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Summarized Consolidating Financial Data | 12 Months Ended
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Dec. 25, 2015
Summarized Consolidating Financial Data [Abstract] |
Summarized Consolidating Financial Data | Summarized Consolidating Financial Data In 2007, CSXT, a wholly-owned subsidiary of CSX Corporation, sold secured equipment notes maturing in 2023 in a registered public offering. CSX has fully and unconditionally guaranteed the notes. In connection with the notes, the Company is providing the following condensed consolidating financial information in accordance with SEC disclosure requirements. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation and the allocation of certain expenses of CSX incurred for the benefit of its subsidiaries. Condensed consolidating financial information for the obligor, CSXT, and parent guarantor, CSX, is shown in the tables below. NOTE 16. Summarized Consolidating Financial Data, continued Consolidating Income Statements (Dollars in Millions)
Fiscal Year Ended December 2015 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX Consolidated
Revenue | $ | — |  |  | $ | 11,733 |  |  | $ | 78 |  |  | $ | 11,811 |
Expense | (589 | ) |  | 8,922 |  |  | (106 | ) |  | 8,227 |
Operating Income | 589 |  |  | 2,811 |  |  | 184 |  |  | 3,584 |
Equity in Earnings of Subsidiaries | 1,949 |  |  | — |  |  | (1,949 | ) |  | — |
Interest Expense | (539 | ) |  | (33 | ) |  | 28 |  |  | (544 | )
Other Income - Net | (4 | ) |  | 111 |  |  | (9 | ) |  | 98 |
Earnings Before Income Taxes | 1,995 |  |  | 2,889 |  |  | (1,746 | ) |  | 3,138 |
Income Tax Expense | (27 | ) |  | (1,083 | ) |  | (60 | ) |  | (1,170 | )
Net Earnings | $ | 1,968 |  |  | $ | 1,806 |  |  | $ | (1,806 | ) |  | $ | 1,968 |
Total Comprehensive Earnings | $ | 1,969 |  |  | $ | 1,806 |  |  | $ | (1,806 | ) |  | $ | 1,969 |
Fiscal Year Ended December 2014 |  |  |  |  |  |  |
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 |
NOTE 16. Summarized Consolidating Financial Data, continued Consolidating Balance Sheets (Dollars in Millions)
As of December 25, 2015 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX Consolidated
ASSETS |
Current Assets: |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 444 |  |  | $ | 175 |  |  | $ | 9 |  |  | $ | 628 |
Short-term Investments | 810 |  |  | — |  |  | — |  |  | 810 |
Accounts Receivable - Net | 1 |  |  | 198 |  |  | 783 |  |  | 982 |
Receivable from Affiliates | 1,092 |  |  | 2,038 |  |  | (3,130 | ) |  | — |
Materials and Supplies | — |  |  | 350 |  |  | — |  |  | 350 |
Deferred Income Taxes | 10 |  |  | 117 |  |  | (1 | ) |  | 126 |
Other Current Assets | (59 | ) |  | 120 |  |  | 9 |  |  | 70 |
Total Current Assets | 2,298 |  |  | 2,998 |  |  | (2,330 | ) |  | 2,966 |
Properties | 1 |  |  | 38,964 |  |  | 2,609 |  |  | 41,574 |
Accumulated Depreciation | (1 | ) |  | (10,016 | ) |  | (1,383 | ) |  | (11,400 | )
Properties - Net | — |  |  | 28,948 |  |  | 1,226 |  |  | 30,174 |
Investments in Conrail | — |  |  | — |  |  | 803 |  |  | 803 |
Affiliates and Other Companies | (39 | ) |  | 658 |  |  | (28 | ) |  | 591 |
Investment in Consolidated Subsidiaries | 22,755 |  |  | — |  |  | (22,755 | ) |  | — |
Other Long-term Assets | 176 |  |  | 399 |  |  | (70 | ) |  | 505 |
Total Assets | $ | 25,190 |  |  | $ | 33,003 |  |  | $ | (23,154 | ) |  | $ | 35,039 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
Current Liabilities: |  |  |  |  |  |  |
Accounts Payable | $ | 108 |  |  | $ | 626 |  |  | $ | 30 |  |  | $ | 764 |
Labor and Fringe Benefits Payable | 36 |  |  | 407 |  |  | 47 |  |  | 490 |
Payable to Affiliates | 2,954 |  |  | 437 |  |  | (3,391 | ) |  | — |
Casualty, Environmental and Other Reserves | — |  |  | 115 |  |  | 16 |  |  | 131 |
Current Maturities of Long-term Debt | 1 |  |  | 19 |  |  | — |  |  | 20 |
Income and Other Taxes Payable | (87 | ) |  | 183 |  |  | 12 |  |  | 108 |
Other Current Liabilities | — |  |  | 437 |  |  | 2 |  |  | 439 |
Total Current Liabilities | 3,012 |  |  | 2,224 |  |  | (3,284 | ) |  | 1,952 |
Casualty, Environmental and Other Reserves | — |  |  | 219 |  |  | 50 |  |  | 269 |
Long-term Debt | 9,900 |  |  | 783 |  |  | — |  |  | 10,683 |
Deferred Income Taxes | (178 | ) |  | 9,258 |  |  | 225 |  |  | 9,305 |
Other Long-term Liabilities | 804 |  |  | 484 |  |  | (126 | ) |  | 1,162 |
Total Liabilities | 13,538 |  |  | 12,968 |  |  | (3,135 | ) |  | 23,371 |
Shareholders' Equity: |  |  |  |  |  |  |
Common Stock, $1 Par Value | 966 |  |  | 181 |  |  | (181 | ) |  | 966 |
Other Capital | 113 |  |  | 5,091 |  |  | (5,091 | ) |  | 113 |
Retained Earnings | 11,238 |  |  | 14,774 |  |  | (14,774 | ) |  | 11,238 |
Accumulated Other Comprehensive Loss | (665 | ) |  | (31 | ) |  | 31 |  |  | (665 | )
Noncontrolling Minority Interest | — |  |  | 20 |  |  | (4 | ) |  | 16 |
Total Shareholders' Equity | 11,652 |  |  | 20,035 |  |  | (20,019 | ) |  | 11,668 |
Total Liabilities and Shareholders' Equity | $ | 25,190 |  |  | $ | 33,003 |  |  | $ | (23,154 | ) |  | $ | 35,039 |
NOTE 16. Summarized Consolidating Financial Data, continued Consolidating Balance Sheets (Dollars in Millions)
As of December 26, 2014 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX 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 Cash Flow Statements (Dollars in Millions)
Fiscal Year Ended December 2015 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX Consolidated
Operating Activities |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 983 |  |  | $ | 2,974 |  |  | $ | (587 | ) |  | $ | 3,370 |
Investing Activities |  |  |  |  |  |  |
Property Additions | — |  |  | (2,400 | ) |  | (162 | ) |  | (2,562 | )
Purchases of Short-term Investments | (1,734 | ) |  | — |  |  | (5 | ) |  | (1,739 | )
Proceeds from Sales of Short-term Investments | 1,175 |  |  | — |  |  | 50 |  |  | 1,225 |
Proceeds from Property Dispositions | — |  |  | 147 |  |  | — |  |  | 147 |
Other Investing Activities | (10 | ) |  | 132 |  |  | (85 | ) |  | 37 |
Net Cash Provided by (Used in) Investing Activities | (569 | ) |  | (2,121 | ) |  | (202 | ) |  | (2,892 | )
Financing Activities |  |  |  |  |  |  |
Long-term Debt Issued | 1,200 |  |  | — |  |  | — |  |  | 1,200 |
Long-term Debt Repaid | (200 | ) |  | (29 | ) |  | — |  |  | (229 | )
Dividends Paid | (686 | ) |  | (750 | ) |  | 750 |  |  | (686 | )
Stock Options Exercised | — |  |  | — |  |  | — |  |  | — |
Shares Repurchased | (804 | ) |  | — |  |  | — |  |  | (804 | )
Other Financing Activities | 10 |  |  | 1 |  |  | (11 | ) |  | — |
Net Cash Provided by (Used in) Financing Activities | (480 | ) |  | (778 | ) |  | 739 |  |  | (519 | )
Net Decrease in Cash and Cash Equivalents | (66 | ) |  | 75 |  |  | (50 | ) |  | (41 | )
Cash and Cash Equivalents at Beginning of Period | 510 |  |  | 100 |  |  | 59 |  |  | 669 |
Cash and Cash Equivalents at End of Period | $ | 444 |  |  | $ | 175 |  |  | $ | 9 |  |  | $ | 628 |
NOTE 16. Summarized Consolidating Financial Data, continued Consolidating Cash Flow Statements (Dollars in Millions)
Fiscal Year Ended December 2014 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX 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) Increase 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 |  | CSX 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 |

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) and its subsidiaries as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References No definition available. + Details
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X
- Definition Summarized Consolidating Financial Data [Abstract] + References No definition available. + Details
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