Summarized Consolidating Financial Data (Tables)

12 Months Ended

Dec. 27, 2013

Summarized Consolidating Financial Data [Abstract]

Consolidating Income Statements

(Dollars in Millions)



Fiscal Year Ended December 2013	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	11,950		$	76		$	12,026
Expense	(371		)	9,091			(167		)	8,553
Operating Income	371			2,859			243			3,473
Equity in Earnings of Subsidiaries	1,964			(1		)	(1,963		)	—
Interest Expense	(516		)	(62		)	16			(562		)
Other Income - Net	(7		)	(2		)	20			11
Earnings Before Income Taxes	1,812			2,794			(1,684		)	2,922
Income Tax Benefit (Expense)	52			(1,028		)	(82		)	(1,058		)
Net Earnings	$	1,864		$	1,766		$	(1,766	)	$	1,864

Total Comprehensive Earnings	$	2,277		$	1,825		$	(1,825	)	$	2,277

Fiscal Year Ended December 2012
Revenue	$	—		$	11,696		$	67		$	11,763
Expense	(355		)	8,779			(125		)	8,299
Operating Income	355			2,917			192			3,464
Equity in Earnings of Subsidiaries	1,992			(2		)	(1,990		)	—
Interest Expense	(513		)	(70		)	17			(566		)
Other Income - Net	(3		)	61			15			73
Earnings Before Income Taxes	1,831			2,906			(1,766		)	2,971
Income Tax Benefit (Expense)	32			(1,065		)	(75		)	(1,108		)
Net Earnings	$	1,863		$	1,841		$	(1,841	)	$	1,863

Total Comprehensive Earnings	$	1,802		$	1,818		$	(1,818	)	$	1,802

Fiscal Year Ended December 2011
Revenue	$	—		$	11,728		$	67		$	11,795
Expense	(278		)	8,679			(76		)	8,325
Operating Income	278			3,049			143			3,470
Equity in Earnings of Subsidiaries	1,979			3			(1,982		)	—
Interest Expense	(496		)	(83		)	27			(552		)
Other Income - Net	2			19			1			22
Earnings Before Income Taxes	1,763			2,988			(1,811		)	2,940
Income Tax Benefit (Expense)	91			(1,101		)	(76		)	(1,086		)
Net Earnings	$	1,854		$	1,887		$	(1,887	)	$	1,854

Total Comprehensive Earnings	$	1,750		$	1,873		$	(1,873	)	$	1,750

Consolidating Balance Sheets

(Dollars in Millions)



As of December 27, 2013	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	439		$	91		$	62		$	592
Short-term Investments	472			—			15			487
Accounts Receivable - Net	3			240			809			1,052
Receivable from Affiliates	1,141			2,635			(3,776		)	—
Materials and Supplies	—			252			—			252
Deferred Income Taxes	(5		)	161			(1		)	155
Other Current Assets	1			57			6			64
Total Current Assets	2,051			3,436			(2,885		)	2,602
Properties	1			34,987			2,196			37,184
Accumulated Depreciation	(1		)	(8,778		)	(1,114		)	(9,893		)
Properties - Net	—			26,209			1,082			27,291
Investments in Conrail	—			—			752			752
Affiliates and Other Companies	(39		)	612			(27		)	546
Investment in Consolidated Subsidiaries	20,226			—			(20,226		)	—
Other Long-term Assets	217			388			(14		)	591
Total Assets	$	22,455		$	30,645		$	(21,318	)	$	31,782
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	110		$	809		$	38		$	957
Labor and Fringe Benefits Payable	38			491			58			587
Payable to Affiliates	3,298			535			(3,833		)	—
Casualty, Environmental and Other Reserves	—			136			15			151
Current Maturities of Long-term Debt	200			333			—			533
Income and Other Taxes Payable	(397		)	479			9			91
Other Current Liabilities	—			103			2			105
Total Current Liabilities	3,249			2,886			(3,711		)	2,424
Casualty, Environmental and Other Reserves	—			231			69			300
Long-term Debt	8,308			714			—			9,022
Deferred Income Taxes	(64		)	8,548			178			8,662
Other Long-term Liabilities	479			512			(121		)	870
Total Liabilities	11,972			12,891			(3,585		)	21,278
Shareholders' Equity:
Common Stock, $1 Par Value	1,009			181			(181		)	1,009
Other Capital	61			5,077			(5,077		)	61
Retained Earnings	9,936			12,514			(12,514		)	9,936
Accumulated Other Comprehensive Loss	(523		)	(43		)	43			(523		)
Noncontrolling Minority Interest	—			25			(4		)	21
Total Shareholders' Equity	10,483			17,754			(17,733		)	10,504
Total Liabilities and Shareholders' Equity	$	22,455		$	30,645		$	(21,318	)	$	31,782

NOTE 16. Summarized Consolidating Financial Data, continued

Consolidating Balance Sheets

(Dollars in Millions)



As of December 28, 2012	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
ASSETS
Current Assets
Cash and Cash Equivalents	$	481		$	235		$	68		$	784
Short-term Investments	555			—			32			587
Accounts Receivable - Net	3			579			532			1,114
Receivable from Affiliates	993			1,798			(2,791		)	—
Materials and Supplies	—			274			—			274
Deferred Income Taxes	52			62			5			119
Other Current Assets	11			64			—			75
Total Current Assets	2,095			3,012			(2,154		)	2,953
Properties	8			33,333			1,938			35,279
Accumulated Depreciation	(8		)	(8,225		)	(996		)	(9,229		)
Properties - Net	—			25,108			942			26,050
Investments in Conrail	—			—			695			695
Affiliates and Other Companies	(39		)	593			(43		)	511
Investment in Consolidated Subsidiaries	18,917			—			(18,917		)	—
Other Long-term Assets	186			368			(40		)	514
Total Assets	$	21,159		$	29,081		$	(19,517	)	$	30,723
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	133		$	780		$	35		$	948
Labor and Fringe Benefits Payable	35			391			42			468
Payable to Affiliates	2,679			411			(3,090		)	—
Casualty, Environmental and Other Reserves	—			124			16			140
Current Maturities of Long-term Debt	700			80			—			780
Income and Other Taxes Payable	(262		)	418			13			169
Other Current Liabilities	(1		)	139			2			140
Total Current Liabilities	3,284			2,343			(2,982		)	2,645
Casualty, Environmental and Other Reserves	—			256			81			337
Long-term Debt	8,005			1,047			—			9,052
Deferred Income Taxes	(153		)	8,131			118			8,096
Other Long-term Liabilities	901			656			(100		)	1,457
Total Liabilities	12,037			12,433			(2,883		)	21,587
Shareholders' Equity
Common Stock, $1 Par Value	1,020			181			(181		)	1,020
Other Capital	28			5,672			(5,672		)	28
Retained Earnings	9,010			10,874			(10,874		)	9,010
Accumulated Other Comprehensive Loss	(936		)	(102		)	102			(936		)
Noncontrolling Minority Interest	—			23			(9		)	14
Total Shareholders' Equity	9,122			16,648			(16,634		)	9,136
Total Liabilities and Shareholders' Equity	$	21,159		$	29,081		$	(19,517	)	$	30,723

Consolidating Cash Flow Statements

(Dollars in Millions)



Fiscal Year Ended December 2013	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	1,004		$	3,005		$	(742	)	$	3,267

Investing Activities
Property Additions	—			(2,053		)	(260		)	(2,313		)
Purchases of Short-term Investments	(1,251		)	—			(5		)	(1,256		)
Proceeds from Sales of Short-term Investments	1,335			—			66			1,401
Proceeds from Property Dispositions	—			53			—			53
Other Investing Activities	(134		)	(315		)	337			(112		)
Net Cash Provided by (Used in) Investing Activities	(50		)	(2,315		)	138			(2,227		)

Financing Activities
Long-term Debt Issued	500			—			—			500
Long-term Debt Repaid	(700		)	(80		)	—			(780		)
Dividends Paid	(600		)	(730		)	730			(600		)
Stock Options Exercised	9			—			—			9
Shares Repurchased	(353		)	—			—			(353		)
Other Financing Activities	148			(24		)	(132		)	(8		)
Net Cash Provided by (Used in) Financing Activities	(996		)	(834		)	598			(1,232		)
Net Decrease in Cash and Cash Equivalents	(42		)	(144		)	(6		)	(192		)
Cash and Cash Equivalents at Beginning of Period	481			235			68			784
Cash and Cash Equivalents at End of Period	$	439		$	91		$	62		$	592

NOTE 16. Summarized Consolidating Financial Data, continued

Consolidating Cash Flow Statements

(Dollars in Millions)



Fiscal Year Ended December 2012	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	579		$	2,716		$	(349	)	$	2,946

Investing Activities
Property Additions	—			(2,104		)	(237		)	(2,341		)
Purchases of Short-term Investments	(605		)	—			(28		)	(633		)
Proceeds from Sales of Short-term Investments	525			—			56			581
Proceeds from Property Dispositions	—			186			—			186
Other Investing Activities	(10		)	102			(162		)	(70		)
Net Cash Provided by (Used in) Investing Activities	(90		)	(1,816		)	(371		)	(2,277		)

Financing Activities
Long-term Debt Issued	1,100			—			—			1,100
Long-term Debt Repaid	(400		)	(106		)	(2		)	(508		)
Dividends Paid	(558		)	(715		)	715			(558		)
Stock Options Exercised	14			—			—			14
Shares Repurchased	(734		)	—			—			(734		)
Other Financing Activities	21			2			(5		)	18
Net Cash Provided by (Used in) Financing Activities	(557		)	(819		)	708			(668		)
Net (Decrease) Increase in Cash and Cash Equivalents	(68		)	81			(12		)	1
Cash and Cash Equivalents at Beginning of Period	549			154			80			783
Cash and Cash Equivalents at End of Period	$	481		$	235		$	68		$	784

NOTE 16. Summarized Consolidating Financial Data, continued

Consolidating Cash Flow Statements

(Dollars in Millions)



Fiscal Year Ended December 2011	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	1,231		$	2,746		$	(486	)	$	3,491

Investing Activities
Property Additions	—			(2,034		)	(263		)	(2,297		)
Purchases of Short-term Investments	(475		)	—			(17		)	(492		)
Proceeds from Sales of Short-term Investments	—			—			74			74
Proceeds from Property Dispositions	—			239			1			240
Other Investing Activities	(20		)	(133		)	41			(112		)
Net Cash Provided by (Used in) Investing Activities	(495		)	(1,928		)	(164		)	(2,587		)

Financing Activities
Long-term Debt Issued	1,200			—			—			1,200
Long-term Debt Repaid	(507		)	(95		)	(3		)	(605		)
Dividends Paid	(480		)	(680		)	680			(480		)
Stock Options Exercised	29			—			—			29
Shares Repurchased	(1,564		)	—			—			(1,564		)
Other Financing Activities	35			(7		)	(21		)	7
Net Cash Provided by (Used in) Financing Activities	(1,287		)	(782		)	656			(1,413		)
Net (Decrease) Increase in Cash and Cash Equivalents	(551		)	36			6			(509		)
Cash and Cash Equivalents at Beginning of Period	1,100			118			74			1,292
Cash and Cash Equivalents at End of Period	$	549		$	154		$	80		$	783