Background
Initially Class I railroads were defined as railroads with annual operating revenue of at least $1 million, while Class III railroads had less than $100,000. (If a railroad slipped below the threshold for a period, it wouldn't necessarily be immediately demoted.) In 1925 the ICC showed 174 Class I, 282 Class II and 348 Class III railroads.
Today, the Surface Transportation Board is responsible for defining the bounds of each railroad class. The bounds are typically redefined every several years, to adjust for inflation and other factors.
Read more about this topic: Shortline Railroad
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