8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2020

CSX CORPORATION

(Exact name of registrant as specified in its charter)

Virginia	1-8022	62-1051971
(State or other jurisdiction	(Commission File No.)	(I.R.S. Employer
of incorporation)		Identification No.)

500 Water Street, C900, Jacksonville, FL 32202

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:

(904) 359-3200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

_☐_ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

_☐_ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

_☐_ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

_☐_ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company _☐_

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. __

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 Par Value	CSX	NASDAQ Global Select Market

Item 2.02. Results of Operations and Financial Condition

On April 22, 2020, CSX Corporation issued a press release and its CSX Quarterly Financial Report on financial and operating results for the quarter ended March 31, 2020. A copy of the press release is attached as Exhibit 99.1 and a copy of the CSX Quarterly Financial Report is attached as Exhibit 99.2, each of which is incorporated by reference herein. These documents are available on the Company's website, www.csx.com.*

The information contained in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, has been “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01.    Exhibits

(d)    The following exhibits are being furnished herewith:

99.1 Press Release dated April 22, 2020 from CSX Corporation

99.2 CSX Quarterly Financial Report

* Internet addresses are provided for informational purposes only and are not intended to be hyperlinks.

Signature

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CSX CORPORATION

By: /s/ ANGELA C. WILLIAMS

Angela C. Williams

Vice President and

Chief Accounting Officer

(Principal Accounting Officer)

Date: April 22, 2020

EX-99.1

Exhibit 99.1

CSX Corp. Announces First Quarter 2020 Financial Results

JACKSONVILLE, Fla. - April 22, 2020 -CSX Corp. (NASDAQ: CSX) today announced first quarter 2020 net earnings of $770 million, or $1.00 per share, versus $834 million, or $1.02 per share in the same period last year. CSX’s operating ratio set a Class I railroad first quarter record of 58.7 percent, improved from 59.5 percent in the prior year.

“I am extremely proud of our outstanding CSX employees for keeping the railroad running at such a high level during these unprecedented times and enabling the delivery of critical goods across the country,” said James M. Foote, president and chief executive officer. “Their hard work and dedication over the past few weeks, and throughout our transformation, have put CSX on the strongest footing it has ever been heading into this period of economic uncertainty.”

Revenue for the first quarter decreased 5 percent over the prior year to $2.86 billion, as growth in merchandise revenue was more than offset by declines in coal and other revenue. Expenses decreased 7 percent year over year to $1.68 billion, driven by continued efficiency gains. Operating income declined 3 percent for the quarter to $1.18 billion compared to $1.22 billion in the same period last year.

CSX executives will conduct a conference call with the investment community this afternoon, April 22, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-866-627-3868. For callers outside the U.S., dial 1-825-312-2388. Participants should dial in 10 minutes prior to the call and enter in 1979628 as the passcode.

In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, a webcast replay of the presentation will be archived on the company website.

This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

About CSX and its Disclosures

CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 230 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.

This announcement, as well as additional financial information, is available on the company's website at http://investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on Twitter (http://twitter.com/CSX) and on Facebook (http://www.facebook.com/OfficialCSX). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com.

Non-GAAP Disclosure

CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP.

Forward-looking Statements

This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward- looking statements include, among others; (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.

Contact:

Bill Slater, Investor Relations

904-359-1334

Bryan Tucker, Corporate Communications

855-955-6397

EX-99.2

Exhibit 99.2

CSX Corp. Announces First Quarter 2020 Financial Results

JACKSONVILLE, Fla. - April 22, 2020 -CSX Corp. (NASDAQ: CSX) today announced first quarter 2020 net earnings of $770 million, or $1.00 per share, versus $834 million, or $1.02 per share in the same period last year. CSX’s operating ratio set a Class I railroad first quarter record of 58.7 percent, improved from 59.5 percent in the prior year.

“I am extremely proud of our outstanding CSX employees for keeping the railroad running at such a high level during these unprecedented times and enabling the delivery of critical goods across the country,” said James M. Foote, president and chief executive officer. “Their hard work and dedication over the past few weeks, and throughout our transformation, have put CSX on the strongest footing it has ever been heading into this period of economic uncertainty.”

Revenue for the first quarter decreased 5 percent over the prior year to $2.86 billion, as growth in merchandise revenue was more than offset by declines in coal and other revenue. Expenses decreased 7 percent year over year to $1.68 billion, driven by continued efficiency gains. Operating income declined 3 percent for the quarter to $1.18 billion compared to $1.22 billion in the same period last year.

CSX executives will conduct a conference call with the investment community this afternoon, April 22, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-866-627-3868. For callers outside the U.S., dial 1-825-312-2388. Participants should dial in 10 minutes prior to the call and enter in 1979628 as the passcode.

In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, a webcast replay of the presentation will be archived on the company website.

This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

Table of Contents	The accompanying unaudited	CSX CORPORATION	CONTACTS:
	financial information should be	500 Water Street, C900	INVESTOR RELATIONS
Consolidated Financial Statements.......p. 3	read in conjunction with the	Jacksonville, FL 32202	Bill Slater
Operating Statistics..............................p. 10	Company’s most recent	www.csx.com	(904) 359-1334
Non-GAAP Measures...........................p. 11	Annual Report on Form 10-K,		MEDIA
	Quarterly Reports on Form 10-Q, and		Bryan Tucker
	any Current Reports on Form 8-K.		(855) 955-6397

1

About CSX and its Disclosures

CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 230 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.

This announcement, as well as additional financial information, is available on the company's website at http://investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on Twitter (http://twitter.com/CSX) and on Facebook (http://www.facebook.com/OfficialCSX). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com.

Non-GAAP Disclosure

CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP.

Forward-looking Statements

This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward- looking statements include, among others; (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.

2

CSX Corporation

CONSOLIDATED INCOME STATEMENTS (Unaudited)

(Dollars in millions, except per share amounts)

	Quarters Ended
	Mar. 31, 2020			Mar. 31, 2019			$ Change			% Change
Revenue	$	2,855		$	3,013		$	(158	)	(5	)%
Expense
Labor and Fringe	606			672			66			10
Materials, Supplies and Other	454			471			17			4
Depreciation	344			330			(14		)	(4	)
Fuel	192			233			41			18
Equipment and Other Rents	81			88			7			8
Total Expense	1,677			1,794			117			7
Operating Income	1,178			1,219			(41		)	(3	)
Interest Expense	(187		)	(178		)	(9		)	(5	)
Other Income - Net	22			23			(1		)	(4	)
Earnings Before Income Taxes	1,013			1,064			(51		)	(5	)
Income Tax Expense(a)	(243		)	(230		)	(13		)	(6	)
Net Earnings	$	770		$	834		$	(64	)	(8	)%
Operating Ratio	58.7		%	59.5		%
Per Common Share
Net Earnings Per Share, Assuming Dilution	$	1.00		$	1.02		$	(0.02	)	(2	)%
Average Shares Outstanding, Assuming Dilution (Millions)	773			817

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

3

CSX Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

	(Unaudited)
	Mar. 31, 2020		Dec. 31, 2019
ASSETS
Cash and Cash Equivalents	$	1,995	$	958
Short-Term Investments	487		996
Other Current Assets	1,339		1,324
Properties - Net	32,188		32,168
Investment in Affiliates and Other Companies	1,901		1,879
Other Long-Term Assets	924		932
Total Assets	$	38,834	$	38,257
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Maturities of Long-Term Debt	$	255	$	245
Other Current Liabilities	1,956		1,906
Long-Term Debt(b)	16,477		15,993
Deferred Income Taxes - Net	6,991		6,961
Other Long-Term Liabilities	1,267		1,289
Total Liabilities	26,946		26,394
Total Shareholders' Equity	11,888		11,863
Total Liabilities and Shareholders' Equity	$	38,834	$	38,257

4

CSX Corporation

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)

(Dollars in millions)

	Quarters Ended
	Mar. 31, 2020			Mar. 31, 2019
OPERATING ACTIVITIES
Net Earnings	$	770		$	834
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation	344			330
Deferred Income Tax Expense	28			51
Gain on Property Dispositions	(18		)	(27		)
Other Operating Activities - Net	54			(15		)
Net Cash Provided by Operating Activities	1,178			1,173
INVESTING ACTIVITIES
Property Additions	(381		)	(353		)
Proceeds from Property Dispositions	35			48
Purchases of Short-Term Investments	(426		)	(813		)
Proceeds from Sales of Short-Term Investments	936			250
Other Investing Activities	(20		)	(2		)
Net Cash Provided by/ (Used in) Investing Activities	144			(870		)
FINANCING ACTIVITIES
Long-term Debt Issued(b)	500			1,000
Dividends Paid	(201		)	(195		)
Shares Repurchased(c)	(577		)	(796		)
Other Financing Activities	(7		)	18
Net Cash (Used in)/ Provided by Financing Activities	(285		)	27
Net Increase in Cash and Cash Equivalents	1,037			330
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period	958			858
Cash and Cash Equivalents at End of Period	$	1,995		$	1,188

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

5

CSX Corporation

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

a) Income Tax Expense: During first quarter 2020, the Company recognized $5 million in tax benefits primarily due to impacts from the vesting of equity awards. During first quarter2019, the Company recognized a $32 million tax benefit primarily due to impacts from option exercises and the vesting of other equity awards.

b) Long-term Debt Issued: On March 30, 2020, CSX issued $500 million of 3.8% notes due 2050. These notes are included in the condensed consolidated balance sheets under long-term debt and may be redeemed by the Company at any time, subject to payment of certain make-whole premiums. The net proceeds will be used for general corporate purposes, which may include debt repayments, repurchases of CSX's common stock, capital investment, working capital requirements, improvements in productivity and other cost reductions.

c) Shares Repurchased: During first quarters 2020 and 2019, the Company engaged in the following repurchase activities:

	Quarters Ended
	Mar. 31, 2020		Mar. 31, 2019
Shares Repurchased(Millions)	9		12
Cost of Shares(Dollars in millions)	$	577	$	796
Average Cost per Share Repurchased	$	64.75	$	69.02

6

CSX Corporation

VOLUME AND REVENUE(Unaudited)
Volume (Thousands of units); Revenue (Dollars in millions); Revenue Per Unit (Dollars)
Quarters Ended March 31, 2020 and March 31, 2019
	Volume				Revenue						Revenue Per Unit
	2020	2019	% Change		2020		2019		% Change		2020		2019		% Change
Chemicals(a)	178	167	7	%	$	626	$	588	6	%	$	3,517	$	3,521	—	%
Agricultural and Food Products	121	114	6		365		344		6		3,017		3,018		—
Automotive	104	115	(10	)	281		311		(10	)	2,702		2,704		—
Minerals(a)	74	70	6		127		125		2		1,716		1,786		(4	)
Forest Products(a)	71	70	1		217		212		2		3,056		3,029		1
Metals and Equipment(a)	67	64	5		199		189		5		2,970		2,953		1
Fertilizers	58	62	(6	)	112		110		2		1,931		1,774		9
Total Merchandise	673	662	2		1,927		1,879		3		2,863		2,838		1
Coal	181	212	(15	)	405		538		(25	)	2,238		2,538		(12	)
Intermodal	660	657	—		422		428		(1	)	639		651		(2	)
Other	—	—	—		101		168		(40	)	—		—		—
Total	1,514	1,531	(1	)%	$	2,855	$	3,013	(5	)%	$	1,886	$	1,968	(4	)%

(a) In Q1 2020, changes were made in the categorization of certain lines of business, impacting Chemicals, Forest Products, Metals and Equipment, and Minerals. The impacts were not material and prior periods have been reclassified to conform to the current presentation.

7

CSX Corporation

VOLUME AND REVENUE

Total revenue decreased 5% in first quarter 2020 when compared to first quarter 2019 due to significant declines in coal, lower other revenue and unfavorable mix. These decreases were partially offset by merchandise growth.

Fuel Surcharge

Fuel surcharge revenue is included in the individual markets. Fuel lag is the estimated difference between highway diesel prices in the quarter and the prices used for fuel surcharge, which are generally on a two month lag.

	Quarters Ended
(Dollars in millions)	Mar. 31, 2020		Mar. 31, 2019
Fuel Surcharge Revenue	$	145	$	155
Fuel Lag Benefit	$	16	$	13

Merchandise Volume

Chemicals - Increased due to higher shipments of industrial chemicals, energy and plastics.

Agricultural and Food Products - Increased due to gains in ethanol, sweeteners and oils, and grain.

Automotive - Declined due to lower North American vehicle production including automotive plant closures in March due to the COVID-19 pandemic.

Minerals - Increased due to higher shipments for highway construction and paving projects.

Forest Products - Increased due to higher shipments of pulpboard and woodpulp.

Metals and Equipment - Increased due to higher shipments of equipment, scrap metal and aluminum, partially offset by lower shipments for construction and steel markets.

Fertilizers - Declined due to lower short-haul phosphate shipments, which was partially offset by higher long-haul fertilizer shipments.

Coal Volume

Domestic coal declined primarily due to lower shipments of utility coal as a result of continued competition from natural gas. Export coal declined due to lower international shipments of thermal and metallurgical coal as a result of lower global benchmark prices.

	Quarters Ended
(Millions of tons)	Mar. 31, 2020	Mar. 31, 2019	Change
Coal Tonnage
Domestic	11.1	13.2	(16	)%
Export	9.1	10.5	(13	)
Total Coal	20.2	23.7	(15	)%

Intermodal Volume

Increased domestic shipments were offset by lower international shipments primarily due to extended closures in China due to the COVID-19 pandemic.

Other Revenue

Other revenue decreased $67 million versus prior year primarily due to a favorable contract settlement with a customer in the prior year and lower revenue for demurrage and intermodal storage in the current year.

8

CSX Corporation

EXPENSE

Expenses of $1.7 billion decreased $117 million, or 7%, in first quarter 2020 when compared to first quarter 2019 primarily driven by efficiency savings.

Labor and Fringe expense decreased $66 million due to the following:

• Efficiency and volume savings of $62 million primarily resulted from lower headcount, less overtime and reduced crew starts.

• Total incentive compensation decreased $14 million primarily due to a lower expected annual incentive payout, partially offset by the acceleration of stock compensation expense for awards granted this quarter to certain retirement-eligible employees.

• Other costs increased $10 million primarily due to the recognition of railroad retirement tax refunds in the prior year and inflation, partially offset by other non-significant items.

Materials, Supplies and Other expense decreased $17 million due to the following:

• Efficiency and volume savings of $32 million primarily resulted from lower operating support costs, lower terminal costs and reduced equipment maintenance expenses.

• Gains from real estate and line sales were $18 million in 2020 compared to $27 million in 2019.

• All other costs increased $6 million primarily driven by inflation.

Depreciationexpense increased $14 million primarily due to a 2019 equipment depreciation study that resulted in $10 million of additional expense.

Fuelexpense decreased $41 million primarily due to a 12% price decrease and cost savings from fuel efficiency initiatives.

Equipment and Other Rentsexpense decreased $7 million primarily driven by lower car hire costs due to equipment efficiency and lower volume, partially offset by lower net earnings at TTX.

Employee Counts (Estimated)

	Quarters Ended
	Mar. 31, 2020	Mar. 31, 2019	Change
Average	20,627	22,194	(1,567)
Ending	20,455	22,001	(1,546)

Fuel Expense

	Quarters Ended
(Dollars and gallons in millions, except price per gallon)	Mar. 31, 2020		Mar. 31, 2019
Estimated Locomotive Fuel Consumption (Gallons)	96.4		104.7
Price per Gallon (Dollars)	$	1.80	$	2.04
Total Locomotive Fuel Expense	$	174	$	214
Non-locomotive Fuel Expense	18		19
Total Fuel Expense	$	192	$	233

9

CSX Corporation

OPERATING STATISTICS (Estimated)

Operating performance continued to improve in first quarter 2020 as train velocity increased 4% to a new first quarter record level while car dwell decreased 3% to a new all-time record level. The Company remains focused on executing the operational plan to deliver further service gains, improve transit times and drive asset utilization while controlling costs.

From a safety perspective, the FRA train accident frequency rate of 1.85 for the first quarter 2020 improved 34% year over year, driven by an all-time record low number of FRA reported train accidents. The FRA reportable personal injury frequency index of 0.59 for the quarter improved 22% versus the prior year, setting a first quarter record for injury frequency index and an all-time record low number of FRA reportable injuries. The Company is committed to continuous safety improvement and remains focused on reducing risk and enhancing the overall safety of its employees, customers and communities in which the Company operates.

	Quarters Ended
	Mar. 31, 2020		Mar. 31, 2019		Improvement / (Deterioration)
Operations Performance
Train Velocity (Miles per hour) (a)	21.2		20.4		4	%
Dwell (Hours) (a)	8.3		8.6		3	%
Cars Online (a)	110,801		118,989		7	%
Revenue Ton-Miles(Billions)
Merchandise	33.1		31.6		5	%
Coal	8.6		10.5		(18	)%
Intermodal	6.8		6.5		5	%
Total Revenue Ton-Miles	48.5		48.6		—	%
Total Gross Ton-Miles (Billions)	95.3		96.7		(1	)%
On-Time Originations	91	%	81	%	12	%
On-Time Arrivals (b)	84	%	80	%	5	%
Safety
FRA Personal Injury Frequency Index	0.59		0.76		22	%
FRA Train Accident Rate	1.85		2.80		34	%

Certain operating statistics are estimated and can continue to be updated as actuals settle.

(a) The methodology for calculating train velocity, dwell and cars online differs from that prescribed by the Surface Transportation Board. The Company will continue to report these metrics to the Surface Transportation Board using the prescribed methodology. See additional discussion on the Company's website.

(b) Beginning in the third quarter 2019, the calculation of on-time arrivals has changed to consider a train "on time" if it is delivered within two hours of scheduled arrival. Prior year periods have been restated to conform to this change.

Key Performance Measures Definitions

Train Velocity - Average train speed between origin and destination in miles per hour (does not include locals, yard jobs, work trains or passenger trains). Train velocity measures the profiled schedule of trains (from departure to arrival and all interim time), and train profiles are periodically updated to align with a changing operation.

Dwell - Average amount of time in hours between car arrival to and departure from the yard.

Cars Online - Average number of active freight rail cars on lines operated by CSX, excluding rail cars that are being repaired, in storage, those that have been sold, or private cars dwelling at a customer location more than one day.

Revenue Ton-Miles (RTM's) - The movement of one revenue-producing ton of freight over a distance of one mile.

Gross Ton-Miles (GTM's) - The movement of one ton of train weight over one mile. GTM's are calculated by multiplying total train weight by distance the train moved. Total train weight is comprised of the weight of the freight cars and their contents.

On-Time Originations - Percent of scheduled road trains that depart the origin yard on-time or ahead of schedule.

On-Time Arrivals - Percent of scheduled road trains that arrive at the destination yard on-time to within two hours of scheduled arrival.

FRA Personal Injury Frequency Index - Number of FRA-reportable injuries per 200,000 man-hours.

FRA Train Accident Rate - Number of FRA-reportable train accidents per million train-miles.

10

CSX Corporation

NON-GAAP MEASURES (Unaudited)

The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, the Company’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP. Reconciliations of non-GAAP measures to corresponding GAAP measures are below.

Free Cash Flow

Management believes that free cash flow is supplemental information useful to investors as it is important in evaluating the Company’s financial performance. More specifically, free cash flow measures cash generated by the business after reinvestment. This measure represents cash available for both equity and bond investors to be used for dividends, share repurchases or principal reduction on outstanding debt. Free cash flow is calculated by using net cash from operations and adjusting for property additions and certain other investing activities, which includes proceeds from property dispositions. Free cash flow should be considered in addition to, rather than a substitute for, cash provided by operating activities. The following table reconciles cash provided by operating activities (GAAP measure) to free cash flow, before dividends (non-GAAP measure).

	Quarters Ended
(Dollars in millions)	Mar. 31, 2020			Mar. 31, 2019
Net Cash Provided by Operating Activities	$	1,178		$	1,173
Property Additions	(381		)	(353		)
Other Investing Activities	15			46
Free Cash Flow (before payment of dividends)	$	812		$	866

11

XML

Cover page	Apr. 22, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 22, 2020
Entity Registrant Name	CSX CORP
Entity Incorporation, State or Country Code	VA
Entity File Number	1-8022
Entity Tax Identification Number	62-1051971
Entity Address, Address Line One	500 Water Street
Entity Address, Address Line Two	C900
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	359-3200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	CSX
Security Exchange Name	NASDAQ
Entity Central Index Key	0000277948
Amendment Flag	false