Summarized Consolidating Financial Data (Tables)

12 Months Ended

Dec. 26, 2014

Summarized Consolidating Financial Data [Abstract]

Consolidating Income Statements

(Dollars in Millions)



Fiscal Year Ended December 2014	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	12,590		$	79		$	12,669
Expense	(427		)	9,585			(102		)	9,056
Operating Income	427			3,005			181			3,613
Equity in Earnings of Subsidiaries	1,996			1			(1,997		)	—
Interest Expense	(520		)	(46		)	21			(545		)
Other Income - Net	(19		)	(4		)	(1		)	(24		)
Earnings Before Income Taxes	1,884			2,956			(1,796		)	3,044
Income Tax Benefit (Expense)	43			(1,093		)	(67		)	(1,117		)
Net Earnings	$	1,927		$	1,863		$	(1,863	)	$	1,927

Total Comprehensive Earnings	$	1,784		$	1,875		$	(1,875	)	$	1,784

Fiscal Year Ended December 2013
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

Consolidating Balance Sheets

(Dollars in Millions)



As of December 26, 2014	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	510		$	100		$	59		$	669
Short-term Investments	250			—			42			292
Accounts Receivable - Net	2			206			921			1,129
Receivable from Affiliates	1,211			2,418			(3,629		)	—
Materials and Supplies	—			272			1			273
Deferred Income Taxes	3			139			(1		)	141
Other Current Assets	—			61			7			68
Total Current Assets	1,976			3,196			(2,600		)	2,572
Properties	1			36,888			2,454			39,343
Accumulated Depreciation	(1		)	(9,516		)	(1,242		)	(10,759		)
Properties - Net	—			27,372			1,212			28,584
Investments in Conrail	—			—			779			779
Affiliates and Other Companies	(39		)	644			(28		)	577
Investment in Consolidated Subsidiaries	21,570			—			(21,570		)	—
Other Long-term Assets	178			387			(24		)	541
Total Assets	$	23,685		$	31,599		$	(22,231	)	$	33,053
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	106		$	707		$	32		$	845
Labor and Fringe Benefits Payable	38			511			64			613
Payable to Affiliates	3,053			514			(3,567		)	—
Casualty, Environmental and Other Reserves	—			126			16			142
Current Maturities of Long-term Debt	200			29			(1		)	228
Income and Other Taxes Payable	(150		)	293			20			163
Other Current Liabilities	—			111			5			116
Total Current Liabilities	3,247			2,291			(3,431		)	2,107
Casualty, Environmental and Other Reserves	—			213			63			276
Long-term Debt	8,705			809			—			9,514
Deferred Income Taxes	(172		)	8,827			203			8,858
Other Long-term Liabilities	753			487			(118		)	1,122
Total Liabilities	12,533			12,627			(3,283		)	21,877
Shareholders' Equity:
Common Stock, $1 Par Value	992			181			(181		)	992
Other Capital	92			5,077			(5,077		)	92
Retained Earnings	10,734			13,717			(13,717		)	10,734
Accumulated Other Comprehensive Loss	(666		)	(31		)	31			(666		)
Noncontrolling Minority Interest	—			28			(4		)	24
Total Shareholders' Equity	11,152			18,972			(18,948		)	11,176
Total Liabilities and Shareholders' Equity	$	23,685		$	31,599		$	(22,231	)	$	33,053

NOTE 16. Summarized Consolidating Financial Data, continued

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

Consolidating Cash Flow Statements

(Dollars in Millions)



Fiscal Year Ended December 2014	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	583		$	3,278		$	(518	)	$	3,343

Investing Activities
Property Additions	—			(2,192		)	(257		)	(2,449		)
Purchases of Short-term Investments	(1,419		)	—			(14		)	(1,433		)
Proceeds from Sales of Short-term Investments	1,642			—			32			1,674
Proceeds from Property Dispositions	—			62			—			62
Other Investing Activities	—			(128		)	91			(37		)
Net Cash Provided by (Used in) Investing Activities	223			(2,258		)	(148		)	(2,183		)

Financing Activities
Long-term Debt Issued	1,000			—			—			1,000
Long-term Debt Repaid	(600		)	(333		)	—			(933		)
Dividends Paid	(629		)	(660		)	660			(629		)
Stock Options Exercised	—			—			—			—
Shares Repurchased	(517		)	—			—			(517		)
Other Financing Activities	11			(18		)	3			(4		)
Net Cash Provided by (Used in) Financing Activities	(735		)	(1,011		)	663			(1,083		)
Net Decrease in Cash and Cash Equivalents	71			9			(3		)	77
Cash and Cash Equivalents at Beginning of Period	439			91			62			592
Cash and Cash Equivalents at End of Period	$	510		$	100		$	59		$	669

NOTE 16. Summarized Consolidating Financial Data, continued

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) Increase 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