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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Summary of Participants In order to perform this valuation, the actuaries are provided with the details of the population covered at the beginning of the year, summarized in the table below, and projects that population forward to the end of the year.
 
Summary of Participants as of
 
January 1, 2019
 
Pension Plans
 
Post-retirement Medical Plan
Active Employees
3,521

 
616

Retirees and Beneficiaries
12,016

 
8,393

Other(a)
4,012

 
40

Total
19,549

 
9,049


(a) For pension plans, the other category consists mostly of terminated but vested former employees. For post-retirement plans, the other category consists of employees on long-term disability that have not yet retired.
Schedule of Future Expected Benefit Payments
Future expected benefit payments are as follows:
 
Expected Cash Flows
(Dollars in Millions)
Pension Benefits
 
Post-retirement Benefits
2020
$
193

 
$
20

2021
188

 
12

2022
186

 
10

2023
184

 
9

2024
182

 
9

2025-2029
897

 
34

Total
$
1,830

 
$
94
Schedule of Allocation of Plan Assets
The distribution of pension plan assets as of the measurement date is shown in the table below, and these assets are reported net of pension liabilities on the balance sheet.
 
December 2019
 
December 2018
 
 
 
Percent of
 
 
 
Percent of
(Dollars in Millions)
Amount
 
Total Assets
 
Amount
 
Total Assets
Equity
$
1,770

 
63
%
 
$
1,698

 
70
%
Fixed Income
818

 
29

 
704

 
29

Cash and Cash Equivalents
237

 
8

 
29

 
1

Total
$
2,825

 
100
%
 
$
2,431

 
100
%
Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets
Changes in benefit obligation and the fair value of plan assets for the 2019 and 2018 calendar plan years are as follows:

 
Pension Benefits
 
Post-retirement Benefits
 
Plan Year
 
Plan Year
 
Plan Year
 
Plan Year
(Dollars in Millions)
2019
 
2018
 
2019
 
2018
Actuarial Present Value of Benefit Obligation
 
 
 
 
 
 
 
Accumulated Benefit Obligation
$
2,963

 
$
2,623

 
N/A

 
N/A

Projected Benefit Obligation
3,122

 
2,758

 
$
117

 
$
118

 
 
 
 
 
 
 
 
Change in Projected Benefit Obligation:
 

 
 

 
 

 
 

Projected Benefit Obligation at Beginning of Plan Year
$
2,758

 
$
3,002

 
$
118

 
$
250

Service Cost (a)
34

 
36

 
1

 
2

Interest Cost
103

 
92

 
2

 
7

Plan Participants' Contributions
—

 
—

 
7

 
5

Post-retirement Plan Amendment
—

 
—

 
—

 
(102
)
Actuarial Loss (Gain)
418

 
(173
)
 
22

 
(10
)
Benefits Paid
(191
)
 
(199
)
 
(33
)
 
(34
)
Benefit Obligation at End of Plan Year
$
3,122

 
$
2,758

 
$
117

 
$
118

 
 
 
 
 
 
 
 
Change in Plan Assets:
 

 
 

 
 

 
 

Fair Value of Plan Assets at Beginning of Plan Year
$
2,431

 
$
2,833

 
$
—

 
$
—

Actual Return on Plan Assets Gain (Loss)
568

 
(220
)
 
—

 
—

Non-qualified Employer Contributions
17

 
17

 
26

 
30

Plan Participants' Contributions
—

 
—

 
7

 
4

Benefits Paid
(191
)
 
(199
)
 
(33
)
 
(34
)
Fair Value of Plan Assets at End of Plan Year
2,825

 
2,431

 
—

 
—

Funded Status at End of Plan Year
$
(297
)
 
$
(327
)
 
$
(117
)
 
$
(118
)

(a)
Service cost for each 2019 and 2018 includes capitalized service costs of $3 million.
Schedule of Amount Recognized in Balance Sheet Amounts related to pension and post-retirement benefits recorded in other long-term assets, labor and fringe benefits payable and other long-term liabilities on the balance sheet are as follows:

 
Pension Benefits
 
Post-retirement Benefits
 
December
 
December
 
December
 
December
(Dollars in Millions)
2019
 
2018
 
2019
 
2018
Amounts Recorded in Consolidated
 
 
 
 
 
 
 
Balance Sheets:
 
 
 
 
 
 
 
Long-term Assets (a)
$
25

 
$
13

 
$
—

 
$
—

Current Liabilities
(17
)
 
(16
)
 
(20
)
 
(34
)
Long-term Liabilities
(305
)
 
(324
)
 
(97
)
 
(84
)
Net Amount Recognized in
 

 
 

 
 

 
 

Consolidated Balance Sheets
$
(297
)
 
$
(327
)
 
$
(117
)
 
$
(118
)

(a)
Long-term assets as of December 2019 and 2018 relate to qualified pension plans where assets exceed projected benefit obligations.

Schedule of Benefit Obligations in Excess of Plan Assets At December 2019, the status of CSX plans with a net liability only is disclosed below. The total fair value of all plan assets as of December 2019 was $2.8 billion, which includes the qualified pension plans with net assets.

 
Aggregate
 
(Dollars in Millions)
Fair Value
Aggregate
Benefit Obligations in Excess of Plan Assets
of Plan Assets
Benefit Obligation
Projected Benefit Obligation
$
2,715

$
(3,037
)
Accumulated Benefit Obligation
2,715

(2,878
)
Schedule of Net Benefit Expense The following table describes the components of expense/(income) related to net benefit expense recorded on the income statement.
 
Pension Benefits
Fiscal Years
 
Post-retirement Benefits
Fiscal Years
(Dollars in Millions)
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service Cost Included in Labor and Fringe
$
31

 
$
32

 
$
36

 
$
1

 
$
2

 
$
2

 
 
 
 
 
 
 
 
 
 
 
 
Interest Cost
103

 
92

 
92

 
2

 
7

 
7

Expected Return on Plan Assets
(171
)
 
(176
)
 
(171
)
 
—

 
—

 
—

Amortization of Net Loss
30

 
41

 
41

 
—

 
—

 
—

Amortization of Prior Service Cost
—

 
—

 
—

 
(7
)
 
(2
)
 
—

Total Income Included in Other Income - Net
(38
)
 
(43
)
 
(38
)
 
(5
)
 
5

 
7

Net Periodic Benefit (Credit) Expense
$
(7
)
 
$
(11
)
 
$
(2
)
 
$
(4
)
 
$
7

 
$
9

Restructuring Charge - Non Operating(a)
—

 
—

 
60

 
—

 
—

 
13

Settlement (Gain) Loss
—

 
(1
)
 
11

 
—

 
—

 
—

Total (Credit) Expense
$
(7
)
 
$
(12
)
 
$
69

 
$
(4
)
 
$
7

 
$
22


(a) Charges related to special termination benefits and curtailment costs were the result of the management workforce reductions in first quarter 2017. See Restructuring Charge in Note 1, Nature of Operations and Significant Accounting Policies.
Schedule of Pre-tax Change in Other Comprehensive Loss (Income)
The following table shows the pre-tax change in other comprehensive loss (income) attributable to certain components of net benefit expense and the change in benefit obligation for CSX for pension and other post-employment benefits.
(Dollars in Millions)
Pension Benefits
 
Post-retirement Benefits
Components of Other Comprehensive
December
 
December
 
December
 
December
Loss (Income)
2019
 
2018
 
2019
 
2018
Recognized in the Balance Sheet
 
 
 
 
 
 
 
Losses (Gains)
$
21

 
$
223

 
$
22

 
$
(112
)
Expense (Income) Recognized in the Income Statement
 

 
 

 
 

 
 

Amortization of Net Losses (a)
$
30

 
$
41

 
$
—

 
$
—

Settlement (Gain) Loss
—

 
(1
)
 
—

 
—

Amortization of Prior Service Costs
—

 
—

 
(7
)
 
(2
)
(a)
Amortization of net losses estimated to be expensed for 2020 is approximately $57 million for pension benefits.
Schedule of Weighted-Average Assumptions Used
The weighted averages of assumptions used by the Company to value its pension and post-retirement obligations were as follows:
 
Pension Benefits
 
Post-retirement Benefits
 
 
2019
 
2018
 
2019
 
2018
 
Expected Long-term Return on Plan Assets:
 
 
 
 
 
 
 
 
Benefit Cost for Current Plan Year
6.75
%
 
6.75
%
 
N/A

 
N/A

 
Benefit Cost for Subsequent Plan Year
6.75
%
 
6.75
%
 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
Discount Rates:
 
 
 
 
 
 
 
 
Benefit Cost for Plan Year
 
 
 
 
 
 
 
 
Service Cost for Plan Year
4.40
%
 
3.74
%
 
4.14
%
 
4.14
%
(a) 
Interest Cost for Plan Year
3.87
%
 
3.15
%
 
3.51
%
 
3.45
%
(a) 
Benefit Obligation at End of Plan Year
3.13
%
 
4.24
%
 
2.87
%
 
3.98
%
 
 
 
 
 
 
 
 
 
 
Salary Scale Inflation
4.60
%
 
4.60
%
 
N/A

 
N/A

 


(a)
The post-retirement benefits service cost and interest cost for 2018 were based on a weighted average discount rate of 3.68% and 2.79%, respectively, prior to the post-retirement plan amendments approved in 2018 and were increased to 4.14% and 3.45%, respectively, after the Company remeasured the other post-retirement benefits obligation in the fourth quarter of 2018.