XML 31 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summarized Consolidating Financial Data
 3 Months Ended
Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Summarized Consolidating Financial Data
Summarized Consolidating Financial Data

In 2007, CSXT, a wholly-owned subsidiary of CSX Corporation, sold secured equipment notes maturing in 2023 in a registered public offering. CSX has fully and unconditionally guaranteed the notes. In connection with the notes, the Company is providing the following condensed consolidating financial information in accordance with SEC disclosure requirements. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation and the allocation of certain expenses of CSX incurred for the benefit of its subsidiaries. Condensed consolidating financial information for the obligor, CSXT, and parent guarantor, CSX, is shown in the following tables.
 Consolidating Income Statements
 (Dollars in millions)
First Quarter 2018
 CSX Corporation
 CSX Transportation
 Eliminations and Other
 Consolidated
 Revenue
$
—

$
2,857

$
19

$
2,876

 Expense
(78
)
1,943

(33
)
1,832

 Operating Income
78

914

52

1,044

 
 
 
 
 
 Equity in Earnings of Subsidiaries
758

—

(758
)
—

 Interest (Expense) / Benefit
(164
)
(9
)
24

(149
)
 Other Income / (Expense) - Net
4

23

(10
)
17

 
 
 
 
 
 Earnings Before Income Taxes
676

928

(692
)
912

 Income Tax Benefit / (Expense)
19

(224
)
(12
)
(217
)
 Net Earnings
$
695

$
704

$
(704
)
$
695

 
 
 
 
 
Total Comprehensive Earnings
$
596

$
700

$
(700
)
$
596

 
 
 
 
 
First Quarter 2017
 CSX Corporation
 CSX Transportation
 Eliminations and Other
 Consolidated
 Revenue
$
—

$
2,851

$
18

$
2,869

 Expense
(48
)
2,228

(80
)
2,100

 Operating Income
48

623

98

769

 
 
 
 
 
 Equity in Earnings of Subsidiaries
422

—

(422
)
—

 Interest (Expense) / Benefit
(142
)
(10
)
15

(137
)
 Other Income / (Expense) - Net
3

11

(64
)
(50
)
 
 
 
 
 
 Earnings Before Income Taxes
331

624

(373
)
582

 Income Tax Benefit / (Expense)
31

(235
)
(16
)
(220
)
 Net Earnings
$
362

$
389

$
(389
)
$
362

 
 
 
 
 
Total Comprehensive Earnings
$
368

$
387

$
(387
)
$
368

Summarized Consolidating Financial Data, continued

 Consolidating Balance Sheet
 (Dollars in millions)
March 31, 2018
 CSX Corporation
 CSX Transportation
 Eliminations and Other
 Consolidated
 
 
 
 
 
ASSETS
 Current Assets
 
 
 
 
 Cash and Cash Equivalents
$
1,894

$
81

$
5

$
1,980

 Short-term Investments
—

—

10

10

 Accounts Receivable - Net
2

253

790

1,045

 Receivable from Affiliates
991

3,647

(4,638
)
—

 Materials and Supplies
—

369

—

369

 Other Current Assets
(1
)
127

12

138

   Total Current Assets
2,886

4,477

(3,821
)
3,542

 
 
 
 
 
 Properties
1

41,230

2,872

44,103

 Accumulated Depreciation
(1
)
(10,772
)
(1,582
)
(12,355
)
 Properties - Net
—

30,458

1,290

31,748

 
 
 
 
 
 Investments in Conrail
—

—

918

918

 Affiliates and Other Companies
(39
)
817

18

796

 Investments in Consolidated Subsidiaries
29,915

—

(29,915
)
—

 Other Long-term Assets
52

629

(246
)
435

   Total Assets
$
32,814

$
36,381

$
(31,756
)
$
37,439

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 Current Liabilities
 
 
 
 
 Accounts Payable
$
195

$
674

$
36

$
905

 Labor and Fringe Benefits Payable
37

384

22

443

 Payable to Affiliates
4,763

366

(5,129
)
—

 Casualty, Environmental and Other Reserves
—

93

13

106

 Current Maturities of Long-term Debt
—

18

1

19

 Income and Other Taxes Payable
(126
)
381

19

274

 Other Current Liabilities
2

142

—

144

   Total Current Liabilities
4,871

2,058

(5,038
)
1,891

 
 
 
 
 
 Casualty, Environmental and Other Reserves
—

215

43

258

 Long-term Debt
13,036

732

—

13,768

 Deferred Income Taxes - Net
(113
)
6,389

209

6,485

 Other Long-term Liabilities
642

313

(309
)
646

   Total Liabilities
$
18,436

$
9,707

$
(5,095
)
$
23,048

 
 
 
 
 
 Shareholders' Equity
 
 
 
 
 Common Stock, $1 Par Value
$
875

$
181

$
(181
)
$
875

 Other Capital
215

5,097

(5,097
)
215

 Retained Earnings
13,873

21,392

(21,392
)
13,873

 Accumulated Other Comprehensive Loss
(585
)
(9
)
9

(585
)
 Noncontrolling Interest
—

13

—

13

 Total Shareholders' Equity
$
14,378

$
26,674

$
(26,661
)
$
14,391

 Total Liabilities and Shareholders' Equity
$
32,814

$
36,381

$
(31,756
)
$
37,439

Summarized Consolidating Financial Data, continued

Consolidating Balance Sheet
(Dollars in millions)
December 31, 2017
 CSX Corporation
 CSX Transportation
Eliminations and Other
 Consolidated
ASSETS
 Current Assets
 
 
 
 
 Cash and Cash Equivalents
$
274

$
121

$
6

$
401

 Short-term Investments
—

—

18

18

 Accounts Receivable - Net
(1
)
301

670

970

 Receivable from Affiliates
1,226

3,517

(4,743
)
—

 Materials and Supplies
—

372

—

372

 Other Current Assets
(1
)
145

10

154

   Total Current Assets
1,498

4,456

(4,039
)
1,915

 
 
 
 
 
 Properties
1

41,479

2,844

44,324

 Accumulated Depreciation
(1
)
(11,017
)
(1,542
)
(12,560
)
 Properties - Net
—

30,462

1,302

31,764

 
 
 
 
 
 Investments in Conrail
—

—

907

907

 Affiliates and Other Companies
(39
)
800

18

779

 Investment in Consolidated Subsidiaries
29,405

—

(29,405
)
—

 Other Long-term Assets
39

596

(261
)
374

   Total Assets
$
30,903

$
36,314

$
(31,478
)
$
35,739

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 Current Liabilities
 
 
 
 
 Accounts Payable
$
105

$
708

$
34

$
847

 Labor and Fringe Benefits Payable
52

494

56

602

 Payable to Affiliates
4,792

552

(5,344
)
—

 Casualty, Environmental and Other Reserves
—

95

13

108

 Current Maturities of Long-term Debt
—

19

—

19

 Income and Other Taxes Payable
(326
)
455

28

157

 Other Current Liabilities
5

153

3

161

   Total Current Liabilities
4,628

2,476

(5,210
)
1,894

 
 
 
 
 
 Casualty, Environmental and Other Reserves
—

222

44

266

 Long-term Debt
11,056

733

1

11,790

 Deferred Income Taxes - Net
(130
)
6,342

206

6,418

 Other Long-term Liabilities
644

320

(314
)
650

   Total Liabilities
$
16,198

$
10,093

$
(5,273
)
$
21,018

 
 
 
 
 
 Shareholders' Equity
 
 
 
 
 Common Stock, $1 Par Value
$
890

$
181

$
(181
)
$
890

 Other Capital
217

5,096

(5,096
)
217

 Retained Earnings
14,084

20,933

(20,933
)
14,084

 Accumulated Other Comprehensive Loss
(486
)
(5
)
5

(486
)
 Noncontrolling Minority Interest
—

16

—

16

   Total Shareholders' Equity
$
14,705

$
26,221

$
(26,205
)
$
14,721

   Total Liabilities and Shareholders' Equity
$
30,903

$
36,314

$
(31,478
)
$
35,739

Summarized Consolidating Financial Data, continued

Consolidating Cash Flow Statements
(Dollars in millions)
Three Months 2018
CSX
Corporation
CSX
Transportation
Eliminations and Other
Consolidated
Operating Activities
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
$
691

$
621

$
(346
)
$
966

Investing Activities
 

 
 
Property Additions
—

(339
)
(29
)
(368
)
Proceeds from Property Dispositions
—

52

—

52

Purchases of Short-term Investments
—

—

—

—

Proceeds from Sales of Short-term Investments
—

—

8

8

Other Investing Activities
(1
)
(120
)
113

(8
)
Net Cash Provided by (Used in) Investing Activities
(1
)
(407
)
92

(316
)
Financing Activities
 
 
 
 
Long-term Debt Issued
2,000

—

—

2,000

Long-term Debt Repaid
—

—

—

—

Dividends Paid
(194
)
(250
)
250

(194
)
Shares Repurchased
(836
)
—

—

(836
)
Other Financing Activities
(40
)
(4
)
3

(41
)
Net Cash Provided by (Used in) Financing Activities
930

(254
)
253

929

Net Increase (Decrease) in Cash and Cash Equivalents
1,620

(40
)
(1
)
1,579

Cash and Cash Equivalents at Beginning of Period
274

121

6

401

Cash and Cash Equivalents at End of Period
$
1,894

$
81

$
5

$
1,980



NOTE 12.    Summarized Consolidating Financial Data, continued

Consolidating Cash Flow Statements
(Dollars in millions)
Three Months 2017
 CSX
Corporation
CSX
Transportation
Eliminations and Other
Consolidated
Operating Activities
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
$
644

$
566

$
(167
)
$
1,043

Investing Activities
 
 
 
 
Property Additions
—

(397
)
(44
)
(441
)
Proceeds from Property Dispositions
—

5

8

13

Purchases of Short-term Investments
(75
)
—

—

(75
)
Proceeds from Sales of Short-term Investments
205

—

—

205

Other Investing Activities
(1
)
(29
)
42

12

Net Cash Provided by (Used in) Investing Activities
129

(421
)
6

(286
)
Financing Activities
 
 
 
 
Dividends Paid
(166
)
(150
)
150

(166
)
Shares Repurchased
(258
)
—

—

(258
)
Other Financing Activities
(6
)
(4
)
4

(6
)
Net Cash Provided by (Used in) Financing Activities
(430
)
(154
)
154

(430
)
Net Increase (Decrease) in Cash and Cash Equivalents
343

(9
)
(7
)
327

Cash and Cash Equivalents at Beginning of Period
305

281

17

603

Cash and Cash Equivalents at End of Period
$
648

$
272

$
10

$
930