Summarized Consolidating Financial Data (Tables)

6 Months Ended

Jun. 24, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]



Consolidating Income Statements
(Dollars in millions)
Second Quarter 2016	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	2,685		$	19		$	2,704
Expense	(67		)	1,961			(30		)	1,864
Operating Income	67			724			49			840

Equity in Earnings of Subsidiaries	493			—			(493		)	—
Interest (Expense) / Benefit	(141		)	(10		)	10			(141		)
Other Income / (Expense) - Net	—			8			—			8

Earnings Before Income Taxes	419			722			(434		)	707
Income Tax Benefit / (Expense)	26			(269		)	(19		)	(262		)
Net Earnings	$	445		$	453		$	(453	)	$	445

Total Comprehensive Earnings	$	454		$	454		$	(454	)	$	454

Second Quarter 2015	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	3,045		$	19		$	3,064
Expense	(146		)	2,239			(46		)	2,047
Operating Income	146			806			65			1,017

Equity in Earnings of Subsidiaries	546			—			(546		)	—
Interest (Expense) / Benefit	(132		)	(9		)	7			(134		)
Other Income / (Expense) - Net	(2		)	7			(1		)	4

Earnings Before Income Taxes	558			804			(475		)	887
Income Tax (Expense) / Benefit	(5		)	(305		)	(24		)	(334		)
Net Earnings	$	553		$	499		$	(499	)	$	553

Total Comprehensive Earnings	$	565		$	499		$	(499	)	$	565



Consolidating Income Statements
(Dollars in millions)
Six Months 2016	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	5,283		$	39		$	5,322
Expense	(139		)	4,025			(108		)	3,778
Operating Income	139			1,258			147			1,544

Equity in Earnings of Subsidiaries	894			—			(894		)	—
Interest (Expense) / Benefit	(284		)	(20		)	20			(284		)
Other Income / (Expense) - Net	1			15			(1		)	15

Earnings Before Income Taxes	750			1,253			(728		)	1,275
Income Tax (Expense) / Benefit	51			(467		)	(58		)	(474		)
Net Earnings	$	801		$	786		$	(786	)	$	801

Total Comprehensive Earnings	$	817		$	786		$	(786	)	$	817

Six Months 2015	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	6,052		$	39		$	6,091
Expense	(294		)	4,583			(58		)	4,231
Operating Income	294			1,469			97			1,860

Equity in Earnings of Subsidiaries	986			—			(986		)	—
Interest (Expense) / Benefit	(265		)	(16		)	13			(268		)
Other Income / (Expense) - Net	(3		)	13			(4		)	6

Earnings Before Income Taxes	1,012			1,466			(880		)	1,598
Income Tax (Expense) / Benefit	(17		)	(551		)	(35		)	(603		)
Net Earnings	$	995		$	915		$	(915	)	$	995

Total Comprehensive Earnings	$	1,005		$	912		$	(912	)	$	1,005

Consolidating Balance Sheet



Consolidating Balance Sheet
(Dollars in millions)
June 24, 2016	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated

ASSETS
Current Assets
Cash and Cash Equivalents	$	420		$	127		$	19		$	566
Short-term Investments	260			—			2			262
Accounts Receivable - Net	(1		)	182			731			912
Receivable from Affiliates	1,088			2,268			(3,356		)	—
Materials and Supplies	—			399			—			399
Other Current Assets	7			66			16			89
Total Current Assets	1,774			3,042			(2,588		)	2,228

Properties	1			39,727			2,617			42,345
Accumulated Depreciation	(1		)	(10,343		)	(1,394		)	(11,738		)
Properties - Net	—			29,384			1,223			30,607

Investments in Conrail	—			—			818			818
Affiliates and Other Companies	(39		)	618			16			595
Investments in Consolidated Subsidiaries	23,322			—			(23,322		)	—
Other Long-term Assets	3			400			(101		)	302
Total Assets	$	25,060		$	33,444		$	(23,954	)	$	34,550

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	108		$	633		$	25		$	766
Labor and Fringe Benefits Payable	36			394			34			464
Payable to Affiliates	3,304			407			(3,711		)	—
Casualty, Environmental and Other Reserves	—			117			16			133
Current Maturities of Long-term Debt	613			19			—			632
Income and Other Taxes Payable	(334		)	445			26			137
Other Current Liabilities	—			148			2			150
Total Current Liabilities	3,727			2,163			(3,608		)	2,282

Casualty, Environmental and Other Reserves	—			197			49			246
Long-term Debt	9,125			780			—			9,905
Deferred Income Taxes - Net	(197		)	9,317			235			9,355
Other Long-term Liabilities	793			469			(125		)	1,137
Total Liabilities	$	13,448		$	12,926		$	(3,449	)	$	22,925

Shareholders' Equity
Common Stock, $1 Par Value	$	946		$	181		$	(181	)	$	946
Other Capital	116			5,092			(5,092		)	116
Retained Earnings	11,199			15,259			(15,259		)	11,199
Accumulated Other Comprehensive Loss	(649		)	(31		)	31			(649		)
Noncontrolling Interest	—			17			(4		)	13
Total Shareholders' Equity	$	11,612		$	20,518		$	(20,505	)	$	11,625
Total Liabilities and Shareholders' Equity	$	25,060		$	33,444		$	(23,954	)	$	34,550

Certain prior year data has been reclassified to conform to the current presentation.



Consolidating Balance Sheet (Dollars in millions)
December 25, 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
Other Current Assets	(59		)	120			9			70
Total Current Assets	2,288			2,881			(2,329		)	2,840

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	$	25,012		$	32,886		$	(23,153	)	$	34,745

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 - Net	(188		)	9,141			226			9,179
Other Long-term Liabilities	804			484			(126		)	1,162
Total Liabilities	$	13,360		$	12,851		$	(3,134	)	$	23,077

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	$	25,012		$	32,886		$	(23,153	)	$	34,745

Consolidating Cash Flow Statements



Consolidating Cash Flow Statements
(Dollars in millions)
Six Months 2016	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	295		$	1,449		$	(152	)	$	1,592
Investing Activities
Property Additions	—			(994		)	(72		)	(1,066		)
Purchases of Short-term Investments	(260		)	—			—			(260		)
Proceeds from Sales of Short-term Investments	810			—			—			810
Proceeds from Property Dispositions	—			8			—			8
Other Investing Activities	(2		)	96			(67		)	27
Net Cash Provided by (Used in) Investing Activities	548			(890		)	(139		)	(481		)
Financing Activities
Long-term Debt Issued	—			—			—			—
Long-term Debt Repaid	—			—			—			—
Dividends Paid	(344		)	(300		)	300			(344		)
Stock Options Exercised	—			—			—			—
Shares Repurchased	(515		)	—			—			(515		)
Other Financing Activities	(8		)	(307		)	1			(314		)
Net Cash Provided by (Used in) Financing Activities	(867		)	(607		)	301			(1,173		)
Net Increase (Decrease) in Cash and Cash Equivalents	(24		)	(48		)	10			(62		)
Cash and Cash Equivalents at Beginning of Period	444			175			9			628
Cash and Cash Equivalents at End of Period	$	420		$	127		$	19		$	566

NOTE 11. Summarized Consolidating Financial Data, continued



Consolidating Cash Flow Statements
(Dollars in millions)
Six Months 2015	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	367		$	1,530		$	(315	)	$	1,582
Investing Activities
Property Additions	—			(1,215		)	(73		)	(1,288		)
Purchases of Short-term Investments	(775		)	—			—			(775		)
Proceeds from Sales of Short-term Investments	355			—			35			390
Proceeds from Property Dispositions	—			46			1			47
Other Investing Activities	(11		)	72			(9		)	52
Net Cash Provided by (Used in) Investing Activities	(431		)	(1,097		)	(46		)	(1,574		)
Financing Activities
Long-term Debt Issued	600			—			—			600
Long-term Debt Repaid	(200		)	(10		)	—			(210		)
Dividends Paid	(336		)	(375		)	375			(336		)
Stock Options Exercised							—			—
Shares Repurchased	(284		)	—			—			(284		)
Other Financing Activities	7			(4		)	(12		)	(9		)
Net Cash Provided by (Used in) Financing Activities	(213		)	(389		)	363			(239		)
Net Increase (Decrease) in Cash and Cash Equivalents	(277		)	44			2			(231		)
Cash and Cash Equivalents at Beginning of Period	510			100			59			669
Cash and Cash Equivalents at End of Period	$	233		$	144		$	61		$	438