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Summarized Consolidating Financial Data (Tables) | 6 Months Ended
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Jun. 26, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
Second Quarter 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 3,045 |  | $ | 19 |  | $ | 3,064 |
Expense | (146 | ) | 2,239 |  | (46 | ) | 2,047 |
Operating Income | 146 |  | 806 |  | 65 |  | 1,017 |
Equity in Earnings of Subsidiaries | 546 |  | — |  | (546 | ) | — |
Interest (Expense) / Benefit | (132 | ) | (9 | ) | 7 |  | (134 | )
Other Income / (Expense) - Net | (2 | ) | 7 |  | (1 | ) | 4 |
Earnings Before Income Taxes | 558 |  | 804 |  | (475 | ) | 887 |
Income Tax Benefit / (Expense) | (5 | ) | (305 | ) | (24 | ) | (334 | )
Net Earnings | $ | 553 |  | $ | 499 |  | $ | (499 | ) | $ | 553 |
Total Comprehensive Earnings | $ | 565 |  | $ | 499 |  | $ | (499 | ) | $ | 565 |
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 (Expense) / Benefit | 8 |  | (318 | ) | (11 | ) | (321 | )
Net Earnings | $ | 529 |  | $ | 521 |  | $ | (521 | ) | $ | 529 |
Total Comprehensive Earnings | $ | 544 |  | $ | 522 |  | $ | (522 | ) | $ | 544 |
Consolidating Income Statements
(Dollars in millions)
Six Months Ended June 26, 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 6,052 |  | $ | 39 |  | $ | 6,091 |
Expense | (294 | ) | 4,583 |  | (58 | ) | 4,231 |
Operating Income | 294 |  | 1,469 |  | 97 |  | 1,860 |
Equity in Earnings of Subsidiaries | 986 |  | — |  | (986 | ) | — |
Interest (Expense) / Benefit | (265 | ) | (16 | ) | 13 |  | (268 | )
Other Income / (Expense) - Net | (3 | ) | 13 |  | (4 | ) | 6 |
Earnings Before Income Taxes | 1,012 |  | 1,466 |  | (880 | ) | 1,598 |
Income Tax (Expense) / Benefit | (17 | ) | (551 | ) | (35 | ) | (603 | )
Net Earnings | $ | 995 |  | $ | 915 |  | $ | (915 | ) | $ | 995 |
Total Comprehensive Earnings | $ | 1,005 |  | $ | 912 |  | $ | (912 | ) | $ | 1,005 |
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 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
As of June 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 233 |  | $ | 144 |  | $ | 61 |  | $ | 438 |
Short-term Investments | 670 |  | — |  | 10 |  | 680 |
Accounts Receivable - Net | 2 |  | 175 |  | 845 |  | 1,022 |
Receivable from Affiliates | 1,194 |  | 2,324 |  | (3,518 | ) | — |
Materials and Supplies | — |  | 295 |  | — |  | 295 |
Deferred Income Taxes | 4 |  | 129 |  | (1 | ) | 132 |
Other Current Assets | 5 |  | 84 |  | 13 |  | 102 |
Total Current Assets | 2,108 |  | 3,151 |  | (2,590 | ) | 2,669 |
Properties | 1 |  | 37,787 |  | 2,525 |  | 40,313 |
Accumulated Depreciation | (1 | ) | (9,752 | ) | (1,310 | ) | (11,063 | )
Properties - Net | — |  | 28,035 |  | 1,215 |  | 29,250 |
Investments in Conrail | — |  | — |  | 787 |  | 787 |
Affiliates and Other Companies | (39 | ) | 646 |  | (28 | ) | 579 |
Investments in Consolidated Subsidiaries | 22,157 |  | — |  | (22,157 | ) | — |
Other Long-term Assets | 174 |  | 399 |  | (81 | ) | 492 |
Total Assets | $ | 24,400 |  | $ | 32,231 |  | $ | (22,854 | ) | $ | 33,777 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 108 |  | $ | 638 |  | $ | 26 |  | $ | 772 |
Labor and Fringe Benefits Payable | 34 |  | 411 |  | 35 |  | 480 |
Payable to Affiliates | 3,125 |  | 495 |  | (3,620 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 131 |  | 15 |  | 146 |
Current Maturities of Long-term Debt | — |  | 18 |  | — |  | 18 |
Income and Other Taxes Payable | (320 | ) | 535 |  | 28 |  | 243 |
Other Current Liabilities | — |  | 108 |  | 11 |  | 119 |
Total Current Liabilities | 2,947 |  | 2,336 |  | (3,505 | ) | 1,778 |
Casualty, Environmental and Other Reserves | — |  | 224 |  | 56 |  | 280 |
Long-term Debt | 9,301 |  | 806 |  | — |  | 10,107 |
Deferred Income Taxes | (164 | ) | 8,852 |  | 209 |  | 8,897 |
Other Long-term Liabilities | 753 |  | 502 |  | (117 | ) | 1,138 |
Total Liabilities | $ | 12,837 |  | $ | 12,720 |  | $ | (3,357 | ) | $ | 22,200 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 984 |  | $ | 181 |  | $ | (181 | ) | $ | 984 |
Other Capital | 118 |  | 5,089 |  | (5,089 | ) | 118 |
Retained Earnings | 11,117 |  | 14,257 |  | (14,257 | ) | 11,117 |
Accumulated Other Comprehensive Loss | (656 | ) | (34 | ) | 34 |  | (656 | )
Noncontrolling Interest | — |  | 18 |  | (4 | ) | 14 |
Total Shareholders' Equity | $ | 11,563 |  | $ | 19,511 |  | $ | (19,497 | ) | $ | 11,577 |
Total Liabilities and Shareholders' Equity | $ | 24,400 |  | $ | 32,231 |  | $ | (22,854 | ) | $ | 33,777 |
Consolidating Balance Sheet (Dollars in millions)
As of December 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 |
Consolidating Cash Flow Statements |
Consolidating Cash Flow Statements
(Dollars in millions)
Six months ended June 26, 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 367 |  | $ | 1,530 |  | $ | (315 | ) | $ | 1,582 |
Investing Activities |  |  |  |
Property Additions | — |  | (1,215 | ) | (73 | ) | (1,288 | )
Purchases of Short-term Investments | (775 | ) | — |  | — |  | (775 | )
Proceeds from Sales of Short-term Investments | 355 |  | — |  | 35 |  | 390 |
Proceeds from Property Dispositions | — |  | 46 |  | 1 |  | 47 |
Other Investing Activities | (11 | ) | 72 |  | (9 | ) | 52 |
Net Cash Provided by (Used in) Investing Activities | (431 | ) | (1,097 | ) | (46 | ) | (1,574 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 600 |  | — |  | — |  | 600 |
Long-term Debt Repaid | (200 | ) | (10 | ) | — |  | (210 | )
Dividends Paid | (336 | ) | (375 | ) | 375 |  | (336 | )
Shares Repurchased | (284 | ) | — |  | — |  | (284 | )
Other Financing Activities | 7 |  | (4 | ) | (12 | ) | (9 | )
Net Cash Provided by (Used in) Financing Activities | (213 | ) | (389 | ) | 363 |  | (239 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (277 | ) | 44 |  | 2 |  | (231 | )
Cash and Cash Equivalents at Beginning of Period | 510 |  | 100 |  | 59 |  | 669 |
Cash and Cash Equivalents at End of Period | $ | 233 |  | $ | 144 |  | $ | 61 |  | $ | 438 |
NOTE 11. Summarized Consolidating Financial Data, continued
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 |
Proceeds from Property Dispositions | — |  | 37 |  | — |  | 37 |
Other Investing Activities | — |  | (95 | ) | 78 |  | (17 | )
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 |

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