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Summarized Consolidating Financial Data (Tables) | 12 Months Ended
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Dec. 26, 2014
Summarized Consolidating Financial Data [Abstract] |
Consolidating Income Statement | Consolidating Income Statements (Dollars in Millions)
Fiscal Year Ended December 2014 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | Consolidated
Revenue | $ | — |  |  | $ | 12,590 |  |  | $ | 79 |  |  | $ | 12,669 |
Expense | (427 | ) |  | 9,585 |  |  | (102 | ) |  | 9,056 |
Operating Income | 427 |  |  | 3,005 |  |  | 181 |  |  | 3,613 |
Equity in Earnings of Subsidiaries | 1,996 |  |  | 1 |  |  | (1,997 | ) |  | — |
Interest Expense | (520 | ) |  | (46 | ) |  | 21 |  |  | (545 | )
Other Income - Net | (19 | ) |  | (4 | ) |  | (1 | ) |  | (24 | )
Earnings Before Income Taxes | 1,884 |  |  | 2,956 |  |  | (1,796 | ) |  | 3,044 |
Income Tax Benefit (Expense) | 43 |  |  | (1,093 | ) |  | (67 | ) |  | (1,117 | )
Net Earnings | $ | 1,927 |  |  | $ | 1,863 |  |  | $ | (1,863 | ) |  | $ | 1,927 |
Total Comprehensive Earnings | $ | 1,784 |  |  | $ | 1,875 |  |  | $ | (1,875 | ) |  | $ | 1,784 |
Fiscal Year Ended December 2013 |
Revenue | $ | — |  |  | $ | 11,950 |  |  | $ | 76 |  |  | $ | 12,026 |
Expense | (371 | ) |  | 9,091 |  |  | (167 | ) |  | 8,553 |
Operating Income | 371 |  |  | 2,859 |  |  | 243 |  |  | 3,473 |
Equity in Earnings of Subsidiaries | 1,964 |  |  | (1 | ) |  | (1,963 | ) |  | — |
Interest Expense | (516 | ) |  | (62 | ) |  | 16 |  |  | (562 | )
Other Income - Net | (7 | ) |  | (2 | ) |  | 20 |  |  | 11 |
Earnings Before Income Taxes | 1,812 |  |  | 2,794 |  |  | (1,684 | ) |  | 2,922 |
Income Tax Benefit (Expense) | 52 |  |  | (1,028 | ) |  | (82 | ) |  | (1,058 | )
Net Earnings | $ | 1,864 |  |  | $ | 1,766 |  |  | $ | (1,766 | ) |  | $ | 1,864 |
Total Comprehensive Earnings | $ | 2,277 |  |  | $ | 1,825 |  |  | $ | (1,825 | ) |  | $ | 2,277 |
Fiscal Year Ended December 2012 |
Revenue | $ | — |  |  | $ | 11,696 |  |  | $ | 67 |  |  | $ | 11,763 |
Expense | (355 | ) |  | 8,779 |  |  | (125 | ) |  | 8,299 |
Operating Income | 355 |  |  | 2,917 |  |  | 192 |  |  | 3,464 |
Equity in Earnings of Subsidiaries | 1,992 |  |  | (2 | ) |  | (1,990 | ) |  | — |
Interest Expense | (513 | ) |  | (70 | ) |  | 17 |  |  | (566 | )
Other Income - Net | (3 | ) |  | 61 |  |  | 15 |  |  | 73 |
Earnings Before Income Taxes | 1,831 |  |  | 2,906 |  |  | (1,766 | ) |  | 2,971 |
Income Tax Benefit (Expense) | 32 |  |  | (1,065 | ) |  | (75 | ) |  | (1,108 | )
Net Earnings | $ | 1,863 |  |  | $ | 1,841 |  |  | $ | (1,841 | ) |  | $ | 1,863 |
Total Comprehensive Earnings | $ | 1,802 |  |  | $ | 1,818 |  |  | $ | (1,818 | ) |  | $ | 1,802 |
Consolidating Balance Sheets | Consolidating Balance Sheets (Dollars in Millions)
As of December 26, 2014 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 510 |  |  | $ | 100 |  |  | $ | 59 |  |  | $ | 669 |
Short-term Investments | 250 |  |  | — |  |  | 42 |  |  | 292 |
Accounts Receivable - Net | 2 |  |  | 206 |  |  | 921 |  |  | 1,129 |
Receivable from Affiliates | 1,211 |  |  | 2,418 |  |  | (3,629 | ) |  | — |
Materials and Supplies | — |  |  | 272 |  |  | 1 |  |  | 273 |
Deferred Income Taxes | 3 |  |  | 139 |  |  | (1 | ) |  | 141 |
Other Current Assets | — |  |  | 61 |  |  | 7 |  |  | 68 |
Total Current Assets | 1,976 |  |  | 3,196 |  |  | (2,600 | ) |  | 2,572 |
Properties | 1 |  |  | 36,888 |  |  | 2,454 |  |  | 39,343 |
Accumulated Depreciation | (1 | ) |  | (9,516 | ) |  | (1,242 | ) |  | (10,759 | )
Properties - Net | — |  |  | 27,372 |  |  | 1,212 |  |  | 28,584 |
Investments in Conrail | — |  |  | — |  |  | 779 |  |  | 779 |
Affiliates and Other Companies | (39 | ) |  | 644 |  |  | (28 | ) |  | 577 |
Investment in Consolidated Subsidiaries | 21,570 |  |  | — |  |  | (21,570 | ) |  | — |
Other Long-term Assets | 178 |  |  | 387 |  |  | (24 | ) |  | 541 |
Total Assets | $ | 23,685 |  |  | $ | 31,599 |  |  | $ | (22,231 | ) |  | $ | 33,053 |
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities: |  |  |  |  |  |  |
Accounts Payable | $ | 106 |  |  | $ | 707 |  |  | $ | 32 |  |  | $ | 845 |
Labor and Fringe Benefits Payable | 38 |  |  | 511 |  |  | 64 |  |  | 613 |
Payable to Affiliates | 3,053 |  |  | 514 |  |  | (3,567 | ) |  | — |
Casualty, Environmental and Other Reserves | — |  |  | 126 |  |  | 16 |  |  | 142 |
Current Maturities of Long-term Debt | 200 |  |  | 29 |  |  | (1 | ) |  | 228 |
Income and Other Taxes Payable | (150 | ) |  | 293 |  |  | 20 |  |  | 163 |
Other Current Liabilities | — |  |  | 111 |  |  | 5 |  |  | 116 |
Total Current Liabilities | 3,247 |  |  | 2,291 |  |  | (3,431 | ) |  | 2,107 |
Casualty, Environmental and Other Reserves | — |  |  | 213 |  |  | 63 |  |  | 276 |
Long-term Debt | 8,705 |  |  | 809 |  |  | — |  |  | 9,514 |
Deferred Income Taxes | (172 | ) |  | 8,827 |  |  | 203 |  |  | 8,858 |
Other Long-term Liabilities | 753 |  |  | 487 |  |  | (118 | ) |  | 1,122 |
Total Liabilities | 12,533 |  |  | 12,627 |  |  | (3,283 | ) |  | 21,877 |
Shareholders' Equity: |  |  |  |  |  |  |
Common Stock, $1 Par Value | 992 |  |  | 181 |  |  | (181 | ) |  | 992 |
Other Capital | 92 |  |  | 5,077 |  |  | (5,077 | ) |  | 92 |
Retained Earnings | 10,734 |  |  | 13,717 |  |  | (13,717 | ) |  | 10,734 |
Accumulated Other Comprehensive Loss | (666 | ) |  | (31 | ) |  | 31 |  |  | (666 | )
Noncontrolling Minority Interest | — |  |  | 28 |  |  | (4 | ) |  | 24 |
Total Shareholders' Equity | 11,152 |  |  | 18,972 |  |  | (18,948 | ) |  | 11,176 |
Total Liabilities and Shareholders' Equity | $ | 23,685 |  |  | $ | 31,599 |  |  | $ | (22,231 | ) |  | $ | 33,053 |
NOTE 16. Summarized Consolidating Financial Data, continued Consolidating Balance Sheets (Dollars in Millions)
As of December 27, 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)
Fiscal Year Ended December 2014 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | Consolidated
Operating Activities |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 583 |  |  | $ | 3,278 |  |  | $ | (518 | ) |  | $ | 3,343 |
Investing Activities |  |  |  |  |  |  |
Property Additions | — |  |  | (2,192 | ) |  | (257 | ) |  | (2,449 | )
Purchases of Short-term Investments | (1,419 | ) |  | — |  |  | (14 | ) |  | (1,433 | )
Proceeds from Sales of Short-term Investments | 1,642 |  |  | — |  |  | 32 |  |  | 1,674 |
Proceeds from Property Dispositions | — |  |  | 62 |  |  | — |  |  | 62 |
Other Investing Activities | — |  |  | (128 | ) |  | 91 |  |  | (37 | )
Net Cash Provided by (Used in) Investing Activities | 223 |  |  | (2,258 | ) |  | (148 | ) |  | (2,183 | )
Financing Activities |  |  |  |  |  |  |
Long-term Debt Issued | 1,000 |  |  | — |  |  | — |  |  | 1,000 |
Long-term Debt Repaid | (600 | ) |  | (333 | ) |  | — |  |  | (933 | )
Dividends Paid | (629 | ) |  | (660 | ) |  | 660 |  |  | (629 | )
Stock Options Exercised | — |  |  | — |  |  | — |  |  | — |
Shares Repurchased | (517 | ) |  | — |  |  | — |  |  | (517 | )
Other Financing Activities | 11 |  |  | (18 | ) |  | 3 |  |  | (4 | )
Net Cash Provided by (Used in) Financing Activities | (735 | ) |  | (1,011 | ) |  | 663 |  |  | (1,083 | )
Net Decrease in Cash and Cash Equivalents | 71 |  |  | 9 |  |  | (3 | ) |  | 77 |
Cash and Cash Equivalents at Beginning of Period | 439 |  |  | 91 |  |  | 62 |  |  | 592 |
Cash and Cash Equivalents at End of Period | $ | 510 |  |  | $ | 100 |  |  | $ | 59 |  |  | $ | 669 |
NOTE 16. Summarized Consolidating Financial Data, continued Consolidating Cash Flow Statements (Dollars in Millions)
Fiscal Year Ended December 2013 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | Consolidated
Operating Activities |  |  |  |  |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 1,004 |  |  | $ | 3,005 |  |  | $ | (742 | ) |  | $ | 3,267 |
Investing Activities |  |  |  |  |  |  |
Property Additions | — |  |  | (2,053 | ) |  | (260 | ) |  | (2,313 | )
Purchases of Short-term Investments | (1,251 | ) |  | — |  |  | (5 | ) |  | (1,256 | )
Proceeds from Sales of Short-term Investments | 1,335 |  |  | — |  |  | 66 |  |  | 1,401 |
Proceeds from Property Dispositions | — |  |  | 53 |  |  | — |  |  | 53 |
Other Investing Activities | (134 | ) |  | (315 | ) |  | 337 |  |  | (112 | )
Net Cash Provided by (Used in) Investing Activities | (50 | ) |  | (2,315 | ) |  | 138 |  |  | (2,227 | )
Financing Activities |  |  |  |  |  |  |
Long-term Debt Issued | 500 |  |  | — |  |  | — |  |  | 500 |
Long-term Debt Repaid | (700 | ) |  | (80 | ) |  | — |  |  | (780 | )
Dividends Paid | (600 | ) |  | (730 | ) |  | 730 |  |  | (600 | )
Stock Options Exercised | 9 |  |  | — |  |  | — |  |  | 9 |
Shares Repurchased | (353 | ) |  | — |  |  | — |  |  | (353 | )
Other Financing Activities | 148 |  |  | (24 | ) |  | (132 | ) |  | (8 | )
Net Cash Provided by (Used in) Financing Activities | (996 | ) |  | (834 | ) |  | 598 |  |  | (1,232 | )
Net (Decrease) Increase in Cash and Cash Equivalents | (42 | ) |  | (144 | ) |  | (6 | ) |  | (192 | )
Cash and Cash Equivalents at Beginning of Period | 481 |  |  | 235 |  |  | 68 |  |  | 784 |
Cash and Cash Equivalents at End of Period | $ | 439 |  |  | $ | 91 |  |  | $ | 62 |  |  | $ | 592 |
NOTE 16. Summarized Consolidating Financial Data, continued Consolidating Cash Flow Statements (Dollars in Millions)
Fiscal Year Ended December 2012 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | Consolidated
Operating Activities |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 579 |  |  | $ | 2,716 |  |  | $ | (349 | ) |  | $ | 2,946 |
Investing Activities |  |  |  |  |  |  |
Property Additions | — |  |  | (2,104 | ) |  | (237 | ) |  | (2,341 | )
Purchases of Short-term Investments | (605 | ) |  | — |  |  | (28 | ) |  | (633 | )
Proceeds from Sales of Short-term Investments | 525 |  |  | — |  |  | 56 |  |  | 581 |
Proceeds from Property Dispositions | — |  |  | 186 |  |  | — |  |  | 186 |
Other Investing Activities | (10 | ) |  | 102 |  |  | (162 | ) |  | (70 | )
Net Cash Provided by (Used in) Investing Activities | (90 | ) |  | (1,816 | ) |  | (371 | ) |  | (2,277 | )
Financing Activities |  |  |  |  |  |  |
Long-term Debt Issued | 1,100 |  |  | — |  |  | — |  |  | 1,100 |
Long-term Debt Repaid | (400 | ) |  | (106 | ) |  | (2 | ) |  | (508 | )
Dividends Paid | (558 | ) |  | (715 | ) |  | 715 |  |  | (558 | )
Stock Options Exercised | 14 |  |  | — |  |  | — |  |  | 14 |
Shares Repurchased | (734 | ) |  | — |  |  | — |  |  | (734 | )
Other Financing Activities | 21 |  |  | 2 |  |  | (5 | ) |  | 18 |
Net Cash Provided by (Used in) Financing Activities | (557 | ) |  | (819 | ) |  | 708 |  |  | (668 | )
Net (Decrease) Increase in Cash and Cash Equivalents | (68 | ) |  | 81 |  |  | (12 | ) |  | 1 |
Cash and Cash Equivalents at Beginning of Period | 549 |  |  | 154 |  |  | 80 |  |  | 783 |
Cash and Cash Equivalents at End of Period | $ | 481 |  |  | $ | 235 |  |  | $ | 68 |  |  | $ | 784 |

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