Consolidating Income Statements |
| | | | | | | | | | | | | | Consolidating Income Statements | (Dollars in millions) | Second Quarter 2012 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | Revenue | $ | — |
| $ | 2,995 |
| $ | 17 |
| $ | 3,012 |
| Expense | (89 | ) | 2,192 |
| (34 | ) | 2,069 |
| Operating Income | 89 |
| 803 |
| 51 |
| 943 |
| | | | | | Equity in Earnings of Subsidiaries | 557 |
| — |
| (557 | ) | — |
| Interest (Expense) / Benefit | (125 | ) | (17 | ) | 3 |
| (139 | ) | Other Income / (Expense) - Net | (1 | ) | 1 |
| 5 |
| 5 |
| | | | | | Earnings Before Income Taxes | 520 |
| 787 |
| (498 | ) | 809 |
| Income Tax (Expense) / Benefit | (8 | ) | (270 | ) | (19 | ) | (297 | ) | Net Earnings | $ | 512 |
| $ | 517 |
| $ | (517 | ) | $ | 512 |
| | | | | | Total Comprehensive Earnings | $ | 529 |
| $ | 518 |
| $ | (518 | ) | $ | 529 |
| | | | | | Second Quarter 2011 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | Revenue | $ | — |
| $ | 3,003 |
| $ | 16 |
| $ | 3,019 |
| Expense | (68 | ) | 2,222 |
| (61 | ) | 2,093 |
| Operating Income | 68 |
| 781 |
| 77 |
| 926 |
| | | | | | Equity in Earnings of Subsidiaries | 540 |
| 2 |
| (542 | ) | — |
| Interest (Expense) / Benefit | (121 | ) | (22 | ) | 9 |
| (134 | ) | Other Income / (Expense) - Net | 1 |
| — |
| (1 | ) | — |
| | | | | | Earnings Before Income Taxes | 488 |
| 761 |
| (457 | ) | 792 |
| Income Tax (Expense) / Benefit | 18 |
| (275 | ) | (29 | ) | (286 | ) | Net Earnings | $ | 506 |
| $ | 486 |
| $ | (486 | ) | $ | 506 |
| | | | | | Total Comprehensive Earnings | $ | 519 |
| $ | 485 |
| $ | (485 | ) | $ | 519 |
|
| | | | | | | | | | | | | | Consolidating Income Statements | (Dollars in millions) | Six Months Ended June 29, 2012 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | Revenue | $ | — |
| $ | 5,945 |
| $ | 33 |
| $ | 5,978 |
| Expense | (176 | ) | 4,421 |
| (66 | ) | 4,179 |
| Operating Income | 176 |
| 1,524 |
| 99 |
| 1,799 |
| | | | | | Equity in Earnings of Subsidiaries | 1,034 |
| (1 | ) | (1,033 | ) | — |
| Interest (Expense) / Benefit | (255 | ) | (36 | ) | 8 |
| (283 | ) | Other Income / (Expense) - Net | (2 | ) | 4 |
| 7 |
| 9 |
| | | | | | Earnings Before Income Taxes | 953 |
| 1,491 |
| (919 | ) | 1,525 |
| Income Tax (Expense) / Benefit | 8 |
| (533 | ) | (39 | ) | (564 | ) | Net Earnings | $ | 961 |
| $ | 958 |
| $ | (958 | ) | $ | 961 |
| | | | | | Total Comprehensive Earnings | $ | 987 |
| $ | 956 |
| $ | (956 | ) | $ | 987 |
| | | | | | Six Months Ended July 1, 2011 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | Revenue | $ | — |
| $ | 5,797 |
| $ | 32 |
| $ | 5,829 |
| Expense | (133 | ) | 4,364 |
| (101 | ) | 4,130 |
| Operating Income | 133 |
| 1,433 |
| 133 |
| 1,699 |
| | | | | | Equity in Earnings of Subsidiaries | 972 |
| 3 |
| (975 | ) | — |
| Interest (Expense) / Benefit | (247 | ) | (45 | ) | 18 |
| (274 | ) | Other Income / (Expense) - Net | 3 |
| 2 |
| — |
| 5 |
| | | | | | Earnings Before Income Taxes | 861 |
| 1,393 |
| (824 | ) | 1,430 |
| Income Tax (Expense) / Benefit | 40 |
| (516 | ) | (53 | ) | (529 | ) | Net Earnings | $ | 901 |
| $ | 877 |
| $ | (877 | ) | $ | 901 |
| | | | | | Total Comprehensive Earnings | $ | 925 |
| $ | 877 |
| $ | (877 | ) | $ | 925 |
| | | | | |
|
Consolidating Balance Sheet |
| | | | | | | | | | | | | | Consolidating Balance Sheet | (Dollars in millions) | As of Second Quarter 2012 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | | | | | | ASSETS | Current Assets | | | | | Cash and Cash Equivalents | $ | 405 |
| $ | 160 |
| $ | 77 |
| $ | 642 |
| Short-term Investments | — |
| — |
| 41 |
| 41 |
| Accounts Receivable - Net | 9 |
| 531 |
| 596 |
| 1,136 |
| Receivable from Affiliates | 1,071 |
| 1,509 |
| (2,580 | ) | — |
| Materials and Supplies | — |
| 256 |
| — |
| 256 |
| Deferred Income Taxes | 20 |
| 153 |
| (1 | ) | 172 |
| Other Current Assets | 18 |
| 100 |
| 7 |
| 125 |
| Total Current Assets | 1,523 |
| 2,709 |
| (1,860 | ) | 2,372 |
| | | | | | Properties | 8 |
| 32,777 |
| 1,831 |
| 34,616 |
| Accumulated Depreciation | (8 | ) | (7,997 | ) | (979 | ) | (8,984 | ) | Properties - Net | — |
| 24,780 |
| 852 |
| 25,632 |
| | | | | | Investments in Conrail | — |
| — |
| 687 |
| 687 |
| Affiliates and Other Companies | (39 | ) | 578 |
| (43 | ) | 496 |
| Investments in Consolidated Subsidiaries | 18,212 |
| — |
| (18,212 | ) | — |
| Other Long-term Assets | 184 |
| 277 |
| (59 | ) | 402 |
| Total Assets | $ | 19,880 |
| $ | 28,344 |
| $ | (18,635 | ) | $ | 29,589 |
| | | | | | LIABILITIES AND SHAREHOLDERS' EQUITY | Current Liabilities | | | | | Accounts Payable | $ | 102 |
| $ | 925 |
| $ | 28 |
| $ | 1,055 |
| Labor and Fringe Benefits Payable | 35 |
| 370 |
| 29 |
| 434 |
| Payable to Affiliates | 2,351 |
| 446 |
| (2,797 | ) | — |
| Casualty, Environmental and Other Reserves | — |
| 155 |
| 16 |
| 171 |
| Current Maturities of Long-term Debt | 400 |
| 107 |
| 1 |
| 508 |
| Income and Other Taxes Payable | (22 | ) | 236 |
| 14 |
| 228 |
| Other Current Liabilities | (1 | ) | 177 |
| 3 |
| 179 |
| Total Current Liabilities | 2,865 |
| 2,416 |
| (2,706 | ) | 2,575 |
| | | | | | Casualty, Environmental and Other Reserves | — |
| 256 |
| 71 |
| 327 |
| Long-term Debt | 7,507 |
| 1,074 |
| — |
| 8,581 |
| Deferred Income Taxes | (143 | ) | 7,965 |
| 74 |
| 7,896 |
| Other Long-term Liabilities | 770 |
| 624 |
| (79 | ) | 1,315 |
| Total Liabilities | $ | 10,999 |
| $ | 12,335 |
| $ | (2,640 | ) | $ | 20,694 |
| | | | | | Shareholders' Equity | | | | | Common Stock, $1 Par Value | 1,040 |
| 181 |
| (181 | ) | 1,040 |
| Other Capital | 11 |
| 5,668 |
| (5,668 | ) | 11 |
| Retained Earnings | 8,679 |
| 10,219 |
| (10,219 | ) | 8,679 |
| Accumulated Other Comprehensive Loss | (849 | ) | (81 | ) | 81 |
| (849 | ) | Noncontrolling Interest | — |
| 22 |
| (8 | ) | 14 |
| Total Shareholders' Equity | 8,881 |
| 16,009 |
| (15,995 | ) | 8,895 |
| Total Liabilities and Shareholders' Equity | $ | 19,880 |
| $ | 28,344 |
| $ | (18,635 | ) | $ | 29,589 |
|
| | | | | | | | | | | | | | Consolidating Balance Sheet (Dollars in millions) | As of December 2011 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ASSETS | Current Assets | | | | | Cash and Cash Equivalents | $ | 549 |
| $ | 154 |
| $ | 80 |
| $ | 783 |
| Short-term Investments | 475 |
| — |
| 48 |
| 523 |
| Accounts Receivable - Net | 4 |
| 468 |
| 657 |
| 1,129 |
| Receivable from Affiliates | 1,025 |
| 1,772 |
| (2,797 | ) | — |
| Materials and Supplies | — |
| 240 |
| — |
| 240 |
| Deferred Income Taxes | 10 |
| 173 |
| (1 | ) | 182 |
| Other Current Assets | 17 |
| 64 |
| (3 | ) | 78 |
| Total Current Assets | 2,080 |
| 2,871 |
| (2,016 | ) | 2,935 |
| | | | | | Properties | 8 |
| 31,958 |
| 1,738 |
| 33,704 |
| Accumulated Depreciation | (8 | ) | (7,795 | ) | (927 | ) | (8,730 | ) | Properties - Net | — |
| 24,163 |
| 811 |
| 24,974 |
| | | | | | Investments in Conrail | — |
| — |
| 678 |
| 678 |
| Affiliates and Other Companies | (39 | ) | 574 |
| (42 | ) | 493 |
| Investment in Consolidated Subsidiaries | 17,519 |
| — |
| (17,519 | ) | — |
| Other Long-term Assets | 176 |
| 109 |
| 108 |
| 393 |
| Total Assets | $ | 19,736 |
| $ | 27,717 |
| $ | (17,980 | ) | $ | 29,473 |
| | | | | | LIABILITIES AND SHAREHOLDERS' EQUITY | Current Liabilities | | | | | Accounts Payable | $ | 114 |
| $ | 978 |
| $ | 55 |
| $ | 1,147 |
| Labor and Fringe Benefits Payable | 41 |
| 458 |
| 42 |
| 541 |
| Payable to Affiliates | 2,566 |
| 374 |
| (2,940 | ) | — |
| Casualty, Environmental and Other Reserves | — |
| 151 |
| 16 |
| 167 |
| Current Maturities of Long-term Debt | 400 |
| 105 |
| 2 |
| 507 |
| Income and Other Taxes Payable | (60 | ) | 189 |
| — |
| 129 |
| Other Current Liabilities | (1 | ) | 194 |
| 3 |
| 196 |
| Total Current Liabilities | 3,060 |
| 2,449 |
| (2,822 | ) | 2,687 |
| | | | | | Casualty, Environmental and Other Reserves | — |
| 284 |
| 68 |
| 352 |
| Long-term Debt | 7,609 |
| 1,124 |
| 1 |
| 8,734 |
| Deferred Income Taxes | (246 | ) | 7,800 |
| 47 |
| 7,601 |
| Other Long-term Liabilities | 858 |
| 667 |
| 106 |
| 1,631 |
| Total Liabilities | $ | 11,281 |
| $ | 12,324 |
| $ | (2,600 | ) | $ | 21,005 |
| | | | | | Shareholders' Equity | | | | | Common Stock, $1 Par Value | 1,049 |
| 181 |
| (181 | ) | 1,049 |
| Other Capital | 6 |
| 5,652 |
| (5,652 | ) | 6 |
| Retained Earnings | 8,275 |
| 9,618 |
| (9,618 | ) | 8,275 |
| Accumulated Other Comprehensive Loss | (875 | ) | (79 | ) | 79 |
| (875 | ) | Noncontrolling Minority Interest | — |
| 21 |
| (8 | ) | 13 |
| Total Shareholders' Equity | 8,455 |
| 15,393 |
| (15,380 | ) | 8,468 |
| Total Liabilities and Shareholders' Equity | $ | 19,736 |
| $ | 27,717 |
| $ | (17,980 | ) | $ | 29,473 |
|
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