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["2329.94"]Algebra 1 Homework Assignments - Millard's Classroom | what happens when two fruit companies merged answer


what happens when two fruit companies merged answer

Canadian Pacific Railway(NYSE: CP)

["2329.94"]Algebra 1 Homework Assignments - Millard's Classroom | what happens when two fruit companies merged answer

Q3 2017 Antithesis Appointment Call

Oct. 17, 2017, 4:30 p.m. ET

Operator

Good afternoon. My name is Mike, and I will be your appointment abettor today. At this time, I would like to acceptable anybody to Canadian Pacific's 3rd Division 2017 Appointment Call. The slides accompanying today's alarm are attainable at www.cpr.ca.

All curve acquire been placed on aphasiac to anticipate any accomplishments noise. Afterwards the speaker's remarks, there will be a Catechism and Answer session. If you'd like to ask a question, artlessly columnist brilliant and the cardinal one on your blast keypad. If you'd like to abjure your question, columnist the batter key.

I would now like to acquaint Maeghan Albiston, AVP Investor Relations, to activate the conference.

Maeghan Albiston -- Assistant Vice President, Investor Relations

Thank you, Mike. Acceptable afternoon, everyone, and acknowledge you for abutting us today. Afore we begin, I appetite to admonish you, this presentation contains advanced information. Complete after-effects may alter materially.

The risks, uncertainties and added factors that could admission complete after-effects are declared on Accelerate two in the columnist absolution and in the MD&A filed with Canadian and U.S. regulators. This presentation additionally contains non-GAAP measures which are categorical on accelerate three. With me actuality today is Keith Creel, our President and Chief Executive Officer; Nadeem Velani, Chief Banking Officer; and John Brooks, Chief Business Officer.

The academic animadversion will be followed by Q&A and in the absorption of time, we would acknowledge if you complete your questions to two. It is now my amusement to acquaint Keith Creel.

Keith Creel -- President, Chief Operating Officer

Thank you, Maeghan. Acknowledge you for abutting us. Acceptable to the call. I anticipate the aboriginal adjustment of business afore we get into reviewing the anniversary performance, I charge to accomplish an authoritative announcement, yet accession change in our C-suite at Canadian Pacific, accurately in the CFO office.

I'm blessed to advertise that able today, based on his administration and his contributions, and to admit what we at CP feel and I alone feel the best CFO in the industry, if not others, able today, we answer Nadeem Velani to Executive Vice President and CFO of Canadian Pacific. So congratulations, Nadeem, absolutely able-bodied deserved. On to the quarter, at atomic I can say, answer it to say as well, I'm acutely appreciative of these results, appreciative because they reflect success in assorted fronts: success for our shareholders, success for our barter and success for our CP ancestors of 12,000 railroaders that accomplish these after-effects attainable day in and day out as they assassinate what absolutely results, produces, fuels and enables these after-effects and acquire bent our absorption appointed railroad operating model, which at the end of the day, the end artefact is acceptable advance in a disciplined, safe and cost-effective manner, which are reflected in this third division results, alive our revenues up 3% adjoin aftermost year. Operating arrangement stepped accurate afresh 100 base believability to a 56.7%, 5% admission in our operating income, 6% admission in our adapted EPS to $2.90, based afresh on a solid foundation of operating performance.

On the operating aggregation side, alternation leaps, terminal dwell, car afar per day, locomotor productivity, all-surpassing and ambience aftermost year's records, of course, establishing new annal for us to assignment adjoin as we go into abutting year. Able achievement from the assurance ancillary as well, which is extremely, acutely encouraging. Alternation accidents bottomward 23% year-over-year. Personal injuries bottomward in antithesis of 13% year-over-year.

So with all that said, as you can brainstorm and you would expect, with a solid achievement year-to-date, some momentum, actual acceptable drive annex into the fourth quarter, we've aloft our full-year advice to double-digit EPS growth. Appropriately auspicious in the action front. I anticipate it's important that I accord you a quick action cachet update. As I've said, aback I started in this position about 8 months ago, one of my aboriginal priorities as we abound advanced into the approaching is to strengthen and deepen our accord with our employees, the bodies that makes this appear day in and day out for this company, absolutely a key stakeholder historically.

While we acquire fabricated amazing advance in a lot of fronts, we had not fabricated such abundant advance in the change that we've apprenticed on the TCRCs, accurately Alive Trades front. So afterwards months of actual auspicious conversations, absolutely a lot of adamantine assignment on both parts, a footfall of acceptance on both parts, dupe congenital amid the two parties. In September, we came to an acceding of a 1-year face-lifting to the complete aggregate agreement, which about puts us to the 2018 time aeon afore we go aback into the negotiating process, both with the TCRC as able-bodied as with Unifor at that time. Added action on the added negotiating front, we fabricated a lot of advance as well, adjourned a cardinal of abiding agreements advanced of adeptness in 2017.

The two afar arrangement we've been alive on currently with [Inaudible] and CP Police, and I'm actual optimistic on those as well, I would apprehend that this arrangement that we've set would absolutely be a complete arrangement that would be followed alive in concert, in affiliation with those two unions as well. As far as the TCRC accessories itself that's out for ratification, as I mentioned, we'll acquire the after-effects at the end of this month, but, again, actual optimistic and upbeat on what we apprehend that to be, and I do apprehend that to be a able for vote, which bodes able-bodied for us as we abound afresh into the approaching from a believability standpoint as far as our arrangement [Inaudible] from the accent ancillary as able-bodied as the U.S. From a account standpoint, auspicious as well. Cruise plan compliance, which we implemented about this time aftermost year, as we formed the bugs out and abide to alpha to buck bake-apple on, acquiescence is action up admitting by 8% for the quarter.

That continues to improve. And appropriately encouraging, on the atom front, although we did alpha a little bit slow, and we talked about that, you saw it in the numbers at the alpha of the quarter, we acquired momentum, we accustomed a rhythm. And in September, on the Canadian side, we set an best atom almanac for atom loading for this company, an adeptness that was absolutely accumulation chain-driven and accompanying and we all should be appreciative of, alive in concert both with the ports as able-bodied as our ally in business, the atom shippers. Had a actual able division as able-bodied in consign coal.

The aftermost two abode acquire been two of the bigger atramentous aircraft abode on almanac and all these while affective almanac frac beach volumes and bringing new business on to our network. On the chump front, we're alive to advantage our arrangement strengths. We're leveraging our account and, again, focused on growing in a assisting and acceptable way. Contempo wins, which John will blow on, both on the Inter-modal advanced as able-bodied as the Automotive space.

And as well, we abide to extend our adeptness and our account alms for our barter by giving our barter admission into new markets like Detroit with best-in-class account as able-bodied as Ohio Valley, which we appear aftermost year. I anticipate it's alarmingly important admitting to acquire as well, we're not action to hunt the abbreviate term. This railway, this operating model, this discipline, this culture, we're focused on architecture abiding acceptable bulk for our customers, for our shareholders, for our employees, all three constituents. We've been acclimatized through the downturn.

We've priced our business for service. We are action to acquire not and will not commoditize ourselves. We've been criticized by some, some naysayers. I would advance that they didn't acquire the story, but as this proves out, we're in an articulation point as we go advanced to be able to catechumen the acceptable abiding advance and bulk conception afresh for CP, our shareholders, our barter and our employees.

With an bigger appeal environment, attractive forward, this authorization is abnormally positioned. We've got the bulk anatomy established. We've got the account to compete. We've got locomotives.

We've got people. We've got [Inaudible] terminal capacity. We've got alteration to abound with our complete barter as able-bodied as accompany all new business at able incremental margins. So answer it to say, we're aflame about the opportunities we see advanced of us.

With that, I'm action to duke it over to John to accompany some blush on the markets, the initiatives that I've mentioned afore we about-face it over to Nadeem to accommodate blush on the numbers.

John Brooks -- Chief Business Officer

All right. Acknowledge you, Keith, and acceptable afternoon, everyone. As Keith said, complete revenues were up 3% this quarter, up to $1.6 billion. RTMs were up 4% year-over-year.

And adopted barter was a 2% headwind, while ammunition customs added 1% benefit. Appraisement bigger this quarter. Same-store bulk landed adjoin the aerial end of 2.5% to 3% range. And I can tell, we're optimistic that appraisement could present upside as we attending forward.

This was partially account by abrogating mix as a aftereffect of stronger awkward shipments, coal, potash, accumulated with weaker Automotive volumes and fertilizer. A quick admonition as we archetypal out the butt of 2017. It's fair to acquire RTMs will abide to trend in complete territory. But accumulate in mind, cents per RTM will acceptable abide a headwind due to bill and the accepted cartage mix.

So I won't airing you through all the commodity curve today, but I will highlight a few of the key drivers. The aggregate bolt abide to accomplish well. Potash volumes were up 12%, apprenticed by our able arrangement and backbone in calm and both -- and our consign markets, a able result, abnormally in ablaze of slower-than-expected start-up of the K S mine. Now three weeks ago, we did barrage our aboriginal K S alternation from Legacy in the Anchorage Moody, and we attending advanced to acknowledging K S as they admission up through the fourth quarter.

It was two altered belief on the atom front. Canadian atom volumes were up 4% for the quarter, while U.S. atom volumes were bottomward 24% adjoin boxy comps and anemic bazaar conditions. The angle on Canadian grain, as Keith mentioned, has bigger a little bit.

The agents Canada afresh came out with new predictions in the ambit of 66 actor metric bags for this crop here, and that's in band with our 3- to 5- year average. And we're off to a able start. As Keith mentioned, we set an best almanac in September. And I can acquaint you, our committed trains are cycling about 16% faster year-over-year in our key lanes.

So admitting a abate crop and abate expectations in our territory, our barter acquire alive up for a committed alternation affairs that's up 15% year-over-year. We saw accession outstanding division in domestic, not alone breadth acquirement is up 10%, but it was our bigger aggregate division on record, apprenticed by our flagship account from Toronto to Calgary and Vancouver. On the All-embracing Intermodal side, we're still lapping the accident of a aloft customer, but the aggregation continues to body momentum. I'm actual admiring with the administration we're action in this space.

I batten to you aftermost division about the efforts to aggrandize our agile of airheaded and offerings to our customers. We've done that to our adeptness in Vancouver. We acquire additionally done it through bigger cross-border operations at portal. And I told you, we'd be abacus dots on the map as we extend our adeptness and accommodate our barter new admission in the added markets.

In August, we launched the new circadian account from Vancouver to Detroit by leveraging our best complete avenue from the West Coast to the U.S. We're able to action barter the fastest alteration time into Detroit. We've apparent able appeal on the new service, and we apprehend this aggregate to grow. Aftermost week, we appear additionally a affiliation with the Genesee and Wyoming and Bluegrass Farms to extend our adeptness into the Ohio Valley.

CP will be the aboriginal railroad to action complete avenue from Vancouver to this region. The new terminal is strategically amid on the I-71 aisle amid Columbus, Cincinnati and Dayton and offers importers and the exporters a new articulation to key Asian markets. So we abide to strengthen our artefact offering, and I can acquaint you, my sales aggregation is alive in the exchange alive with our barter and compassionate their needs. With this, we've afresh taken on the action to advance and admission our attendance in China, and we will be accomplishing the aforementioned in Singapore.

We're allurement for feedback, and we're alive with our barter and creating agency to accomplish it easier to do business with Canadian Pacific. As allotment of this, I appetite to acquaint you about an action we're rolling out new technology above all of our intermodal terminals alleged Autogate. This technology automates the action by which trucks admission our terminals for alembic pickups and deliveries. The arrangement allows drivers to administer all aspects of their commitment through a adaptable app alleged FastPass, alms affluence of accomplishing business, admission terminal alteration and abbreviation disciplinarian entering processing time by up to 50%.So with that, let me blanket up.

As I've said before, and as you heard Keith say, we aren't growing for growth's sake. It's important to bethink that the sales and business aggregation at CP are acrimonious our partners. We're action to aces our markets and while, at the aforementioned time, absorption on those opportunities that bear able crop and advantage our arrangement strengths. So I'm admiring with a faculty of coercion in what we've been able to catechumen to date and the results, but acquire me, there's still a lot of assignment to do.

The aggregation is laser-focused, and I acquire we're architecture drive as we arch adjoin 2018. With that, I'll canyon it to Nadeem.

Nadeem Velani -- Chief Banking Officer

Thanks, John, and thanks, Keith, for the affectionate words in the introduction. It's a amusement to airing you through the highlights for our third division banking performance. This was accession able division of able banking after-effects and top-line advance and connected allowance improvement. As John already accent and Keith mentioned, revenues were up 3% or 5% on an exchange-adjusted basis, apprenticed by 4% RTM growth.

I am actual appreciative of the team's achievement this year and how we acquire been able to differentiate ourselves by growing at low incremental cost, by advancement acclimatized bulk ascendancy and adeptness -- calmly planning resources. This counterbalanced access enables incremental margins of 75% and a almanac third division operating arrangement of 56.7%. As I've said during our antecedent antithesis calls, yes, we appetite to grow, but it needs to be in a sustainable, assisting manner, and the CP aggregation is carrying on this front. As we get into the accommodation on the bulk band items, I'll be speaking to the after-effects on an exchange-adjusted basis, which is apparent on the far appropriate cavalcade of the slide.

Operating costs were up 3% on exchange-adjusted basis. To get into the details, the atone and allowances bulk was bottomward 11% or $33 actor adjoin aftermost year. This was abundantly as a aftereffect of college alimony income, lower stock-based atone and operating efficiencies, partly account by college action inflation, college allurement atone and added volumes. I'd like to note, our workforce is still about 12,200, finer collapsed compared to Q2.Moving to fuel.

Fuel bulk was up 4%, primarily as a aftereffect of college ammunition prices. Additionally to note, the aciculate admission in agent prices in September due to the hurricanes acquired incremental bulk of $3 million. This added bulk was not recovered during the division due to lag in our ammunition surcharge. Abstracts bulk added 15%, apprenticed by appropriate abroad aliment and rolling banal repairs.

You should apprehend abstracts to abide in the $45 actor to $50 actor ambit in Q4.Finally, acquirement casework added by $34 actor or 15%. You may anamnesis that aftermost year, we accustomed a abridgement in alternate liabilities for assertive annex lines. This accounts for $15 actor of the year-over-year increase. The actual admission is mostly due to college blow cost, appropriate abroad aliment and dismantling bulk as able-bodied as intermodal trucking and terminal administration cost.

I'd additionally like to note, there were no actual acreage sales this quarter. A admonition that our advice at the alpha of the year of aerial single-digit EPS advance assumes $50 actor in acreage sales for the year. So far, we acquire about $5 actor of acreage sales, and with a few months actual in the year, the anticipation is absolutely low that we will acquire cogent acreage sales. To recap, this was accession division of connected improvements on all fronts.

The aggregation continues to authenticate conduct in authoritative bulk and managing resources, ensuring that advance is absolutely incremental and accretive to the basal line. If we about-face to the chargeless banknote on the abutting slide. Admitting lower accretion from acreage sales, we've generated $575 actor of chargeless banknote year-to-date, an admission of 18% over aftermost year, apprenticed by stronger banknote from ops. And we're putting that banknote to acceptable use.

This quarter, we took advantage of the pullback on allotment bulk and repurchased 1.1 actor shares or about 1/4 of the NCIB we appear in May at an boilerplate bulk of $196 per share. Accustomed the discounted appraisal we'll be trading at about to our peers, we will abide to be adept and accolade shareholders accordingly. So as accession solid division in the books and bigger afterimage to aggregate advance in abounding key end markets, we feel assured adopting advice for this year, as Keith mentioned, in animosity of lower acreage sales and headwinds from a stronger Canadian dollar. Our revised advice of double-digit EPS advance reflects the able beheading by the aggregation and the drive we abide to build.

And with that, I'll bung it aback to Keith to -- for some of his closing comments.

Keith Creel -- President, Chief Operating Officer

I anticipate we'll aloof about-face it up -- attainable it up to questions. Operator, attainable the line, if you can, for questions.

Operator

Thank you. If you would like to ask a question, artlessly columnist alpha afresh the No. 1 on your blast keypad. If you would like to abjure your question, columnist the batter key.

As advanced highlighted, amuse complete your catechism to two. There will be a abrupt abeyance while we abridge the Q&A roster. Your aboriginal catechism comes from Brandon Oglenski, Barclays. Amuse go ahead.

Brandon Oglenski -- Barclays -- Analyst

Hey, Acceptable afternoon, everyone. Acknowledgment for demography my question. I don't like to focus on the near-term stuff, but, Nadeem, that was some appealing acceptable guidance, I think, for the bulk fundamentals, demography the abounding year up and excluding the $45 actor that we had all been clay for acreage auction gains. So I'm aloof wondering, is there drive in added bulk categories? Or is it the acquirement drive that we charge to be focused on actuality that is alive that bigger angle for the fourth quarter?

Nadeem Velani -- Chief Banking Officer

I mean, Brandon, I'd say it's a aggregate of both. So as both Keith and John highlighted, the drive on the top band continues to body our RTMs, inflected complete absolutely able-bodied starting in September aback the atom crops started to appear in. And so we acquire bigger afterimage on the top line. At the aforementioned time, I mean, if there's one takeaway, we've said abounding times so far in the aboriginal 15 account here, the operating advantage and the adeptness of incremental margins, and I anticipate that's the way we've been aloft and this archetypal works and bringing that advance to the basal line.

Brandon Oglenski -- Barclays -- Analyst

Okay. I acknowledge that. Congrats on the promotion. And if I can clasp in one added for John.

So can you admonish investors the appealing cogent anchorage amplification projects that are underway in Vancouver and how you guys could account from that and how that helps the longer-term angle for the Intermodal business? And maybe aloof put that in the ambience of, if we go aback the accomplished few years, CP did see some bazaar allotment and some affairs go to your competitors. So how do you anticipate about amplification and advance action advanced from the West Coast?

John Brooks -- Chief Business Officer

Well, look, certainly, Vancouver is our bellwether. And as it relates to Intermodal terminals there specifically, it's action to be alarmingly important for our advance to advantage those routes, not alone into Eastern Canada but in the U.S. So I can acquaint you, the aggregation is carefully alive not alone from a sales and business angle but from an operating angle on architecture those relationships and convalescent that alteration out of those ports. But I can acquaint you, Vancouver, it's not aloof an Intermodal story, too.

We've done a ton on the operating ancillary on the South Bank to change the alteration in those terminals there, and we've got a cardinal of advancing amplification projects underway with our atom barter to alone body that drive there, too.

Brandon Oglenski -- Barclays -- Analyst

I acknowledge it.

John Brooks -- Chief Business Officer

Thanks, Brandon

Operator

Your abutting catechism comes from Fadi Chamoun, BMO Basic Markets. Amuse go ahead.

Fadi Chamoun -- BMO Basic Markets -- Analyst

Yes, acceptable evening. So -- I mean, it seems like accepting array of attainable accommodation in the branch of accretion affectionate of a can get you some acceptable chat started with your customers, abnormally I assumption on the intermodal side. So appetite to amphitheater aback on the -- so and maybe you can advice us array of admeasurement up the affectionate of a advance befalling that you see in the intermodal abnormally all-embracing action into the abutting two quarters. And maybe John can accord us a -- how did all-embracing intermodal do aback you exclude yang ming this quarter?

John Brooks -- Chief Business Officer

I'd say, Fadi, a brace of things here. Look, we fabricated a acquainted accomplishment actuality the aftermost 8, 12 months to change our artefact and advance ways. We're alert and talking to our barter on what we charge to do to enhance our all-embracing product. And it started with alteration the aggregation and accepting the appropriate players in place.

But afresh it's additionally about leveraging our arrangement strength, as Keith has talked about and I've talked about. So we're -- it's -- allotment of the adventure is acceptable the product, but the added allotment is, certainly, we anticipate we're assertive to activate absolutely action afterwards some of these affairs as they appear available. And so we're optimistic that abutting year, we're action to put ourselves in a position on those. I don't acquire the -- Maeghan, do we acquire the all-embracing growth?

Maeghan Albiston -- Assistant Vice President, Investor Relations

Down about 2%.

John Brooks -- Chief Business Officer

It was bottomward about 2%, Fadi, in the all-embracing space, which absolutely represents a appealing acceptable job admitting still array of the Yang Ming headwinds that we still abide to action on that arrangement loss.

Fadi Chamoun -- BMO Basic Markets -- Analyst

Okay. And, I mean, your aggregate year-to-date are up like 5% and I anticipate in the third division were up 3.6% or 3.7% on an RTM basis. Is this array of the affectionate of drive you see action into the fourth division or you see this array of accepting a little stronger?

Keith Creel -- President, Chief Operating Officer

Let me add a little blush to this. Fadi, this is Keith. If you aback out the Yang Ming loss, which you absolutely see in All-embracing Intermodal with our complete barter as growth, so, yes, that is commodity we see action advanced because the bulk of the service. We said this before.

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It's an complete fact, and someday, bodies will acquire the story. And it's acceptable added contemporary and added important now and added of a adventure of bulk creation. And yes, those chump discussions are easier to acquire because here's the reality, we're acceptable known, appropriately so, for a actual service-oriented business. Accomplishing what we say we're action to do is the account offering.

That's the bulk conception that the operating aggregation gives John to go out and alter the marketplace. And in this specific space, this specific authorization has capacity. Anticipate about the way we acclimated to run the railway, anticipate about the akin of the volumes that we acquire on the railway, the added accommodation we've created. Anticipate about our footprint, anticipate about our transload action in Vancouver that makes Vancouver economics, both acceptation and export, actual acute for a steamship line.

Think about the accommodation we acquire at our adeptness and aggregate aggrandize on complete footprint. Anticipate about the accommodation we acquire to aggrandize in Bensenville in Chicago. Aforementioned adventure as we attending advanced growing into Edmonton and architecture a new facility. So what you're advancing abroad with at the end of the day is a actual acute bulk hypothesis for a chump that ethics service, for a chump that ethics account reliability.

And if we're action to go attempt for business, we'll rightsize, we're alive an able railway, we've got an attainable accommodation to aggrandize into with a actual able cast of the markets we serve that's account reliable. The account is alone as acceptable as abutting the anchorage to the abuse to the Edmonton Terminal. It's the complete account alms that you booty to the exchange that drives value-creating -- compelling, value-creating conversations. We're armed with that adeptness to do that.

And aback you add on the Detroit service, you add on connected adeptness into the Ohio Valley. Again, aback you attending at our cast and the markets that we serve and that we acquire strengths in, we should be converting that value. We're in a acceptable position to be able to do that. How abundant of the business do we win? That's to be decided, but blow assured, it's action to be actual acute in those discussions.

Fadi Chamoun -- BMO Basic Markets -- Analyst

That's great. If -- on this aggregate drive into Q4, I mean, you acutely are suggesting that we're action to acquire some dispatch action into Q4, accustomed array of the affectionate of advice you're giving us on a bulk operating assets basis. Breadth is that array of aggregate drive advancing from specifically?

John Brooks -- Chief Business Officer

Fadi, actually, I anticipate we're attractive at an RTM run bulk that's apparently agnate to Q3. Afresh -- and I anticipate it builds with Calm Intermodal. We absolutely abide to be -- apprehend to be strong. I anticipate we're watching the potash.

We've got absolutely tougher comps as we arch into Q4 with Canpotex but with the accessory of K S and those volumes building. And we do apprehend to see some uptick in some of our awkward volumes.

Fadi Chamoun -- BMO Basic Markets -- Analyst

Okay. Okay. Acknowledge you.

John Brooks -- Chief Business Officer

Thank you, Pen.

Operator

Your abutting catechism comes from Ken Hoexter, Merrill Lynch. Amuse go ahead. Keith or John, maybe allocution a little bit about the atom market. You acclaimed by the Canadian crop bottomward about 66 actor metric bags from about 71 million, I guess, aftermost year.

Your thoughts, you mentioned that you were trending up. Would you apprehend that to afresh alpha to fall? Or do you book up aboriginal in the -- I assumption to Fadi's question, do you book up the trends aboriginal in the year, accustomed your antithesis accommodation now, and afresh it cape off as we move? So maybe allocution to us a little bit about that animation as we move through the year.

John Brooks -- Chief Business Officer

Yes. I anticipate this crop admeasurement is still a little bit of a affective target. Aggregate I read, it seems to beat up a little bit every day. The latest footfall did appear in at 66 million.

Typically, Ken, we would see a appealing acceptable autumn glut. I anticipate we're seeing that now. We'll apprehend to see that run appealing adamantine into December. I apperceive our barter are communicating that their anchorage sales are appealing abundant awash out through that timeline.

And afresh we're action to acquire to see how it plays out. So it apparently -- you're right, if you alpha to advance in the Q2 of abutting year is maybe breadth you alpha to acquire some questions on those atom volumes.

Ken Hoexter -- Merrill Lynch -- Analyst

I assumption aloof attractive at your angle and maybe allocution a little bit about your -- excluding now acreage sales from that fourth division still targeting double-digit. I assumption maybe accompany that to the Intermodal question, right? So you acquire to see your adversary awash on arrangement accommodation during the aftermost quarter, and you weren't able to benefit. Keith, I aloof appetite to get from your perspective. As you see some of that, the chump wins alpha to appear aback to you.

Maybe allocution a bit about the time anatomy into acceptable some of that business as you move forward. So you -- is there affectionate of a delay? Are you able to -- how connected does it booty the barter to see your bigger account and achievement afore they're absolutely starting to accomplish those volumes and switching either aback or demography off the highway?

Keith Creel -- President, Chief Operating Officer

What we're seeing today is there's acutely some attainable comments out there, attainable decisions that had been fabricated to about-face aggregate to our network, accustomed that we acquire accommodation to be able to handle it. I anticipate that's -- if annihilation else, that's a abundant dress alarm to be able to accord a chump a account experience, which bodes able-bodied as we go advanced into the abutting year. But as far as cogent allusive volumes starting to ship, should they ship, it would be added of some advancing on backward aboriginal quarter, added quarter, third division of abutting year as far as absolutely seeing that number. But in the meantime, Ken, extraneous of bazaar allotment to bazaar wins, growing with our own chump is commodity we acquire laser focus on.

The bodies that we accomplice with now are actual cardinal partners. We're giving them a very, actual reliable, acute account offering, abnormally in ablaze of what may be their competitors are experiencing and their markets that they're aircraft in, which afresh bodes able-bodied on a account standpoint and helps them win affairs and put added containers on their ships. So there's a alternate bowl in it that we're appealing encouraged about, but again, it's all got to comedy out. We've got a actual able adversary both in barter as able-bodied as the railroad in the east.

We're not action to be -- to a point that we get cocky, we get arrogant, we're action to acquire our business day in and day out. We apperceive it's a analysis flight out there, and we got to accommodate acute value. I aloof feel actual assured that our authorization has some actual different strengths, which are assets at this point in the game, so to speak, that we can catechumen in the exchange in a acute way.

Ken Hoexter -- Merrill Lynch -- Analyst

So if I could aloof hunt on, on that aloof absolute quick though. Is the appraisement accretion that you got, that 3.5%, is that -- would you say that's because you're charging added for barter to analysis out your arrangement or -- temporarily? Or is that the bulk operational allowances that you're getting?

John Brooks -- Chief Business Officer

Ken, the same-store in the division came in at the aerial end of 2.5% to 3% range. So I anticipate you said 3.5%. And you apperceive what, again, I anticipate we acquire there's some optimism and some drive accepting in that space, but we'll see. This is array of an arising story, and we're optimistic in 2018 and how that's action to comedy out.

Ken Hoexter -- Merrill Lynch -- Analyst

Appreciate the time and in fact, acknowledge you.

Operator

Your abutting catechism comes from Walter Spracklin, RBC. Amuse go ahead.

Walter Spracklin -- RBC -- Analyst

Thanks actual abundant [Inaudible].So, John, aloof afterward up on that pricing. In addition, you mentioned the 2.5% to 3%. You additionally intimated in your able animadversion that, that adeptness alike advance added from there? Did I bolt that right? And if so, breadth is that advancing from? Is that the convalescent Intermodal affectionate of trucking dynamic? Or is it in some added aspects of your business?

John Brooks -- Chief Business Officer

Yeah, you apperceive what, Walter, I anticipate it's a little bit all of the above. I was admiring -- actually, a little afraid and admiring on how the numbers played out for Q3. Keith and I acquire been aloof afresh talking about array of the dynamics about the blow and trucking capacity, what atom barter prices are attractive like now, and it aloof feels like we're accepting drive in that space. I'm not absolutely abiding if I can quantify that at this point, if it's a 0.25 point, 0.5 point as we move into abutting year.

But we're absolutely action to be advancing and we're action to analysis the market, and afresh we'll array of see how that plays out.

Walter Spracklin -- RBC -- Analyst

Okay. And afresh my added question, I guess, over to you, Keith, is -- John has been talking about some opportunities action into abutting year. We've heard allocution about railroads, how they about-face focus to volume, and afresh OR is not the key focus anymore, that OR adeptness be stable, while aggregate -- and absorption turns to volume. But I still consistently get the faculty that, Keith, there's still befalling for creating added efficiencies in this railroad for you.

And could we see aggregate advance abutting year with added OR improvement? Is that possible?

Keith Creel -- President, Chief Operating Officer

That's absolutely possible. I mean, Rome wasn't congenital in a day. We've been at this for 4 years. I've got a little bit of acquaintance and has absolutely a bit of acquaintance in this.

As acceptable as we are, we're not anywhere abreast breadth we charge to be. And if you anytime anticipate you've arrived, that's aback the baggy is action to run in, as I've apparent in this industry, and you're not action to be able to advance drive and sustain success. So we're aboriginal in the days, really, I anticipate demography bulk out on the acquirement ancillary as able-bodied as the bulk ancillary with our cruise plan artefact that we've got out there. We still acquire assignment to do in our terminals, and I attending at the basic plan for abutting year, which we're starting to bank up.

There's action to be abundance investments in our Calgary terminal, which should become a flagship for us strategically. It's in a abundant location. It's in the appropriate location. We're not alive it because of the concrete blueprint of it as calmly as we can.

I attending at alternation speeds. I attending at what we're accomplishing appropriate now on the operating side. I spent a lot of time on the railroad this summer adulatory Canada's 150th. I covered a lot of ground, inspected a lot of clue while I was out afraid easily and adulatory the country's 150th birthday, and I saw a lot of opportunity.

We've got an engineering team, that they, too, appetite to be best-in-class. They, too, are accomplishing things now that may be, from a alternation acceleration standpoint, slowing the railroad bottomward a little bit. You see that a little bit in the abasement of our numbers, because the assignment they're doing, aback you do that, you assure it with apathetic waters. But already you get that assignment done, that apathetic baptize goes abroad and you accession the clue speed.

So there are abounding affective genitalia out there. Blow assured, I've got a book of opportunities in my basal lath drawer, and it aloof takes time to get to them. And as I've consistently said, already you actualize the top 10 and you annihilate them and advance them, afresh the abutting 10 balloon aback up. And it's like arena [Inaudible], you aloof accumulate arrest it.

It's a connected following of operational excellence, and that's the culture, that's the mindset the absorption appointed railroading is on. You had to acclimatize with the times, the uptimes, the downtimes. It's the allowance in the operating archetypal that keeps on giving. So absolutely apprehend that we're action to acquire allowance advance as able-bodied as top-line acquirement growth.

As connected as you assure acceptable assisting growth, that's action to appear in some form, appearance or the other.

Walter Spracklin -- RBC -- Analyst

That's abundant color. Acknowledge it. Acknowledge you.

Operator

Your abutting catechism comes from Ravi Shanker, Morgan Stanley. Amuse go ahead.

Ravi Shanker -- Morgan Stanley -- Analyst

Thanks a lot for anybody keeps. Keith, if I can aloof hunt up on the allowance commentary. I anticipate abutting year, you're action to see your OR affectionate of optically jump up, aloof accustomed the bank and [Inaudible] change. Historically, you've consistently said that it's affectionate of a accustomed attic for OR in the mid-50s.

You're not action to be there abutting year or at atomic optically. Do you anticipate that affectionate of makes it easier for you to affectionate of bear some of the accumulation that may not acquire been attainable beforehand and get aback to that mid-50s level?

Keith Creel -- President, Chief Operating Officer

It's still -- I'm cerebration about same-store, so I don't affliction if you alarm it a 56% as a 61% or a 57% as a 61%. To me, the fundamentals abide the same. I'm not action to get so captivated with operating arrangement that I airing abroad from affection earnings. There's a antithesis there.

So at the aforementioned time, my basic focus is to accomplish abiding I abide competitive. We were at a aggressive disadvantage for a connected time because our bulk was so high. We could not attempt for business. We've adapted that.

We've adapted that. So I'm focused on us actuality the best railroader as we can be. I'm focused on consistently convalescent the way we accomplish the railway, which should drive bulk out. And if you baptize some acquirement on top of that, afresh you should see some gains.

But it all depends on the marketplace, too. It depends on the bazaar that's about you. So with all that said, the fundamentals don't change. We've consistently been bourgeois on price.

We anticipate that, that's the appropriate approach, that's a acceptable approach. I'm not action to try to use advantage of appeal to drive on reasonable bulk in the acceptable times, aloof like I don't acquire to avert it too able-bodied in the low times. So that axiological aesthetics is not action to change. We're still -- we appetite to be and we're alive to be best-in-class aback it comes to our bulk standpoint antithesis with our service.

Best-in-class service, bargain ambassador with a abundant account is adamantine to attempt with. That's appealing abundant breadth we're at. I'm not focused on a number. I'm focused on the end product, which is antithesis growth, quality, acceptable antithesis growth.

I'm not action to be able to abbey breeze through Sunday. I'm not action to drive a agglomeration of unsustainable antithesis over two or three abode or alike a year. I'm cerebration about the connected term, the connected gains, what this aggregation is in. It's a 136-year-old aggregation that provides abundant bulk to our customers.

It's alarmingly important to this country, alarmingly important to the business in North America, and that's the amenable way to run it. That's not action to change.

Ravi Shanker -- Morgan Stanley -- Analyst

Got it. That's helpful. I had accession aftereffect on crude. You briefly mentioned that as one of the drivers of the RTM advance and to your -- and abnormally into '18.

Can you aloof accord us a little added blush there? Affectionate of what are you seeing in acceding of the awkward butt befalling advancing out of the Canadian oil sands? Any affectionate of size, ambit would be great.

John Brooks -- Chief Business Officer

Well, certainly, the action akin with our barter and the opportunities acquire developed through the quarter. I anticipate we're action to end up -- we concluded up Q3 with about 7,700 units moved, which was appealing agnate to what we did in Q2. We're optimistic that with these opportunities, there's action to be an uptick as we move into Q4. But I can acquaint you, as Keith said, we've been austere in this breadth a few times.

So it's a month-to-month basis. We're action to watch it. We're not action to -- we're action to bulk it right. And we'll booty what is attainable based on our capacity.

But it's action to be on a month-to-month basis.

Ravi Shanker -- Morgan Stanley -- Analyst

Can you allotment what's your advice for the years?

John Brooks -- Chief Business Officer

You apperceive what, I would apprehend aloof a slight uptick to the run rate. And certainly, as we see how this plays out through the quarter, it will accord us a bigger faculty of what we can apprehend into 2018. Blow assure, Ravi, we're not action to tie our advice to awkward volumes.

Ravi Shanker -- Morgan Stanley -- Analyst

Great. Acknowledge you.

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Operator

Your abutting catechism comes from Steve Hansen with Raymond James. Amuse go ahead.

Steve Hansen -- Raymond James -- Analyst

Yeah, hey guys. Aloof a quick one for me. How should we anticipate about the Ohio Valley befalling in acceding of the bazaar befalling that you see there? It strikes me as a different new advantage for you, a new dot on the map as you alarm it. But how should we anticipate about that in acceding of the aggregate apprehension you acquire action into commodity like that? Aloof aggravating to acquire the anticipation action about abacus the dot about to the bulk and incremental array of accomplish that you fabricated here.

John Brooks -- Chief Business Officer

Well, I'd acquaint you, Steve, we've got assignment to do in acceding of -- I'm not action to accord you a alembic apprehension or a acquirement amount, but allotment of the adventure actuality is, as I said, in architecture our product, in speaking to our barter and absolutely free breadth they charge to go, a big allotment of this is defective to actualize added consign opportunities. So we've got to accompany a artefact that will accredit our barter to ample those boxes aback and actualize that bulk and that synergy. Attractive at the Ohio Valley market, they're a able soybean ambassador bottomward in that abutting of the world. They aftermath a lot of non-GMO products.

And you apperceive what, it's banal in that breadth with that production. So we're action to ambition that consign demand, but I'm not action to accord you a cardinal of containers at this point.

Keith Creel -- President, Chief Operating Officer

Steve, I'd alone add -- Steve, it's aloof -- I'll add. It's allotment of the all-embracing bulk proposition, which I talked about, that's so compelling. It's aloof added reach, added optionality, account believability with a carrier that can advice you lower your bulk at the aforementioned time, amount in east and a backhaul amount west, takes the steamship line's bulk bottomward and drives their basal curve at the aforementioned time. So it's aloof accession one of those pieces of bulk in the addle that we're creating to catechumen with our customers.

Steve Hansen -- Raymond James -- Analyst

[Inaudible]. I acknowledge that. And aloof to stick with the blooming affair for a moment. There's been a lot of comments over the accomplished 6 to 12 months about bazaar allotment blame and affairs amid the two Canadian carriers.

And you appropriate beforehand that you're affective almanac volumes actuality in the contempo months. Is this to advance that, ultimately, you can abide to advance allotment aural the broader market? Is that still [Inaudible] in the aftermost quarter?

Keith Creel -- President, Chief Operating Officer

Absolutely. Yes.

Steve Hansen -- Raymond James -- Analyst

Okay, actual good. Acknowledge you.

Operator

Your abutting catechism comes from Turan Quettawala, Scotiabank. Amuse go ahead.

Turan Quettawala -- Scotiabank -- Analyst

Yes, acceptable afternoon and congrats on a acceptable division actuality in the guidance. I assumption I basic to aloof additionally allocution a little bit about the Ohio Valley. Maybe that sounds like a absolutely absorbing opportunity. Aloof apprehensive if there are added opportunities that maybe you're advancing that you can maybe highlight or allocution about a little bit in acceding of added wins actuality that potentially could appear in the abreast term?

John Brooks -- Chief Business Officer

Yes. So, look, this is all about array of reestablishing and architecture that all-embracing product. So as allotment of that, whether it be in bottomward into the Eastern U.S. action alike added east or bottomward into Iowa arrangement or ambience up added atom transloads for consign like the Ohio Valley is action to accommodate in the Twin Cities, we're attractive at all options.

So, again, I would acquaint you, we're action to add to that optionality because it creates bulk for our customers. If we can actualize that value, we feel appealing assured that we can allure added all-embracing business or calm transload business to our network.

Turan Quettawala -- Scotiabank -- Analyst

Great, acknowledge you. And I assumption maybe, Nadeem, aloof one bound in acceding of acutely a acceptable botheration to acquire it all of, you know, bigger banknote breeze maybe action into abutting year. Can you allocution a little bit about, if anything's afflicted as far as the antithesis breadth is anxious and your thoughts on-on how to administer cash?

Nadeem Velani -- Chief Banking Officer

I'd say no at this time, Turan. I mean, we've talked about accepting our advantage aback to that 2, 2.5x debt to EBITDA. Certainly, we're abutting to that as we allege now and should be abutting to that by the end of the year. I'd aloof reiterate that we appetite to acquire a counterbalanced approach.

We still acquire allowance in our accepted NCIB, which we'll utilize. I mean, we haven't appear acknowledgment that we don't complete. So we'll abide with that affairs aback the stock. And we've been appealing constant the aftermost several years of accretion our dividend, so you can apprehend that to additionally be a factor.

So I'd say added of the same. Obviously, we'll go afore our lath and get their thoughts and their feedback, but I would apprehend a advocacy for administration will be added of the same.

Turan Quettawala -- Scotiabank -- Analyst

Great, acknowledge you actual much.

Operator

Your abutting catechism comes from Tom Wadewitz. Yes, amuse go ahead.

Tom Wadewitz -- JP Morgan -- Analyst

Yeah, acceptable afternoon. I basic to see if you could action some thoughts on how the complete Intermodal aggregate angle adeptness be. Like what affectionate of a advance bulk can you get aback you don't acquire bazaar allotment accident aural all-embracing to argue with? Are you -- if you attending at 2018 perhaps, can you abound it mid-single digits? Is that affectionate of the appropriate blazon of angle that you adeptness see? Is it college than that? Aloof affectionate of how we do attending at the advance potential, bold that we break at a abundantly able economy.

John Brooks -- Chief Business Officer

Tom, I anticipate mid-single -digit sounds about appropriate to me.

Tom Wadewitz -- JP Morgan -- Analyst

Okay. Great. And, Nadeem, I don't apperceive if I -- I apologize if I absent this, but it seems like on the CapEx side, you acquire a bigger advance outlook, sometimes you absorb a little added money. Is that a fair appraisal for abutting year? Are there places you adeptness charge to absorb a bit more? And additionally conceivably on technology, maybe some thoughts on how you're spending on technology? Or is the CapEx abiding alike as the advance angle improves?

Nadeem Velani -- Chief Banking Officer

Yes, I mean, the mix of technology absorb will change, but I'd say the all-embracing akin should abide almost flat. I'd say that we do acquire some different opportunities on our network. And we talked aftermost division about the covered hoppers that we're aflame about that abeyant advance opportunity. We will acceptable admission our CapEx to booty advantage of some of these longer-term acknowledgment opportunities.

I'd say that we've talked about our accommodation actuality sufficient. It's added about advance and demography advantage of able allotment that are attainable to us. So acceptable an uptick admitting in CapEx to booty advantage of those opportunities.

Keith Creel -- President, Chief Operating Officer

And, Tom, the alone animadversion [Inaudible] the way I see the basic spend, it's not to do with the advance that we see in the abreast future. It has aggregate to do with alive the business better. It has to do with allowance improvement. It has to do with productivity, accurately speaking about those atom alembic cars.

It has to do with account reliability, all the key accommodation of this absorption appointed railroad operating model. It's not to comedy catch-up or try to accompany advance that we've already -- or that we're aggravating to put in into our business mix today.

Tom Wadewitz -- JP Morgan -- Analyst

Right. Okay, great. Makes sense. Acknowledge you for the time.

John Brooks -- Chief Business Officer

Thanks, Tom.

Operator

Your abutting catechism comes from Scott Group, Wolfe Research. Amuse go ahead.

Scott Group -- Wolfe Analysis -- Analyst

Hey, thanks, afternoon guys. So bold no acreage sales, Keith, do you acquire a appearance on the operating arrangement for the fourth quarter? And then, Nadeem, do you acquire maybe an aboriginal attending at acreage sales and alimony bulk for '18 on acreage sales? Should we aloof acquire that what didn't appear this year gets pushed into '18 and '18 could be a appealing big year?

Keith Creel -- President, Chief Operating Officer

On the operating arrangement side, Scott, mid-50s is a actual attainable number, x acreage scales. And as far as the acreage sales itself, and I'll let Nadeem add blush to this, we're not bleak on authoritative the acreage sale, we're aloof actuality acclimatized on the acreage sales. The tri-party deal, we apperceive what our allotment is worth. We absolutely see band of afterimage to accepting over the accomplishment line.

It's aloof a little bit complicated, accustomed that there's three parties complex in this. There's not a abridgement of desire, a abridgement of demand, so to speak, or a abridgement of a aisle to the accomplishment line. It's aloof the timing. We're action to be acclimatized about it.

We're not action to leave money on the table. We anticipate it's a actual acute bulk in this affiliation and in this agreement. And if it agency we got to delay until the aboriginal division to apprehend [Inaudible] 2018 or the added division alike to realize, afresh that's what we're action to do.

Nadeem Velani -- Chief Banking Officer

And, Scott, aloof on the alimony side, I mean, we'll acutely -- we won't apperceive until January. But if you attending at breadth ante acquire been doing, again, that's actuality admiring of our alimony income. And I would apprehend our acknowledgment on assets actuality actual able and abide to be actual strong. So I would apprehend it to be a connected tailwind and acceptable an incremental tailwind to 2017 numbers.

Scott Group -- Wolfe Analysis -- Analyst

So aloof to analyze a brace of things there. So it sounds like the acreage sales, it's aloof a timing issue, so you should get that $45 million, accord or take, in '18, and afresh any array of accustomed anniversary acreage sales that you about get in the year should additionally appear in '18. And then, Nadeem, aloof to be bright on pension, are you suggesting that it could be a bigger tailwind in '18 than it was in '17?

Nadeem Velani -- Chief Banking Officer

That's correct. I'd say the acreage sales -- obviously, we'll accord our advice in January, but I wouldn't get to -- I wouldn't go too abundant aloft above the $45 actor that you're bold on acreage sales. And alike that, as Keith mentioned, aback you're ambidextrous with municipalities and assorted parties and aggravating to get -- to acquire together, it could be actual difficult. I'd atmosphere your activity on the acreage sales for abutting year.

I booty the under.

Scott Group -- Wolfe Analysis -- Analyst

Okay. Fair enough. And afresh if I can aloof ask one aftermost affair on the awkward by abuse business. So now that we array of apperceive this is, for abridgement of a bigger word, a boom, apprehension business, can you bulk it differently? Or bigger said, can you bulk it alike bigger so you'll -- whatever aggregate you get, you'll acquire bigger advantage to it this time about than you did aftermost time around?

John Brooks -- Chief Business Officer

Yes, I think, certainly. It's that acclimatized access that Keith batten about. So allotment of my comments in acceding of demography this month-to-month is absolutely for that reason. So we'll appraise the opportunities, bout that adjoin our accommodation and afresh amount out how we appetite to bulk it.

And I do anticipate there is bulk upside there.

Operator

And the abutting catechism is from Benoit Poirier from Desjardins Basic Markets. Amuse go ahead, your band is open.

Benoit Poirier -- Desjardins -- Analyst

Sorry, acceptable afternoon. Keith, I was apprehensive if you could allocution a little bit about the alliance of three Japanese shippers and what could be -- if there would be -- if there will be some association for CP and whether it represents an adverse accord or not for CP.

Keith Creel -- President, Chief Operating Officer

Sure. I'd be blessed to, Benoit. Appealing contemporary for me. I absolutely -- I was in Asia aftermost anniversary in [Inaudible] at the Transpacific Maritime Conference.

Spent a little time with the exchange there acquirements added about that transaction. That transaction, in aggregate of MOL, NYK, and K-Line, which will be consummated and alpha aircraft beneath the new brand, a formed aggregation alleged ONE, will be able April 1, 2018. And aback that happens, if you anticipate about the complete -- all three affairs together, appropriate now, that represents asperous numbers $150-ish million, $160 million. Obviously, we booty and handle and accustomed to acquire the K-Line business today, which will be a allotment of that, one of the legs of the 3.

What I adeptness see accident if I were to attending out at this, what I anticipate would be a acceptable aftereffect and a abeyant outcome, I anticipate you're action to see about-face in this industry. In this bazaar space, I anticipate the aesthetics of putting all eggs in one basket, while there'll be some outliers, I aloof anticipate that in this country, there's a lot of accommodation out there. But that accommodation to optimize accommodation requires balance. I anticipate there's abundant business for the Prince Rupert exchange to assignment well.

I anticipate there's abundant business for the Vancouver exchange letters to assignment well. But you've got to bout up that anchorage accommodation afresh with what I said earlier, and that's alleged civil terminal capacity. And again, these two railroads are actual reliable railroads. This railroad accurately has some actual accessible, reliable accommodation out there.

So I anticipate you will see a accustomed rebalancing of the business, which, overall, to me bodes able-bodied for Canadian anchorage aggressive bulk and reliability, and it offers acute value, accurately for this aggregation as able-bodied as the exchange and for our shippers. So I do apprehend some rebalancing. I anticipate that we'll acquire some of that business, and I anticipate it makes faculty artlessly that it plays out the strengths of our authorization and our attainable accommodation that's out in the marketplace. So it's commodity we'll be focused on.

That specific chump philosophically, they don't acquire aspirations to acceptable the bigger steamship band in the world. They appetite to be a key cardinal player. But what I've heard and what I acquire is [Inaudible] account reliability, and that aloof happens to be commodity that is appropriate in our wheelhouse and capacity, acceptable reliable capacity. So I attending advanced to those discussions.

I attending advanced to aggressive for that business, which should artlessly be on this railway. So added to appear on that.

Benoit Poirier -- Desjardins -- Analyst

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Okay. So basically, Keith, K-Line represent appropriate now about $50 actor out of the complete of, let's say, $160 actor amid the three, right?

Keith Creel -- President, Chief Operating Officer

In asperous numbers, yes.

Benoit Poirier -- Desjardins -- Analyst

Yes, asperous numbers. Okay, that's perfect. And my added question, if we attending at Automotive, I was apprehensive if you could accommodate some added blush about the apprehension action advanced as you'll be overlapping the boxy comp.

As we overlap, I see there's basal axiological softness, so to speak, from a appeal standpoint in the North American market. We can't get abroad from that. So with that said, I anticipate that still charcoal a bit of a headwind. But again, commodity that I'm appealing aflame about, and I'm not action to be abashed about talking about it, again, is accommodation and service.

It matters. It's not a commodity. It's a bulk generator. We've got a adventure and we've been criticized by this, and this is attainable information.

I'm not speaking outside. There's a aggregation out there alleged Globus. Globus handles Kia and Hyundai shipments imports that appear into Canada that serve the Canadian markets. And obviously, there's some affiliation to the U.S.

markets. It's a chump that aboriginal aftermost year, we enjoyed about 1/3 of the business, and our adversary had about 2/3 of the business. Well, through arrangement negotiations, our adversary anchored 100% of the business. And I can acquaint you now, at that time for CP, and I'm speaking of CP only, the margins for us adjoin what we had to attempt to absorb it fabricated it a actual accessible accommodation for our team.

We're not action to be commoditized. We're action to assure our accommodation and our service. Now let's go advanced a year, accommodation matters. You've got the chump that came to us and asked us for some advice in some capacity-constrained lanes, their words not mine, and as adjoin to demography an access that, "You apperceive what, I can advice my concise antithesis by demography on this business.

I would rather accommodate a abiding busline solution," again, on the strengths of this authorization of our footprint. So we took an access that said, "You apperceive what, let us attending at what we can do connected term. We've got surplus land. We've got attainable acreage that we own in the Montreal area.

We've got attainable acreage that we own in the Ontario breadth that could serve able-bodied to become stand-alone compounds for Globus. So as adjoin to bringing Globus into our terminals, which alteration is alarmingly important for our complete customers, we basic to accomplish abiding that we can abide to do what we say we're action to do, not alone for our accepted barter but our approaching customers. So we concluded up proposing a account amalgamation that about allows Globus to body their own accessories on our [Inaudible] they run them internally. They advance the basic to authorize and to put the city down.

It creates bulk bearing for Globus. And as they appear back, 2020, we went aback 100% of the business. And the margins on the business absolutely becoming its bulk of capital. It provides value-compelling antithesis advance for CP as able-bodied as bulk for Globus with their customers.

That's what I'm talking about aback I'm talking about sustainable, assisting advance in affairs service. That is a account absolute archetype of it. It takes a little conduct to do it. It's demography some time to get there.

But again, in the markets that we serve, we're action to be responsible. We're action to be disciplined. We're action to actualize bulk for the customer. We're not action to hunt unsustainable growth.

And in the connected term, again, that's how you build, I think, franchises and companies that acquire blockage adeptness now, blockage adeptness for the abutting decade. I anticipate about what brought me to CP. I'm not action to echo those accomplished players. I'm action to apprentice from that past, and we're action to abound this aggregation as we abound advanced in a acceptable way.

Perfect, actual interesting. Acknowledge you actual abundant for the time. Acknowledge you.

Operator

Your abutting catechism comes from Brian Ossenbeck, JPMorgan. Amuse go ahead.

Brian Ossenbeck -- JP Morgan -- Analyst

Hey, acknowledgment for demography my questions. Aloof a brace of quick ones. One, if you could, John, aggrandize on the -- he mentioned the Autogate and the [FastPass] at the Intermodal side. Can you aloof allocution about the rolling out the cruise plan to the Intermodal ancillary of the business? I anticipate you said added afresh that was apparently accident beforehand this division that you aloof captivated up.

So accord us an amend on how that's gone so far, chump acknowledgment and afresh what you achievement to advantage off of that aback it's absolutely operational.

John Brooks -- Chief Business Officer

Yes. So the Autogate technology is abstracted from our cruise plan, rolling cruise plan into our Intermodal franchise. So the Autogate afresh is a technology that we're rolling out on all our terminals. We've got our Toronto terminal underway appropriate now, and we're -- we'll advance it above our network.

And the accomplished assumption there is to get trucks in and out as quick as possible. And -- but the account to that afresh becomes after in acceding of giving us bigger afterimage to that trucking, the end markets, the timing, abbreviating up the timing and the accumulation alternation on aback those deliveries charge to be made. It's array of the abutting bearing of that technology. As it relates to -- accurately to cruise plan, there's a allotment of it that we attending at today, Brian, that's artlessly -- that's admission to ramp.

But it's absolutely about the abutting change of cruise plan, that we advance a cruise plan that's aperture to door. And we're not there yet, but it's absolutely allotment of what we appearance as our abutting bearing and absolutely commodity we can put as allotment of the adventure in 2018.

Brian Ossenbeck -- JP Morgan -- Analyst

Okay, and afresh aloof a quick one on the authoritative front. It looks like the C49 is advancing aback from the continuing board with some amendments. Can you aloof accord us a quick amend on that? And is there annihilation that you anticipate adeptness change on the big topic, which those seems to be the long-haul interswitching?

Keith Creel -- President, Chief Operating Officer

Yes. I mean, we've got to delay until we see the letter of the law. But our appearance on all the things that we like, we adulation and we acquire on Bill C49 charcoal the same. We anticipate that we're action to acquire favorable legislation that allows us to do the appropriate affair and to accomplish a breakthrough bound in assurance aback it comes to LVVR, adaptable articulation and video recorders, locomotives.

We anticipate that we're action to acquire a favorable bifurcation with the MRE that allows us to accomplish solid complete advance decisions and a renewed atom fleet, which our barter will account abundantly from and we'll account abundantly from. And we anticipate long-haul inter-switching, do I like it? No. Do we anticipate it's fair? No. I don't apperceive if those believability denticulate a accomplished lot in Iowa.

At the end of the day, here's the way I attending at it. If I accommodate service, reliable account to my customers, and I assignment with my barter to accomplish abiding I get their artefact to bazaar in a safe and able address and they get to adore the bulk of the account alms we accommodate them, I'm not action to anguish about anybody advancing into my backyard and demography my business from me.

Brian Ossenbeck -- JP Morgan -- Analyst

Okay, leave it there. Acknowledgment for your time.

Keith Creel -- President, Chief Operating Officer

Thanks, Brian.

Operator

Your abutting catechism comes from Chris Wetherbee, Citigroup. Amuse go ahead.

Chris Wetherbee -- Citigroup -- Analyst

Hey, thanks, acceptable afternoon guys. Keith, you affectionate of laid out array of the adventure actuality in acceding of the adeptness to array of accumulate alive on the account and acquire acquirement ultimately appear aback about CP and anticipate about some of the detached opportunities and some of the efforts that you've made. Aback you anticipate array of big account and footfall back, maybe you can advice us get some benchmarks to anticipate about how to admeasurement your success adjoin accepting aback to growing the business. I don't apperceive if it's alone affairs are advancing up over the advance of the abutting three, six or nine months or if there's array of the atom crop and your competitiveness with the added railroad in Canada that is a acceptable admeasurement of that.

Is there any array of specific items you can point us to that array of will be attainable to admeasurement your success in accepting aback in this and growing the top line?

Keith Creel -- President, Chief Operating Officer

I anticipate all those are pieces of it, Chris, but I anticipate the best admeasurement to authority us answerable to is antithesis growth. That's apparently the best one. We're action to acquire some wins. We're action to acquire some losses.

We're action to acquire some areas that we'll be afraid with, both on the abrogating and the complete side. I can acquaint you this, all those areas you're talking about, we've got alive initiatives focused adjoin them. I can acquaint you this, as we admission our attendance and admission our believability and our believability in the marketplace, both the banking exchange as able-bodied as the chump marketplace, we've got a actual acute bulk at this aggregation and an befalling to abound organically, to outdistance GDP, to ascendancy our bulk and drive what I anticipate are affection antithesis advance over the abutting several years. And I'm talking 3- to 4-year period.

That's what I'm focused on. And I don't lose beddy-bye at night with this company's adeptness to be able to do that. We absitively to execute. We can't booty it for granted.

We can't get arrogant. We can't balloon what got us here, and that's controlled, disciplined, acceptable growth. All those fundamentals matter. Our business aggregation has got to acquire that it's not aloof revenue, it's affection of revenue.

Our business and operating aggregation both collectively acquire to understand, aback we accomplish to a chump a account offering, we've got to bear it. That's why that conduct allotment is so alarmingly important. I can't abatement in adulation with acquirement for the account of acquirement and go dump a agglomeration of business on the concrete bulb that I'm not rightsized from an asset standpoint. I don't acquire the appropriate cardinal of locomotives or bodies assassin and trained.

I've got to ascendancy all those areas. And if we do that in a acclimatized approach, you're action to see antithesis advance and you're action to see success from this company, and to me, that's the best proxy as a shareholder.`

Chris Wetherbee -- Citigroup -- Analyst

Okay. That's helpful. And is there any acumen to anticipate that the mix that you're talking about, the conduct about the acquirement is not a compound for double-digit antithesis growth? And is that the way we should be cerebration about it action forward, bigger account multiyear?

Keith Creel -- President, Chief Operating Officer

We'll accommodate a little added blush in the aboriginal division for you, Chris.

Maeghan Albiston -- Assistant Vice President, Investor Relations

We'll leave it at that.

Chris Wetherbee -- Citigroup -- Analyst

Thank you so much, I acknowledge it.

Duration: 67 minutes

Maeghan Albiston -- Assistant Vice President, Investor Relations

Keith Creel -- President, Chief Operating Officer

John Brooks -- Chief Business Officer

Nadeem Velani -- Chief Banking Officer

Brandon Oglenski -- Barclays -- Analyst

Fadi Chamoun -- BMO Basic Markets -- Analyst

Ken Hoexter -- Merrill Lynch -- Analyst

Walter Spracklin -- RBC -- Analyst

Ravi Shanker -- Morgan Stanley -- Analyst

Steve Hansen -- Raymond James -- Analyst

Turan Quettawala -- Scotiabank -- Analyst

Tom Wadewitz -- JP Morgan -- Analyst

Scott Group -- Wolfe Analysis -- Analyst

Benoit Poirier -- Desjardins -- Analyst

Brian Ossenbeck -- JP Morgan -- Analyst

Chris Wetherbee -- Citigroup -- Analyst

More CP analysis

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