Sorry for the newbie questions, these aren't criticisms, I'm just trying to follow the accounting discussions in more detail than I have previously:

Why worry about values off peak for RRs?
In general, point statistics like "off-peak" seem less informative than e.g. "off-trend"
What was the peak? Was it some weird one-off spike, or was it simply the high of a generally wavy graph?

From the report:
"The decreases were primarily attributable to lower overall freight volumes and higher non-fuel operating costs, partially offset by lower fuel costs."
Is that all the explanation we get, i.e. volume (which you were potentially attributing to cyclical) and "higher non-fuel operating costs"?

If cyclical, shouldn't other RR's show similar?

Seems odd that "non-fuel operating costs" had a big impact. What could cause that in a RR i.e. examples of such costs?

Utilities:
> is certainly the $1.6bn year to date in liability provisions for the 2020 wildfires.
As a newbie, I know companies can set aside 'provisions' and this shows under 'current liabilities', that's what you meant?

> That leaves the sum of real operating earnings among the "steady" things I track -1.7% off their peak instead of -8.7% off their peak.
Given your initial comment "The falloffs in earnings within the utilities and rails are quite depressing", I gather this is a strawman optimist view? IOW, under the assumptions made, it ain't so bad -- but one can certainly question those assumptions.

A newbie question
> leaving BNSF with the least well run customers
How does that impact operating BNSF earnings?

> Oh boy, as to BNSF and PSR...a lot of stuff going on in the railroad business these days
What kind of stuff?
Regarding your comment about "manipulatd prices", you mean buybacks and use of debt and stuff by other RRs, while Berkshire continues to be just a solid workhorse? So, you're not worried/depressed about BRK holdings?

For other newbies to rail, PSR is Precision Scheduled Railroading
iclsystems.com - Qa series introduction to precision scheduled railroading

Wouldn't there be significant capex to change to PSR e.g. locomotives, huge new software packages etc?