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Summarized Consolidating Financial Data (Tables) | 9 Months Ended
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Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
Consolidating Income Statements |
Consolidating Income Statements
(Dollars in millions)
Third Quarter 2019 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 2,958 |  | $ | 20 |  | $ | 2,978 |
Expense | (138 | ) | 1,862 |  | (33 | ) | 1,691 |
Operating Income | 138 |  | 1,096 |  | 53 |  | 1,287 |
Equity in Earnings of Subsidiaries | 883 |  | — |  | (883 | ) | — |
Interest (Expense) / Benefit | (220 | ) | (11 | ) | 45 |  | (186 | )
Other Income / (Expense) - Net | 9 |  | 47 |  | (32 | ) | 24 |
Earnings Before Income Taxes | 810 |  | 1,132 |  | (817 | ) | 1,125 |
Income Tax Benefit / (Expense) | 46 |  | (267 | ) | (48 | ) | (269 | )
Net Earnings | $ | 856 |  | $ | 865 |  | $ | (865 | ) | $ | 856 |
Total Comprehensive Earnings | $ | 863 |  | $ | 864 |  | $ | (864 | ) | $ | 863 |
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 |
Consolidating Income Statements
(Dollars in millions)
Nine Months 2019 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Revenue | $ | — |  | $ | 8,992 |  | $ | 60 |  | $ | 9,052 |
Expense | (413 | ) | 5,776 |  | (122 | ) | 5,241 |
Operating Income | 413 |  | 3,216 |  | 182 |  | 3,811 |
Equity in Earnings of Subsidiaries | 2,683 |  | — |  | (2,683 | ) | — |
Interest (Expense) / Benefit | (658 | ) | (32 | ) | 142 |  | (548 | )
Other Income / (Expense) - Net | 28 |  | 150 |  | (106 | ) | 72 |
Earnings Before Income Taxes | 2,466 |  | 3,334 |  | (2,465 | ) | 3,335 |
Income Tax (Expense) / Benefit | 94 |  | (788 | ) | (81 | ) | (775 | )
Net Earnings | $ | 2,560 |  | $ | 2,546 |  | $ | (2,546 | ) | $ | 2,560 |
Total Comprehensive Earnings | $ | 2,573 |  | $ | 2,542 |  | $ | (2,542 | ) | $ | 2,573 |
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 |
Consolidating Balance Sheet |
Consolidating Balance Sheet
(Dollars in millions)
September 30, 2019 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
ASSETS
Current Assets |  |  |  |
Cash and Cash Equivalents | $ | 1,355 |  | $ | 152 |  | $ | 14 |  | $ | 1,521 |
Short-term Investments | 1,028 |  | — |  | 9 |  | 1,037 |
Accounts Receivable - Net | 2 |  | 1,044 |  | 55 |  | 1,101 |
Receivable from Affiliates | 874 |  | 6,918 |  | (7,792 | ) | — |
Materials and Supplies | — |  | 235 |  | — |  | 235 |
Other Current Assets | (1 | ) | 50 |  | 17 |  | 66 |
Total Current Assets | 3,258 |  | 8,399 |  | (7,697 | ) | 3,960 |
Properties | 1 |  | 42,055 |  | 2,956 |  | 45,012 |
Accumulated Depreciation | (1 | ) | (11,231 | ) | (1,702 | ) | (12,934 | )
Properties - Net | — |  | 30,824 |  | 1,254 |  | 32,078 |
Investments in Conrail | — |  | — |  | 969 |  | 969 |
Affiliates and Other Companies | (39 | ) | 904 |  | 15 |  | 880 |
Investments in Consolidated Subsidiaries | 33,966 |  | — |  | (33,966 | ) | — |
Right-of-Use Lease Asset | — |  | 519 |  | 20 |  | 539 |
Other Long-term Assets | 3 |  | 608 |  | (242 | ) | 369 |
Total Assets | $ | 37,188 |  | $ | 41,254 |  | $ | (39,647 | ) | $ | 38,795 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current Liabilities |  |  |  |
Accounts Payable | $ | 200 |  | $ | 832 |  | $ | 69 |  | $ | 1,101 |
Labor and Fringe Benefits Payable | 36 |  | 411 |  | 39 |  | 486 |
Payable to Affiliates | 8,959 |  | 385 |  | (9,344 | ) | — |
Casualty, Environmental and Other Reserves | — |  | 95 |  | 15 |  | 110 |
Current Maturities of Long-term Debt | 500 |  | 245 |  | — |  | 745 |
Income and Other Taxes Payable | (428 | ) | 570 |  | 13 |  | 155 |
Other Current Liabilities | — |  | 197 |  | 11 |  | 208 |
Total Current Liabilities | 9,267 |  | 2,735 |  | (9,197 | ) | 2,805 |
Casualty, Environmental and Other Reserves | — |  | 161 |  | 34 |  | 195 |
Long-term Debt | 15,532 |  | 460 |  | — |  | 15,992 |
Deferred Income Taxes - Net | (150 | ) | 6,755 |  | 277 |  | 6,882 |
Long-term Lease Liability | — |  | 481 |  | 13 |  | 494 |
Other Long-term Liabilities | 675 |  | 203 |  | (330 | ) | 548 |
Total Liabilities | $ | 25,324 |  | $ | 10,795 |  | $ | (9,203 | ) | $ | 26,916 |
Shareholders' Equity |  |  |  |
Common Stock, $1 Par Value | $ | 782 |  | $ | 181 |  | $ | (181 | ) | $ | 782 |
Other Capital | 314 |  | 5,096 |  | (5,096 | ) | 314 |
Retained Earnings | 11,416 |  | 25,118 |  | (25,118 | ) | 11,416 |
Accumulated Other Comprehensive Loss | (648 | ) | 49 |  | (49 | ) | (648 | )
Noncontrolling Interest | — |  | 15 |  | — |  | 15 |
Total Shareholders' Equity | $ | 11,864 |  | $ | 30,459 |  | $ | (30,444 | ) | $ | 11,879 |
Total Liabilities and Shareholders' Equity | $ | 37,188 |  | $ | 41,254 |  | $ | (39,647 | ) | $ | 38,795 |
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)
Nine Months 2019 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated
Operating Activities |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 2,732 |  | $ | 1,629 |  | $ | (624 | ) | $ | 3,737 |
Investing Activities |  |  |  |
Property Additions | — |  | (1,085 | ) | (106 | ) | (1,191 | )
Proceeds from Property Dispositions | — |  | 218 |  | — |  | 218 |
Purchases of Short-term Investments | (2,255 | ) | — |  | — |  | (2,255 | )
Proceeds from Sales of Short-term Investments | 1,480 |  | — |  | — |  | 1,480 |
Other Investing Activities | 4 |  | 33 |  | (18 | ) | 19 |
Net Cash Used in Investing Activities | (771 | ) | (834 | ) | (124 | ) | (1,729 | )
Financing Activities |  |  |  |
Long-term Debt Issued | 2,000 |  | — |  | — |  | 2,000 |
Long-term Debt Repaid | — |  | (18 | ) | — |  | (18 | )
Dividends Paid | (577 | ) | (750 | ) | 750 |  | (577 | )
Shares Repurchased | (2,767 | ) | — |  | — |  | (2,767 | )
Other Financing Activities | 22 |  | (5 | ) | — |  | 17 |
Net Cash (Used in) Provided by Financing Activities | (1,322 | ) | (773 | ) | 750 |  | (1,345 | )
Net Increase in Cash and Cash Equivalents | 639 |  | 22 |  | 2 |  | 663 |
Cash and Cash Equivalents at Beginning of Period | 716 |  | 130 |  | 12 |  | 858 |
Cash and Cash Equivalents at End of Period | $ | 1,355 |  | $ | 152 |  | $ | 14 |  | $ | 1,521 |
NOTE 13. Summarized Consolidating Financial Data, continued
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 (Used in) Provided by 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 (Used in) Provided by 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 |

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