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Stock Plans and Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation and Related Income Tax Benefit | Total pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards.
| Fiscal Years
(Dollars in Millions) | 2020 | 2019 | 2018
Share-Based Compensation Expense |  |  |
Stock Options | $ | 19 |  | $ | 18 |  | $ | 13 |
Restricted Stock Units and Awards | 6 |  | 8 |  | 6 |
Employee Stock Purchase Plan | 5 |  | 4 |  | 2 |
Stock Awards for Directors | 2 |  | 2 |  | 2 |
Performance Units | (3) |  | 42 |  | 28 |
Total Share-based Compensation Expense | $ | 29 |  | $ | 74 |  | $ | 51 |
Income Tax Benefit | $ | 19 |  | $ | 43 |  | $ | 26 |
Schedule of Assumptions and Inputs Used to Estimate Fair Value of Performance Units | The fair value of the performance units awarded during the years ended December 2020, 2019 and 2018 were calculated primarily using a Monte-Carlo simulation model with the following weighted-average assumptions:
Weighted-average assumptions used: | 2020 | 2019 | 2018
Annual dividend yield | n/a | 1.4 | % | 1.6 | %
Risk-free interest rate | 1.4 | % | 2.4 | % | 2.3 | %
Annualized volatility | 24.5 | % | 27.4 | % | 29.1 | %
Expected life (in years) | 2.9 | 2.8 | 2.9
Schedule of Performance Unit Grant and Vesting Information | Performance unit grant and vesting information is summarized as follows:
| Fiscal Years
| 2020 |  | 2019 |  | 2018
Weighted-average grant date fair value | $ | 76.17 |  |  | $ | 66.18 |  |  | $ | 55.57 |
Fair value of units vested in fiscal year ending (in millions) | $ | 18 |  |  | $ | 17 |  |  | $ | 14 |
Schedule of Performance Unit Activity Related to Outstanding Long-term Incentive Plans and Corresponding Fair Value | The performance unit activity related to the outstanding long-term incentive plans and corresponding fair value is summarized as follows:
| Performance Units Outstanding (in Thousands) |  | Weighted-Average Fair Value at Grant Date
Unvested at December 31, 2019 | 643 |  |  | $ | 60.58 |
Granted | 356 |  |  | 76.17 |
Forfeited | (34) |  |  | 66.71 |
Vested | (325) |  |  | 55.35 |
Unvested at December 31, 2020 | 640 |  |  | $ | 71.59 |
Schedule of Assumptions and Inputs Used to Estimate Fair Value of Stock Options | Assumptions and inputs used to estimate fair value of stock options are summarized as follows:
| Fiscal Years
| 2020 | 2019 | 2018
Weighted-average grant date fair value | $ | 18.94 |  | $ | 17.87 |  | $ | 14.65 |
Stock options valuation assumptions: |  |  |
Annual dividend yield | 1.2 | % | 1.3 | % | 1.5 | %
Risk-free interest rate | 1.4 | % | 2.4 | % | 2.6 | %
Annualized volatility | 26.1 | % | 25.7 | % | 27.0 | %
Expected life (in years) | 6.0 | 6.1 | 6.5
Other pricing model inputs: |  |  |
Weighted-average grant-date market price of CSX stock (strike price) | $ | 79.58 |  | $ | 70.01 |  | $ | 54.19 |
Schedule of Stock Option Activity | The stock option activity is summarized as follows:
| Stock Options Outstanding (in Thousands) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (in Years) | Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2019 | 3,795 |  | $ | 49.78 |  |  |
Granted | 1,339 |  | 79.58 |  |  |
Forfeited | (131) |  | 72.04 |  |  |
Exercised | (786) |  | 37.41 |  |  |
Outstanding at December 31, 2020 | 4,217 |  | $ | 60.88 |  | 7.5 | $ | 126 |
Exercisable at December 31, 2020 | 1,257 |  | $ | 40.05 |  | 6.0 | $ | 64 |
Schedule of Intrinsic Value and Cash Proceeds of Options Exercises | There were no significant exercises during 2018. Additional information on stock option exercises is summarized as follows:
(Dollars in Millions) | 2020 | 2019
Intrinsic value of stock options exercised | $ | 30 |  | $ | 87 |
Cash received from option exercises | $ | 29 |  | $ | 45 |
Schedule of Restricted Stock Grant and Vesting Information | Restricted stock grant and vesting information is summarized as follows:
| Fiscal Years
| 2020 |  | 2019 |  | 2018
Weighted-average grant date fair value | $ | 79.30 |  |  | $ | 69.19 |  |  | $ | 62.60 |
Fair value of units and awards vested during fiscal year ended (in millions) | $ | 8 |  |  | $ | 7 |  |  | $ | 9 |
Schedule of Outstanding Restricted Stock Units and Awards | The restricted stock activity related to the outstanding long-term incentive plans and other awards and corresponding fair value is summarized as follows:
| Restricted Stock Units and Awards Outstanding (in Thousands) |  | Weighted-Average Fair Value at Grant Date
Unvested at December 31, 2019 | 427 |  |  | $ | 57.29 |
Granted | 106 |  |  | 79.30 |
Forfeited | (24) |  |  | 63.12 |
Vested | (157) |  |  | 48.42 |
Unvested at December 31, 2020 | 352 |  |  | $ | 67.08 |
Schedule of Shares Issued under Employee Stock Purchase Plan | During 2019 and 2020, the Company issued the following shares under this program.
| Fiscal Years
| 2020 |  | 2019
Shares issued (in thousands) | 242 |  |  | 249 |
Weighted average purchase price per share | $ | 60.40 |  |  | $ | 52.72 |

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