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Summarized Consolidating Financial Data (Tables) | 9 Months Ended
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Sep. 28, 2012
Summarized Consolidating Financial Data [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
Third Quarter 2012 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,878 |  | $ | 16 |  | $ | 2,894 |
Expense | (90 | ) | 2,166 |  | (36 | ) | 2,040 |
Operating Income | 90 |  | 712 |  | 52 |  | 854 |
Equity in Earnings of Subsidiaries | 478 |  | — |  | (478 | ) | — |
Interest (Expense) / Benefit | (126 | ) | (17 | ) | 5 |  | (138 | )
Other Income / (Expense) - Net | (1 | ) | 2 |  | 4 |  | 5 |
Earnings Before Income Taxes | 441 |  | 697 |  | (417 | ) | 721 |
Income Tax (Expense) / Benefit | 14 |  | (262 | ) | (18 | ) | (266 | )
Net Earnings | $ | 455 |  | $ | 435 |  | $ | (435 | ) | $ | 455 |
Total Comprehensive Earnings | $ | 471 |  | $ | 437 |  | $ | (437 | ) | $ | 471 |
Third Quarter 2011 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,946 |  | $ | 17 |  | $ | 2,963 |
Expense | (77 | ) | 2,220 |  | (58 | ) | 2,085 |
Operating Income | 77 |  | 726 |  | 75 |  | 878 |
Equity in Earnings of Subsidiaries | 500 |  | (1 | ) | (499 | ) | — |
Interest (Expense) / Benefit | (123 | ) | (19 | ) | 4 |  | (138 | )
Other Income / (Expense) - Net | — |  | 6 |  | — |  | 6 |
Earnings Before Income Taxes | 454 |  | 712 |  | (420 | ) | 746 |
Income Tax (Expense) / Benefit | 10 |  | (266 | ) | (26 | ) | (282 | )
Net Earnings | $ | 464 |  | $ | 446 |  | $ | (446 | ) | $ | 464 |
Total Comprehensive Earnings | $ | 473 |  | $ | 448 |  | $ | (448 | ) | $ | 473 |
Consolidating Income Statements
(Dollars in millions)
Nine Months Ended September 28, 2012 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 8,823 |  | $ | 49 |  | $ | 8,872 |
Expense | (266 | ) | 6,587 |  | (102 | ) | 6,219 |
Operating Income | 266 |  | 2,236 |  | 151 |  | 2,653 |
Equity in Earnings of Subsidiaries | 1,512 |  | (1 | ) | (1,511 | ) | — |
Interest (Expense) / Benefit | (381 | ) | (53 | ) | 13 |  | (421 | )
Other Income / (Expense) - Net | (3 | ) | 6 |  | 11 |  | 14 |
Earnings Before Income Taxes | 1,394 |  | 2,188 |  | (1,336 | ) | 2,246 |
Income Tax (Expense) / Benefit | 22 |  | (795 | ) | (57 | ) | (830 | )
Net Earnings | $ | 1,416 |  | $ | 1,393 |  | $ | (1,393 | ) | $ | 1,416 |
Total Comprehensive Earnings | $ | 1,458 |  | $ | 1,393 |  | $ | (1,393 | ) | $ | 1,458 |
Nine Months Ended September 30, 2011 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 8,743 |  | $ | 49 |  | $ | 8,792 |
Expense | (210 | ) | 6,584 |  | (159 | ) | 6,215 |
Operating Income | 210 |  | 2,159 |  | 208 |  | 2,577 |
Equity in Earnings of Subsidiaries | 1,472 |  | 2 |  | (1,474 | ) | — |
Interest (Expense) / Benefit | (370 | ) | (64 | ) | 22 |  | (412 | )
Other Income / (Expense) - Net | 3 |  | 8 |  | — |  | 11 |
Earnings Before Income Taxes | 1,315 |  | 2,105 |  | (1,244 | ) | 2,176 |
Income Tax (Expense) / Benefit | 50 |  | (782 | ) | (79 | ) | (811 | )
Net Earnings | $ | 1,365 |  | $ | 1,323 |  | $ | (1,323 | ) | $ | 1,365 |
Total Comprehensive Earnings | $ | 1,398 |  | $ | 1,325 |  | $ | (1,325 | ) | $ | 1,398 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
As of Third Quarter 2012 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 458 |  | $ | 153 |  | $ | 82 |  | $ | 693 |
Short-term Investments | — |  | — |  | 35 |  | 35 |
Accounts Receivable - Net | 1 |  | 559 |  | 603 |  | 1,163 |
Receivable from Affiliates | 992 |  | 1,636 |  | (2,628 | ) | — |
Materials and Supplies | — |  | 264 |  | — |  | 264 |
Deferred Income Taxes | 65 |  | 74 |  | (5 | ) | 134 |
Other Current Assets | 14 |  | 78 |  | 12 |  | 104 |
Total Current Assets | 1,530 |  | 2,764 |  | (1,901 | ) | 2,393 |
Properties | 8 |  | 33,146 |  | 1,866 |  | 35,020 |
Accumulated Depreciation | (8 | ) | (8,106 | ) | (974 | ) | (9,088 | )
Properties - Net | — |  | 25,040 |  | 892 |  | 25,932 |
Investments in Conrail | — |  | — |  | 693 |  | 693 |
Affiliates and Other Companies | (39 | ) | 584 |  | (43 | ) | 502 |
Investments in Consolidated Subsidiaries | 18,515 |  | — |  | (18,515 | ) | — |
Other Long-term Assets | 172 |  | 300 |  | (62 | ) | 410 |
Total Assets | $ | 20,178 |  | $ | 28,688 |  | $ | (18,936 | ) | $ | 29,930 |
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities |  |  |  |
Accounts Payable | $ | 150 |  | $ | 1,004 |  | $ | 43 |  | $ | 1,197 |
Labor and Fringe Benefits Payable | 36 |  | 345 |  | 35 |  | 416 |
Payable to Affiliates | 2,488 |  | 364 |  | (2,852 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 153 |  | 16 |  | 169 |
Current Maturities of Long-term Debt | 700 |  | 105 |  | 1 |  | 806 |
Income and Other Taxes Payable | (40 | ) | 308 |  | (7 | ) | 261 |
Other Current Liabilities | (1 | ) | 172 |  | 1 |  | 172 |
Total Current Liabilities | 3,333 |  | 2,451 |  | (2,763 | ) | 3,021 |
Casualty, Environmental and Other Reserves | — |  | 247 |  | 72 |  | 319 |
Long-term Debt | 7,208 |  | 1,049 |  | — |  | 8,257 |
Deferred Income Taxes | (149 | ) | 8,067 |  | 100 |  | 8,018 |
Other Long-term Liabilities | 770 |  | 605 |  | (91 | ) | 1,284 |
Total Liabilities | $ | 11,162 |  | $ | 12,419 |  | $ | (2,682 | ) | $ | 20,899 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 1,031 |  | $ | 181 |  | $ | (181 | ) | $ | 1,031 |
Other Capital | 20 |  | 5,669 |  | (5,669 | ) | 20 |
Retained Earnings | 8,798 |  | 10,475 |  | (10,475 | ) | 8,798 |
Accumulated Other Comprehensive Loss | (833 | ) | (79 | ) | 79 |  | (833 | )
Noncontrolling Interest | — |  | 23 |  | (8 | ) | 15 |
Total Shareholders' Equity | $ | 9,016 |  | $ | 16,269 |  | $ | (16,254 | ) | $ | 9,031 |
Total Liabilities and Shareholders' Equity | $ | 20,178 |  | $ | 28,688 |  | $ | (18,936 | ) | $ | 29,930 |
Consolidating Balance Sheet (Dollars in millions)
As of December 2011 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 549 |  | $ | 154 |  | $ | 80 |  | $ | 783 |
Short-term Investments | 475 |  | — |  | 48 |  | 523 |
Accounts Receivable - Net | 4 |  | 468 |  | 657 |  | 1,129 |
Receivable from Affiliates | 1,025 |  | 1,772 |  | (2,797 | ) | — |
Materials and Supplies | — |  | 240 |  | — |  | 240 |
Deferred Income Taxes | 10 |  | 173 |  | (1 | ) | 182 |
Other Current Assets | 17 |  | 64 |  | (3 | ) | 78 |
Total Current Assets | 2,080 |  | 2,871 |  | (2,016 | ) | 2,935 |
Properties | 8 |  | 31,958 |  | 1,738 |  | 33,704 |
Accumulated Depreciation | (8 | ) | (7,795 | ) | (927 | ) | (8,730 | )
Properties - Net | — |  | 24,163 |  | 811 |  | 24,974 |
Investments in Conrail | — |  | — |  | 678 |  | 678 |
Affiliates and Other Companies | (39 | ) | 574 |  | (42 | ) | 493 |
Investment in Consolidated Subsidiaries | 17,519 |  | — |  | (17,519 | ) | — |
Other Long-term Assets | 176 |  | 109 |  | 108 |  | 393 |
Total Assets | $ | 19,736 |  | $ | 27,717 |  | $ | (17,980 | ) | $ | 29,473 |
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities |  |  |  |
Accounts Payable | $ | 114 |  | $ | 978 |  | $ | 55 |  | $ | 1,147 |
Labor and Fringe Benefits Payable | 41 |  | 458 |  | 42 |  | 541 |
Payable to Affiliates | 2,566 |  | 374 |  | (2,940 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 151 |  | 16 |  | 167 |
Current Maturities of Long-term Debt | 400 |  | 105 |  | 2 |  | 507 |
Income and Other Taxes Payable | (60 | ) | 189 |  | — |  | 129 |
Other Current Liabilities | (1 | ) | 194 |  | 3 |  | 196 |
Total Current Liabilities | 3,060 |  | 2,449 |  | (2,822 | ) | 2,687 |
Casualty, Environmental and Other Reserves | — |  | 284 |  | 68 |  | 352 |
Long-term Debt | 7,609 |  | 1,124 |  | 1 |  | 8,734 |
Deferred Income Taxes | (246 | ) | 7,800 |  | 47 |  | 7,601 |
Other Long-term Liabilities | 858 |  | 667 |  | 106 |  | 1,631 |
Total Liabilities | $ | 11,281 |  | $ | 12,324 |  | $ | (2,600 | ) | $ | 21,005 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 1,049 |  | $ | 181 |  | $ | (181 | ) | $ | 1,049 |
Other Capital | 6 |  | 5,652 |  | (5,652 | ) | 6 |
Retained Earnings | 8,275 |  | 9,618 |  | (9,618 | ) | 8,275 |
Accumulated Other Comprehensive Loss | (875 | ) | (79 | ) | 79 |  | (875 | )
Noncontrolling Minority Interest | — |  | 21 |  | (8 | ) | 13 |
Total Shareholders' Equity | $ | 8,455 |  | $ | 15,393 |  | $ | (15,380 | ) | $ | 8,468 |
Total Liabilities and Shareholders' Equity | $ | 19,736 |  | $ | 27,717 |  | $ | (17,980 | ) | $ | 29,473 |
Consolidating Cash Flow Statements |
Consolidating Cash Flow Statements
(Dollars in millions)
Nine months ended September 28, 2012 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 429 |  | $ | 2,202 |  | $ | (327 | ) | $ | 2,304 |
Investing Activities |  |  |  |
Property Additions | — |  | (1,669 | ) | (161 | ) | (1,830 | )
Purchases of Short-term Investments | (50 | ) | — |  | (28 | ) | (78 | )
Proceeds from Sales of Short-term Investments | 525 |  | — |  | 48 |  | 573 |
Other Investing Activities | (6 | ) | 78 |  | (62 | ) | 10 |
Net Cash Provided by (Used in) Investing Activities | 469 |  | (1,591 | ) | (203 | ) | (1,325 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 300 |  | — |  | — |  | 300 |
Long-term Debt Repaid | (400 | ) | (79 | ) | (2 | ) | (481 | )
Dividends Paid | (415 | ) | (536 | ) | 536 |  | (415 | )
Stock Options Exercised | 11 |  | — |  | — |  | 11 |
Shares Repurchased | (500 | ) | — |  | — |  | (500 | )
Other Financing Activities | 15 |  | 3 |  | (2 | ) | 16 |
Net Cash Provided by (Used in) Financing Activities | (989 | ) | (612 | ) | 532 |  | (1,069 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (91 | ) | (1 | ) | 2 |  | (90 | )
Cash and Cash Equivalents at Beginning of Period | 549 |  | 154 |  | 80 |  | 783 |
Cash and Cash Equivalents at End of Period | $ | 458 |  | $ | 153 |  | $ | 82 |  | $ | 693 |
NOTE 11. Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Nine months ended September 30, 2011 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 1,054 |  | $ | 2,014 |  | $ | (483 | ) | $ | 2,585 |
Investing Activities |  |  |  |
Property Additions | — |  | (1,285 | ) | (151 | ) | (1,436 | )
Purchases of Short-term Investments | — |  | — |  | (14 | ) | (14 | )
Proceeds from Sales of Short-term Investments | — |  | — |  | 66 |  | 66 |
Other Investing Activities | (19 | ) | (90 | ) | 92 |  | (17 | )
Net Cash Provided by (Used in) Investing Activities | (19 | ) | (1,375 | ) | (7 | ) | (1,401 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 600 |  | — |  | — |  | 600 |
Long-term Debt Repaid | (507 | ) | (86 | ) | (2 | ) | (595 | )
Dividends Paid | (354 | ) | (510 | ) | 510 |  | (354 | )
Stock Options Exercised | 27 |  | — |  | — |  | 27 |
Shares Repurchased | (1,564 | ) | — |  | — |  | (1,564 | )
Other Financing Activities | 30 |  | (21 | ) | (19 | ) | (10 | )
Net Cash Provided by (Used in) Financing Activities | (1,768 | ) | (617 | ) | 489 |  | (1,896 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (733 | ) | 22 |  | (1 | ) | (712 | )
Cash and Cash Equivalents at Beginning of Period | 1,100 |  | 118 |  | 74 |  | 1,292 |
Cash and Cash Equivalents at End of Period | $ | 367 |  | $ | 140 |  | $ | 73 |  | $ | 580 |

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