XML 30 R11.htm IDEA: XBRL DOCUMENT
v3.22.4

Earnings Per Share | 12 Months Ended
--- | ---
Dec. 31, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution:
| Years Ended
| 2022 |  | 2021 |  | 2020
Numerator (Dollars in Millions): |  |  |
Net Earnings | $ | 4,166 |  |  | $ | 3,781 |  |  | $ | 2,765 |
Dividend Equivalents on Restricted Stock | — |  |  | — |  |  | — |
Net Earnings, Attributable to Common Shareholders | $ | 4,166 |  |  | $ | 3,781 |  |  | $ | 2,765 |
Denominator (Units in Millions): |  |  |  |  |
Average Common Shares Outstanding | 2,136 |  |  | 2,250 |  |  | 2,300 |
Other Potentially Dilutive Common Shares | 5 |  |  | 5 |  |  | 5 |
Average Common Shares Outstanding, Assuming Dilution | 2,141 |  |  | 2,255 |  |  | 2,305 |
Net Earnings Per Share, Basic | $ | 1.95 |  |  | $ | 1.68 |  |  | $ | 1.20 |
Net Earnings Per Share, Assuming Dilution | $ | 1.95 |  |  | $ | 1.68 |  |  | $ | 1.20 |
Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Earnings per share, assuming dilution, is based on the weighted-average number of shares of common stock outstanding and common stock equivalents adjusted for the effects of common stock that may be issued as a result of potentially dilutive instruments. CSX's potentially dilutive instruments are made up of equity awards including performance units and employee stock options. When calculating diluted earnings per share, the potential shares that would be outstanding if all outstanding stock options were exercised are included. This number is different from outstanding stock options, which is included in Note 4, Stock Plans and Share-Based Compensation, because it is offset by shares CSX could repurchase using the proceeds from these hypothetical exercises to obtain the common stock equivalent. The total average outstanding equity awards that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below.
| Years Ended
| 2022 |  | 2021 |  | 2020
Antidilutive Stock Options Excluded from Diluted EPS (in millions) | 3 |  |  | 2 |  |  | 6 |
Share Repurchase Programs During July 2022, the share repurchase program announced in October 2020 was completed and the Company began repurchasing shares under the $5 billion share repurchase program approved on July 19, 2022. Total repurchase authority remaining was $3.3 billion as of December 31, 2022. Previously, shares were repurchased under a program announced in January 2019 that was completed in June 2021. NOTE 2. Earnings Per Share, continued Share repurchases may be made through a variety of methods including, but not limited to, open market purchases, purchases pursuant to Rule 10b5-1 plans, accelerated share repurchases and negotiated block purchases. The timing of share repurchases depends upon management's assessment of marketplace conditions and other factors, and the program remains subject to the discretion of the Board of Directors. Future share repurchases are expected to be funded by cash on hand, cash generated from operations and debt issuances. Shares are retired immediately upon repurchase. In accordance with the Equity Topic in the Accounting Standards Codification ("ASC"), the excess of repurchase price over par value is recorded in retained earnings. Share Repurchase Activity During 2022, 2021 and 2020, CSX repurchased the following shares:
| Years Ended
| 2022 |  | 2021 |  | 2020
Shares Repurchased (Units in Millions) | 151 |  |  | 90 |  |  | 38 |
Cost of Shares (Dollars in Millions) | $ | 4,731 |  |  | $ | 2,886 |  |  | $ | 867 |
Average Price Paid per Share | $ | 31.25 |  |  | $ | 31.91 |  |  | $ | 22.90 |
Structured Share Repurchases Periodically, CSX enters into structured agreements for the repurchase of CSX shares. Upon execution of each agreement, the Company pays a fixed amount of cash in exchange for the right to receive either CSX stock or a predetermined amount of cash, including a premium. Shares acquired through these structured share repurchase agreements were recorded in common stock and retained earnings and are included in the share repurchases table above. There were no repurchases under a structured agreement in 2022. As a result of entering into and settling structured share repurchase agreements, the Company paid a net total of approximately $378 million and received approximately 12 million shares during the year ended 2021. Premiums received were not material. In December 2020, the Company completed a structured share repurchase. Under this agreement, the Company paid a total of $100 million and received approximately 3.3 million shares. Dividend Increase On February 14, 2023, the Company's Board of Directors authorized a 10% increase in the quarterly cash dividend to $0.11 per common share effective March 2023.

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

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration