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Revision of Prior Period Financial Statements
 6 Months Ended
Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]  
Revision of Prior Period Financial Statements Revision of Prior Period Financial Statements
During second quarter 2024, CSX completed a review of the accounting treatment for engineering scrap and certain engineering support labor and identified misstatements in its previously filed financial statements. Miscoding of engineering materials and labor resulted in an understatement of Purchased Services and Other and Labor and Fringe and an overstatement of Properties - Net.

In accordance with the Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections, the Company evaluated the materiality of the errors on the consolidated financial statements as of and for the periods ended December 31, 2023, 2022, and 2021 and its unaudited consolidated financial statements as of and for the quarters and year-to-date periods ended March 31, 2024 and 2023, June 30, 2023 and September 30, 2023 and determined that they did not result in a material misstatement to the financial condition, results of operations, or liquidity for any of these periods previously presented. However, the Company determined that the effect of recording the misstatements during the second quarter of 2024 would be material to the annual 2024 consolidated financial statements. As a result, the Company revised its previously issued consolidated financial statements.

The revision of the historical consolidated financial statements also includes the correction of other previously identified immaterial errors, which include pension-related adjustments to other comprehensive income as well as balance sheet reclassifications, that the Company had previously determined did not, either individually or in the aggregate, result in a material misstatement of its previously issued consolidated financial statements. Further information regarding the misstatements and related revisions are summarized in the tables below.

Consolidated Statements of Income and Comprehensive Income

(Dollars in Millions, Except Per Share Amounts)
Quarter Ended March 31, 2024
As Previously ReportedAdjustmentAs Revised
Labor and Fringe$798 $7 $805 
Purchased Services and Other711 10 721 
Total Expense2,327 17 2,344 
Operating Income1,354 (17)1,337 
Earnings Before Income Taxes1,185 (17)1,168 
Income Tax Expense(292)4 (288)
Net Earnings$893 $(13)$880 
Net Earnings Per Share, Basic$0.46 $(0.01)$0.45 
Net Earnings Per Share, Assuming Dilution$0.46 $(0.01)$0.45 
Total Comprehensive Earnings$899 $(13)$886 
NOTE 11.    Revision of Prior Period Financial Statements, continued

Consolidated Statements of Income and Comprehensive Income, continued
(Dollars in Millions, Except Per Share Amounts)
Quarter Ended March 31, 2023
Quarter Ended June 30, 2023
Quarter Ended September 30, 2023
Quarter Ended December 31, 2023
As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Labor and Fringe$723 $6 $729 $741 $7 $748 $752 $9 $761 $808 $6 $814 
Purchased Services and Other688 9 697 684 7 691 689 11 700 703 11 714 
Depreciation and Amortization393 2 395 402 2 404 399 4 403 417 (12)405 
Total Expense2,242 17 2,259 2,217 16 2,233 2,277 24 2,301 2,360 5 2,365 
Operating Income1,464 (17)1,447 1,482 (16)1,466 1,295 (24)1,271 1,320 (5)1,315 
Earnings Before Income Taxes1,304 (17)1,287 1,312 (16)1,296 1,126 (24)1,102 1,149 (5)1,144 
Income Tax Expense(317)4 (313)(316)4 (312)(280)6 (274)(263)1 (262)
Net Earnings$987 $(13)$974 $996 $(12)$984 $846 $(18)$828 $886 $(4)$882 
Net Earnings Per Share, Basic$0.48 $(0.01)$0.47 $0.49 $— $0.49 $0.42 $— $0.42 $0.45 $— $0.45 
Net Earnings Per Share, Assuming Dilution$0.48 $(0.01)$0.47 $0.49 $— $0.49 $0.42 $(0.01)$0.41 $0.45 $— $0.45 
Total Comprehensive Earnings$989 $(13)$976 $992 $(12)$980 $864 $(18)$846 $946 $51 $997 

(Dollars in Millions, Except Per Share Amounts)
Six Months Ended June 30, 2023
Nine Months Ended
September 30, 2023
Year Ended December 31, 2023
Year Ended December 31, 2022
As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Labor and Fringe$1,464 $13 $1,477 $2,216 $22 $2,238 $3,024 $28 $3,052 $2,861 $24 $2,885 
Purchased Services and Other1,372 16 1,388 2,061 27 2,088 2,764 38 2,802 2,685 43 2,728 
Depreciation and Amortization795 4 799 1,194 8 1,202 1,611 (4)1,607 1,500 2 1,502 
Total Expense4,459 33 4,492 6,736 57 6,793 9,096 62 9,158 8,830 69 8,899 
Operating Income2,946 (33)2,913 4,241 (57)4,184 5,561 (62)5,499 6,023 (69)5,954 
Earnings Before Income Taxes2,616 (33)2,583 3,742 (57)3,685 4,891 (62)4,829 5,414 (69)5,345 
Income Tax Expense(633)8 (625)(913)14 (899)(1,176)15 (1,161)(1,248)17 (1,231)
Net Earnings$1,983 $(25)$1,958 $2,829 $(43)$2,786 $3,715 $(47)$3,668 $4,166 $(52)$4,114 
Net Earnings Per Share, Basic$0.97 $(0.01)$0.96 $1.40 $(0.02)$1.38 $1.85 $(0.02)$1.83 $1.95 $(0.02)$1.93 
Net Earnings Per Share, Assuming Dilution$0.97 $(0.01)$0.96 $1.40 $(0.03)$1.37 $1.85 $(0.03)$1.82 $1.95 $(0.03)$1.92 
Net Earnings
Not Presented
$3,715 $(47)$3,668 $4,166 $(52)$4,114 
Other Comprehensive Income (Loss) - Net of Tax: Pension and Other Post-Employment Benefits74 55 129 (66)(54)(120)
Total Other Comprehensive Income76 55 131 20 (54)(34)
Comprehensive Earnings$1,981 $(25)$1,956 $2,845 $(43)$2,802 $3,791 $8 $3,799 $4,186 $(106)$4,080 
NOTE 11.    Revision of Prior Period Financial Statements, continued

Consolidated Balance Sheets

(Dollars in Millions)
March 31, 2024December 31, 2023September 30, 2023
As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Assets

Materials and Supplies$451 $(6)$445 $446 $(6)$440 $427 $— $427 
Other Current Assets136 (19)117 109 (19)90 94 (19)75 
Total Current Assets3,472 (25)3,447 3,384 (25)3,359 3,359 (19)3,340 
Properties50,661 (44)50,617 50,320 (39)50,281 49,118 573 49,691 
Accumulated Depreciation(15,605)(187)(15,792)(15,385)(175)(15,560)(14,462)(788)(15,250)
Properties - Net35,056 (231)34,825 34,935 (214)34,721 34,656 (215)34,441 
Other Long-Term Assets716 43 759 688 43 731 466 (27)439 
Total Assets$42,695 $(213)$42,482 $42,408 $(196)$42,212 $41,850 $(261)$41,589 
Liabilities and Shareholder's Equity
Income and Other Taxes Payable$382 $(1)$381 $525 $(1)$524 $361 $— $361 
Total Current Liabilities3,024 (1)3,023 3,224 (1)3,223 2,934 — 2,934 
Deferred Income Taxes - Net7,759 (51)7,708 7,746 (47)7,699 7,700 (63)7,637 
Total Liabilities30,093 (52)30,041 30,275 (48)30,227 29,896 (63)29,833 
Shareholders' Equity
Retained Earnings10,205 (194)10,011 9,790 (181)9,609 9,689 (176)9,513 
Accumulated Other Comprehensive Loss(306)33 (273)(312)33 (279)(372)(22)(394)
Total Shareholders' Equity12,602 (161)12,441 12,133 (148)11,985 11,954 (198)11,756 
Total Liabilities and Shareholders' Equity$42,695 $(213)$42,482 $42,408 $(196)$42,212 $41,850 $(261)$41,589 
NOTE 11.    Revision of Prior Period Financial Statements, continued

Consolidated Balance Sheets, continued
(Dollars in Millions)
June 30, 2023March 31, 2023December 31, 2022
As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Assets

Cash and Cash Equivalents
$956 $— $956 $1,291 $— $1,291 $1,958 $(25)$1,933 
Other Current Assets123 (16)107 115 (16)99 108 (17)91 
Total Current Assets2,911 (16)2,895 3,355 (16)3,339 3,849 (42)3,807 
Properties48,970 271 49,241 48,441 339 48,780 48,105 358 48,463 
Accumulated Depreciation(14,493)(481)(14,974)(14,148)(533)(14,681)(13,863)(530)(14,393)
Properties - Net34,477 (210)34,267 34,293 (194)34,099 34,242 (172)34,070 
Other Long-Term Assets485 (12)473 528 (12)516 522 (16)506 
Total Assets$41,217 $(238)$40,979 $41,478 $(222)$41,256 $41,912 $(230)$41,682 
Liabilities and Shareholder's Equity
Labor and Fringe Benefits Payable
$444 $— $444 $367 $— $367 $707 $(25)$682 
Other Current Liabilities
207 19 226 228 10 238 228 — 228 
Total Current Liabilities2,055 19 2,074 2,321 10 2,331 2,471 (25)2,446 
Deferred Income Taxes - Net7,662 (57)7,605 7,605 (53)7,552 7,569 (49)7,520 
Total Liabilities28,943 (38)28,905 29,144 (43)29,101 29,287 (74)29,213 
Shareholders' Equity
Retained Earnings10,030 (178)9,852 10,092 (157)9,935 10,363 (134)10,229 
Accumulated Other Comprehensive Loss(390)(22)(412)(386)(22)(408)(388)(22)(410)
Total Shareholders' Equity12,274 (200)12,074 12,334 (179)12,155 12,625 (156)12,469 
Total Liabilities and Shareholders' Equity$41,217 $(238)$40,979 $41,478 $(222)$41,256 $41,912 $(230)$41,682 

Consolidated Cash Flow Statements
(Dollars in Millions)
Three Months Ended
March 31, 2024
As Previously ReportedAdjustmentAs Revised
Operating Activities
Net Earnings$893 $(13)$880 
Deferred Income Taxes11 (4)7 
Other Operating Activities(15)(1)(16)
Net Cash Provided by Operating Activities1,084 (18)1,066 
Investing Activities
Property Additions(524)7 (517)
Proceeds and Advances from Property Dispositions— 11 11 
Net Cash Used in Investing Activities$(504)$18 $(486)
NOTE 11.    Revision of Prior Period Financial Statements, continued

Consolidated Cash Flow Statements, continued

(Dollars in Millions)
Three Months Ended
March 31, 2023
Six Months Ended
June 30, 2023
Nine Months Ended
September 30, 2023
Year Ended December 31, 2023
As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Operating Activities
Net Earnings$987 $(13)$974 $1,983 $(25)$1,958 $2,829 $(43)$2,786 $3,715 $(47)$3,668 
Depreciation393 2 395 795 4 799 1,194 8 1,202 1,611 (4)1,607 
Deferred Income Taxes35 (4)31 78 (8)70 111 (14)97 140 (14)126 
Other Operating Activities(31)(4)(35)23 (5)18 69 (2)67 (5)(2)(7)
Changes in Other Current Assets(72)(1)(73)(105)(1)(106)(86)2 (84)(120)8 (112)
Changes in Income and Other Taxes Payable266 — 266 33 — 33 267 — 267 431 (1)430 
Changes in Other Current Liabilities(326)25 (301)(292)25 (267)(296)25 (271)(221)25 (196)
Net Cash Provided by Operating Activities1,251 5 1,256 2,483 (10)2,473 4,049 (24)4,025 5,549 (35)5,514 
Investing Activities
Property Additions(443)11 (432)(1,015)18 (997)(1,590)19 (1,571)(2,281)24 (2,257)
Proceeds and Advances from Property Dispositions8 9 17 35 17 52 35 30 65 52 36 88 
Net Cash Used in Investing Activities(480)20 (460)(980)35 (945)(1,555)49 (1,506)(2,287)60 (2,227)
Net Decrease in Cash and Cash Equivalents
(667)25 (642)(1,002)25 (977)(598)25 (573)(605)25 (580)
Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period1,958 (25)1,933 1,958 (25)1,933 1,958 (25)1,933 1,958 (25)1,933 
Cash and Cash Equivalents at End of Period
$1,291 $— $1,291 $956 $— $956 $1,360 $— $1,360 $1,353 $— $1,353 

(Dollars in Millions)
Year Ended December 31, 2022
As Previously ReportedAdjustmentAs Revised
Operating Activities
Net Earnings$4,166 $(52)$4,114 
Depreciation1,500 2 1,502 
Deferred Income Taxes117 (17)100 
Other Operating Activities(17)1 (16)
Changes in Other Current Assets(22)(2)(24)
Changes in Other Current Liabilities113 (25)88 
Net Cash Provided by Operating Activities5,619 (93)5,526 
Investing Activities
Property Additions(2,133)20 (2,113)
Proceeds and Advances from Property Dispositions246 48 294 
Net Cash Used in Investing Activities(2,131)68 (2,063)
Net Decrease in Cash and Cash Equivalents
(281)(25)(306)
Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
2,239 — 2,239 
Cash and Cash Equivalents at End of Period
$1,958 $(25)$1,933 
NOTE 11.    Revision of Prior Period Financial Statements, continued

Consolidated Statements of Changes in Shareholders' Equity

Annual Periods:

(Dollars in Millions)
As Previously ReportedAdjustmentAs Revised
Total Shareholders' EquityRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders' EquityRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders' EquityRetained EarningsAccumulated Other Comprehensive Loss
Balance December 31, 2021$13,500 $11,630 $(408)$(49)$(81)$32 $13,451 $11,549 $(376)
Net Earnings4,166 4,166 — (52)(52)— 4,114 4,114 — 
Other Comprehensive Income20 — 20 (54)— (54)(34)— (34)
Total Comprehensive Earnings4,186 (106)4,080 
Stock Option Exercises and Other100 (1)— (1)(1)— 99 (2)— 
Balance December 31, 2022$12,625 $10,363 $(388)$(156)$(134)$(22)$12,469 $10,229 $(410)
Net Earnings3,715 3,715 — (47)(47)— 3,668 3,668 — 
Other Comprehensive Income
76 — 76 55 — 55 131 — 131 
Total Comprehensive Earnings3,791 8 3,799 
Balance December 31, 2023
$12,133 $9,790 $(312)$(148)$(181)$33 $11,985 $9,609 $(279)

Quarterly Periods:

(Dollars in Millions)
As Previously ReportedAdjustmentAs Revised
Total Shareholders' EquityRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders' EquityRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders' EquityRetained EarningsAccumulated Other Comprehensive Loss
Balance December 31, 2022$12,625 $10,363 $(388)$(156)$(134)$(22)$12,469 $10,229 $(410)
Net Earnings987 987 — (13)(13)— 974 974 — 
Total Comprehensive Earnings989 (13)976 
Excise Tax on Net Share Repurchases— — — (10)(10)— (10)(10)— 
Balance March 31, 2023$12,334 $10,092 $(386)$(179)$(157)$(22)$12,155 $9,935 $(408)
Net Earnings996 996 — (12)(12)— 984 984 — 
Total Comprehensive Earnings992 (12)980 
Excise Tax on Net Share Repurchases— — — (9)(9)— (9)(9)— 
Balance June 30, 2023$12,274 $10,030 $(390)$(200)$(178)$(22)$12,074 $9,852 $(412)
Net Earnings846 846 — (18)(18)— 828 828 — 
Total Comprehensive Earnings864 (18)846 
Excise Tax on Net Share Repurchases(28)(28)— 19 19 — (9)(9)— 
Stock Option Exercises and Other
33 (1)— 1 1 — 34 — — 
Balance September 30, 2023$11,954 $9,689 $(372)$(198)$(176)$(22)$11,756 $9,513 $(394)

(Dollars in Millions)
As Previously ReportedAdjustmentAs Revised
Total Shareholders' EquityRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders' EquityRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders' EquityRetained EarningsAccumulated Other Comprehensive Loss
Balance December 31, 2023
$12,133 $9,790 $(312)$(148)$(181)$33 $11,985 $9,609 $(279)
Net Earnings893 893 — (13)(13)— 880 880 — 
Total Comprehensive Earnings899 (13)886 
Balance March 31, 2024
$12,602 $10,205 $(306)$(161)$(194)$33 $12,441 $10,011 $(273)