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Summarized Consolidating Financial Data (Tables) | 6 Months Ended
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Jun. 24, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
Second Quarter 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,685 |  | $ | 19 |  | $ | 2,704 |
Expense | (67 | ) | 1,961 |  | (30 | ) | 1,864 |
Operating Income | 67 |  | 724 |  | 49 |  | 840 |
Equity in Earnings of Subsidiaries | 493 |  | — |  | (493 | ) | — |
Interest (Expense) / Benefit | (141 | ) | (10 | ) | 10 |  | (141 | )
Other Income / (Expense) - Net | — |  | 8 |  | — |  | 8 |
Earnings Before Income Taxes | 419 |  | 722 |  | (434 | ) | 707 |
Income Tax Benefit / (Expense) | 26 |  | (269 | ) | (19 | ) | (262 | )
Net Earnings | $ | 445 |  | $ | 453 |  | $ | (453 | ) | $ | 445 |
Total Comprehensive Earnings | $ | 454 |  | $ | 454 |  | $ | (454 | ) | $ | 454 |
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 (Expense) / Benefit | (5 | ) | (305 | ) | (24 | ) | (334 | )
Net Earnings | $ | 553 |  | $ | 499 |  | $ | (499 | ) | $ | 553 |
Total Comprehensive Earnings | $ | 565 |  | $ | 499 |  | $ | (499 | ) | $ | 565 |
Consolidating Income Statements
(Dollars in millions)
Six Months 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 5,283 |  | $ | 39 |  | $ | 5,322 |
Expense | (139 | ) | 4,025 |  | (108 | ) | 3,778 |
Operating Income | 139 |  | 1,258 |  | 147 |  | 1,544 |
Equity in Earnings of Subsidiaries | 894 |  | — |  | (894 | ) | — |
Interest (Expense) / Benefit | (284 | ) | (20 | ) | 20 |  | (284 | )
Other Income / (Expense) - Net | 1 |  | 15 |  | (1 | ) | 15 |
Earnings Before Income Taxes | 750 |  | 1,253 |  | (728 | ) | 1,275 |
Income Tax (Expense) / Benefit | 51 |  | (467 | ) | (58 | ) | (474 | )
Net Earnings | $ | 801 |  | $ | 786 |  | $ | (786 | ) | $ | 801 |
Total Comprehensive Earnings | $ | 817 |  | $ | 786 |  | $ | (786 | ) | $ | 817 |
Six Months 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 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
June 24, 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 420 |  | $ | 127 |  | $ | 19 |  | $ | 566 |
Short-term Investments | 260 |  | — |  | 2 |  | 262 |
Accounts Receivable - Net | (1 | ) | 182 |  | 731 |  | 912 |
Receivable from Affiliates | 1,088 |  | 2,268 |  | (3,356 | ) | — |
Materials and Supplies | — |  | 399 |  | — |  | 399 |
Other Current Assets | 7 |  | 66 |  | 16 |  | 89 |
Total Current Assets | 1,774 |  | 3,042 |  | (2,588 | ) | 2,228 |
Properties | 1 |  | 39,727 |  | 2,617 |  | 42,345 |
Accumulated Depreciation | (1 | ) | (10,343 | ) | (1,394 | ) | (11,738 | )
Properties - Net | — |  | 29,384 |  | 1,223 |  | 30,607 |
Investments in Conrail | — |  | — |  | 818 |  | 818 |
Affiliates and Other Companies | (39 | ) | 618 |  | 16 |  | 595 |
Investments in Consolidated Subsidiaries | 23,322 |  | — |  | (23,322 | ) | — |
Other Long-term Assets | 3 |  | 400 |  | (101 | ) | 302 |
Total Assets | $ | 25,060 |  | $ | 33,444 |  | $ | (23,954 | ) | $ | 34,550 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 108 |  | $ | 633 |  | $ | 25 |  | $ | 766 |
Labor and Fringe Benefits Payable | 36 |  | 394 |  | 34 |  | 464 |
Payable to Affiliates | 3,304 |  | 407 |  | (3,711 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 117 |  | 16 |  | 133 |
Current Maturities of Long-term Debt | 613 |  | 19 |  | — |  | 632 |
Income and Other Taxes Payable | (334 | ) | 445 |  | 26 |  | 137 |
Other Current Liabilities | — |  | 148 |  | 2 |  | 150 |
Total Current Liabilities | 3,727 |  | 2,163 |  | (3,608 | ) | 2,282 |
Casualty, Environmental and Other Reserves | — |  | 197 |  | 49 |  | 246 |
Long-term Debt | 9,125 |  | 780 |  | — |  | 9,905 |
Deferred Income Taxes - Net | (197 | ) | 9,317 |  | 235 |  | 9,355 |
Other Long-term Liabilities | 793 |  | 469 |  | (125 | ) | 1,137 |
Total Liabilities | $ | 13,448 |  | $ | 12,926 |  | $ | (3,449 | ) | $ | 22,925 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 946 |  | $ | 181 |  | $ | (181 | ) | $ | 946 |
Other Capital | 116 |  | 5,092 |  | (5,092 | ) | 116 |
Retained Earnings | 11,199 |  | 15,259 |  | (15,259 | ) | 11,199 |
Accumulated Other Comprehensive Loss | (649 | ) | (31 | ) | 31 |  | (649 | )
Noncontrolling Interest | — |  | 17 |  | (4 | ) | 13 |
Total Shareholders' Equity | $ | 11,612 |  | $ | 20,518 |  | $ | (20,505 | ) | $ | 11,625 |
Total Liabilities and Shareholders' Equity | $ | 25,060 |  | $ | 33,444 |  | $ | (23,954 | ) | $ | 34,550 |
Certain prior year data has been reclassified to conform to the current presentation.
Consolidating Balance Sheet (Dollars in millions)
December 25, 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 |
Other Current Assets | (59 | ) | 120 |  | 9 |  | 70 |
Total Current Assets | 2,288 |  | 2,881 |  | (2,329 | ) | 2,840 |
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 | $ | 25,012 |  | $ | 32,886 |  | $ | (23,153 | ) | $ | 34,745 |
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 - Net | (188 | ) | 9,141 |  | 226 |  | 9,179 |
Other Long-term Liabilities | 804 |  | 484 |  | (126 | ) | 1,162 |
Total Liabilities | $ | 13,360 |  | $ | 12,851 |  | $ | (3,134 | ) | $ | 23,077 |
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 | $ | 25,012 |  | $ | 32,886 |  | $ | (23,153 | ) | $ | 34,745 |
Consolidating Cash Flow Statements |
Consolidating Cash Flow Statements
(Dollars in millions)
Six Months 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 295 |  | $ | 1,449 |  | $ | (152 | ) | $ | 1,592 |
Investing Activities |  |  |  |
Property Additions | — |  | (994 | ) | (72 | ) | (1,066 | )
Purchases of Short-term Investments | (260 | ) | — |  | — |  | (260 | )
Proceeds from Sales of Short-term Investments | 810 |  | — |  | — |  | 810 |
Proceeds from Property Dispositions | — |  | 8 |  | — |  | 8 |
Other Investing Activities | (2 | ) | 96 |  | (67 | ) | 27 |
Net Cash Provided by (Used in) Investing Activities | 548 |  | (890 | ) | (139 | ) | (481 | )
Financing Activities |  |  |  |
Long-term Debt Issued | — |  | — |  | — |  | — |
Long-term Debt Repaid | — |  | — |  | — |  | — |
Dividends Paid | (344 | ) | (300 | ) | 300 |  | (344 | )
Stock Options Exercised | — |  | — |  | — |  | — |
Shares Repurchased | (515 | ) | — |  | — |  | (515 | )
Other Financing Activities | (8 | ) | (307 | ) | 1 |  | (314 | )
Net Cash Provided by (Used in) Financing Activities | (867 | ) | (607 | ) | 301 |  | (1,173 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (24 | ) | (48 | ) | 10 |  | (62 | )
Cash and Cash Equivalents at Beginning of Period | 444 |  | 175 |  | 9 |  | 628 |
Cash and Cash Equivalents at End of Period | $ | 420 |  | $ | 127 |  | $ | 19 |  | $ | 566 |
NOTE 11. Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Six Months 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 | )
Stock Options Exercised |  |  |  |  | — |  | — |
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 |

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