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Summarized Consolidating Financial Data (Tables) | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract] |
Consolidating Income Statements | Consolidating Income Statements (Dollars in Millions)
Fiscal Year Ended December 2018 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX Consolidated
Revenue | $ | — |  |  | $ | 12,174 |  |  | $ | 76 |  |  | $ | 12,250 |
Expense | (344 | ) |  | 7,868 |  |  | (143 | ) |  | 7,381 |
Operating Income | 344 |  |  | 4,306 |  |  | 219 |  |  | 4,869 |
Equity in Earnings of Subsidiaries | 3,580 |  |  | — |  |  | (3,580 | ) |  | — |
Interest Expense | (742 | ) |  | (39 | ) |  | 142 |  |  | (639 | )
Other Income - Net | 24 |  |  | 152 |  |  | (102 | ) |  | 74 |
Earnings Before Income Taxes | 3,206 |  |  | 4,419 |  |  | (3,321 | ) |  | 4,304 |
Income Tax Benefit (Expense) | 103 |  |  | (1,036 | ) |  | (62 | ) |  | (995 | )
Net Earnings | $ | 3,309 |  |  | $ | 3,383 |  |  | $ | (3,383 | ) |  | $ | 3,309 |
Total Comprehensive Earnings | $ | 3,134 |  |  | $ | 3,441 |  |  | $ | (3,441 | ) |  | $ | 3,134 |
Fiscal Year Ended December 2017 |  |  |  |  |  |  |
Revenue | $ | — |  |  | $ | 11,334 |  |  | $ | 74 |  |  | $ | 11,408 |
Expense | (158 | ) |  | 8,009 |  |  | (163 | ) |  | 7,688 |
Operating Income | 158 |  |  | 3,325 |  |  | 237 |  |  | 3,720 |
Equity in Earnings of Subsidiaries | 5,810 |  |  | — |  |  | (5,810 | ) |  | — |
Interest Expense | (582 | ) |  | (29 | ) |  | 65 |  |  | (546 | )
Other Income - Net | 7 |  |  | (19 | ) |  | (20 | ) |  | (32 | )
Earnings Before Income Taxes | 5,393 |  |  | 3,277 |  |  | (5,528 | ) |  | 3,142 |
Income Tax Benefit | 78 |  |  | 2,247 |  |  | 4 |  |  | 2,329 |
Net Earnings | $ | 5,471 |  |  | $ | 5,524 |  |  | $ | (5,524 | ) |  | $ | 5,471 |
Total Comprehensive Earnings | $ | 5,625 |  |  | $ | 5,538 |  |  | $ | (5,538 | ) |  | $ | 5,625 |
Fiscal Year Ended December 2016 |  |  |  |  |  |  |
Revenue | $ | — |  |  | $ | 10,991 |  |  | $ | 78 |  |  | $ | 11,069 |
Expense | (265 | ) |  | 8,086 |  |  | (165 | ) |  | 7,656 |
Operating Income | 265 |  |  | 2,905 |  |  | 243 |  |  | 3,413 |
Equity in Earnings of Subsidiaries | 1,997 |  |  | 2 |  |  | (1,999 | ) |  | — |
Interest Expense | (583 | ) |  | (35 | ) |  | 39 |  |  | (579 | )
Other Income - Net | (112 | ) |  | 30 |  |  | (11 | ) |  | (93 | )
Earnings Before Income Taxes | 1,567 |  |  | 2,902 |  |  | (1,728 | ) |  | 2,741 |
Income Tax Benefit (Expense) | 147 |  |  | (1,081 | ) |  | (93 | ) |  | (1,027 | )
Net Earnings | $ | 1,714 |  |  | $ | 1,821 |  |  | $ | (1,821 | ) |  | $ | 1,714 |
Total Comprehensive Earnings | $ | 1,739 |  |  | $ | 1,833 |  |  | $ | (1,833 | ) |  | $ | 1,739 |
Certain prior year data has been reclassified to conform to the current presentation.
Consolidating Balance Sheets | Consolidating Balance Sheets (Dollars in Millions)
As of December 31, 2018 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX Consolidated
ASSETS |
Current Assets: |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 716 |  |  | $ | 130 |  |  | $ | 12 |  |  | $ | 858 |
Short-term Investments | 250 |  |  | — |  |  | 3 |  |  | 253 |
Accounts Receivable - Net | 1 |  |  | 1,003 |  |  | 6 |  |  | 1,010 |
Receivable from Affiliates | 1,020 |  |  | 5,214 |  |  | (6,234 | ) |  | — |
Materials and Supplies | — |  |  | 263 |  |  | — |  |  | 263 |
Other Current Assets | 63 |  |  | 104 |  |  | 14 |  |  | 181 |
Total Current Assets | 2,050 |  |  | 6,714 |  |  | (6,199 | ) |  | 2,565 |
Properties | 1 |  |  | 41,897 |  |  | 2,907 |  |  | 44,805 |
Accumulated Depreciation | (1 | ) |  | (11,194 | ) |  | (1,612 | ) |  | (12,807 | )
Properties - Net | — |  |  | 30,703 |  |  | 1,295 |  |  | 31,998 |
Investments in Conrail | — |  |  | — |  |  | 943 |  |  | 943 |
Affiliates and Other Companies | (39 | ) |  | 859 |  |  | 16 |  |  | 836 |
Investment in Consolidated Subsidiaries | 32,033 |  |  | — |  |  | (32,033 | ) |  | — |
Other Long-term Assets | 2 |  |  | 598 |  |  | (213 | ) |  | 387 |
Total Assets | $ | 34,046 |  |  | $ | 38,874 |  |  | $ | (36,191 | ) |  | $ | 36,729 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
Current Liabilities: |  |  |  |  |  |  |
Accounts Payable | $ | 132 |  |  | $ | 763 |  |  | $ | 54 |  |  | $ | 949 |
Labor and Fringe Benefits Payable | 41 |  |  | 440 |  |  | 69 |  |  | 550 |
Payable to Affiliates | 6,973 |  |  | 633 |  |  | (7,606 | ) |  | — |
Casualty, Environmental and Other Reserves | — |  |  | 99 |  |  | 14 |  |  | 113 |
Current Maturities of Long-term Debt | — |  |  | 18 |  |  | — |  |  | 18 |
Income and Other Taxes Payable | (290 | ) |  | 392 |  |  | 4 |  |  | 106 |
Other Current Liabilities | 11 |  |  | 162 |  |  | 6 |  |  | 179 |
Total Current Liabilities | 6,867 |  |  | 2,507 |  |  | (7,459 | ) |  | 1,915 |
Casualty, Environmental and Other Reserves | — |  |  | 176 |  |  | 35 |  |  | 211 |
Long-term Debt | 14,029 |  |  | 710 |  |  | — |  |  | 14,739 |
Deferred Income Taxes - Net | (134 | ) |  | 6,601 |  |  | 223 |  |  | 6,690 |
Other Long-term Liabilities | 721 |  |  | 211 |  |  | (338 | ) |  | 594 |
Total Liabilities | 21,483 |  |  | 10,205 |  |  | (7,539 | ) |  | 24,149 |
Shareholders' Equity: |  |  |  |  |  |  |
Common Stock, $1 Par Value | 818 |  |  | 181 |  |  | (181 | ) |  | 818 |
Other Capital | 249 |  |  | 5,096 |  |  | (5,096 | ) |  | 249 |
Retained Earnings | 12,157 |  |  | 23,322 |  |  | (23,322 | ) |  | 12,157 |
Accumulated Other Comprehensive Loss | (661 | ) |  | 53 |  |  | (53 | ) |  | (661 | )
Noncontrolling Minority Interest | — |  |  | 17 |  |  | — |  |  | 17 |
Total Shareholders' Equity | 12,563 |  |  | 28,669 |  |  | (28,652 | ) |  | 12,580 |
Total Liabilities and Shareholders' Equity | $ | 34,046 |  |  | $ | 38,874 |  |  | $ | (36,191 | ) |  | $ | 36,729 |
NOTE 17. Summarized Consolidating Financial Data, continued Consolidating Balance Sheets (Dollars in Millions)
As of December 31, 2017 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX 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)
Fiscal Year Ended December 2018 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX Consolidated
Operating Activities |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 3,182 |  |  | $ | 1,657 |  |  | $ | (198 | ) |  | $ | 4,641 |
Investing Activities |  |  |  |  |  |  |
Property Additions | — |  |  | (1,580 | ) |  | (165 | ) |  | (1,745 | )
Purchases of Short-term Investments | (734 | ) |  | — |  |  | (2 | ) |  | (736 | )
Proceeds from Sales of Short-term Investments | 485 |  |  | — |  |  | 20 |  |  | 505 |
Proceeds from Property Dispositions | — |  |  | 319 |  |  | — |  |  | 319 |
Other Investing Activities | (4 | ) |  | 638 |  |  | (661 | ) |  | (27 | )
Net Cash Used in Investing Activities | (253 | ) |  | (623 | ) |  | (808 | ) |  | (1,684 | )
Financing Activities |  |  |  |  |  |  |
Long-term Debt Issued | 3,000 |  |  | — |  |  | — |  |  | 3,000 |
Long-term Debt Repaid | — |  |  | (19 | ) |  | — |  |  | (19 | )
Dividends Paid | (751 | ) |  | (1,000 | ) |  | 1,000 |  |  | (751 | )
Shares Repurchased | (4,671 | ) |  | — |  |  | — |  |  | (4,671 | )
Other Financing Activities | (65 | ) |  | (6 | ) |  | 12 |  |  | (59 | )
Net Cash (Used in) Provided by Financing Activities | (2,487 | ) |  | (1,025 | ) |  | 1,012 |  |  | (2,500 | )
Net Increase in Cash and Cash Equivalents | 442 |  |  | 9 |  |  | 6 |  |  | 457 |
Cash and Cash Equivalents at Beginning of Period | 274 |  |  | 121 |  |  | 6 |  |  | 401 |
Cash and Cash Equivalents at End of Period | $ | 716 |  |  | $ | 130 |  |  | $ | 12 |  |  | $ | 858 |
NOTE 17. Summarized Consolidating Financial Data, continued Consolidating Cash Flow Statements (Dollars in Millions)
Fiscal Year Ended December 2017 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX Consolidated
Operating Activities |  |  |  |  |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 1,719 |  |  | $ | 2,112 |  |  | $ | (359 | ) |  | $ | 3,472 |
Investing Activities |  |  |  |  |  |  |
Property Additions | — |  |  | (1,848 | ) |  | (192 | ) |  | (2,040 | )
Purchases of Short-term Investments | (774 | ) |  | — |  |  | (8 | ) |  | (782 | )
Proceeds from Sales of Short-term Investments | 1,190 |  |  | — |  |  | 3 |  |  | 1,193 |
Proceeds from Property Dispositions | — |  |  | 97 |  |  | — |  |  | 97 |
Other Investing Activities | (2 | ) |  | 94 |  |  | (55 | ) |  | 37 |
Net Cash Provided by (Used in) Investing Activities | 414 |  |  | (1,657 | ) |  | (252 | ) |  | (1,495 | )
Financing Activities |  |  |  |  |  |  |
Long-term Debt Issued | 850 |  |  | — |  |  | — |  |  | 850 |
Long-term Debt Repaid | (313 | ) |  | (20 | ) |  | — |  |  | (333 | )
Dividends Paid | (708 | ) |  | (600 | ) |  | 600 |  |  | (708 | )
Shares Repurchased | (1,970 | ) |  | — |  |  | — |  |  | (1,970 | )
Other Financing Activities | (23 | ) |  | 5 |  |  | — |  |  | (18 | )
Net Cash (Used in) Provided by Financing Activities | (2,164 | ) |  | (615 | ) |  | 600 |  |  | (2,179 | )
Net Decrease in Cash and Cash Equivalents | (31 | ) |  | (160 | ) |  | (11 | ) |  | (202 | )
Cash and Cash Equivalents at Beginning of Period | 305 |  |  | 281 |  |  | 17 |  |  | 603 |
Cash and Cash Equivalents at End of Period | $ | 274 |  |  | $ | 121 |  |  | $ | 6 |  |  | $ | 401 |
NOTE 17. Summarized Consolidating Financial Data, continued Consolidating Cash Flow Statements (Dollars in Millions)
Fiscal Year Ended December 2016 | CSX Corporation |  | CSX Transportation |  | Eliminations and Other |  | CSX Consolidated
Operating Activities |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 453 |  |  | $ | 2,950 |  |  | $ | (362 | ) |  | $ | 3,041 |
Investing Activities |  |  |  |  |  |  |
Property Additions | — |  |  | (2,208 | ) |  | (190 | ) |  | (2,398 | )
Purchases of Short-term Investments | (929 | ) |  | — |  |  | — |  |  | (929 | )
Proceeds from Sales of Short-term Investments | 1,325 |  |  | — |  |  | — |  |  | 1,325 |
Proceeds from Property Dispositions | — |  |  | 195 |  |  | — |  |  | 195 |
Other Investing Activities | (41 | ) |  | 91 |  |  | (41 | ) |  | 9 |
Net Cash Provided by (Used in) Investing Activities | 355 |  |  | (1,922 | ) |  | (231 | ) |  | (1,798 | )
Financing Activities |  |  |  |  |  |  |
Long-term Debt Issued | 2,200 |  |  | — |  |  | — |  |  | 2,200 |
Long-term Debt Repaid | (1,400 | ) |  | (19 | ) |  | — |  |  | (1,419 | )
Dividends Paid | (680 | ) |  | (600 | ) |  | 600 |  |  | (680 | )
Shares Repurchased | (1,056 | ) |  | — |  |  | — |  |  | (1,056 | )
Other Financing Activities | (11 | ) |  | (303 | ) |  | 1 |  |  | (313 | )
Net Cash (Used in) Provided by Financing Activities | (947 | ) |  | (922 | ) |  | 601 |  |  | (1,268 | )
Net (Decrease) Increase in Cash and Cash Equivalents | (139 | ) |  | 106 |  |  | 8 |  |  | (25 | )
Cash and Cash Equivalents at Beginning of Period | 444 |  |  | 175 |  |  | 9 |  |  | 628 |
Cash and Cash Equivalents at End of Period | $ | 305 |  |  | $ | 281 |  |  | $ | 17 |  |  | $ | 603 |

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