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Summarized Consolidating Financial Data (Tables) | 3 Months Ended
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Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
First Quarter 2019 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,993 |  | $ | 20 |  | $ | 3,013 |
Expense | (137 | ) | 1,968 |  | (37 | ) | 1,794 |
Operating Income | 137 |  | 1,025 |  | 57 |  | 1,219 |
Equity in Earnings of Subsidiaries | 874 |  | — |  | (874 | ) | — |
Interest (Expense) / Benefit | (216 | ) | (11 | ) | 49 |  | (178 | )
Other Income / (Expense) - Net | 8 |  | 52 |  | (37 | ) | 23 |
Earnings Before Income Taxes | 803 |  | 1,066 |  | (805 | ) | 1,064 |
Income Tax Benefit / (Expense) | 31 |  | (245 | ) | (16 | ) | (230 | )
Net Earnings | $ | 834 |  | $ | 821 |  | $ | (821 | ) | $ | 834 |
Total Comprehensive Earnings | $ | 836 |  | $ | 819 |  | $ | (819 | ) | $ | 836 |
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 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
March 31, 2019 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 1,032 |  | $ | 143 |  | $ | 13 |  | $ | 1,188 |
Short-term Investments | 813 |  | — |  | 9 |  | 822 |
Accounts Receivable - Net | — |  | 1,058 |  | 48 |  | 1,106 |
Receivable from Affiliates | 1,022 |  | 5,498 |  | (6,520 | ) | — |
Materials and Supplies | — |  | 241 |  | — |  | 241 |
Other Current Assets | — |  | 109 |  | 13 |  | 122 |
Total Current Assets | 2,867 |  | 7,049 |  | (6,437 | ) | 3,479 |
Properties | 1 |  | 41,896 |  | 2,929 |  | 44,826 |
Accumulated Depreciation | (1 | ) | (11,191 | ) | (1,646 | ) | (12,838 | )
Properties - Net | — |  | 30,705 |  | 1,283 |  | 31,988 |
Investments in Conrail | — |  | — |  | 948 |  | 948 |
Affiliates and Other Companies | (39 | ) | 868 |  | 16 |  | 845 |
Investments in Consolidated Subsidiaries | 32,656 |  | — |  | (32,656 | ) | — |
Right-of-Use Lease Asset | — |  | 528 |  | 22 |  | 550 |
Other Long-term Assets | — |  | 596 |  | (252 | ) | 344 |
Total Assets | $ | 35,484 |  | $ | 39,746 |  | $ | (37,076 | ) | $ | 38,154 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 202 |  | $ | 773 |  | $ | 44 |  | $ | 1,019 |
Labor and Fringe Benefits Payable | 33 |  | 348 |  | 25 |  | 406 |
Payable to Affiliates | 7,480 |  | 437 |  | (7,917 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 98 |  | 14 |  | 112 |
Current Maturities of Long-term Debt | — |  | 18 |  | — |  | 18 |
Income and Other Taxes Payable | (275 | ) | 444 |  | 24 |  | 193 |
Other Current Liabilities | 1 |  | 165 |  | 12 |  | 178 |
Total Current Liabilities | 7,441 |  | 2,283 |  | (7,798 | ) | 1,926 |
Casualty, Environmental and Other Reserves | — |  | 172 |  | 35 |  | 207 |
Long-term Debt | 15,040 |  | 708 |  | — |  | 15,748 |
Deferred Income Taxes - Net | (129 | ) | 6,645 |  | 227 |  | 6,743 |
Long-term Lease Liability | — |  | 487 |  | 15 |  | 502 |
Other Long-term Liabilities | 704 |  | 213 |  | (334 | ) | 583 |
Total Liabilities | $ | 23,056 |  | $ | 10,508 |  | $ | (7,855 | ) | $ | 25,709 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 809 |  | $ | 181 |  | $ | (181 | ) | $ | 809 |
Other Capital | 267 |  | 5,096 |  | (5,096 | ) | 267 |
Retained Earnings | 12,011 |  | 23,893 |  | (23,893 | ) | 12,011 |
Accumulated Other Comprehensive Loss | (659 | ) | 51 |  | (51 | ) | (659 | )
Noncontrolling Interest | — |  | 17 |  | — |  | 17 |
Total Shareholders' Equity | $ | 12,428 |  | $ | 29,238 |  | $ | (29,221 | ) | $ | 12,445 |
Total Liabilities and Shareholders' Equity | $ | 35,484 |  | $ | 39,746 |  | $ | (37,076 | ) | $ | 38,154 |
Consolidating Balance Sheet (Dollars in millions)
December 31, 2018 | CSX Corporation | CSX Transportation | Eliminations and Other | 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 |
Consolidating Cash Flow Statements |
Consolidating Cash Flow Statements
(Dollars in millions)
Three Months 2019 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 852 |  | $ | 533 |  | $ | (212 | ) | $ | 1,173 |
Investing Activities |  |  |  |
Property Additions | — |  | (319 | ) | (34 | ) | (353 | )
Proceeds from Property Dispositions | — |  | 51 |  | (3 | ) | 48 |
Purchases of Short-term Investments | (813 | ) | — |  | — |  | (813 | )
Proceeds from Sales of Short-term Investments | 250 |  | — |  | — |  | 250 |
Other Investing Activities | (1 | ) | (1 | ) | — |  | (2 | )
Net Cash Provided by (Used in) Investing Activities | (564 | ) | (269 | ) | (37 | ) | (870 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 1,000 |  | — |  | — |  | 1,000 |
Dividends Paid | (195 | ) | (250 | ) | 250 |  | (195 | )
Shares Repurchased | (796 | ) | — |  | — |  | (796 | )
Other Financing Activities | 19 |  | (1 | ) | — |  | 18 |
Net Cash Provided by (Used in) Financing Activities | 28 |  | (251 | ) | 250 |  | 27 |
Net Increase (Decrease) in Cash and Cash Equivalents | 316 |  | 13 |  | 1 |  | 330 |
Cash and Cash Equivalents at Beginning of Period | 716 |  | 130 |  | 12 |  | 858 |
Cash and Cash Equivalents at End of Period | $ | 1,032 |  | $ | 143 |  | $ | 13 |  | $ | 1,188 |
NOTE 13. Summarized Consolidating Financial Data, continued
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 |
Proceeds from Sales of Short-term Investments | — |  | — |  | 8 |  | 8 |
Other Investing Activities | (1 | ) | (120 | ) | 113 |  | (8 | )
Net Cash (Used in) Provided by Investing Activities | (1 | ) | (407 | ) | 92 |  | (316 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 2,000 |  | — |  | — |  | 2,000 |
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 |

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