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Summarized Consolidating Financial Data (Tables) | 9 Months Ended
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Sep. 25, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
Third Quarter 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,920 |  | $ | 19 |  | $ | 2,939 |
Expense | (154 | ) | 2,182 |  | (22 | ) | 2,006 |
Operating Income | 154 |  | 738 |  | 41 |  | 933 |
Equity in Earnings of Subsidiaries | 496 |  | — |  | (496 | ) | — |
Interest (Expense) / Benefit | (134 | ) | (8 | ) | 6 |  | (136 | )
Other Income / (Expense) - Net | (1 | ) | 5 |  | (2 | ) | 2 |
Earnings Before Income Taxes | 515 |  | 735 |  | (451 | ) | 799 |
Income Tax Benefit / (Expense) | (8 | ) | (273 | ) | (11 | ) | (292 | )
Net Earnings | $ | 507 |  | $ | 462 |  | $ | (462 | ) | $ | 507 |
Total Comprehensive Earnings | $ | 518 |  | $ | 462 |  | $ | (462 | ) | $ | 518 |
Third Quarter 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 3,202 |  | $ | 19 |  | $ | 3,221 |
Expense | (113 | ) | 2,368 |  | (10 | ) | 2,245 |
Operating Income | 113 |  | 834 |  | 29 |  | 976 |
Equity in Earnings of Subsidiaries | 527 |  | 1 |  | (528 | ) | — |
Interest (Expense) / Benefit | (133 | ) | (11 | ) | 7 |  | (137 | )
Other Income / (Expense) - Net | (12 | ) | (9 | ) | (5 | ) | (26 | )
Earnings Before Income Taxes | 495 |  | 815 |  | (497 | ) | 813 |
Income Tax (Expense) / Benefit | 14 |  | (309 | ) | (9 | ) | (304 | )
Net Earnings | $ | 509 |  | $ | 506 |  | $ | (506 | ) | $ | 509 |
Total Comprehensive Earnings | $ | 518 |  | $ | 507 |  | $ | (507 | ) | $ | 518 |
Consolidating Income Statements
(Dollars in millions)
Nine Months Ended September 25, 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 8,972 |  | $ | 58 |  | $ | 9,030 |
Expense | (448 | ) | 6,765 |  | (80 | ) | 6,237 |
Operating Income | 448 |  | 2,207 |  | 138 |  | 2,793 |
Equity in Earnings of Subsidiaries | 1,482 |  | — |  | (1,482 | ) | — |
Interest (Expense) / Benefit | (399 | ) | (24 | ) | 19 |  | (404 | )
Other Income / (Expense) - Net | (4 | ) | 18 |  | (6 | ) | 8 |
Earnings Before Income Taxes | 1,527 |  | 2,201 |  | (1,331 | ) | 2,397 |
Income Tax (Expense) / Benefit | (25 | ) | (824 | ) | (46 | ) | (895 | )
Net Earnings | $ | 1,502 |  | $ | 1,377 |  | $ | (1,377 | ) | $ | 1,502 |
Total Comprehensive Earnings | $ | 1,523 |  | $ | 1,374 |  | $ | (1,374 | ) | $ | 1,523 |
Nine Months Ended September 26, 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 9,417 |  | $ | 60 |  | $ | 9,477 |
Expense | (321 | ) | 7,121 |  | (35 | ) | 6,765 |
Operating Income | 321 |  | 2,296 |  | 95 |  | 2,712 |
Equity in Earnings of Subsidiaries | 1,488 |  | 1 |  | (1,489 | ) | — |
Interest (Expense) / Benefit | (389 | ) | (39 | ) | 16 |  | (412 | )
Other Income / (Expense) - Net | (17 | ) | (13 | ) | (1 | ) | (31 | )
Earnings Before Income Taxes | 1,403 |  | 2,245 |  | (1,379 | ) | 2,269 |
Income Tax (Expense) / Benefit | 33 |  | (831 | ) | (35 | ) | (833 | )
Net Earnings | $ | 1,436 |  | $ | 1,414 |  | $ | (1,414 | ) | $ | 1,436 |
Total Comprehensive Earnings | $ | 1,476 |  | $ | 1,422 |  | $ | (1,422 | ) | $ | 1,476 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
As of September 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 311 |  | $ | 168 |  | $ | 62 |  | $ | 541 |
Short-term Investments | 425 |  | — |  | — |  | 425 |
Accounts Receivable - Net | 2 |  | 178 |  | 823 |  | 1,003 |
Receivable from Affiliates | 1,224 |  | 2,304 |  | (3,528 | ) | — |
Materials and Supplies | — |  | 309 |  | — |  | 309 |
Deferred Income Taxes | 10 |  | 128 |  | (1 | ) | 137 |
Other Current Assets | 4 |  | 70 |  | 13 |  | 87 |
Total Current Assets | 1,976 |  | 3,157 |  | (2,631 | ) | 2,502 |
Properties | 1 |  | 38,278 |  | 2,564 |  | 40,843 |
Accumulated Depreciation | (1 | ) | (9,861 | ) | (1,344 | ) | (11,206 | )
Properties - Net | — |  | 28,417 |  | 1,220 |  | 29,637 |
Investments in Conrail | — |  | — |  | 793 |  | 793 |
Affiliates and Other Companies | (39 | ) | 650 |  | (28 | ) | 583 |
Investments in Consolidated Subsidiaries | 22,467 |  | — |  | (22,467 | ) | — |
Other Long-term Assets | 173 |  | 398 |  | (71 | ) | 500 |
Total Assets | $ | 24,577 |  | $ | 32,622 |  | $ | (23,184 | ) | $ | 34,015 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 145 |  | $ | 667 |  | $ | 30 |  | $ | 842 |
Labor and Fringe Benefits Payable | 35 |  | 374 |  | 38 |  | 447 |
Payable to Affiliates | 3,184 |  | 483 |  | (3,667 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 130 |  | 16 |  | 146 |
Current Maturities of Long-term Debt | — |  | 18 |  | — |  | 18 |
Income and Other Taxes Payable | (320 | ) | 581 |  | 21 |  | 282 |
Other Current Liabilities | — |  | 185 |  | 2 |  | 187 |
Total Current Liabilities | 3,044 |  | 2,438 |  | (3,560 | ) | 1,922 |
Casualty, Environmental and Other Reserves | — |  | 216 |  | 54 |  | 270 |
Long-term Debt | 9,302 |  | 786 |  | — |  | 10,088 |
Deferred Income Taxes | (159 | ) | 8,901 |  | 215 |  | 8,957 |
Other Long-term Liabilities | 745 |  | 493 |  | (120 | ) | 1,118 |
Total Liabilities | $ | 12,932 |  | $ | 12,834 |  | $ | (3,411 | ) | $ | 22,355 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 975 |  | $ | 181 |  | $ | (181 | ) | $ | 975 |
Other Capital | 120 |  | 5,090 |  | (5,090 | ) | 120 |
Retained Earnings | 11,195 |  | 14,532 |  | (14,532 | ) | 11,195 |
Accumulated Other Comprehensive Loss | (645 | ) | (34 | ) | 34 |  | (645 | )
Noncontrolling Interest | — |  | 19 |  | (4 | ) | 15 |
Total Shareholders' Equity | $ | 11,645 |  | $ | 19,788 |  | $ | (19,773 | ) | $ | 11,660 |
Total Liabilities and Shareholders' Equity | $ | 24,577 |  | $ | 32,622 |  | $ | (23,184 | ) | $ | 34,015 |
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)
Nine months ended September 25, 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 637 |  | $ | 2,313 |  | $ | (438 | ) | $ | 2,512 |
Investing Activities |  |  |  |
Property Additions | — |  | (1,794 | ) | (115 | ) | (1,909 | )
Purchases of Short-term Investments | (1,170 | ) | — |  | — |  | (1,170 | )
Proceeds from Sales of Short-term Investments | 995 |  | — |  | 45 |  | 1,040 |
Proceeds from Property Dispositions | — |  | 46 |  | — |  | 46 |
Other Investing Activities | (11 | ) | 93 |  | (40 | ) | 42 |
Net Cash Provided by (Used in) Investing Activities | (186 | ) | (1,655 | ) | (110 | ) | (1,951 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 600 |  | — |  | — |  | 600 |
Long-term Debt Repaid | (200 | ) | (28 | ) | — |  | (228 | )
Dividends Paid | (512 | ) | (563 | ) | 563 |  | (512 | )
Shares Repurchased | (546 | ) | — |  | — |  | (546 | )
Other Financing Activities | 8 |  | 1 |  | (12 | ) | (3 | )
Net Cash Provided by (Used in) Financing Activities | (650 | ) | (590 | ) | 551 |  | (689 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (199 | ) | 68 |  | 3 |  | (128 | )
Cash and Cash Equivalents at Beginning of Period | 510 |  | 100 |  | 59 |  | 669 |
Cash and Cash Equivalents at End of Period | $ | 311 |  | $ | 168 |  | $ | 62 |  | $ | 541 |
NOTE 11. Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Nine months ended September 26, 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 397 |  | $ | 2,301 |  | $ | (396 | ) | $ | 2,302 |
Investing Activities |  |  |  |
Property Additions | — |  | (1,398 | ) | (159 | ) | (1,557 | )
Purchases of Short-term Investments | (1,170 | ) | — |  | — |  | (1,170 | )
Proceeds from Sales of Short-term Investments | 1,077 |  | — |  | 25 |  | 1,102 |
Proceeds from Property Dispositions | — |  | 57 |  | — |  | 57 |
Other Investing Activities | — |  | (147 | ) | 95 |  | (52 | )
Net Cash Provided by (Used in) Investing Activities | (93 | ) | (1,488 | ) | (39 | ) | (1,620 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 1,000 |  | — |  | — |  | 1,000 |
Long-term Debt Repaid | (600 | ) | (332 | ) | — |  | (932 | )
Dividends Paid | (470 | ) | (428 | ) | 428 |  | (470 | )
Shares Repurchased | (388 | ) | — |  | — |  | (388 | )
Other Financing Activities | 10 |  | (16 | ) | 1 |  | (5 | )
Net Cash Provided by (Used in) Financing Activities | (448 | ) | (776 | ) | 429 |  | (795 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (144 | ) | 37 |  | (6 | ) | (113 | )
Cash and Cash Equivalents at Beginning of Period | 439 |  | 91 |  | 62 |  | 592 |
Cash and Cash Equivalents at End of Period | $ | 295 |  | $ | 128 |  | $ | 56 |  | $ | 479 |

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