Consolidating Income Statements |
| | | | | | | | | | | | | | Consolidating Income Statements | (Dollars in millions) | Second Quarter 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | Revenue | $ | — |
| $ | 3,223 |
| $ | 21 |
| $ | 3,244 |
| Expense | (105 | ) | 2,360 |
| (8 | ) | 2,247 |
| Operating Income | 105 |
| 863 |
| 29 |
| 997 |
| | | | | | Equity in Earnings of Subsidiaries | 545 |
| — |
| (545 | ) | — |
| Interest (Expense) / Benefit | (126 | ) | (14 | ) | 5 |
| (135 | ) | Other Income / (Expense) - Net | (3 | ) | (10 | ) | 1 |
| (12 | ) | | | | | | Earnings Before Income Taxes | 521 |
| 839 |
| (510 | ) | 850 |
| Income Tax Benefit / (Expense) | 8 |
| (318 | ) | (11 | ) | (321 | ) | Net Earnings | $ | 529 |
| $ | 521 |
| $ | (521 | ) | $ | 529 |
| | | | | | Total Comprehensive Earnings | $ | 544 |
| $ | 522 |
| $ | (522 | ) | $ | 544 |
| | | | | | Second Quarter 2013 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | Revenue | $ | — |
| $ | 3,027 |
| $ | 19 |
| $ | 3,046 |
| Expense | (92 | ) | 2,213 |
| (15 | ) | 2,106 |
| Operating Income | 92 |
| 814 |
| 34 |
| 940 |
| | | | | | Equity in Earnings of Subsidiaries | 536 |
| — |
| (536 | ) | — |
| Interest (Expense) / Benefit | (128 | ) | (15 | ) | 3 |
| (140 | ) | Other Income / (Expense) - Net | (2 | ) | (3 | ) | 14 |
| 9 |
| | | | | | Earnings Before Income Taxes | 498 |
| 796 |
| (485 | ) | 809 |
| Income Tax (Expense) / Benefit | 23 |
| (294 | ) | (17 | ) | (288 | ) | Net Earnings | $ | 521 |
| $ | 502 |
| $ | (502 | ) | $ | 521 |
| | | | | | Total Comprehensive Earnings | $ | 538 |
| $ | 504 |
| $ | (504 | ) | $ | 538 |
|
| | | | | | | | | | | | | | Consolidating Income Statements | (Dollars in millions) | Six Months Ended June 27, 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | Revenue | $ | — |
| $ | 6,215 |
| $ | 41 |
| $ | 6,256 |
| Expense | (208 | ) | 4,753 |
| (25 | ) | 4,520 |
| Operating Income | 208 |
| 1,462 |
| 66 |
| 1,736 |
| | | | | | Equity in Earnings of Subsidiaries | 961 |
| — |
| (961 | ) | — |
| Interest (Expense) / Benefit | (256 | ) | (28 | ) | 9 |
| (275 | ) | Other Income / (Expense) - Net | (5 | ) | (4 | ) | 4 |
| (5 | ) | | | | | | Earnings Before Income Taxes | 908 |
| 1,430 |
| (882 | ) | 1,456 |
| Income Tax (Expense) / Benefit | 19 |
| (522 | ) | (26 | ) | (529 | ) | Net Earnings | $ | 927 |
| $ | 908 |
| $ | (908 | ) | $ | 927 |
| | | | | | Total Comprehensive Earnings | $ | 958 |
| $ | 915 |
| $ | (915 | ) | $ | 958 |
| | | | | | Six Months Ended June 28, 2013 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | Revenue | $ | — |
| $ | 5,973 |
| $ | 36 |
| $ | 6,009 |
| Expense | (185 | ) | 4,430 |
| (56 | ) | 4,189 |
| Operating Income | 185 |
| 1,543 |
| 92 |
| 1,820 |
| | | | | | Equity in Earnings of Subsidiaries | 1,025 |
| (1 | ) | (1,024 | ) | — |
| Interest (Expense) / Benefit | (262 | ) | (32 | ) | 7 |
| (287 | ) | Other Income / (Expense) - Net | (3 | ) | (1 | ) | 10 |
| 6 |
| | | | | | Earnings Before Income Taxes | 945 |
| 1,509 |
| (915 | ) | 1,539 |
| Income Tax (Expense) / Benefit | 38 |
| (558 | ) | (36 | ) | (556 | ) | Net Earnings | $ | 983 |
| $ | 951 |
| $ | (951 | ) | $ | 983 |
| | | | | | Total Comprehensive Earnings | $ | 1,017 |
| $ | 953 |
| $ | (953 | ) | $ | 1,017 |
| | | | | |
|
Consolidating Balance Sheet |
| | | | | | | | | | | | | | Consolidating Balance Sheet | (Dollars in millions) | As of June 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | | | | | | ASSETS | Current Assets | | | | | Cash and Cash Equivalents | $ | 407 |
| $ | 103 |
| $ | 63 |
| $ | 573 |
| Short-term Investments | 195 |
| — |
| 21 |
| 216 |
| Accounts Receivable - Net | 5 |
| 168 |
| 889 |
| 1,062 |
| Receivable from Affiliates | 1,160 |
| 2,633 |
| (3,793 | ) | — |
| Materials and Supplies | — |
| 275 |
| — |
| 275 |
| Deferred Income Taxes | (8 | ) | 132 |
| (1 | ) | 123 |
| Other Current Assets | 24 |
| 88 |
| 11 |
| 123 |
| Total Current Assets | 1,783 |
| 3,399 |
| (2,810 | ) | 2,372 |
| | | | | | Properties | 1 |
| 35,724 |
| 2,285 |
| 38,010 |
| Accumulated Depreciation | (1 | ) | (9,148 | ) | (1,176 | ) | (10,325 | ) | Properties - Net | — |
| 26,576 |
| 1,109 |
| 27,685 |
| | | | | | Investments in Conrail | — |
| — |
| 768 |
| 768 |
| Affiliates and Other Companies | (39 | ) | 629 |
| (27 | ) | 563 |
| Investments in Consolidated Subsidiaries | 20,914 |
| — |
| (20,914 | ) | — |
| Other Long-term Assets | 214 |
| 389 |
| (16 | ) | 587 |
| Total Assets | $ | 22,872 |
| $ | 30,993 |
| $ | (21,890 | ) | $ | 31,975 |
| | | | | | LIABILITIES AND SHAREHOLDERS' EQUITY | | | Current Liabilities | | | | | Accounts Payable | $ | 102 |
| $ | 769 |
| $ | 29 |
| $ | 900 |
| Labor and Fringe Benefits Payable | 34 |
| 417 |
| 39 |
| 490 |
| Payable to Affiliates | 3,317 |
| 443 |
| (3,760 | ) | — |
| Casualty, Environmental and Other Reserves | — |
| 136 |
| 15 |
| 151 |
| Current Maturities of Long-term Debt | 600 |
| 299 |
| — |
| 899 |
| Income and Other Taxes Payable | (178 | ) | 400 |
| 7 |
| 229 |
| Other Current Liabilities | — |
| 118 |
| 10 |
| 128 |
| Total Current Liabilities | 3,875 |
| 2,582 |
| (3,660 | ) | 2,797 |
| | | | | | Casualty, Environmental and Other Reserves | — |
| 222 |
| 67 |
| 289 |
| Long-term Debt | 7,709 |
| 701 |
| — |
| 8,410 |
| Deferred Income Taxes | (66 | ) | 8,603 |
| 191 |
| 8,728 |
| Other Long-term Liabilities | 472 |
| 500 |
| (125 | ) | 847 |
| Total Liabilities | $ | 11,990 |
| $ | 12,608 |
| $ | (3,527 | ) | $ | 21,071 |
| | | | | | Shareholders' Equity | | | | | Common Stock, $1 Par Value | $ | 1,000 |
| $ | 181 |
| $ | (181 | ) | $ | 1,000 |
| Other Capital | 70 |
| 5,077 |
| (5,077 | ) | 70 |
| Retained Earnings | 10,304 |
| 13,137 |
| (13,137 | ) | 10,304 |
| Accumulated Other Comprehensive Loss | (492 | ) | (36 | ) | 36 |
| (492 | ) | Noncontrolling Interest | — |
| 26 |
| (4 | ) | 22 |
| Total Shareholders' Equity | $ | 10,882 |
| $ | 18,385 |
| $ | (18,363 | ) | $ | 10,904 |
| Total Liabilities and Shareholders' Equity | $ | 22,872 |
| $ | 30,993 |
| $ | (21,890 | ) | $ | 31,975 |
|
| | | | | | | | | | | | | | 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 |
|
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