Summarized Consolidating Financial Data (Tables)

6 Months Ended

Jun. 30, 2018

Condensed Financial Information Disclosure [Abstract]



Consolidating Income Statements
(Dollars in millions)
Second Quarter 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	3,083		$	19		$	3,102
Expense	(84		)	1,948			(45		)	1,819
Operating Income	84			1,135			64			1,283

Equity in Earnings of Subsidiaries	942			—			(942		)	—
Interest (Expense) / Benefit	(181		)	(8		)	32			(157		)
Other Income / (Expense) - Net	6			29			(17		)	18

Earnings Before Income Taxes	851			1,156			(863		)	1,144
Income Tax Benefit / (Expense)	26			(274		)	(19		)	(267		)
Net Earnings	$	877		$	882		$	(882	)	$	877

Total Comprehensive Earnings	$	881		$	881		$	(881	)	$	881

Second Quarter 2017	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	2,914		$	19		$	2,933
Expense	6			2,024			(54		)	1,976
Operating Income	(6		)	890			73			957

Equity in Earnings of Subsidiaries	612			—			(612		)	—
Interest (Expense) / Benefit	(143		)	(8		)	14			(137		)
Other Income / (Expense) - Net	2			7			(2		)	7

Earnings Before Income Taxes	465			889			(527		)	827
Income Tax Benefit / (Expense)	45			(332		)	(30		)	(317		)
Net Earnings	$	510		$	557		$	(557	)	$	510

Total Comprehensive Earnings	$	575		$	558		$	(558	)	$	575

Summarized Consolidating Financial Data, continued



Consolidating Income Statements
(Dollars in millions)
Six Months 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	5,940		$	38		$	5,978
Expense	(162		)	3,891			(78		)	3,651
Operating Income	162			2,049			116			2,327

Equity in Earnings of Subsidiaries	1,700			—			(1,700		)	—
Interest (Expense) / Benefit	(345		)	(17		)	56			(306		)
Other Income / (Expense) - Net	10			52			(27		)	35

Earnings Before Income Taxes	1,527			2,084			(1,555		)	2,056
Income Tax (Expense) / Benefit	45			(498		)	(31		)	(484		)
Net Earnings	$	1,572		$	1,586		$	(1,586	)	$	1,572

Total Comprehensive Earnings	$	1,477		$	1,581		$	(1,581	)	$	1,477

Six Months 2017	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Revenue	$	—		$	5,765		$	37		$	5,802
Expense	(42		)	4,194			(76		)	4,076
Operating Income	42			1,571			113			1,726

Equity in Earnings of Subsidiaries	1,034			—			(1,034		)	—
Interest (Expense) / Benefit	(285		)	(18		)	29			(274		)
Other Income / (Expense) - Net	5			(40		)	(8		)	(43		)

Earnings Before Income Taxes	796			1,513			(900		)	1,409
Income Tax (Expense) / Benefit	76			(567		)	(46		)	(537		)
Net Earnings	$	872		$	946		$	(946	)	$	872

Total Comprehensive Earnings	$	943		$	945		$	(945	)	$	943

Consolidating Balance Sheet



Consolidating Balance Sheet
(Dollars in millions)
June 30, 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated

ASSETS
Current Assets
Cash and Cash Equivalents	$	1,172		$	143		$	5		$	1,320
Short-term Investments	75			—			8			83
Accounts Receivable - Net	(6		)	271			771			1,036
Receivable from Affiliates	1,005			4,360			(5,365		)	—
Materials and Supplies	—			326			—			326
Other Current Assets	—			98			18			116
Total Current Assets	2,246			5,198			(4,563		)	2,881

Properties	1			41,492			2,813			44,306
Accumulated Depreciation	(1		)	(10,928		)	(1,530		)	(12,459		)
Properties - Net	—			30,564			1,283			31,847

Investments in Conrail	—			—			931			931
Affiliates and Other Companies	(39		)	832			17			810
Investments in Consolidated Subsidiaries	30,585			—			(30,585		)	—
Other Long-term Assets	65			630			(240		)	455
Total Assets	$	32,857		$	37,224		$	(33,157	)	$	36,924

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	93		$	710		$	49		$	852
Labor and Fringe Benefits Payable	38			381			67			486
Payable to Affiliates	5,536			441			(5,977		)	—
Casualty, Environmental and Other Reserves	—			101			13			114
Current Maturities of Long-term Debt	—			18			1			19
Income and Other Taxes Payable	(389		)	480			32			123
Other Current Liabilities	2			126			10			138
Total Current Liabilities	5,280			2,257			(5,805		)	1,732

Casualty, Environmental and Other Reserves	—			190			42			232
Long-term Debt	13,039			730			—			13,769
Deferred Income Taxes - Net	(109		)	6,436			205			6,532
Other Long-term Liabilities	638			305			(307		)	636
Total Liabilities	$	18,848		$	9,918		$	(5,865	)	$	22,901

Shareholders' Equity
Common Stock, $1 Par Value	$	859		$	181		$	(181	)	$	859
Other Capital	127			5,096			(5,096		)	127
Retained Earnings	13,604			22,025			(22,025		)	13,604
Accumulated Other Comprehensive Loss	(581		)	(10		)	10			(581		)
Noncontrolling Interest	—			14			—			14
Total Shareholders' Equity	$	14,009		$	27,306		$	(27,292	)	$	14,023
Total Liabilities and Shareholders' Equity	$	32,857		$	37,224		$	(33,157	)	$	36,924



Consolidating Balance Sheet (Dollars in millions)
December 31, 2017	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
ASSETS
Current Assets
Cash and Cash Equivalents	$	274		$	121		$	6		$	401
Short-term Investments	—			—			18			18
Accounts Receivable - Net	(1		)	301			670			970
Receivable from Affiliates	1,226			3,517			(4,743		)	—
Materials and Supplies	—			372			—			372
Other Current Assets	(1		)	145			10			154
Total Current Assets	1,498			4,456			(4,039		)	1,915

Properties	1			41,479			2,844			44,324
Accumulated Depreciation	(1		)	(11,017		)	(1,542		)	(12,560		)
Properties - Net	—			30,462			1,302			31,764

Investments in Conrail	—			—			907			907
Affiliates and Other Companies	(39		)	800			18			779
Investment in Consolidated Subsidiaries	29,405			—			(29,405		)	—
Other Long-term Assets	39			596			(261		)	374
Total Assets	$	30,903		$	36,314		$	(31,478	)	$	35,739

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	105		$	708		$	34		$	847
Labor and Fringe Benefits Payable	52			494			56			602
Payable to Affiliates	4,792			552			(5,344		)	—
Casualty, Environmental and Other Reserves	—			95			13			108
Current Maturities of Long-term Debt	—			19			—			19
Income and Other Taxes Payable	(326		)	455			28			157
Other Current Liabilities	5			153			3			161
Total Current Liabilities	4,628			2,476			(5,210		)	1,894

Casualty, Environmental and Other Reserves	—			222			44			266
Long-term Debt	11,056			733			1			11,790
Deferred Income Taxes - Net	(130		)	6,342			206			6,418
Other Long-term Liabilities	644			320			(314		)	650
Total Liabilities	$	16,198		$	10,093		$	(5,273	)	$	21,018

Shareholders' Equity
Common Stock, $1 Par Value	$	890		$	181		$	(181	)	$	890
Other Capital	217			5,096			(5,096		)	217
Retained Earnings	14,084			20,933			(20,933		)	14,084
Accumulated Other Comprehensive Loss	(486		)	(5		)	5			(486		)
Noncontrolling Minority Interest	—			16			—			16
Total Shareholders' Equity	$	14,705		$	26,221		$	(26,205	)	$	14,721
Total Liabilities and Shareholders' Equity	$	30,903		$	36,314		$	(31,478	)	$	35,739

Consolidating Cash Flow Statements



Consolidating Cash Flow Statements
(Dollars in millions)
Six Months 2018	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	1,311		$	1,245		$	(547	)	$	2,009
Investing Activities
Property Additions	—			(762		)	(61		)	(823		)
Proceeds from Property Dispositions	—			141			—			141
Purchases of Short-term Investments	(75		)	—			(2		)	(77		)
Proceeds from Sales of Short-term Investments	—			—			12			12
Other Investing Activities	(1		)	(99		)	92			(8		)
Net Cash Provided by (Used in) Investing Activities	(76		)	(720		)	41			(755		)
Financing Activities
Long-term Debt Issued	2,000			—			—			2,000
Long-term Debt Repaid	—			—			—			—
Dividends Paid	(384		)	(500		)	500			(384		)
Shares Repurchased	(1,810		)	—			—			(1,810		)
Accelerated Share Repurchase Pending Final Settlement	(90		)	—			—			(90		)
Other Financing Activities	(53		)	(3		)	5			(51		)
Net Cash Provided by (Used in) Financing Activities	(337		)	(503		)	505			(335		)
Net Increase (Decrease) in Cash and Cash Equivalents	898			22			(1		)	919
Cash and Cash Equivalents at Beginning of Period	274			121			6			401
Cash and Cash Equivalents at End of Period	$	1,172		$	143		$	5		$	1,320

NOTE 12. Summarized Consolidating Financial Data, continued



Consolidating Cash Flow Statements
(Dollars in millions)
Six Months 2017	CSX Corporation			CSX Transportation			Eliminations and Other			Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	814		$	973		$	(221	)	$	1,566
Investing Activities
Property Additions	—			(873		)	(82		)	(955		)
Proceeds from Property Dispositions	—			16			—			16
Purchases of Short-term Investments	(539		)	—			(6		)	(545		)
Proceeds from Sales of Short-term Investments	490			—			2			492
Other Investing Activities	(2		)	35			(8		)	25
Net Cash Used in Investing Activities	(51		)	(822		)	(94		)	(967		)
Financing Activities
Long-term Debt Issued	850			—			—			850
Long-term Debt Repaid	(313		)	—			—			(313		)
Dividends Paid	(350		)	(300		)	300			(350		)
Shares Repurchased	(757		)	—			—			(757		)
Other Financing Activities	(15		)	(4		)	7			(12		)
Net Cash Provided by (Used in) Financing Activities	(585		)	(304		)	307			(582		)
Net Increase (Decrease) in Cash and Cash Equivalents	178			(153		)	(8		)	17
Cash and Cash Equivalents at Beginning of Period	305			281			17			603
Cash and Cash Equivalents at End of Period	$	483		$	128		$	9		$	620