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Summarized Consolidating Financial Data (Tables) | 9 Months Ended
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Sep. 23, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
Third Quarter 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,691 |  | $ | 19 |  | $ | 2,710 |
Expense | (63 | ) | 1,960 |  | (28 | ) | 1,869 |
Operating Income | 63 |  | 731 |  | 47 |  | 841 |
Equity in Earnings of Subsidiaries | 505 |  | 1 |  | (506 | ) | — |
Interest (Expense) / Benefit | (141 | ) | (7 | ) | 9 |  | (139 | )
Other Income / (Expense) - Net | — |  | 9 |  | 4 |  | 13 |
Earnings Before Income Taxes | 427 |  | 734 |  | (446 | ) | 715 |
Income Tax Benefit / (Expense) | 28 |  | (268 | ) | (20 | ) | (260 | )
Net Earnings | $ | 455 |  | $ | 466 |  | $ | (466 | ) | $ | 455 |
Total Comprehensive Earnings | $ | 465 |  | $ | 467 |  | $ | (467 | ) | $ | 465 |
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 (Expense) / Benefit | (8 | ) | (273 | ) | (11 | ) | (292 | )
Net Earnings | $ | 507 |  | $ | 462 |  | $ | (462 | ) | $ | 507 |
Total Comprehensive Earnings | $ | 518 |  | $ | 462 |  | $ | (462 | ) | $ | 518 |
Consolidating Income Statements
(Dollars in millions)
Nine Months 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 7,974 |  | $ | 58 |  | $ | 8,032 |
Expense | (202 | ) | 5,985 |  | (136 | ) | 5,647 |
Operating Income | 202 |  | 1,989 |  | 194 |  | 2,385 |
Equity in Earnings of Subsidiaries | 1,399 |  | 1 |  | (1,400 | ) | — |
Interest (Expense) / Benefit | (425 | ) | (27 | ) | 29 |  | (423 | )
Other Income / (Expense) - Net | 1 |  | 24 |  | 3 |  | 28 |
Earnings Before Income Taxes | 1,177 |  | 1,987 |  | (1,174 | ) | 1,990 |
Income Tax (Expense) / Benefit | 79 |  | (735 | ) | (78 | ) | (734 | )
Net Earnings | $ | 1,256 |  | $ | 1,252 |  | $ | (1,252 | ) | $ | 1,256 |
Total Comprehensive Earnings | $ | 1,282 |  | $ | 1,253 |  | $ | (1,253 | ) | $ | 1,282 |
Nine Months 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 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
September 23, 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 448 |  | $ | 130 |  | $ | 25 |  | $ | 603 |
Short-term Investments | 150 |  | — |  | 2 |  | 152 |
Accounts Receivable - Net | (3 | ) | 197 |  | 731 |  | 925 |
Receivable from Affiliates | 1,158 |  | 2,504 |  | (3,662 | ) | — |
Materials and Supplies | — |  | 397 |  | — |  | 397 |
Other Current Assets | 11 |  | 56 |  | 19 |  | 86 |
Total Current Assets | 1,764 |  | 3,284 |  | (2,885 | ) | 2,163 |
Properties | 1 |  | 40,052 |  | 2,667 |  | 42,720 |
Accumulated Depreciation | (1 | ) | (10,508 | ) | (1,429 | ) | (11,938 | )
Properties - Net | — |  | 29,544 |  | 1,238 |  | 30,782 |
Investments in Conrail | — |  | — |  | 830 |  | 830 |
Affiliates and Other Companies | (39 | ) | 628 |  | 14 |  | 603 |
Investments in Consolidated Subsidiaries | 23,678 |  | — |  | (23,678 | ) | — |
Other Long-term Assets | 3 |  | 403 |  | (103 | ) | 303 |
Total Assets | $ | 25,406 |  | $ | 33,859 |  | $ | (24,584 | ) | $ | 34,681 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 150 |  | $ | 679 |  | $ | 30 |  | $ | 859 |
Labor and Fringe Benefits Payable | 36 |  | 371 |  | 43 |  | 450 |
Payable to Affiliates | 3,601 |  | 445 |  | (4,046 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 109 |  | 15 |  | 124 |
Current Maturities of Long-term Debt | 613 |  | 19 |  | (1 | ) | 631 |
Income and Other Taxes Payable | (334 | ) | 394 |  | 30 |  | 90 |
Other Current Liabilities | — |  | 107 |  | 2 |  | 109 |
Total Current Liabilities | 4,066 |  | 2,124 |  | (3,927 | ) | 2,263 |
Casualty, Environmental and Other Reserves | — |  | 202 |  | 48 |  | 250 |
Long-term Debt | 9,127 |  | 761 |  | — |  | 9,888 |
Deferred Income Taxes - Net | (206 | ) | 9,470 |  | 241 |  | 9,505 |
Other Long-term Liabilities | 763 |  | 468 |  | (126 | ) | 1,105 |
Total Liabilities | $ | 13,750 |  | $ | 13,025 |  | $ | (3,764 | ) | $ | 23,011 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 937 |  | $ | 181 |  | $ | (181 | ) | $ | 937 |
Other Capital | 125 |  | 5,094 |  | (5,094 | ) | 125 |
Retained Earnings | 11,233 |  | 15,575 |  | (15,575 | ) | 11,233 |
Accumulated Other Comprehensive Loss | (639 | ) | (30 | ) | 30 |  | (639 | )
Noncontrolling Interest | — |  | 14 |  | — |  | 14 |
Total Shareholders' Equity | $ | 11,656 |  | $ | 20,834 |  | $ | (20,820 | ) | $ | 11,670 |
Total Liabilities and Shareholders' Equity | $ | 25,406 |  | $ | 33,859 |  | $ | (24,584 | ) | $ | 34,681 |
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)
Nine Months 2016 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 644 |  | $ | 2,089 |  | $ | (245 | ) | $ | 2,488 |
Investing Activities |  |  |  |
Property Additions | — |  | (1,469 | ) | (121 | ) | (1,590 | )
Purchases of Short-term Investments | (410 | ) | — |  | — |  | (410 | )
Proceeds from Sales of Short-term Investments | 1,070 |  | — |  | — |  | 1,070 |
Proceeds from Property Dispositions | — |  | 11 |  | — |  | 11 |
Other Investing Activities | (3 | ) | 96 |  | (67 | ) | 26 |
Net Cash Provided by (Used in) Investing Activities | 657 |  | (1,362 | ) | (188 | ) | (893 | )
Financing Activities |  |  |  |
Long-term Debt Issued | — |  | — |  | — |  | — |
Long-term Debt Repaid | — |  | (18 | ) | (1 | ) | (19 | )
Dividends Paid | (513 | ) | (450 | ) | 450 |  | (513 | )
Stock Options Exercised | — |  | — |  | — |  | — |
Shares Repurchased | (778 | ) | — |  | — |  | (778 | )
Other Financing Activities | (6 | ) | (304 | ) | — |  | (310 | )
Net Cash Provided by (Used in) Financing Activities | (1,297 | ) | (772 | ) | 449 |  | (1,620 | )
Net Increase (Decrease) in Cash and Cash Equivalents | 4 |  | (45 | ) | 16 |  | (25 | )
Cash and Cash Equivalents at Beginning of Period | 444 |  | 175 |  | 9 |  | 628 |
Cash and Cash Equivalents at End of Period | $ | 448 |  | $ | 130 |  | $ | 25 |  | $ | 603 |
NOTE 11. Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Nine Months 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 | )
Stock Options Exercised | — |  | — |  | — |  | — |
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 |

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