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Summarized Consolidating Financial Data (Tables) | 3 Months Ended
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Mar. 25, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Consolidating Income Statements |
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 |
Consolidating Balance Sheet |
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 |
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 |
Consolidating Cash Flow Statements |
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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