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Stock Plans and Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
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.
| Years Ended
(Dollars in Millions) | 2023 | 2022 | 2021
Share-Based Compensation Expense |  |  |
Performance Units | $ | 20 |  | $ | 35 |  | $ | 71 |
Restricted Stock Units and Awards | 19 |  | 15 |  | 12 |
Stock Options | 12 |  | 17 |  | 18 |
Employee Stock Purchase Plan | 7 |  | 5 |  | 4 |
Stock Awards for Directors | 2 |  | 2 |  | 2 |
Total Share-based Compensation Expense | $ | 60 |  | $ | 74 |  | $ | 107 |
Income Tax Benefit | $ | 14 |  | $ | 17 |  | $ | 23 |
Schedule of Assumptions and Inputs Used to Estimate Fair Value of Performance Units | The fair values of the performance units awarded during the years ended December 2023, 2022 and 2021 were calculated primarily using a Monte-Carlo simulation model with the following weighted-average assumptions:
| Years Ended
Weighted-Average Assumptions Used: | 2023 | 2022 | 2021
Risk-free Interest Rate | 4.4 | % | 2.3 | % | 0.2 | %
Annualized Volatility | 33.2 | % | 33.0 | % | 33.6 | %
Expected Life (in years) | 2.8 | 2.7 | 2.9
Schedule of Performance Unit Grant and Vesting Information | Performance unit grant and vesting information is summarized as follows:
| Years Ended
| 2023 |  | 2022 |  | 2021
Weighted-Average Fair Value of Units Granted | $ | 31.57 |  |  | $ | 33.89 |  |  | $ | 30.11 |
Fair Value of Units Vested (in Millions) | $ | 16 |  |  | $ | 24 |  |  | $ | 19 |
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, 2022 | 1,254 |  |  | $ | 32.14 |
Granted | 755 |  |  | 31.57 |
Forfeited | (118) |  |  | 32.20 |
Vested | (570) |  |  | 30.23 |
Unvested at December 31, 2023 | 1,321 |  |  | $ | 32.65 |
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:
| Years Ended
| 2023 | 2022 | 2021
Weighted-Average Fair Value of Units Granted | $ | 9.82 | $ | 10.12 | $ | 7.94
Stock Options Valuation Assumptions: |  |  |
Annual Dividend Yield | 1.4 | % | 1.1 | % | 1.2 | %
Risk-free Interest Rate | 3.8 | % | 2.0 | % | 0.7 | %
Annualized Volatility | 29.6 | % | 30.1 | % | 31.2 | %
Expected Life (in Years) | 6.0 | 6.0 | 6.0
Other Pricing Model Inputs: |  |  |
Weighted-average Grant-date Market Price of CSX Stock (Strike Price) | $ | 31.54 | $ | 35.12 | $ | 29.65
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, 2022 | 13,400 |  |  | $ | 24.03 |  |  |  |  |
Granted | 1,234 |  |  | 31.54 |  |  |  |  |
Forfeited | (189) |  |  | 32.68 |  |  |  |  |
Exercised | (2,351) |  |  | 22.06 |  |  |  |  |
Outstanding at December 31, 2023 | 12,094 |  |  | $ | 25.04 |  |  | 6.0 |  | $ | 117 |
Exercisable at December 31, 2023 | 9,239 |  |  | $ | 22.73 |  |  | 5.3 |  | $ | 111 |
Schedule of Intrinsic Value and Cash Proceeds of Options Exercises | Additional information on stock option exercises is summarized as follows:
| Years Ended
(Dollars in Millions) | 2023 | 2022 | 2021
Intrinsic Value of Stock Options Exercised | $ | 27 |  | $ | 9 |  | $ | 32 |
Cash Received from Option Exercises | $ | 52 |  | $ | 15 |  | $ | 31 |
Schedule of Restricted Stock Grant and Vesting Information | Restricted stock grant and vesting information is summarized as follows:
| Years Ended
| 2023 |  | 2022 |  | 2021
Weighted-Average Fair Value of Units Granted | $ | 31.46 |  |  | $ | 34.55 |  |  | $ | 29.84 |
Fair Value of Units and Awards Vested (in Millions) | $ | 8 |  |  | $ | 5 |  |  | $ | 12 |
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, 2022 | 1,552 |  |  | $ | 31.68 |
Granted | 880 |  |  | 31.46 |
Forfeited | (100) |  |  | 31.92 |
Vested | (303) |  |  | 27.49 |
Unvested at December 31, 2023 | 2,029 |  |  | $ | 31.70 |
Schedule of Shares Issued under Employee Stock Purchase Plan | During 2023, 2022 and 2021, the Company issued the following shares under this program.
| Years Ended
| 2023 | 2022 | 2021
Shares Issued (in Thousands) | 959 |  | 726 |  | 730 |
Weighted Average Purchase Price Per Share | $ | 25.66 |  | $ | 25.93 |  | $ | 21.90 |

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