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Summarized Consolidating Financial Data (Tables) | 9 Months Ended
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Sep. 30, 2018
Condensed Financial Information Disclosure [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
Third Quarter 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 3,110 |  | $ | 19 |  | $ | 3,129 |
Expense | (86 | ) | 1,952 |  | (30 | ) | 1,836 |
Operating Income | 86 |  | 1,158 |  | 49 |  | 1,293 |
Equity in Earnings of Subsidiaries | 953 |  | — |  | (953 | ) | — |
Interest (Expense) / Benefit | (190 | ) | (11 | ) | 39 |  | (162 | )
Other Income / (Expense) - Net | 6 |  | 35 |  | (22 | ) | 19 |
Earnings Before Income Taxes | 855 |  | 1,182 |  | (887 | ) | 1,150 |
Income Tax Benefit / (Expense) | 39 |  | (278 | ) | (17 | ) | (256 | )
Net Earnings | $ | 894 |  | $ | 904 |  | $ | (904 | ) | $ | 894 |
Total Comprehensive Earnings | $ | 901 |  | $ | 903 |  | $ | (903 | ) | $ | 901 |
Third Quarter 2017 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,725 |  | $ | 18 |  | $ | 2,743 |
Expense | (129 | ) | 2,031 |  | (27 | ) | 1,875 |
Operating Income | 129 |  | 694 |  | 45 |  | 868 |
Equity in Earnings of Subsidiaries | 472 |  | — |  | (472 | ) | — |
Interest (Expense) / Benefit | (147 | ) | (3 | ) | 18 |  | (132 | )
Other Income / (Expense) - Net | 1 |  | 19 |  | (6 | ) | 14 |
Earnings Before Income Taxes | 455 |  | 710 |  | (415 | ) | 750 |
Income Tax Benefit / (Expense) | 4 |  | (277 | ) | (18 | ) | (291 | )
Net Earnings | $ | 459 |  | $ | 433 |  | $ | (433 | ) | $ | 459 |
Total Comprehensive Earnings | $ | 467 |  | $ | 433 |  | $ | (433 | ) | $ | 467 |
Summarized Consolidating Financial Data, continued
Consolidating Income Statements
(Dollars in millions)
Nine Months 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 9,050 |  | $ | 57 |  | $ | 9,107 |
Expense | (248 | ) | 5,843 |  | (108 | ) | 5,487 |
Operating Income | 248 |  | 3,207 |  | 165 |  | 3,620 |
Equity in Earnings of Subsidiaries | 2,653 |  | — |  | (2,653 | ) | — |
Interest (Expense) / Benefit | (535 | ) | (28 | ) | 95 |  | (468 | )
Other Income / (Expense) - Net | 16 |  | 87 |  | (49 | ) | 54 |
Earnings Before Income Taxes | 2,382 |  | 3,266 |  | (2,442 | ) | 3,206 |
Income Tax (Expense) / Benefit | 84 |  | (776 | ) | (48 | ) | (740 | )
Net Earnings | $ | 2,466 |  | $ | 2,490 |  | $ | (2,490 | ) | $ | 2,466 |
Total Comprehensive Earnings | $ | 2,378 |  | $ | 2,484 |  | $ | (2,484 | ) | $ | 2,378 |
Nine Months 2017 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 8,490 |  | $ | 55 |  | $ | 8,545 |
Expense | (171 | ) | 6,225 |  | (103 | ) | 5,951 |
Operating Income | 171 |  | 2,265 |  | 158 |  | 2,594 |
Equity in Earnings of Subsidiaries | 1,506 |  | — |  | (1,506 | ) | — |
Interest (Expense) / Benefit | (432 | ) | (21 | ) | 47 |  | (406 | )
Other Income / (Expense) - Net | 6 |  | (21 | ) | (14 | ) | (29 | )
Earnings Before Income Taxes | 1,251 |  | 2,223 |  | (1,315 | ) | 2,159 |
Income Tax (Expense) / Benefit | 80 |  | (844 | ) | (64 | ) | (828 | )
Net Earnings | $ | 1,331 |  | $ | 1,379 |  | $ | (1,379 | ) | $ | 1,331 |
Total Comprehensive Earnings | $ | 1,410 |  | $ | 1,378 |  | $ | (1,378 | ) | $ | 1,410 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
September 30, 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 537 |  | $ | 116 |  | $ | 10 |  | $ | 663 |
Short-term Investments | 610 |  | — |  | 5 |  | 615 |
Accounts Receivable - Net | 1 |  | 221 |  | 868 |  | 1,090 |
Receivable from Affiliates | 960 |  | 5,256 |  | (6,216 | ) | — |
Materials and Supplies | — |  | 283 |  | — |  | 283 |
Other Current Assets | — |  | 115 |  | 18 |  | 133 |
Total Current Assets | 2,108 |  | 5,991 |  | (5,315 | ) | 2,784 |
Properties | 1 |  | 41,629 |  | 2,855 |  | 44,485 |
Accumulated Depreciation | (1 | ) | (11,043 | ) | (1,570 | ) | (12,614 | )
Properties - Net | — |  | 30,586 |  | 1,285 |  | 31,871 |
Investments in Conrail | — |  | — |  | 941 |  | 941 |
Affiliates and Other Companies | (39 | ) | 846 |  | 16 |  | 823 |
Investments in Consolidated Subsidiaries | 31,288 |  | — |  | (31,288 | ) | — |
Other Long-term Assets | 77 |  | 613 |  | (248 | ) | 442 |
Total Assets | $ | 33,434 |  | $ | 38,036 |  | $ | (34,609 | ) | $ | 36,861 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 189 |  | $ | 753 |  | $ | 40 |  | $ | 982 |
Labor and Fringe Benefits Payable | 40 |  | 434 |  | 43 |  | 517 |
Payable to Affiliates | 6,339 |  | 397 |  | (6,736 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 97 |  | 13 |  | 110 |
Current Maturities of Long-term Debt | — |  | 18 |  | — |  | 18 |
Income and Other Taxes Payable | (415 | ) | 542 |  | 39 |  | 166 |
Other Current Liabilities | 1 |  | 148 |  | 2 |  | 151 |
Total Current Liabilities | 6,154 |  | 2,389 |  | (6,599 | ) | 1,944 |
Casualty, Environmental and Other Reserves | — |  | 191 |  | 40 |  | 231 |
Long-term Debt | 13,043 |  | 711 |  | — |  | 13,754 |
Deferred Income Taxes - Net | (99 | ) | 6,484 |  | 199 |  | 6,584 |
Other Long-term Liabilities | 617 |  | 300 |  | (304 | ) | 613 |
Total Liabilities | $ | 19,715 |  | $ | 10,075 |  | $ | (6,664 | ) | $ | 23,126 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 844 |  | $ | 181 |  | $ | (181 | ) | $ | 844 |
Other Capital | 129 |  | 5,096 |  | (5,096 | ) | 129 |
Retained Earnings | 13,320 |  | 22,679 |  | (22,679 | ) | 13,320 |
Accumulated Other Comprehensive Loss | (574 | ) | (11 | ) | 11 |  | (574 | )
Noncontrolling Interest | — |  | 16 |  | — |  | 16 |
Total Shareholders' Equity | $ | 13,719 |  | $ | 27,961 |  | $ | (27,945 | ) | $ | 13,735 |
Total Liabilities and Shareholders' Equity | $ | 33,434 |  | $ | 38,036 |  | $ | (34,609 | ) | $ | 36,861 |
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)
Nine Months 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 2,417 |  | $ | 1,792 |  | $ | (803 | ) | $ | 3,406 |
Investing Activities |  |  |  |
Property Additions | — |  | (1,134 | ) | (106 | ) | (1,240 | )
Proceeds from Property Dispositions | — |  | 257 |  | — |  | 257 |
Purchases of Short-term Investments | (609 | ) | — |  | (2 | ) | (611 | )
Proceeds from Sales of Short-term Investments | — |  | — |  | 15 |  | 15 |
Other Investing Activities | (1 | ) | (149 | ) | 142 |  | (8 | )
Net Cash Provided by (Used in) Investing Activities | (610 | ) | (1,026 | ) | 49 |  | (1,587 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 2,000 |  | — |  | — |  | 2,000 |
Long-term Debt Repaid | — |  | (19 | ) | — |  | (19 | )
Dividends Paid | (570 | ) | (750 | ) | 750 |  | (570 | )
Shares Repurchased | (2,816 | ) | — |  | — |  | (2,816 | )
Accelerated Share Repurchase Pending Final Settlement | (100 | ) | — |  | — |  | (100 | )
Other Financing Activities | (58 | ) | (2 | ) | 8 |  | (52 | )
Net Cash Provided by (Used in) Financing Activities | (1,544 | ) | (771 | ) | 758 |  | (1,557 | )
Net Increase (Decrease) in Cash and Cash Equivalents | 263 |  | (5 | ) | 4 |  | 262 |
Cash and Cash Equivalents at Beginning of Period | 274 |  | 121 |  | 6 |  | 401 |
Cash and Cash Equivalents at End of Period | $ | 537 |  | $ | 116 |  | $ | 10 |  | $ | 663 |
NOTE 12. Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Nine Months 2017 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 1,590 |  | $ | 1,544 |  | $ | (273 | ) | $ | 2,861 |
Investing Activities |  |  |  |
Property Additions | — |  | (1,311 | ) | (151 | ) | (1,462 | )
Proceeds from Property Dispositions | — |  | 38 |  | — |  | 38 |
Purchases of Short-term Investments | (639 | ) | — |  | (6 | ) | (645 | )
Proceeds from Sales of Short-term Investments | 955 |  | — |  | 2 |  | 957 |
Other Investing Activities | (2 | ) | 60 |  | (25 | ) | 33 |
Net Cash Provided by (Used in) Investing Activities | 314 |  | (1,213 | ) | (180 | ) | (1,079 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 850 |  | — |  | — |  | 850 |
Long-term Debt Repaid | (312 | ) | (20 | ) | — |  | (332 | )
Dividends Paid | (530 | ) | (450 | ) | 450 |  | (530 | )
Shares Repurchased | (1,763 | ) | — |  | — |  | (1,763 | )
Other Financing Activities | (21 | ) | 5 |  | (3 | ) | (19 | )
Net Cash Provided by (Used in) Financing Activities | (1,776 | ) | (465 | ) | 447 |  | (1,794 | )
Net Increase (Decrease) in Cash and Cash Equivalents | 128 |  | (134 | ) | (6 | ) | (12 | )
Cash and Cash Equivalents at Beginning of Period | 305 |  | 281 |  | 17 |  | 603 |
Cash and Cash Equivalents at End of Period | $ | 433 |  | $ | 147 |  | $ | 11 |  | $ | 591 |

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