XML 35 R17.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Debt and Credit Agreements | 12 Months Ended
--- | ---
Dec. 31, 2018
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Debt and Credit Agreements Debt at December 2018 and December 2017 is shown in the table below. For information regarding the fair value of debt, see Note 13, Fair Value Measurements.
| Maturity at December | Average Interest Rates at December | December | December
(Dollars in Millions) | 2018 | 2018 | 2018 | 2017
Notes | 2020-2068 | 4.5% | $ | 14,558 |  | $ | 11,591 |
Equipment Obligations(a) | 2019-2023 | 6.3% | 195 |  | 213 |
Capital Leases | 2020-2026 | 16.2% | 4 |  | 5 |
Subtotal Long-term Debt (including current portion) |  |  | $ | 14,757 |  | $ | 11,809 |
Less Debt Due within One Year |  |  | (18 | ) | (19 | )
Long-term Debt (excluding current portion) |  |  | $ | 14,739 |  | $ | 11,790 |
(a) Equipment obligations are secured by an interest in certain railroad equipment. Debt Issuance On November 15, 2018, CSX issued $350 million of 4.25% notes due 2029 and $650 million of 4.75% notes due 2048. These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time, subject to payment of certain make-whole premiums. The net proceeds will be used for general corporate purposes, which may include repurchases of CSX's common stock, capital investment, working capital requirements, improvements in productivity and other cost reductions at the Company’s major transportation units. On February 20, 2018, CSX issued $800 million of 3.80% notes due 2028, $850 million of 4.30% notes due 2048, and $350 million of 4.65% notes due 2068. These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time, subject to payment of certain make-whole premiums. The net proceeds will be used for general corporate purposes, which may include repurchases of CSX's common stock, capital investment, working capital requirements, improvements in productivity and other cost reductions at the Company’s major transportation units. In May 2017, CSX issued $850 million of 3.25% notes due 2027. These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time. The net proceeds have been or will be used for general corporate purposes, which may include repurchases of CSX's common stock, capital investment, working capital requirements, improvement in productivity and other cost reductions at CSX’s major transportation units. NOTE 9. Debt and Credit Agreements, continued Long-term Debt Maturities (Net of Discounts, Premiums and Issuance Costs)
(Dollars in Millions) | Maturities at
Fiscal Years Ending | December 2018
2019 | $ | 18 |
2020 | 745 |
2021 | 371 |
2022 | 192 |
2023 | 639 |
Thereafter | 12,792 |
Total Long-term Debt Maturities, including current portion | $ | 14,757 |
Credit Facilities CSX has a $1 billion unsecured, revolving credit facility backed by a diverse syndicate of banks. The facility allows same-day borrowings at floating (LIBOR-based) interest rates, plus a spread, depending upon CSX's senior unsecured debt ratings. LIBOR is the London Interbank Offered Rate which is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds. This facility expires in May 2020, and as of December 31, 2018, the Company had no outstanding balances under the facility. Commitment fees and interest rates payable under the facility were similar to fees and rates available to comparably rated investment-grade borrowers. As of December 31, 2018, CSX was in compliance with all covenant requirements under the facility. Commercial Paper On September 14, 2018, the Company established a commercial paper program, backed by the revolving credit facility, under which the Company may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $1 billion. Proceeds from issuances of the notes are expected to be used for general corporate purposes. At December 31, 2018, the Company had no commercial paper outstanding. Receivables Securitization Facility On December 4, 2018, the Company terminated its receivables securitization facility which previously served as a source of short-term liquidity of up to $200 million. The Company had no outstanding balance under the facility prior to termination.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration