Summarized Consolidating Financial Data (Tables)

9 Months Ended

Sep. 30, 2018

Condensed Financial Information Disclosure [Abstract]



Consolidating Income Statements
(Dollars in millions)
Third Quarter 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	3,110		$	19		$	3,129
Expense	(86		)	1,952			(30		)	1,836
Operating Income	86			1,158			49			1,293

Equity in Earnings of Subsidiaries	953			—			(953		)	—
Interest (Expense) / Benefit	(190		)	(11		)	39			(162		)
Other Income / (Expense) - Net	6			35			(22		)	19

Earnings Before Income Taxes	855			1,182			(887		)	1,150
Income Tax Benefit / (Expense)	39			(278		)	(17		)	(256		)
Net Earnings	$	894		$	904		$	(904	)	$	894

Total Comprehensive Earnings	$	901		$	903		$	(903	)	$	901

Third Quarter 2017	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	2,725		$	18		$	2,743
Expense	(129		)	2,031			(27		)	1,875
Operating Income	129			694			45			868

Equity in Earnings of Subsidiaries	472			—			(472		)	—
Interest (Expense) / Benefit	(147		)	(3		)	18			(132		)
Other Income / (Expense) - Net	1			19			(6		)	14

Earnings Before Income Taxes	455			710			(415		)	750
Income Tax Benefit / (Expense)	4			(277		)	(18		)	(291		)
Net Earnings	$	459		$	433		$	(433	)	$	459

Total Comprehensive Earnings	$	467		$	433		$	(433	)	$	467

Summarized Consolidating Financial Data, continued



Consolidating Income Statements
(Dollars in millions)
Nine Months 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	9,050		$	57		$	9,107
Expense	(248		)	5,843			(108		)	5,487
Operating Income	248			3,207			165			3,620

Equity in Earnings of Subsidiaries	2,653			—			(2,653		)	—
Interest (Expense) / Benefit	(535		)	(28		)	95			(468		)
Other Income / (Expense) - Net	16			87			(49		)	54

Earnings Before Income Taxes	2,382			3,266			(2,442		)	3,206
Income Tax (Expense) / Benefit	84			(776		)	(48		)	(740		)
Net Earnings	$	2,466		$	2,490		$	(2,490	)	$	2,466

Total Comprehensive Earnings	$	2,378		$	2,484		$	(2,484	)	$	2,378

Nine Months 2017	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	8,490		$	55		$	8,545
Expense	(171		)	6,225			(103		)	5,951
Operating Income	171			2,265			158			2,594

Equity in Earnings of Subsidiaries	1,506			—			(1,506		)	—
Interest (Expense) / Benefit	(432		)	(21		)	47			(406		)
Other Income / (Expense) - Net	6			(21		)	(14		)	(29		)

Earnings Before Income Taxes	1,251			2,223			(1,315		)	2,159
Income Tax (Expense) / Benefit	80			(844		)	(64		)	(828		)
Net Earnings	$	1,331		$	1,379		$	(1,379	)	$	1,331

Total Comprehensive Earnings	$	1,410		$	1,378		$	(1,378	)	$	1,410

Consolidating Balance Sheet



Consolidating Balance Sheet
(Dollars in millions)
September 30, 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated

ASSETS
Current Assets
Cash and Cash Equivalents	$	537		$	116		$	10		$	663
Short-term Investments	610			—			5			615
Accounts Receivable - Net	1			221			868			1,090
Receivable from Affiliates	960			5,256			(6,216		)	—
Materials and Supplies	—			283			—			283
Other Current Assets	—			115			18			133
Total Current Assets	2,108			5,991			(5,315		)	2,784

Properties	1			41,629			2,855			44,485
Accumulated Depreciation	(1		)	(11,043		)	(1,570		)	(12,614		)
Properties - Net	—			30,586			1,285			31,871

Investments in Conrail	—			—			941			941
Affiliates and Other Companies	(39		)	846			16			823
Investments in Consolidated Subsidiaries	31,288			—			(31,288		)	—
Other Long-term Assets	77			613			(248		)	442
Total Assets	$	33,434		$	38,036		$	(34,609	)	$	36,861

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	189		$	753		$	40		$	982
Labor and Fringe Benefits Payable	40			434			43			517
Payable to Affiliates	6,339			397			(6,736		)	—
Casualty, Environmental and Other Reserves	—			97			13			110
Current Maturities of Long-term Debt	—			18			—			18
Income and Other Taxes Payable	(415		)	542			39			166
Other Current Liabilities	1			148			2			151
Total Current Liabilities	6,154			2,389			(6,599		)	1,944

Casualty, Environmental and Other Reserves	—			191			40			231
Long-term Debt	13,043			711			—			13,754
Deferred Income Taxes - Net	(99		)	6,484			199			6,584
Other Long-term Liabilities	617			300			(304		)	613
Total Liabilities	$	19,715		$	10,075		$	(6,664	)	$	23,126

Shareholders' Equity
Common Stock, $1 Par Value	$	844		$	181		$	(181	)	$	844
Other Capital	129			5,096			(5,096		)	129
Retained Earnings	13,320			22,679			(22,679		)	13,320
Accumulated Other Comprehensive Loss	(574		)	(11		)	11			(574		)
Noncontrolling Interest	—			16			—			16
Total Shareholders' Equity	$	13,719		$	27,961		$	(27,945	)	$	13,735
Total Liabilities and Shareholders' Equity	$	33,434		$	38,036		$	(34,609	)	$	36,861



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

Consolidating Cash Flow Statements



Consolidating Cash Flow Statements
(Dollars in millions)
Nine Months 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	2,417		$	1,792		$	(803	)	$	3,406
Investing Activities
Property Additions	—			(1,134		)	(106		)	(1,240		)
Proceeds from Property Dispositions	—			257			—			257
Purchases of Short-term Investments	(609		)	—			(2		)	(611		)
Proceeds from Sales of Short-term Investments	—			—			15			15
Other Investing Activities	(1		)	(149		)	142			(8		)
Net Cash Provided by (Used in) Investing Activities	(610		)	(1,026		)	49			(1,587		)
Financing Activities
Long-term Debt Issued	2,000			—			—			2,000
Long-term Debt Repaid	—			(19		)	—			(19		)
Dividends Paid	(570		)	(750		)	750			(570		)
Shares Repurchased	(2,816		)	—			—			(2,816		)
Accelerated Share Repurchase Pending Final Settlement	(100		)	—			—			(100		)
Other Financing Activities	(58		)	(2		)	8			(52		)
Net Cash Provided by (Used in) Financing Activities	(1,544		)	(771		)	758			(1,557		)
Net Increase (Decrease) in Cash and Cash Equivalents	263			(5		)	4			262
Cash and Cash Equivalents at Beginning of Period	274			121			6			401
Cash and Cash Equivalents at End of Period	$	537		$	116		$	10		$	663

NOTE 12. Summarized Consolidating Financial Data, continued



Consolidating Cash Flow Statements
(Dollars in millions)
Nine Months 2017	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	1,590		$	1,544		$	(273	)	$	2,861
Investing Activities
Property Additions	—			(1,311		)	(151		)	(1,462		)
Proceeds from Property Dispositions	—			38			—			38
Purchases of Short-term Investments	(639		)	—			(6		)	(645		)
Proceeds from Sales of Short-term Investments	955			—			2			957
Other Investing Activities	(2		)	60			(25		)	33
Net Cash Provided by (Used in) Investing Activities	314			(1,213		)	(180		)	(1,079		)
Financing Activities
Long-term Debt Issued	850			—			—			850
Long-term Debt Repaid	(312		)	(20		)	—			(332		)
Dividends Paid	(530		)	(450		)	450			(530		)
Shares Repurchased	(1,763		)	—			—			(1,763		)
Other Financing Activities	(21		)	5			(3		)	(19		)
Net Cash Provided by (Used in) Financing Activities	(1,776		)	(465		)	447			(1,794		)
Net Increase (Decrease) in Cash and Cash Equivalents	128			(134		)	(6		)	(12		)
Cash and Cash Equivalents at Beginning of Period	305			281			17			603
Cash and Cash Equivalents at End of Period	$	433		$	147		$	11		$	591