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Summarized Consolidating Financial Data (Tables) | 6 Months Ended
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Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
Second Quarter 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 3,083 |  | $ | 19 |  | $ | 3,102 |
Expense | (84 | ) | 1,948 |  | (45 | ) | 1,819 |
Operating Income | 84 |  | 1,135 |  | 64 |  | 1,283 |
Equity in Earnings of Subsidiaries | 942 |  | — |  | (942 | ) | — |
Interest (Expense) / Benefit | (181 | ) | (8 | ) | 32 |  | (157 | )
Other Income / (Expense) - Net | 6 |  | 29 |  | (17 | ) | 18 |
Earnings Before Income Taxes | 851 |  | 1,156 |  | (863 | ) | 1,144 |
Income Tax Benefit / (Expense) | 26 |  | (274 | ) | (19 | ) | (267 | )
Net Earnings | $ | 877 |  | $ | 882 |  | $ | (882 | ) | $ | 877 |
Total Comprehensive Earnings | $ | 881 |  | $ | 881 |  | $ | (881 | ) | $ | 881 |
Second Quarter 2017 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,914 |  | $ | 19 |  | $ | 2,933 |
Expense | 6 |  | 2,024 |  | (54 | ) | 1,976 |
Operating Income | (6 | ) | 890 |  | 73 |  | 957 |
Equity in Earnings of Subsidiaries | 612 |  | — |  | (612 | ) | — |
Interest (Expense) / Benefit | (143 | ) | (8 | ) | 14 |  | (137 | )
Other Income / (Expense) - Net | 2 |  | 7 |  | (2 | ) | 7 |
Earnings Before Income Taxes | 465 |  | 889 |  | (527 | ) | 827 |
Income Tax Benefit / (Expense) | 45 |  | (332 | ) | (30 | ) | (317 | )
Net Earnings | $ | 510 |  | $ | 557 |  | $ | (557 | ) | $ | 510 |
Total Comprehensive Earnings | $ | 575 |  | $ | 558 |  | $ | (558 | ) | $ | 575 |
Summarized Consolidating Financial Data, continued
Consolidating Income Statements
(Dollars in millions)
Six Months 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 5,940 |  | $ | 38 |  | $ | 5,978 |
Expense | (162 | ) | 3,891 |  | (78 | ) | 3,651 |
Operating Income | 162 |  | 2,049 |  | 116 |  | 2,327 |
Equity in Earnings of Subsidiaries | 1,700 |  | — |  | (1,700 | ) | — |
Interest (Expense) / Benefit | (345 | ) | (17 | ) | 56 |  | (306 | )
Other Income / (Expense) - Net | 10 |  | 52 |  | (27 | ) | 35 |
Earnings Before Income Taxes | 1,527 |  | 2,084 |  | (1,555 | ) | 2,056 |
Income Tax (Expense) / Benefit | 45 |  | (498 | ) | (31 | ) | (484 | )
Net Earnings | $ | 1,572 |  | $ | 1,586 |  | $ | (1,586 | ) | $ | 1,572 |
Total Comprehensive Earnings | $ | 1,477 |  | $ | 1,581 |  | $ | (1,581 | ) | $ | 1,477 |
Six Months 2017 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 5,765 |  | $ | 37 |  | $ | 5,802 |
Expense | (42 | ) | 4,194 |  | (76 | ) | 4,076 |
Operating Income | 42 |  | 1,571 |  | 113 |  | 1,726 |
Equity in Earnings of Subsidiaries | 1,034 |  | — |  | (1,034 | ) | — |
Interest (Expense) / Benefit | (285 | ) | (18 | ) | 29 |  | (274 | )
Other Income / (Expense) - Net | 5 |  | (40 | ) | (8 | ) | (43 | )
Earnings Before Income Taxes | 796 |  | 1,513 |  | (900 | ) | 1,409 |
Income Tax (Expense) / Benefit | 76 |  | (567 | ) | (46 | ) | (537 | )
Net Earnings | $ | 872 |  | $ | 946 |  | $ | (946 | ) | $ | 872 |
Total Comprehensive Earnings | $ | 943 |  | $ | 945 |  | $ | (945 | ) | $ | 943 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
June 30, 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 1,172 |  | $ | 143 |  | $ | 5 |  | $ | 1,320 |
Short-term Investments | 75 |  | — |  | 8 |  | 83 |
Accounts Receivable - Net | (6 | ) | 271 |  | 771 |  | 1,036 |
Receivable from Affiliates | 1,005 |  | 4,360 |  | (5,365 | ) | — |
Materials and Supplies | — |  | 326 |  | — |  | 326 |
Other Current Assets | — |  | 98 |  | 18 |  | 116 |
Total Current Assets | 2,246 |  | 5,198 |  | (4,563 | ) | 2,881 |
Properties | 1 |  | 41,492 |  | 2,813 |  | 44,306 |
Accumulated Depreciation | (1 | ) | (10,928 | ) | (1,530 | ) | (12,459 | )
Properties - Net | — |  | 30,564 |  | 1,283 |  | 31,847 |
Investments in Conrail | — |  | — |  | 931 |  | 931 |
Affiliates and Other Companies | (39 | ) | 832 |  | 17 |  | 810 |
Investments in Consolidated Subsidiaries | 30,585 |  | — |  | (30,585 | ) | — |
Other Long-term Assets | 65 |  | 630 |  | (240 | ) | 455 |
Total Assets | $ | 32,857 |  | $ | 37,224 |  | $ | (33,157 | ) | $ | 36,924 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 93 |  | $ | 710 |  | $ | 49 |  | $ | 852 |
Labor and Fringe Benefits Payable | 38 |  | 381 |  | 67 |  | 486 |
Payable to Affiliates | 5,536 |  | 441 |  | (5,977 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 101 |  | 13 |  | 114 |
Current Maturities of Long-term Debt | — |  | 18 |  | 1 |  | 19 |
Income and Other Taxes Payable | (389 | ) | 480 |  | 32 |  | 123 |
Other Current Liabilities | 2 |  | 126 |  | 10 |  | 138 |
Total Current Liabilities | 5,280 |  | 2,257 |  | (5,805 | ) | 1,732 |
Casualty, Environmental and Other Reserves | — |  | 190 |  | 42 |  | 232 |
Long-term Debt | 13,039 |  | 730 |  | — |  | 13,769 |
Deferred Income Taxes - Net | (109 | ) | 6,436 |  | 205 |  | 6,532 |
Other Long-term Liabilities | 638 |  | 305 |  | (307 | ) | 636 |
Total Liabilities | $ | 18,848 |  | $ | 9,918 |  | $ | (5,865 | ) | $ | 22,901 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 859 |  | $ | 181 |  | $ | (181 | ) | $ | 859 |
Other Capital | 127 |  | 5,096 |  | (5,096 | ) | 127 |
Retained Earnings | 13,604 |  | 22,025 |  | (22,025 | ) | 13,604 |
Accumulated Other Comprehensive Loss | (581 | ) | (10 | ) | 10 |  | (581 | )
Noncontrolling Interest | — |  | 14 |  | — |  | 14 |
Total Shareholders' Equity | $ | 14,009 |  | $ | 27,306 |  | $ | (27,292 | ) | $ | 14,023 |
Total Liabilities and Shareholders' Equity | $ | 32,857 |  | $ | 37,224 |  | $ | (33,157 | ) | $ | 36,924 |
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)
Six Months 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 1,311 |  | $ | 1,245 |  | $ | (547 | ) | $ | 2,009 |
Investing Activities |  |  |  |
Property Additions | — |  | (762 | ) | (61 | ) | (823 | )
Proceeds from Property Dispositions | — |  | 141 |  | — |  | 141 |
Purchases of Short-term Investments | (75 | ) | — |  | (2 | ) | (77 | )
Proceeds from Sales of Short-term Investments | — |  | — |  | 12 |  | 12 |
Other Investing Activities | (1 | ) | (99 | ) | 92 |  | (8 | )
Net Cash Provided by (Used in) Investing Activities | (76 | ) | (720 | ) | 41 |  | (755 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 2,000 |  | — |  | — |  | 2,000 |
Long-term Debt Repaid | — |  | — |  | — |  | — |
Dividends Paid | (384 | ) | (500 | ) | 500 |  | (384 | )
Shares Repurchased | (1,810 | ) | — |  | — |  | (1,810 | )
Accelerated Share Repurchase Pending Final Settlement | (90 | ) | — |  | — |  | (90 | )
Other Financing Activities | (53 | ) | (3 | ) | 5 |  | (51 | )
Net Cash Provided by (Used in) Financing Activities | (337 | ) | (503 | ) | 505 |  | (335 | )
Net Increase (Decrease) in Cash and Cash Equivalents | 898 |  | 22 |  | (1 | ) | 919 |
Cash and Cash Equivalents at Beginning of Period | 274 |  | 121 |  | 6 |  | 401 |
Cash and Cash Equivalents at End of Period | $ | 1,172 |  | $ | 143 |  | $ | 5 |  | $ | 1,320 |
NOTE 12. Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Six Months 2017 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 814 |  | $ | 973 |  | $ | (221 | ) | $ | 1,566 |
Investing Activities |  |  |  |
Property Additions | — |  | (873 | ) | (82 | ) | (955 | )
Proceeds from Property Dispositions | — |  | 16 |  | — |  | 16 |
Purchases of Short-term Investments | (539 | ) | — |  | (6 | ) | (545 | )
Proceeds from Sales of Short-term Investments | 490 |  | — |  | 2 |  | 492 |
Other Investing Activities | (2 | ) | 35 |  | (8 | ) | 25 |
Net Cash Used in Investing Activities | (51 | ) | (822 | ) | (94 | ) | (967 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 850 |  | — |  | — |  | 850 |
Long-term Debt Repaid | (313 | ) | — |  | — |  | (313 | )
Dividends Paid | (350 | ) | (300 | ) | 300 |  | (350 | )
Shares Repurchased | (757 | ) | — |  | — |  | (757 | )
Other Financing Activities | (15 | ) | (4 | ) | 7 |  | (12 | )
Net Cash Provided by (Used in) Financing Activities | (585 | ) | (304 | ) | 307 |  | (582 | )
Net Increase (Decrease) in Cash and Cash Equivalents | 178 |  | (153 | ) | (8 | ) | 17 |
Cash and Cash Equivalents at Beginning of Period | 305 |  | 281 |  | 17 |  | 603 |
Cash and Cash Equivalents at End of Period | $ | 483 |  | $ | 128 |  | $ | 9 |  | $ | 620 |

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