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Debt and Credit Agreements | 9 Months Ended
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Sep. 28, 2012
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Debt and Credit Agreements Total activity related to long-term debt as of the end of third quarter 2012 was as follows:
(Dollars in millions) | Current Portion | Long-term Portion | Total
Long-term debt as of December 2011 | $ | 507 |  | $ | 8,734 |  | $ | 9,241 |
2012 activity: |  |  |
Long-term debt issued | — |  | 300 |  | 300 |
Long-term debt repaid | (481 | ) | — |  | (481 | )
Reclassifications | 781 |  | (781 | ) | — |
Capital lease additions | — |  | 8 |  | 8 |
Debt conversions to CSX stock | (1 | ) | — |  | (1 | )
Discount and premium activity | — |  | (4 | ) | (4 | )
Long-term debt as of the end of third quarter 2012 | $ | 806 |  | $ | 8,257 |  | $ | 9,063 |
NOTE 7. Debt and Credit Agreements, continued For fair value information related to the Company's long-term debt, see Note 10, Fair Value Measurements. Debt Issuance During first quarter 2012, CSX issued $300 million of 4.4% notes due 2043. These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time. The net proceeds from the issuance were used primarily in connection with a $275 million contribution to the Company's qualified pension plan. Credit Facility CSX has a $1 billion unsecured, revolving credit facility backed by a diverse syndicate of banks. This facility expires in September 2016, and as of the date of this filing, the Company has no outstanding balances under this facility. The facility allows borrowings at floating (LIBOR-based) interest rates, plus a spread, depending upon CSX's senior unsecured debt ratings. LIBOR is the London Interbank Offered Rate which is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds. As of third quarter 2012, CSX was in compliance with all covenant requirements under this facility. Receivables Securitization Facility The Company's $250 million receivables securitization facility has a 364-day term and expires in June 2013. The Company's intention is to continue to renew this facility prior to its expiration. The purpose of this facility is to provide an alternative to commercial paper and a low cost source of short-term liquidity. As of the date of this filing, the Company has no outstanding balances under this facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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