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Summarized Consolidating Financial Data | 3 Months Ended
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Mar. 25, 2016
Condensed Financial Information of Parent Company Only Disclosure [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.
Consolidating Income Statements
(Dollars in millions)
First Quarter 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,598 |  | $ | 20 |  | $ | 2,618 |
Expense | (72 | ) | 2,064 |  | (78 | ) | 1,914 |
Operating Income | 72 |  | 534 |  | 98 |  | 704 |
Equity in Earnings of Subsidiaries | 401 |  | — |  | (401 | ) | — |
Interest (Expense) / Benefit | (143 | ) | (10 | ) | 10 |  | (143 | )
Other Income / (Expense) - Net | 1 |  | 7 |  | (1 | ) | 7 |
Earnings Before Income Taxes | 331 |  | 531 |  | (294 | ) | 568 |
Income Tax Benefit / (Expense) | 25 |  | (198 | ) | (39 | ) | (212 | )
Net Earnings | $ | 356 |  | $ | 333 |  | $ | (333 | ) | $ | 356 |
Total Comprehensive Earnings | $ | 363 |  | $ | 332 |  | $ | (332 | ) | $ | 363 |
First Quarter 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 3,007 |  | $ | 20 |  | $ | 3,027 |
Expense | (148 | ) | 2,344 |  | (12 | ) | 2,184 |
Operating Income | 148 |  | 663 |  | 32 |  | 843 |
Equity in Earnings of Subsidiaries | 440 |  | — |  | (440 | ) | — |
Interest (Expense) / Benefit | (133 | ) | (7 | ) | 6 |  | (134 | )
Other Income / (Expense) - Net | (1 | ) | 6 |  | (3 | ) | 2 |
Earnings Before Income Taxes | 454 |  | 662 |  | (405 | ) | 711 |
Income Tax (Expense) / Benefit | (12 | ) | (246 | ) | (11 | ) | (269 | )
Net Earnings | $ | 442 |  | $ | 416 |  | $ | (416 | ) | $ | 442 |
Total Comprehensive Earnings | $ | 440 |  | $ | 413 |  | $ | (413 | ) | $ | 440 |
Summarized Consolidating Financial Data, continued
Consolidating Balance Sheet
(Dollars in millions)
As of March 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 493 |  | $ | 223 |  | $ | 15 |  | $ | 731 |
Short-term Investments | 375 |  | — |  | — |  | 375 |
Accounts Receivable - Net | — |  | 159 |  | 758 |  | 917 |
Receivable from Affiliates | 1,195 |  | 2,000 |  | (3,195 | ) | — |
Materials and Supplies | — |  | 370 |  | — |  | 370 |
Deferred Income Taxes | 15 |  | 118 |  | (1 | ) | 132 |
Other Current Assets | 4 |  | 72 |  | 7 |  | 83 |
Total Current Assets | 2,082 |  | 2,942 |  | (2,416 | ) | 2,608 |
Properties | 1 |  | 39,220 |  | 2,644 |  | 41,865 |
Accumulated Depreciation | (1 | ) | (10,151 | ) | (1,420 | ) | (11,572 | )
Properties - Net | — |  | 29,069 |  | 1,224 |  | 30,293 |
Investments in Conrail | — |  | — |  | 811 |  | 811 |
Affiliates and Other Companies | (39 | ) | 614 |  | 16 |  | 591 |
Investments in Consolidated Subsidiaries | 22,978 |  | — |  | (22,978 | ) | — |
Other Long-term Assets | 7 |  | 399 |  | (99 | ) | 307 |
Total Assets | $ | 25,028 |  | $ | 33,024 |  | $ | (23,442 | ) | $ | 34,610 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 168 |  | $ | 617 |  | $ | 30 |  | $ | 815 |
Labor and Fringe Benefits Payable | 33 |  | 336 |  | 29 |  | 398 |
Payable to Affiliates | 3,045 |  | 467 |  | (3,512 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 114 |  | 16 |  | 130 |
Current Maturities of Long-term Debt | 1 |  | 19 |  | — |  | 20 |
Income and Other Taxes Payable | (174 | ) | 303 |  | 41 |  | 170 |
Other Current Liabilities | — |  | 156 |  | 3 |  | 159 |
Total Current Liabilities | 3,073 |  | 2,012 |  | (3,393 | ) | 1,692 |
Casualty, Environmental and Other Reserves | — |  | 206 |  | 49 |  | 255 |
Long-term Debt | 9,734 |  | 782 |  | — |  | 10,516 |
Deferred Income Taxes | (172 | ) | 9,338 |  | 230 |  | 9,396 |
Other Long-term Liabilities | 800 |  | 472 |  | (127 | ) | 1,145 |
Total Liabilities | $ | 13,435 |  | $ | 12,810 |  | $ | (3,241 | ) | $ | 23,004 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 956 |  | $ | 181 |  | $ | (181 | ) | $ | 956 |
Other Capital | 112 |  | 5,091 |  | (5,091 | ) | 112 |
Retained Earnings | 11,183 |  | 14,956 |  | (14,956 | ) | 11,183 |
Accumulated Other Comprehensive Loss | (658 | ) | (31 | ) | 31 |  | (658 | )
Noncontrolling Interest | — |  | 17 |  | (4 | ) | 13 |
Total Shareholders' Equity | $ | 11,593 |  | $ | 20,214 |  | $ | (20,201 | ) | $ | 11,606 |
Total Liabilities and Shareholders' Equity | $ | 25,028 |  | $ | 33,024 |  | $ | (23,442 | ) | $ | 34,610 |
Summarized Consolidating Financial Data, continued
Consolidating Balance Sheet (Dollars in millions)
As of December 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | 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 | 8 |  | 399 |  | (70 | ) | 337 |
Total Assets | $ | 25,022 |  | $ | 33,003 |  | $ | (23,154 | ) | $ | 34,871 |
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 | 9,732 |  | 783 |  | — |  | 10,515 |
Deferred Income Taxes | (178 | ) | 9,258 |  | 225 |  | 9,305 |
Other Long-term Liabilities | 804 |  | 484 |  | (126 | ) | 1,162 |
Total Liabilities | $ | 13,370 |  | $ | 12,968 |  | $ | (3,135 | ) | $ | 23,203 |
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 | $ | 25,022 |  | $ | 33,003 |  | $ | (23,154 | ) | $ | 34,871 |
Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Three months ended March 25, 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 36 |  | $ | 834 |  | $ | (116 | ) | $ | 754 |
Investing Activities |  |  |  |
Property Additions | — |  | (391 | ) | (34 | ) | (425 | )
Purchases of Short-term Investments | (235 | ) | — |  | — |  | (235 | )
Proceeds from Sales of Short-term Investments | 670 |  | — |  | — |  | 670 |
Other Investing Activities | (1 | ) | 26 |  | 6 |  | 31 |
Net Cash Provided by (Used in) Investing Activities | 434 |  | (365 | ) | (28 | ) | 41 |
Financing Activities |  |  |  |
Dividends Paid | (173 | ) | (150 | ) | 150 |  | (173 | )
Shares Repurchased | (249 | ) | — |  | — |  | (249 | )
Other Financing Activities | 1 |  | (271 | ) | — |  | (270 | )
Net Cash Provided by (Used in) Financing Activities | (421 | ) | (421 | ) | 150 |  | (692 | )
Net Increase (Decrease) in Cash and Cash Equivalents | 49 |  | 48 |  | 6 |  | 103 |
Cash and Cash Equivalents at Beginning of Period | 444 |  | 175 |  | 9 |  | 628 |
Cash and Cash Equivalents at End of Period | $ | 493 |  | $ | 223 |  | $ | 15 |  | $ | 731 |
NOTE 11. Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Three months ended March 27, 2015 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 134 |  | $ | 871 |  | $ | (315 | ) | $ | 690 |
Investing Activities |  |  |  |
Property Additions | — |  | (574 | ) | (24 | ) | (598 | )
Purchases of Short-term Investments | (105 | ) | — |  | — |  | (105 | )
Proceeds from Sales of Short-term Investments | 105 |  | — |  | 35 |  | 140 |
Other Investing Activities | — |  | (50 | ) | 113 |  | 63 |
Net Cash Provided by (Used in) Investing Activities | — |  | (624 | ) | 124 |  | (500 | )
Financing Activities |  |  |  |
Dividends Paid | (158 | ) | (188 | ) | 188 |  | (158 | )
Shares Repurchased | (127 | ) | — |  | — |  | (127 | )
Other Financing Activities | 4 |  | (17 | ) | — |  | (13 | )
Net Cash Provided by (Used in) Financing Activities | (281 | ) | (205 | ) | 188 |  | (298 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (147 | ) | 42 |  | (3 | ) | (108 | )
Cash and Cash Equivalents at Beginning of Period | 510 |  | 100 |  | 59 |  | 669 |
Cash and Cash Equivalents at End of Period | $ | 363 |  | $ | 142 |  | $ | 56 |  | $ | 561 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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