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Investments | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Investments | Investments Investment in Conrail Through a limited liability company, we and CSX Corporation (CSX) jointly own Conrail Inc. (Conrail), whose primary subsidiary is Consolidated Rail Corporation (CRC). We have a 58% economic and 50% voting interest in the jointly-owned entity, and CSX has the remainder of the economic and voting interests. Our investment in Conrail was $1.8 billion and $1.7 billion at September 30, 2025 and December 31, 2024, respectively. CRC owns and operates certain properties (the Shared Assets Areas) for the joint and exclusive benefit of Norfolk Southern Railway Company (NSR) and CSX Transportation, Inc. (CSXT). The costs of operating the Shared Assets Areas are borne by NSR and CSXT based on usage. In addition, NSR and CSXT pay CRC a fee for access to the Shared Assets Areas. “Purchased services and rents” and “Fuel” include expenses payable to CRC for operation of the Shared Assets Areas totaling $47 million and $44 million for the third quarters of 2025 and 2024, respectively, and $140 million and $146 million for the first nine months of 2025 and 2024, respectively. Our equity in Conrail’s earnings, net of amortization, was $20 million and $19 million for the third quarters of 2025 and 2024, respectively, and $59 million and $62 million for the first nine months of 2025 and 2024, respectively. These amounts partially offset the costs of operating the Shared Assets Areas and are included in “Purchased services and rents.” “Other liabilities” includes $534 million at both September 30, 2025 and December 31, 2024 for long-term advances from Conrail, maturing in 2050 that bear interest at an average rate of 1.31%. Investment in TTX We and six other North American railroads collectively own TTX Company (TTX), a railcar pooling company that provides its owner-railroads with standardized fleets of intermodal, automotive, and general use railcars at stated rates. We have a 19.78% ownership interest in TTX. Expenses incurred for use of TTX equipment are included in “Purchased services and rents.” These expenses amounted to $81 million and $72 million for the third quarters of 2025 and 2024, respectively, and $236 million and $220 million for the first nine months of 2025 and 2024, respectively. Our equity in TTX’s earnings partially offsets these costs and totaled $13 million for both the third quarters of 2025 and 2024, and $33 million and $40 million for the first nine months of 2025 and 2024, respectively.

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- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-12 + Details
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