often contain words such as “may,” “will,” “expect,” “believe,” “anticipate,” “plan,” “estimate,” “seek,” “could,” “should,” “intend,” “potential,” or words of similar meaning. Forward-looking statements are based on management's current expectations and beliefs as well as assumptions and estimates regarding our company, industry, economic conditions, government regulations, energy policies and other factors. Forward-looking statements include the timing and volumes of any future Asian export shipments, market conditions and growth opportunities for Asian exports of Powder River Basin coal and other statements regarding the expected benefits of this transaction and our plans, strategies, prospects and expectations concerning our business, industry, economic conditions, operating results, financial condition and other matters that do not relate strictly to historical facts. These statements are subject to significant risks, uncertainties, and assumptions that are difficult to predict and could cause actual results to differ materially and adversely from those expressed or implied in the forward-looking statements, including government energy and tax policies and the political and regulatory environment impacting coal-fired generation and exports of U.S. thermal coal, economic and industry conditions, demand by Asian utilities for our coal and competition from other producers of coal and sources of electricity generation, Newcastle benchmark prices and prices we receive for delivered export sales, rail and terminal performance and availability required to deliver our export tons, demurrage costs, the impact of future take-or-pay commitments and other factors. For a discussion of some of the additional factors that could adversely affect our future results or the anticipated benefits of this transaction, refer to the risk factors described from time to time in the reports and registration statements we file with the Securities and Exchange Commission (“SEC”), including those in Item 1A - Risk Factors in our most recent Form 10-K and any updates thereto in our Forms 10-Q and current reports on Forms 8-K. There may be other risks and uncertainties that are not currently known to us or that we currently believe are not material. We make forward-looking statements based on currently available information, and we assume no obligation to, and expressly disclaim any obligation to, update or revise publicly any forward-looking statements made in this release, whether as a result of new information, future events or otherwise, except as required by law.
Cardenas-Barron L.E.,Monterrey Institute of Technology |
Chung K.-J.,Chung Yuan Christian University |
Chung K.-J.,National Taiwan University of Science and Technology |
Chung K.-J.,Shih Chien University |
And 2 more authors.
International Journal of Production Economics | Year: 2014
This writing presents a brief introduction to the papers included in the special issue "Celebrating a century of the economic order quantity model in honor of Ford Whitman Harris" published by the International Journal of Production Economics. Forty-one papers covering an extensive scope of inventory management have been incorporated in this volume from contributing authors from 20 countries located in America, Asia, Europe and Africa. This special issue also provides a basis for new directions in inventory management research.
News Article | February 21, 2017
FORT WORTH, Texas--(BUSINESS WIRE)--BNSF Railway Company (BNSF) today announced customers served by the freight rail provider invested nearly $3.5 billion in 2016. This figure reflects several large investments by customers including the completion of Big River Steel’s new $1.3 billion steel mill. These investments are expected to generate more than 3,000 new jobs in local communities. This marks the sixth consecutive year that BNSF customers and local economic development organizations have invested more than $1 billion in a calendar year for new or expanded facilities. “ Our customers’ investments are a direct reflection of the effective and efficient transportation solutions our rail network provides to a range of businesses and industries,” said Colby Tanner, assistant vice president, Economic Development. “ The role of BNSF’s economic development team is to help facilitate and expedite the process of establishing rail service and a transportation infrastructure that is attractive to a variety of industries, which then helps drive investments and employment opportunities across the communities we serve.” In 2016, BNSF helped generate new or expanded development in 115 communities across its rail network. These developments supported a wide variety of commodities including agriculture, chemicals, consumer products, ethanol, fertilizer, industrial products and petroleum. Highlights of supply chain solutions BNSF helped its customers achieve in 2016 include: For more information on establishing a new or expanded rail-served facility, visit www.bnsf.com/ed. BNSF Railway is one of North America’s leading freight transportation companies. BNSF operates approximately 32,500 route miles of track in 28 states and also operates in three Canadian provinces. BNSF is one of the top transporters of consumer goods, grain and agricultural products, low-sulfur coal, and industrial goods such as petroleum, chemicals, housing materials, food and beverages. BNSF’s shipments help feed, clothe, supply, and power American homes and businesses every day. BNSF and its employees have developed one of the most technologically advanced, and efficient railroads in the industry. We work continuously to improve the value of the safety, service, energy, and environmental benefits we provide to our customers and the communities we serve. You can learn more about BNSF at www.BNSF.com.