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Summarized Consolidating Financial Data (Tables) | 6 Months Ended
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Jun. 27, 2014
Summarized Consolidating Financial Data [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
Second Quarter 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 3,223 |  | $ | 21 |  | $ | 3,244 |
Expense | (105 | ) | 2,360 |  | (8 | ) | 2,247 |
Operating Income | 105 |  | 863 |  | 29 |  | 997 |
Equity in Earnings of Subsidiaries | 545 |  | — |  | (545 | ) | — |
Interest (Expense) / Benefit | (126 | ) | (14 | ) | 5 |  | (135 | )
Other Income / (Expense) - Net | (3 | ) | (10 | ) | 1 |  | (12 | )
Earnings Before Income Taxes | 521 |  | 839 |  | (510 | ) | 850 |
Income Tax Benefit / (Expense) | 8 |  | (318 | ) | (11 | ) | (321 | )
Net Earnings | $ | 529 |  | $ | 521 |  | $ | (521 | ) | $ | 529 |
Total Comprehensive Earnings | $ | 544 |  | $ | 522 |  | $ | (522 | ) | $ | 544 |
Second Quarter 2013 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 3,027 |  | $ | 19 |  | $ | 3,046 |
Expense | (92 | ) | 2,213 |  | (15 | ) | 2,106 |
Operating Income | 92 |  | 814 |  | 34 |  | 940 |
Equity in Earnings of Subsidiaries | 536 |  | — |  | (536 | ) | — |
Interest (Expense) / Benefit | (128 | ) | (15 | ) | 3 |  | (140 | )
Other Income / (Expense) - Net | (2 | ) | (3 | ) | 14 |  | 9 |
Earnings Before Income Taxes | 498 |  | 796 |  | (485 | ) | 809 |
Income Tax (Expense) / Benefit | 23 |  | (294 | ) | (17 | ) | (288 | )
Net Earnings | $ | 521 |  | $ | 502 |  | $ | (502 | ) | $ | 521 |
Total Comprehensive Earnings | $ | 538 |  | $ | 504 |  | $ | (504 | ) | $ | 538 |
Consolidating Income Statements
(Dollars in millions)
Six Months Ended June 27, 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 6,215 |  | $ | 41 |  | $ | 6,256 |
Expense | (208 | ) | 4,753 |  | (25 | ) | 4,520 |
Operating Income | 208 |  | 1,462 |  | 66 |  | 1,736 |
Equity in Earnings of Subsidiaries | 961 |  | — |  | (961 | ) | — |
Interest (Expense) / Benefit | (256 | ) | (28 | ) | 9 |  | (275 | )
Other Income / (Expense) - Net | (5 | ) | (4 | ) | 4 |  | (5 | )
Earnings Before Income Taxes | 908 |  | 1,430 |  | (882 | ) | 1,456 |
Income Tax (Expense) / Benefit | 19 |  | (522 | ) | (26 | ) | (529 | )
Net Earnings | $ | 927 |  | $ | 908 |  | $ | (908 | ) | $ | 927 |
Total Comprehensive Earnings | $ | 958 |  | $ | 915 |  | $ | (915 | ) | $ | 958 |
Six Months Ended June 28, 2013 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 5,973 |  | $ | 36 |  | $ | 6,009 |
Expense | (185 | ) | 4,430 |  | (56 | ) | 4,189 |
Operating Income | 185 |  | 1,543 |  | 92 |  | 1,820 |
Equity in Earnings of Subsidiaries | 1,025 |  | (1 | ) | (1,024 | ) | — |
Interest (Expense) / Benefit | (262 | ) | (32 | ) | 7 |  | (287 | )
Other Income / (Expense) - Net | (3 | ) | (1 | ) | 10 |  | 6 |
Earnings Before Income Taxes | 945 |  | 1,509 |  | (915 | ) | 1,539 |
Income Tax (Expense) / Benefit | 38 |  | (558 | ) | (36 | ) | (556 | )
Net Earnings | $ | 983 |  | $ | 951 |  | $ | (951 | ) | $ | 983 |
Total Comprehensive Earnings | $ | 1,017 |  | $ | 953 |  | $ | (953 | ) | $ | 1,017 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
As of June 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 407 |  | $ | 103 |  | $ | 63 |  | $ | 573 |
Short-term Investments | 195 |  | — |  | 21 |  | 216 |
Accounts Receivable - Net | 5 |  | 168 |  | 889 |  | 1,062 |
Receivable from Affiliates | 1,160 |  | 2,633 |  | (3,793 | ) | — |
Materials and Supplies | — |  | 275 |  | — |  | 275 |
Deferred Income Taxes | (8 | ) | 132 |  | (1 | ) | 123 |
Other Current Assets | 24 |  | 88 |  | 11 |  | 123 |
Total Current Assets | 1,783 |  | 3,399 |  | (2,810 | ) | 2,372 |
Properties | 1 |  | 35,724 |  | 2,285 |  | 38,010 |
Accumulated Depreciation | (1 | ) | (9,148 | ) | (1,176 | ) | (10,325 | )
Properties - Net | — |  | 26,576 |  | 1,109 |  | 27,685 |
Investments in Conrail | — |  | — |  | 768 |  | 768 |
Affiliates and Other Companies | (39 | ) | 629 |  | (27 | ) | 563 |
Investments in Consolidated Subsidiaries | 20,914 |  | — |  | (20,914 | ) | — |
Other Long-term Assets | 214 |  | 389 |  | (16 | ) | 587 |
Total Assets | $ | 22,872 |  | $ | 30,993 |  | $ | (21,890 | ) | $ | 31,975 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 102 |  | $ | 769 |  | $ | 29 |  | $ | 900 |
Labor and Fringe Benefits Payable | 34 |  | 417 |  | 39 |  | 490 |
Payable to Affiliates | 3,317 |  | 443 |  | (3,760 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 136 |  | 15 |  | 151 |
Current Maturities of Long-term Debt | 600 |  | 299 |  | — |  | 899 |
Income and Other Taxes Payable | (178 | ) | 400 |  | 7 |  | 229 |
Other Current Liabilities | — |  | 118 |  | 10 |  | 128 |
Total Current Liabilities | 3,875 |  | 2,582 |  | (3,660 | ) | 2,797 |
Casualty, Environmental and Other Reserves | — |  | 222 |  | 67 |  | 289 |
Long-term Debt | 7,709 |  | 701 |  | — |  | 8,410 |
Deferred Income Taxes | (66 | ) | 8,603 |  | 191 |  | 8,728 |
Other Long-term Liabilities | 472 |  | 500 |  | (125 | ) | 847 |
Total Liabilities | $ | 11,990 |  | $ | 12,608 |  | $ | (3,527 | ) | $ | 21,071 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 1,000 |  | $ | 181 |  | $ | (181 | ) | $ | 1,000 |
Other Capital | 70 |  | 5,077 |  | (5,077 | ) | 70 |
Retained Earnings | 10,304 |  | 13,137 |  | (13,137 | ) | 10,304 |
Accumulated Other Comprehensive Loss | (492 | ) | (36 | ) | 36 |  | (492 | )
Noncontrolling Interest | — |  | 26 |  | (4 | ) | 22 |
Total Shareholders' Equity | $ | 10,882 |  | $ | 18,385 |  | $ | (18,363 | ) | $ | 10,904 |
Total Liabilities and Shareholders' Equity | $ | 22,872 |  | $ | 30,993 |  | $ | (21,890 | ) | $ | 31,975 |
Consolidating Balance Sheet (Dollars in millions)
As of December 2013 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 439 |  | $ | 91 |  | $ | 62 |  | $ | 592 |
Short-term Investments | 472 |  | — |  | 15 |  | 487 |
Accounts Receivable - Net | 3 |  | 240 |  | 809 |  | 1,052 |
Receivable from Affiliates | 1,141 |  | 2,635 |  | (3,776 | ) | — |
Materials and Supplies | — |  | 252 |  | — |  | 252 |
Deferred Income Taxes | (5 | ) | 161 |  | (1 | ) | 155 |
Other Current Assets | 1 |  | 57 |  | 6 |  | 64 |
Total Current Assets | 2,051 |  | 3,436 |  | (2,885 | ) | 2,602 |
Properties | 1 |  | 34,987 |  | 2,196 |  | 37,184 |
Accumulated Depreciation | (1 | ) | (8,778 | ) | (1,114 | ) | (9,893 | )
Properties - Net | — |  | 26,209 |  | 1,082 |  | 27,291 |
Investments in Conrail | — |  | — |  | 752 |  | 752 |
Affiliates and Other Companies | (39 | ) | 612 |  | (27 | ) | 546 |
Investment in Consolidated Subsidiaries | 20,226 |  | — |  | (20,226 | ) | — |
Other Long-term Assets | 217 |  | 388 |  | (14 | ) | 591 |
Total Assets | $ | 22,455 |  | $ | 30,645 |  | $ | (21,318 | ) | $ | 31,782 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 110 |  | $ | 809 |  | $ | 38 |  | $ | 957 |
Labor and Fringe Benefits Payable | 38 |  | 491 |  | 58 |  | 587 |
Payable to Affiliates | 3,298 |  | 535 |  | (3,833 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 136 |  | 15 |  | 151 |
Current Maturities of Long-term Debt | 200 |  | 333 |  | — |  | 533 |
Income and Other Taxes Payable | (397 | ) | 479 |  | 9 |  | 91 |
Other Current Liabilities | — |  | 103 |  | 2 |  | 105 |
Total Current Liabilities | 3,249 |  | 2,886 |  | (3,711 | ) | 2,424 |
Casualty, Environmental and Other Reserves | — |  | 231 |  | 69 |  | 300 |
Long-term Debt | 8,308 |  | 714 |  | — |  | 9,022 |
Deferred Income Taxes | (64 | ) | 8,548 |  | 178 |  | 8,662 |
Other Long-term Liabilities | 479 |  | 512 |  | (121 | ) | 870 |
Total Liabilities | $ | 11,972 |  | $ | 12,891 |  | $ | (3,585 | ) | $ | 21,278 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 1,009 |  | $ | 181 |  | $ | (181 | ) | $ | 1,009 |
Other Capital | 61 |  | 5,077 |  | (5,077 | ) | 61 |
Retained Earnings | 9,936 |  | 12,514 |  | (12,514 | ) | 9,936 |
Accumulated Other Comprehensive Loss | (523 | ) | (43 | ) | 43 |  | (523 | )
Noncontrolling Minority Interest | — |  | 25 |  | (4 | ) | 21 |
Total Shareholders' Equity | $ | 10,483 |  | $ | 17,754 |  | $ | (17,733 | ) | $ | 10,504 |
Total Liabilities and Shareholders' Equity | $ | 22,455 |  | $ | 30,645 |  | $ | (21,318 | ) | $ | 31,782 |
Consolidating Cash Flow Statements |
Consolidating Cash Flow Statements
(Dollars in millions)
Six months ended June 27, 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 453 |  | $ | 1,276 |  | $ | (284 | ) | $ | 1,445 |
Investing Activities |  |  |  |
Property Additions | — |  | (867 | ) | (89 | ) | (956 | )
Purchases of Short-term Investments | (360 | ) | — |  | — |  | (360 | )
Proceeds from Sales of Short-term Investments | 637 |  | — |  | 9 |  | 646 |
Other Investing Activities | — |  | (58 | ) | 78 |  | 20 |
Net Cash Provided by (Used in) Investing Activities | 277 |  | (925 | ) | (2 | ) | (650 | )
Financing Activities |  |  |  |
Long-term Debt Repaid | (200 | ) | (44 | ) | — |  | (244 | )
Dividends Paid | (311 | ) | (285 | ) | 285 |  | (311 | )
Shares Repurchased | (257 | ) | — |  | — |  | (257 | )
Other Financing Activities | 6 |  | (10 | ) | 2 |  | (2 | )
Net Cash Provided by (Used in) Financing Activities | (762 | ) | (339 | ) | 287 |  | (814 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (32 | ) | 12 |  | 1 |  | (19 | )
Cash and Cash Equivalents at Beginning of Period | 439 |  | 91 |  | 62 |  | 592 |
Cash and Cash Equivalents at End of Period | $ | 407 |  | $ | 103 |  | $ | 63 |  | $ | 573 |
NOTE 11. Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Six months ended June 28, 2013 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 582 |  | $ | 1,319 |  | $ | (322 | ) | $ | 1,579 |
Investing Activities |  |  |  |
Property Additions | — |  | (988 | ) | (97 | ) | (1,085 | )
Purchases of Short-term Investments | (685 | ) | — |  | (5 | ) | (690 | )
Proceeds from Sales of Short-term Investments | 840 |  | — |  | 64 |  | 904 |
Other Investing Activities | (2 | ) | (35 | ) | (13 | ) | (50 | )
Net Cash Provided by (Used in) Investing Activities | 153 |  | (1,023 | ) | (51 | ) | (921 | )
Financing Activities |  |  |  |
Long-term Debt Repaid | (400 | ) | (55 | ) | — |  | (455 | )
Dividends Paid | (296 | ) | (365 | ) | 365 |  | (296 | )
Stock Options Exercised | 9 |  | — |  | — |  | 9 |
Shares Repurchased | (95 | ) | — |  | — |  | (95 | )
Other Financing Activities | 7 |  | 4 |  | (2 | ) | 9 |
Net Cash Provided by (Used in) Financing Activities | (775 | ) | (416 | ) | 363 |  | (828 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (40 | ) | (120 | ) | (10 | ) | (170 | )
Cash and Cash Equivalents at Beginning of Period | 481 |  | 235 |  | 68 |  | 784 |
Cash and Cash Equivalents at End of Period | $ | 441 |  | $ | 115 |  | $ | 58 |  | $ | 614 |

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