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Summarized Consolidating Financial Data | 9 Months Ended
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Sep. 28, 2012
Summarized Consolidating Financial Data [Abstract] |
Summarized Consolidating Financial Data | Summarized Consolidating Financial Data In 2007, CSXT sold secured equipment notes maturing in 2023, and in 2008, CSXT sold additional secured equipment notes maturing in 2014 in registered public offerings. CSX has fully and unconditionally guaranteed the notes. In connection with the notes, the Company is providing the following condensed consolidating financial information in accordance with SEC disclosure requirements. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation and the allocation of certain expenses of CSX incurred for the benefit of its subsidiaries. Condensed consolidating financial information for the obligor, CSXT, and parent guarantor, CSX, is as follows:
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
(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
(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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) and its subsidiaries as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References No definition available. + Details
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