Kansas City Southern (KSU) 10-Q16 Oct 202020 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 09, 2020
Document Information [Line Items]
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000054480
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-4717
Entity Registrant Name	KANSAS CITY SOUTHERN
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	44-0663509
Entity Address, Address Line One	427 West 12th Street
Entity Address, City or Town	Kansas City
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64105
City Area Code	816
Local Phone Number	983.1303
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		93,601,549
$25 Par Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Par Value $25 Per Share, 4%, Noncumulative
Trading Symbol	KSU
Security Exchange Name	NYSE
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 Per Share Par Value
Trading Symbol	KSU
Security Exchange Name	NYSE

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenues	$ 659.6	$ 747.7	$ 1,939.2	$ 2,136.5
Operating expenses:
Compensation and benefits	117.4	134.8	354.6	392
Purchased services	47.3	53.4	145.2	162.9
Fuel	50.8	87.1	165.2	257.8
Equipment costs	23.9	25.1	63.9	81.8
Depreciation and amortization	89.2	86.5	267.9	262.7
Materials and other	59	66.8	184.7	198.5
Restructuring charges	0.5	12	17	130.5
Total operating expenses	388.1	465.7	1,198.5	1,486.2
Operating income	271.5	282	740.7	650.3
Equity in net earnings (losses) of affiliates	(1.3)	2.1	(0.1)	3.6
Interest expense	(39.5)	(27.9)	(111.8)	(84.1)
Debt retirement costs	0	0	0	(0.6)
Foreign exchange gain (loss)	7.7	(3.4)	(44)	9.5
Other income, net	0.3	2	2.5	2.2
Income before income taxes	238.7	254.8	587.3	580.9
Income tax expense	48.5	74.2	134.5	168
Net income	190.2	180.6	452.8	412.9
Less: Net income attributable to noncontrolling interest	0.4	0.4	1.5	1.2
Net income attributable to Kansas City Southern and subsidiaries	189.8	180.2	451.3	411.7
Preferred stock dividends	0.1	0.1	0.2	0.2
Net income available to common stockholders	$ 189.7	$ 180.1	$ 451.1	$ 411.5
Earnings per share:
Basic earnings per share	$ 2.02	$ 1.81	$ 4.76	$ 4.12
Diluted earnings per share	$ 2.01	$ 1.81	$ 4.74	$ 4.10
Average shares outstanding (in thousands):
Basic	93,876	99,296	94,672	99,939
Effect of dilution	504	403	477	405
Diluted	94,380	99,699	95,149	100,344

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 190.2	$ 180.6	$ 452.8	$ 412.9
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate derivative instruments, net of tax of $0.7 million, $(2.2) million, $3.4 million and $(6.3) million, respectively	2.6	(7.1)	12.7	(19.8)
Reclassification adjustment from cash flow hedges included in net income, net of tax of $0.1 million and $0.4 million, respectively	0.6	0	1.5	0
Foreign currency translation adjustments	0.1	(0.2)	(1.4)	0.1
Other comprehensive income (loss)	3.3	(7.3)	12.8	(19.7)
Comprehensive income	193.5	173.3	465.6	393.2
Less: Comprehensive income attributable to noncontrolling interest	0.4	0.4	1.5	1.2
Comprehensive income attributable to Kansas City Southern and subsidiaries	$ 193.1	$ 172.9	$ 464.1	$ 392

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Tax effect on unrealized gain (loss) on interest rate derivative instruments	$ 0.7	$ (2.2)	$ 3.4	$ (6.3)
Tax effect on reclassification adjustment from cash flow hedges included in net income	$ 0.1		$ 0.4

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 646	$ 148.8
Accounts receivable, net	256	274.2
Materials and supplies	127.9	150.6
Other current assets	63.9	155
Total current assets	1,093.8	728.6
Operating lease right-of-use assets	75.8	158.4
Investments	44.1	47.6
Property and equipment (including concession assets), net	8,967.3	8,806.3
Other assets	184.6	45.9
Total assets	10,365.6	9,786.8
Current liabilities:
Long-term debt due within one year	10.9	18
Accounts payable and accrued liabilities	466.3	473.3
Total current liabilities	477.2	491.3
Long-term operating lease liabilities	49.8	85.7
Long-term debt	3,765.3	3,228
Deferred income taxes	1,177.4	1,128
Other noncurrent liabilities and deferred credits	102	107.9
Total liabilities	5,571.7	5,040.9
Stockholders' equity:
$.01 par, common stock, 400,000,000 shares authorized; 123,352,185 shares issued; 93,711,453 and 96,115,669 shares outstanding at September 30, 2020 and December 31, 2019, respectively	1	1
Additional paid-in capital	925.6	843.7
Retained earnings	3,552.3	3,601.3
Accumulated other comprehensive loss	(16.3)	(29.1)
Total stockholders’ equity	4,468.1	4,422.5
Noncontrolling interest	325.8	323.4
Total equity	4,793.9	4,745.9
Total liabilities and equity	10,365.6	9,786.8
$25 Par Preferred Stock [Member]
Stockholders' equity:
$25 par, 4% noncumulative, preferred stock, 840,000 shares authorized, 649,736 shares issued; 218,169 and 222,625 shares outstanding at September 30, 2020 and December 31, 2019, respectively	$ 5.5	$ 5.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Stockholders' equity:
Common Stock, Par Value	$ 0.01	$ 0.01
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares Issued	123,352,185	123,352,185
Common Stock, Shares Outstanding	93,711,453	96,115,669
$25 Par Preferred Stock [Member]
Stockholders' equity:
Preferred Stock, Par Value	$ 25	$ 25
Preferred Stock, Dividend Rate	4.00%	4.00%
Preferred Stock, Shares Authorized	840,000	840,000
Preferred Stock, Shares Issued	649,736	649,736
Preferred Stock, Shares Outstanding	218,169	222,625

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating activities:
Net income	$ 190.2	$ 152.3	$ 127.9	$ 180.6	$ 103.2	$ 452.8	$ 412.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	89.2			86.5		267.9	262.7
Deferred income taxes						45.7	26.8
Equity in net (earnings) losses of affiliates	1.3			(2.1)		0.1	(3.6)
Share-based compensation						18.6	16.4
(Gain) loss on foreign currency derivative instruments						20.6	(10.3)
Foreign exchange loss						23.4	0.8
Restructuring charges	0.5			12		17	130.5
Distributions from affiliates						2.5	3
Settlement of foreign currency derivative instruments						(20.4)	10.8
Cash payments for restructuring charges						(8.8)	(2.9)
Refundable Mexican value added tax						(27.2)	(38.2)
Changes in working capital items:
Accounts receivable						12.1	38.3
Materials and supplies						22.6	(4.7)
Other current assets						(21.5)	5.5
Accounts payable and accrued liabilities						18	12.7
Other, net						(3.5)	(1.9)
Net cash provided by operating activities						819.9	858.8
Investing activities:
Capital expenditures						(301.6)	(468.2)
Purchase or replacement of assets under operating leases						(78.2)	(38.6)
Property investments in MSLLC						(23.4)	(25.6)
Investments in and advances to affiliates						(6.9)	(27)
Proceeds from disposal of property						9.3	18.4
Other, net						(12.4)	0.7
Net cash used for investing activities						(413.2)	(540.3)
Financing activities:
Proceeds from issuance of long-term debt						545.6	0
Repayment of long-term debt						(11.9)	(7.8)
Dividends paid						(114.7)	(108.6)
Shares repurchased						(322.9)	(242.5)
Debt issuance costs paid						(6.6)	(2.5)
Proceeds from employee stock plans						6.6	4.8
Net cash provided by (used for) financing activities						96.1	(356.6)
Effect of exchange rate changes on cash						(5.6)	(0.8)
Cash and cash equivalents:
Net increase (decrease) during each period						497.2	(38.9)
At beginning of year		$ 148.8	61.6		$ 100.5	148.8	100.5	$ 100.5
At end of period	$ 646		$ 148.8	$ 61.6		$ 646	$ 61.6	$ 148.8

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	$25 Par Preferred Stock [Member]	$25 Par Preferred Stock [Member]	$.01 Par Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member]$25 Par Preferred Stock [Member]	Accumulated Other Comprehensive Loss [Member]	Non-controlling Interest [Member]
Balance at Dec. 31, 2018	$ 5,132.7		$ 5.7	$ 1	$ 946.6	$ 3,870.6		$ (10.9)	$ 319.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	103.2					102.8			0.4
Other comprehensive income (loss)	(4.9)							(4.9)
Contribution from noncontrolling interest	1.8								1.8
Dividends on common stock	(36.3)				0	(36.3)
Dividends on preferred stock		$ (0.1)					$ (0.1)
Share repurchases	(50.3)		0	0	(4.4)	(45.9)
Options exercised and stock subscribed, net of shares withheld for employee taxes	(2.1)			0	(2.1)
Share-based compensation	6				6
Balance at Mar. 31, 2019	5,150		5.7	1	946.1	3,891.1		(15.8)	321.9
Balance at Dec. 31, 2018	5,132.7		5.7	1	946.6	3,870.6		(10.9)	319.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	412.9
Other comprehensive income (loss)	(19.7)
Balance at Sep. 30, 2019	5,197.2		5.6	1	947.3	3,951.2		(30.6)	322.7
Balance at Mar. 31, 2019	5,150		5.7	1	946.1	3,891.1		(15.8)	321.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	129.1					128.7			0.4
Other comprehensive income (loss)	(7.5)							(7.5)
Dividends on common stock	(36)				0	(36)
Dividends on preferred stock		0					0
Share repurchases	(92.4)		(0.1)	0	(7.3)	(85)
Options exercised and stock subscribed, net of shares withheld for employee taxes	2.3			0	2.3
Share-based compensation	6				6
Balance at Jun. 30, 2019	5,151.5		5.6	1	947.1	3,898.8		(23.3)	322.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	180.6					180.2			0.4
Other comprehensive income (loss)	(7.3)							(7.3)
Dividends on common stock	(35.6)				0	(35.6)
Dividends on preferred stock		(0.1)					(0.1)
Share repurchases	(99.8)		0	0	(7.7)	(92.1)
Options exercised and stock subscribed, net of shares withheld for employee taxes	2.7			0	2.7
Share-based compensation	5.2				5.2
Balance at Sep. 30, 2019	5,197.2		5.6	1	947.3	3,951.2		(30.6)	322.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	127.9					127.2			0.7
Other comprehensive income (loss)	1.5							1.5
Dividends on common stock	(38.6)				0	(38.6)
Dividends on preferred stock		0					0
Share repurchases	(467.5)		0	0	(29)	(438.5)
Forward contract for accelerated share repurchases	(82.5)				(82.5)
Options exercised and stock subscribed, net of shares withheld for employee taxes	1.2			0	1.2
Share-based compensation	6.7				6.7
Balance at Dec. 31, 2019	4,745.9		5.6	1	843.7	3,601.3		(29.1)	323.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152.3					151.8			0.5
Other comprehensive income (loss)	3.6							3.6
Dividends on common stock	(38.2)				0	(38.2)
Dividends on preferred stock		(0.1)					(0.1)
Share repurchases	(194.2)			0	(11.4)	(182.8)
Settlement of forward contract for accelerated share repurchases	82.5				82.5
Options exercised and stock subscribed, net of shares withheld for employee taxes	(0.1)			0	(0.1)
Share-based compensation	10.3				10.3
Balance at Mar. 31, 2020	4,762		5.6	1	925	3,532		(25.5)	323.9
Balance at Dec. 31, 2019	4,745.9		5.6	1	843.7	3,601.3		(29.1)	323.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	452.8
Other comprehensive income (loss)	12.8
Balance at Sep. 30, 2020	4,793.9		5.5	1	925.6	3,552.3		(16.3)	325.8
Balance at Mar. 31, 2020	4,762		5.6	1	925	3,532		(25.5)	323.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	110.3					109.7			0.6
Other comprehensive income (loss)	5.9							5.9
Dividends on common stock	(37.8)				0	(37.8)
Dividends on preferred stock		0					0
Share repurchases	(100)		0	0	(6.8)	(93.2)
Options exercised and stock subscribed, net of shares withheld for employee taxes	(0.3)			0	(0.3)
Share-based compensation	4.9				4.9
Balance at Jun. 30, 2020	4,745		5.6	1	922.8	3,510.7		(19.6)	324.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	190.2					189.8			0.4
Other comprehensive income (loss)	3.3							3.3
Contribution from noncontrolling interest	0.9								0.9
Dividends on common stock	(37.6)				0	(37.6)
Dividends on preferred stock		(0.1)					$ (0.1)
Share repurchases	(117.1)	$ (0.1)	(0.1)	0	(6.5)	(110.5)
Options exercised and stock subscribed, net of shares withheld for employee taxes	3.9			0	3.9
Share-based compensation	5.4				5.4
Balance at Sep. 30, 2020	$ 4,793.9		$ 5.5	$ 1	$ 925.6	$ 3,552.3		$ (16.3)	$ 325.8

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Common Stock, Dividends Per Share	$ 0.4	$ 0.4	$ 0.4	$ 0.4	$ 0.36	$ 0.36	$ 0.36
$25 Par Preferred Stock [Member]
Preferred Stock, Par Value	25	25	25	25	25	25	25
Preferred Stock, Dividends Per Share	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of the management of KCS, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal and recurring adjustments) necessary to reflect a fair statement of the results for interim periods in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . The results of operations for the three and nine months ended September 30, 2020 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 . Certain prior year amounts have been reclassified to conform to the current year presentation. During the first quarter of 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments - Credit Losses,” which required the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaced the existing incurred loss model and is applicable to the measurement of credit losses on financial assets, including trade receivables. Adoption of the new standard did not have a material impact on the Company’s consolidated financial statements. During the first quarter of 2020, the Company early adopted the SEC’s, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities

Restructuring Charges

Restructuring Charges	9 Months Ended
Restructuring Charges	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges COVID-19. In March 2020, the World Health Organization categorized Coronavirus Disease 2019 (“COVID-19”) as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The U.S. and Mexico governments have deemed rail transportation as “critical infrastructure” providing essential services during this global emergency. As a provider of critical infrastructure, Kansas City Southern has an obligation to keep employees working and freight moving. KCS remains focused on protecting the health and wellbeing of its employees and the communities in which it operates while assuring the continuity of its business operations. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which includes modifications to the limitation on business interest expense and net operating loss provisions, and provides a payment delay of employer payroll taxes during 2020 after the date of enactment. The Company estimates the payment of approximately $11.0 million of employer payroll taxes otherwise due in 2020 will be delayed with 50% due by December 31, 2021 and the remaining 50% by December 31, 2022. The CARES Act did not have a material impact on the Company’s consolidated financial statements. The Company began to experience the impacts of COVID-19 on customer demand in late March 2020. For the three months ended June 30, 2020 and September 30, 2020, revenues declined 23% and 12% , respectively, as compared to the same periods in 2019, primarily due to the decrease in overall demand from COVID-19 and lower commodity prices, lower fuel surcharge due to lower fuel prices, and the weakening of the Mexican peso against the U.S dollar. After the significant decline in volumes in the second quarter of 2020, volumes began to rebound rapidly in early June and by the end of September weekly volumes were higher than pre-COVID-19 levels. As revenues declined in the second quarter of 2020, the Company responded quickly and implemented cost-saving measures and accelerated precision scheduled railroading (“PSR”) initiatives by further consolidating trains, which increased train length and reduced crew costs. In June of 2020, the Company offered a voluntary separation program, which resulted in a restructuring charge of $9.2 million for the three months ended June 30, 2020, consisting of severance and benefit costs that will be paid out in either lump-sum payments or incrementally over a six to twelve-month period. Approximately 6% of management employees were irrevocably accepted into the voluntary separation program. During the three months ended September 30, 2020, additional restructuring charges of approximately $0.5 million were recognized as part of the voluntary separation program. PSR. During 2019, the Company began implementing principles of PSR, which focus on providing reliable customer service, facilitating growth, improving asset utilization, and improving the cost profile of the Company. As a result of the PSR initiatives in 2019, management approved four separate restructuring plans that totaled $168.8 million , including restructuring plans of $67.5 million , $51.0 million and $12.0 million in the first, second, and third quarters of 2019, respectively. The restructuring plans were substantially completed in 2019. During the first quarter of 2020, the Company purchased 91 locomotives for $78.2 million that were part of two existing leases. Of the 91 locomotives, 13 were impaired during the fourth quarter of 2019. The purchase of the impaired lease locomotives resulted in $6.0 million of make-whole payments recorded as incremental restructuring charges in the first quarter of 2020. During the second quarter of 2020, the Company recognized approximately $1.3 million of restructuring charges from the disposal of held for sale equipment.

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue The following table presents revenues disaggregated by the major commodity groups as well as the product types included within the major commodity groups (in millions) . The Company believes disaggregation by product type best depicts how cash flows are affected by economic factors. See Note 13 for revenues by geographical area. Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Chemical & Petroleum Chemicals $ 60.1 $ 65.5 $ 174.8 $ 187.6 Petroleum 95.1 89.1 261.5 253.4 Plastics 36.7 39.6 112.7 110.1 Total 191.9 194.2 549.0 551.1 Industrial & Consumer Products Forest Products 59.6 64.3 186.3 193.9 Metals & Scrap 41.5 59.6 144.2 176.5 Other 25.3 32.0 75.5 85.6 Total 126.4 155.9 406.0 456.0 Agriculture & Minerals Grain 74.6 78.3 216.5 224.2 Food Products 38.2 40.0 119.9 110.4 Ores & Minerals 5.5 6.7 16.6 19.0 Stone, Clay & Glass 7.0 8.7 21.2 25.4 Total 125.3 133.7 374.2 379.0 Energy Utility Coal 28.9 35.1 75.7 95.1 Coal & Petroleum Coke 10.2 11.3 31.3 31.9 Frac Sand 2.3 7.4 7.8 22.1 Crude Oil 5.4 11.2 27.6 34.4 Total 46.8 65.0 142.4 183.5 Intermodal 89.1 100.5 241.3 273.0 Automotive 48.5 64.8 118.0 193.3 Total Freight Revenues 628.0 714.1 1,830.9 2,035.9 Other Revenue 31.6 33.6 108.3 100.6 Total Revenues $ 659.6 $ 747.7 $ 1,939.2 $ 2,136.5 Contract Balances The amount of revenue recognized in the third quarter of 2020 from performance obligations partially satisfied in previous periods was $17.7 million . The performance obligations that were unsatisfied or partially satisfied as of September 30, 2020 , were $22.2 million , which represents in-transit shipments that are fully satisfied the following month. A receivable is any unconditional right to consideration, and is recognized as shipments have been completed and the relating performance obligation has been fully satisfied. At September 30, 2020 and December 31, 2019 , the accounts receivable, net balance was $256.0 million and $274.2 million , respectively. Contract assets represent a conditional right to consideration in exchange for goods or services. The Company did not have any contract assets at September 30, 2020 and December 31, 2019. Contract liabilities represent consideration received in advance from customers, and are recognized as revenue over time as the relating performance obligation is satisfied. The amount of revenue recognized in the third quarter of 2020 that was included in the opening contract liability balance was $9.6 million . The Company has recognized contract liabilities within the accounts payable and accrued liabilities financial statement caption on the balance sheet. These are considered current liabilities as they will be settled in less than 12 months. The following tables summarize the changes in contract liabilities (in millions) : Contract liabilities Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Beginning balance $ 16.1 $ 19.0 $ 30.5 $ 32.4 Revenue recognized that was included in the contract liability balance at the beginning of the period (9.6 ) (11.4 ) (28.2 ) (31.4 ) Increases due to consideration received, excluding amounts recognized as revenue during the period 2.1 0.8 6.3 7.4 Ending balance $ 8.6 $ 8.4 $ 8.6 $ 8.4

Earnings Per Share Data

Earnings Per Share Data	9 Months Ended
Earnings Per Share Data	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share Data	Earnings Per Share Data Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share adjusts basic earnings per common share for the effects of potentially dilutive common shares, if the effect is not anti-dilutive. Potentially dilutive common shares include the dilutive effects of shares issuable under the stock option and performance award plans. The following table reconciles the basic earnings per share computation to the diluted earnings per share computation (in millions, except share and per share amounts) : Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net income available to common stockholders for purposes of computing basic and diluted earnings per share $ 189.7 $ 180.1 $ 451.1 $ 411.5 Weighted-average number of shares outstanding ( in thousands ): Basic shares 93,876 99,296 94,672 99,939 Effect of dilution 504 403 477 405 Diluted shares 94,380 99,699 95,149 100,344 Earnings per share: Basic earnings per share $ 2.02 $ 1.81 $ 4.76 $ 4.12 Diluted earnings per share $ 2.01 $ 1.81 $ 4.74 $ 4.10 Potentially dilutive shares excluded from the calculation (in thousands): Stock options excluded as their inclusion would be anti-dilutive 72 — 72 165

Property and Equipment (includi

Property and Equipment (including Concession Assets)	9 Months Ended
Property and Equipment (including Concession Assets)	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment (including Concession Assets)	Property and Equipment (including Concession Assets) Property and equipment, including concession assets, and related accumulated depreciation and amortization are summarized below (in millions) : September 30, December 31, Land $ 227.5 $ 224.9 Concession land rights 141.1 141.1 Road property 8,088.1 7,962.1 Equipment 2,746.0 2,652.6 Technology and other 355.4 345.1 Construction in progress 227.0 170.2 Total property 11,785.1 11,496.0 Accumulated depreciation and amortization 2,817.8 2,689.7 Property and equipment (including concession assets), net $ 8,967.3 $ 8,806.3 Concession assets, net of accumulated amortization of $690.7 million and $678.1 million , totaled $2,366.7 million and $2,335.5 million at September 30, 2020 and December 31, 2019 , respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s derivative financial instruments are measured at fair value on a recurring basis and consist of foreign currency forward and option contracts and treasury lock agreements, which are classified as Level 2 valuations. The Company determines the fair value of its derivative financial instrument positions based upon pricing models using inputs observed from actively quoted markets and also takes into consideration the contract terms as well as other inputs, including market currency exchange rates and in the case of option contracts, volatility, the risk-free interest rate and the time to expiration. The Company’s short-term financial instruments include cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings. The carrying value of the short-term financial instruments approximates their fair value. The fair value of the Company’s debt is estimated using quoted market prices when available. When quoted market prices are not available, fair value is estimated based on current market interest rates for debt with similar maturities and credit quality. The carrying value of the Company’s debt was $3,776.2 million and $3,246.0 million at September 30, 2020 and December 31, 2019 , respectively. If the Company’s debt were measured at fair value, the fair value measurements of the individual debt instruments would have been classified as Level 2 in the fair value hierarchy. The fair value of the Company’s financial instruments is presented in the following table (in millions) : September 30, 2020 December 31, 2019 Level 2 Level 2 Assets Foreign currency derivative instruments $ 2.3 $ 2.5 Treasury lock agreements 16.1 — Liabilities Debt instruments 4,086.6 3,535.7

Derivative Instruments

Derivative Instruments	9 Months Ended
Derivative Instruments	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company enters into derivative transactions in certain situations based on management’s assessment of current market conditions and perceived risks. Management intends to respond to evolving business and market conditions and in doing so, may enter into such transactions as deemed appropriate. Credit Risk. As a result of the use of derivative instruments, the Company is exposed to counterparty credit risk. The Company manages this risk by limiting its counterparties to large financial institutions which meet the Company’s credit rating standards and have an established banking relationship with the Company. As of September 30, 2020 , the Company did not expect any losses as a result of default of its counterparties. Interest Rate Derivative Instruments . In March 2020, the Company executed three 30 -year treasury lock agreements with an aggregate notional value of $400.0 million and a weighted average interest rate of 1.45% . The purpose of the treasury locks is to hedge the U.S. Treasury benchmark interest rate associated with future interest payments related to the anticipated refinancing of the $444.7 million , 3.00% senior notes due May 15, 2023 (the “3.00% Senior Notes”). The Company has designated the treasury locks as cash flow hedges and recorded unrealized gains and losses in accumulated other comprehensive loss. Upon settlement, the unrealized gain or loss in accumulated other comprehensive income will be amortized to interest expense over the life of the future underlying debt issuance. Foreign Currency Derivative Instruments. The Company’s Mexican subsidiaries have net U.S. dollar-denominated monetary liabilities which, for Mexican income tax purposes, are subject to periodic revaluation based on changes in the value of the Mexican peso against the U.S. dollar. This revaluation creates fluctuations in the Company’s Mexican income tax expense and the amount of income taxes paid in Mexico. The Company hedges its exposure to this cash tax risk by entering into foreign currency forward contracts and foreign currency option contracts known as zero-cost collars. The foreign currency forward contracts involve the Company’s purchase of pesos at an agreed-upon weighted-average exchange rate to each U.S dollar. The zero-cost collars involve the Company’s purchase of a Mexican peso call option and a simultaneous sale of a Mexican peso put option, with equivalent U.S. dollar notional amounts for each option and no net cash premium paid by the Company. The Company’s foreign currency forward and zero-cost collar contracts are executed with counterparties in the U.S. and are governed by International Swaps and Derivatives Association agreements that include standard netting arrangements. Asset and liability positions from contracts with the same counterparty are net settled upon maturity/expiration and presented on a net basis in the consolidated balance sheets prior to settlement. There was no offsetting of derivative assets or liabilities in the consolidated balance sheets as of September 30, 2020 and December 31, 2019. Below is a summary of the Company’s 2020 and 2019 foreign currency derivative contracts (amounts in millions, except Ps./USD) : Foreign currency forward contracts Contracts to purchase Ps./pay USD Offsetting contracts to sell Ps./receive USD Notional amount Notional amount Weighted-average exchange rate (in Ps./USD) Notional amount Notional amount Weighted-average exchange rate (in Ps./USD) Cash received/(paid) on settlement Contracts executed in 2020 and outstanding $ 20.0 Ps. 495.5 Ps. 24.8 — — — — Contracts executed in 2020 and settled in 2020 $ 535.0 Ps. 10,758.9 Ps. 20.1 $ 511.0 Ps. 10,758.9 Ps. 21.1 $ (24.0 ) Contracts executed in 2019 and settled in 2020 $ 105.0 Ps. 2,041.2 Ps. 19.4 $ 108.6 Ps. 2,041.2 Ps. 18.8 $ 3.6 Contracts executed in 2019 and settled in 2019 (i) $ 400.0 Ps. 7,892.5 Ps. 19.7 $ 410.7 Ps. 7,892.5 Ps. 19.2 $ 10.7 Contracts executed in 2018 and settled in 2019 (i) $ 20.0 Ps. 410.9 Ps. 20.5 $ 20.9 Ps. 410.9 Ps. 19.6 $ 0.9 Foreign currency zero-cost collar contracts Notional amount Cash received/(paid) on settlement Contracts executed in 2018 and settled in 2019 (i) $ 120.0 $ 0.3 (i) During the nine months ended September 30, 2019, the Company settled $120.0 million and $385.0 million of zero-cost collar contracts and forward contracts, respectively, executed in 2018 and 2019, resulting in cash received of $0.3 million and $10.5 million . The Company has not designated any of the foreign currency derivative contracts as hedging instruments for accounting purposes. The Company measures the foreign currency derivative contracts at fair value each period and recognizes any change in fair value in foreign exchange gain (loss) within the consolidated statements of income. The cash flows associated with these instruments is classified as an operating activity within the consolidated statements of cash flows. The following tables present the fair value of derivative instruments included in the Consolidated Balance Sheets ( in millions ): Derivative Assets Balance Sheet Location September 30, December 31, 2019 Derivatives designated as hedging instruments: Treasury lock agreements Other assets $ 16.1 $ — Total derivatives designated as hedging instruments 16.1 — Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets 2.3 2.5 Total derivatives not designated as hedging instruments 2.3 2.5 Total derivative assets $ 18.4 $ 2.5 The following table presents the effects of derivative instruments on the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income for the three months ended September 30 (in millions) : Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from AOCI into Income Amount of Gain/(Loss) Reclassified from AOCI into Income 2020 2019 2020 2019 Treasury lock agreements $ 3.3 $ (9.3 ) Interest expense $ (0.7 ) $ — Total $ 3.3 $ (9.3 ) $ (0.7 ) $ — Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative 2020 2019 Foreign currency forward contracts Foreign exchange gain (loss) $ 6.7 $ (0.6 ) Total $ 6.7 $ (0.6 ) The following table presents the effects of derivative instruments on the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income for the nine months ended September 30 (in millions) : Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from AOCI into Income Amount of Gain/(Loss) Reclassified from AOCI into Income 2020 2019 2020 2019 Treasury lock agreements $ 16.1 $ (26.1 ) Interest expense $ (1.9 ) $ — Total $ 16.1 $ (26.1 ) $ (1.9 ) $ — Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative 2020 2019 Foreign currency forward contracts Foreign exchange gain (loss) $ (20.6 ) $ 10.3 Total $ (20.6 ) $ 10.3 See Note 6

Short-Term Borrowings

Short-Term Borrowings	9 Months Ended
Short-Term Borrowings	Sep. 30, 2020
Debt Disclosure [Abstract]
Short-Term Borrowings	Short-Term Borrowings Commercial Paper. The Company’s commercial paper program generally serves as the primary means of short-term funding. As of September 30, 2020 and December 31, 2019 , KCS had no commercial paper outstanding. For the nine months ended September 30, 2020 and 2019 , any commercial paper borrowings were outstanding for less than 90 days and the related activity is presented on a net basis in the consolidated statements of cash flows.

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Senior Notes. On April 22, 2020, KCS issued $550.0 million principal amount of senior unsecured notes due May 1, 2050 (the “3.50% Senior Notes”), which bear interest semiannually at a fixed annual rate of 3.50% . The 3.50% Senior Notes were issued at a discount to par value, resulting in a $4.4 million discount and a yield to maturity of 3.543% . The Company intends to use the net proceeds from the offering for general corporate purposes, including to repurchase shares of the Company’s common stock, and is actively monitoring macroeconomic conditions, impacts of COVID-19, and weekly volumes to determine the appropriate timing of deployment of the net proceeds, which are currently retained as cash. The 3.50% Senior Notes are redeemable at the issuer’s option, in whole or in part, at any time, by paying the greater of either 100% of the principal amount to be redeemed and a formula price based on interest rates prevailing at the time of redemption and time remaining to maturity, plus accrued interest thereon to, but excluding the redemption date. The 3.50% Senior Notes include certain covenants which are customary for this type of debt instrument issued by borrowers with similar credit ratings. The 3.50% Senior Notes are unsecured senior obligations of KCS and are unconditionally guaranteed, jointly and severally, on an unsecured senior basis by each current and future domestic subsidiary of KCS that from time to time guarantees the KCS revolving credit facility or any other debt of KCS or KCS’s significant subsidiaries that is a guarantor.

Share Repurchases

Share Repurchases	9 Months Ended
Share Repurchases	Sep. 30, 2020
Equity [Abstract]
Share Repurchases	Share Repurchases In November 2019, the Company announced a new common share repurchase program authorizing the Company to purchase up to $2.0 billion of its outstanding shares of common stock through December 31, 2022 (the “2019 Program”). Share repurchases may be made in the open market, through privately negotiated transactions, or through accelerated share repurchase (“ASR”) transactions. Under an ASR agreement, the Company pays a specified amount to a financial institution and receives an initial delivery of shares. The final number and total cost of shares repurchased is then based on the volume-weighted average price of the Company’s common stock during the term of the agreements. The transactions are accounted for as equity transactions with any excess of repurchase price over par value allocated between additional paid-in capital and retained earnings. At the time the shares are received, there is an immediate reduction in the weighted-average number of shares outstanding for purposes of the basic and diluted earnings per share computation. During the fourth quarter of 2019, the Company paid $550.0 million under two ASR agreements and received an aggregate initial delivery of shares, which represented approximately 85% of the total shares to be received under the agreements. The final number and total cost of shares repurchased was then based on the volume-weighted-average price of the Company’s common stock during the term of the agreements, which were settled in March 2020. The terms of the ASR agreements, structured as outlined above, were as follows: Third Party Institution Agreement Date Settlement Date Total Amount of Agreement (in millions) Initial Shares Delivered Fair Market Value of Initial Shares (in millions) Additional Shares Delivered Fair Market Value of Additional Shares (in millions) Total Shares Delivered Weighted-Average Price Per Share ASR Agreement #1 November 2019 March 2020 $ 275.0 1,511,380 $ 233.75 224,244 $ 41.25 1,735,624 $ 158.44 ASR Agreement #2 November 2019 March 2020 $ 275.0 1,511,380 $ 233.75 221,692 $ 41.25 1,733,072 $ 158.68 Total $ 550.0 3,022,760 $ 467.5 445,936 $ 82.5 3,468,696 $ 158.56 During the three months ended September 30, 2020, KCS repurchased 662,451 shares of common stock for $117.0 million at an average price of $176.62 per share. During the nine months ended September 30, 2020 , KCS repurchased 2,653,209 shares of common stock for $411.2 million , which includes shares delivered to settle the ASR agreements noted above. Subsequent to the balance sheet date and through October 15, 2020, KCS repurchased 180,256 shares of common stock for $33.0 million at an average price of $183.07 per share under a Rule 10b5-1 trading plan. Since inception of the 2019 Program and including the Rule 10b5-1 repurchases made in October, KCS has repurchased 5,856,225 shares of common stock for $911.7 million at an average price of $155.69 per share. The excess of repurchase price over par value is allocated between additional paid-in capital and retained earnings. During the three months ended September 30, 2020 , KCS repurchased 3,961 shares of its $25 par preferred stock for $0.1 million at an average price of $28.97 per share. The excess of repurchase price over par value is allocated between paid-in-capital and retained earnings.

Refundable Mexican Value Added

Refundable Mexican Value Added Tax	9 Months Ended
Refundable Mexican Value Added Tax	Sep. 30, 2020
Accounts Receivable Additional Disclosures [Abstract]
Refundable Mexican Value Added Tax	Refundable Mexican Value Added Tax Kansas City Southern de México, S.A. de C.V. (“KCSM”) is not required to charge its customers value added tax (“VAT”) on international import or export transportation services, resulting in KCSM paying more VAT on its expenses than it collects from customers. These excess VAT payments are refundable by the Mexican government. Prior to 2019, KCSM could offset its monthly refundable VAT balance with other tax obligations. In January 2019, Mexico tax reform eliminated the ability to offset other tax obligations with refundable VAT. Since January 2019, the Company has generated a refundable VAT balance of $76.7 million and filed refund claims with the Servicio de Administración Tributaria (the “SAT”) that are still under review. KCSM has a legal opinion supporting its right under Mexican law to recover the refundable VAT balance from the Mexican government and believes the VAT to be fully collectible. As of September 30, 2020, the Company reclassified this asset from short-term to long-term as result of the prolonged refund claim process. As of December 31, 2019, the KCSM refundable VAT balance was $60.2 million

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Concession Duty. Under KCSM’s 50 -year railroad concession from the Mexican government (the “Concession”), which could expire in 2047 unless extended, KCSM pays annual concession duty expense of 1.25% of gross revenues. For the three and nine months ended September 30, 2020 , the concession duty expense, which is recorded within materials and other in operating expenses, was $4.4 million and $12.7 million , respectively, compared to $4.9 million and $14.0 million , for the same periods in 2019 . Litigation. Occasionally, the Company is a party to various legal proceedings, regulatory examinations, investigations, administrative actions, and other legal matters, arising for the most part in the ordinary course of business, incidental to its operations. Included in these proceedings are various tort claims brought by current and former employees for job-related injuries and by third parties for injuries related to railroad operations. KCS aggressively defends these matters and has established liability provisions that management believes are adequate to cover expected costs. The outcome of litigation and other legal matters is always uncertain. KCS believes it has valid defenses to the legal matters currently pending against it, is defending itself vigorously, and has recorded accruals determined in accordance with U.S. GAAP, where appropriate. In making a determination regarding accruals, using available information, KCS evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which it is a party to and records a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. These subjective determinations are based on the status of such legal or regulatory proceedings, the merits of KCS’s defenses and consultation with legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from the current estimates. It is possible that resolution of one or more of the legal matters currently pending or threatened could result in losses material to KCS’s consolidated results of operations, liquidity or financial condition. Environmental Liabilities. The Company’s U.S. operations are subject to extensive federal, state and local environmental laws and regulations. The major U.S. environmental laws to which the Company is subject include, among others, the federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA,” also known as the Superfund law), the Toxic Substances Control Act, the Clean Water Act, and the Hazardous Materials Transportation Act. CERCLA can impose joint and several liabilities for cleanup and investigation costs, without regard to fault or legality of the original conduct, on current and predecessor owners and operators of a site, as well as those who generate, or arrange for the disposal of hazardous substances. The Company does not believe that compliance with the requirements imposed by the environmental legislation will impair its competitive capability or result in any material additional capital expenditures, operating or maintenance costs. The Company is, however, subject to environmental remediation costs as described in the following paragraphs. The Company’s Mexico operations are subject to Mexican federal and state laws and regulations relating to the protection of the environment through the establishment of standards for water discharge, water supply, emissions, noise pollution, hazardous substances and transportation and handling of hazardous and solid waste. The Mexican government may bring administrative and criminal proceedings, impose economic sanctions against companies that violate environmental laws, and temporarily or even permanently close non-complying facilities. The risk of incurring environmental liability is inherent in the railroad industry. As part of serving the petroleum and chemicals industry, the Company transports hazardous materials and has a professional team available to respond to and handle environmental issues that might occur in the transport of such materials. The Company performs ongoing reviews and evaluations of the various environmental programs and issues within the Company’s operations, and, as necessary, takes actions intended to limit the Company’s exposure to potential liability. Although these costs cannot be predicted with certainty, management believes that the ultimate outcome of identified matters will not have a material adverse effect on the Company’s consolidated financial statements. Personal Injury. The Company’s personal injury liability is based on semi-annual actuarial studies performed on an undiscounted basis by an independent third party actuarial firm and reviewed by management. This liability is based on personal injury claims filed and an estimate of claims incurred but not yet reported. Actual results may vary from estimates due to the number, type and severity of the injury, costs of medical treatments and uncertainties in litigation. Adjustments to the liability are reflected within operating expenses in the period in which changes to estimates are known. Personal injury claims in excess of self-insurance levels are insured up to certain coverage amounts, depending on the type of claim and year of occurrence. The personal injury liability as of September 30, 2020 , is based on an updated actuarial study of personal injury claims through April 30, 2020, and review of the last five months’ experience. Although these estimates cannot be predicted with certainty, management believes that the ultimate outcome will not have a material adverse effect on the Company’s consolidated financial statements. Tax Contingencies . Tax returns filed in the U.S. for periods after 2015 and in Mexico for periods after 2012 remain open to examination by the taxing authorities. During the second quarter of 2020, the Internal Revenue Service (“IRS”) initiated an examination of the 2017 deemed mandatory repatriation tax included in the 2017 U.S. federal tax return. In 2018, the IRS initiated an examination of the 2016 U.S. federal tax return. In 2019, the SAT, the Mexican equivalent of the IRS, initiated an audit of the KCSM 2013 and 2014 Mexico tax returns. The Company does not expect that these examinations will have a material impact on the consolidated financial statements. During the first quarter of 2017, the Company received audit assessments from the SAT for the KCSM 2009 and 2010 Mexico tax returns. In 2017, the Company commenced administrative actions with the SAT. During the first quarter of 2018, the audit assessments were nullified by the SAT. In the third quarter of 2018, the SAT issued new assessments and the Company filed administrative appeals with the SAT. The Company believes that it has strong legal arguments in its favor and it is more likely than not that it will prevail in any challenge of the assessments. KCSM has not historically assessed VAT on international import transportation services provided to its customers based on a written ruling that KCSM obtained from the SAT in 2008 stating that such services were not subject to VAT (the “2008 Ruling”). Notwithstanding the 2008 Ruling, in December 2013, the SAT unofficially informed KCSM of an intended implementation of new criteria effective as of January 1, 2014, pursuant to which VAT would be assessed on all international import transportation services on the portion of the services provided within Mexico. Additionally, in November 2013, the SAT filed an action to nullify the 2008 Ruling, potentially exposing the application of the new criteria to open tax years. In February 2014, KCSM filed an action opposing the SAT’s nullification action. In December 2016, KCSM was notified of a resolution issued by the Mexican tax court confirming the 2008 Ruling. The SAT appealed this resolution. In October 2017, the circuit court resolved to not render a decision on the case but rather to send the SAT’s appeal to the Supreme Court. In February 2018, the Supreme Court decided not to hear the case and remanded the SAT’s appeal back to the circuit court for a decision. In July 2018, the circuit court ordered the tax court to consider certain arguments made by the SAT in the original court proceeding that were not addressed in the tax court’s December 2016 resolution. In October 2018, the tax court issued a decision confirming the 2008 Ruling. The SAT appealed this decision. In September 2020, the Appeals Court dismissed the appeal filed by the SAT and confirmed the ruling issued by the tax court. The decision of the Appeals Court is final. Contractual Agreements. In the normal course of business, the Company enters into various contractual agreements related to commercial arrangements and the use of other railroads’ or governmental entities’ infrastructure needed for the operations of the business. The Company is involved or may become involved in certain disputes involving transportation rates, product loss or damage, charges, and interpretations related to these agreements. While the outcome of these matters cannot be predicted with certainty, the Company believes that, when resolved, these disputes will not have a material effect on its consolidated financial statements. Credit Risk. The Company continually monitors risks related to economic changes and certain customer receivables concentrations. Significant changes in customer concentration or payment terms, deterioration of customer creditworthiness, bankruptcy, insolvency or liquidation of a customer, or weakening in economic trends could have a significant impact on the collectability of the Company’s receivables and its operating results. If the financial condition of the Company’s customers were to deteriorate and result in an impairment of their ability to make payments, additional allowances may be required. The Company has recorded provisions for uncollectability based on its best estimate at September 30, 2020 . Panama Canal Railway Company (“PCRC”) Guarantees and Indemnities. At September 30, 2020 , the Company had issued and outstanding $5.6 million under a standby letter of credit to fulfill its obligation to fund fifty percent of the debt service reserve and liquidity reserve established by PCRC in connection with the issuance of the 7.0% Senior Secured Notes due November 1, 2026 (the “PCRC Notes”). Additionally, KCS has pledged its shares of PCRC as security for the PCRC Notes.

Geographic Information

Geographic Information	9 Months Ended
Geographic Information	Sep. 30, 2020
Segment Reporting [Abstract]
Geographic Information	Geographic Information The Company strategically manages its rail operations as one reportable business segment over a single coordinated rail network that extends from the midwest and southeast portions of the United States south into Mexico and connects with other Class I railroads. Financial information reported at this level, such as revenues, operating income and cash flows from operations, is used by corporate management, including the Company’s chief operating decision-maker, in evaluating overall financial and operational performance, market strategies, as well as the decisions to allocate capital resources. The Company’s chief operating decision-maker is the chief executive officer. The following tables provide information by geographic area (in millions) : Three Months Ended Nine Months Ended September 30, September 30, Revenues 2020 2019 2020 2019 U.S. $ 341.2 $ 385.0 $ 1,025.5 $ 1,114.4 Mexico 318.4 362.7 913.7 1,022.1 Total revenues $ 659.6 $ 747.7 $ 1,939.2 $ 2,136.5 Property and equipment (including concession assets), net September 30, December 31, U.S. $ 5,583.1 $ 5,435.9 Mexico 3,384.2 3,370.4 Total property and equipment (including concession assets), net $ 8,967.3 $ 8,806.3

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents revenues disaggregated by the major commodity groups as well as the product types included within the major commodity groups (in millions) . The Company believes disaggregation by product type best depicts how cash flows are affected by economic factors. See Note 13 for revenues by geographical area. Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Chemical & Petroleum Chemicals $ 60.1 $ 65.5 $ 174.8 $ 187.6 Petroleum 95.1 89.1 261.5 253.4 Plastics 36.7 39.6 112.7 110.1 Total 191.9 194.2 549.0 551.1 Industrial & Consumer Products Forest Products 59.6 64.3 186.3 193.9 Metals & Scrap 41.5 59.6 144.2 176.5 Other 25.3 32.0 75.5 85.6 Total 126.4 155.9 406.0 456.0 Agriculture & Minerals Grain 74.6 78.3 216.5 224.2 Food Products 38.2 40.0 119.9 110.4 Ores & Minerals 5.5 6.7 16.6 19.0 Stone, Clay & Glass 7.0 8.7 21.2 25.4 Total 125.3 133.7 374.2 379.0 Energy Utility Coal 28.9 35.1 75.7 95.1 Coal & Petroleum Coke 10.2 11.3 31.3 31.9 Frac Sand 2.3 7.4 7.8 22.1 Crude Oil 5.4 11.2 27.6 34.4 Total 46.8 65.0 142.4 183.5 Intermodal 89.1 100.5 241.3 273.0 Automotive 48.5 64.8 118.0 193.3 Total Freight Revenues 628.0 714.1 1,830.9 2,035.9 Other Revenue 31.6 33.6 108.3 100.6 Total Revenues $ 659.6 $ 747.7 $ 1,939.2 $ 2,136.5
Schedule of Changes in Contract Liabilities	The following tables summarize the changes in contract liabilities (in millions) : Contract liabilities Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Beginning balance $ 16.1 $ 19.0 $ 30.5 $ 32.4 Revenue recognized that was included in the contract liability balance at the beginning of the period (9.6 ) (11.4 ) (28.2 ) (31.4 ) Increases due to consideration received, excluding amounts recognized as revenue during the period 2.1 0.8 6.3 7.4 Ending balance $ 8.6 $ 8.4 $ 8.6 $ 8.4

Earnings Per Share Data (Tables

Earnings Per Share Data (Tables)	9 Months Ended
Earnings Per Share Data (Tables)	Sep. 30, 2020
Earnings Per Share [Abstract]
Reconciliation of Basic Earnings Per Share Computation to the Diluted Earnings Per Share Computation	The following table reconciles the basic earnings per share computation to the diluted earnings per share computation (in millions, except share and per share amounts) : Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net income available to common stockholders for purposes of computing basic and diluted earnings per share $ 189.7 $ 180.1 $ 451.1 $ 411.5 Weighted-average number of shares outstanding ( in thousands ): Basic shares 93,876 99,296 94,672 99,939 Effect of dilution 504 403 477 405 Diluted shares 94,380 99,699 95,149 100,344 Earnings per share: Basic earnings per share $ 2.02 $ 1.81 $ 4.76 $ 4.12 Diluted earnings per share $ 2.01 $ 1.81 $ 4.74 $ 4.10
Schedule of Potentially Dilutive Shares Excluded from the Calculation	Potentially dilutive shares excluded from the calculation (in thousands): Stock options excluded as their inclusion would be anti-dilutive 72 — 72 165

Property and Equipment (inclu_2

Property and Equipment (including Concession Assets) (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment by Type	Property and equipment, including concession assets, and related accumulated depreciation and amortization are summarized below (in millions) : September 30, December 31, Land $ 227.5 $ 224.9 Concession land rights 141.1 141.1 Road property 8,088.1 7,962.1 Equipment 2,746.0 2,652.6 Technology and other 355.4 345.1 Construction in progress 227.0 170.2 Total property 11,785.1 11,496.0 Accumulated depreciation and amortization 2,817.8 2,689.7 Property and equipment (including concession assets), net $ 8,967.3 $ 8,806.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value of the Company's Financial Instruments	The fair value of the Company’s financial instruments is presented in the following table (in millions) : September 30, 2020 December 31, 2019 Level 2 Level 2 Assets Foreign currency derivative instruments $ 2.3 $ 2.5 Treasury lock agreements 16.1 — Liabilities Debt instruments 4,086.6 3,535.7

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
Derivative Instruments (Tables)	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Derivative Instruments	Below is a summary of the Company’s 2020 and 2019 foreign currency derivative contracts (amounts in millions, except Ps./USD) : Foreign currency forward contracts Contracts to purchase Ps./pay USD Offsetting contracts to sell Ps./receive USD Notional amount Notional amount Weighted-average exchange rate (in Ps./USD) Notional amount Notional amount Weighted-average exchange rate (in Ps./USD) Cash received/(paid) on settlement Contracts executed in 2020 and outstanding $ 20.0 Ps. 495.5 Ps. 24.8 — — — — Contracts executed in 2020 and settled in 2020 $ 535.0 Ps. 10,758.9 Ps. 20.1 $ 511.0 Ps. 10,758.9 Ps. 21.1 $ (24.0 ) Contracts executed in 2019 and settled in 2020 $ 105.0 Ps. 2,041.2 Ps. 19.4 $ 108.6 Ps. 2,041.2 Ps. 18.8 $ 3.6 Contracts executed in 2019 and settled in 2019 (i) $ 400.0 Ps. 7,892.5 Ps. 19.7 $ 410.7 Ps. 7,892.5 Ps. 19.2 $ 10.7 Contracts executed in 2018 and settled in 2019 (i) $ 20.0 Ps. 410.9 Ps. 20.5 $ 20.9 Ps. 410.9 Ps. 19.6 $ 0.9 Foreign currency zero-cost collar contracts Notional amount Cash received/(paid) on settlement Contracts executed in 2018 and settled in 2019 (i) $ 120.0 $ 0.3 (i) During the nine months ended September 30, 2019, the Company settled $120.0 million and $385.0 million of zero-cost collar contracts and forward contracts, respectively, executed in 2018 and 2019, resulting in cash received of $0.3 million and $10.5 million .
Schedule of Derivative Instruments in Consolidated Balance Sheets, Fair Value	The following tables present the fair value of derivative instruments included in the Consolidated Balance Sheets ( in millions ): Derivative Assets Balance Sheet Location September 30, December 31, 2019 Derivatives designated as hedging instruments: Treasury lock agreements Other assets $ 16.1 $ — Total derivatives designated as hedging instruments 16.1 — Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets 2.3 2.5 Total derivatives not designated as hedging instruments 2.3 2.5 Total derivative assets $ 18.4 $ 2.5
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	The following table presents the effects of derivative instruments on the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income for the three months ended September 30 (in millions) : Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from AOCI into Income Amount of Gain/(Loss) Reclassified from AOCI into Income 2020 2019 2020 2019 Treasury lock agreements $ 3.3 $ (9.3 ) Interest expense $ (0.7 ) $ — Total $ 3.3 $ (9.3 ) $ (0.7 ) $ — Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative 2020 2019 Foreign currency forward contracts Foreign exchange gain (loss) $ 6.7 $ (0.6 ) Total $ 6.7 $ (0.6 ) The following table presents the effects of derivative instruments on the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income for the nine months ended September 30 (in millions) : Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from AOCI into Income Amount of Gain/(Loss) Reclassified from AOCI into Income 2020 2019 2020 2019 Treasury lock agreements $ 16.1 $ (26.1 ) Interest expense $ (1.9 ) $ — Total $ 16.1 $ (26.1 ) $ (1.9 ) $ — Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative 2020 2019 Foreign currency forward contracts Foreign exchange gain (loss) $ (20.6 ) $ 10.3 Total $ (20.6 ) $ 10.3

Share Repurchases (Tables)

Share Repurchases (Tables)	9 Months Ended
Share Repurchases (Tables)	Sep. 30, 2020
Equity [Abstract]
Schedule of Terms of Accelerated Share Repurchase Agreements	The terms of the ASR agreements, structured as outlined above, were as follows: Third Party Institution Agreement Date Settlement Date Total Amount of Agreement (in millions) Initial Shares Delivered Fair Market Value of Initial Shares (in millions) Additional Shares Delivered Fair Market Value of Additional Shares (in millions) Total Shares Delivered Weighted-Average Price Per Share ASR Agreement #1 November 2019 March 2020 $ 275.0 1,511,380 $ 233.75 224,244 $ 41.25 1,735,624 $ 158.44 ASR Agreement #2 November 2019 March 2020 $ 275.0 1,511,380 $ 233.75 221,692 $ 41.25 1,733,072 $ 158.68 Total $ 550.0 3,022,760 $ 467.5 445,936 $ 82.5 3,468,696 $ 158.56

Geographic Information (Tables)

Geographic Information (Tables)	9 Months Ended
Geographic Information (Tables)	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following tables provide information by geographic area (in millions) : Three Months Ended Nine Months Ended September 30, September 30, Revenues 2020 2019 2020 2019 U.S. $ 341.2 $ 385.0 $ 1,025.5 $ 1,114.4 Mexico 318.4 362.7 913.7 1,022.1 Total revenues $ 659.6 $ 747.7 $ 1,939.2 $ 2,136.5 Property and equipment (including concession assets), net September 30, December 31, U.S. $ 5,583.1 $ 5,435.9 Mexico 3,384.2 3,370.4 Total property and equipment (including concession assets), net $ 8,967.3 $ 8,806.3

Restructuring Charges (Details)

Restructuring Charges (Details) $ in Millions	3 Months Ended							9 Months Ended		12 Months Ended
Restructuring Charges (Details) $ in Millions	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)locomotivesLeases	Dec. 31, 2019locomotives	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)restructuring_plans
Asset Impairment and Restructuring Costs [Line Items]
Percentage of payroll taxes delayed due to CARES Act that are due by December 31, 2021								50.00%
Percentage of payroll taxes delayed due to CARES Act that are due by December 31, 2022.								50.00%
Decrease in revenue compared to same period in the prior year, percent	(12.00%)	(23.00%)
Restructuring charges	$ 0.5				$ 12			$ 17	$ 130.5
Percentage of management employees irrevocably accepted into voluntary separation program		6.00%
PSR Initiatives [Member]
Asset Impairment and Restructuring Costs [Line Items]
Restructuring charges					$ 12	$ 51	$ 67.5				$ 168.8
Number of separate restructuring plans approved by management \| restructuring_plans											4
Number of leased locomotives purchased \| locomotives			91
Amount paid by the Company to purchase leased locomotives			$ 78.2
Number of existing leases that locomotives were a part of prior to purchase \| Leases			2
Number of leased locomotives purchased that were impaired \| locomotives				13
Employee Severance [Member]
Asset Impairment and Restructuring Costs [Line Items]
Restructuring charges	$ 0.5	$ 9.2
Make-Whole Payments [Member] \| PSR Initiatives [Member]
Asset Impairment and Restructuring Costs [Line Items]
Restructuring charges			$ 6
Disposal of Held-for-Sale Equipment [Member] \| PSR Initiatives [Member]
Asset Impairment and Restructuring Costs [Line Items]
Restructuring charges		$ 1.3
Forecast [Member]
Asset Impairment and Restructuring Costs [Line Items]
Payment of employer payroll taxes otherwise due in 2020 that the Company estimates will be delayed due to CARES Act										$ 11

Revenue Disaggregation of Reven

Revenue Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 659.6	$ 747.7	$ 1,939.2	$ 2,136.5
Freight Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	628	714.1	1,830.9	2,035.9
Chemical and Petroleum [Member]
Disaggregation of Revenue [Line Items]
Revenues	191.9	194.2	549	551.1
Chemicals [Member]
Disaggregation of Revenue [Line Items]
Revenues	60.1	65.5	174.8	187.6
Petroleum [Member]
Disaggregation of Revenue [Line Items]
Revenues	95.1	89.1	261.5	253.4
Plastics [Member]
Disaggregation of Revenue [Line Items]
Revenues	36.7	39.6	112.7	110.1
Industrial and Consumer Products [Member]
Disaggregation of Revenue [Line Items]
Revenues	126.4	155.9	406	456
Forest Products [Member]
Disaggregation of Revenue [Line Items]
Revenues	59.6	64.3	186.3	193.9
Metals and Scrap [Member]
Disaggregation of Revenue [Line Items]
Revenues	41.5	59.6	144.2	176.5
Other Industrial and Consumer Products [Member]
Disaggregation of Revenue [Line Items]
Revenues	25.3	32	75.5	85.6
Agriculture and Minerals [Member]
Disaggregation of Revenue [Line Items]
Revenues	125.3	133.7	374.2	379
Grain [Member]
Disaggregation of Revenue [Line Items]
Revenues	74.6	78.3	216.5	224.2
Food Products [Member]
Disaggregation of Revenue [Line Items]
Revenues	38.2	40	119.9	110.4
Ores and Minerals [Member]
Disaggregation of Revenue [Line Items]
Revenues	5.5	6.7	16.6	19
Stone, Clay and Glass [Member]
Disaggregation of Revenue [Line Items]
Revenues	7	8.7	21.2	25.4
Energy [Member]
Disaggregation of Revenue [Line Items]
Revenues	46.8	65	142.4	183.5
Utility Coal [Member]
Disaggregation of Revenue [Line Items]
Revenues	28.9	35.1	75.7	95.1
Coal and Petroleum Coke [Member]
Disaggregation of Revenue [Line Items]
Revenues	10.2	11.3	31.3	31.9
Frac Sand [Member]
Disaggregation of Revenue [Line Items]
Revenues	2.3	7.4	7.8	22.1
Crude Oil [Member]
Disaggregation of Revenue [Line Items]
Revenues	5.4	11.2	27.6	34.4
Intermodal [Member]
Disaggregation of Revenue [Line Items]
Revenues	89.1	100.5	241.3	273
Automotive [Member]
Disaggregation of Revenue [Line Items]
Revenues	48.5	64.8	118	193.3
Other Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 31.6	$ 33.6	$ 108.3	$ 100.6

Revenue Narrative (Details)

Revenue Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Amount of revenue recognized from performace obligations partially satisfied in previous periods	$ 17.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Accounts receivable, net	256	$ 274.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations that were unsatisfied or partially satisfied	$ 22.2
Performance obligations that were unsatisfied or partially satisfied, expected timing of satisfaction	1 month

Revenue Changes in Contract Lia

Revenue Changes in Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Contract Liabilities [Roll Forward]
Beginning balance	$ 16.1	$ 19	$ 30.5	$ 32.4
Revenue recognized that was included in the contract liability balance at the beginning of the period	(9.6)	(11.4)	(28.2)	(31.4)
Increases due to consideration received, excluding amounts recognized as revenue during the period	2.1	0.8	6.3	7.4
Ending balance	$ 8.6	$ 8.4	$ 8.6	$ 8.4

Earnings Per Share Data (Detail

Earnings Per Share Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share Reconciliation [Abstract]
Net income available to common stockholders for purposes of computing basic earnings per share	$ 189.7	$ 180.1	$ 451.1	$ 411.5
Net income available to common stockholders for purposes of computing diluted earnings per share	$ 189.7	$ 180.1	$ 451.1	$ 411.5
Weighted-Average Number of Shares Outstanding Reconciliation [Abstract]
Basic shares	93,876	99,296	94,672	99,939
Effect of dilution	504	403	477	405
Diluted	94,380	99,699	95,149	100,344
Earnings Per Share [Abstract]
Basic earnings per share	$ 2.02	$ 1.81	$ 4.76	$ 4.12
Diluted earnings per share	$ 2.01	$ 1.81	$ 4.74	$ 4.10
Stock Options [Member]
Potentially Dilutive Shares Excluded from the Calculation [Abstract]
Stock options excluded as their inclusion would be anti-dilutive	72	0	72	165

Property and Equipment (Inclu_3

Property and Equipment (Including Concession Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment (including concession assets), gross	$ 11,785.1	$ 11,496
Accumulated depreciation and amortization	2,817.8	2,689.7
Property and equipment (including concession assets), net	8,967.3	8,806.3
Accumulated amortization	690.7	678.1
Concession assets, net of accumulated amortization	2,366.7	2,335.5
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment (including concession assets), gross	227.5	224.9
Concession land rights [Member]
Property, Plant and Equipment [Line Items]
Property and equipment (including concession assets), gross	141.1	141.1
Road property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment (including concession assets), gross	8,088.1	7,962.1
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment (including concession assets), gross	2,746	2,652.6
Technology and other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment (including concession assets), gross	355.4	345.1
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment (including concession assets), gross	$ 227	$ 170.2

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of Company's debt	$ 3,776.2	$ 3,246
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instruments	4,086.6	3,535.7
Foreign Currency Derivative Instruments [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of foreign currency derivative instruments, assets	2.3	2.5
Treasury Lock Agreements [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of treasury lock agreements, assets	$ 16.1	$ 0

Derivative Instruments Interest

Derivative Instruments Interest Rate Derivative Instruments (Details) $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2020USD ($)Treasury_Lock_Agreements	Sep. 30, 2020USD ($)
Derivative [Line Items]
Term of future forecasted debt issuance	30 years
Senior Notes [Member] \| 3.00% Senior Notes due May 15, 2023 [Member]
Derivative [Line Items]
Senior notes anticipated to be refinanced		$ 444.7
Senior notes, stated interest rate		3.00%
Senior notes, maturity date		May 15, 2023
Treasury Lock Agreements [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Number of treasury lock agreements executed \| Treasury_Lock_Agreements	3
Aggregate notional value of treasury lock agreements	$ 400
Weighted average interest rate of treasury lock agreements	1.45%

Derivative Instruments Summary

Derivative Instruments Summary of Foreign Currency Derivative Contracts (Details) $ in Millions, $ in Millions

9 Months Ended

12 Months Ended

Sep. 30, 2020USD ($)

Sep. 30, 2019USD ($)

Dec. 31, 2019USD ($)

Sep. 30, 2020MXN ($)$ / $

Sep. 30, 2020USD ($)$ / $

Dec. 31, 2019MXN ($)$ / $

Dec. 31, 2019USD ($)$ / $

Dec. 31, 2018MXN ($)$ / $

Dec. 31, 2018USD ($)$ / $

Derivative [Line Items]

Cash received/(paid) on settlement of foreign currency contracts | $

$ (20.4)

$ 10.8

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Contracts Executed in 2020 and Settled in 2020 [Member] | Foreign Exchange Gain (Loss) [Member]

Derivative [Line Items]

Cash received/(paid) on settlement of foreign currency contracts | $

(24)

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Contracts Executed in 2019 and Settled in 2020 [Member] | Foreign Exchange Gain (Loss) [Member]

Derivative [Line Items]

Cash received/(paid) on settlement of foreign currency contracts | $

$ 3.6

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Contracts Executed in 2019 and Settled in 2019 [Member] | Foreign Exchange Gain (Loss) [Member]

Derivative [Line Items]

Cash received/(paid) on settlement of foreign currency contracts | $

[1]

$ 10.7

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Contracts Executed in 2018 and Settled in 2019 [Member] | Foreign Exchange Gain (Loss) [Member]

Derivative [Line Items]

Cash received/(paid) on settlement of foreign currency contracts | $

[1]

0.9

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Contracts Executed in 2018 and 2019 and Settled in 2019 [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts | $

385

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Contracts Executed in 2018 and 2019 and Settled in 2019 [Member] | Foreign Exchange Gain (Loss) [Member]

Derivative [Line Items]

Cash received/(paid) on settlement of foreign currency contracts | $

10.5

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Initial Derivative Instruments [Member] | Contracts Executed in 2020 and Outstanding [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts

$ 495.5

$ 20

Weighted-average exchange rate of foreign currency forward contracts | $ / $

24.8

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Initial Derivative Instruments [Member] | Contracts Executed in 2020 and Settled in 2020 [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts

$ 10,758.9

$ 535

Weighted-average exchange rate of foreign currency forward contracts | $ / $

20.1

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Initial Derivative Instruments [Member] | Contracts Executed in 2019 and Settled in 2020 [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts

$ 2,041.2

$ 105

Weighted-average exchange rate of foreign currency forward contracts | $ / $

19.4

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Initial Derivative Instruments [Member] | Contracts Executed in 2019 and Settled in 2019 [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts

[1]

$ 7,892.5

$ 400

Weighted-average exchange rate of foreign currency forward contracts | $ / $

[1]

19.7

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Initial Derivative Instruments [Member] | Contracts Executed in 2018 and Settled in 2019 [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts

[1]

$ 410.9

$ 20

Weighted-average exchange rate of foreign currency forward contracts | $ / $

[1]

20.5

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Offsetting Derivative Instruments [Member] | Contracts Executed in 2020 and Settled in 2020 [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts

$ 10,758.9

$ 511

Weighted-average exchange rate of foreign currency forward contracts | $ / $

21.1

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Offsetting Derivative Instruments [Member] | Contracts Executed in 2019 and Settled in 2020 [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts

$ 2,041.2

$ 108.6

Weighted-average exchange rate of foreign currency forward contracts | $ / $

18.8

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Offsetting Derivative Instruments [Member] | Contracts Executed in 2019 and Settled in 2019 [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts

[1]

$ 7,892.5

$ 410.7

Weighted-average exchange rate of foreign currency forward contracts | $ / $

[1]

19.2

Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts [Member] | Offsetting Derivative Instruments [Member] | Contracts Executed in 2018 and Settled in 2019 [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts

[1]

$ 410.9

$ 20.9

Weighted-average exchange rate of foreign currency forward contracts | $ / $

[1]

19.6

Not Designated as Hedging Instrument [Member] | Foreign Currency Zero-Cost Collar Contracts [Member] | Contracts Executed in 2018 and Settled in 2019 [Member]

Derivative [Line Items]

Notional amount of foreign currency contracts | $

120

$ 120

[1]

Not Designated as Hedging Instrument [Member] | Foreign Currency Zero-Cost Collar Contracts [Member] | Contracts Executed in 2018 and Settled in 2019 [Member] | Foreign Exchange Gain (Loss) [Member]

Derivative [Line Items]

Cash received/(paid) on settlement of foreign currency contracts | $

$ 0.3

[1]

During the nine months ended September 30, 2019, the Company settled $120.0 million and $385.0 million of zero-cost collar contracts and forward contracts, respectively, executed in 2018 and 2019, resulting in cash received of $0.3 million and $10.5 million .

Derivative Instruments Fair Val

Derivative Instruments Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 18.4	$ 2.5
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	16.1	0
Designated as Hedging Instrument [Member] \| Treasury Lock Agreements [Member] \| Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	16.1	0
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	2.3	2.5
Not Designated as Hedging Instrument [Member] \| Foreign Currency Forward Contracts [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 2.3	$ 2.5

Derivative Instruments Derivati

Derivative Instruments Derivative Instruments Affecting the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in OCI on Derivative	$ 3.3	$ (9.3)	$ 16.1	$ (26.1)
Amount of Gain/(Loss) Reclassified from AOCI into Income	(0.7)	0	(1.9)	0
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Treasury Lock Agreements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in OCI on Derivative	3.3	(9.3)	16.1	(26.1)
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Treasury Lock Agreements [Member] \| Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Income	(0.7)	0	(1.9)	0
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivative	6.7	(0.6)	(20.6)	10.3
Not Designated as Hedging Instrument [Member] \| Foreign Currency Forward Contracts [Member] \| Foreign Exchange Gain (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivative	$ 6.7	$ (0.6)	$ (20.6)	$ 10.3

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - KCS [Member] - Commercial Paper [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Short-Term Borrowings [Line Items]
Amount of commercial paper outstanding	$ 0		$ 0
Maximum [Member]
Short-Term Borrowings [Line Items]
Commercial paper, days outstanding	90 days	90 days

Long-Term Debt (Details)

Long-Term Debt (Details) - Senior Notes [Member] - KCS [Member] - 3.50% Senior Notes due May 1, 2050 [Member] $ in Millions	Apr. 22, 2020USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 550
Debt instrument, maturity date	May 1, 2050
Debt instrument, stated interest rate	3.50%
Debt instrument, unamortized discount	$ 4.4
Debt instrument, yield to maturity	3.543%
Redemption option senior notes, price expressed as a percent of principal amount	100.00%

Share Repurchases (Details)

Share Repurchases (Details) $ / shares in Units, $ in Thousands	Oct. 15, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Nov. 30, 2019USD ($)shares	Sep. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)$ / shares	Mar. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)agreements$ / shares	Sep. 30, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Mar. 31, 2019USD ($)$ / shares	Mar. 31, 2020$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Oct. 15, 2020USD ($)$ / sharesshares
Equity, Class of Treasury Stock [Line Items]
Shares repurchased				$ 117,100	$ 100,000	$ 194,200	$ 467,500	$ 99,800	$ 92,400	$ 50,300
Common Stock [Member] \| 2019 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Maximum amount of share repurchase program			$ 2,000,000
Expiration date of share repurchase program			Dec. 31, 2022
Shares repurchased \| shares				662,451								2,653,209
Shares repurchased				$ 117,000								$ 411,200
Average price of shares repurchased \| $ / shares				$ 176.62
Common Stock [Member] \| 2019 Share Repurchase Program [Member] \| Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased \| shares	180,256												5,856,225
Shares repurchased	$ 33,000												$ 911,700
Average price of shares repurchased \| $ / shares	$ 183.07												$ 155.69
Common Stock [Member] \| Accelerated Share Repurchase Agreements [Member]
Equity, Class of Treasury Stock [Line Items]
Amount paid under ASR agreements			$ 550,000				$ 550,000
Number of ASR agreements entered into by the Company \| agreements							2
Initial shares delivered as percentage of total shares to be received							85.00%
Shares repurchased \| shares											3,468,696
Weighted-average price of all shares repurchased under ASR Agreement(s) \| $ / shares											$ 158.56
Common Stock [Member] \| Accelerated Share Repurchase Agreements [Member] \| Initial Shares Delivered [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased \| shares			3,022,760
Shares repurchased			$ 467,500
Common Stock [Member] \| Accelerated Share Repurchase Agreements [Member] \| Additional Shares Delivered [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased \| shares		445,936
Shares repurchased		$ 82,500
Common Stock [Member] \| ASR Agreement 1 [Member]
Equity, Class of Treasury Stock [Line Items]
Amount paid under ASR agreements			$ 275,000
Shares repurchased \| shares											1,735,624
Weighted-average price of all shares repurchased under ASR Agreement(s) \| $ / shares											$ 158.44
Common Stock [Member] \| ASR Agreement 1 [Member] \| Initial Shares Delivered [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased \| shares			1,511,380
Shares repurchased			$ 233,750
Common Stock [Member] \| ASR Agreement 1 [Member] \| Additional Shares Delivered [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased \| shares		224,244
Shares repurchased		$ 41,250
Common Stock [Member] \| ASR Agreement 2 [Member]
Equity, Class of Treasury Stock [Line Items]
Amount paid under ASR agreements			$ 275,000
Shares repurchased \| shares											1,733,072
Weighted-average price of all shares repurchased under ASR Agreement(s) \| $ / shares											$ 158.68
Common Stock [Member] \| ASR Agreement 2 [Member] \| Initial Shares Delivered [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased \| shares			1,511,380
Shares repurchased			$ 233,750
Common Stock [Member] \| ASR Agreement 2 [Member] \| Additional Shares Delivered [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased \| shares		221,692
Shares repurchased		$ 41,250
$25 Par Preferred Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased \| shares				3,961
Shares repurchased				$ 100
Average price of shares repurchased \| $ / shares				$ 28.97
Preferred stock, par value \| $ / shares		$ 25		$ 25	$ 25	$ 25	$ 25	$ 25	$ 25	$ 25	$ 25	$ 25

Refundable Mexican Value Adde_2

Refundable Mexican Value Added Tax (Details) - KCSM [Member] - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Long-Term Asset [Member]
Refundable Mexican Value Added Tax [Line Items]
Refundable Mexican value added tax	$ 76.7
Short-Term Asset [Member]
Refundable Mexican Value Added Tax [Line Items]
Refundable Mexican value added tax		$ 60.2

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financial Guarantee [Member]
Loss Contingencies [Line Items]
Letter of credit outstanding, amount	$ 5.6		$ 5.6
Percent guarantee of unconsolidated affiliate debt	50.00%		50.00%
KCSM [Member]
Loss Contingencies [Line Items]
Total period of time for payments due under railroad Concession to Mexican government			50 years
Percentage of gross revenue payable under railroad Concession to Mexican government			1.25%
KCSM [Member] \| Materials and Other Expense [Member]
Loss Contingencies [Line Items]
Concession duty expense	$ 4.4	$ 4.9	$ 12.7	$ 14
Panama Canal Railway Company [Member] \| Financial Guarantee [Member] \| 7.0% Senior Secured Notes due November 1, 2026 [Member]
Loss Contingencies [Line Items]
Debt instrument, stated interest rate	7.00%		7.00%
Debt instrument, maturity date			Nov. 1, 2026

Geographic Information (Informa

Geographic Information (Information by Geographic Area) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Segments	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable business segments of the Company \| Segments			1
Revenues	$ 659.6	$ 747.7	$ 1,939.2	$ 2,136.5
Property and equipment (including concession assets), net	8,967.3		8,967.3		$ 8,806.3
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	341.2	385	1,025.5	1,114.4
Property and equipment (including concession assets), net	5,583.1		5,583.1		5,435.9
MEXICO
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	318.4	$ 362.7	913.7	$ 1,022.1
Property and equipment (including concession assets), net	$ 3,384.2		$ 3,384.2		$ 3,370.4