Summarized Consolidating Financial Data (Tables)

3 Months Ended

Mar. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Consolidating Income Statements

Consolidating Income Statements
(Dollars in millions)
First Quarter 2020	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	2,833		$	22		$	2,855
Expense	(99		)	1,814			(38		)	1,677
Operating Income	99			1,019			60			1,178
Equity in Earnings of Subsidiaries	855			—			(855		)	—
Interest (Expense) / Benefit	(216		)	(10		)	39			(187		)
Other Income / (Expense) - Net	5			45			(28		)	22
Earnings Before Income Taxes	743			1,054			(784		)	1,013
Income Tax Benefit / (Expense)	27			(255		)	(15		)	(243		)
Net Earnings	$	770		$	799		$	(799	)	$	770
Total Comprehensive Earnings	$	773		$	800		$	(800	)	$	773
First Quarter 2019	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	2,993		$	20		$	3,013
Expense	(137		)	1,968			(37		)	1,794
Operating Income	137			1,025			57			1,219
Equity in Earnings of Subsidiaries	874			—			(874		)	—
Interest (Expense) / Benefit	(216		)	(11		)	49			(178		)
Other Income / (Expense) - Net	8			52			(37		)	23
Earnings Before Income Taxes	803			1,066			(805		)	1,064
Income Tax Benefit / (Expense)	31			(245		)	(16		)	(230		)
Net Earnings	$	834		$	821		$	(821	)	$	834
Total Comprehensive Earnings	$	836		$	819		$	(819	)	$	836

Consolidating Balance Sheet

Consolidating Balance Sheet
(Dollars in millions)
March 31, 2020	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
ASSETS
Current Assets
Cash and Cash Equivalents	$	1,891		$	91		$	13		$	1,995
Short-term Investments	484			—			3			487
Accounts Receivable - Net	—			996			12			1,008
Receivable from Affiliates	827			7,674			(8,501		)	—
Materials and Supplies	—			257			—			257
Other Current Assets	—			63			11			74
Total Current Assets	3,202			9,081			(8,462		)	3,821
Properties	1			42,040			3,024			45,065
Accumulated Depreciation	(1		)	(11,110		)	(1,766		)	(12,877		)
Properties - Net	—			30,930			1,258			32,188
Investments in Conrail	—			—			993			993
Affiliates and Other Companies	(39		)	934			13			908
Investments in Consolidated Subsidiaries	35,134			—			(35,134		)	—
Right-of-Use Lease Asset	—			501			22			523
Other Long-term Assets	3			623			(225		)	401
Total Assets	$	38,300		$	42,069		$	(41,535	)	$	38,834
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	194		$	811		$	53		$	1,058
Labor and Fringe Benefits Payable	30			302			13			345
Payable to Affiliates	9,835			326			(10,161		)	—
Casualty, Environmental and Other Reserves	—			86			13			99
Current Maturities of Long-term Debt	10			245			—			255
Income and Other Taxes Payable	(184		)	431			22			269
Other Current Liabilities	—			168			17			185
Total Current Liabilities	9,885			2,369			(10,043		)	2,211
Casualty, Environmental and Other Reserves	—			174			36			210
Long-term Debt	16,020			457			—			16,477
Deferred Income Taxes - Net	(145		)	6,859			277			6,991
Long-term Lease Liability	—			473			16			489
Other Long-term Liabilities	669			212			(313		)	568
Total Liabilities	$	26,429		$	10,544		$	(10,027	)	$	26,946
Shareholders' Equity
Common Stock, $1 Par Value	$	765		$	181		$	(181	)	$	765
Other Capital	366			5,096			(5,096		)	366
Retained Earnings	11,412			26,195			(26,195		)	11,412
Accumulated Other Comprehensive Loss	(672		)	36			(36		)	(672		)
Noncontrolling Interest	—			17			—			17
Total Shareholders' Equity	$	11,871		$	31,525		$	(31,508	)	$	11,888
Total Liabilities and Shareholders' Equity	$	38,300		$	42,069		$	(41,535	)	$	38,834

Consolidating Balance Sheet (Dollars in millions)
December 31, 2019	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
ASSETS
Current Assets
Cash and Cash Equivalents	$	814		$	136		$	8		$	958
Short-term Investments	989			—			7			996
Accounts Receivable - Net	4			969			13			986
Receivable from Affiliates	1,054			7,405			(8,459		)	—
Materials and Supplies	—			261			—			261
Other Current Assets	26			30			21			77
Total Current Assets	2,887			8,801			(8,410		)	3,278
Properties	1			42,110			2,989			45,100
Accumulated Depreciation	(1		)	(11,199		)	(1,732		)	(12,932		)
Properties - Net	—			30,911			1,257			32,168
Investments in Conrail	—			—			982			982
Affiliates and Other Companies	(39		)	923			13			897
Investment in Consolidated Subsidiaries	34,528			—			(34,528		)	—
Right of Use Lease Asset	—			514			18			532
Other Long-term Assets	3			629			(232		)	400
Total Assets	$	37,379		$	41,778		$	(40,900	)	$	38,257
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	153		$	830		$	60		$	1,043
Labor and Fringe Benefits Payable	38			386			65			489
Payable to Affiliates	9,552			574			(10,126		)	—
Casualty, Environmental and Other Reserves	—			87			13			100
Current Maturities of Long-term Debt	—			245			—			245
Income and Other Taxes Payable	(286		)	340			15			69
Other Current Liabilities	—			192			13			205
Total Current Liabilities	9,457			2,654			(9,960		)	2,151
Casualty, Environmental and Other Reserves	—			169			36			205
Long-term Debt	15,534			459			—			15,993
Deferred Income Taxes - Net	(152		)	6,827			286			6,961
Long-term Lease Liability	—			481			12			493
Other Long-term Liabilities	692			215			(316		)	591
Total Liabilities	$	25,531		$	10,805		$	(9,942	)	$	26,394
Shareholders' Equity
Common Stock, $1 Par Value	$	773		$	181		$	(181	)	$	773
Other Capital	346			5,096			(5,096		)	346
Retained Earnings	11,404			25,646			(25,646		)	11,404
Accumulated Other Comprehensive Loss	(675		)	35			(35		)	(675		)
Noncontrolling Minority Interest	—			15			—			15
Total Shareholders' Equity	$	11,848		$	30,973		$	(30,958	)	$	11,863
Total Liabilities and Shareholders' Equity	$	37,379		$	41,778		$	(40,900	)	$	38,257

Consolidating Cash Flow Statements

Consolidating Cash Flow Statements
(Dollars in millions)
Three Months 2019	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	852		$	533		$	(212	)	$	1,173
Investing Activities
Property Additions	—			(319		)	(34		)	(353		)
Proceeds from Property Dispositions	—			51			(3		)	48
Purchases of Short-term Investments	(813		)	—			—			(813		)
Proceeds from Sales of Short-term Investments	250			—			—			250
Other Investing Activities	(1		)	(1		)	—			(2		)
Net Cash Used in Investing Activities	(564		)	(269		)	(37		)	(870		)
Financing Activities
Long-term Debt Issued	1,000			—			—			1,000
Dividends Paid	(195		)	(250		)	250			(195		)
Shares Repurchased	(796		)	—			—			(796		)
Other Financing Activities	19			(1		)	—			18
Net Cash Provided by (Used in) Financing Activities	28			(251		)	250			27
Net Increase in Cash and Cash Equivalents	316			13			1			330
Cash and Cash Equivalents at Beginning of Period	716			130			12			858
Cash and Cash Equivalents at End of Period	$	1,032		$	143		$	13		$	1,188

Consolidating Cash Flow Statements
(Dollars in millions)
Three Months 2020	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	855		$	514		$	(191	)	$	1,178
Investing Activities
Property Additions	—			(341		)	(40		)	(381		)
Proceeds from Property Dispositions	—			35			—			35
Purchases of Short-term Investments	(424		)	—			(2		)	(426		)
Proceeds from Sales of Short-term Investments	930			—			6			936
Other Investing Activities	1			(3		)	(18		)	(20		)
Net Cash Provided by (Used in) Investing Activities	507			(309		)	(54		)	144
Financing Activities
Long-term Debt Issued	500			—			—			500
Dividends Paid	(201		)	(250		)	250			(201		)
Shares Repurchased	(577		)	—			—			(577		)
Other Financing Activities	(7		)	—			—			(7		)
Net Cash (Used in) Provided by Financing Activities	(285		)	(250		)	250			(285		)
Net Increase (Decrease) in Cash and Cash Equivalents	1,077			(45		)	5			1,037
Cash and Cash Equivalents at Beginning of Period	814			136			8			958
Cash and Cash Equivalents at End of Period	$	1,891		$	91		$	13		$	1,995