Item 8. Financial Statements and Supplementary Data

16K characters. Original on sec.gov · Markdown

Item 8. Financial Statements and Supplementary Data

NOTE 18. Summarized Consolidating Financial Data, continued

Consolidating Balance Sheets

(Dollars in Millions)



As of December 31, 2019	CSX Corporation			CSX Transportation			Eliminations and Other			CSX Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	814		$	136		$	8		$	958
Short-term Investments	989			—			7			996
Accounts Receivable - Net	4			969			13			986
Receivable from Affiliates	1,054			7,405			(8,459		)	—
Materials and Supplies	—			261			—			261
Other Current Assets	26			30			21			77
Total Current Assets	2,887			8,801			(8,410		)	3,278
Properties	1			42,110			2,989			45,100
Accumulated Depreciation	(1		)	(11,199		)	(1,732		)	(12,932		)
Properties - Net	—			30,911			1,257			32,168
Investments in Conrail	—			—			982			982
Affiliates and Other Companies	(39		)	923			13			897
Investment in Consolidated Subsidiaries	34,528			—			(34,528		)	—
Right of Use Lease Asset	—			514			18			532
Other Long-term Assets	3			629			(232		)	400
Total Assets	$	37,379		$	41,778		$	(40,900	)	$	38,257
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	153		$	830		$	60		$	1,043
Labor and Fringe Benefits Payable	38			386			65			489
Payable to Affiliates	9,552			574			(10,126		)	—
Casualty, Environmental and Other Reserves	—			87			13			100
Current Maturities of Long-term Debt	—			245			—			245
Income and Other Taxes Payable	(286		)	340			15			69
Other Current Liabilities	—			192			13			205
Total Current Liabilities	9,457			2,654			(9,960		)	2,151
Casualty, Environmental and Other Reserves	—			169			36			205
Long-term Debt	15,534			459			—			15,993
Deferred Income Taxes - Net	(152		)	6,827			286			6,961
Long-term Lease Liability	—			481			12			493
Other Long-term Liabilities	692			215			(316		)	591
Total Liabilities	25,531			10,805			(9,942		)	26,394
Shareholders' Equity:
Common Stock, $1 Par Value	773			181			(181		)	773
Other Capital	346			5,096			(5,096		)	346
Retained Earnings	11,404			25,646			(25,646		)	11,404
Accumulated Other Comprehensive Loss	(675		)	35			(35		)	(675		)
Noncontrolling Minority Interest	—			15			—			15
Total Shareholders' Equity	11,848			30,973			(30,958		)	11,863
Total Liabilities and Shareholders' Equity	$	37,379		$	41,778		$	(40,900	)	$	38,257

CSX 2019 Form 10-K p. 103

CSX CORPORATION

PART II

Item 8. Financial Statements and Supplementary Data

NOTE 18. Summarized Consolidating Financial Data, continued

Consolidating Balance Sheets

(Dollars in Millions)



As of December 31, 2018	CSX Corporation			CSX Transportation			Eliminations and Other			CSX Consolidated
ASSETS
Current Assets
Cash and Cash Equivalents	$	716		$	130		$	12		$	858
Short-term Investments	250			—			3			253
Accounts Receivable - Net	1			1,003			6			1,010
Receivable from Affiliates	1,020			5,214			(6,234		)	—
Materials and Supplies	—			263			—			263
Other Current Assets	63			104			14			181
Total Current Assets	2,050			6,714			(6,199		)	2,565
Properties	1			41,897			2,907			44,805
Accumulated Depreciation	(1		)	(11,194		)	(1,612		)	(12,807		)
Properties - Net	—			30,703			1,295			31,998
Investments in Conrail	—			—			943			943
Affiliates and Other Companies	(39		)	859			16			836
Investment in Consolidated Subsidiaries	32,033			—			(32,033		)	—
Other Long-term Assets	2			598			(213		)	387
Total Assets	$	34,046		$	38,874		$	(36,191	)	$	36,729
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	132		$	763		$	54		$	949
Labor and Fringe Benefits Payable	41			440			69			550
Payable to Affiliates	6,973			633			(7,606		)	—
Casualty, Environmental and Other Reserves	—			99			14			113
Current Maturities of Long-term Debt	—			18			—			18
Income and Other Taxes Payable	(290		)	392			4			106
Other Current Liabilities	11			162			6			179
Total Current Liabilities	6,867			2,507			(7,459		)	1,915
Casualty, Environmental and Other Reserves	—			176			35			211
Long-term Debt	14,029			710			—			14,739
Deferred Income Taxes - Net	(134		)	6,601			223			6,690
Other Long-term Liabilities	721			211			(338		)	594
Total Liabilities	21,483			10,205			(7,539		)	24,149
Shareholders' Equity
Common Stock, $1 Par Value	818			181			(181		)	818
Other Capital	249			5,096			(5,096		)	249
Retained Earnings	12,157			23,322			(23,322		)	12,157
Accumulated Other Comprehensive Loss	(661		)	53			(53		)	(661		)
Noncontrolling Minority Interest	—			17			—			17
Total Shareholders' Equity	12,563			28,669			(28,652		)	12,580
Total Liabilities and Shareholders' Equity	$	34,046		$	38,874		$	(36,191	)	$	36,729

CSX 2019 Form 10-K p. 104

CSX CORPORATION

PART II

Item 8. Financial Statements and Supplementary Data

NOTE 18. Summarized Consolidating Financial Data, continued

Consolidating Cash Flow Statements

(Dollars in Millions)



Fiscal Year Ended December 2019	CSX Corporation			CSX Transportation			Eliminations and Other			CSX Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	3,440		$	2,272		$	(862	)	$	4,850

Investing Activities
Property Additions	—			(1,506		)	(151		)	(1,657		)
Purchases of Short-term Investments	(2,838		)	—			—			(2,838		)
Proceeds from Sales of Short-term Investments	2,105			—			3			2,108
Proceeds from Property Dispositions	—			254			—			254
Other Investing Activities	15			10			6			31
Net Cash Used in Investing Activities	(718		)	(1,242		)	(142		)	(2,102		)

Financing Activities
Long-term Debt Issued	2,000			—			—			2,000
Long-term Debt Repaid	(500		)	(18		)	—			(518		)
Dividends Paid	(763		)	(1,000		)	1,000			(763		)
Shares Repurchased	(3,373		)	—			—			(3,373		)
Other Financing Activities	12			(6		)	—			6
Net Cash (Used in) Provided by Financing Activities	(2,624		)	(1,024		)	1,000			(2,648		)
Net Increase in Cash and Cash Equivalents	98			6			(4		)	100
Cash and Cash Equivalents at Beginning of Period	716			130			12			858
Cash and Cash Equivalents at End of Period	$	814		$	136		$	8		$	958

CSX 2019 Form 10-K p. 105

CSX CORPORATION

PART II

Item 8. Financial Statements and Supplementary Data

NOTE 18. Summarized Consolidating Financial Data, continued

Consolidating Cash Flow Statements

(Dollars in Millions)



Fiscal Year Ended December 2018	CSX Corporation			CSX Transportation			Eliminations and Other			CSX Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	3,182		$	1,657		$	(198	)	$	4,641

Investing Activities
Property Additions	—			(1,580		)	(165		)	(1,745		)
Purchases of Short-term Investments	(734		)	—			(2		)	(736		)
Proceeds from Sales of Short-term Investments	485			—			20			505
Proceeds from Property Dispositions	—			319			—			319
Other Investing Activities	(4		)	638			(661		)	(27		)
Net Cash Used in Investing Activities	(253		)	(623		)	(808		)	(1,684		)

Financing Activities
Long-term Debt Issued	3,000			—			—			3,000
Long-term Debt Repaid	—			(19		)	—			(19		)
Dividends Paid	(751		)	(1,000		)	1,000			(751		)
Shares Repurchased	(4,671		)	—			—			(4,671		)
Other Financing Activities	(65		)	(6		)	12			(59		)
Net Cash (Used in) Provided by Financing Activities	(2,487		)	(1,025		)	1,012			(2,500		)
Net Decrease in Cash and Cash Equivalents	442			9			6			457
Cash and Cash Equivalents at Beginning of Period	274			121			6			401
Cash and Cash Equivalents at End of Period	$	716		$	130		$	12		$	858

CSX 2019 Form 10-K p. 106

CSX CORPORATION

PART II

Item 8. Financial Statements and Supplementary Data

NOTE 18. Summarized Consolidating Financial Data, continued

Consolidating Cash Flow Statements

(Dollars in Millions)



Fiscal Year Ended December 2017	CSX Corporation			CSX Transportation			Eliminations and Other			CSX Consolidated
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$	1,719		$	2,112		$	(359	)	$	3,472

Investing Activities
Property Additions	—			(1,848		)	(192		)	(2,040		)
Purchases of Short-term Investments	(774		)	—			(8		)	(782		)
Proceeds from Sales of Short-term Investments	1,190			—			3			1,193
Proceeds from Property Dispositions	—			97			—			97
Other Investing Activities	(2		)	94			(55		)	37
Net Cash Provided by (Used in) Investing Activities	414			(1,657		)	(252		)	(1,495		)

Financing Activities
Long-term Debt Issued	850			—			—			850
Long-term Debt Repaid	(313		)	(20		)	—			(333		)
Dividends Paid	(708		)	(600		)	600			(708		)
Shares Repurchased	(1,970		)	—			—			(1,970		)
Other Financing Activities	(23		)	5			—			(18		)
Net Cash (Used in) Provided by Financing Activities	(2,164		)	(615		)	600			(2,179		)
Net (Decrease) Increase in Cash and Cash Equivalents	(31		)	(160		)	(11		)	(202		)
Cash and Cash Equivalents at Beginning of Period	305			281			17			603
Cash and Cash Equivalents at End of Period	$	274		$	121		$	6		$	401

CSX 2019 Form 10-K p. 107

CSX CORPORATION

PART II

Previous: Item 7A. Quantitative and Qualitative Disclosures about Market Risk · Next: Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure