Summarized Consolidating Financial Data (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]



Consolidating Income Statements
(Dollars in millions)
Second Quarter 2019	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	3,041		$	20		$	3,061
Expense	(138		)	1,946			(52		)	1,756
Operating Income	138			1,095			72			1,305

Equity in Earnings of Subsidiaries	926			—			(926		)	—
Interest (Expense) / Benefit	(222		)	(10		)	48			(184		)
Other Income / (Expense) - Net	11			51			(37		)	25

Earnings Before Income Taxes	853			1,136			(843		)	1,146
Income Tax Benefit / (Expense)	17			(276		)	(17		)	(276		)
Net Earnings	$	870		$	860		$	(860	)	$	870

Total Comprehensive Earnings	$	874		$	859		$	(859	)	$	874

Second Quarter 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	3,083		$	19		$	3,102
Expense	(84		)	1,948			(45		)	1,819
Operating Income	84			1,135			64			1,283

Equity in Earnings of Subsidiaries	942			—			(942		)	—
Interest (Expense) / Benefit	(181		)	(8		)	32			(157		)
Other Income / (Expense) - Net	6			29			(17		)	18

Earnings Before Income Taxes	851			1,156			(863		)	1,144
Income Tax Benefit / (Expense)	26			(274		)	(19		)	(267		)
Net Earnings	$	877		$	882		$	(882	)	$	877

Total Comprehensive Earnings	$	881		$	881		$	(881	)	$	881

Consolidating Balance Sheet



Consolidating Balance Sheet
(Dollars in millions)
June 30, 2019	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated

ASSETS
Current Assets
Cash and Cash Equivalents	$	718		$	124		$	11		$	853
Short-term Investments	869			—			9			878
Accounts Receivable - Net	2			1,058			51			1,111
Receivable from Affiliates	921			6,166			(7,087		)	—
Materials and Supplies	—			222			—			222
Other Current Assets	3			98			21			122
Total Current Assets	2,513			7,668			(6,995		)	3,186

Properties	1			41,821			2,934			44,756
Accumulated Depreciation	(1		)	(11,074		)	(1,662		)	(12,737		)
Properties - Net	—			30,747			1,272			32,019

Investments in Conrail	—			—			959			959
Affiliates and Other Companies	(39		)	886			16			863
Investments in Consolidated Subsidiaries	33,332			—			(33,332		)	—
Right-of-Use Lease Asset	—			529			21			550
Other Long-term Assets	3			591			(247		)	347
Total Assets	$	35,809		$	40,421		$	(38,306	)	$	37,924

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	153		$	783		$	53		$	989
Labor and Fringe Benefits Payable	35			342			35			412
Payable to Affiliates	8,154			411			(8,565		)	—
Casualty, Environmental and Other Reserves	—			95			15			110
Current Maturities of Long-term Debt	—			245			—			245
Income and Other Taxes Payable	(423		)	519			37			133
Other Current Liabilities	—			153			11			164
Total Current Liabilities	7,919			2,548			(8,414		)	2,053

Casualty, Environmental and Other Reserves	—			164			35			199
Long-term Debt	15,042			480			—			15,522
Deferred Income Taxes - Net	(121		)	6,690			222			6,791
Long-term Lease Liability	—			486			15			501
Other Long-term Liabilities	693			209			(334		)	568
Total Liabilities	$	23,533		$	10,577		$	(8,476	)	$	25,634

Shareholders' Equity
Common Stock, $1 Par Value	$	798		$	181		$	(181	)	$	798
Other Capital	290			5,096			(5,096		)	290
Retained Earnings	11,843			24,503			(24,503		)	11,843
Accumulated Other Comprehensive Loss	(655		)	50			(50		)	(655		)
Noncontrolling Interest	—			14			—			14
Total Shareholders' Equity	$	12,276		$	29,844		$	(29,830	)	$	12,290
Total Liabilities and Shareholders' Equity	$	35,809		$	40,421		$	(38,306	)	$	37,924



Consolidating Balance Sheet (Dollars in millions)
December 31, 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
ASSETS
Current Assets
Cash and Cash Equivalents	$	716		$	130		$	12		$	858
Short-term Investments	250			—			3			253
Accounts Receivable - Net	1			1,003			6			1,010
Receivable from Affiliates	1,020			5,214			(6,234		)	—
Materials and Supplies	—			263			—			263
Other Current Assets	63			104			14			181
Total Current Assets	2,050			6,714			(6,199		)	2,565

Properties	1			41,897			2,907			44,805
Accumulated Depreciation	(1		)	(11,194		)	(1,612		)	(12,807		)
Properties - Net	—			30,703			1,295			31,998

Investments in Conrail	—			—			943			943
Affiliates and Other Companies	(39		)	859			16			836
Investment in Consolidated Subsidiaries	32,033			—			(32,033		)	—
Other Long-term Assets	2			598			(213		)	387
Total Assets	$	34,046		$	38,874		$	(36,191	)	$	36,729

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	132		$	763		$	54		$	949
Labor and Fringe Benefits Payable	41			440			69			550
Payable to Affiliates	6,973			633			(7,606		)	—
Casualty, Environmental and Other Reserves	—			99			14			113
Current Maturities of Long-term Debt	—			18			—			18
Income and Other Taxes Payable	(290		)	392			4			106
Other Current Liabilities	11			162			6			179
Total Current Liabilities	6,867			2,507			(7,459		)	1,915

Casualty, Environmental and Other Reserves	—			176			35			211
Long-term Debt	14,029			710			—			14,739
Deferred Income Taxes - Net	(134		)	6,601			223			6,690
Other Long-term Liabilities	721			211			(338		)	594
Total Liabilities	$	21,483		$	10,205		$	(7,539	)	$	24,149

Shareholders' Equity
Common Stock, $1 Par Value	$	818		$	181		$	(181	)	$	818
Other Capital	249			5,096			(5,096		)	249
Retained Earnings	12,157			23,322			(23,322		)	12,157
Accumulated Other Comprehensive Loss	(661		)	53			(53		)	(661		)
Noncontrolling Minority Interest	—			17			—			17
Total Shareholders' Equity	$	12,563		$	28,669		$	(28,652	)	$	12,580
Total Liabilities and Shareholders' Equity	$	34,046		$	38,874		$	(36,191	)	$	36,729

Consolidating Cash Flow Statements



Consolidating Cash Flow Statements
(Dollars in millions)
Six Months 2019	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	1,636		$	1,064		$	(433	)	$	2,267
Investing Activities
Property Additions	—			(707		)	(62		)	(769		)
Proceeds from Property Dispositions	—			146			—			146
Purchases of Short-term Investments	(1,427		)	—			—			(1,427		)
Proceeds from Sales of Short-term Investments	810			—			—			810
Other Investing Activities	(5		)	(6		)	(5		)	(16		)
Net Cash Provided by (Used in) Investing Activities	(622		)	(567		)	(67		)	(1,256		)
Financing Activities
Long-term Debt Issued	1,000			—			—			1,000
Dividends Paid	(388		)	(500		)	500			(388		)
Shares Repurchased	(1,656		)	—			—			(1,656		)
Other Financing Activities	32			(3		)	(1		)	28
Net Cash Provided by (Used in) Financing Activities	(1,012		)	(503		)	499			(1,016		)
Net Increase (Decrease) in Cash and Cash Equivalents	2			(6		)	(1		)	(5		)
Cash and Cash Equivalents at Beginning of Period	716			130			12			858
Cash and Cash Equivalents at End of Period	$	718		$	124		$	11		$	853

NOTE 13. Summarized Consolidating Financial Data, continued



Consolidating Cash Flow Statements
(Dollars in millions)
Six Months 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	1,311		$	1,245		$	(547	)	$	2,009
Investing Activities
Property Additions	—			(762		)	(61		)	(823		)
Proceeds from Property Dispositions	—			141			—			141
Purchases of Short-term Investments	(75		)	—			(2		)	(77		)
Proceeds from Sales of Short-term Investments	—			—			12			12
Other Investing Activities	(1		)	(99		)	92			(8		)
Net Cash (Used in) Provided by Investing Activities	(76		)	(720		)	41			(755		)
Financing Activities
Long-term Debt Issued	2,000			—			—			2,000
Dividends Paid	(384		)	(500		)	500			(384		)
Shares Repurchased	(1,810		)	—			—			(1,810		)
Accelerated Share Repurchase Pending Final Settlement	(90		)	—			—			(90		)
Other Financing Activities	(53		)	(3		)	5			(51		)
Net Cash Provided by (Used in) Financing Activities	(337		)	(503		)	505			(335		)
Net Increase (Decrease) in Cash and Cash Equivalents	898			22			(1		)	919
Cash and Cash Equivalents at Beginning of Period	274			121			6			401
Cash and Cash Equivalents at End of Period	$	1,172		$	143		$	5		$	1,320