Item 6. Selected Financial Data

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Item 6. Selected Financial Data

Selected financial data related to the Company’s financial results for the last five fiscal years are listed below.



		Fiscal Years
(Dollars and Shares in Millions, Except Per Share Amounts)		2017			2016			2015			2014			2013
Financial Performance
	Revenue	$	11,408		$	11,069		$	11,811		$	12,669		$	12,026
	Expense	7,741			7,680			8,227			9,056			8,553
	Operating Income	$	3,667		$	3,389		$	3,584		$	3,613		$	3,473
	Adjusted Operating Income(a)	$	3,850		$	3,389		$	3,584		$	3,613		$	3,473
Net Earnings from Continuing Operations(b)		5,471			1,714			1,968			1,927			1,864
Adjusted Net Earnings from Continuing Operations(a)		2,097			1,714			1,968			1,927			1,864
	Operating Ratio	67.9		%	69.4		%	69.7		%	71.5		%	71.1		%
	Adjusted Operating Ratio(a)	66.3		%	69.4		%	69.7		%	71.5		%	71.1		%
Net Earnings Per Share:
	From Continuing Operations, Basic(b)	$	6.01		$	1.81		$	2.00		$	1.93		$	1.83
	From Continuing Operations, Assuming Dilution(b)	5.99			1.81			2.00			1.92			1.83
	Adjusted From Continuing Operations, Assuming Dilution(a)	2.30			1.81			2.00			1.92			1.83
Average Common Shares Outstanding
	Basic	911			947			983			1,001			1,019
	Assuming Dilution	914			948			984			1,002			1,019
Financial Position
	Cash, Cash Equivalents and Short-term Investments	$	419		$	1,020		$	1,438		$	961		$	1,079
	Total Assets	35,739			35,414			34,745			32,747			31,462
	Long-term Debt	11,790			10,962			10,515			9,349			8,857
	Shareholders' Equity	14,721			11,694			11,668			11,176			10,504
	Dividend Per Share	$	0.78		$	0.72		$	0.70		$	0.63		$	0.59
Additional Data
	Capital Expenditures	$	2,040		$	2,705		$	2,562		$	2,449		$	2,313
	Employees -- Annual Averages (estimated)	25,230			27,350			31,285			31,511			31,254
	Employees -- Year-end Count (estimated)	24,006			26,628			29,410			32,287			31,413

(a) CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP. Reconciliations of non-GAAP measures to corresponding GAAP measures are presented in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

(b) These results include a $3.6 billion, or $3.91 per share, net tax reform benefit. See further discussion in Note 11, Income Taxes.

Certain prior year data has been reclassified to conform to the current presentation.

CSX 2017 Form 10-K p. 23

CSX CORPORATION

PART II

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