Summarized Consolidating Financial Data (Tables)

9 Months Ended

Sep. 25, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]



Consolidating Income Statements
(Dollars in millions)
Third Quarter 2015	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	2,920		$	19		$	2,939
Expense	(154		)	2,182			(22		)	2,006
Operating Income	154			738			41			933

Equity in Earnings of Subsidiaries	496			—			(496		)	—
Interest (Expense) / Benefit	(134		)	(8		)	6			(136		)
Other Income / (Expense) - Net	(1		)	5			(2		)	2

Earnings Before Income Taxes	515			735			(451		)	799
Income Tax Benefit / (Expense)	(8		)	(273		)	(11		)	(292		)
Net Earnings	$	507		$	462		$	(462	)	$	507

Total Comprehensive Earnings	$	518		$	462		$	(462	)	$	518

Third Quarter 2014	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	3,202		$	19		$	3,221
Expense	(113		)	2,368			(10		)	2,245
Operating Income	113			834			29			976

Equity in Earnings of Subsidiaries	527			1			(528		)	—
Interest (Expense) / Benefit	(133		)	(11		)	7			(137		)
Other Income / (Expense) - Net	(12		)	(9		)	(5		)	(26		)

Earnings Before Income Taxes	495			815			(497		)	813
Income Tax (Expense) / Benefit	14			(309		)	(9		)	(304		)
Net Earnings	$	509		$	506		$	(506	)	$	509

Total Comprehensive Earnings	$	518		$	507		$	(507	)	$	518



Consolidating Income Statements
(Dollars in millions)
Nine Months Ended September 25, 2015	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	8,972		$	58		$	9,030
Expense	(448		)	6,765			(80		)	6,237
Operating Income	448			2,207			138			2,793

Equity in Earnings of Subsidiaries	1,482			—			(1,482		)	—
Interest (Expense) / Benefit	(399		)	(24		)	19			(404		)
Other Income / (Expense) - Net	(4		)	18			(6		)	8

Earnings Before Income Taxes	1,527			2,201			(1,331		)	2,397
Income Tax (Expense) / Benefit	(25		)	(824		)	(46		)	(895		)
Net Earnings	$	1,502		$	1,377		$	(1,377	)	$	1,502

Total Comprehensive Earnings	$	1,523		$	1,374		$	(1,374	)	$	1,523

Nine Months Ended September 26, 2014	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	9,417		$	60		$	9,477
Expense	(321		)	7,121			(35		)	6,765
Operating Income	321			2,296			95			2,712

Equity in Earnings of Subsidiaries	1,488			1			(1,489		)	—
Interest (Expense) / Benefit	(389		)	(39		)	16			(412		)
Other Income / (Expense) - Net	(17		)	(13		)	(1		)	(31		)

Earnings Before Income Taxes	1,403			2,245			(1,379		)	2,269
Income Tax (Expense) / Benefit	33			(831		)	(35		)	(833		)
Net Earnings	$	1,436		$	1,414		$	(1,414	)	$	1,436

Total Comprehensive Earnings	$	1,476		$	1,422		$	(1,422	)	$	1,476

Consolidating Balance Sheet



Consolidating Balance Sheet
(Dollars in millions)
As of September 2015	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated

ASSETS
Current Assets
Cash and Cash Equivalents	$	311		$	168		$	62		$	541
Short-term Investments	425			—			—			425
Accounts Receivable - Net	2			178			823			1,003
Receivable from Affiliates	1,224			2,304			(3,528		)	—
Materials and Supplies	—			309			—			309
Deferred Income Taxes	10			128			(1		)	137
Other Current Assets	4			70			13			87
Total Current Assets	1,976			3,157			(2,631		)	2,502

Properties	1			38,278			2,564			40,843
Accumulated Depreciation	(1		)	(9,861		)	(1,344		)	(11,206		)
Properties - Net	—			28,417			1,220			29,637

Investments in Conrail	—			—			793			793
Affiliates and Other Companies	(39		)	650			(28		)	583
Investments in Consolidated Subsidiaries	22,467			—			(22,467		)	—
Other Long-term Assets	173			398			(71		)	500
Total Assets	$	24,577		$	32,622		$	(23,184	)	$	34,015

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	145		$	667		$	30		$	842
Labor and Fringe Benefits Payable	35			374			38			447
Payable to Affiliates	3,184			483			(3,667		)	—
Casualty, Environmental and Other Reserves	—			130			16			146
Current Maturities of Long-term Debt	—			18			—			18
Income and Other Taxes Payable	(320		)	581			21			282
Other Current Liabilities	—			185			2			187
Total Current Liabilities	3,044			2,438			(3,560		)	1,922

Casualty, Environmental and Other Reserves	—			216			54			270
Long-term Debt	9,302			786			—			10,088
Deferred Income Taxes	(159		)	8,901			215			8,957
Other Long-term Liabilities	745			493			(120		)	1,118
Total Liabilities	$	12,932		$	12,834		$	(3,411	)	$	22,355

Shareholders' Equity
Common Stock, $1 Par Value	$	975		$	181		$	(181	)	$	975
Other Capital	120			5,090			(5,090		)	120
Retained Earnings	11,195			14,532			(14,532		)	11,195
Accumulated Other Comprehensive Loss	(645		)	(34		)	34			(645		)
Noncontrolling Interest	—			19			(4		)	15
Total Shareholders' Equity	$	11,645		$	19,788		$	(19,773	)	$	11,660
Total Liabilities and Shareholders' Equity	$	24,577		$	32,622		$	(23,184	)	$	34,015



Consolidating Balance Sheet (Dollars in millions)
As of December 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

Consolidating Cash Flow Statements



Consolidating Cash Flow Statements
(Dollars in millions)
Nine months ended September 25, 2015	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	637		$	2,313		$	(438	)	$	2,512
Investing Activities
Property Additions	—			(1,794		)	(115		)	(1,909		)
Purchases of Short-term Investments	(1,170		)	—			—			(1,170		)
Proceeds from Sales of Short-term Investments	995			—			45			1,040
Proceeds from Property Dispositions	—			46			—			46
Other Investing Activities	(11		)	93			(40		)	42
Net Cash Provided by (Used in) Investing Activities	(186		)	(1,655		)	(110		)	(1,951		)
Financing Activities
Long-term Debt Issued	600			—			—			600
Long-term Debt Repaid	(200		)	(28		)	—			(228		)
Dividends Paid	(512		)	(563		)	563			(512		)
Shares Repurchased	(546		)	—			—			(546		)
Other Financing Activities	8			1			(12		)	(3		)
Net Cash Provided by (Used in) Financing Activities	(650		)	(590		)	551			(689		)
Net Increase (Decrease) in Cash and Cash Equivalents	(199		)	68			3			(128		)
Cash and Cash Equivalents at Beginning of Period	510			100			59			669
Cash and Cash Equivalents at End of Period	$	311		$	168		$	62		$	541

NOTE 11. Summarized Consolidating Financial Data, continued



Consolidating Cash Flow Statements
(Dollars in millions)
Nine months ended September 26, 2014	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	397		$	2,301		$	(396	)	$	2,302
Investing Activities
Property Additions	—			(1,398		)	(159		)	(1,557		)
Purchases of Short-term Investments	(1,170		)	—			—			(1,170		)
Proceeds from Sales of Short-term Investments	1,077			—			25			1,102
Proceeds from Property Dispositions	—			57			—			57
Other Investing Activities	—			(147		)	95			(52		)
Net Cash Provided by (Used in) Investing Activities	(93		)	(1,488		)	(39		)	(1,620		)
Financing Activities
Long-term Debt Issued	1,000			—			—			1,000
Long-term Debt Repaid	(600		)	(332		)	—			(932		)
Dividends Paid	(470		)	(428		)	428			(470		)
Shares Repurchased	(388		)	—			—			(388		)
Other Financing Activities	10			(16		)	1			(5		)
Net Cash Provided by (Used in) Financing Activities	(448		)	(776		)	429			(795		)
Net Increase (Decrease) in Cash and Cash Equivalents	(144		)	37			(6		)	(113		)
Cash and Cash Equivalents at Beginning of Period	439			91			62			592
Cash and Cash Equivalents at End of Period	$	295		$	128		$	56		$	479