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Subsequent Event | 3 Months Ended
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Mar. 31, 2021
Subsequent Events [Abstract] |
Subsequent Event | Subsequent EventOn March 26, 2021, the Company entered into a comprehensive rail agreement to sell certain interests in three CSX-owned line segments to the Commonwealth of Virginia (“Commonwealth”) over three phases for a total of $525 million. On April 14, 2021, in the first phase of the transaction, the Company closed on the conveyance of a permanent land easement for passenger rail operations. In second quarter 2021, the gain on this sale will be recognized in materials, supplies and other on the consolidated income statement. The Company anticipates closing on the remaining conveyances over the next two years. Funding for a portion of the transaction price remains subject to approval by the Virginia General Assembly and the Commonwealth. As of March 31, 2021, the carrying values of the assets subject to this transaction were not material.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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