Item 8. Financial Statements and Supplementary Data

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Item 8. Financial Statements and Supplementary Data

NOTE 20. 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 Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Labor and Fringe	$	723	$	6	$	729	$	741	$	7	$	748	$	752	$	9	$	761	$	808	$	6	$	814
Purchased Services and Other	688		9		697		684		7		691		689		11		700		703		11		714
Depreciation and Amortization	393		2		395		402		2		404		399		4		403		417		(12)		405
Total Expense	2,242		17		2,259		2,217		16		2,233		2,277		24		2,301		2,360		5		2,365

Operating Income	1,464		(17)		1,447		1,482		(16)		1,466		1,295		(24)		1,271		1,320		(5)		1,315

Earnings Before Income Taxes	1,304		(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 Reported			Adjustment			As Revised			As Previously Reported			Adjustment			As Revised			As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As 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 Other	1,372			16			1,388			2,061			27			2,088			2,764		38		2,802		2,685		43		2,728
Depreciation and Amortization	795			4			799			1,194			8			1,202			1,611		(4)		1,607		1,500		2		1,502
Total Expense	4,459			33			4,492			6,736			57			6,793			9,096		62		9,158		8,830		69		8,899

Operating Income	2,946			(33)			2,913			4,241			(57)			4,184			5,561		(62)		5,499		6,023		(69)		5,954

Earnings Before Income Taxes	2,616			(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 Benefits			74			55			129			(66)			(54)			(120)
Total Other Comprehensive Income			76			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

CSX 2024 Form 10-K p.122

CSX CORPORATION

PART II

Item 8. Financial Statements and Supplementary Data

NOTE 20. Revision of Prior Period Financial Statements, continued

Consolidated Balance Sheets


(Dollars in Millions)	March 31, 2024						December 31, 2023						September 30, 2023
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Assets
Materials and Supplies	$	451	$	(6)	$	445	$	446	$	(6)	$	440	$	427	$	—	$	427
Other Current Assets	136		(19)		117		109		(19)		90		94		(19)		75
Total Current Assets	3,472		(25)		3,447		3,384		(25)		3,359		3,359		(19)		3,340
Properties	50,661		(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 - Net	35,056		(231)		34,825		34,935		(214)		34,721		34,656		(215)		34,441
Other Long-Term Assets	716		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 Liabilities	3,024		(1)		3,023		3,224		(1)		3,223		2,934		—		2,934
Deferred Income Taxes - Net	7,759		(51)		7,708		7,746		(47)		7,699		7,700		(63)		7,637
Total Liabilities	30,093		(52)		30,041		30,275		(48)		30,227		29,896		(63)		29,833

Shareholders' Equity
Retained Earnings	10,205		(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' Equity	12,602		(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

CSX 2024 Form 10-K p.123

CSX CORPORATION

PART II

Item 8. Financial Statements and Supplementary Data

NOTE 20. Revision of Prior Period Financial Statements, continued

Consolidated Balance Sheets*, continued*


(Dollars in Millions)	June 30, 2023						March 31, 2023						December 31, 2022
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Assets
Cash and Cash Equivalents	$	956	$	—	$	956	$	1,291	$	—	$	1,291	$	1,958	$	(25)	$	1,933
Other Current Assets	123		(16)		107		115		(16)		99		108		(17)		91
Total Current Assets	2,911		(16)		2,895		3,355		(16)		3,339		3,849		(42)		3,807
Properties	48,970		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 - Net	34,477		(210)		34,267		34,293		(194)		34,099		34,242		(172)		34,070
Other Long-Term Assets	485		(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 Liabilities	2,055		19		2,074		2,321		10		2,331		2,471		(25)		2,446
Deferred Income Taxes - Net	7,662		(57)		7,605		7,605		(53)		7,552		7,569		(49)		7,520
Total Liabilities	28,943		(38)		28,905		29,144		(43)		29,101		29,287		(74)		29,213

Shareholders' Equity
Retained Earnings	10,030		(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' Equity	12,274		(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 Reported		Adjustment		As Revised
Operating Activities
Net Earnings	$	893	$	(13)	$	880
Deferred Income Taxes	11		(4)		7
Other Operating Activities	(15)		(1)		(16)
Net Cash Provided by Operating Activities	1,084		(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)

CSX 2024 Form 10-K p.124

CSX CORPORATION

PART II

Item 8. Financial Statements and Supplementary Data

NOTE 20. 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 Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Operating Activities
Net Earnings	$	987	$	(13)	$	974	$	1,983	$	(25)	$	1,958	$	2,829	$	(43)	$	2,786	$	3,715	$	(47)	$	3,668
Depreciation	393		2		395		795		4		799		1,194		8		1,202		1,611		(4)		1,607
Deferred Income Taxes	35		(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 Payable	266		—		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 Activities	1,251		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 Dispositions	8		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 (a)	(667)		25		(642)		(1,002)		25		(977)		(598)		25		(573)		(605)		25		(580)

Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period	1,958		(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 Reported		Adjustment		As Revised
Operating Activities
Net Earnings	$	4,166	$	(52)	$	4,114
Depreciation	1,500		2		1,502
Deferred Income Taxes	117		(17)		100
Other Operating Activities	(17)		1		(16)
Changes in Other Current Assets	(22)		(2)		(24)
Changes in Other Current Liabilities	113		(25)		88
Net Cash Provided by Operating Activities	5,619		(93)		5,526

Investing Activities
Property Additions	(2,133)		20		(2,113)
Proceeds and Advances from Property Dispositions	246		48		294
Net Cash Used in Investing Activities	(2,131)		68		(2,063)

Net Decrease in Cash and Cash Equivalents (a)	(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

(a) The change in cash and cash equivalents was revised to reflect a $25 million payment that occurred in December 2022.

CSX 2024 Form 10-K p.125

CSX CORPORATION

PART II

Item 8. Financial Statements and Supplementary Data

NOTE 20. Revision of Prior Period Financial Statements, continued

Consolidated Statements of Changes in Shareholders' Equity

Annual Periods:


(Dollars in Millions)	As Previously Reported						Adjustment						As Revised
	Total Shareholders' Equity		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity		Retained Earnings		Accumulated Other Comprehensive Loss
Balance December 31, 2021	$	13,500	$	11,630	$	(408)	$	(49)	$	(81)	$	32	$	13,451	$	11,549	$	(376)
Net Earnings	4,166		4,166		—		(52)		(52)		—		4,114		4,114		—
Other Comprehensive Income	20		—		20		(54)		—		(54)		(34)		—		(34)
Total Comprehensive Earnings	4,186						(106)						4,080
Stock Option Exercises and Other	100		(1)		—		(1)		(1)		—		99		(2)		—
Balance December 31, 2022	$	12,625	$	10,363	$	(388)	$	(156)	$	(134)	$	(22)	$	12,469	$	10,229	$	(410)
Net Earnings	3,715		3,715		—		(47)		(47)		—		3,668		3,668		—
Other Comprehensive Income	76		—		76		55		—		55		131		—		131
Total Comprehensive Earnings	3,791						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 Reported						Adjustment						As Revised
	Total Shareholders' Equity		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity		Retained Earnings		Accumulated Other Comprehensive Loss





Balance December 31, 2022	$	12,625	$	10,363	$	(388)	$	(156)	$	(134)	$	(22)	$	12,469	$	10,229	$	(410)
Net Earnings	987		987		—		(13)		(13)		—		974		974		—
Total Comprehensive Earnings	989						(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 Earnings	996		996		—		(12)		(12)		—		984		984		—
Total Comprehensive Earnings	992						(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 Earnings	846		846		—		(18)		(18)		—		828		828		—
Total Comprehensive Earnings	864						(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 Reported						Adjustment						As Revised
	Total Shareholders' Equity		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity		Retained Earnings		Accumulated Other Comprehensive Loss









Balance December 31, 2023	$	12,133	$	9,790	$	(312)	$	(148)	$	(181)	$	33	$	11,985	$	9,609	$	(279)
Net Earnings	893		893		—		(13)		(13)		—		880		880		—
Total Comprehensive Earnings	899						(13)						886
Balance March 31, 2024	$	12,602	$	10,205	$	(306)	$	(161)	$	(194)	$	33	$	12,441	$	10,011	$	(273)

CSX 2024 Form 10-K p.126

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