Summarized Consolidating Financial Data (Tables)

3 Months Ended

Mar. 28, 2014

Summarized Consolidating Financial Data [Abstract]



Consolidating Income Statements
(Dollars in millions)
First Quarter 2014	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	2,992		$	20		$	3,012
Expense	(103		)	2,393			(17		)	2,273
Operating Income	103			599			37			739

Equity in Earnings of Subsidiaries	416			—			(416		)	—
Interest (Expense) / Benefit	(130		)	(14		)	4			(140		)
Other Income / (Expense) - Net	(2		)	6			3			7

Earnings Before Income Taxes	387			591			(372		)	606
Income Tax Benefit / (Expense)	11			(204		)	(15		)	(208		)
Net Earnings	$	398		$	387		$	(387	)	$	398

Total Comprehensive Earnings	$	414		$	393		$	(393	)	$	414

First Quarter 2013	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	2,946		$	17		$	2,963
Expense	(93		)	2,217			(41		)	2,083
Operating Income	93			729			58			880

Equity in Earnings of Subsidiaries	489			(1		)	(488		)	—
Interest (Expense) / Benefit	(134		)	(17		)	4			(147		)
Other Income / (Expense) - Net	(1		)	2			(4		)	(3		)

Earnings Before Income Taxes	447			713			(430		)	730
Income Tax (Expense) / Benefit	15			(264		)	(19		)	(268		)
Net Earnings	$	462		$	449		$	(449	)	$	462

Total Comprehensive Earnings	$	479		$	449		$	(449	)	$	479

Consolidating Balance Sheet



Consolidating Balance Sheet
(Dollars in millions)
As of March 2014	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated

ASSETS
Current Assets
Cash and Cash Equivalents	$	321		$	91		$	63		$	475
Short-term Investments	230			—			18			248
Accounts Receivable - Net	3			191			879			1,073
Receivable from Affiliates	1,301			2,323			(3,624		)	—
Materials and Supplies	—			259			—			259
Deferred Income Taxes	(11		)	155			(1		)	143
Other Current Assets	(1		)	86			6			91
Total Current Assets	1,843			3,105			(2,659		)	2,289

Properties	1			35,377			2,226			37,604
Accumulated Depreciation	(1		)	(8,965		)	(1,144		)	(10,110		)
Properties - Net	—			26,412			1,082			27,494

Investments in Conrail	—			—			756			756
Affiliates and Other Companies	(39		)	624			(27		)	558
Investments in Consolidated Subsidiaries	20,506			—			(20,506		)	—
Other Long-term Assets	214			388			(19		)	583
Total Assets	$	22,524		$	30,529		$	(21,373	)	$	31,680

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	190		$	758		$	27		$	975
Labor and Fringe Benefits Payable	33			340			31			404
Payable to Affiliates	3,063			539			(3,602		)	—
Casualty, Environmental and Other Reserves	—			133			16			149
Current Maturities of Long-term Debt	—			325			—			325
Income and Other Taxes Payable	(102		)	342			6			246
Other Current Liabilities	—			109			4			113
Total Current Liabilities	3,184			2,546			(3,518		)	2,212

Casualty, Environmental and Other Reserves	—			218			67			285
Long-term Debt	8,308			713			—			9,021
Deferred Income Taxes	(70		)	8,541			187			8,658
Other Long-term Liabilities	478			506			(125		)	859
Total Liabilities	$	11,900		$	12,524		$	(3,389	)	$	21,035

Shareholders' Equity
Common Stock, $1 Par Value	$	1,004		$	181		$	(181	)	$	1,004
Other Capital	65			5,077			(5,077		)	65
Retained Earnings	10,062			12,759			(12,759		)	10,062
Accumulated Other Comprehensive Loss	(507		)	(37		)	37			(507		)
Noncontrolling Interest	—			25			(4		)	21
Total Shareholders' Equity	$	10,624		$	18,005		$	(17,984	)	$	10,645
Total Liabilities and Shareholders' Equity	$	22,524		$	30,529		$	(21,373	)	$	31,680



Consolidating Balance Sheet (Dollars in millions)
As of December 2013	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
ASSETS
Current Assets
Cash and Cash Equivalents	$	439		$	91		$	62		$	592
Short-term Investments	472			—			15			487
Accounts Receivable - Net	3			240			809			1,052
Receivable from Affiliates	1,141			2,635			(3,776		)	—
Materials and Supplies	—			252			—			252
Deferred Income Taxes	(5		)	161			(1		)	155
Other Current Assets	1			57			6			64
Total Current Assets	2,051			3,436			(2,885		)	2,602

Properties	1			34,987			2,196			37,184
Accumulated Depreciation	(1		)	(8,778		)	(1,114		)	(9,893		)
Properties - Net	—			26,209			1,082			27,291

Investments in Conrail	—			—			752			752
Affiliates and Other Companies	(39		)	612			(27		)	546
Investment in Consolidated Subsidiaries	20,226			—			(20,226		)	—
Other Long-term Assets	217			388			(14		)	591
Total Assets	$	22,455		$	30,645		$	(21,318	)	$	31,782

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	110		$	809		$	38		$	957
Labor and Fringe Benefits Payable	38			491			58			587
Payable to Affiliates	3,298			535			(3,833		)	—
Casualty, Environmental and Other Reserves	—			136			15			151
Current Maturities of Long-term Debt	200			333			—			533
Income and Other Taxes Payable	(397		)	479			9			91
Other Current Liabilities	—			103			2			105
Total Current Liabilities	3,249			2,886			(3,711		)	2,424

Casualty, Environmental and Other Reserves	—			231			69			300
Long-term Debt	8,308			714			—			9,022
Deferred Income Taxes	(64		)	8,548			178			8,662
Other Long-term Liabilities	479			512			(121		)	870
Total Liabilities	$	11,972		$	12,891		$	(3,585	)	$	21,278

Shareholders' Equity
Common Stock, $1 Par Value	$	1,009		$	181		$	(181	)	$	1,009
Other Capital	61			5,077			(5,077		)	61
Retained Earnings	9,936			12,514			(12,514		)	9,936
Accumulated Other Comprehensive Loss	(523		)	(43		)	43			(523		)
Noncontrolling Minority Interest	—			25			(4		)	21
Total Shareholders' Equity	$	10,483		$	17,754		$	(17,733	)	$	10,504
Total Liabilities and Shareholders' Equity	$	22,455		$	30,645		$	(21,318	)	$	31,782

Consolidating Cash Flow Statements



Consolidating Cash Flow Statements
(Dollars in millions)
Three months ended March 28, 2014	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	113		$	669		$	(183	)	$	599
Investing Activities
Property Additions	—			(443		)	(32		)	(475		)
Purchases of Short-term Investments	(165		)	—			—			(165		)
Proceeds from Sales of Short-term Investments	407			—			2			409
Other Investing Activities	—			(67		)	71			4
Net Cash Provided by (Used in) Investing Activities	242			(510		)	41			(227		)
Financing Activities
Long-term Debt Repaid	(200		)	(9		)	—			(209		)
Dividends Paid	(151		)	(143		)	143			(151		)
Shares Repurchased	(127		)	—			—			(127		)
Other Financing Activities	5			(7		)	—			(2		)
Net Cash Provided by (Used in) Financing Activities	(473		)	(159		)	143			(489		)
Net Increase (Decrease) in Cash and Cash Equivalents	(118		)	—			1			(117		)
Cash and Cash Equivalents at Beginning of Period	439			91			62			592
Cash and Cash Equivalents at End of Period	$	321		$	91		$	63		$	475

NOTE 11. Summarized Consolidating Financial Data, continued



Consolidating Cash Flow Statements
(Dollars in millions)
Three months ended March 29, 2013	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	272		$	689		$	(230	)	$	731
Investing Activities
Property Additions	—			(458		)	(33		)	(491		)
Purchases of Short-term Investments	(285		)	—			(5		)	(290		)
Proceeds from Sales of Short-term Investments	510			—			24			534
Other Investing Activities	—			(63		)	45			(18		)
Net Cash Provided by (Used in) Investing Activities	225			(521		)	31			(265		)
Financing Activities
Long-term Debt Repaid	(400		)	(13		)	—			(413		)
Dividends Paid	(143		)	(182		)	182			(143		)
Stock Options Exercised	6			—			—			6
Other Financing Activities	4			—			1			5
Net Cash Provided by (Used in) Financing Activities	(533		)	(195		)	183			(545		)
Net Increase (Decrease) in Cash and Cash Equivalents	(36		)	(27		)	(16		)	(79		)
Cash and Cash Equivalents at Beginning of Period	481			235			68			784
Cash and Cash Equivalents at End of Period	$	445		$	208		$	52		$	705