Summarized Consolidating Financial Data (Tables)

3 Months Ended

Mar. 25, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]



Consolidating Income Statements
(Dollars in millions)
First Quarter 2016	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	2,598		$	20		$	2,618
Expense	(72		)	2,064			(78		)	1,914
Operating Income	72			534			98			704

Equity in Earnings of Subsidiaries	401			—			(401		)	—
Interest (Expense) / Benefit	(143		)	(10		)	10			(143		)
Other Income / (Expense) - Net	1			7			(1		)	7

Earnings Before Income Taxes	331			531			(294		)	568
Income Tax Benefit / (Expense)	25			(198		)	(39		)	(212		)
Net Earnings	$	356		$	333		$	(333	)	$	356

Total Comprehensive Earnings	$	363		$	332		$	(332	)	$	363

First Quarter 2015	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	3,007		$	20		$	3,027
Expense	(148		)	2,344			(12		)	2,184
Operating Income	148			663			32			843

Equity in Earnings of Subsidiaries	440			—			(440		)	—
Interest (Expense) / Benefit	(133		)	(7		)	6			(134		)
Other Income / (Expense) - Net	(1		)	6			(3		)	2

Earnings Before Income Taxes	454			662			(405		)	711
Income Tax (Expense) / Benefit	(12		)	(246		)	(11		)	(269		)
Net Earnings	$	442		$	416		$	(416	)	$	442

Total Comprehensive Earnings	$	440		$	413		$	(413	)	$	440

Consolidating Balance Sheet



Consolidating Balance Sheet
(Dollars in millions)
As of March 2016	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated

ASSETS
Current Assets
Cash and Cash Equivalents	$	493		$	223		$	15		$	731
Short-term Investments	375			—			—			375
Accounts Receivable - Net	—			159			758			917
Receivable from Affiliates	1,195			2,000			(3,195		)	—
Materials and Supplies	—			370			—			370
Deferred Income Taxes	15			118			(1		)	132
Other Current Assets	4			72			7			83
Total Current Assets	2,082			2,942			(2,416		)	2,608

Properties	1			39,220			2,644			41,865
Accumulated Depreciation	(1		)	(10,151		)	(1,420		)	(11,572		)
Properties - Net	—			29,069			1,224			30,293

Investments in Conrail	—			—			811			811
Affiliates and Other Companies	(39		)	614			16			591
Investments in Consolidated Subsidiaries	22,978			—			(22,978		)	—
Other Long-term Assets	7			399			(99		)	307
Total Assets	$	25,028		$	33,024		$	(23,442	)	$	34,610

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	168		$	617		$	30		$	815
Labor and Fringe Benefits Payable	33			336			29			398
Payable to Affiliates	3,045			467			(3,512		)	—
Casualty, Environmental and Other Reserves	—			114			16			130
Current Maturities of Long-term Debt	1			19			—			20
Income and Other Taxes Payable	(174		)	303			41			170
Other Current Liabilities	—			156			3			159
Total Current Liabilities	3,073			2,012			(3,393		)	1,692

Casualty, Environmental and Other Reserves	—			206			49			255
Long-term Debt	9,734			782			—			10,516
Deferred Income Taxes	(172		)	9,338			230			9,396
Other Long-term Liabilities	800			472			(127		)	1,145
Total Liabilities	$	13,435		$	12,810		$	(3,241	)	$	23,004

Shareholders' Equity
Common Stock, $1 Par Value	$	956		$	181		$	(181	)	$	956
Other Capital	112			5,091			(5,091		)	112
Retained Earnings	11,183			14,956			(14,956		)	11,183
Accumulated Other Comprehensive Loss	(658		)	(31		)	31			(658		)
Noncontrolling Interest	—			17			(4		)	13
Total Shareholders' Equity	$	11,593		$	20,214		$	(20,201	)	$	11,606
Total Liabilities and Shareholders' Equity	$	25,028		$	33,024		$	(23,442	)	$	34,610



Consolidating Balance Sheet (Dollars in millions)
As of December 2015	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
ASSETS
Current Assets
Cash and Cash Equivalents	$	444		$	175		$	9		$	628
Short-term Investments	810			—			—			810
Accounts Receivable - Net	1			198			783			982
Receivable from Affiliates	1,092			2,038			(3,130		)	—
Materials and Supplies	—			350			—			350
Deferred Income Taxes	10			117			(1		)	126
Other Current Assets	(59		)	120			9			70
Total Current Assets	2,298			2,998			(2,330		)	2,966

Properties	1			38,964			2,609			41,574
Accumulated Depreciation	(1		)	(10,016		)	(1,383		)	(11,400		)
Properties - Net	—			28,948			1,226			30,174

Investments in Conrail	—			—			803			803
Affiliates and Other Companies	(39		)	658			(28		)	591
Investment in Consolidated Subsidiaries	22,755			—			(22,755		)	—
Other Long-term Assets	8			399			(70		)	337
Total Assets	$	25,022		$	33,003		$	(23,154	)	$	34,871

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	108		$	626		$	30		$	764
Labor and Fringe Benefits Payable	36			407			47			490
Payable to Affiliates	2,954			437			(3,391		)	—
Casualty, Environmental and Other Reserves	—			115			16			131
Current Maturities of Long-term Debt	1			19			—			20
Income and Other Taxes Payable	(87		)	183			12			108
Other Current Liabilities	—			437			2			439
Total Current Liabilities	3,012			2,224			(3,284		)	1,952

Casualty, Environmental and Other Reserves	—			219			50			269
Long-term Debt	9,732			783			—			10,515
Deferred Income Taxes	(178		)	9,258			225			9,305
Other Long-term Liabilities	804			484			(126		)	1,162
Total Liabilities	$	13,370		$	12,968		$	(3,135	)	$	23,203

Shareholders' Equity
Common Stock, $1 Par Value	$	966		$	181		$	(181	)	$	966
Other Capital	113			5,091			(5,091		)	113
Retained Earnings	11,238			14,774			(14,774		)	11,238
Accumulated Other Comprehensive Loss	(665		)	(31		)	31			(665		)
Noncontrolling Minority Interest	—			20			(4		)	16
Total Shareholders' Equity	$	11,652		$	20,035		$	(20,019	)	$	11,668
Total Liabilities and Shareholders' Equity	$	25,022		$	33,003		$	(23,154	)	$	34,871

Consolidating Cash Flow Statements



Consolidating Cash Flow Statements
(Dollars in millions)
Three months ended March 25, 2016	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	36		$	834		$	(116	)	$	754
Investing Activities
Property Additions	—			(391		)	(34		)	(425		)
Purchases of Short-term Investments	(235		)	—			—			(235		)
Proceeds from Sales of Short-term Investments	670			—			—			670
Other Investing Activities	(1		)	26			6			31
Net Cash Provided by (Used in) Investing Activities	434			(365		)	(28		)	41
Financing Activities
Dividends Paid	(173		)	(150		)	150			(173		)
Shares Repurchased	(249		)	—			—			(249		)
Other Financing Activities	1			(271		)	—			(270		)
Net Cash Provided by (Used in) Financing Activities	(421		)	(421		)	150			(692		)
Net Increase (Decrease) in Cash and Cash Equivalents	49			48			6			103
Cash and Cash Equivalents at Beginning of Period	444			175			9			628
Cash and Cash Equivalents at End of Period	$	493		$	223		$	15		$	731

NOTE 11. Summarized Consolidating Financial Data, continued



Consolidating Cash Flow Statements
(Dollars in millions)
Three months ended March 27, 2015	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	134		$	871		$	(315	)	$	690
Investing Activities
Property Additions	—			(574		)	(24		)	(598		)
Purchases of Short-term Investments	(105		)	—			—			(105		)
Proceeds from Sales of Short-term Investments	105			—			35			140
Other Investing Activities	—			(50		)	113			63
Net Cash Provided by (Used in) Investing Activities	—			(624		)	124			(500		)
Financing Activities
Dividends Paid	(158		)	(188		)	188			(158		)
Shares Repurchased	(127		)	—			—			(127		)
Other Financing Activities	4			(17		)	—			(13		)
Net Cash Provided by (Used in) Financing Activities	(281		)	(205		)	188			(298		)
Net Increase (Decrease) in Cash and Cash Equivalents	(147		)	42			(3		)	(108		)
Cash and Cash Equivalents at Beginning of Period	510			100			59			669
Cash and Cash Equivalents at End of Period	$	363		$	142		$	56		$	561