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Summarized Consolidating Financial Data
6 Months Ended
Jun. 28, 2013
Summarized Consolidating Financial Data [Abstract]  
Summarized Consolidating Financial Data
Summarized Consolidating Financial Data

In 2007, CSXT sold secured equipment notes maturing in 2023, and in 2008, CSXT sold additional secured equipment notes maturing in 2014 in registered public offerings. CSX has fully and unconditionally guaranteed the notes. In connection with the notes, the Company is providing the following condensed consolidating financial information in accordance with SEC disclosure requirements. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation and the allocation of certain expenses of CSX incurred for the benefit of its subsidiaries.
Condensed consolidating financial information for the obligor, CSXT, and parent guarantor, CSX, is as follows:
 Consolidating Income Statements
 (Dollars in millions)
Second Quarter 2013
 CSX Corporation
 CSX Transportation
 Eliminations and Other
 Consolidated
 Revenue
$

$
3,050

$
19

$
3,069

 Expense
(92
)
2,213

(15
)
2,106

 Operating Income
92

837

34

963

 
 
 
 
 
 Equity in Earnings of Subsidiaries
550


(550
)

 Interest (Expense) / Benefit
(128
)
(15
)
3

(140
)
 Other Income / (Expense) - Net
(2
)
(3
)
14

9

 
 
 
 
 
 Earnings Before Income Taxes
512

819

(499
)
832

 Income Tax Benefit / (Expense)
23

(303
)
(17
)
(297
)
 Net Earnings
$
535

$
516

$
(516
)
$
535

 
 
 
 
 
Total Comprehensive Earnings
$
552

$
518

$
(518
)
$
552

 
 
 
 
 
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

 Consolidating Income Statements
 (Dollars in millions)
Six Months Ended June 28, 2013
 CSX Corporation
 CSX Transportation
 Eliminations and Other
 Consolidated
 Revenue
$

$
5,991

$
36

$
6,027

 Expense
(185
)
4,430

(56
)
4,189

 Operating Income
185

1,561

92

1,838

 
 
 
 
 
 Equity in Earnings of Subsidiaries
1,036

(1
)
(1,035
)

 Interest (Expense) / Benefit
(262
)
(32
)
7

(287
)
 Other Income / (Expense) - Net
(3
)
(1
)
10

6

 
 
 
 
 
 Earnings Before Income Taxes
956

1,527

(926
)
1,557

 Income Tax (Expense) / Benefit
38

(565
)
(36
)
(563
)
 Net Earnings
$
994

$
962

$
(962
)
$
994

 
 
 
 
 
Total Comprehensive Earnings
$
1,028

$
964

$
(964
)
$
1,028

 
 
 
 
 
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

 
 
 
 
 
 Consolidating Balance Sheet
 (Dollars in millions)
As of June 2013
 CSX Corporation
 CSX Transportation
 Eliminations and Other
 Consolidated
 
 
 
 
 
 ASSETS
 Current Assets
 
 
 
 
 Cash and Cash Equivalents
$
441

$
115

$
58

$
614

 Short-term Investments
400


3

403

 Accounts Receivable - Net
3

371

572

946

 Receivable from Affiliates
1,060

2,219

(3,279
)

 Materials and Supplies

264


264

 Deferred Income Taxes
64

79

1

144

 Other Current Assets
12

96

10

118

   Total Current Assets
1,980

3,144

(2,635
)
2,489

 
 
 
 
 
 Properties
8

34,109

2,032

36,149

 Accumulated Depreciation
(8
)
(8,489
)
(1,053
)
(9,550
)
 Properties - Net

25,620

979

26,599

 
 
 
 
 
 Investments in Conrail


709

709

 Affiliates and Other Companies
(39
)
601

(43
)
519

 Investments in Consolidated Subsidiaries
19,455


(19,455
)

 Other Long-term Assets
182

385

(2
)
565

   Total Assets
$
21,578

$
29,750

$
(20,447
)
$
30,881

 
 
 
 
 
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities
 
 
 
 
 Accounts Payable
$
123

$
871

$
28

$
1,022

 Labor and Fringe Benefits Payable
34

395

23

452

 Payable to Affiliates
3,075

429

(3,504
)

 Casualty, Environmental and Other Reserves

134

16

150

 Current Maturities of Long-term Debt
500

64


564

 Income and Other Taxes Payable
(350
)
450

11

111

 Other Current Liabilities

117

2

119

   Total Current Liabilities
3,382

2,460

(3,424
)
2,418

 
 
 
 
 
 Casualty, Environmental and Other Reserves

231

68

299

 Long-term Debt
7,806

1,005


8,811

 Deferred Income Taxes
(146
)
8,320

139

8,313

 Other Long-term Liabilities
893

612

(127
)
1,378

   Total Liabilities
$
11,935

$
12,628

$
(3,344
)
$
21,219

 
 
 
 
 
 Shareholders' Equity
 
 
 
 
 Common Stock, $1 Par Value
$
1,019

$
181

$
(181
)
$
1,019

 Other Capital
44

5,077

(5,077
)
44

 Retained Earnings
9,482

11,941

(11,941
)
9,482

 Accumulated Other Comprehensive Loss
(902
)
(100
)
100

(902
)
 Noncontrolling Interest

23

(4
)
19

 Total Shareholders' Equity
$
9,643

$
17,122

$
(17,103
)
$
9,662

 Total Liabilities and Shareholders' Equity
$
21,578

$
29,750

$
(20,447
)
$
30,881

Consolidating Balance Sheet
(Dollars in millions)
As of December 2012
 CSX Corporation
 CSX Transportation
Eliminations and Other
 Consolidated
 ASSETS
 Current Assets
 
 
 
 
 Cash and Cash Equivalents
$
481

$
235

$
68

$
784

 Short-term Investments
555


32

587

 Accounts Receivable - Net
3

427

532

962

 Receivable from Affiliates
993

1,798

(2,791
)

 Materials and Supplies

274


274

 Deferred Income Taxes
52

62

5

119

 Other Current Assets
11

64


75

   Total Current Assets
2,095

2,860

(2,154
)
2,801

 
 
 
 
 
 Properties
8

33,333

1,938

35,279

 Accumulated Depreciation
(8
)
(8,225
)
(996
)
(9,229
)
 Properties - Net

25,108

942

26,050

 
 
 
 
 
 Investments in Conrail


695

695

 Affiliates and Other Companies
(39
)
593

(43
)
511

 Investment in Consolidated Subsidiaries
18,783


(18,783
)

 Other Long-term Assets
186

368

(40
)
514

   Total Assets
$
21,025

$
28,929

$
(19,383
)
$
30,571

 
 
 
 
 
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities
 
 
 
 
 Accounts Payable
$
133

$
846

$
35

$
1,014

 Labor and Fringe Benefits Payable
35

391

42

468

 Payable to Affiliates
2,679

411

(3,090
)

 Casualty, Environmental and Other Reserves

124

16

140

 Current Maturities of Long-term Debt
700

80


780

 Income and Other Taxes Payable
(262
)
334

13

85

 Other Current Liabilities
(1
)
139

2

140

   Total Current Liabilities
3,284

2,325

(2,982
)
2,627

 
 
 
 
 
 Casualty, Environmental and Other Reserves

256

81

337

 Long-term Debt
8,005

1,047


9,052

 Deferred Income Taxes
(153
)
8,131

118

8,096

 Other Long-term Liabilities
901

656

(100
)
1,457

   Total Liabilities
$
12,037

$
12,415

$
(2,883
)
$
21,569

 
 
 
 
 
 Shareholders' Equity
 
 
 
 
 Common Stock, $1 Par Value
$
1,020

$
181

$
(181
)
$
1,020

 Other Capital
28

5,672

(5,672
)
28

 Retained Earnings
8,876

10,740

(10,740
)
8,876

 Accumulated Other Comprehensive Loss
(936
)
(102
)
102

(936
)
 Noncontrolling Minority Interest

23

(9
)
14

   Total Shareholders' Equity
$
8,988

$
16,514

$
(16,500
)
$
9,002

   Total Liabilities and Shareholders' Equity
$
21,025

$
28,929

$
(19,383
)
$
30,571

Consolidating Cash Flow Statements
(Dollars in millions)
Six months ended June 28, 2013
CSX
Corporation
CSX
Transportation
Eliminations and Other
Consolidated
Operating Activities
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
$
582

$
1,319

$
(322
)
$
1,579

Investing Activities
 

 
 
Property Additions

(988
)
(97
)
(1,085
)
Purchases of Short-term Investments
(685
)

(5
)
(690
)
Proceeds from Sales of Short-term Investments
840


64

904

Other Investing Activities
(2
)
(35
)
(13
)
(50
)
Net Cash Provided by (Used in) Investing Activities
153

(1,023
)
(51
)
(921
)
Financing Activities
 
 
 
 
Long-term Debt Repaid
(400
)
(55
)

(455
)
Dividends Paid
(296
)
(365
)
365

(296
)
Stock Options Exercised
9



9

Shares Repurchased
(95
)


(95
)
Other Financing Activities
7

4

(2
)
9

Net Cash Provided by (Used in) Financing Activities
(775
)
(416
)
363

(828
)
Net Increase (Decrease) in Cash and Cash Equivalents
(40
)
(120
)
(10
)
(170
)
Cash and Cash Equivalents at Beginning of Period
481

235

68

784

Cash and Cash Equivalents at End of Period
$
441

$
115

$
58

$
614



NOTE 11.    Summarized Consolidating Financial Data, continued
Consolidating Cash Flow Statements
(Dollars in millions)
Six months ended June 29, 2012
 CSX
Corporation
CSX
Transportation
Eliminations and Other
Consolidated
Operating Activities
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
$
37

$
1,445

$
(191
)
$
1,291

Investing Activities
 
 
 
 
Property Additions

(1,130
)
(93
)
(1,223
)
Purchases of Short-term Investments
(50
)

(8
)
(58
)
Proceeds from Sales of Short-term Investments
525


21

546

Other Investing Activities
(3
)
97

(88
)
6

Net Cash Provided by (Used in) Investing Activities
472

(1,033
)
(168
)
(729
)
Financing Activities
 
 
 
 
Long-term Debt Issued
300



300

Long-term Debt Repaid
(400
)
(54
)
(1
)
(455
)
Dividends Paid
(270
)
(357
)
357

(270
)
Stock Options Exercised
10



10

Shares Repurchased
(300
)


(300
)
Other Financing Activities
7

5


12

Net Cash Provided by (Used in) Financing Activities
(653
)
(406
)
356

(703
)
Net Increase (Decrease) in Cash and Cash Equivalents
(144
)
6

(3
)
(141
)
Cash and Cash Equivalents at Beginning of Period
549

154

80

783

Cash and Cash Equivalents at End of Period
$
405

$
160

$
77

$
642