(Exact name of registrant as specified in its charter) | ||||||||||||||||||||||||||||||||
Virginia | 62-1051971 | |||||||||||||||||||||||||||||||
(I.R.S. Employer Identification No.) | ||||||||||||||||||||||||||||||||
500 Water Street | 15th Floor | Jacksonville | FL | 32202 | 904 | 359-3200 | ||||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | (Telephone number, including area code) | ||||||||||||||||||||||||||||||
No Change | ||||||||||||||||||||||||||||||||
(Former name, former address and former fiscal year, if changed since last report.) | ||||||||||||||||||||||||||||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||||||||||||||||||||
Common Stock, $1 Par Value | CSX | Nasdaq Global Select Market |
Page | |||||||||||
PART I. | FINANCIAL INFORMATION | ||||||||||
Item 1. | |||||||||||
Quarters Ended March 31, | |||||||||||
Quarters Ended March 31, | |||||||||||
At March 31, | |||||||||||
Three Months Ended March 31, | |||||||||||
Three Months Ended March 31, | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | OTHER INFORMATION | ||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | Defaults upon Senior Securities | ||||||||||
Item 4. | Mine Safety Disclosures | ||||||||||
Item 5. | Other Information | ||||||||||
Item 6. | Exhibits | ||||||||||
First Quarters | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Revenue | $ | 2,813 | $ | 2,855 | |||||||||||||
Expense | |||||||||||||||||
Labor and Fringe | 620 | 606 | |||||||||||||||
Materials, Supplies and Other | 469 | 454 | |||||||||||||||
Depreciation | 345 | 344 | |||||||||||||||
Fuel | 190 | 192 | |||||||||||||||
Equipment and Other Rents | 88 | 81 | |||||||||||||||
Total Expense | 1,712 | 1,677 | |||||||||||||||
Operating Income | 1,101 | 1,178 | |||||||||||||||
Interest Expense | (184) | (187) | |||||||||||||||
Other Income - Net | 20 | 22 | |||||||||||||||
Earnings Before Income Taxes | 937 | 1,013 | |||||||||||||||
Income Tax Expense | (231) | (243) | |||||||||||||||
Net Earnings | $ | 706 | $ | 770 | |||||||||||||
Per Common Share (Note 2) | |||||||||||||||||
Net Earnings Per Share, Basic | $ | 0.93 | $ | 1.00 | |||||||||||||
Net Earnings Per Share, Assuming Dilution | $ | 0.93 | $ | 1.00 | |||||||||||||
Average Shares Outstanding (In millions) | 761 | 772 | |||||||||||||||
Average Shares Outstanding, Assuming Dilution (In millions) | 762 | 773 | |||||||||||||||
First Quarters | ||||||
2020 | 2019 | |||||
Revenue | $ | 2,855 | $ | 3,013 | ||
Expense | ||||||
Labor and Fringe | 606 | 672 | ||||
Materials, Supplies and Other | 454 | 471 | ||||
Depreciation | 344 | 330 | ||||
Fuel | 192 | 233 | ||||
Equipment and Other Rents | 81 | 88 | ||||
Total Expense | 1,677 | 1,794 | ||||
Operating Income | 1,178 | 1,219 | ||||
Interest Expense | (187 | ) | (178 | ) | ||
Other Income - Net | 22 | 23 | ||||
Earnings Before Income Taxes | 1,013 | 1,064 | ||||
Income Tax Expense | (243 | ) | (230 | ) | ||
Net Earnings | $ | 770 | $ | 834 | ||
Per Common Share (Note 2) | ||||||
Net Earnings Per Share, Basic | $ | 1.00 | $ | 1.02 | ||
Net Earnings Per Share, Assuming Dilution | $ | 1.00 | $ | 1.02 | ||
Average Shares Outstanding (In millions) | 772 | 814 | ||||
Average Shares Outstanding, Assuming Dilution (In millions) | 773 | 817 | ||||
First Quarters | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Total Comprehensive Earnings (Note 11) | $ | 774 | $ | 773 |
First Quarters | ||||||
2020 | 2019 | |||||
Total Comprehensive Earnings (Note 12) | $ | 773 | $ | 836 |
(Unaudited) | ||||||
March 31, 2020 | December 31, 2019 | |||||
ASSETS | ||||||
Current Assets: | ||||||
Cash and Cash Equivalents | $ | 1,995 | $ | 958 | ||
Short-term Investments | 487 | 996 | ||||
Accounts Receivable - Net (Note 8) | 1,008 | 986 | ||||
Materials and Supplies | 257 | 261 | ||||
Other Current Assets | 74 | 77 | ||||
Total Current Assets | 3,821 | 3,278 | ||||
Properties | 45,065 | 45,100 | ||||
Accumulated Depreciation | (12,877 | ) | (12,932 | ) | ||
Properties - Net | 32,188 | 32,168 | ||||
Investment in Conrail | 993 | 982 | ||||
Affiliates and Other Companies | 908 | 897 | ||||
Right-of-Use Lease Asset | 523 | 532 | ||||
Other Long-term Assets | 401 | 400 | ||||
Total Assets | $ | 38,834 | $ | 38,257 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current Liabilities: | ||||||
Accounts Payable | $ | 1,058 | $ | 1,043 | ||
Labor and Fringe Benefits Payable | 345 | 489 | ||||
Casualty, Environmental and Other Reserves (Note 4) | 99 | 100 | ||||
Current Maturities of Long-term Debt (Note 7) | 255 | 245 | ||||
Income and Other Taxes Payable | 269 | 69 | ||||
Other Current Liabilities | 185 | 205 | ||||
Total Current Liabilities | 2,211 | 2,151 | ||||
Casualty, Environmental and Other Reserves (Note 4) | 210 | 205 | ||||
Long-term Debt (Note 7) | 16,477 | 15,993 | ||||
Deferred Income Taxes - Net | 6,991 | 6,961 | ||||
Long-term Lease Liability | 489 | 493 | ||||
Other Long-term Liabilities | 568 | 591 | ||||
Total Liabilities | 26,946 | 26,394 | ||||
Shareholders' Equity: | ||||||
Common Stock, $1 Par Value | 765 | 773 | ||||
Other Capital | 366 | 346 | ||||
Retained Earnings | 11,412 | 11,404 | ||||
Accumulated Other Comprehensive Loss (Note 11) | (672 | ) | (675 | ) | ||
Noncontrolling Interest | 17 | 15 | ||||
Total Shareholders' Equity | 11,888 | 11,863 | ||||
Total Liabilities and Shareholders' Equity | $ | 38,834 | $ | 38,257 |
(Unaudited) | ||||||||
March 31, 2021 | December 31, 2020 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 2,955 | $ | 3,129 | ||||
Short-term Investments | 2 | 2 | ||||||
Accounts Receivable - Net (Note 8) | 957 | 912 | ||||||
Materials and Supplies | 298 | 302 | ||||||
Other Current Assets | 93 | 96 | ||||||
Total Current Assets | 4,305 | 4,441 | ||||||
Properties | 45,593 | 45,530 | ||||||
Accumulated Depreciation | (13,190) | (13,086) | ||||||
Properties - Net | 32,403 | 32,444 | ||||||
Investment in Affiliates and Other Companies | 2,007 | 1,985 | ||||||
Right-of-Use Lease Asset | 467 | 472 | ||||||
Other Long-term Assets | 510 | 451 | ||||||
Total Assets | $ | 39,692 | $ | 39,793 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts Payable | $ | 859 | $ | 809 | ||||
Labor and Fringe Benefits Payable | 419 | 482 | ||||||
Casualty, Environmental and Other Reserves (Note 4) | 89 | 90 | ||||||
Current Maturities of Long-term Debt (Note 7) | 41 | 401 | ||||||
Income and Other Taxes Payable | 237 | 73 | ||||||
Other Current Liabilities | 155 | 164 | ||||||
Total Current Liabilities | 1,800 | 2,019 | ||||||
Casualty, Environmental and Other Reserves (Note 4) | 229 | 224 | ||||||
Long-term Debt (Note 7) | 16,306 | 16,304 | ||||||
Deferred Income Taxes - Net | 7,226 | 7,168 | ||||||
Long-term Lease Liability | 453 | 455 | ||||||
Other Long-term Liabilities | 518 | 513 | ||||||
Total Liabilities | 26,532 | 26,683 | ||||||
Shareholders' Equity: | ||||||||
Common Stock, $1 Par Value | 757 | 763 | ||||||
Other Capital | 448 | 409 | ||||||
Retained Earnings | 12,476 | 12,527 | ||||||
Accumulated Other Comprehensive Loss (Note 11) | (530) | (598) | ||||||
Non-controlling Minority Interest | 9 | 9 | ||||||
Total Shareholders' Equity | 13,160 | 13,110 | ||||||
Total Liabilities and Shareholders' Equity | $ | 39,692 | $ | 39,793 |
Three Months | ||||||||
2021 | 2020 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Earnings | $ | 706 | $ | 770 | ||||
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities: | ||||||||
Depreciation | 345 | 344 | ||||||
Deferred Income Taxes | 40 | 28 | ||||||
Gains on Property Dispositions | (3) | (18) | ||||||
Other Operating Activities | 28 | 0 | ||||||
Changes in Operating Assets and Liabilities: | ||||||||
Accounts Receivable | (64) | (27) | ||||||
Other Current Assets | (5) | (20) | ||||||
Accounts Payable | 53 | 14 | ||||||
Income and Other Taxes Payable | 192 | 227 | ||||||
Other Current Liabilities | (60) | (140) | ||||||
Net Cash Provided by Operating Activities | 1,232 | 1,178 | ||||||
INVESTING ACTIVITIES | ||||||||
Property Additions | (306) | (381) | ||||||
Proceeds from Property Dispositions | 0 | 35 | ||||||
Purchases of Short-term Investments | 0 | (426) | ||||||
Proceeds from Sales of Short-term Investments | 1 | 936 | ||||||
Other Investing Activities | 8 | (20) | ||||||
Net Cash (Used In)/Provided by Investing Activities | (297) | 144 | ||||||
FINANCING ACTIVITIES | ||||||||
Long-term Debt Issued (Note 7) | 0 | 500 | ||||||
Long-term Debt Repaid (Note 7) | (360) | 0 | ||||||
Dividends Paid | (213) | (201) | ||||||
Shares Repurchased | (551) | (577) | ||||||
Other Financing Activities | 15 | (7) | ||||||
Net Cash Used in Financing Activities | (1,109) | (285) | ||||||
Net (Decrease)/Increase in Cash and Cash Equivalents | (174) | 1,037 | ||||||
CASH AND CASH EQUIVALENTS | ||||||||
Cash and Cash Equivalents at Beginning of Period | 3,129 | 958 | ||||||
Cash and Cash Equivalents at End of Period | $ | 2,955 | $ | 1,995 | ||||
Three Months | ||||||
2020 | 2019 | |||||
OPERATING ACTIVITIES | ||||||
Net Earnings | $ | 770 | $ | 834 | ||
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities: | ||||||
Depreciation | 344 | 330 | ||||
Deferred Income Taxes | 28 | 51 | ||||
Gain on Property Dispositions | (18 | ) | (27 | ) | ||
Other Operating Activities | — | (33 | ) | |||
Changes in Operating Assets and Liabilities: | ||||||
Accounts Receivable | (27 | ) | (56 | ) | ||
Other Current Assets | (20 | ) | 22 | |||
Accounts Payable | 14 | 74 | ||||
Income and Other Taxes Payable | 227 | 150 | ||||
Other Current Liabilities | (140 | ) | (172 | ) | ||
Net Cash Provided by Operating Activities | 1,178 | 1,173 | ||||
INVESTING ACTIVITIES | ||||||
Property Additions | (381 | ) | (353 | ) | ||
Proceeds from Property Dispositions | 35 | 48 | ||||
Purchases of Short-term Investments | (426 | ) | (813 | ) | ||
Proceeds from Sales of Short-term Investments | 936 | 250 | ||||
Other Investing Activities | (20 | ) | (2 | ) | ||
Net Cash Provided by (Used In) Investing Activities | 144 | (870 | ) | |||
FINANCING ACTIVITIES | ||||||
Long-term Debt Issued (Note 7) | 500 | 1,000 | ||||
Dividends Paid | (201 | ) | (195 | ) | ||
Shares Repurchased | (577 | ) | (796 | ) | ||
Other Financing Activities | (7 | ) | 18 | |||
Net Cash (Used in) Provided by Financing Activities | (285 | ) | 27 | |||
Net Increase in Cash and Cash Equivalents | 1,037 | 330 | ||||
CASH AND CASH EQUIVALENTS | ||||||
Cash and Cash Equivalents at Beginning of Period | 958 | 858 | ||||
Cash and Cash Equivalents at End of Period | $ | 1,995 | $ | 1,188 | ||
Three Months 2021 | Common Shares Outstanding (Thousands) | Common Stock and Other Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss)(a) | Non-controlling Minority Interest | Total Shareholders' Equity | ||||||||||||||
Balance December 31, 2020 | 762,529 | $ | 1,172 | $ | 12,527 | $ | (598) | $ | 9 | $ | 13,110 | |||||||||
Comprehensive Earnings: | ||||||||||||||||||||
Net Earnings | — | — | 706 | — | — | 706 | ||||||||||||||
Other Comprehensive Income (Note 11) | — | — | — | 68 | — | 68 | ||||||||||||||
Total Comprehensive Earnings | 774 | |||||||||||||||||||
Common stock dividends, $0.28 per share | — | — | (213) | — | — | (213) | ||||||||||||||
Share Repurchases | (6,130) | (6) | (545) | — | — | (551) | ||||||||||||||
Stock Option Exercises and Other | 1,001 | 39 | 1 | — | 0 | 40 | ||||||||||||||
Balance March 31, 2021 | 757,400 | $ | 1,205 | $ | 12,476 | $ | (530) | $ | 9 | $ | 13,160 | |||||||||
Three Months 2020 | Common Shares Outstanding (Thousands) | Common Stock and Other Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss)(a) | Non-controlling Interest | Total Shareholders' Equity | |||||||||||
Balance December 31, 2019 | 773,471 | $ | 1,119 | $ | 11,404 | $ | (675 | ) | $ | 15 | $ | 11,863 | |||||
Comprehensive Earnings: | |||||||||||||||||
Net Earnings | — | — | 770 | — | — | 770 | |||||||||||
Other Comprehensive Income (Note 11) | — | — | — | 3 | — | 3 | |||||||||||
Total Comprehensive Earnings | 773 | ||||||||||||||||
Common stock dividends, $0.26 per share | — | — | (201 | ) | — | — | (201 | ) | |||||||||
Share Repurchases | (8,906 | ) | (9 | ) | (568 | ) | — | — | (577 | ) | |||||||
Stock Option Exercises and Other | 894 | 21 | 7 | — | 2 | 30 | |||||||||||
Balance March 31, 2020 | 765,459 | $ | 1,131 | $ | 11,412 | $ | (672 | ) | $ | 17 | $ | 11,888 |
Three Months 2020 | Common Shares Outstanding (Thousands) | Common Stock and Other Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss)(a) | Non-controlling Minority Interest | Total Shareholders' Equity | |||||||||||||||||||||||
Balance December 31, 2019 | 773,471 | $ | 1,119 | $ | 11,404 | $ | (675) | $ | 15 | 11,863 | |||||||||||||||||||
Comprehensive Earnings: | |||||||||||||||||||||||||||||
Net Earnings | — | — | 770 | — | — | 770 | |||||||||||||||||||||||
Other Comprehensive Income (Note 11) | — | — | — | 3 | — | 3 | |||||||||||||||||||||||
Total Comprehensive Earnings | 773 | ||||||||||||||||||||||||||||
Common stock dividends, $0.26 per share | — | — | (201) | — | — | (201) | |||||||||||||||||||||||
Share Repurchases | (8,906) | (9) | (568) | — | — | (577) | |||||||||||||||||||||||
Stock Option Exercises and Other | 894 | 21 | 7 | — | 2 | 30 | |||||||||||||||||||||||
Balance March 31, 2020 | 765,459 | 1,131 | 11,412 | (672) | 17 | 11,888 | |||||||||||||||||||||||
Three Months 2019 | Common Shares Outstanding (Thousands) | Common Stock and Other Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss)(a) | Non-controlling Interest | Total Shareholders' Equity | |||||||||||
Balance December 31, 2018 | 818,180 | $ | 1,067 | $ | 12,157 | $ | (661 | ) | $ | 17 | $ | 12,580 | |||||
Comprehensive Earnings: | |||||||||||||||||
Net Earnings | — | — | 834 | — | — | 834 | |||||||||||
Other Comprehensive Loss | — | — | — | 2 | — | 2 | |||||||||||
Total Comprehensive Earnings | 836 | ||||||||||||||||
Common stock dividends, $0.24 per share | — | — | (195 | ) | — | — | (195 | ) | |||||||||
Share Repurchases | (11,540 | ) | (12 | ) | (784 | ) | — | — | (796 | ) | |||||||
Stock Option Exercises and Other | 2,524 | 21 | (1 | ) | — | — | 20 | ||||||||||
Balance March 31, 2019 | 809,164 | $ | 1,076 | $ | 12,011 | $ | (659 | ) | $ | 17 | $ | 12,445 |
First Quarters | ||||||
2020 | 2019 | |||||
Numerator (Dollars in millions): | ||||||
Net Earnings | $ | 770 | $ | 834 | ||
Denominator (Units in millions): | ||||||
Average Common Shares Outstanding | 772 | 814 | ||||
Other Potentially Dilutive Common Shares | 1 | 3 | ||||
Average Common Shares Outstanding, Assuming Dilution | 773 | 817 | ||||
Net Earnings Per Share, Basic | $ | 1.00 | $ | 1.02 | ||
Net Earnings Per Share, Assuming Dilution | $ | 1.00 | $ | 1.02 |
First Quarters | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Numerator (Dollars in millions): | |||||||||||||||||
Net Earnings | $ | 706 | $ | 770 | |||||||||||||
Denominator (Units in millions): | |||||||||||||||||
Average Common Shares Outstanding | 761 | 772 | |||||||||||||||
Other Potentially Dilutive Common Shares | 1 | 1 | |||||||||||||||
Average Common Shares Outstanding, Assuming Dilution | 762 | 773 | |||||||||||||||
Net Earnings Per Share, Basic | $ | 0.93 | $ | 1.00 | |||||||||||||
Net Earnings Per Share, Assuming Dilution | $ | 0.93 | $ | 1.00 |
First Quarters | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Antidilutive Stock Options Excluded from Diluted EPS (Millions) | 1 | 1 |
First Quarters | ||||||
2020 | 2019 | |||||
Shares Repurchased (Millions) | 9 | 12 | ||||
Cost of Shares (Dollars in millions) | $ | 577 | $ | 796 |
First Quarters | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Shares Repurchased (Millions) | 6 | 9 | |||||||||||||||
Cost of Shares (Dollars in millions) | $ | 551 | $ | 577 |
First Quarters | ||||||
(Dollars in millions) | 2020 | 2019 | ||||
Share-Based Compensation Expense: | ||||||
Stock Options | $ | 10 | $ | 2 | ||
Performance Units | 9 | 6 | ||||
Restricted Stock Units and Awards | 2 | 2 | ||||
Stock Awards for Directors | 2 | 2 | ||||
Employee Stock Purchase Plan | 1 | 1 | ||||
Total Share-Based Compensation Expense | $ | 24 | $ | 13 | ||
Income Tax Benefit | $ | 9 | $ | 28 |
First Quarters | |||||||||||||||||
(Dollars in millions) | 2021 | 2020 | |||||||||||||||
Share-Based Compensation Expense: | |||||||||||||||||
Performance Units | $ | 18 | $ | 9 | |||||||||||||
Stock Options | 6 | 10 | |||||||||||||||
Restricted Stock Units and Awards | 5 | 2 | |||||||||||||||
Stock Awards for Directors | 2 | 2 | |||||||||||||||
Employee Stock Purchase Plan | 1 | 1 | |||||||||||||||
Total Share-Based Compensation Expense | $ | 32 | $ | 24 | |||||||||||||
Income Tax Benefit | $ | 9 | $ | 9 |
First Quarters | ||||
2020 | 2019 | |||
Weighted-average assumptions used: | ||||
Annual dividend yield | N/A | 1.4 | % | |
Risk-free interest rate | 1.4 | % | 2.5 | % |
Annualized volatility | 24.5 | % | 27.6 | % |
Expected life (in years) | 2.9 | 2.9 |
Three Months | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Weighted-Average Assumptions Used: | |||||||||||||||||
Annual Dividend Yield | N/A | N/A | |||||||||||||||
Risk-free Interest Rate | 0.2 | % | 1.4 | % | |||||||||||||
Annualized Volatility | 33.6 | % | 24.5 | % | |||||||||||||
Expected Life (in years) | 2.9 | 2.9 |
First Quarters | ||||||
2020 | 2019 | |||||
Weighted-average grant-date fair value | $ | 18.87 | $ | 17.45 | ||
Stock options valuation assumptions: | ||||||
Annual dividend yield | 1.2 | % | 1.3 | % | ||
Risk-free interest rate | 1.4 | % | 2.6 | % | ||
Annualized volatility | 26.0 | % | 25.8 | % | ||
Expected life (in years) | 6.0 | 6.0 | ||||
Other pricing model inputs: | ||||||
Weighted-average grant-date market price of CSX stock (strike price) | $ | 79.48 | $ | 68.09 |
First Quarters | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Weighted-Average Grant Date Fair Value | $ | 23.64 | $ | 18.87 | |||||||||||||
Weighted-Average Assumptions Used: | |||||||||||||||||
Annual Dividend Yield | 1.2 | % | 1.2 | % | |||||||||||||
Risk-Free Interest Rate | 0.7 | % | 1.4 | % | |||||||||||||
Annualized Volatility | 31.2 | % | 26.0 | % | |||||||||||||
Expected Life (in years) | 6.0 | 6.0 | |||||||||||||||
Other Pricing Model Inputs: | |||||||||||||||||
Weighted-Average Grant Date Market Price of CSX Stock (strike price) | $ | 88.46 | $ | 79.48 |
First Quarters | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Shares issued (in thousands) | 132 | 122 | |||||||||||||||
Weighted average purchase price per share | $ | 58.00 | $ | 61.51 |
March 31, 2020 | December 31, 2019 | ||||||||||||||||||
(Dollars in millions) | Current | Long-term | Total | Current | Long-term | Total | |||||||||||||
Casualty: | |||||||||||||||||||
Personal Injury | $ | 42 | $ | 85 | $ | 127 | $ | 42 | $ | 87 | $ | 129 | |||||||
Occupational | 6 | 56 | 62 | 6 | 52 | 58 | |||||||||||||
Total Casualty | 48 | 141 | 189 | 48 | 139 | 187 | |||||||||||||
Environmental | 31 | 46 | 77 | 31 | 43 | 74 | |||||||||||||
Other | 20 | 23 | 43 | 21 | 23 | 44 | |||||||||||||
Total | $ | 99 | $ | 210 | $ | 309 | $ | 100 | $ | 205 | $ | 305 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in millions) | Current | Long-term | Total | Current | Long-term | Total | |||||||||||||||||
Casualty: | |||||||||||||||||||||||
Personal Injury | $ | 38 | $ | 99 | $ | 137 | $ | 38 | $ | 93 | $ | 131 | |||||||||||
Occupational | 11 | 52 | 63 | 11 | 54 | 65 | |||||||||||||||||
Total Casualty | 49 | 151 | 200 | 49 | 147 | 196 | |||||||||||||||||
Environmental | 23 | 54 | 77 | 23 | 53 | 76 | |||||||||||||||||
Other | 17 | 24 | 41 | 18 | 24 | 42 | |||||||||||||||||
Total | $ | 89 | $ | 229 | $ | 318 | $ | 90 | $ | 224 | $ | 314 |
Pension Benefits Cost | |||||||
(Dollars in millions) | First Quarters | ||||||
2020 | 2019 | ||||||
Service Cost Included in Labor and Fringe | $ | 10 | $ | 8 | |||
Interest Cost | 20 | 26 | |||||
Expected Return on Plan Assets | (43 | ) | (43 | ) | |||
Amortization of Net Loss | 14 | 7 | |||||
Total Included in Other Income - Net | (9 | ) | (10 | ) | |||
Net Periodic Benefit Cost/(Credit) | $ | 1 | $ | (2 | ) | ||
Other Post-retirement Benefits Cost | |||||||
(Dollars in millions) | First Quarters | ||||||
2020 | 2019 | ||||||
Service Cost Included in Labor and Fringe | $ | — | $ | — | |||
Interest Cost | 1 | 1 | |||||
Amortization of Prior Service Costs | (2 | ) | (2 | ) | |||
Total Included in Other Income - Net | (1 | ) | (1 | ) | |||
Net Periodic Benefit Credit | $ | (1 | ) | $ | (1 | ) | |
Pension Benefits Cost | |||||||||||||||||||||||
First Quarters | |||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | |||||||||||||||||||||
Service Cost Included in Labor and Fringe | $ | 9 | $ | 10 | |||||||||||||||||||
Interest Cost | 14 | 20 | |||||||||||||||||||||
Expected Return on Plan Assets | (46) | (43) | |||||||||||||||||||||
Amortization of Net Loss | 18 | 14 | |||||||||||||||||||||
Total Included in Other Income - Net | (14) | (9) | |||||||||||||||||||||
Net Periodic Benefit (Credit)/Cost | $ | (5) | $ | 1 | |||||||||||||||||||
Other Post-retirement Benefits Cost | |||||||||||||||||||||||
First Quarters | |||||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | |||||||||||||||||||||
Service Cost Included in Labor and Fringe | $ | 0 | $ | 0 | |||||||||||||||||||
Interest Cost | 0 | 1 | |||||||||||||||||||||
Amortization of Prior Service Credits | (1) | (2) | |||||||||||||||||||||
Total Included in Other Income - Net | (1) | (1) | |||||||||||||||||||||
Net Periodic Benefit Credit | $ | (1) | $ | (1) | |||||||||||||||||||
(Dollars in millions) | Current Portion | Long-term Portion | Total | ||||||
Long-term debt as of December 31, 2019 | $ | 245 | $ | 15,993 | $ | 16,238 | |||
2020 activity: | |||||||||
Long-term debt issued | — | 500 | 500 | ||||||
Reclassifications | 10 | (10 | ) | — | |||||
Discount, premium and other activity | — | (6 | ) | (6 | ) | ||||
Long-term debt as of March 31, 2020 | $ | 255 | $ | 16,477 | $ | 16,732 |
(Dollars in millions) | Current Portion | Long-term Portion | Total | ||||||||
Long-term Debt as of December 31, 2020 | $ | 401 | $ | 16,304 | $ | 16,705 | |||||
2021 Activity: | |||||||||||
Long-term Debt Repaid | (360) | 0 | (360) | ||||||||
Discount, Premium and Other Activity | 0 | 2 | 2 | ||||||||
Long-term Debt as of March 31, 2021 | $ | 41 | $ | 16,306 | $ | 16,347 |
First Quarters | ||||||
(Dollars in millions) | 2020 | 2019 | ||||
Chemicals(a) | $ | 626 | $ | 588 | ||
Agricultural and Food Products | 365 | 344 | ||||
Automotive | 281 | 311 | ||||
Forest Products(a) | 217 | 212 | ||||
Metals and Equipment(a) | 199 | 189 | ||||
Minerals(a) | 127 | 125 | ||||
Fertilizers | 112 | 110 | ||||
Total Merchandise | 1,927 | 1,879 | ||||
Coal | 405 | 538 | ||||
Intermodal | 422 | 428 | ||||
Other | 101 | 168 | ||||
Total | $ | 2,855 | $ | 3,013 |
First Quarters | |||||||||||||||||
(Dollars in millions) | 2021 | 2020 | |||||||||||||||
Chemicals | $ | 580 | $ | 626 | |||||||||||||
Agricultural and Food Products | 349 | 365 | |||||||||||||||
Automotive | 236 | 281 | |||||||||||||||
Forest Products(a) | 220 | 219 | |||||||||||||||
Metals and Equipment | 186 | 199 | |||||||||||||||
Minerals | 125 | 127 | |||||||||||||||
Fertilizers(a) | 122 | 110 | |||||||||||||||
Total Merchandise | 1,818 | 1,927 | |||||||||||||||
Intermodal | 468 | 422 | |||||||||||||||
Coal | 384 | 405 | |||||||||||||||
Other | 143 | 101 | |||||||||||||||
Total | $ | 2,813 | $ | 2,855 |
(Dollars in millions) | March 31, 2021 | December 31, 2020 | ||||||
Freight Receivables | $ | 786 | $ | 716 | ||||
Freight Allowance for Credit Losses | (16) | (16) | ||||||
Freight Receivables, net | 770 | 700 | ||||||
Non-Freight Receivables | 199 | 224 | ||||||
Non-Freight Allowance for Credit Losses | (12) | (12) | ||||||
Non-Freight Receivables, net | 187 | 212 | ||||||
Total Accounts Receivable, net | $ | 957 | $ | 912 |
(Dollars in millions) | March 31, 2020 | December 31, 2019 | ||||
Freight Receivables | $ | 802 | $ | 790 | ||
Freight Allowance for Credit Losses | (20 | ) | (21 | ) | ||
Freight Receivables, net | 782 | 769 | ||||
Non-Freight Receivables | 235 | 226 | ||||
Non-Freight Allowance for Credit Losses | (9 | ) | (9 | ) | ||
Non-Freight Receivables, net | 226 | 217 | ||||
Total Accounts Receivable, net | $ | 1,008 | $ | 986 |
(Dollars in Millions) | March 31, 2021 | December 31, 2020 | ||||||
Corporate Bonds | $ | 65 | $ | 68 | ||||
Government Securities | 30 | 33 | ||||||
Total investments at fair value | $ | 95 | $ | 101 | ||||
Total investments at amortized cost | $ | 87 | $ | 89 |
(Dollars in Millions) | March 31, 2020 | December 31, 2019 | ||||
Commercial Paper and Certificates of Deposit | $ | 486 | $ | 989 | ||
Corporate Bonds | 56 | 59 | ||||
Government Securities | 37 | 36 | ||||
Total investments at fair value | $ | 579 | $ | 1,084 | ||
Total investments at amortized cost | $ | 573 | $ | 1,076 |
(Dollars in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Less than 1 year | $ | 2 | $ | 2 | |||||||
1 - 5 years | 23 | 22 | |||||||||
5 - 10 years | 20 | 23 | |||||||||
Greater than 10 years | 50 | 54 | |||||||||
Total investments at fair value | $ | 95 | $ | 101 |
(Dollars in millions) | March 31, 2020 | December 31, 2019 | |||||
Less than 1 year | $ | 487 | $ | 996 | |||
1 - 5 years | 9 | 10 | |||||
5 - 10 years | 31 | 25 | |||||
Greater than 10 years | 52 | 53 | |||||
Total investments at fair value | $ | 579 | $ | 1,084 |
(Dollars in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Long-term Debt (Including Current Maturities): | |||||||||||
Fair Value | $ | 18,765 | $ | 21,076 | |||||||
Carrying Value | 16,347 | 16,705 |
(Dollars in millions) | March 31, 2020 | December 31, 2019 | |||||
Long-term Debt (Including Current Maturities): | |||||||
Fair Value | $ | 18,778 | $ | 18,503 | |||
Carrying Value | 16,732 | 16,238 |
Pension and Other Post-Employment Benefits | Interest Rate Derivatives | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||
(Dollars in millions) | ||||||||||||||
Balance December 31, 2020, Net of Tax | $ | (598) | $ | 62 | $ | (62) | $ | (598) | ||||||
Other Comprehensive Income (Loss) | ||||||||||||||
Income Before Reclassifications | 0 | 73 | 0 | 73 | ||||||||||
Amounts Reclassified to Net Earnings | 17 | 0 | (3) | 14 | ||||||||||
Tax (Expense) Benefit | (3) | (17) | 1 | (19) | ||||||||||
Total Other Comprehensive Income (Loss) | 14 | 56 | (2) | 68 | ||||||||||
Balance March 31, 2021, Net of Tax | $ | (584) | $ | 118 | $ | (64) | $ | (530) |
Pension and Other Post-Employment Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||
(Dollars in millions) | |||||||||||
Balance December 31, 2019, Net of Tax | $ | (619 | ) | $ | (56 | ) | $ | (675 | ) | ||
Other Comprehensive Income (Loss) | |||||||||||
Loss Before Reclassifications | — | (7 | ) | (7 | ) | ||||||
Amounts Reclassified to Net Earnings | 14 | (3 | ) | 11 | |||||||
Tax (Expense) Benefit | (2 | ) | 1 | (1 | ) | ||||||
Total Other Comprehensive Income (Loss) | 12 | (9 | ) | 3 | |||||||
Balance March 31, 2020, Net of Tax | $ | (607 | ) | $ | (65 | ) | $ | (672 | ) |
Consolidating Income Statements | ||||||||||||
(Dollars in millions) | ||||||||||||
First Quarter 2020 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||
Revenue | $ | — | $ | 2,833 | $ | 22 | $ | 2,855 | ||||
Expense | (99 | ) | 1,814 | (38 | ) | 1,677 | ||||||
Operating Income | 99 | 1,019 | 60 | 1,178 | ||||||||
Equity in Earnings of Subsidiaries | 855 | — | (855 | ) | — | |||||||
Interest (Expense) / Benefit | (216 | ) | (10 | ) | 39 | (187 | ) | |||||
Other Income / (Expense) - Net | 5 | 45 | (28 | ) | 22 | |||||||
Earnings Before Income Taxes | 743 | 1,054 | (784 | ) | 1,013 | |||||||
Income Tax Benefit / (Expense) | 27 | (255 | ) | (15 | ) | (243 | ) | |||||
Net Earnings | $ | 770 | $ | 799 | $ | (799 | ) | $ | 770 | |||
Total Comprehensive Earnings | $ | 773 | $ | 800 | $ | (800 | ) | $ | 773 | |||
First Quarter 2019 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||
Revenue | $ | — | $ | 2,993 | $ | 20 | $ | 3,013 | ||||
Expense | (137 | ) | 1,968 | (37 | ) | 1,794 | ||||||
Operating Income | 137 | 1,025 | 57 | 1,219 | ||||||||
Equity in Earnings of Subsidiaries | 874 | — | (874 | ) | — | |||||||
Interest (Expense) / Benefit | (216 | ) | (11 | ) | 49 | (178 | ) | |||||
Other Income / (Expense) - Net | 8 | 52 | (37 | ) | 23 | |||||||
Earnings Before Income Taxes | 803 | 1,066 | (805 | ) | 1,064 | |||||||
Income Tax Benefit / (Expense) | 31 | (245 | ) | (16 | ) | (230 | ) | |||||
Net Earnings | $ | 834 | $ | 821 | $ | (821 | ) | $ | 834 | |||
Total Comprehensive Earnings | $ | 836 | $ | 819 | $ | (819 | ) | $ | 836 |
Consolidating Balance Sheet | ||||||||||||
(Dollars in millions) | ||||||||||||
March 31, 2020 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||
ASSETS | ||||||||||||
Current Assets | ||||||||||||
Cash and Cash Equivalents | $ | 1,891 | $ | 91 | $ | 13 | $ | 1,995 | ||||
Short-term Investments | 484 | — | 3 | 487 | ||||||||
Accounts Receivable - Net | — | 996 | 12 | 1,008 | ||||||||
Receivable from Affiliates | 827 | 7,674 | (8,501 | ) | — | |||||||
Materials and Supplies | — | 257 | — | 257 | ||||||||
Other Current Assets | — | 63 | 11 | 74 | ||||||||
Total Current Assets | 3,202 | 9,081 | (8,462 | ) | 3,821 | |||||||
Properties | 1 | 42,040 | 3,024 | 45,065 | ||||||||
Accumulated Depreciation | (1 | ) | (11,110 | ) | (1,766 | ) | (12,877 | ) | ||||
Properties - Net | — | 30,930 | 1,258 | 32,188 | ||||||||
Investments in Conrail | — | — | 993 | 993 | ||||||||
Affiliates and Other Companies | (39 | ) | 934 | 13 | 908 | |||||||
Investments in Consolidated Subsidiaries | 35,134 | — | (35,134 | ) | — | |||||||
Right-of-Use Lease Asset | — | 501 | 22 | 523 | ||||||||
Other Long-term Assets | 3 | 623 | (225 | ) | 401 | |||||||
Total Assets | $ | 38,300 | $ | 42,069 | $ | (41,535 | ) | $ | 38,834 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Current Liabilities | ||||||||||||
Accounts Payable | $ | 194 | $ | 811 | $ | 53 | $ | 1,058 | ||||
Labor and Fringe Benefits Payable | 30 | 302 | 13 | 345 | ||||||||
Payable to Affiliates | 9,835 | 326 | (10,161 | ) | — | |||||||
Casualty, Environmental and Other Reserves | — | 86 | 13 | 99 | ||||||||
Current Maturities of Long-term Debt | 10 | 245 | — | 255 | ||||||||
Income and Other Taxes Payable | (184 | ) | 431 | 22 | 269 | |||||||
Other Current Liabilities | — | 168 | 17 | 185 | ||||||||
Total Current Liabilities | 9,885 | 2,369 | (10,043 | ) | 2,211 | |||||||
Casualty, Environmental and Other Reserves | — | 174 | 36 | 210 | ||||||||
Long-term Debt | 16,020 | 457 | — | 16,477 | ||||||||
Deferred Income Taxes - Net | (145 | ) | 6,859 | 277 | 6,991 | |||||||
Long-term Lease Liability | — | 473 | 16 | 489 | ||||||||
Other Long-term Liabilities | 669 | 212 | (313 | ) | 568 | |||||||
Total Liabilities | $ | 26,429 | $ | 10,544 | $ | (10,027 | ) | $ | 26,946 | |||
Shareholders' Equity | ||||||||||||
Common Stock, $1 Par Value | $ | 765 | $ | 181 | $ | (181 | ) | $ | 765 | |||
Other Capital | 366 | 5,096 | (5,096 | ) | 366 | |||||||
Retained Earnings | 11,412 | 26,195 | (26,195 | ) | 11,412 | |||||||
Accumulated Other Comprehensive Loss | (672 | ) | 36 | (36 | ) | (672 | ) | |||||
Noncontrolling Interest | — | 17 | — | 17 | ||||||||
Total Shareholders' Equity | $ | 11,871 | $ | 31,525 | $ | (31,508 | ) | $ | 11,888 | |||
Total Liabilities and Shareholders' Equity | $ | 38,300 | $ | 42,069 | $ | (41,535 | ) | $ | 38,834 |
Consolidating Balance Sheet (Dollars in millions) | ||||||||||||
December 31, 2019 | CSX Corporation | CSX Transportation | Eliminations and Other | 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 |
Consolidating Cash Flow Statements | ||||||||||||
(Dollars in millions) | ||||||||||||
Three Months 2020 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||
Operating Activities | ||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 855 | $ | 514 | $ | (191 | ) | $ | 1,178 | |||
Investing Activities | ||||||||||||
Property Additions | — | (341 | ) | (40 | ) | (381 | ) | |||||
Proceeds from Property Dispositions | — | 35 | — | 35 | ||||||||
Purchases of Short-term Investments | (424 | ) | — | (2 | ) | (426 | ) | |||||
Proceeds from Sales of Short-term Investments | 930 | — | 6 | 936 | ||||||||
Other Investing Activities | 1 | (3 | ) | (18 | ) | (20 | ) | |||||
Net Cash Provided by (Used in) Investing Activities | 507 | (309 | ) | (54 | ) | 144 | ||||||
Financing Activities | ||||||||||||
Long-term Debt Issued | 500 | — | — | 500 | ||||||||
Dividends Paid | (201 | ) | (250 | ) | 250 | (201 | ) | |||||
Shares Repurchased | (577 | ) | — | — | (577 | ) | ||||||
Other Financing Activities | (7 | ) | — | — | (7 | ) | ||||||
Net Cash (Used in) Provided by Financing Activities | (285 | ) | (250 | ) | 250 | (285 | ) | |||||
Net Increase (Decrease) in Cash and Cash Equivalents | 1,077 | (45 | ) | 5 | 1,037 | |||||||
Cash and Cash Equivalents at Beginning of Period | 814 | 136 | 8 | 958 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 1,891 | $ | 91 | $ | 13 | $ | 1,995 |
Consolidating Cash Flow Statements | ||||||||||||
(Dollars in millions) | ||||||||||||
Three Months 2019 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||
Operating Activities | ||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 852 | $ | 533 | $ | (212 | ) | $ | 1,173 | |||
Investing Activities | ||||||||||||
Property Additions | — | (319 | ) | (34 | ) | (353 | ) | |||||
Proceeds from Property Dispositions | — | 51 | (3 | ) | 48 | |||||||
Purchases of Short-term Investments | (813 | ) | — | — | (813 | ) | ||||||
Proceeds from Sales of Short-term Investments | 250 | — | — | 250 | ||||||||
Other Investing Activities | (1 | ) | (1 | ) | — | (2 | ) | |||||
Net Cash Used in Investing Activities | (564 | ) | (269 | ) | (37 | ) | (870 | ) | ||||
Financing Activities | ||||||||||||
Long-term Debt Issued | 1,000 | — | — | 1,000 | ||||||||
Dividends Paid | (195 | ) | (250 | ) | 250 | (195 | ) | |||||
Shares Repurchased | (796 | ) | — | — | (796 | ) | ||||||
Other Financing Activities | 19 | (1 | ) | — | 18 | |||||||
Net Cash Provided by (Used in) Financing Activities | 28 | (251 | ) | 250 | 27 | |||||||
Net Increase in Cash and Cash Equivalents | 316 | 13 | 1 | 330 | ||||||||
Cash and Cash Equivalents at Beginning of Period | 716 | 130 | 12 | 858 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 1,032 | $ | 143 | $ | 13 | $ | 1,188 |
•Expenses increased$35 million, or 2% year over year. • |
First Quarters | ||||||||||
2020 | 2019 | Fav / (Unfav) | % Change | |||||||
Volume (in thousands) | 1,514 | 1,531 | (17 | ) | (1)% | |||||
(in millions) | ||||||||||
Revenue | $ | 2,855 | $ | 3,013 | $ | (158 | ) | (5) | ||
Expense | 1,677 | 1,794 | 117 | 7 | ||||||
Operating Income | $ | 1,178 | $ | 1,219 | $ | (41 | ) | (3)% | ||
Operating Ratio | 58.7 | % | 59.5 | % | 80 | bps | ||||
Earnings Per Diluted Share | $ | 1.00 | $ | 1.02 | $ | (0.02 | ) | (2)% |
First Quarters | |||||||||||||||||||||||||||||
2021 | 2020 | Fav / (Unfav) | % Change | ||||||||||||||||||||||||||
Volume (in thousands) | 1,529 | 1,514 | 15 | 1% | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Revenue | $ | 2,813 | $ | 2,855 | $ | (42) | (1) | ||||||||||||||||||||||
Expense | 1,712 | 1,677 | (35) | (2) | |||||||||||||||||||||||||
Operating Income | $ | 1,101 | $ | 1,178 | $ | (77) | (7)% | ||||||||||||||||||||||
Operating Ratio | 60.9 | % | 58.7 | % | (220) | bps | |||||||||||||||||||||||
Earnings Per Diluted Share | $ | 0.93 | $ | 1.00 | $ | (0.07) | (7)% |
Volume and Revenue (Unaudited) | Volume and Revenue (Unaudited) | Volume and Revenue (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume (Thousands of units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars) | Volume (Thousands of units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars) | Volume (Thousands of units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarters | First Quarters | First Quarters | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Revenue | Revenue Per Unit | Volume | Revenue | Revenue Per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | 2020 | 2019 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals(a) | 178 | 167 | 7 | % | $ | 626 | $ | 588 | 6 | % | $ | 3,517 | $ | 3,521 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals | Chemicals | 163 | 178 | (8) | % | $ | 580 | $ | 626 | (7) | % | $ | 3,558 | $ | 3,517 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural and Food Products | 121 | 114 | 6 | 365 | 344 | 6 | 3,017 | 3,018 | — | Agricultural and Food Products | 116 | 121 | (4) | 349 | 365 | (4) | 3,009 | 3,017 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | 104 | 115 | (10 | ) | 281 | 311 | (10 | ) | 2,702 | 2,704 | — | Automotive | 87 | 104 | (16) | 236 | 281 | (16) | 2,713 | 2,702 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minerals(a) | 74 | 70 | 6 | 127 | 125 | 2 | 1,716 | 1,786 | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forest Products(a) | 71 | 70 | 1 | 217 | 212 | 2 | 3,056 | 3,029 | 1 | Forest Products(a) | 73 | 73 | — | 220 | 219 | — | 3,014 | 3,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metals and Equipment(a) | 67 | 64 | 5 | 199 | 189 | 5 | 2,970 | 2,953 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fertilizers | 58 | 62 | (6 | ) | 112 | 110 | 2 | 1,931 | 1,774 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metals and Equipment | Metals and Equipment | 68 | 67 | 1 | 186 | 199 | (7) | 2,735 | 2,970 | (8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minerals | Minerals | 67 | 74 | (9) | 125 | 127 | (2) | 1,866 | 1,716 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fertilizers(a) | Fertilizers(a) | 57 | 56 | 2 | 122 | 110 | 11 | 2,140 | 1,964 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Merchandise | 673 | 662 | 2 | 1,927 | 1,879 | 3 | 2,863 | 2,838 | 1 | Total Merchandise | 631 | 673 | (6) | 1,818 | 1,927 | (6) | 2,881 | 2,863 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intermodal | Intermodal | 726 | 660 | 10 | 468 | 422 | 11 | 645 | 639 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coal | 181 | 212 | (15 | ) | 405 | 538 | (25 | ) | 2,238 | 2,538 | (12 | ) | Coal | 172 | 181 | (5) | 384 | 405 | (5) | 2,233 | 2,238 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intermodal | 660 | 657 | — | 422 | 428 | (1 | ) | 639 | 651 | (2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 101 | 168 | (40 | ) | — | — | — | Other | — | — | — | 143 | 101 | 42 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,514 | 1,531 | (1 | )% | $ | 2,855 | $ | 3,013 | (5 | )% | $ | 1,886 | $ | 1,968 | (4 | )% | Total | 1,529 | 1,514 | 1 | % | $ | 2,813 | $ | 2,855 | (1) | % | $ | 1,840 | $ | 1,886 | (2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months | ||||||||
(Dollars in millions) | 2021 | 2020 | ||||||
Net cash provided by operating activities | $ | 1,232 | $ | 1,178 | ||||
Property Additions | (306) | (381) | ||||||
Other Investing Activities | 8 | 15 | ||||||
Free Cash Flow (before payment of dividends) | $ | 934 | $ | 812 |
Three Months | ||||||
(Dollars in millions) | 2020 | 2019 | ||||
Net cash provided by operating activities | $ | 1,178 | $ | 1,173 | ||
Property Additions | (381 | ) | (353 | ) | ||
Other Investing Activities | 15 | 46 | ||||
Free Cash Flow (before payment of dividends) | $ | 812 | $ | 866 |
First Quarters | ||||||
2020 | 2019 | Improvement/ (Deterioration) | ||||
Operations Performance | ||||||
Train Velocity (Miles per hour)(a) | 21.2 | 20.4 | 4 | % | ||
Dwell (Hours)(a) | 8.3 | 8.6 | 3 | % | ||
Cars Online(a) | 110,801 | 118,989 | 7 | % | ||
Revenue Ton-Miles (Billions) | ||||||
Merchandise | 33.1 | 31.6 | 5 | % | ||
Coal | 8.6 | 10.5 | (18 | )% | ||
Intermodal | 6.8 | 6.5 | 5 | % | ||
Total Revenue Ton-Miles | 48.5 | 48.6 | — | % | ||
Total Gross Ton-Miles (Billions) | 95.3 | 96.7 | (1 | )% | ||
On-Time Originations | 91 | % | 81 | % | 12 | % |
On-Time Arrivals(b) | 84 | % | 80 | % | 5 | % |
Safety | ||||||
FRA Personal Injury Frequency Index | 0.59 | 0.76 | 22 | % | ||
FRA Train Accident Rate | 1.85 | 2.80 | 34 | % |
First Quarters | |||||||||||||||||||||||
2021 | 2020 | Improvement/ (Deterioration) | |||||||||||||||||||||
Operations Performance | |||||||||||||||||||||||
Train Velocity (Miles per hour)(a) | 18.9 | 21.2 | (11) | % | |||||||||||||||||||
Dwell (Hours)(a) | 10.8 | 8.3 | (30) | % | |||||||||||||||||||
Cars Online(a) | 128,856 | 110,801 | (16) | % | |||||||||||||||||||
On-Time Originations | 79 | % | 91 | % | (13) | % | |||||||||||||||||
On-Time Arrivals | 69 | % | 84 | % | (18) | % | |||||||||||||||||
Carload Trip Plan Performance | 67 | % | 81 | % | (17) | % | |||||||||||||||||
Intermodal Trip Plan Performance | 85 | % | 96 | % | (11) | % | |||||||||||||||||
Fuel Efficiency | 0.98 | 1.01 | 3 | % | |||||||||||||||||||
Revenue Ton-Miles (Billions) | |||||||||||||||||||||||
Merchandise | 31.3 | 33.1 | (5) | % | |||||||||||||||||||
Coal | 8.8 | 8.6 | 2 | % | |||||||||||||||||||
Intermodal | 7.7 | 6.8 | 13 | % | |||||||||||||||||||
Total Revenue Ton-Miles | 47.8 | 48.5 | (1) | % | |||||||||||||||||||
Total Gross Ton-Miles (Billions) | 93.4 | 95.3 | (2) | % | |||||||||||||||||||
Safety | |||||||||||||||||||||||
FRA Personal Injury Frequency Index | 1.02 | 0.61 | (67) | % | |||||||||||||||||||
FRA Train Accident Rate | 2.92 | 2.24 | (30) | % |
CSX Purchases of Equity Securities for the Quarter | ||||||||||||||
First Quarter | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
Beginning Balance | $ | 5,889,233,126 | ||||||||||||
January 1 - January 31, 2021 | 632,946 | $ | 86.20 | 632,946 | 5,834,675,390 | |||||||||
February 1 - February 28, 2021 | 2,985,010 | 88.70 | 2,985,010 | 5,569,901,520 | ||||||||||
March 1 - March 31, 2021 | 2,511,689 | 92.08 | 2,511,689 | 5,338,616,483 | ||||||||||
Ending Balance | 6,129,645 | $ | 89.83 | 6,129,645 | $ | 5,338,616,483 |
CSX Purchases of Equity Securities for the Quarter | ||||||||||
First Quarter | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||
Beginning Balance | $ | 1,755,803,734 | ||||||||
January 1 - January 31, 2020 | 399,535 | $ | 76.03 | 298,790 | 1,733,280,936 | |||||
February 1 - February 29, 2020 | 1,569,530 | 77.38 | 1,569,095 | 1,611,870,190 | ||||||
March 1 - March 31, 2020 | 7,038,164 | 61.49 | 7,038,164 | 1,179,116,549 | ||||||
Ending Balance | 9,007,229 | $ | 64.90 | 8,906,049 | $ | 1,179,116,549 |
Exhibit designation | Nature of exhibit | Previously filed as exhibit to | ||||||||
32* | ||||||||||
Interactive data files: | ||||||||||
101* | The following financial information from CSX Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, | |||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101) | |||||||||
* Filed herewith |