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Summarized Consolidating Financial Data (Tables) | 3 Months Ended
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Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
First Quarter 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,857 |  | $ | 19 |  | $ | 2,876 |
Expense | (78 | ) | 1,943 |  | (33 | ) | 1,832 |
Operating Income | 78 |  | 914 |  | 52 |  | 1,044 |
Equity in Earnings of Subsidiaries | 758 |  | — |  | (758 | ) | — |
Interest (Expense) / Benefit | (164 | ) | (9 | ) | 24 |  | (149 | )
Other Income / (Expense) - Net | 4 |  | 23 |  | (10 | ) | 17 |
Earnings Before Income Taxes | 676 |  | 928 |  | (692 | ) | 912 |
Income Tax Benefit / (Expense) | 19 |  | (224 | ) | (12 | ) | (217 | )
Net Earnings | $ | 695 |  | $ | 704 |  | $ | (704 | ) | $ | 695 |
Total Comprehensive Earnings | $ | 596 |  | $ | 700 |  | $ | (700 | ) | $ | 596 |
First Quarter 2017 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,851 |  | $ | 18 |  | $ | 2,869 |
Expense | (48 | ) | 2,228 |  | (80 | ) | 2,100 |
Operating Income | 48 |  | 623 |  | 98 |  | 769 |
Equity in Earnings of Subsidiaries | 422 |  | — |  | (422 | ) | — |
Interest (Expense) / Benefit | (142 | ) | (10 | ) | 15 |  | (137 | )
Other Income / (Expense) - Net | 3 |  | 11 |  | (64 | ) | (50 | )
Earnings Before Income Taxes | 331 |  | 624 |  | (373 | ) | 582 |
Income Tax Benefit / (Expense) | 31 |  | (235 | ) | (16 | ) | (220 | )
Net Earnings | $ | 362 |  | $ | 389 |  | $ | (389 | ) | $ | 362 |
Total Comprehensive Earnings | $ | 368 |  | $ | 387 |  | $ | (387 | ) | $ | 368 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
March 31, 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 1,894 |  | $ | 81 |  | $ | 5 |  | $ | 1,980 |
Short-term Investments | — |  | — |  | 10 |  | 10 |
Accounts Receivable - Net | 2 |  | 253 |  | 790 |  | 1,045 |
Receivable from Affiliates | 991 |  | 3,647 |  | (4,638 | ) | — |
Materials and Supplies | — |  | 369 |  | — |  | 369 |
Other Current Assets | (1 | ) | 127 |  | 12 |  | 138 |
Total Current Assets | 2,886 |  | 4,477 |  | (3,821 | ) | 3,542 |
Properties | 1 |  | 41,230 |  | 2,872 |  | 44,103 |
Accumulated Depreciation | (1 | ) | (10,772 | ) | (1,582 | ) | (12,355 | )
Properties - Net | — |  | 30,458 |  | 1,290 |  | 31,748 |
Investments in Conrail | — |  | — |  | 918 |  | 918 |
Affiliates and Other Companies | (39 | ) | 817 |  | 18 |  | 796 |
Investments in Consolidated Subsidiaries | 29,915 |  | — |  | (29,915 | ) | — |
Other Long-term Assets | 52 |  | 629 |  | (246 | ) | 435 |
Total Assets | $ | 32,814 |  | $ | 36,381 |  | $ | (31,756 | ) | $ | 37,439 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 195 |  | $ | 674 |  | $ | 36 |  | $ | 905 |
Labor and Fringe Benefits Payable | 37 |  | 384 |  | 22 |  | 443 |
Payable to Affiliates | 4,763 |  | 366 |  | (5,129 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 93 |  | 13 |  | 106 |
Current Maturities of Long-term Debt | — |  | 18 |  | 1 |  | 19 |
Income and Other Taxes Payable | (126 | ) | 381 |  | 19 |  | 274 |
Other Current Liabilities | 2 |  | 142 |  | — |  | 144 |
Total Current Liabilities | 4,871 |  | 2,058 |  | (5,038 | ) | 1,891 |
Casualty, Environmental and Other Reserves | — |  | 215 |  | 43 |  | 258 |
Long-term Debt | 13,036 |  | 732 |  | — |  | 13,768 |
Deferred Income Taxes - Net | (113 | ) | 6,389 |  | 209 |  | 6,485 |
Other Long-term Liabilities | 642 |  | 313 |  | (309 | ) | 646 |
Total Liabilities | $ | 18,436 |  | $ | 9,707 |  | $ | (5,095 | ) | $ | 23,048 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 875 |  | $ | 181 |  | $ | (181 | ) | $ | 875 |
Other Capital | 215 |  | 5,097 |  | (5,097 | ) | 215 |
Retained Earnings | 13,873 |  | 21,392 |  | (21,392 | ) | 13,873 |
Accumulated Other Comprehensive Loss | (585 | ) | (9 | ) | 9 |  | (585 | )
Noncontrolling Interest | — |  | 13 |  | — |  | 13 |
Total Shareholders' Equity | $ | 14,378 |  | $ | 26,674 |  | $ | (26,661 | ) | $ | 14,391 |
Total Liabilities and Shareholders' Equity | $ | 32,814 |  | $ | 36,381 |  | $ | (31,756 | ) | $ | 37,439 |
Consolidating Balance Sheet (Dollars in millions)
December 31, 2017 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 274 |  | $ | 121 |  | $ | 6 |  | $ | 401 |
Short-term Investments | — |  | — |  | 18 |  | 18 |
Accounts Receivable - Net | (1 | ) | 301 |  | 670 |  | 970 |
Receivable from Affiliates | 1,226 |  | 3,517 |  | (4,743 | ) | — |
Materials and Supplies | — |  | 372 |  | — |  | 372 |
Other Current Assets | (1 | ) | 145 |  | 10 |  | 154 |
Total Current Assets | 1,498 |  | 4,456 |  | (4,039 | ) | 1,915 |
Properties | 1 |  | 41,479 |  | 2,844 |  | 44,324 |
Accumulated Depreciation | (1 | ) | (11,017 | ) | (1,542 | ) | (12,560 | )
Properties - Net | — |  | 30,462 |  | 1,302 |  | 31,764 |
Investments in Conrail | — |  | — |  | 907 |  | 907 |
Affiliates and Other Companies | (39 | ) | 800 |  | 18 |  | 779 |
Investment in Consolidated Subsidiaries | 29,405 |  | — |  | (29,405 | ) | — |
Other Long-term Assets | 39 |  | 596 |  | (261 | ) | 374 |
Total Assets | $ | 30,903 |  | $ | 36,314 |  | $ | (31,478 | ) | $ | 35,739 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 105 |  | $ | 708 |  | $ | 34 |  | $ | 847 |
Labor and Fringe Benefits Payable | 52 |  | 494 |  | 56 |  | 602 |
Payable to Affiliates | 4,792 |  | 552 |  | (5,344 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 95 |  | 13 |  | 108 |
Current Maturities of Long-term Debt | — |  | 19 |  | — |  | 19 |
Income and Other Taxes Payable | (326 | ) | 455 |  | 28 |  | 157 |
Other Current Liabilities | 5 |  | 153 |  | 3 |  | 161 |
Total Current Liabilities | 4,628 |  | 2,476 |  | (5,210 | ) | 1,894 |
Casualty, Environmental and Other Reserves | — |  | 222 |  | 44 |  | 266 |
Long-term Debt | 11,056 |  | 733 |  | 1 |  | 11,790 |
Deferred Income Taxes - Net | (130 | ) | 6,342 |  | 206 |  | 6,418 |
Other Long-term Liabilities | 644 |  | 320 |  | (314 | ) | 650 |
Total Liabilities | $ | 16,198 |  | $ | 10,093 |  | $ | (5,273 | ) | $ | 21,018 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 890 |  | $ | 181 |  | $ | (181 | ) | $ | 890 |
Other Capital | 217 |  | 5,096 |  | (5,096 | ) | 217 |
Retained Earnings | 14,084 |  | 20,933 |  | (20,933 | ) | 14,084 |
Accumulated Other Comprehensive Loss | (486 | ) | (5 | ) | 5 |  | (486 | )
Noncontrolling Minority Interest | — |  | 16 |  | — |  | 16 |
Total Shareholders' Equity | $ | 14,705 |  | $ | 26,221 |  | $ | (26,205 | ) | $ | 14,721 |
Total Liabilities and Shareholders' Equity | $ | 30,903 |  | $ | 36,314 |  | $ | (31,478 | ) | $ | 35,739 |
Consolidating Cash Flow Statements |
Consolidating Cash Flow Statements
(Dollars in millions)
Three Months 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 691 |  | $ | 621 |  | $ | (346 | ) | $ | 966 |
Investing Activities |  |  |  |
Property Additions | — |  | (339 | ) | (29 | ) | (368 | )
Proceeds from Property Dispositions | — |  | 52 |  | — |  | 52 |
Purchases of Short-term Investments | — |  | — |  | — |  | — |
Proceeds from Sales of Short-term Investments | — |  | — |  | 8 |  | 8 |
Other Investing Activities | (1 | ) | (120 | ) | 113 |  | (8 | )
Net Cash Provided by (Used in) Investing Activities | (1 | ) | (407 | ) | 92 |  | (316 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 2,000 |  | — |  | — |  | 2,000 |
Long-term Debt Repaid | — |  | — |  | — |  | — |
Dividends Paid | (194 | ) | (250 | ) | 250 |  | (194 | )
Shares Repurchased | (836 | ) | — |  | — |  | (836 | )
Other Financing Activities | (40 | ) | (4 | ) | 3 |  | (41 | )
Net Cash Provided by (Used in) Financing Activities | 930 |  | (254 | ) | 253 |  | 929 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,620 |  | (40 | ) | (1 | ) | 1,579 |
Cash and Cash Equivalents at Beginning of Period | 274 |  | 121 |  | 6 |  | 401 |
Cash and Cash Equivalents at End of Period | $ | 1,894 |  | $ | 81 |  | $ | 5 |  | $ | 1,980 |
NOTE 12. Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Three Months 2017 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 644 |  | $ | 566 |  | $ | (167 | ) | $ | 1,043 |
Investing Activities |  |  |  |
Property Additions | — |  | (397 | ) | (44 | ) | (441 | )
Proceeds from Property Dispositions | — |  | 5 |  | 8 |  | 13 |
Purchases of Short-term Investments | (75 | ) | — |  | — |  | (75 | )
Proceeds from Sales of Short-term Investments | 205 |  | — |  | — |  | 205 |
Other Investing Activities | (1 | ) | (29 | ) | 42 |  | 12 |
Net Cash Provided by (Used in) Investing Activities | 129 |  | (421 | ) | 6 |  | (286 | )
Financing Activities |  |  |  |
Dividends Paid | (166 | ) | (150 | ) | 150 |  | (166 | )
Shares Repurchased | (258 | ) | — |  | — |  | (258 | )
Other Financing Activities | (6 | ) | (4 | ) | 4 |  | (6 | )
Net Cash Provided by (Used in) Financing Activities | (430 | ) | (154 | ) | 154 |  | (430 | )
Net Increase (Decrease) in Cash and Cash Equivalents | 343 |  | (9 | ) | (7 | ) | 327 |
Cash and Cash Equivalents at Beginning of Period | 305 |  | 281 |  | 17 |  | 603 |
Cash and Cash Equivalents at End of Period | $ | 648 |  | $ | 272 |  | $ | 10 |  | $ | 930 |

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