Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 26, 2014 | Jan. 23, 2015 | Jun. 27, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CSX CORP | ||
Entity Central Index Key | 277948 | ||
Current Fiscal Year End Date | -14 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $31 | ||
Entity Common Stock, Shares Outstanding | 990,564,824 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 26-Dec-14 |
CONSOLIDATED_INCOME_STATEMENTS
CONSOLIDATED INCOME STATEMENTS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Income Statement [Abstract] | |||
Revenue | $12,669 | $12,026 | $11,763 |
Expense | |||
Labor and Fringe | 3,377 | 3,138 | 3,020 |
Materials, Supplies and Other | 2,484 | 2,275 | 2,156 |
Fuel | 1,616 | 1,656 | 1,672 |
Depreciation | 1,151 | 1,104 | 1,059 |
Equipment and Other Rents | 428 | 380 | 392 |
Total Expense | 9,056 | 8,553 | 8,299 |
Operating Income | 3,613 | 3,473 | 3,464 |
Interest Expense | -545 | -562 | -566 |
Other (Expense) Income - Net | -24 | 11 | 73 |
Earnings Before Income Taxes | 3,044 | 2,922 | 2,971 |
Income Tax Expense | -1,117 | -1,058 | -1,108 |
Net Earnings | $1,927 | $1,864 | $1,863 |
Net Earnings Per Share, Basic | |||
Earnings Per Share, Basic (dollars per share) | $1.93 | $1.83 | $1.80 |
Net Earnings Per Common Share, Assuming Dilution | |||
Earnings Per Share, Assuming Dilution (dollars per share) | $1.92 | $1.83 | $1.79 |
Average Common Shares Outstanding, Basic (shares) | 1,001 | 1,019 | 1,038 |
Average Common Shares Outstanding, Assuming Dilution (shares) | 1,002 | 1,019 | 1,040 |
Common Stock Dividends (dollars per share) | $0.63 | $0.59 | $0.54 |
CONSOLIDATED_COMPREHENSIVE_INC
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 26, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Net Earnings | $491 | $509 | $529 | $398 | $426 | $455 | $521 | $462 | $1,927 | $1,864 | $1,863 |
Other Comprehensive (Loss) Income, Net of Tax | -143 | 413 | -61 | ||||||||
Comprehensive Earnings | 1,784 | 2,277 | 1,802 | ||||||||
Pension and Other Post-Employment Benefits | |||||||||||
Other Comprehensive (Loss) Income, Net of Tax | -149 | 389 | -52 | ||||||||
Other | |||||||||||
Other Comprehensive (Loss) Income, Net of Tax | $6 | $24 | ($9) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | Dec. 30, 2011 |
In Millions, unless otherwise specified | ||||
Current Assets: | ||||
Cash and Cash Equivalents | $669 | $592 | $784 | $783 |
Short-term Investments | 292 | 487 | ||
Accounts Receivable - Net | 1,129 | 1,052 | ||
Materials and Supplies | 273 | 252 | ||
Deferred Income Taxes | 141 | 155 | ||
Other Current Assets | 68 | 64 | ||
Total Current Assets | 2,572 | 2,602 | ||
Noncurrent Assets | ||||
Properties | 39,343 | 37,184 | ||
Accumulated Depreciation | -10,759 | -9,893 | ||
Properties - Net | 28,584 | 27,291 | ||
Other Long-term Assets | 541 | 591 | ||
Total Assets | 33,053 | 31,782 | ||
Current Liabilities: | ||||
Accounts Payable | 845 | 957 | ||
Labor and Fringe Benefits Payable | 613 | 587 | ||
Casualty, Environmental and Other Reserves | 142 | 151 | ||
Current Maturities of Long-term Debt | 228 | 533 | ||
Income and Other Taxes Payable | 163 | 91 | ||
Other Current Liabilities | 116 | 105 | ||
Total Current Liabilities | 2,107 | 2,424 | ||
Noncurrent Liabilities | ||||
Casualty, Environmental and Other Reserves | 276 | 300 | ||
Long-term Debt | 9,514 | 9,022 | ||
Deferred Income Taxes | 8,858 | 8,662 | ||
Other Long-term Liabilities | 1,122 | 870 | ||
Total Liabilities | 21,877 | 21,278 | ||
Shareholders' Equity: | ||||
Common Stock, $1 Par Value | 992 | 1,009 | ||
Other Capital | 92 | 61 | ||
Retained Earnings | 10,734 | 9,936 | ||
Accumulated Other Comprehensive Loss | -666 | -523 | -936 | -875 |
Noncontrolling Minority Interest | 24 | 21 | ||
Total Shareholders' Equity | 11,176 | 10,504 | 9,136 | 8,598 |
Total Liabilities and Shareholders' Equity | 33,053 | 31,782 | ||
Investments in Conrail | ||||
Noncurrent Assets | ||||
Investment in Affiliates and Joint Ventures | 779 | 752 | ||
Affiliates and Other Companies | ||||
Noncurrent Assets | ||||
Investment in Affiliates and Joint Ventures | $577 | $546 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 26, 2014 | Dec. 27, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock par value (dollars per share) | $1 | $1 |
CONSOLIDATED_CASH_FLOW_STATEME
CONSOLIDATED CASH FLOW STATEMENTS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
OPERATING ACTIVITIES | |||
Net Earnings | $1,927 | $1,864 | $1,863 |
Adjustments to Reconcile Net Earnings to Net Cash | |||
Depreciation | 1,151 | 1,104 | 1,059 |
Deferred Income Taxes | 298 | 300 | 592 |
Contributions to Qualified Pension Plans | 0 | 0 | -275 |
Gain on Property Dispositions | -11 | -70 | -166 |
Other Operating Activities | 14 | -35 | -64 |
Changes in Operating Assets and Liabilities: | |||
Accounts Receivable | -119 | -6 | 61 |
Other Current Assets | -26 | 36 | -32 |
Accounts Payable | 1 | 28 | -4 |
Income and Other Taxes Payable | 74 | -67 | -14 |
Other Current Liabilities | 34 | 113 | -74 |
Net Cash Provided by Operating Activities | 3,343 | 3,267 | 2,946 |
INVESTING ACTIVITIES | |||
Property Additions | -2,449 | -2,313 | -2,341 |
Purchase of Short-term Investments | -1,433 | -1,256 | -633 |
Proceeds from Sales of Short-term Investments | 1,674 | 1,401 | 581 |
Proceeds from Property Dispositions | 62 | 53 | 186 |
Other Investing Activities | -37 | -112 | -70 |
Net Cash Used in Investing Activities | -2,183 | -2,227 | -2,277 |
FINANCING ACTIVITIES | |||
Long-term Debt Issued | 1,000 | 500 | 1,100 |
Long-term Debt Repaid | -933 | -780 | -508 |
Dividends Paid | -629 | -600 | -558 |
Stock Options Exercised | 0 | 9 | 14 |
Shares Repurchased | -517 | -353 | -734 |
Other Financing Activities | -4 | -8 | 18 |
Net Cash Used in Financing Activities | -1,083 | -1,232 | -668 |
Net (Decrease) Increase in Cash and Cash Equivalents | 77 | -192 | 1 |
CASH AND CASH EQUIVALENTS | |||
Cash and Cash Equivalents at Beginning of Period | 592 | 784 | 783 |
Cash and Cash Equivalents at End of Period | 669 | 592 | 784 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Interest Paid - Net of Amounts Capitalized | 575 | 595 | 592 |
Income Taxes Paid | $741 | $824 | $506 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (USD $) | Total | Common Shares Outstanding | Common Stock and Other Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | |
In Millions, except Share data in Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Shareholders' Equity, beginning balance at Dec. 30, 2011 | $8,598 | $1,055 | $8,405 | ($875) | [1] | $13 | |
Common Shares Outstanding, beginning balance at Dec. 30, 2011 | 1,049,157 | ||||||
Accumulated other comprehensive loss, tax | 496 | ||||||
Comprehensive Earnings: | |||||||
Net Earnings | 1,863 | 1,863 | |||||
Other Comprehensive (Loss) Income | -61 | -61 | [1] | ||||
Comprehensive Earnings | 1,802 | ||||||
Common stock dividends | -558 | -558 | 0 | ||||
Share Repurchases (shares) | -34,000 | -34,088 | |||||
Share Repurchases | -734 | -34 | -700 | ||||
Bond Conversions (shares) | 155 | ||||||
Bond Conversions | 1 | 1 | |||||
Stock Option Exercises and Other (shares) | 5,261 | ||||||
Stock Option Exercises and Other | 27 | 26 | 0 | 1 | |||
Shareholders' Equity, ending balance at Dec. 28, 2012 | 9,136 | 1,048 | 9,010 | -936 | [1] | 14 | |
Common Shares Outstanding, ending balance at Dec. 28, 2012 | 1,020,485 | ||||||
Accumulated other comprehensive loss, tax | 266 | ||||||
Comprehensive Earnings: | |||||||
Net Earnings | 1,864 | 1,864 | |||||
Other Comprehensive (Loss) Income | 413 | 413 | [1] | ||||
Comprehensive Earnings | 2,277 | ||||||
Common stock dividends | -600 | -600 | 0 | ||||
Share Repurchases (shares) | -14,000 | -13,791 | |||||
Share Repurchases | -353 | -14 | -339 | ||||
Bond Conversions (shares) | 1 | ||||||
Bond Conversions | 0 | 0 | |||||
Stock Option Exercises and Other (shares) | 2,165 | ||||||
Stock Option Exercises and Other | 44 | 36 | 1 | 7 | |||
Shareholders' Equity, ending balance at Dec. 27, 2013 | 10,504 | 1,070 | 9,936 | -523 | [1] | 21 | |
Common Shares Outstanding, ending balance at Dec. 27, 2013 | 1,008,860 | ||||||
Accumulated other comprehensive loss, tax | 354 | ||||||
Comprehensive Earnings: | |||||||
Net Earnings | 1,927 | 1,927 | |||||
Other Comprehensive (Loss) Income | -143 | -143 | [1] | ||||
Comprehensive Earnings | 1,784 | ||||||
Common stock dividends | -629 | -629 | 0 | ||||
Share Repurchases (shares) | -17,000 | -17,010 | |||||
Share Repurchases | -517 | -17 | -500 | ||||
Bond Conversions (shares) | 134 | ||||||
Bond Conversions | 1 | 1 | |||||
Other (shares) | -393 | ||||||
Other | 33 | 30 | 0 | 3 | |||
Shareholders' Equity, ending balance at Dec. 26, 2014 | $11,176 | $1,084 | $10,734 | ($666) | [1] | $24 | |
Common Shares Outstanding, ending balance at Dec. 26, 2014 | 991,591 | ||||||
[1] | Accumulated Other Comprehensive Loss year-end balances shown above are net of tax. The associated taxes were $496 million, $266 million and $354 million for 2012, 2013 and 2014, respectively. For additional information see Note 14, Other Comprehensive Income. |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | |
Common Stock Dividends (dollars per share) | $0.63 | $0.59 | $0.54 |
Nature_of_Operations_and_Signi
Nature of Operations and Significant Accounting Policies | 12 Months Ended | |
Dec. 26, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Nature of Operations and Significant Accounting Policies | Nature of Operations and Significant Accounting Policies | |
Business | ||
CSX Corporation (“CSX”), and together with its subsidiaries (the “Company”), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based transportation services including traditional rail service and the transport of intermodal containers and trailers. | ||
The Company’s annual average number of employees was approximately 32,000 in 2014, which includes approximately 26,000 union employees. Most of the Company’s employees provide or support transportation services. | ||
CSX Transportation, Inc. | ||
CSX’s principal operating subsidiary, CSX Transportation, Inc. (“CSXT”), provides an important link to the transportation supply chain through its approximately 21,000 route mile rail network, which serves major population centers in 23 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. It has access to over 70 ocean, river and lake port terminals along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St. Lawrence Seaway. The Company’s intermodal business, also part of CSXT, links customers to railroads via trucks and terminals. CSXT also serves thousands of production and distribution facilities through track connections to approximately 240 short-line and regional railroads. | ||
Lines of Business | ||
During 2014, the Company services generated $12.7 billion of revenue and served three primary lines of business: | ||
• | The merchandise business shipped over 2.9 million carloads and generated approximately 60% of revenue and 42% of volume in 2014. The Company’s merchandise business is the most diverse market and transports aggregates (which include crushed stone, sand and gravel), metal, phosphate, fertilizer, food, consumer (manufactured goods and appliances), agricultural, automotive, paper and chemical products. | |
• | The coal business shipped nearly 1.3 million carloads and accounted for 22% of revenue and 18% of volume in 2014. The Company transports domestic coal, coke and iron ore to electricity-generating power plants, steel manufacturers and industrial plants as well as export coal to deep-water port facilities. Almost half of export coal and nearly all of the domestic coal that the Company transports is used for generating electricity. | |
• | The intermodal business accounted for approximately 14% of revenue and 40% of volume in 2014. The intermodal line of business combines the superior economics of rail transportation with the short-haul flexibility of trucks and offers a competitive cost advantage over long-haul trucking. Through a network of more than 50 terminals, the intermodal business serves all major markets east of the Mississippi and transports mainly manufactured consumer goods in containers, providing customers with truck-like service for longer shipments. | |
Other revenue accounted for approximately 4% of the Company’s total revenue in 2014. This revenue category includes revenue from regional subsidiary railroads, demurrage, revenue for customer volume commitments not met, switching and other incidental charges. Revenue from regional railroads includes shipments by railroads that the Company does not directly operate. Demurrage represents charges assessed when freight cars are held beyond a specified period of time. Switching revenue is primarily generated when CSXT switches cars for a customer or another railroad. | ||
NOTE 1. Nature of Operations and Significant Accounting Policies, continued | ||
Other Entities | ||
In addition to CSXT, the Company’s subsidiaries include CSX Intermodal Terminals, Inc. (“CSX Intermodal Terminals”), Total Distribution Services, Inc. (“TDSI”), Transflo Terminal Services, Inc. (“Transflo”), CSX Technology, Inc. (“CSX Technology”) and other subsidiaries. CSX Intermodal Terminals owns and operates a system of intermodal terminals, predominantly in the eastern United States and also performs drayage services (the pickup and delivery of intermodal shipments) for certain CSXT customers and trucking dispatch operations. TDSI serves the automotive industry with distribution centers and storage locations. Transflo connects non-rail served customers to the many benefits of rail by transferring products from rail to trucks. Today, the biggest Transflo markets are chemicals and agriculture, which includes shipments of plastics and ethanol. CSX Technology and other subsidiaries provide support services for the Company. | ||
CSX’s other holdings include CSX Real Property, Inc., a subsidiary responsible for the Company’s real estate sales, leasing, acquisition and management and development activities. These activities are classified in other income - net because they are not considered to be operating activities by the Company. Results of these activities fluctuate with the timing of non-operating real estate transactions. | ||
Basis of Presentation | ||
In the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the financial position of CSX and its subsidiaries at December 26, 2014 and December 27, 2013, and the consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for fiscal years 2014, 2013 and 2012. In addition, management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to the date this annual report is filed on Form 10-K. | ||
Fiscal Year | ||
CSX follows a 52/53 week fiscal reporting calendar. This fiscal calendar allows every quarter to consistently end on a Friday and typically, to be of equal duration (13 weeks), resulting in a 52 week fiscal year. To maintain this type of reporting calendar every fifth or sixth year (depending on the Gregorian calendar and when leap year falls), an extra week will be included in the fourth quarter (a 14-week fiscal quarter) and, therefore, that full fiscal year will have 53 weeks. The next 53 week fiscal year will be 2016, which will end on December 30, 2016. | ||
Fiscal years 2014, 2013 and 2012 each consisted of 52 weeks ending on December 26, 2014, December 27, 2013 and December 28, 2012, respectively. Except as otherwise specified, references to full year indicate CSX’s fiscal periods ended on these dates. | ||
Principles of Consolidation | ||
The consolidated financial statements include results of operations of CSX and subsidiaries over which CSX has majority ownership or financial control. All significant intercompany accounts and transactions have been eliminated. Most investments in companies that were not majority-owned were carried at cost (if less than 20% owned and the Company has no significant influence) or were accounted for under the equity method (if the Company has significant influence but does not control). These investments are reported within Investment in Conrail or Affiliates and Other Investments on the consolidated balance sheets. | ||
NOTE 1. Nature of Operations and Significant Accounting Policies, continued | ||
Cash and Cash Equivalents | ||
On a daily basis, cash in excess of current operating requirements is invested in various highly liquid investments having a typical maturity date of three months or less at the date of acquisition. These investments were carried at cost, which approximated market value, and were classified as cash equivalents. | ||
Investments | ||
Investments in instruments with original maturities greater than three months but will mature in less than one year were classified as short-term investments. Investments with maturities greater than one year were classified within other long-term assets. | ||
Allowance for Doubtful Accounts | ||
The Company maintains an allowance for doubtful accounts on uncollectible amounts related to freight receivables, government reimbursement receivables, claims for damages and other various receivables. The allowance is based upon the credit worthiness of customers, historical experience, the age of the receivable and current market and economic conditions. Uncollectible amounts are charged against the allowance account. Allowance for doubtful accounts of $41 million and $33 million is included in the consolidated balance sheets as of December 2014 and December 2013, respectively. | ||
Materials and Supplies | ||
Materials and supplies in the consolidated balance sheets are carried at average costs and consist primarily of fuel and parts used in the repair and maintenance of CSXT’s freight car and locomotive fleets, equipment and track structure. | ||
Goodwill | ||
Goodwill represents purchase price in excess of fair value and is related to affiliates of CSXT, primarily P&L Transportation, Inc. Goodwill of $63 million and $64 million is recorded in other long-term assets in the consolidated balance sheets as of December 2014 and 2013, respectively. | ||
Revenue and Expense Recognition | ||
The Company recognizes freight revenue using Free-On-Board Origin pursuant to the Revenue Recognition Topic in the ASC. Accounting guidance in this topic provides for the allocation of revenue between reporting periods based on relative transit time in each reporting period. Expenses are recognized as incurred. | ||
The certain key estimates included in the recognition and measurement of revenue and related accounts receivable under the policies described above are as follows: | ||
• | revenue associated with shipments in transit is recognized ratably over transit time and is based on average cycle times to move commodities and products from their origin to their final destination or interchange; | |
• | adjustments to revenue for billing corrections, billing discounts and bad debts or to accounts receivable for allowances for doubtful accounts; | |
• | adjustments to revenue for overcharge claims filed by customers, which are based on historical cash paid to customers for rate overcharges as a percentage of total billing; | |
NOTE 1. Nature of Operations and Significant Accounting Policies, continued | ||
• | incentive-based refunds to customers, which are primarily based on customers achieving certain volume thresholds and are recorded as a reduction to revenue on the basis of management’s best estimate of the projected liability (this estimate is based on historical activity, current volume levels and a forecast of future volume); | |
The Company regularly updates the estimates described above based on historical experience and current conditions. All other revenue, such as demurrage, switching and other incidental charges are recorded upon completion of the service. | ||
New Accounting Pronouncements | ||
In May 2014, the FASB issued an Accounting Standards Update, Revenue from Contracts with Customers, which supersedes previous revenue recognition guidance. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. Companies will need to use more judgment and estimates than under the guidance currently in effect, including estimating the amount of variable revenue to recognize over each identified performance obligation. Additional disclosures will be required to help users of financial statements understand the nature, amount and timing of revenue and cash flows arising from contracts. The new standard will become effective for CSX beginning with the first quarter 2017 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. | ||
In February 2013, the FASB issued an Accounting Standards Update to the Comprehensive Income Topic in the Accounting Standards Codifications ("ASC"). This update requires separate presentation of the components that are reclassified out of accumulated other comprehensive income either on the face of the financial statements or in the notes to the financial statements. This update also requires companies to disclose the income statement line items impacted by any significant reclassifications, such as the amortization of pension and other post-employment benefits adjustments. These items are required for both interim and annual reporting for public companies and became effective for CSX beginning with the first quarter 2013 Form 10-Q filing. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates in reporting the amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of certain revenues and expenses during the reporting period. Actual results may differ from those estimates. Critical accounting estimates using management judgment are made for the following areas: | ||
• | casualty, environmental and legal reserves (see Note 5, Casualty, Environmental and Other Reserves); | |
• | pension and post-retirement medical plan accounting (see Note 8, Employee Benefit Plans); | |
• | depreciation policies for assets under the group-life method (see Note 6, Properties); and | |
• | income taxes (see Note 11, Income Taxes). | |
NOTE 1. Nature of Operations and Significant Accounting Policies, continued | ||
Other Items | ||
Share Repurchases | ||
In April 2013, the Company announced a new $1 billion share repurchase program, which is expected to be completed by April 2015. Management's assessment of market conditions and other factors guides the timing and volume of repurchases. Future share repurchases are expected to be funded by cash on hand, cash generated from operations and debt issuances. During 2014 and 2013, CSX repurchased $517 million, or 17 million shares, and $353 million or 14 million shares, respectively, of common stock under this program. Additionally, the Company repurchased a total of $734 million, or 34 million shares in 2012 under a previous share repurchase program. In accordance with the Equity Topic in the ASC, the excess of repurchase price over par value is recorded in retained earnings. Generally, retained earnings is only impacted by net earnings and dividends. | ||
Workforce Reduction Plan | ||
In November 2014, the Company announced a workforce reduction plan to streamline the organization. The initiative reduced management workforce by approximately 300 positions through a voluntary separation program with enhanced benefits as well as a subsequent involuntary severance over the fourth quarter of 2014 and the first quarter of 2015. The Company recorded an initial charge of $39 million related to this program. The total estimated cost of the program is expected to be approximately $45 million. The majority of separation benefits will be paid from CSX’s qualified pension plans, with the remainder being paid from general corporate funds. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 26, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||
The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution: | ||||||||||||
Fiscal Years | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator (Dollars in Millions): | ||||||||||||
Net Earnings | $ | 1,927 | $ | 1,864 | $ | 1,863 | ||||||
Dividend Equivalents on Restricted Stock | (1 | ) | — | — | ||||||||
Net Earnings, Attributable to Common Shareholders | $ | 1,926 | $ | 1,864 | $ | 1,863 | ||||||
Denominator (Units in Millions): | ||||||||||||
Average Common Shares Outstanding | 1,001 | 1,019 | 1,038 | |||||||||
Other Potentially Dilutive Common Shares | 1 | — | 2 | |||||||||
Average Common Shares Outstanding, Assuming Dilution | 1,002 | 1,019 | 1,040 | |||||||||
Net Earnings Per Share, Basic | $ | 1.93 | $ | 1.83 | $ | 1.8 | ||||||
Net Earnings Per Share, Assuming Dilution | $ | 1.92 | $ | 1.83 | $ | 1.79 | ||||||
Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Earnings per share, assuming dilution, is based on the weighted-average number of shares of common stock equivalents outstanding adjusted for the effects of common stock that may be issued as a result of the following types of potentially dilutive instruments: | ||||||||||||
NOTE 2. Earnings Per Share, continued | ||||||||||||
• | equity awards, which include long-term incentive awards; and | |||||||||||
• | in prior periods, employee stock options (all stock options expired in May 2013). | |||||||||||
The Earnings Per Share Topic in the ASC requires CSX to include additional shares in the computation of earnings per share, assuming dilution. The additional shares included in diluted earnings per share represent the number of shares that would be issued if all of the above potentially dilutive instruments were converted into CSX common stock. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||
Dec. 26, 2014 | |||
Stockholders' Equity Note [Abstract] | |||
Stockholders' Equity | Shareholders’ Equity | ||
Common and preferred stock consists of the following: | |||
Common Stock, $1 Par Value | Dec-14 | ||
(Units in Millions) | |||
Common Shares Authorized | 1,800 | ||
Common Shares Issued and Outstanding | 992 | ||
Preferred Stock | |||
Preferred Shares Authorized | 25 | ||
Preferred Shares Issued and Outstanding | — | ||
Holders of common stock are entitled to one vote on all matters requiring a vote for each share held. Preferred stock is senior to common stock with respect to dividends and upon liquidation of CSX. |
Stock_Plans_and_ShareBased_Com
Stock Plans and Share-Based Compensation | 12 Months Ended | |||||||||||
Dec. 26, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Stock Plans and Share-Based Compensation | Stock Plans and Share-Based Compensation | |||||||||||
Under CSX's share-based compensation plans, awards primarily consist of performance grants, restricted stock awards, restricted stock units and stock grants for directors. Awards granted under the various programs are determined and approved by the Compensation Committee of the Board of Directors or, in certain circumstances, by the Chief Executive Officer for awards to management employees other than senior executives. The Board of Directors approves awards granted to the Company’s non-management directors upon recommendation of the Governance Committee. | ||||||||||||
The Compensation-Stock Compensation Topic in the ASC requires the cash flows resulting from income tax deductions in excess of compensation costs to be classified as financing cash flows. This requirement resulted in reduced net operating cash flows and increased net financing cash flows of approximately $3 million, $13 million and $37 million for fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||
The Compensation-Stock Compensation Topic also requires the disclosure of total compensation costs for share-based payment arrangements and the related tax benefits recognized in income. Share-based compensation expense is measured at the fair market value of the Company’s stock on the grant date and is recognized on a straight-line basis over the service period of the respective award. Total pre-tax expense associated with share-based compensation and its related income tax benefit is as follows: | ||||||||||||
NOTE 4. Stock Plans and Share-Based Compensation, continued | ||||||||||||
Fiscal Years | ||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | |||||||||
Share-Based Compensation Expense | $ | 33 | $ | 14 | $ | 14 | ||||||
Income Tax Benefit | 13 | 6 | 5 | |||||||||
Restricted Stock Grants | ||||||||||||
Restricted stock grants consist of units and awards. Restricted stock units are granted as part of the Company's long-term incentive plan, with each unit being equivalent to one share of CSX stock and vest over three years. Restricted stock awards generally vest over an employment period of up to five years. The following table provides information about outstanding restricted stock units and awards combined. As of December 2014, unrecognized compensation expense for these awards and units was approximately $16 million, which will be expensed over a weighted-average remaining period of 2 years. | ||||||||||||
Fiscal Years | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Restricted Stock Units and Awards Outstanding (Thousands)(a) | 1,383 | 1,462 | 1,353 | |||||||||
Weighted-Average Fair Value at Grant Date | $ | 25.03 | $ | 23.89 | $ | 21.38 | ||||||
Restricted Stock Units and Awards Expense (Millions)(a) | 11 | 10 | 9 | |||||||||
Unvested Restricted Stock Units and Awards Outstanding (Thousands) | 601 | 705 | 629 | |||||||||
Weighted-Average Fair Value of Unvested Units and Awards Outstanding | $ | 26.4 | $ | 24.17 | $ | 22.48 | ||||||
(a) Time-based restricted stock units were granted to certain employees under the respective Long-term Incentive Plans in the amount of 371,000, 524,000, and 433,000 in 2014, 2013 and 2012, respectively, as described below. These units vest over three years, therefore only a partial amount of expense was recognized in 2014, 2013, and 2012, respectively. | ||||||||||||
Long-term Incentive Plans | ||||||||||||
The CSX Long-term Incentive Plans (“LTIP”) were adopted under the 2010 CSX Stock and Incentive Award Plan. The objective of these long-term incentive plans is to motivate and reward certain employees for achieving and exceeding certain financial and strategic initiatives. Grants were made in performance units, with each unit being equivalent to one share of CSX common stock, and payouts will be made in CSX common stock. The payout range for participants will be between 0% and 200% of the target awards depending on Company performance against predetermined goals for each three-year cycle. In May of 2012, 2013 and 2014, target performance units were granted to certain employees under three separate LTIP plans covering three-year cycles: the 2012-2014 (“2014 LTIP”), 2013-2015 (“2015 LTIP”) and 2014-2016 (“2016 LTIP”) plans (collectively, the “Plans”). | ||||||||||||
The key financial target for the 2014 LTIP plan is based solely on operating ratio (operating expense divided by operating revenue) and excludes certain non-recurring items as disclosed in the Company's financial statements. The 2014 LTIP plan provides that payouts for certain executive officers are subject to downward adjustment by up to 30% based upon Company performance against certain CSX strategic initiatives. The 2014 LTIP plan ended on December 26, 2014, and CSX did not issue any shares in January 2015 as applicable performance targets for the three preceding fiscal years were not met. | ||||||||||||
NOTE 4. Stock Plans and Share-Based Compensation, continued | ||||||||||||
The key financial targets for the 2015 and 2016 LTIP plans will be based on the achievement of goals related to both operating ratio and return on assets (tax-adjusted operating income divided by net property) excluding non-recurring items as disclosed in the Company's financial statements. The three-year average operating ratio and return on assets over the performance period will each comprise 50% of the payout and are measured independently of the other. The 2015 and 2016 LTIP plans state that payouts for certain executive officers are subject to downward adjustment by up to 30% based upon total shareholder return relative to specified comparable groups. | ||||||||||||
Total expense incurred due to long-term incentive plans was $19 million, $2 million and $3 million for fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||
LTIP Plan (Plan Ended In) | ||||||||||||
2014 | 2015 | 2016 | ||||||||||
Number of target units outstanding (Thousands)(a) | 1,338 | 1,330 | 1,119 | |||||||||
Weighted-average fair value at grant date (a) | $ | 22.23 | $ | 25.5 | $ | 28.03 | ||||||
Payout Range | 0% - 200% | 0% - 200% | 0% - 200% | |||||||||
(a) Number of target units granted and weighted-average fair value calculations above include the value of both initial grants and subsequent, smaller grants issued at different prices based on grant date fair value to new or promoted employees not previously included. | ||||||||||||
Restricted Stock Units | ||||||||||||
As part of the 2014, 2015 and 2016 LTIP plans, 433 thousand, 524 thousand and 371 thousand restricted stock units, respectively, were granted. The restricted stock units vest three years after the date of grant. Participants receive cash dividend equivalents on the unvested shares during the restriction period. These awards are time-based and are not based upon CSX’s attainment of operational targets. The restricted stock units and expenses are included in the information as shown within the Restricted Stock Grants section above. | ||||||||||||
As of December 2014, there was $39 million of total unrecognized compensation cost related to these plans that is expected to be recognized over a weighted-average period of approximately 2 years. The activity related to each of the outstanding long-term incentive plans is summarized as follows: | ||||||||||||
LTIP Plan (Plan Ended In) | Weighted-Average Fair Value at Grant Date | |||||||||||
(Units Outstanding, in Thousands) | 2014 | 2015 | 2016 | |||||||||
Unvested at December 28, 2012 | 1,237 | — | — | $ | 21.98 | |||||||
Granted in 2013 | 85 | 1,354 | — | 25.26 | ||||||||
Forfeited in 2013 | (4 | ) | (75 | ) | — | (25.19 | ) | |||||
Unvested at December 27, 2013 | 1,318 | 1,279 | — | 23.7 | ||||||||
Granted in 2014 | 20 | 52 | 1,144 | 28.13 | ||||||||
Forfeited in 2014 | — | (1 | ) | (25 | ) | (28.07 | ) | |||||
Cancelled due to performance conditions(a) | (1,338 | ) | — | — | (22.23 | ) | ||||||
Vested at December 26, 2014 | — | — | — | — | ||||||||
Unvested at December 26, 2014 | — | 1,330 | 1,119 | $ | 26.66 | |||||||
(a) The minimum financial target was not met in 2014. As a result, there was no performance unit payout for the LTIP ended December 26, 2014. | ||||||||||||
NOTE 4. Stock Plans and Share-Based Compensation, continued | ||||||||||||
Stock Awards for Directors | ||||||||||||
CSX’s non-management directors receive an annual retainer of $75,000 to be paid quarterly in cash, unless the director chooses to receive the retainer in the form of CSX common stock. Additionally, non-management directors receive an annual grant of common stock in the amount of approximately $150,000, with the number of shares to be granted based on the average closing price of CSX stock in the months of November, December and January. The following table provides information about shares issued to directors. | ||||||||||||
Fiscal Years | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Shares Issued to Directors (Thousands) | 79 | 105 | 102 | |||||||||
Expense (Millions) | $ | 2 | $ | 2 | $ | 2 | ||||||
Weighted Average Grant Date Stock Price | $ | 28.01 | $ | 23.12 | $ | 21.92 | ||||||
The directors may elect to defer receipt of their fees, in accordance with Internal Revenue Code ("IRC") Section 409A. Deferred cash amounts were credited to an account and invested in a choice of eight investment selections, including a CSX common stock equivalent fund. Distributions are made in accordance with elections made by the directors, consistent with the terms of the Directors' Deferred Compensation Plan. |
Casualty_Environmental_and_Oth
Casualty, Environmental and Other Reserves | 12 Months Ended | |||||||||||||||||||||||
Dec. 26, 2014 | ||||||||||||||||||||||||
Casualty, Environmental and Other Reserves [Abstract] | ||||||||||||||||||||||||
Casualty, Environmental and Other Reserves | Casualty, Environmental and Other Reserves | |||||||||||||||||||||||
Activity related to casualty, environmental and other reserves is as follows: | ||||||||||||||||||||||||
Casualty | Environmental | Other | ||||||||||||||||||||||
(Dollars in Millions) | Reserves | Reserves | Reserves | Total | ||||||||||||||||||||
30-Dec-11 | $ | 372 | $ | 83 | $ | 64 | $ | 519 | ||||||||||||||||
Charged to Expense | 51 | 35 | 36 | 122 | ||||||||||||||||||||
Payments | (98 | ) | (30 | ) | (36 | ) | (164 | ) | ||||||||||||||||
28-Dec-12 | 325 | 88 | 64 | 477 | ||||||||||||||||||||
Charged to Expense | 54 | 48 | 38 | 140 | ||||||||||||||||||||
Payments | (99 | ) | (36 | ) | (31 | ) | (166 | ) | ||||||||||||||||
27-Dec-13 | 280 | 100 | 71 | 451 | ||||||||||||||||||||
Charged to Expense (a) | 89 | 57 | 30 | 176 | ||||||||||||||||||||
Payments | (104 | ) | (63 | ) | (42 | ) | (209 | ) | ||||||||||||||||
26-Dec-14 | $ | 265 | $ | 94 | $ | 59 | $ | 418 | ||||||||||||||||
(a) | Increase in expense in 2014 is primarily due to the resolution of personal injury claims for prior years. | |||||||||||||||||||||||
NOTE 5. Casualty, Environmental and Other Reserves, continued | ||||||||||||||||||||||||
These reserves are considered critical accounting estimates due to the need for significant management judgment. They are provided for in the consolidated balance sheets as follows: | ||||||||||||||||||||||||
Dec-14 | Dec-13 | |||||||||||||||||||||||
(Dollars in Millions) | Current | Long-term | Total | Current | Long-term | Total | ||||||||||||||||||
Casualty: | ||||||||||||||||||||||||
Personal Injury | $ | 68 | $ | 123 | $ | 191 | $ | 59 | $ | 148 | $ | 207 | ||||||||||||
Occupational | 3 | 15 | 18 | 3 | 20 | 23 | ||||||||||||||||||
Asbestos | 5 | 51 | 56 | 10 | 40 | 50 | ||||||||||||||||||
Total Casualty | 76 | 189 | 265 | 72 | 208 | 280 | ||||||||||||||||||
Environmental | 48 | 46 | 94 | 59 | 41 | 100 | ||||||||||||||||||
Other | 18 | 41 | 59 | 20 | 51 | 71 | ||||||||||||||||||
Total | $ | 142 | $ | 276 | $ | 418 | $ | 151 | $ | 300 | $ | 451 | ||||||||||||
These liabilities are accrued when estimable and probable in accordance with the Contingencies Topic in the ASC. Actual settlements and claims received could differ and final outcome of these matters cannot be predicted with certainty. Considering the legal defenses currently available, the liabilities that have been recorded and other factors, it is the opinion of management that none of these items individually, when finally resolved, will have a material effect on the Company's financial condition, results of operations or liquidity. Should a number of these items occur in the same period, however, they could have a material effect on the Company's financial condition, results of operations or liquidity in that particular period. | ||||||||||||||||||||||||
Casualty | ||||||||||||||||||||||||
Casualty reserves of $265 million for 2014 represent accruals for personal injury, occupational injury and asbestos claims. The Company's self-insured retention amount for these claims is $50 million per occurrence. Currently, no individual claim is expected to exceed the self-insured retention amount. In accordance with the Contingencies Topic in the ASC, to the extent the value of an individual claim exceeds the self-insured retention amount, the Company would present the liability on a gross basis with a corresponding receivable for insurance recoveries. These reserves fluctuate based upon the timing of payments as well as changes in independent third-party estimates, which are reviewed by management. Actual results may vary from estimates due to the number, type and severity of the injury, costs of medical treatments and uncertainties in litigation. Most of the Company's casualty claims relate to CSXT unless otherwise noted below. Defense and processing costs, which historically have been insignificant and are anticipated to be insignificant in the future, are not included in the recorded liabilities. During 2014, 2013 and 2012, there were no significant changes in estimate recorded to adjust casualty reserves. | ||||||||||||||||||||||||
Personal Injury | ||||||||||||||||||||||||
Personal injury reserves represent liabilities for employee work-related and third-party injuries. Work-related injuries for CSXT employees are primarily subject to FELA. In addition to FELA liabilities, employees of other CSX subsidiaries are covered by various state workers’ compensation laws, the Federal Longshore and Harbor Workers’ Compensation Program or the Maritime Jones Act. | ||||||||||||||||||||||||
CSXT retains an independent actuary to assist management in assessing the value of personal injury claims. An analysis is performed by the actuary quarterly and is reviewed by management. The methodology used by the actuary includes a development factor to reflect growth or reduction in the value of these personal injury claims. It is based largely on CSXT's historical claims and settlement experience. | ||||||||||||||||||||||||
NOTE 5. Casualty, Environmental and Other Reserves, continued | ||||||||||||||||||||||||
Occupational & Asbestos | ||||||||||||||||||||||||
Occupational claims arise from allegations of exposures to certain materials in the workplace, such as solvents, soaps, chemicals (collectively referred to as “irritants”) and diesel fuels (like exhaust fumes) or allegations of chronic physical injuries resulting from work conditions, such as repetitive stress injuries, carpal tunnel syndrome and hearing loss. | ||||||||||||||||||||||||
The Company is also party to a number of asbestos claims by employees alleging exposure to asbestos in the workplace. The heaviest possible exposure for employees resulted from work conducted in and around steam locomotive engines that were largely phased out beginning around the 1950s. Other types of exposures, however, including exposure from locomotive component parts and building materials, continued until these exposures were substantially eliminated by 1985. Additionally, the Company has retained liability for asbestos claims filed against its previously owned international container shipping business. Diseases associated with asbestos typically have long latency periods (amount of time between exposure to asbestos and the onset of the disease) which can range from ten to 40 years after exposure. | ||||||||||||||||||||||||
Occupational claims, excluding asbestos, are analyzed on a quarterly basis by an independent actuary in order to determine the number of unasserted, or incurred but not reported (“IBNR”), claims. The actuary’s analyses are reviewed by management. With the exception of carpal tunnel, management has determined that seven years is the most probable time period in which these unasserted occupational claim filings and claim values can be estimated. Carpal tunnel claims use a three-year period to estimate the reserve due to the shorter latency period for these types of injuries. | ||||||||||||||||||||||||
Asbestos claims are analyzed by an independent specialist in order to determine the number of unasserted, or IBNR, claims. Since exposure to asbestos has been substantially eliminated, management reviews asserted asbestos claims quarterly and the review by the specialist is completed annually. In 2014, management reviewed this assumption and determined that it was appropriate to extend the forecast period from seven years to ten years. Based on a review of historical settlement trends, management concluded that ten years is the most probable time period in which unasserted asbestos claim filings and claim values can be estimated. The Company does not believe there is sufficient data to justify a projection period longer than ten years at this time. The change in the forecast period resulted in an immaterial increase in the asbestos reserves during 2014. | ||||||||||||||||||||||||
The actuary and specialist analyze CSXT’s historical claim filings, settlement amounts, and dismissal rates to determine future anticipated claim filing rates and average settlement values for occupational and asbestos claims reserves. The potentially exposed population is estimated by using CSXT’s employment records and industry data. From this analysis, the actuary and specialist provide estimates of the IBNR claims liabilities. | ||||||||||||||||||||||||
NOTE 5. Casualty, Environmental and Other Reserves, continued | ||||||||||||||||||||||||
Undiscounted liabilities recorded related to occupational and asbestos claims were as follows: | ||||||||||||||||||||||||
December | December | |||||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | ||||||||||||||||||||||
Occupational: | ||||||||||||||||||||||||
Incurred but not reported claims | $ | 12 | $ | 15 | ||||||||||||||||||||
Asserted claims | 6 | 8 | ||||||||||||||||||||||
Total liability | $ | 18 | $ | 23 | ||||||||||||||||||||
Asbestos: | ||||||||||||||||||||||||
Incurred but not reported claims | $ | 45 | $ | 35 | ||||||||||||||||||||
Asserted claims | 11 | 15 | ||||||||||||||||||||||
Total liability | $ | 56 | $ | 50 | ||||||||||||||||||||
A summary of occupational and asbestos claims activity is as follows: | ||||||||||||||||||||||||
Fiscal Years | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Asserted Claims | ||||||||||||||||||||||||
Open Claims - Beginning of Year | 392 | 523 | ||||||||||||||||||||||
New Claims Filed | 136 | 165 | ||||||||||||||||||||||
Claims Settled | (128 | ) | (146 | ) | ||||||||||||||||||||
Claims Dismissed | (130 | ) | (150 | ) | ||||||||||||||||||||
Open Claims - End of Year | 270 | 392 | ||||||||||||||||||||||
Environmental | ||||||||||||||||||||||||
Environmental reserves were $94 million for 2014. The Company is a party to various proceedings related to environmental issues, including administrative and judicial proceedings involving private parties and regulatory agencies. The Company has been identified as a potentially responsible party at approximately 250 environmentally impaired sites. Many of these are, or may be, subject to remedial action under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as the Superfund Law, or similar state statutes. Most of these proceedings arose from environmental conditions on properties used for ongoing or discontinued railroad operations. A number of these proceedings, however, are based on allegations that the Company, or its predecessors, sent hazardous substances to facilities owned or operated by others for treatment, recycling or disposal. In addition, some of the Company’s land holdings were leased to others for commercial or industrial uses that may have resulted in releases of hazardous substances or other regulated materials onto the property and could give rise to proceedings against the Company. | ||||||||||||||||||||||||
In any such proceedings, the Company is subject to environmental clean-up and enforcement actions under the Superfund Law, as well as similar state laws that may impose joint and several liability for clean-up and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. These costs could be substantial. | ||||||||||||||||||||||||
NOTE 5. Casualty, Environmental and Other Reserves, continued | ||||||||||||||||||||||||
In accordance with the Asset Retirement and Environmental Obligations Topic in the ASC, the Company reviews its role with respect to each site identified at least quarterly, giving consideration to a number of factors such as: | ||||||||||||||||||||||||
• | type of clean-up required; | |||||||||||||||||||||||
• | nature of the Company’s alleged connection to the location (e.g., generator of waste sent to the site or owner or operator of the site); | |||||||||||||||||||||||
• | extent of the Company’s alleged connection (e.g., volume of waste sent to the location and other relevant factors); and | |||||||||||||||||||||||
• | number, connection and financial viability of other named and unnamed potentially responsible parties at the location. | |||||||||||||||||||||||
Based on the review process, the Company has recorded amounts to cover contingent anticipated future environmental remediation costs with respect to each site to the extent such costs are estimable and probable. The recorded liabilities for estimated future environmental costs are undiscounted. The liability includes future costs for remediation and restoration of sites as well as any significant ongoing monitoring costs, but excludes any anticipated insurance recoveries. Payments related to these liabilities are expected to be made over the next several years. Environmental remediation costs are included in materials, supplies and other on the consolidated income statement. | ||||||||||||||||||||||||
Currently, the Company does not possess sufficient information to reasonably estimate the amounts of additional liabilities, if any, on some sites until completion of future environmental studies. In addition, conditions that are currently unknown could, at any given location, result in additional exposure, the amount and materiality of which cannot presently be reasonably estimated. Based upon information currently available, however, the Company believes its environmental reserves accurately reflect the cost of remedial actions currently required. | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||
Other reserves of $59 million for 2014 include liabilities for various claims, such as property, automobile and general liability. Also included in other reserves are longshoremen disability claims related to a previously owned international shipping business (these claims are in runoff) as well as claims for current port employees. |
Properties
Properties | 12 Months Ended | ||||||||||||||||||||
Dec. 26, 2014 | |||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||
Properties | Properties | ||||||||||||||||||||
A detail of the Company’s net properties are as follows: | |||||||||||||||||||||
(Dollars in Millions) | Accumulated | Net Book | Annual Depreciation | Depreciation | Estimated Useful | ||||||||||||||||
Dec-14 | Cost | Depreciation | Value | Rate | Method | Life | |||||||||||||||
Road | |||||||||||||||||||||
Rail and Other Track Material | $ | 6,771 | $ | (1,400 | ) | $ | 5,371 | 2.50% | Group Life | ||||||||||||
Ties | 4,807 | (1,060 | ) | 3,747 | 3.70% | Group Life | |||||||||||||||
Grading | 2,460 | (481 | ) | 1,979 | 1.40% | Group Life | |||||||||||||||
Ballast | 2,693 | (679 | ) | 2,014 | 2.70% | Group Life | |||||||||||||||
Bridges, Trestles, and Culverts | 2,119 | (278 | ) | 1,841 | 1.60% | Group Life | |||||||||||||||
Signals and Interlockers | 2,103 | (356 | ) | 1,747 | 4.00% | Group Life | |||||||||||||||
Buildings | 1,102 | (377 | ) | 725 | 2.50% | Group Life | |||||||||||||||
Other | 4,070 | (1,517 | ) | 2,553 | 4.20% | Group Life | |||||||||||||||
Total Road | 26,125 | (6,148 | ) | 19,977 | 8-90 Years | ||||||||||||||||
Equipment | |||||||||||||||||||||
Locomotive | 5,036 | (2,325 | ) | 2,711 | 3.60% | Group Life | |||||||||||||||
Freight Cars | 3,244 | (1,169 | ) | 2,075 | 3.20% | Group Life | |||||||||||||||
Work Equipment and Other | 1,828 | (1,032 | ) | 796 | 7.10% | Group Life | |||||||||||||||
Total Equipment | 10,108 | (4,526 | ) | 5,582 | 3-38 Years | ||||||||||||||||
Land | 1,875 | — | 1,875 | N/A | N/A | N/A | |||||||||||||||
Construction In Progress | 1,196 | — | 1,196 | N/A | N/A | N/A | |||||||||||||||
Other | 39 | (85 | ) | (46 | ) | N/A | Straight Line | 4-30 Years | |||||||||||||
Total Properties | $ | 39,343 | $ | (10,759 | ) | $ | 28,584 | ||||||||||||||
NOTE 6. Properties, continued | |||||||||||||||||||||
(Dollars in Millions) | Accumulated | Net Book | Annual Depreciation | Depreciation | Estimated Useful | ||||||||||||||||
Dec-13 | Cost | Depreciation | Value | Rate | Method | Life | |||||||||||||||
Road | |||||||||||||||||||||
Rail and Other Track Material | $ | 6,452 | $ | (1,270 | ) | $ | 5,182 | 2.90% | Group Life | ||||||||||||
Ties | 4,534 | (947 | ) | 3,587 | 4.00% | Group Life | |||||||||||||||
Grading | 2,425 | (448 | ) | 1,977 | 1.50% | Group Life | |||||||||||||||
Ballast | 2,612 | (645 | ) | 1,967 | 2.80% | Group Life | |||||||||||||||
Bridges, Trestles, and Culverts | 2,008 | (250 | ) | 1,758 | 1.60% | Group Life | |||||||||||||||
Signals and Interlockers | 1,922 | (291 | ) | 1,631 | 3.40% | Group Life | |||||||||||||||
Buildings | 1,011 | (355 | ) | 656 | 2.50% | Group Life | |||||||||||||||
Other | 3,654 | (1,386 | ) | 2,268 | 4.70% | Group Life | |||||||||||||||
Total Road | 24,618 | (5,592 | ) | 19,026 | 6-80 Years | ||||||||||||||||
Equipment | |||||||||||||||||||||
Locomotive | 4,987 | (2,176 | ) | 2,811 | 3.60% | Group Life | |||||||||||||||
Freight Cars | 3,111 | (1,135 | ) | 1,976 | 3.10% | Group Life | |||||||||||||||
Work Equipment and Other | 1,666 | (914 | ) | 752 | 7.10% | Group Life | |||||||||||||||
Total Equipment | 9,764 | (4,225 | ) | 5,539 | 5-38 Years | ||||||||||||||||
Land | 1,842 | — | 1,842 | N/A | N/A | N/A | |||||||||||||||
Construction In Progress | 854 | — | 854 | N/A | N/A | N/A | |||||||||||||||
Other | 106 | (76 | ) | 30 | N/A | Straight Line | 4-30 Years | ||||||||||||||
Total Properties | $ | 37,184 | $ | (9,893 | ) | $ | 27,291 | ||||||||||||||
Railroad Assets | |||||||||||||||||||||
The Company depreciates its rail assets, including main-line track, locomotives and freight cars, using the group-life method of accounting. Assets depreciated under the group-life method of accounting comprise 85% of total fixed assets of $39 billion on a gross basis as of December 2014. All other depreciable assets of the Company are depreciated on a straight-line basis. The group-life method aggregates assets with similar lives and characteristics into groups and depreciates each of these groups as a whole. When using the group-life method, an underlying assumption is that each group of assets, as a whole, is used and depreciated to the end of its recoverable life. | |||||||||||||||||||||
The Company currently utilizes more than 130 different depreciable asset categories to account for depreciation expense for the railroad assets that are depreciated under the group-life method of accounting. Examples of depreciable asset categories include 18 different categories for crossties due to the different combinations of density classifications and asset types. By utilizing various depreciable categories, the Company can more accurately account for the use of its assets. All assets of the Company are depreciated on a time or life basis. | |||||||||||||||||||||
The Company believes the group-life method of depreciation closely approximates the straight-line method of depreciation. Additionally, due to the nature of most of its assets (e.g. track is one contiguous, connected asset) the Company believes that this is the most effective way to properly depreciate its assets. | |||||||||||||||||||||
NOTE 6. Properties, continued | |||||||||||||||||||||
Under the group-life method of accounting, the service lives and salvage values for each group of assets are determined by completing periodic depreciation studies and applying management’s assumptions regarding the service lives of its properties. A depreciation study (also referred to as a life study) is the periodic review of asset service lives, salvage values, accumulated depreciation, and other related factors for group assets conducted by a third-party specialist, analyzed by the Company’s management and approved by the Surface Transportation Board (“STB”), the regulatory board that has broad jurisdiction over railroad practices. The STB requires depreciation studies be performed for equipment assets every three years and for road (e.g. bridges and signals) and track (e.g. rail, ties and ballast) assets every six years. The Company believes the frequency currently required by the STB provides adequate review of asset service lives and that a more frequent review would not result in a material change due to the long-lived nature of most of the assets. | |||||||||||||||||||||
The results of the depreciation study process determine the service lives for each asset group under the group-life method. Road assets, including main-line track, have estimated service lives ranging from eight years for system roadway machinery to 90 years for grading (construction of protection for the roadway, tracks and embankments). Equipment assets, including locomotives and freight cars, have estimated service lives ranging from three years for technology assets to 38 years for work equipment. Changes in asset service lives due to the results of the depreciation studies are applied on a prospective basis and could significantly impact future periods’ depreciation expense, and thus, the Company's results of operations. | |||||||||||||||||||||
There are several factors taken into account during the depreciation study and they include: | |||||||||||||||||||||
• | statistical analysis of historical life and salvage data for each group of property; | ||||||||||||||||||||
• | statistical analysis of historical retirements for each group of property; | ||||||||||||||||||||
• | evaluation of current operations; | ||||||||||||||||||||
• | evaluation of technological advances and maintenance schedules; | ||||||||||||||||||||
• | previous assessment of the condition of the assets and outlook for their continued use; | ||||||||||||||||||||
• | expected net salvage to be received upon retirement; and | ||||||||||||||||||||
• | comparison of assets to the same asset groups with other companies. | ||||||||||||||||||||
For retirements or disposals of depreciable rail assets that occur in the ordinary course of business, the asset cost (net of salvage value or sales proceeds) is charged to accumulated depreciation and no gain or loss is recognized. As individual assets within a specific group are retired or disposed of, resulting gains and losses are recorded in accumulated depreciation. As part of the depreciation study, an assessment of the recorded amount of accumulated depreciation is made to determine if it is deficient (or in excess) of the appropriate amount indicated by the study. Any such deficiency (or excess), including any deferred gains or losses, is amortized as a component of depreciation expense over the remaining service life of the asset group until the next required depreciation study. Since the overall assumption with the group-life method of accounting is that the assets within the group on average have the same service life and characteristics, it is therefore concluded that the deferred gains and losses offset over time. | |||||||||||||||||||||
NOTE 6. Properties, continued | |||||||||||||||||||||
Since the rail network is one contiguous, connected network it is impractical to maintain specific identification records for these assets. For road assets (such as rail and track related items), CSX utilizes a first-in, first-out approach to asset retirements. The historical cost of these replaced assets is estimated using inflation indices published by the Bureau of Labor Statistics applied to the replacement value based on the age of the retired asset. The indices are used because they closely correlate with the major cost of the materials comprising the applicable road assets. | |||||||||||||||||||||
Equipment assets (such as locomotives and freight cars) are specifically identified at retirement. When an equipment asset is retired that has been depreciated using the group-life method, the cost is reduced from the cost base and recorded in accumulated depreciation. | |||||||||||||||||||||
In the event that large groups of assets are removed from service as a result of unusual acts or sales, resulting gains and losses are recognized immediately. These acts are not considered to be in the normal course of business and are therefore recognized when incurred. Examples of such acts would be the major destruction of assets due to significant storm damage (e.g. major hurricanes), the sale of a rail line segment or the disposal of an entire class of assets (e.g. disposal of all refrigerated freight cars). There were no abnormal operating gains in 2014. Abnormal operating gains of $65 million in 2013 and $104 million in 2012 were related to the disposition of operating rail corridors. Included in these gains were $43 million and $94 million in 2013 and 2012, respectively, from the 2011 sale of an operating rail corridor to the state of Florida. In 2013, a gain was recognized for a non-monetary exchange of easements and rail assets, and in 2012, a gain was recognized for a sale of operating rail corridor to the Commonwealth of Massachusetts. | |||||||||||||||||||||
Recent experience with depreciation studies has resulted in depreciation rate changes, which did not materially affect the Company’s annual depreciation expense of $1.2 billion, $1.1 billion and $1.1 billion for 2014, 2013 and 2012, respectively. In general, changes in depreciation rates result from updated average asset service lives as determined during depreciation studies. In 2014, the Company completed a depreciation study for its road and track assets. In 2012, the Company completed a depreciation study for its equipment assets and a technical update (an update to the prior depreciation study) for its road and track assets. | |||||||||||||||||||||
Non-Railroad Assets, Capital Leases and Land | |||||||||||||||||||||
The majority of non-railroad property is depreciated using the straight-line method on a per asset basis. The depreciable lives of this property are periodically reviewed by the Company and any changes are applied on a prospective basis. Amortization expense recorded under capital leases is included in depreciation expense on the consolidated income statements. For retirements or disposals of non-railroad depreciable assets and all dispositions of land, the resulting gains or losses are recognized in earnings at the time of disposal. During 2012, the Company recognized a gain of $57 million related to the sale of non-operating property, which is recognized in other income in the consolidated statements of income. These gains and losses were not material for any other period presented. | |||||||||||||||||||||
Impairment Review | |||||||||||||||||||||
Properties and other long-lived assets are reviewed for impairment whenever events or business conditions indicate the carrying amount of such assets may not be fully recoverable. Initial assessments of recoverability are based on estimates of undiscounted future net cash flows associated with an asset or a group of assets in accordance with the Property, Plant, and Equipment Topic in the ASC. Where impairment is indicated, the assets are evaluated and their carrying amount is reduced to fair value based on discounted net cash flows or other estimates of fair value. | |||||||||||||||||||||
NOTE 6. Properties, continued | |||||||||||||||||||||
Capital Expenditures | |||||||||||||||||||||
The Company’s capital spending includes purchased or self-constructed assets and property additions that substantially extend the service life or increase the utility of those assets. Indirect costs that can be specifically traced to capital projects are also capitalized. The Company is committed to maintaining and improving its existing infrastructure and expanding its network for long-term growth. Rail operations are capital intensive and CSX accounts for these costs in accordance with GAAP and the Company’s capitalization policy. All properties are stated at historical cost less an allowance for accumulated depreciation. | |||||||||||||||||||||
The Company’s largest category of capital spending is the replacement of track assets and the acquisition or construction of new assets that enable CSX to enhance its operations or provide new capacity offerings to its customers. These construction projects are typically completed by CSXT employees. Costs for track asset replacement and capacity projects that are capitalized include: | |||||||||||||||||||||
• | labor costs, because many of the assets are self-constructed; | ||||||||||||||||||||
• | costs to purchase or construct new track or to prepare ground for the laying of track; | ||||||||||||||||||||
• | welding (rail, field and plant) which are processes used to connect segments of rail; | ||||||||||||||||||||
• | new ballast, which is gravel and crushed stone that holds track in line; | ||||||||||||||||||||
• | fuels and lubricants associated with tie, rail and surfacing work which is the process of raising track to a designated elevation over an extended distance; | ||||||||||||||||||||
• | cross, switch and bridge ties which are the braces that support the rails on a track; | ||||||||||||||||||||
• | gauging which is the process of standardizing the distance between rails; | ||||||||||||||||||||
• | handling costs associated with installing ties or ballast; and | ||||||||||||||||||||
• | other track materials. | ||||||||||||||||||||
The primary cost in self-constructed track replacement work is labor. CSXT engineering employees directly charge their labor to the track replacement project (the capitalized depreciable property). These employees concurrently perform deconstruction and installation of track material. Because of this concurrent process, CSX must estimate the amount of labor that is related to deconstruction versus installation. Through analysis of CSXT’s track replacement process, CSX determined that approximately 20% of labor costs associated with track material installation is related to the deconstruction of old track and 80% is associated with the installation of new track. | |||||||||||||||||||||
Capital spending related to locomotives and freight cars comprises the second largest category of the Company’s capital assets. This category includes purchase costs of locomotives and freight cars as well as certain equipment leases that are considered to be capital leases in accordance with the Leases Topic in the ASC. In addition, costs to modify or rebuild these assets are capitalized if the spending incurred extends the asset’s service life or improves utilization. Improvement projects must meet specified dollar thresholds to be capitalized and are reviewed by management to determine proper accounting treatment. Routine repairs and maintenance costs, for all asset categories, are expensed as incurred. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Dec. 26, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Commitments and Contingencies | Commitments and Contingencies | |||||||||||
Lease Commitments | ||||||||||||
The Company has various lease agreements with other parties with terms up to 30 years. Non-cancelable, long-term leases may include provisions for maintenance, options to purchase, and options to extend the terms. The Company uses the straight-line method to recognize rent expense associated with operating leases that include escalations over their terms. These amounts are shown in the table below. | ||||||||||||
Fiscal Years | ||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | |||||||||
Rent Expense on Operating Leases | $ | 61 | $ | 60 | $ | 73 | ||||||
At December 2014, minimum rentals on land, buildings, track and equipment under operating leases are disclosed in the table below. Also, payments to Conrail for leases on shared rail infrastructure are included in these amounts. (See Note 12, Related Party Transactions). | ||||||||||||
(Dollars in Millions) | Operating | Sublease | Net Lease | |||||||||
Years | Leases | Income | Commitments | |||||||||
2015 | $ | 78 | $ | (3 | ) | $ | 75 | |||||
2016 | 71 | (2 | ) | 69 | ||||||||
2017 | 62 | (2 | ) | 60 | ||||||||
2018 | 54 | (2 | ) | 52 | ||||||||
2019 | 45 | (2 | ) | 43 | ||||||||
Thereafter | 210 | (11 | ) | 199 | ||||||||
Total | $ | 520 | $ | (22 | ) | $ | 498 | |||||
Purchase Commitments | ||||||||||||
CSXT has a commitment under a long-term maintenance program that currently covers 42% of CSXT’s fleet of locomotives. The agreement is based on the maintenance cycle for each locomotive. Under CSXT’s current obligations, the agreement will expire no earlier than 2031. The costs expected to be incurred throughout the duration of the agreement fluctuate as locomotives are placed into or removed from service, or as required maintenance schedules are revised. The table below includes both active and inactive locomotives covered under this agreement. | ||||||||||||
The following table summarizes the number of locomotives covered and CSXT’s payments under the long-term maintenance program. | ||||||||||||
Fiscal Years | ||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | |||||||||
Amounts Paid | $ | 247 | $ | 287 | $ | 287 | ||||||
Number of Locomotives | 1,886 | 1,886 | 1,899 | |||||||||
Annual payments related to the locomotive purchase obligations, including amounts that would be payable under the long-term maintenance program, are estimated in the table below. The amount of the ultimate purchase commitment depends upon the model of locomotive acquired and the timing of delivery. | ||||||||||||
NOTE 7. Commitments and Contingencies, continued | ||||||||||||
Additionally, the Company has various other commitments to purchase technology, communications, railcar maintenance and other services from various suppliers. Total annual payments under all of these purchase commitments are also estimated in the table below. | ||||||||||||
(Dollars in Millions) | Locomotive & Maintenance Payments | Other | Total | |||||||||
Commitments | ||||||||||||
2015 | $ | 727 | $ | 236 | $ | 963 | ||||||
2016 | 474 | 22 | 496 | |||||||||
2017 | 177 | 13 | 190 | |||||||||
2018 | 169 | 12 | 181 | |||||||||
2019 | 159 | 11 | 170 | |||||||||
Thereafter | 1,203 | 69 | 1,272 | |||||||||
Total | $ | 2,909 | $ | 363 | $ | 3,272 | ||||||
Insurance | ||||||||||||
The Company maintains numerous insurance programs with substantial limits for property damage (which includes business interruption) and third-party liability. A certain amount of risk is retained by the Company on each of the property and liability programs. The Company has a $25 million retention per occurrence for the non-catastrophic property program (such as a derailment) and a $50 million retention per occurrence for the liability and catastrophic property programs (such as hurricanes and floods). While the Company believes its insurance coverage is adequate, future claims could exceed existing insurance coverage or insurance may not continue to be available at commercially reasonable rates. | ||||||||||||
Legal | ||||||||||||
The Company is involved in litigation incidental to its business and is a party to a number of legal actions and claims, various governmental proceedings and private civil lawsuits, including, but not limited to, those related to fuel surcharge practices, environmental and hazardous material exposure matters, FELA claims by employees, other personal injury or property claims and disputes and complaints involving certain transportation rates and charges. Some of the legal proceedings include claims for compensatory as well as punitive damages and others are, or are purported to be, class actions. While the final outcome of these matters cannot be predicted with certainty, considering, among other things, the legal defenses available and liabilities that have been recorded along with applicable insurance, it is currently the opinion of CSX management that none of these pending items will have a material adverse effect on the Company's financial condition, results of operations or liquidity. An unexpected adverse resolution of one or more of these items, however, could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period. | ||||||||||||
The Company is able to estimate a range of possible loss for certain legal proceedings for which a loss is reasonably possible in excess of reserves established. The Company has estimated this range to be $4 million to $13 million in aggregate at December 26, 2014. This estimated aggregate range is based upon currently available information and is subject to significant judgment and a variety of assumptions. Accordingly, the Company's estimate will change from time to time, and actual losses may vary significantly from the current estimate. | ||||||||||||
NOTE 7. Commitments and Contingencies, continued | ||||||||||||
Fuel Surcharge Antitrust Litigation | ||||||||||||
In May 2007, class action lawsuits were filed against CSXT and three other U.S.-based Class I railroads alleging that the defendants' fuel surcharge practices relating to contract and unregulated traffic resulted from an illegal conspiracy in violation of antitrust laws. In November 2007, the class action lawsuits were consolidated in federal court in the District of Columbia, where they are now pending. The suit seeks treble damages allegedly sustained by purported class members as well as attorneys' fees and other relief. Plaintiffs are expected to allege damages at least equal to the fuel surcharges at issue. | ||||||||||||
In June 2012, the District Court certified the case as a class action. The decision was not a ruling on the merits of plaintiffs' claims, but rather a decision to allow the plaintiffs to seek to prove the case as a class. The defendant railroads petitioned the U.S. Court of Appeals for the D.C. Circuit for permission to appeal the District Court's class certification decision. In August 2013, the D.C. Circuit issued a decision vacating the class certification decision and remanded the case to the District Court to reconsider its class certification decision. In October 2013, the District Court held a case management conference to determine the scope and schedule of the remand proceedings, which are underway. The District Court has delayed proceedings on the merits of the case pending the outcome of the class certification remand proceedings. | ||||||||||||
CSXT believes that its fuel surcharge practices were arrived at and applied lawfully and that the case is without merit. Accordingly, the Company intends to defend itself vigorously. However, penalties for violating antitrust laws can be severe, and an unexpected adverse decision on the merits could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period or for the full year. | ||||||||||||
Environmental | ||||||||||||
CSXT has indemnified Pharmacia LLC (formerly known as Monsanto Company) for certain liabilities associated with real estate located in Kearny, New Jersey along the Lower Passaic River (the “Property”). The Property, which was formerly owned by Pharmacia, is now owned by CSXT. The indemnification and defense duties arise with respect to several matters. CSXT, on behalf of Pharmacia, is conducting a Remedial Investigation and Feasibility Study of the 17-mile Lower Passaic River Study Area with approximately 60 other parties pursuant to an Administrative Settlement Agreement and Order on Consent with the U.S. Environmental Protection Agency ("EPA"). The EPA, using its Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") authority, seeks cleanup and removal costs and other damages associated with the presence of hazardous substances in the Lower Passaic River. In April 2014, the EPA announced its proposed plan to remediate the lower eight miles of the Lower Passaic River. The proposed plan, based on a Focused Feasibility Study, informs the public of EPA’s preferred remedial alternative. EPA’s proposed plan solicited public comments, which were due in August 2014. After review of comments, EPA is expected to issue its final cleanup plan in 2015. CSXT is also defending and indemnifying Pharmacia in a cooperative natural resource damages assessment process related to the Property. Based on currently available information, the Company does not believe any remediation costs potentially allocable to CSXT would be material to the Company's financial condition, results of operations or liquidity. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 26, 2014 | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||||||||||||||||||
The Company sponsors defined benefit pension plans principally for salaried, management personnel. For employees hired prior to January 1, 2003, the plans provide eligible employees with retirement benefits based predominantly on years of service and compensation rates near retirement. For employees hired in 2003 or thereafter, benefits are determined based on a cash balance formula, which provides benefits by utilizing interest and pay credits based upon age, service and compensation. | ||||||||||||||||||||||||
NOTE 8. Employee Benefit Plans, continued | ||||||||||||||||||||||||
In addition to these plans, the Company sponsors a post-retirement medical plan and a life insurance plan that provide benefits to full-time, salaried, management employees, hired prior to January 1, 2003, upon their retirement if certain eligibility requirements are met. Medicare-eligible retirees are covered by a health reimbursement arrangement, which is an employer-funded account that can be used for reimbursement of eligible medical expenses. Non-Medicare eligible retirees are covered by a self-insured program partially funded by participating retirees. The life insurance plan is non-contributory. | ||||||||||||||||||||||||
The Company engages independent actuaries to compute the amounts of liabilities and expenses relating to these plans subject to the assumptions that the Company selects. In order to perform this valuation, the actuaries are provided with the details of the population covered at the beginning of the year, summarized in the table below, and projects that population forward to the end of the year. These amounts are reviewed by management. | ||||||||||||||||||||||||
Summary of Participants as of | ||||||||||||||||||||||||
January 1, 2014 | ||||||||||||||||||||||||
Pension Plans | Post-retirement Medical Plan | |||||||||||||||||||||||
Active Employees | 5,136 | 2,031 | ||||||||||||||||||||||
Retirees and Beneficiaries | 11,699 | 12,148 | ||||||||||||||||||||||
Other(a) | 5,444 | 87 | ||||||||||||||||||||||
Total | 22,279 | 14,266 | ||||||||||||||||||||||
(a) For pension plans, the other category consists mostly of terminated but vested former employees. For post-retirement plans, the other category consists of employees on long-term disability that have not yet retired. | ||||||||||||||||||||||||
The benefit obligation for these plans represents the liability of the Company for current and retired employees and is affected primarily by the following: | ||||||||||||||||||||||||
• | service cost (benefits attributed to employee service during the period); | |||||||||||||||||||||||
• | interest cost (interest on the liability due to the passage of time); | |||||||||||||||||||||||
• | actuarial gains/losses (experience during the year different from that assumed and changes in plan assumptions); and | |||||||||||||||||||||||
• | benefits paid to participants. | |||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||
Plan assets are amounts that have been segregated and restricted to provide qualified pension plan benefits and include amounts contributed by the Company and amounts earned from invested contributions, net of benefits paid. Qualified pension plan obligations are funded in accordance with regulatory requirements and with an objective of meeting minimum funding requirements necessary to avoid restrictions on flexibility of plan operation and benefit payments. The Company funds the cost of the post-retirement medical and life insurance benefits as well as nonqualified pension benefits on a pay-as-you go basis. During 2012, the Company made a contribution of $275 million to its qualified pension plans, of which $25 million was the required minimum contribution. No contributions were made during 2013 and 2014. No significant contributions to the Company's qualified pension plans are expected in 2015. | ||||||||||||||||||||||||
NOTE 8. Employee Benefit Plans, continued | ||||||||||||||||||||||||
Future expected benefit payments are as follows: | ||||||||||||||||||||||||
Expected Cash Flows | ||||||||||||||||||||||||
(Dollars in Millions) | Pension Benefits | Post-retirement Benefits | ||||||||||||||||||||||
2015 | $ | 207 | $ | 37 | ||||||||||||||||||||
2016 | 188 | 34 | ||||||||||||||||||||||
2017 | 188 | 33 | ||||||||||||||||||||||
2018 | 185 | 30 | ||||||||||||||||||||||
2019 | 186 | 28 | ||||||||||||||||||||||
2020-2024 | 931 | 114 | ||||||||||||||||||||||
Total | $ | 1,885 | $ | 276 | ||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
The CSX Investment Committee (the “Investment Committee”), whose members were selected by the Chief Financial Officer and approved by the Chief Executive Officer, is responsible for oversight and investment of plan assets. The Investment Committee utilizes an investment asset allocation strategy that is monitored on an ongoing basis and that is updated periodically in consideration of plan or employee changes, or changing market conditions. These studies provide an extensive modeling of asset investment return in conjunction with projected plan liabilities and seek to evaluate how to maximize return within the constraints of acceptable risk. The current asset allocation targets 70% equity investments and 30% fixed income investments and cash. Within equity, a further target is currently established for 42% of total plan assets in domestic equity and 28% in international equity. Allocations are evaluated for levels within 3% of targeted allocations and are adjusted quarterly as necessary. The distribution of pension plan assets as of the measurement date is shown in the table below, and these assets are netted against the pension liabilities on the balance sheet. | ||||||||||||||||||||||||
Dec-14 | Dec-13 | |||||||||||||||||||||||
Percent of | Percent of | |||||||||||||||||||||||
(Dollars in Millions) | Amount | Total Assets | Amount | Total Assets | ||||||||||||||||||||
Equity | $ | 1,715 | 68 | % | $ | 1,619 | 65 | % | ||||||||||||||||
Fixed Income | 740 | 30 | 795 | 32 | ||||||||||||||||||||
Cash and Cash Equivalents | 49 | 2 | 86 | 3 | ||||||||||||||||||||
Total | $ | 2,504 | 100 | % | $ | 2,500 | 100 | % | ||||||||||||||||
Under the supervision of the Investment Committee, individual investments or fund managers are selected in accordance with standards of prudence applicable to asset diversification and investment suitability. The Company also selects fund managers with differing investment styles and benchmarks their investment returns against appropriate indices. Fund investment performance is continuously monitored. Acceptable performance is determined in the context of the long-term return objectives of the fund and appropriate asset class benchmarks. | ||||||||||||||||||||||||
NOTE 8. Employee Benefit Plans, continued | ||||||||||||||||||||||||
Within the Company's equity funds, the U.S. stock segment includes diversification among large and small capitalization stocks. Guidelines established with individual managers limit investment by industry sectors, individual stock issuer concentration and the use of derivatives and CSX securities. | ||||||||||||||||||||||||
Fixed income securities guidelines established with individual managers specify the types of allowable investments, such as government, corporate and asset-backed bonds, and limit diversification between domestic and foreign investments and the use of derivatives. Additionally, guidelines stipulate minimum credit quality constraints and any prohibited securities. | ||||||||||||||||||||||||
For detailed information regarding the fair value of pension assets, see Note 13, Fair Value Measurements. | ||||||||||||||||||||||||
Benefit Obligation, Plan Assets and Funded Status | ||||||||||||||||||||||||
Changes in benefit obligation and the fair value of plan assets for the 2014 and 2013 calendar plan years are as follows: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Plan Year | Plan Year | Plan Year | Plan Year | |||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Actuarial Present Value of Benefit Obligation | ||||||||||||||||||||||||
Accumulated Benefit Obligation | $ | 2,849 | $ | 2,538 | N/A | N/A | ||||||||||||||||||
Projected Benefit Obligation | 3,002 | 2,679 | $ | 340 | $ | 350 | ||||||||||||||||||
Change in Projected Benefit Obligation: | ||||||||||||||||||||||||
Projected Benefit Obligation at Beginning of Plan Year | $ | 2,679 | $ | 2,954 | $ | 350 | $ | 415 | ||||||||||||||||
Service Cost | 44 | 49 | 3 | 3 | ||||||||||||||||||||
Interest Cost | 123 | 108 | 13 | 13 | ||||||||||||||||||||
Plan Participants' Contributions | — | — | 7 | 8 | ||||||||||||||||||||
Workforce Reduction Program/Curtailment | 27 | — | 8 | — | ||||||||||||||||||||
Actuarial Loss (Gain) | 333 | (275 | ) | (8 | ) | (49 | ) | |||||||||||||||||
Benefits Paid | (204 | ) | (157 | ) | (33 | ) | (40 | ) | ||||||||||||||||
Benefit Obligation at End of Plan Year | $ | 3,002 | $ | 2,679 | $ | 340 | $ | 350 | ||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Plan Year | $ | 2,500 | $ | 2,294 | $ | — | $ | — | ||||||||||||||||
Actual Return on Plan Assets | 195 | 350 | — | — | ||||||||||||||||||||
Non-qualified Employer Contributions | 13 | 13 | 26 | 32 | ||||||||||||||||||||
Plan Participants' Contributions | — | — | 7 | 8 | ||||||||||||||||||||
Benefits Paid | (204 | ) | (157 | ) | (33 | ) | (40 | ) | ||||||||||||||||
Fair Value of Plan Assets at End of Plan Year | 2,504 | 2,500 | — | — | ||||||||||||||||||||
Funded Status at End of Plan Year | $ | (498 | ) | $ | (179 | ) | $ | (340 | ) | $ | (350 | ) | ||||||||||||
NOTE 8. Employee Benefit Plans, continued | ||||||||||||||||||||||||
For qualified plan funding purposes, assets and discounted liabilities are measured in accordance with the Employee Retirement Income Security Act ("ERISA"), as well as other related provisions of the IRC and related regulations. Under these funding provisions and the alternative measurements available thereunder, the Company estimates its unfunded obligation for qualified plans on an annual basis. | ||||||||||||||||||||||||
In accordance with Compensation-Retirement Benefits Topic in the ASC, an employer must recognize the funded status of a pension or other post-retirement benefit plan by recording a liability (underfunded plan) or asset (overfunded plan) for the difference between the projected benefit obligation (or the accumulated post-retirement benefit obligation for a postretirement benefit plan) and the fair value of plan assets at the plan measurement date. Amounts related to pension and post-retirement benefits recorded in other long-term assets, labor and fringe benefits payable and other long-term liabilities on the balance sheet are as follows: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
December | December | December | December | |||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Amounts Recorded in Consolidated | ||||||||||||||||||||||||
Balance Sheets: | ||||||||||||||||||||||||
Long-term Assets (a) | $ | 9 | $ | 44 | $ | — | $ | — | ||||||||||||||||
Current Liabilities | (15 | ) | (14 | ) | (37 | ) | (38 | ) | ||||||||||||||||
Long-term Liabilities | (492 | ) | (209 | ) | (303 | ) | (312 | ) | ||||||||||||||||
Net Amount Recognized in | ||||||||||||||||||||||||
Consolidated Balance Sheets | $ | (498 | ) | $ | (179 | ) | $ | (340 | ) | $ | (350 | ) | ||||||||||||
(a) | Long-term assets as of December 2014 relate to one of the qualified pension plans whose assets exceed projected benefit obligations. | |||||||||||||||||||||||
The funded status, or amount by which the benefit obligation exceeds the fair value of plan assets, represents a liability. At December 2014, the status of CSX plans only with a net liability is disclosed below. The total fair value of all plans as of December 2014 was $2.5 billion, which includes the qualified pension plans with net assets. | ||||||||||||||||||||||||
Aggregate | Aggregate | |||||||||||||||||||||||
(Dollars in Millions) | Fair Value | Projected | ||||||||||||||||||||||
Benefit Obligations in Excess of Plan Assets | of Plan Assets | Benefit Obligation | ||||||||||||||||||||||
Projected Benefit Obligation | $ | 2,461 | $ | (2,968 | ) | |||||||||||||||||||
Accumulated Benefit Obligation | 2,461 | (2,815 | ) | |||||||||||||||||||||
NOTE 8. Employee Benefit Plans, continued | ||||||||||||||||||||||||
Net Benefit Expense | ||||||||||||||||||||||||
The following table describes the components of expense/(income) related to net benefit expense recorded in labor and fringe on the income statement. | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Fiscal Years | Fiscal Years | |||||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Service Cost | $ | 44 | $ | 49 | $ | 44 | $ | 3 | $ | 3 | $ | 4 | ||||||||||||
Interest Cost | 123 | 108 | 123 | 13 | 13 | 16 | ||||||||||||||||||
Expected Return on Plan Assets | (166 | ) | (162 | ) | (166 | ) | — | — | — | |||||||||||||||
Amortization of Net Loss | 57 | 100 | 82 | 5 | 14 | 9 | ||||||||||||||||||
Amortization of Prior Service Cost | — | — | — | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||
Net Periodic Benefit Expense | 58 | 95 | 83 | 20 | 29 | 28 | ||||||||||||||||||
Special Termination Benefits - Workforce Reduction Program/Curtailment(a) | 27 | — | — | 8 | — | — | ||||||||||||||||||
Settlement Gain(b) | (1 | ) | (2 | ) | (2 | ) | — | — | — | |||||||||||||||
Total Expense | $ | 84 | $ | 93 | $ | 81 | $ | 28 | $ | 29 | $ | 28 | ||||||||||||
(a) | These charges result from a management workforce reduction program that was initiated in 2014. For further information regarding the program, see Note 1. Nature of Operations and Significant Accounting Policies. | |||||||||||||||||||||||
(b) | Settlement gains were recognized as one of the pension plan's lump-sum payments exceeded the sum of the service cost and interest cost recognized. The gain is the recognition of a portion of its accumulated other comprehensive income related to that plan. | |||||||||||||||||||||||
Pension and Other Post-Employment Benefits Adjustments | ||||||||||||||||||||||||
The following table shows the pre-tax change in other comprehensive loss (income) attributable to the components of net expense and the change in benefit obligation for CSX for pension and other post-employment benefits. | ||||||||||||||||||||||||
(Dollars in Millions) | Pension Benefits | Post-retirement Benefits | ||||||||||||||||||||||
Components of Other Comprehensive | December | December | December | December | ||||||||||||||||||||
Loss (Income) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Recognized in the balance sheet | ||||||||||||||||||||||||
Losses (Gains) | $ | 305 | $ | (462 | ) | $ | (8 | ) | $ | (48 | ) | |||||||||||||
Expense (Income) recognized in the income statement | ||||||||||||||||||||||||
Amortization of net losses (a) | $ | 57 | $ | 100 | $ | 5 | $ | 14 | ||||||||||||||||
Settlement gain | (1 | ) | (2 | ) | — | — | ||||||||||||||||||
Amortization of prior service costs (b) | — | — | (1 | ) | (1 | ) | ||||||||||||||||||
(a) | Amortization of net losses estimated to be expensed for 2015 is approximately $70 million and $5 million for pension benefits and post-retirement benefits, respectively. The increase in amortization is largely related to the impact of lower discount rates and adoption of new mortality tables, partially offset by favorable pension asset experience. | |||||||||||||||||||||||
(b) | Amortization of prior service costs estimated to be expensed in 2015 is less than $1 million for pension benefits. The estimated post-retirement benefits amount to be credited to expense for 2015 is $1 million. | |||||||||||||||||||||||
NOTE 8. Employee Benefit Plans, continued | ||||||||||||||||||||||||
As of December 2014, the balances of pre-tax amounts to be amortized that are included in accumulated other comprehensive loss (a component of shareholders’ equity) are as follows: | ||||||||||||||||||||||||
Pension | Post-retirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Losses | $ | 908 | $ | 59 | ||||||||||||||||||||
Prior Service Costs (Credits) | — | (1 | ) | |||||||||||||||||||||
Total | $ | 908 | $ | 58 | ||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||
The expected long-term average rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for benefits included in the projected benefit obligation. In estimating that rate, the Company gives appropriate consideration to the returns being earned by the plan assets in the funds and the rates of return expected to be available for reinvestment as well as the current and projected asset mix of the funds. Management balances market expectations obtained from various investment managers and economists with both market and actual plan historical returns to develop a reasonable estimate of the expected long-term rate of return on assets. As this assumption is long-term, it is adjusted less frequently than other assumptions used in pension accounting. | ||||||||||||||||||||||||
Weighted-average assumptions used in accounting for the plans were as follows: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Expected Long-term Return on Plan Assets: | ||||||||||||||||||||||||
Benefit Cost for Plan Year | 7.5 | % | 7.75 | % | N/A | N/A | ||||||||||||||||||
Benefit Obligation at End of Plan Year | 7.25 | % | 7.5 | % | N/A | N/A | ||||||||||||||||||
Discount Rates: | ||||||||||||||||||||||||
Benefit Cost for Plan Year | 4.75 | % | 3.75 | % | 4.25 | % | 3.2 | % | ||||||||||||||||
Benefit Obligation at End of Plan Year | 4 | % | 4.75 | % | 3.6 | % | 4.25 | % | ||||||||||||||||
Salary Scale Inflation | 3.75 | % | 3.75 | % | N/A | N/A | ||||||||||||||||||
NOTE 8. Employee Benefit Plans, continued | ||||||||||||||||||||||||
The net post-retirement benefit obligation for salaried, management personnel was determined using the following assumptions for the health care cost trend rate for medical plans. While it is expected that rates will decrease to 4.75% by 2025 for Medicare and 2027 for Non-Medicare eligible individuals, there may be yearly fluctuations. Additionally, there are cost differentials between Medicare and Non-Medicare eligible individuals which are reflected below. | ||||||||||||||||||||||||
Post-retirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Health Care Cost Trend Rate: | ||||||||||||||||||||||||
Components of Benefit Cost: Non-Medicare Eligible | 8.00% | 8.50% | ||||||||||||||||||||||
Components of Benefit Cost: Medicare Eligible | 7.50% | 8.00% | ||||||||||||||||||||||
Benefit Obligations: Non-Medicare Eligible | 8.00% | 8.00% | ||||||||||||||||||||||
Benefit Obligations: Medicare Eligible | 7.50% | 7.50% | ||||||||||||||||||||||
For every 1% change in the assumed health care cost trend rate, service and interest cost will change by less than $1 million on a pre-tax basis on the consolidated income statements. For every 1% change in the health care cost trend rate, the Company’s benefit obligation will change by less than $1 million on the consolidated balance sheets. | ||||||||||||||||||||||||
Other Plans | ||||||||||||||||||||||||
Under collective bargaining agreements, the Company participates in a multi-employer benefit plan, which provides certain post-retirement health care and life insurance benefits to eligible contract employees. Premiums under this plan are expensed as incurred and amounted to $37 million, $41 million and $46 million in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The Company maintains savings plans for virtually all full-time salaried employees and certain employees covered by collective bargaining agreements. Expense associated with these plans was $41 million, $37 million and $29 million for 2014, 2013 and 2012, respectively. |
Debt_and_Credit_Agreements
Debt and Credit Agreements | 12 Months Ended | ||||||||
Dec. 26, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt and Credit Agreements | Debt and Credit Agreements | ||||||||
Debt at December 2014 and December 2013 is shown in the table below. For information regarding the fair value of debt, see Note 13, Fair Value Measurements. | |||||||||
Maturity at | Average | December | December | ||||||
December | Interest | ||||||||
Rates at | |||||||||
December | |||||||||
(Dollars in Millions) | 2014 | 2014 | 2014 | 2013 | |||||
Notes | 2015-2054 | 5.50% | $ | 9,456 | $ | 8,935 | |||
Equipment Obligations(a) | 2015-2023 | 6.30% | 277 | 602 | |||||
Capital Leases | 2015-2026 | 13.50% | 8 | 16 | |||||
Convertible Debentures | 2021 | 1.00% | 1 | 2 | |||||
Subtotal Long-term Debt (including current portion) | $ | 9,742 | $ | 9,555 | |||||
Less Debt Due within One Year | (228 | ) | (533 | ) | |||||
Long-term Debt (excluding current portion) | $ | 9,514 | $ | 9,022 | |||||
(a) These obligations are secured by an interest in certain railroad equipment. | |||||||||
Debt Issuance & Early Redemption of Long-term Debt | |||||||||
During 2014, CSX issued $550 million of 3.4% notes due 2024 and $450 million of 4.5% notes due 2054. These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time. The net proceeds were used to redeem $263 million of CSXT's 8.375% secured equipment obligations that otherwise matured on October 15, 2014 and $400 million of CSX Corporation’s 6.250% unsecured notes that otherwise matured April 1, 2015. Proceeds may also be used for general corporate purposes, which may include repayment of additional indebtedness outstanding from time to time, repurchases of CSX’s common stock, capital investment, working capital requirements and other cost reduction initiatives. CSX recognized $16 million of other expense for the early redemption premium related to $663 million of note repayments. For more information regarding a non-cash debt transaction with a related party, see Note 12. Related Party Transactions. | |||||||||
Long-term Debt Maturities | |||||||||
(Dollars in Millions) | Maturities as of | ||||||||
Fiscal Years Ending | Dec-14 | ||||||||
2015 | $ | 228 | |||||||
2016 | 21 | ||||||||
2017 | 631 | ||||||||
2018 | 619 | ||||||||
2019 | 518 | ||||||||
Thereafter | 7,725 | ||||||||
Total Long-term Debt Maturities (including current portion) | $ | 9,742 | |||||||
NOTE 9. Debt and Credit Agreements, continued | |||||||||
Credit Facilities | |||||||||
CSX has a $1 billion unsecured, revolving credit facility backed by a diverse syndicate of banks. This facility expires in September 2016. As of the date of this filing, the Company has no outstanding balances under this facility. The facility allows borrowings at floating (LIBOR-based) interest rates, plus a spread, depending upon CSX's senior unsecured debt ratings. LIBOR is the London Interbank Offered Rate which is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds. | |||||||||
Commitment fees and interest rates payable under the facility were similar to fees and rates available to comparably rated investment-grade borrowers. At December 2014, CSX was in compliance with all covenant requirements under the facilities. | |||||||||
Receivables Securitization Facility | |||||||||
The Company's $250 million receivables securitization facility has a three-year term expiring in June 2017. The purpose of this facility is to provide an alternative to commercial paper and a low cost source of short-term liquidity. Under the terms of this facility, CSXT transfers eligible third-party receivables to CSX Trade Receivables, LLC ("CSX Trade Receivables"), a bankruptcy-remote special purpose subsidiary. A separate subsidiary of CSX services the receivables. Upon transfer, the receivables become assets of CSX Trade Receivables and are not available to the creditors of CSX or any of its other subsidiaries. In the event CSX Trade Receivables draws under this facility, the Company will record an equivalent amount of debt on its consolidated financial statements. As of the date of this filing, the Company has no outstanding balances under this facility. |
Other_Income_Net
Other Income - Net | 12 Months Ended | |||||||||||
Dec. 26, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Other Income - Net | Other Income - Net | |||||||||||
The Company derives income from items that are not considered operating activities. Income from these items is reported net of related expense. Income from real estate operations includes the results of the Company’s non-operating real estate sales, leasing, acquisition and management and development activities and may fluctuate as a function of timing of real estate sales. Miscellaneous income (expense) includes equity earnings or losses, investment gains and losses and other non-operating activities and may fluctuate due to timing. Other income – net consisted of the following: | ||||||||||||
Fiscal Years | ||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | |||||||||
Interest Income | $ | 5 | $ | 8 | $ | 5 | ||||||
Income from Real Estate Operations | 23 | 23 | 81 | |||||||||
Miscellaneous Expense (a) | (52 | ) | (20 | ) | (13 | ) | ||||||
Total Other (Expense) Income - Net | $ | (24 | ) | $ | 11 | $ | 73 | |||||
Gross Revenue from Real Estate | ||||||||||||
Operations included above | $ | 47 | $ | 48 | $ | 106 | ||||||
(a) Miscellaneous expense increased $32 million primarily due to an increase in estimated environmental cleanup costs of $17 million related to non-operating activities as well as costs of $16 million associated with the early redemption of long-term debt. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 26, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||
Earnings before income taxes of $3.0 billion, $2.9 billion and $3.0 billion for fiscal years 2014, 2013 and 2012, respectively, represent earnings from domestic operations. The breakdown of income tax expense between current and deferred is as follows: | |||||||||||||||||||||
Fiscal Years | |||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 729 | $ | 671 | $ | 450 | |||||||||||||||
State | 90 | 87 | 66 | ||||||||||||||||||
Subtotal Current | 819 | 758 | 516 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 291 | 285 | 530 | ||||||||||||||||||
State | 7 | 15 | 62 | ||||||||||||||||||
Subtotal Deferred | 298 | 300 | 592 | ||||||||||||||||||
Total | $ | 1,117 | $ | 1,058 | $ | 1,108 | |||||||||||||||
Income tax expense reconciled to the tax computed at statutory rates is presented in the table below. The Company recorded a tax benefit of $31 million, $42 million and $20 million in 2014, 2013 and 2012, respectively, primarily as a result of federal and state legislative changes as well as the resolution of other federal and state tax matters. Each year's benefit is included in the state income tax and other lines in the table below. | |||||||||||||||||||||
Fiscal Years | |||||||||||||||||||||
(Dollars In Millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Federal Income Taxes | $ | 1,066 | 35 | % | $ | 1,023 | 35 | % | $ | 1,040 | 35 | % | |||||||||
State Income Taxes | 61 | 2 | % | 65 | 2.2 | % | 81 | 2.8 | % | ||||||||||||
Other | (10 | ) | (0.3 | )% | (30 | ) | (1.0 | )% | (13 | ) | (0.4 | )% | |||||||||
Income Tax Expense/Rate | $ | 1,117 | 36.7 | % | $ | 1,058 | 36.2 | % | $ | 1,108 | 37.4 | % | |||||||||
In September 2013, the IRS issued final regulations governing the income tax treatment of the acquisition, disposition and repair of tangible property. The regulations were effective beginning in 2014. These new regulations did not have a material impact on the financial statements. | |||||||||||||||||||||
NOTE 11. Income Taxes, continued | |||||||||||||||||||||
The significant components of deferred income tax assets and liabilities include: | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in Millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||
Pension Plans | $ | 188 | $ | — | $ | 67 | $ | — | |||||||||||||
Other Employee Benefit Plans | 306 | — | 299 | — | |||||||||||||||||
Accelerated Depreciation | — | 9,133 | — | 8,868 | |||||||||||||||||
Other | 256 | 334 | 257 | 262 | |||||||||||||||||
Total | $ | 750 | $ | 9,467 | $ | 623 | $ | 9,130 | |||||||||||||
Net Deferred Income Tax Liabilities | $ | 8,717 | $ | 8,507 | |||||||||||||||||
The primary factors in the change in year-end net deferred income tax liability balances include: | |||||||||||||||||||||
• | Annual provision for deferred income tax expense; and | ||||||||||||||||||||
• | Accumulated other comprehensive loss. | ||||||||||||||||||||
The Company files a consolidated federal income tax return, which includes its principal domestic subsidiaries. Income tax incurred on the operations of the Company are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. CSX participated in a contemporaneous IRS audit of tax year 2014. Federal examinations of original federal income tax returns for all years through 2013 are resolved. | |||||||||||||||||||||
As of December 2014, 2013 and 2012, the Company had approximately $21 million, $23 million and $24 million, respectively, of total unrecognized tax benefits. After consideration of the impact of federal tax benefits, $13 million, $15 million and $17 million in 2014, 2013 and 2012, respectively, could favorably affect the effective income tax rate in each year. The Company estimates that approximately $2 million of the unrecognized tax benefits as of December 2014 for various state and federal income tax matters will be resolved over the next 12 months upon the expiration of statutes of limitations. The final outcome of these uncertain tax positions is not yet determinable. The change to the total gross unrecognized tax benefits and prior year audit resolutions of the Company during the fiscal year ended December 2014 is reconciled as follows: | |||||||||||||||||||||
Uncertain Tax Positions: | Fiscal Year | ||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Balance at beginning of the year | $ | 23 | $ | 24 | $ | 22 | |||||||||||||||
Additions based on tax positions related to current year | 2 | 2 | 6 | ||||||||||||||||||
Additions based on tax positions related to prior years | 3 | 5 | 3 | ||||||||||||||||||
Reductions based on tax positions related to prior years | — | (6 | ) | (1 | ) | ||||||||||||||||
Settlements with taxing authorities | — | — | — | ||||||||||||||||||
Lapse of statute of limitations | (7 | ) | (2 | ) | (6 | ) | |||||||||||||||
Balance at end of the year | $ | 21 | $ | 23 | $ | 24 | |||||||||||||||
NOTE 11. Income Taxes, continued | |||||||||||||||||||||
CSX’s continuing practice is to recognize net interest and penalties related to income tax matters in income tax expense. Included in the consolidated income statements are expense of $1 million in 2014 and benefits of $1 million and $8 million in 2013 and 2012, respectively, for changes to reserves for interest and penalties for all prior year tax positions. The current year expense for interest and penalties is due to state tax settlements of prior period tax audits where the Company had previously accrued a liability for interest and penalties. The Company had $1 million, $2 million and $3 million accrued for interest and penalties at 2014, 2013 and 2012, respectively, for all prior year tax positions. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 26, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Related Party Transactions | Related Party Transactions | |||||||||||
Through a limited liability company, CSX and Norfolk Southern Corporation (“NS”) jointly own Conrail. CSX has a 42% economic interest and 50% voting interest in the jointly-owned entity, and NS has the remainder of the economic and voting interests. Pursuant to the Investments-Equity Method and Joint Venture Topic in the ASC, CSX applies the equity method of accounting to its investment in Conrail. | ||||||||||||
Conrail owns rail infrastructure and operates for the joint benefit of CSX and NS. This is known as the shared asset area. Conrail charges fees for right-of-way usage, equipment rentals and transportation, switching and terminal service charges in the shared asset area. These expenses are included in materials, supplies and other on the consolidated income statements. Future minimum lease payments due to Conrail under the shared asset area agreements are as follows: | ||||||||||||
(Dollars in Millions) | Conrail Shared | |||||||||||
Years | Asset Agreement | |||||||||||
2015 | $ | 26 | ||||||||||
2016 | 26 | |||||||||||
2017 | 26 | |||||||||||
2018 | 26 | |||||||||||
2019 | 26 | |||||||||||
Thereafter | 124 | |||||||||||
Total | $ | 254 | ||||||||||
Also, included in materials, supplies and other are CSX’s 42% share of Conrail’s income and its amortization of the fair value write-up arising from the acquisition of Conrail and certain other adjustments. The amortization primarily represents the additional after-tax depreciation expense related to the write-up of Conrail’s fixed assets when the original purchase price, from the 1997 acquisition of Conrail, was allocated based on fair value. This write-up of fixed assets resulted in a difference between CSX's investment in Conrail and its share of Conrail's underlying net equity, which is $355 million as of December 2014. | ||||||||||||
NOTE 12. Related Party Transactions, continued | ||||||||||||
The following table details the related Conrail amounts included in materials, supplies and other in the Company’s consolidated income statements: | ||||||||||||
Fiscal Years | ||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | |||||||||
Rents, Fees and Services | $ | 124 | $ | 115 | $ | 139 | ||||||
Purchase Price Amortization and Other | 4 | 4 | 4 | |||||||||
Equity earnings of Conrail | (31 | ) | (35 | ) | (26 | ) | ||||||
Total Conrail Rents, Fees and Services | $ | 97 | $ | 84 | $ | 117 | ||||||
As required by the Related Party Disclosures Topic in the ASC, the Company has identified amounts below owed to Conrail, or its subsidiaries, representing liabilities under the operating, equipment and shared area agreements with Conrail. The Company also executed two promissory notes with a subsidiary of Conrail which were included in long-term debt on the consolidated balance sheets. Interest expense from these promissory notes was $3 million for 2014 and $4 million for 2013 and 2012, respectively. | ||||||||||||
December | December | |||||||||||
(Dollars in Millions) | 2014 | 2013 | ||||||||||
Balance Sheet Information: | ||||||||||||
CSX Payable to Conrail | $ | 54 | $ | 172 | ||||||||
Promissory Notes Payable to Conrail Subsidiary (a) | ||||||||||||
2.89% CSX Promissory Note due October 2044 (a) | 73 | — | ||||||||||
2.89% CSXT Promissory Note due October 2044 (a) | 151 | — | ||||||||||
4.40% CSX Promissory Note due October 2035 | — | 73 | ||||||||||
4.52% CSXT Promissory Note due March 2035 | — | 23 | ||||||||||
(a) Promissory notes payable to Conrail are included on the consolidated balance sheet of CSX as long-term debt. | ||||||||||||
In October 2014, the Company converted its existing short term payable balance of approximately $125 million for operation of the shared asset area as well as its $23 million, 4.52% note due 2035 and its $73 million, 4.40% note due 2035 plus accrued interest of $3 million, into $224 million, 2.89% notes due 2044. The transaction is non-cash in nature. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 26, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
The Financial Instruments Topic in the ASC requires disclosures about fair value of financial instruments in annual reports as well as in quarterly reports. For CSX, this statement applies to certain investments, pension plan assets and long-term debt. Also, the Fair Value Measurements and Disclosures Topic in the ASC clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. | ||||||||||||||||||||||||||||||||
Various inputs are considered when determining the value of the Company's investments, pension plan assets and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. | ||||||||||||||||||||||||||||||||
• | Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets | |||||||||||||||||||||||||||||||
• | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.) | |||||||||||||||||||||||||||||||
• | Level 3 – significant unobservable inputs (including the Company’s own assumptions about the assumptions market participants would use in determining the fair value of investments) | |||||||||||||||||||||||||||||||
The valuation methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | ||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||
The Company's investment assets, valued with assistance from a third-party trustee, consist of certificates of deposits, commercial paper, corporate bonds, government securities and auction rate securities and are carried at fair value on the consolidated balance sheet per the Fair Value Measurements and Disclosures Topic in the ASC. There are several valuation methodologies used for those assets as described below. | ||||||||||||||||||||||||||||||||
• | Certificates of Deposit and Commercial Paper (Level 2): Valued at amortized cost, which approximates fair value. | |||||||||||||||||||||||||||||||
• | Corporate Bonds and Government Securities (Level 2): Valued using broker quotes that utilize observable market inputs. | |||||||||||||||||||||||||||||||
• | Auction Rate Securities (Level 3): Valued using pricing models for which the assumptions utilize management’s estimates of market participant assumptions, because there is currently no active market for trading. | |||||||||||||||||||||||||||||||
NOTE 13. Fair Value Measurements, continued | ||||||||||||||||||||||||||||||||
The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the table below. Additionally, the amortized cost basis of these investments was $453 million and $668 million as of December 26, 2014 and December 27, 2013, respectively. | ||||||||||||||||||||||||||||||||
Fiscal Years | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Dollars in Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Certificates of Deposit and Commercial Paper | $ | — | $ | 250 | $ | — | $ | 250 | $ | — | $ | 472 | $ | — | $ | 472 | ||||||||||||||||
Corporate Bonds | — | 141 | — | 141 | — | 132 | — | 132 | ||||||||||||||||||||||||
Government Securities | — | 51 | — | 51 | — | 49 | — | 49 | ||||||||||||||||||||||||
Auction Rate Securities | — | — | 11 | 11 | — | — | 15 | 15 | ||||||||||||||||||||||||
Total investments at fair value | $ | — | $ | 442 | $ | 11 | $ | 453 | $ | — | $ | 653 | $ | 15 | $ | 668 | ||||||||||||||||
These investments have the following maturities and are represented on the consolidated balance sheet within short-term investments for investments with maturities within one year or less, and other long-term assets for investments with maturities greater than one year: | ||||||||||||||||||||||||||||||||
(Dollars in Millions) | Dec-14 | Dec-13 | ||||||||||||||||||||||||||||||
Less than 1 year | $ | 292 | $ | 487 | ||||||||||||||||||||||||||||
1 - 2 years | 45 | 58 | ||||||||||||||||||||||||||||||
2 - 5 years | 100 | 105 | ||||||||||||||||||||||||||||||
Greater than 5 years | 16 | 18 | ||||||||||||||||||||||||||||||
Total investments at fair value | $ | 453 | $ | 668 | ||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||||||
Long-term debt is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs. | ||||||||||||||||||||||||||||||||
The fair value of outstanding debt fluctuates with changes in a number of factors. Such factors include, but are not limited to, interest rates, market conditions, values of similar financial instruments, size of the transaction, cash flow projections and comparable trades. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued. The fair value of a company's debt is a measure of its current value under present market conditions. It does not impact the financial statements under current accounting rules. | ||||||||||||||||||||||||||||||||
NOTE 13. Fair Value Measurements, continued | ||||||||||||||||||||||||||||||||
The fair value and carrying value of the Company's long-term debt is as follows: | ||||||||||||||||||||||||||||||||
(Dollars in Millions) | Dec-14 | Dec-13 | ||||||||||||||||||||||||||||||
Long-term Debt (Including Current Maturities): | ||||||||||||||||||||||||||||||||
Fair Value | $ | 11,042 | $ | 10,354 | ||||||||||||||||||||||||||||
Carrying Value | 9,742 | 9,555 | ||||||||||||||||||||||||||||||
Pension Plan Assets | ||||||||||||||||||||||||||||||||
Pension plan assets are reported at fair value on the consolidated balance sheet. The Investment Committee targets an allocation of pension assets to be generally 70% equity and 30% fixed income. There are several valuation methodologies used for those assets as described below. | ||||||||||||||||||||||||||||||||
• | Common stock (Level 1): Valued at the closing price reported on the active market on which the individual securities are traded on the last day of the year and classified in level 1 of the fair value hierarchy. | |||||||||||||||||||||||||||||||
• | Mutual funds (Level 1): Valued at the net asset value of shares held at year end based on quoted market prices determined in an active market. These assets are classified in level 1 of the fair value hierarchy. | |||||||||||||||||||||||||||||||
• | Common collective trust funds (Level 2): This class consists of private funds that invest in government and corporate securities and various short-term debt instruments. The net asset value of the investments is determined by reference to the fair value of the underlying securities, which are valued primarily through the use of directly or indirectly observable inputs. These assets are classified in level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||
• | Corporate bonds, derivatives, government securities, and asset-backed securities (Level 2): Valued using price evaluations reflecting the bid and/or ask sides of the market for a similar investment at year end. Asset-backed securities include commercial mortgage-backed securities and collateralized mortgage obligations. These assets are classified in level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||
• | Partnerships (Level 2): Net asset value of private equity based on the fair market values associated with the underlying investments at year end and is classified in level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||
NOTE 13. Fair Value Measurements, continued | ||||||||||||||||||||||||||||||||
The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2014 and 2013 are shown in the table below. For additional information related to pension assets, see Note 8, Employee Benefit Plans. | ||||||||||||||||||||||||||||||||
Fiscal Years | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Dollars in Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||
Information technology | $ | 177 | $ | — | $ | — | $ | 177 | $ | 173 | $ | — | $ | — | $ | 173 | ||||||||||||||||
Health care | 133 | — | — | 133 | 126 | — | — | 126 | ||||||||||||||||||||||||
Consumer discretionary | 125 | — | — | 125 | 152 | — | — | 152 | ||||||||||||||||||||||||
Financials | 116 | — | — | 116 | 116 | — | — | 116 | ||||||||||||||||||||||||
Industrials | 90 | — | — | 90 | 108 | — | — | 108 | ||||||||||||||||||||||||
Energy | 51 | — | — | 51 | 59 | — | — | 59 | ||||||||||||||||||||||||
Consumer staples | 42 | — | — | 42 | 43 | — | — | 43 | ||||||||||||||||||||||||
Materials | 20 | — | — | 20 | 29 | — | — | 29 | ||||||||||||||||||||||||
Other | 33 | — | — | 33 | 31 | — | — | 31 | ||||||||||||||||||||||||
Mutual funds | 20 | — | — | 20 | 17 | — | — | 17 | ||||||||||||||||||||||||
Cash equivalents | 1 | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||
Common trust funds | — | 611 | — | 611 | — | 553 | — | 553 | ||||||||||||||||||||||||
Corporate bonds | — | 539 | — | 539 | — | 568 | — | 568 | ||||||||||||||||||||||||
Partnerships | — | 365 | — | 365 | — | 314 | — | 314 | ||||||||||||||||||||||||
Government securities | — | 164 | — | 164 | — | 186 | — | 186 | ||||||||||||||||||||||||
Asset-backed securities | — | 15 | — | 15 | — | 24 | — | 24 | ||||||||||||||||||||||||
Derivatives and other | — | 2 | — | 2 | — | 1 | — | 1 | ||||||||||||||||||||||||
Total investments at | $ | 808 | $ | 1,696 | $ | — | $ | 2,504 | $ | 854 | $ | 1,646 | $ | — | $ | 2,500 | ||||||||||||||||
fair value | ||||||||||||||||||||||||||||||||
Other_Comprehensive_Income
Other Comprehensive Income | 12 Months Ended | |||||||||
Dec. 26, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Other Comprehensive Income | Other Comprehensive Income | |||||||||
CSX reports comprehensive earnings or loss in accordance with the Comprehensive Income Topic in the ASC in the Consolidated Comprehensive Income Statement. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders (e.g. issuance of equity securities and dividends). Generally, for CSX, total comprehensive earnings equal net earnings plus or minus adjustments for pension and other post-retirement liabilities. Total comprehensive earnings represent the activity for a period net of tax and were $1.8 billion, $2.3 billion and $1.8 billion for 2014, 2013 and 2012, respectively. | ||||||||||
While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For CSX, AOCI is primarily the cumulative balance related to pension and other post-retirement benefit adjustments and CSX's share of AOCI of equity method investees. | ||||||||||
Changes in the AOCI balance by component are shown in the table below. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in labor and fringe on the consolidated income statements. See Note 8. Employee Benefit Plans for further information. Other primarily represents CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in materials, supplies and other on the consolidated income statements. | ||||||||||
Pension and Other Post-Employment Benefits | Other | Accumulated Other Comprehensive Income (Loss) | ||||||||
(Dollars in millions) | ||||||||||
Balance December 30, 2011, Net of Tax | $ | (799 | ) | $ | (76 | ) | $ | (875 | ) | |
Other Comprehensive Loss | ||||||||||
Loss Before Reclassifications | (172 | ) | (9 | ) | (181 | ) | ||||
Amounts Reclassified to Net Earnings | 88 | (1 | ) | 87 | ||||||
Tax Benefit | 32 | 1 | 33 | |||||||
Total Other Comprehensive Loss | (52 | ) | (9 | ) | (61 | ) | ||||
Balance December 28, 2012, Net of Tax | (851 | ) | (85 | ) | (936 | ) | ||||
Other Comprehensive Income | ||||||||||
Income Before Reclassifications | 510 | 24 | 534 | |||||||
Amounts Reclassified to Net Earnings | 111 | (2 | ) | 109 | ||||||
Tax (Expense) Benefit | (232 | ) | 2 | (230 | ) | |||||
Total Other Comprehensive Income | 389 | 24 | 413 | |||||||
Balance December 27, 2013, Net of Tax | (462 | ) | (61 | ) | (523 | ) | ||||
Other Comprehensive Loss | ||||||||||
(Loss) Income Before Reclassifications | (297 | ) | 4 | (293 | ) | |||||
Amounts Reclassified to Net Earnings | 60 | 2 | 62 | |||||||
Tax Benefit | 88 | — | 88 | |||||||
Total Other Comprehensive (Loss) Income | (149 | ) | 6 | (143 | ) | |||||
Balance December 26, 2014, Net of Tax | $ | (611 | ) | $ | (55 | ) | $ | (666 | ) |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 26, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) | |||||||||||||||||||
Pursuant to Article 3 of the SEC’s Regulation S-X, the following are selected quarterly financial data: | ||||||||||||||||||||
Fiscal Year Ended December 2014 | Quarters | |||||||||||||||||||
(Dollars in Millions, Except Per Share Amounts) | 1st | 2nd | 3rd | 4th | Full Year | |||||||||||||||
Revenue | $ | 3,012 | $ | 3,244 | $ | 3,221 | $ | 3,192 | $ | 12,669 | ||||||||||
Operating Income | 739 | 997 | 976 | 901 | 3,613 | |||||||||||||||
Net Earnings | 398 | 529 | 509 | 491 | 1,927 | |||||||||||||||
Earnings Per Share, Basic | $ | 0.4 | $ | 0.53 | $ | 0.51 | $ | 0.49 | $ | 1.93 | ||||||||||
Earnings Per Share, Assuming Dilution | 0.4 | 0.53 | 0.51 | 0.49 | 1.92 | |||||||||||||||
Fiscal Year Ended December 2013 | ||||||||||||||||||||
Revenue | $ | 2,963 | $ | 3,046 | $ | 2,985 | $ | 3,032 | $ | 12,026 | ||||||||||
Operating Income | 880 | 940 | 840 | 813 | 3,473 | |||||||||||||||
Net Earnings | 462 | 521 | 455 | 426 | 1,864 | |||||||||||||||
Earnings Per Share, Basic | $ | 0.45 | $ | 0.51 | $ | 0.45 | $ | 0.42 | $ | 1.83 | ||||||||||
Earnings Per Share, Assuming Dilution | 0.45 | 0.51 | 0.45 | 0.42 | 1.83 | |||||||||||||||
Summarized_Consolidating_Finan
Summarized Consolidating Financial Data | 12 Months Ended | |||||||||||||||
Dec. 26, 2014 | ||||||||||||||||
Summarized Consolidating Financial Data [Abstract] | ||||||||||||||||
Summarized Consolidating Financial Data | Summarized Consolidating Financial Data | |||||||||||||||
In 2007, CSXT, a wholly-owned subsidiary of CSX Corporation, sold secured equipment notes maturing in 2023 in a registered public offering. CSX has fully and unconditionally guaranteed the notes. In connection with the notes, the Company is providing the following condensed consolidating financial information in accordance with SEC disclosure requirements. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation and the allocation of certain expenses of CSX incurred for the benefit of its subsidiaries. Condensed consolidating financial information for the obligor, CSXT, and parent guarantor, CSX, is shown in the tables below. | ||||||||||||||||
NOTE 16. Summarized Consolidating Financial Data, continued | ||||||||||||||||
Consolidating Income Statements | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
Fiscal Year Ended December 2014 | CSX | CSX | Eliminations and Other | Consolidated | ||||||||||||
Corporation | Transportation | |||||||||||||||
Revenue | $ | — | $ | 12,590 | $ | 79 | $ | 12,669 | ||||||||
Expense | (427 | ) | 9,585 | (102 | ) | 9,056 | ||||||||||
Operating Income | 427 | 3,005 | 181 | 3,613 | ||||||||||||
Equity in Earnings of Subsidiaries | 1,996 | 1 | (1,997 | ) | — | |||||||||||
Interest Expense | (520 | ) | (46 | ) | 21 | (545 | ) | |||||||||
Other Income - Net | (19 | ) | (4 | ) | (1 | ) | (24 | ) | ||||||||
Earnings Before Income Taxes | 1,884 | 2,956 | (1,796 | ) | 3,044 | |||||||||||
Income Tax Benefit (Expense) | 43 | (1,093 | ) | (67 | ) | (1,117 | ) | |||||||||
Net Earnings | $ | 1,927 | $ | 1,863 | $ | (1,863 | ) | $ | 1,927 | |||||||
Total Comprehensive Earnings | $ | 1,784 | $ | 1,875 | $ | (1,875 | ) | $ | 1,784 | |||||||
Fiscal Year Ended December 2013 | ||||||||||||||||
Revenue | $ | — | $ | 11,950 | $ | 76 | $ | 12,026 | ||||||||
Expense | (371 | ) | 9,091 | (167 | ) | 8,553 | ||||||||||
Operating Income | 371 | 2,859 | 243 | 3,473 | ||||||||||||
Equity in Earnings of Subsidiaries | 1,964 | (1 | ) | (1,963 | ) | — | ||||||||||
Interest Expense | (516 | ) | (62 | ) | 16 | (562 | ) | |||||||||
Other Income - Net | (7 | ) | (2 | ) | 20 | 11 | ||||||||||
Earnings Before Income Taxes | 1,812 | 2,794 | (1,684 | ) | 2,922 | |||||||||||
Income Tax Benefit (Expense) | 52 | (1,028 | ) | (82 | ) | (1,058 | ) | |||||||||
Net Earnings | $ | 1,864 | $ | 1,766 | $ | (1,766 | ) | $ | 1,864 | |||||||
Total Comprehensive Earnings | $ | 2,277 | $ | 1,825 | $ | (1,825 | ) | $ | 2,277 | |||||||
Fiscal Year Ended December 2012 | ||||||||||||||||
Revenue | $ | — | $ | 11,696 | $ | 67 | $ | 11,763 | ||||||||
Expense | (355 | ) | 8,779 | (125 | ) | 8,299 | ||||||||||
Operating Income | 355 | 2,917 | 192 | 3,464 | ||||||||||||
Equity in Earnings of Subsidiaries | 1,992 | (2 | ) | (1,990 | ) | — | ||||||||||
Interest Expense | (513 | ) | (70 | ) | 17 | (566 | ) | |||||||||
Other Income - Net | (3 | ) | 61 | 15 | 73 | |||||||||||
Earnings Before Income Taxes | 1,831 | 2,906 | (1,766 | ) | 2,971 | |||||||||||
Income Tax Benefit (Expense) | 32 | (1,065 | ) | (75 | ) | (1,108 | ) | |||||||||
Net Earnings | $ | 1,863 | $ | 1,841 | $ | (1,841 | ) | $ | 1,863 | |||||||
Total Comprehensive Earnings | $ | 1,802 | $ | 1,818 | $ | (1,818 | ) | $ | 1,802 | |||||||
NOTE 16. Summarized Consolidating Financial Data, continued | ||||||||||||||||
Consolidating Balance Sheets | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
As of December 26, 2014 | CSX | CSX | Eliminations and Other | Consolidated | ||||||||||||
Corporation | Transportation | |||||||||||||||
ASSETS | ||||||||||||||||
Current Assets: | ||||||||||||||||
Cash and Cash Equivalents | $ | 510 | $ | 100 | $ | 59 | $ | 669 | ||||||||
Short-term Investments | 250 | — | 42 | 292 | ||||||||||||
Accounts Receivable - Net | 2 | 206 | 921 | 1,129 | ||||||||||||
Receivable from Affiliates | 1,211 | 2,418 | (3,629 | ) | — | |||||||||||
Materials and Supplies | — | 272 | 1 | 273 | ||||||||||||
Deferred Income Taxes | 3 | 139 | (1 | ) | 141 | |||||||||||
Other Current Assets | — | 61 | 7 | 68 | ||||||||||||
Total Current Assets | 1,976 | 3,196 | (2,600 | ) | 2,572 | |||||||||||
Properties | 1 | 36,888 | 2,454 | 39,343 | ||||||||||||
Accumulated Depreciation | (1 | ) | (9,516 | ) | (1,242 | ) | (10,759 | ) | ||||||||
Properties - Net | — | 27,372 | 1,212 | 28,584 | ||||||||||||
Investments in Conrail | — | — | 779 | 779 | ||||||||||||
Affiliates and Other Companies | (39 | ) | 644 | (28 | ) | 577 | ||||||||||
Investment in Consolidated Subsidiaries | 21,570 | — | (21,570 | ) | — | |||||||||||
Other Long-term Assets | 178 | 387 | (24 | ) | 541 | |||||||||||
Total Assets | $ | 23,685 | $ | 31,599 | $ | (22,231 | ) | $ | 33,053 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Current Liabilities: | ||||||||||||||||
Accounts Payable | $ | 106 | $ | 707 | $ | 32 | $ | 845 | ||||||||
Labor and Fringe Benefits Payable | 38 | 511 | 64 | 613 | ||||||||||||
Payable to Affiliates | 3,053 | 514 | (3,567 | ) | — | |||||||||||
Casualty, Environmental and Other Reserves | — | 126 | 16 | 142 | ||||||||||||
Current Maturities of Long-term Debt | 200 | 29 | (1 | ) | 228 | |||||||||||
Income and Other Taxes Payable | (150 | ) | 293 | 20 | 163 | |||||||||||
Other Current Liabilities | — | 111 | 5 | 116 | ||||||||||||
Total Current Liabilities | 3,247 | 2,291 | (3,431 | ) | 2,107 | |||||||||||
Casualty, Environmental and Other Reserves | — | 213 | 63 | 276 | ||||||||||||
Long-term Debt | 8,705 | 809 | — | 9,514 | ||||||||||||
Deferred Income Taxes | (172 | ) | 8,827 | 203 | 8,858 | |||||||||||
Other Long-term Liabilities | 753 | 487 | (118 | ) | 1,122 | |||||||||||
Total Liabilities | 12,533 | 12,627 | (3,283 | ) | 21,877 | |||||||||||
Shareholders' Equity: | ||||||||||||||||
Common Stock, $1 Par Value | 992 | 181 | (181 | ) | 992 | |||||||||||
Other Capital | 92 | 5,077 | (5,077 | ) | 92 | |||||||||||
Retained Earnings | 10,734 | 13,717 | (13,717 | ) | 10,734 | |||||||||||
Accumulated Other Comprehensive Loss | (666 | ) | (31 | ) | 31 | (666 | ) | |||||||||
Noncontrolling Minority Interest | — | 28 | (4 | ) | 24 | |||||||||||
Total Shareholders' Equity | 11,152 | 18,972 | (18,948 | ) | 11,176 | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 23,685 | $ | 31,599 | $ | (22,231 | ) | $ | 33,053 | |||||||
NOTE 16. Summarized Consolidating Financial Data, continued | ||||||||||||||||
Consolidating Balance Sheets | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
As of December 27, 2013 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 439 | $ | 91 | $ | 62 | $ | 592 | ||||||||
Short-term Investments | 472 | — | 15 | 487 | ||||||||||||
Accounts Receivable - Net | 3 | 240 | 809 | 1,052 | ||||||||||||
Receivable from Affiliates | 1,141 | 2,635 | (3,776 | ) | — | |||||||||||
Materials and Supplies | — | 252 | — | 252 | ||||||||||||
Deferred Income Taxes | (5 | ) | 161 | (1 | ) | 155 | ||||||||||
Other Current Assets | 1 | 57 | 6 | 64 | ||||||||||||
Total Current Assets | 2,051 | 3,436 | (2,885 | ) | 2,602 | |||||||||||
Properties | 1 | 34,987 | 2,196 | 37,184 | ||||||||||||
Accumulated Depreciation | (1 | ) | (8,778 | ) | (1,114 | ) | (9,893 | ) | ||||||||
Properties - Net | — | 26,209 | 1,082 | 27,291 | ||||||||||||
Investments in Conrail | — | — | 752 | 752 | ||||||||||||
Affiliates and Other Companies | (39 | ) | 612 | (27 | ) | 546 | ||||||||||
Investment in Consolidated Subsidiaries | 20,226 | — | (20,226 | ) | — | |||||||||||
Other Long-term Assets | 217 | 388 | (14 | ) | 591 | |||||||||||
Total Assets | $ | 22,455 | $ | 30,645 | $ | (21,318 | ) | $ | 31,782 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Current Liabilities | ||||||||||||||||
Accounts Payable | $ | 110 | $ | 809 | $ | 38 | $ | 957 | ||||||||
Labor and Fringe Benefits Payable | 38 | 491 | 58 | 587 | ||||||||||||
Payable to Affiliates | 3,298 | 535 | (3,833 | ) | — | |||||||||||
Casualty, Environmental and Other Reserves | — | 136 | 15 | 151 | ||||||||||||
Current Maturities of Long-term Debt | 200 | 333 | — | 533 | ||||||||||||
Income and Other Taxes Payable | (397 | ) | 479 | 9 | 91 | |||||||||||
Other Current Liabilities | — | 103 | 2 | 105 | ||||||||||||
Total Current Liabilities | 3,249 | 2,886 | (3,711 | ) | 2,424 | |||||||||||
Casualty, Environmental and Other Reserves | — | 231 | 69 | 300 | ||||||||||||
Long-term Debt | 8,308 | 714 | — | 9,022 | ||||||||||||
Deferred Income Taxes | (64 | ) | 8,548 | 178 | 8,662 | |||||||||||
Other Long-term Liabilities | 479 | 512 | (121 | ) | 870 | |||||||||||
Total Liabilities | 11,972 | 12,891 | (3,585 | ) | 21,278 | |||||||||||
Shareholders' Equity | ||||||||||||||||
Common Stock, $1 Par Value | 1,009 | 181 | (181 | ) | 1,009 | |||||||||||
Other Capital | 61 | 5,077 | (5,077 | ) | 61 | |||||||||||
Retained Earnings | 9,936 | 12,514 | (12,514 | ) | 9,936 | |||||||||||
Accumulated Other Comprehensive Loss | (523 | ) | (43 | ) | 43 | (523 | ) | |||||||||
Noncontrolling Minority Interest | — | 25 | (4 | ) | 21 | |||||||||||
Total Shareholders' Equity | 10,483 | 17,754 | (17,733 | ) | 10,504 | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 22,455 | $ | 30,645 | $ | (21,318 | ) | $ | 31,782 | |||||||
NOTE 16. Summarized Consolidating Financial Data, continued | ||||||||||||||||
Consolidating Cash Flow Statements | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
Fiscal Year Ended December 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||||||
Operating Activities | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 583 | $ | 3,278 | $ | (518 | ) | $ | 3,343 | |||||||
Investing Activities | ||||||||||||||||
Property Additions | — | (2,192 | ) | (257 | ) | (2,449 | ) | |||||||||
Purchases of Short-term Investments | (1,419 | ) | — | (14 | ) | (1,433 | ) | |||||||||
Proceeds from Sales of Short-term Investments | 1,642 | — | 32 | 1,674 | ||||||||||||
Proceeds from Property Dispositions | — | 62 | — | 62 | ||||||||||||
Other Investing Activities | — | (128 | ) | 91 | (37 | ) | ||||||||||
Net Cash Provided by (Used in) Investing Activities | 223 | (2,258 | ) | (148 | ) | (2,183 | ) | |||||||||
Financing Activities | ||||||||||||||||
Long-term Debt Issued | 1,000 | — | — | 1,000 | ||||||||||||
Long-term Debt Repaid | (600 | ) | (333 | ) | — | (933 | ) | |||||||||
Dividends Paid | (629 | ) | (660 | ) | 660 | (629 | ) | |||||||||
Stock Options Exercised | — | — | — | — | ||||||||||||
Shares Repurchased | (517 | ) | — | — | (517 | ) | ||||||||||
Other Financing Activities | 11 | (18 | ) | 3 | (4 | ) | ||||||||||
Net Cash Provided by (Used in) Financing Activities | (735 | ) | (1,011 | ) | 663 | (1,083 | ) | |||||||||
Net Decrease in Cash and Cash Equivalents | 71 | 9 | (3 | ) | 77 | |||||||||||
Cash and Cash Equivalents at Beginning of Period | 439 | 91 | 62 | 592 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 510 | $ | 100 | $ | 59 | $ | 669 | ||||||||
NOTE 16. Summarized Consolidating Financial Data, continued | ||||||||||||||||
Consolidating Cash Flow Statements | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
Fiscal Year Ended December 2013 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||||||
Operating Activities | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 1,004 | $ | 3,005 | $ | (742 | ) | $ | 3,267 | |||||||
Investing Activities | ||||||||||||||||
Property Additions | — | (2,053 | ) | (260 | ) | (2,313 | ) | |||||||||
Purchases of Short-term Investments | (1,251 | ) | — | (5 | ) | (1,256 | ) | |||||||||
Proceeds from Sales of Short-term Investments | 1,335 | — | 66 | 1,401 | ||||||||||||
Proceeds from Property Dispositions | — | 53 | — | 53 | ||||||||||||
Other Investing Activities | (134 | ) | (315 | ) | 337 | (112 | ) | |||||||||
Net Cash Provided by (Used in) Investing Activities | (50 | ) | (2,315 | ) | 138 | (2,227 | ) | |||||||||
Financing Activities | ||||||||||||||||
Long-term Debt Issued | 500 | — | — | 500 | ||||||||||||
Long-term Debt Repaid | (700 | ) | (80 | ) | — | (780 | ) | |||||||||
Dividends Paid | (600 | ) | (730 | ) | 730 | (600 | ) | |||||||||
Stock Options Exercised | 9 | — | — | 9 | ||||||||||||
Shares Repurchased | (353 | ) | — | — | (353 | ) | ||||||||||
Other Financing Activities | 148 | (24 | ) | (132 | ) | (8 | ) | |||||||||
Net Cash Provided by (Used in) Financing Activities | (996 | ) | (834 | ) | 598 | (1,232 | ) | |||||||||
Net (Decrease) Increase in | (42 | ) | (144 | ) | (6 | ) | (192 | ) | ||||||||
Cash and Cash Equivalents | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 481 | 235 | 68 | 784 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 439 | $ | 91 | $ | 62 | $ | 592 | ||||||||
NOTE 16. Summarized Consolidating Financial Data, continued | ||||||||||||||||
Consolidating Cash Flow Statements | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
Fiscal Year Ended December 2012 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||||||
Operating Activities | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 579 | $ | 2,716 | $ | (349 | ) | $ | 2,946 | |||||||
Investing Activities | ||||||||||||||||
Property Additions | — | (2,104 | ) | (237 | ) | (2,341 | ) | |||||||||
Purchases of Short-term Investments | (605 | ) | — | (28 | ) | (633 | ) | |||||||||
Proceeds from Sales of Short-term Investments | 525 | — | 56 | 581 | ||||||||||||
Proceeds from Property Dispositions | — | 186 | — | 186 | ||||||||||||
Other Investing Activities | (10 | ) | 102 | (162 | ) | (70 | ) | |||||||||
Net Cash Provided by (Used in) Investing Activities | (90 | ) | (1,816 | ) | (371 | ) | (2,277 | ) | ||||||||
Financing Activities | ||||||||||||||||
Long-term Debt Issued | 1,100 | — | — | 1,100 | ||||||||||||
Long-term Debt Repaid | (400 | ) | (106 | ) | (2 | ) | (508 | ) | ||||||||
Dividends Paid | (558 | ) | (715 | ) | 715 | (558 | ) | |||||||||
Stock Options Exercised | 14 | — | — | 14 | ||||||||||||
Shares Repurchased | (734 | ) | — | — | (734 | ) | ||||||||||
Other Financing Activities | 21 | 2 | (5 | ) | 18 | |||||||||||
Net Cash Provided by (Used in) Financing Activities | (557 | ) | (819 | ) | 708 | (668 | ) | |||||||||
Net (Decrease) Increase in | (68 | ) | 81 | (12 | ) | 1 | ||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 549 | 154 | 80 | 783 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 481 | $ | 235 | $ | 68 | $ | 784 | ||||||||
Nature_of_Operations_and_Signi1
Nature of Operations and Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 26, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Fiscal Year | CSX follows a 52/53 week fiscal reporting calendar. This fiscal calendar allows every quarter to consistently end on a Friday and typically, to be of equal duration (13 weeks), resulting in a 52 week fiscal year. To maintain this type of reporting calendar every fifth or sixth year (depending on the Gregorian calendar and when leap year falls), an extra week will be included in the fourth quarter (a 14-week fiscal quarter) and, therefore, that full fiscal year will have 53 weeks. The next 53 week fiscal year will be 2016, which will end on December 30, 2016. | |
Fiscal years 2014, 2013 and 2012 each consisted of 52 weeks ending on December 26, 2014, December 27, 2013 and December 28, 2012, respectively. Except as otherwise specified, references to full year indicate CSX’s fiscal periods ended on these dates | ||
Principles of Consolidation | The consolidated financial statements include results of operations of CSX and subsidiaries over which CSX has majority ownership or financial control. All significant intercompany accounts and transactions have been eliminated. Most investments in companies that were not majority-owned were carried at cost (if less than 20% owned and the Company has no significant influence) or were accounted for under the equity method (if the Company has significant influence but does not control). | |
Cash, Cash Equivalents and Short-term Investments | On a daily basis, cash in excess of current operating requirements is invested in various highly liquid investments having a typical maturity date of three months or less at the date of acquisition. These investments were carried at cost, which approximated market value, and were classified as cash equivalents. | |
Investments | ||
Investments in instruments with original maturities greater than three months but will mature in less than one year were classified as short-term investments. | ||
Allowance for Doubtfull Accounts | The Company maintains an allowance for doubtful accounts on uncollectible amounts related to freight receivables, government reimbursement receivables, claims for damages and other various receivables. The allowance is based upon the credit worthiness of customers, historical experience, the age of the receivable and current market and economic conditions. Uncollectible amounts are charged against the allowance account. | |
Materials and Supplies | Materials and supplies in the consolidated balance sheets are carried at average costs and consist primarily of fuel and parts used in the repair and maintenance of CSXT’s freight car and locomotive fleets, equipment and track structure. | |
Goodwill | Goodwill represents purchase price in excess of fair value and is related to affiliates of CSXT, primarily P&L Transportation, Inc. Goodwill of $63 million and $64 million is recorded in other long-term assets in the consolidated balance sheets as of December 2014 and 2013, respectively. | |
Revenue and Expense Recognition | The Company recognizes freight revenue using Free-On-Board Origin pursuant to the Revenue Recognition Topic in the ASC. Accounting guidance in this topic provides for the allocation of revenue between reporting periods based on relative transit time in each reporting period. Expenses are recognized as incurred. | |
The certain key estimates included in the recognition and measurement of revenue and related accounts receivable under the policies described above are as follows: | ||
• | revenue associated with shipments in transit is recognized ratably over transit time and is based on average cycle times to move commodities and products from their origin to their final destination or interchange; | |
• | adjustments to revenue for billing corrections, billing discounts and bad debts or to accounts receivable for allowances for doubtful accounts; | |
• | adjustments to revenue for overcharge claims filed by customers, which are based on historical cash paid to customers for rate overcharges as a percentage of total billing; | |
NOTE 1. Nature of Operations and Significant Accounting Policies, continued | ||
• | incentive-based refunds to customers, which are primarily based on customers achieving certain volume thresholds and are recorded as a reduction to revenue on the basis of management’s best estimate of the projected liability (this estimate is based on historical activity, current volume levels and a forecast of future volume); | |
The Company regularly updates the estimates described above based on historical experience and current conditions. All other revenue, such as demurrage, switching and other incidental charges are recorded upon completion of the service. | ||
New Accounting Pronouncements | In May 2014, the FASB issued an Accounting Standards Update, Revenue from Contracts with Customers, which supersedes previous revenue recognition guidance. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. Companies will need to use more judgment and estimates than under the guidance currently in effect, including estimating the amount of variable revenue to recognize over each identified performance obligation. Additional disclosures will be required to help users of financial statements understand the nature, amount and timing of revenue and cash flows arising from contracts. The new standard will become effective for CSX beginning with the first quarter 2017 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. | |
In February 2013, the FASB issued an Accounting Standards Update to the Comprehensive Income Topic in the Accounting Standards Codifications ("ASC"). This update requires separate presentation of the components that are reclassified out of accumulated other comprehensive income either on the face of the financial statements or in the notes to the financial statements. This update also requires companies to disclose the income statement line items impacted by any significant reclassifications, such as the amortization of pension and other post-employment benefits adjustments. These items are required for both interim and annual reporting for public companies and became effective for CSX beginning with the first quarter 2013 Form 10-Q filing. | ||
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates in reporting the amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of certain revenues and expenses during the reporting period. Actual results may differ from those estimates. Critical accounting estimates using management judgment are made for the following areas: | |
• | casualty, environmental and legal reserves (see Note 5, Casualty, Environmental and Other Reserves); | |
• | pension and post-retirement medical plan accounting (see Note 8, Employee Benefit Plans); | |
• | depreciation policies for assets under the group-life method (see Note 6, Properties); and | |
• | income taxes (see Note 11, Income Taxes). | |
Other Items - Share Repurchases | In accordance with the Equity Topic in the ASC, the excess of repurchase price over par value is recorded in retained earnings. Generally, retained earnings is only impacted by net earnings and dividends. | |
Earnings Per Share | Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Earnings per share, assuming dilution, is based on the weighted-average number of shares of common stock equivalents outstanding adjusted for the effects of common stock that may be issued as a result of the following types of potentially dilutive instruments: | |
NOTE 2. Earnings Per Share, continued | ||
• | equity awards, which include long-term incentive awards; and | |
• | in prior periods, employee stock options (all stock options expired in May 2013). | |
The Earnings Per Share Topic in the ASC requires CSX to include additional shares in the computation of earnings per share, assuming dilution. The additional shares included in diluted earnings per share represent the number of shares that would be issued if all of the above potentially dilutive instruments were converted into CSX common stock. | ||
Share-based Compensation Expense | Share-based compensation expense is measured at the fair market value of the Company’s stock on the grant date and is recognized on a straight-line basis over the service period of the respective award. | |
Casualty Reserves | In accordance with the Contingencies Topic in the ASC, to the extent the value of an individual claim exceeds the self-insured retention amount, the Company would present the liability on a gross basis with a corresponding receivable for insurance recoveries. These reserves fluctuate based upon the timing of payments as well as changes in independent third-party estimates, which are reviewed by management. Actual results may vary from estimates due to the number, type and severity of the injury, costs of medical treatments and uncertainties in litigation. Most of the Company's casualty claims relate to CSXT unless otherwise noted below. Defense and processing costs, which historically have been insignificant and are anticipated to be insignificant in the future, are not included in the recorded liabilities. | |
Asset Retirement and Environmental Obligations | In accordance with the Asset Retirement and Environmental Obligations Topic in the ASC, the Company reviews its role with respect to each site identified at least quarterly, giving consideration to a number of factors such as: | |
• | type of clean-up required; | |
• | nature of the Company’s alleged connection to the location (e.g., generator of waste sent to the site or owner or operator of the site); | |
• | extent of the Company’s alleged connection (e.g., volume of waste sent to the location and other relevant factors); and | |
• | number, connection and financial viability of other named and unnamed potentially responsible parties at the location. | |
Property and Equipment Depreciation | The Company depreciates its rail assets, including main-line track, locomotives and freight cars, using the group-life method of accounting. Assets depreciated under the group-life method of accounting comprise 85% of total fixed assets of $39 billion on a gross basis as of December 2014. All other depreciable assets of the Company are depreciated on a straight-line basis. The group-life method aggregates assets with similar lives and characteristics into groups and depreciates each of these groups as a whole. When using the group-life method, an underlying assumption is that each group of assets, as a whole, is used and depreciated to the end of its recoverable life. | |
Impairment Review of Property and Other Long-lived Assets | Properties and other long-lived assets are reviewed for impairment whenever events or business conditions indicate the carrying amount of such assets may not be fully recoverable. Initial assessments of recoverability are based on estimates of undiscounted future net cash flows associated with an asset or a group of assets in accordance with the Property, Plant, and Equipment Topic in the ASC. Where impairment is indicated, the assets are evaluated and their carrying amount is reduced to fair value based on discounted net cash flows or other estimates of fair value. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 26, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Computation of basic and diluted earnings per share | The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution: | |||||||||||
Fiscal Years | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator (Dollars in Millions): | ||||||||||||
Net Earnings | $ | 1,927 | $ | 1,864 | $ | 1,863 | ||||||
Dividend Equivalents on Restricted Stock | (1 | ) | — | — | ||||||||
Net Earnings, Attributable to Common Shareholders | $ | 1,926 | $ | 1,864 | $ | 1,863 | ||||||
Denominator (Units in Millions): | ||||||||||||
Average Common Shares Outstanding | 1,001 | 1,019 | 1,038 | |||||||||
Other Potentially Dilutive Common Shares | 1 | — | 2 | |||||||||
Average Common Shares Outstanding, Assuming Dilution | 1,002 | 1,019 | 1,040 | |||||||||
Net Earnings Per Share, Basic | $ | 1.93 | $ | 1.83 | $ | 1.8 | ||||||
Net Earnings Per Share, Assuming Dilution | $ | 1.92 | $ | 1.83 | $ | 1.79 | ||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||
Dec. 26, 2014 | |||
Stockholders' Equity Note [Abstract] | |||
Schedule of common and preferred stock | Common and preferred stock consists of the following: | ||
Common Stock, $1 Par Value | Dec-14 | ||
(Units in Millions) | |||
Common Shares Authorized | 1,800 | ||
Common Shares Issued and Outstanding | 992 | ||
Preferred Stock | |||
Preferred Shares Authorized | 25 | ||
Preferred Shares Issued and Outstanding | — | ||
Stock_Plans_and_ShareBased_Com1
Stock Plans and Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Dec. 26, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Schedule of share-based compensation and related income tax benefit | Total pre-tax expense associated with share-based compensation and its related income tax benefit is as follows: | |||||||||||
NOTE 4. Stock Plans and Share-Based Compensation, continued | ||||||||||||
Fiscal Years | ||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | |||||||||
Share-Based Compensation Expense | $ | 33 | $ | 14 | $ | 14 | ||||||
Income Tax Benefit | 13 | 6 | 5 | |||||||||
Schedule of outstanding restricted stock awards | he following table provides information about outstanding restricted stock units and awards combined. As of December 2014, unrecognized compensation expense for these awards and units was approximately $16 million, which will be expensed over a weighted-average remaining period of 2 years. | |||||||||||
Fiscal Years | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Restricted Stock Units and Awards Outstanding (Thousands)(a) | 1,383 | 1,462 | 1,353 | |||||||||
Weighted-Average Fair Value at Grant Date | $ | 25.03 | $ | 23.89 | $ | 21.38 | ||||||
Restricted Stock Units and Awards Expense (Millions)(a) | 11 | 10 | 9 | |||||||||
Unvested Restricted Stock Units and Awards Outstanding (Thousands) | 601 | 705 | 629 | |||||||||
Weighted-Average Fair Value of Unvested Units and Awards Outstanding | $ | 26.4 | $ | 24.17 | $ | 22.48 | ||||||
(a) Time-based restricted stock units were granted to certain employees under the respective Long-term Incentive Plans in the amount of 371,000, 524,000, and 433,000 in 2014, 2013 and 2012, respectively, as described below. These units vest over three years, therefore only a partial amount of expense was recognized in 2014, 2013, and 2012, respectively. | ||||||||||||
Schedule of target units granted and weighted-average fair value calculations | ||||||||||||
LTIP Plan (Plan Ended In) | ||||||||||||
2014 | 2015 | 2016 | ||||||||||
Number of target units outstanding (Thousands)(a) | 1,338 | 1,330 | 1,119 | |||||||||
Weighted-average fair value at grant date (a) | $ | 22.23 | $ | 25.5 | $ | 28.03 | ||||||
Payout Range | 0% - 200% | 0% - 200% | 0% - 200% | |||||||||
(a) Number of target units granted and weighted-average fair value calculations above include the value of both initial grants and subsequent, smaller grants issued at different prices based on grant date fair value to new or promoted employees not previously included. | ||||||||||||
Schedule of outstanding long-term incentive plans | The activity related to each of the outstanding long-term incentive plans is summarized as follows: | |||||||||||
LTIP Plan (Plan Ended In) | Weighted-Average Fair Value at Grant Date | |||||||||||
(Units Outstanding, in Thousands) | 2014 | 2015 | 2016 | |||||||||
Unvested at December 28, 2012 | 1,237 | — | — | $ | 21.98 | |||||||
Granted in 2013 | 85 | 1,354 | — | 25.26 | ||||||||
Forfeited in 2013 | (4 | ) | (75 | ) | — | (25.19 | ) | |||||
Unvested at December 27, 2013 | 1,318 | 1,279 | — | 23.7 | ||||||||
Granted in 2014 | 20 | 52 | 1,144 | 28.13 | ||||||||
Forfeited in 2014 | — | (1 | ) | (25 | ) | (28.07 | ) | |||||
Cancelled due to performance conditions(a) | (1,338 | ) | — | — | (22.23 | ) | ||||||
Vested at December 26, 2014 | — | — | — | — | ||||||||
Unvested at December 26, 2014 | — | 1,330 | 1,119 | $ | 26.66 | |||||||
(a) The minimum financial target was not met in 2014. As a result, there was no performance unit payout for the LTIP ended December 26, 2014. | ||||||||||||
Schedule of shares issued to directors | The following table provides information about shares issued to directors. | |||||||||||
Fiscal Years | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Shares Issued to Directors (Thousands) | 79 | 105 | 102 | |||||||||
Expense (Millions) | $ | 2 | $ | 2 | $ | 2 | ||||||
Weighted Average Grant Date Stock Price | $ | 28.01 | $ | 23.12 | $ | 21.92 | ||||||
Casualty_Environmental_and_Oth1
Casualty, Environmental and Other Reserves (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 26, 2014 | ||||||||||||||||||||||||
Casualty, Environmental and Other Reserves [Abstract] | ||||||||||||||||||||||||
Casualty, environmental and other reserves | Activity related to casualty, environmental and other reserves is as follows: | |||||||||||||||||||||||
Casualty | Environmental | Other | ||||||||||||||||||||||
(Dollars in Millions) | Reserves | Reserves | Reserves | Total | ||||||||||||||||||||
30-Dec-11 | $ | 372 | $ | 83 | $ | 64 | $ | 519 | ||||||||||||||||
Charged to Expense | 51 | 35 | 36 | 122 | ||||||||||||||||||||
Payments | (98 | ) | (30 | ) | (36 | ) | (164 | ) | ||||||||||||||||
28-Dec-12 | 325 | 88 | 64 | 477 | ||||||||||||||||||||
Charged to Expense | 54 | 48 | 38 | 140 | ||||||||||||||||||||
Payments | (99 | ) | (36 | ) | (31 | ) | (166 | ) | ||||||||||||||||
27-Dec-13 | 280 | 100 | 71 | 451 | ||||||||||||||||||||
Charged to Expense (a) | 89 | 57 | 30 | 176 | ||||||||||||||||||||
Payments | (104 | ) | (63 | ) | (42 | ) | (209 | ) | ||||||||||||||||
26-Dec-14 | $ | 265 | $ | 94 | $ | 59 | $ | 418 | ||||||||||||||||
(a) | Increase in expense in 2014 is primarily due to the resolution of personal injury claims for prior years. | |||||||||||||||||||||||
NOTE 5. Casualty, Environmental and Other Reserves, continued | ||||||||||||||||||||||||
These reserves are considered critical accounting estimates due to the need for significant management judgment. They are provided for in the consolidated balance sheets as follows: | ||||||||||||||||||||||||
Dec-14 | Dec-13 | |||||||||||||||||||||||
(Dollars in Millions) | Current | Long-term | Total | Current | Long-term | Total | ||||||||||||||||||
Casualty: | ||||||||||||||||||||||||
Personal Injury | $ | 68 | $ | 123 | $ | 191 | $ | 59 | $ | 148 | $ | 207 | ||||||||||||
Occupational | 3 | 15 | 18 | 3 | 20 | 23 | ||||||||||||||||||
Asbestos | 5 | 51 | 56 | 10 | 40 | 50 | ||||||||||||||||||
Total Casualty | 76 | 189 | 265 | 72 | 208 | 280 | ||||||||||||||||||
Environmental | 48 | 46 | 94 | 59 | 41 | 100 | ||||||||||||||||||
Other | 18 | 41 | 59 | 20 | 51 | 71 | ||||||||||||||||||
Total | $ | 142 | $ | 276 | $ | 418 | $ | 151 | $ | 300 | $ | 451 | ||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | Undiscounted liabilities recorded related to occupational and asbestos claims were as follows: | |||||||||||||||||||||||
December | December | |||||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | ||||||||||||||||||||||
Occupational: | ||||||||||||||||||||||||
Incurred but not reported claims | $ | 12 | $ | 15 | ||||||||||||||||||||
Asserted claims | 6 | 8 | ||||||||||||||||||||||
Total liability | $ | 18 | $ | 23 | ||||||||||||||||||||
Asbestos: | ||||||||||||||||||||||||
Incurred but not reported claims | $ | 45 | $ | 35 | ||||||||||||||||||||
Asserted claims | 11 | 15 | ||||||||||||||||||||||
Total liability | $ | 56 | $ | 50 | ||||||||||||||||||||
Schedule of Claims Activity | A summary of occupational and asbestos claims activity is as follows: | |||||||||||||||||||||||
Fiscal Years | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Asserted Claims | ||||||||||||||||||||||||
Open Claims - Beginning of Year | 392 | 523 | ||||||||||||||||||||||
New Claims Filed | 136 | 165 | ||||||||||||||||||||||
Claims Settled | (128 | ) | (146 | ) | ||||||||||||||||||||
Claims Dismissed | (130 | ) | (150 | ) | ||||||||||||||||||||
Open Claims - End of Year | 270 | 392 | ||||||||||||||||||||||
Properties_Tables
Properties (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 26, 2014 | |||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||
Schedule of net properties | A detail of the Company’s net properties are as follows: | ||||||||||||||||||||
(Dollars in Millions) | Accumulated | Net Book | Annual Depreciation | Depreciation | Estimated Useful | ||||||||||||||||
Dec-14 | Cost | Depreciation | Value | Rate | Method | Life | |||||||||||||||
Road | |||||||||||||||||||||
Rail and Other Track Material | $ | 6,771 | $ | (1,400 | ) | $ | 5,371 | 2.50% | Group Life | ||||||||||||
Ties | 4,807 | (1,060 | ) | 3,747 | 3.70% | Group Life | |||||||||||||||
Grading | 2,460 | (481 | ) | 1,979 | 1.40% | Group Life | |||||||||||||||
Ballast | 2,693 | (679 | ) | 2,014 | 2.70% | Group Life | |||||||||||||||
Bridges, Trestles, and Culverts | 2,119 | (278 | ) | 1,841 | 1.60% | Group Life | |||||||||||||||
Signals and Interlockers | 2,103 | (356 | ) | 1,747 | 4.00% | Group Life | |||||||||||||||
Buildings | 1,102 | (377 | ) | 725 | 2.50% | Group Life | |||||||||||||||
Other | 4,070 | (1,517 | ) | 2,553 | 4.20% | Group Life | |||||||||||||||
Total Road | 26,125 | (6,148 | ) | 19,977 | 8-90 Years | ||||||||||||||||
Equipment | |||||||||||||||||||||
Locomotive | 5,036 | (2,325 | ) | 2,711 | 3.60% | Group Life | |||||||||||||||
Freight Cars | 3,244 | (1,169 | ) | 2,075 | 3.20% | Group Life | |||||||||||||||
Work Equipment and Other | 1,828 | (1,032 | ) | 796 | 7.10% | Group Life | |||||||||||||||
Total Equipment | 10,108 | (4,526 | ) | 5,582 | 3-38 Years | ||||||||||||||||
Land | 1,875 | — | 1,875 | N/A | N/A | N/A | |||||||||||||||
Construction In Progress | 1,196 | — | 1,196 | N/A | N/A | N/A | |||||||||||||||
Other | 39 | (85 | ) | (46 | ) | N/A | Straight Line | 4-30 Years | |||||||||||||
Total Properties | $ | 39,343 | $ | (10,759 | ) | $ | 28,584 | ||||||||||||||
NOTE 6. Properties, continued | |||||||||||||||||||||
(Dollars in Millions) | Accumulated | Net Book | Annual Depreciation | Depreciation | Estimated Useful | ||||||||||||||||
Dec-13 | Cost | Depreciation | Value | Rate | Method | Life | |||||||||||||||
Road | |||||||||||||||||||||
Rail and Other Track Material | $ | 6,452 | $ | (1,270 | ) | $ | 5,182 | 2.90% | Group Life | ||||||||||||
Ties | 4,534 | (947 | ) | 3,587 | 4.00% | Group Life | |||||||||||||||
Grading | 2,425 | (448 | ) | 1,977 | 1.50% | Group Life | |||||||||||||||
Ballast | 2,612 | (645 | ) | 1,967 | 2.80% | Group Life | |||||||||||||||
Bridges, Trestles, and Culverts | 2,008 | (250 | ) | 1,758 | 1.60% | Group Life | |||||||||||||||
Signals and Interlockers | 1,922 | (291 | ) | 1,631 | 3.40% | Group Life | |||||||||||||||
Buildings | 1,011 | (355 | ) | 656 | 2.50% | Group Life | |||||||||||||||
Other | 3,654 | (1,386 | ) | 2,268 | 4.70% | Group Life | |||||||||||||||
Total Road | 24,618 | (5,592 | ) | 19,026 | 6-80 Years | ||||||||||||||||
Equipment | |||||||||||||||||||||
Locomotive | 4,987 | (2,176 | ) | 2,811 | 3.60% | Group Life | |||||||||||||||
Freight Cars | 3,111 | (1,135 | ) | 1,976 | 3.10% | Group Life | |||||||||||||||
Work Equipment and Other | 1,666 | (914 | ) | 752 | 7.10% | Group Life | |||||||||||||||
Total Equipment | 9,764 | (4,225 | ) | 5,539 | 5-38 Years | ||||||||||||||||
Land | 1,842 | — | 1,842 | N/A | N/A | N/A | |||||||||||||||
Construction In Progress | 854 | — | 854 | N/A | N/A | N/A | |||||||||||||||
Other | 106 | (76 | ) | 30 | N/A | Straight Line | 4-30 Years | ||||||||||||||
Total Properties | $ | 37,184 | $ | (9,893 | ) | $ | 27,291 | ||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 26, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Schedule of rent expense associated with operting leases | The Company uses the straight-line method to recognize rent expense associated with operating leases that include escalations over their terms. These amounts are shown in the table below. | |||||||||||
Fiscal Years | ||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | |||||||||
Rent Expense on Operating Leases | $ | 61 | $ | 60 | $ | 73 | ||||||
Schedule of minimum rentals and commitments under operating leases | At December 2014, minimum rentals on land, buildings, track and equipment under operating leases are disclosed in the table below. Also, payments to Conrail for leases on shared rail infrastructure are included in these amounts. (See Note 12, Related Party Transactions). | |||||||||||
(Dollars in Millions) | Operating | Sublease | Net Lease | |||||||||
Years | Leases | Income | Commitments | |||||||||
2015 | $ | 78 | $ | (3 | ) | $ | 75 | |||||
2016 | 71 | (2 | ) | 69 | ||||||||
2017 | 62 | (2 | ) | 60 | ||||||||
2018 | 54 | (2 | ) | 52 | ||||||||
2019 | 45 | (2 | ) | 43 | ||||||||
Thereafter | 210 | (11 | ) | 199 | ||||||||
Total | $ | 520 | $ | (22 | ) | $ | 498 | |||||
Schedule of number of locomotives and payments under long-term maintenance program | The following table summarizes the number of locomotives covered and CSXT’s payments under the long-term maintenance program. | |||||||||||
Fiscal Years | ||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | |||||||||
Amounts Paid | $ | 247 | $ | 287 | $ | 287 | ||||||
Number of Locomotives | 1,886 | 1,886 | 1,899 | |||||||||
Schedule of annual payments under long-term maintenance program | Additionally, the Company has various other commitments to purchase technology, communications, railcar maintenance and other services from various suppliers. Total annual payments under all of these purchase commitments are also estimated in the table below. | |||||||||||
(Dollars in Millions) | Locomotive & Maintenance Payments | Other | Total | |||||||||
Commitments | ||||||||||||
2015 | $ | 727 | $ | 236 | $ | 963 | ||||||
2016 | 474 | 22 | 496 | |||||||||
2017 | 177 | 13 | 190 | |||||||||
2018 | 169 | 12 | 181 | |||||||||
2019 | 159 | 11 | 170 | |||||||||
Thereafter | 1,203 | 69 | 1,272 | |||||||||
Total | $ | 2,909 | $ | 363 | $ | 3,272 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 26, 2014 | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||||||||||||||||||
Schedule of summary of participants | The Company engages independent actuaries to compute the amounts of liabilities and expenses relating to these plans subject to the assumptions that the Company selects. In order to perform this valuation, the actuaries are provided with the details of the population covered at the beginning of the year, summarized in the table below, and projects that population forward to the end of the year. These amounts are reviewed by management. | |||||||||||||||||||||||
Summary of Participants as of | ||||||||||||||||||||||||
January 1, 2014 | ||||||||||||||||||||||||
Pension Plans | Post-retirement Medical Plan | |||||||||||||||||||||||
Active Employees | 5,136 | 2,031 | ||||||||||||||||||||||
Retirees and Beneficiaries | 11,699 | 12,148 | ||||||||||||||||||||||
Other(a) | 5,444 | 87 | ||||||||||||||||||||||
Total | 22,279 | 14,266 | ||||||||||||||||||||||
(a) For pension plans, the other category consists mostly of terminated but vested former employees. For post-retirement plans, the other category consists of employees on long-term disability that have not yet retired. | ||||||||||||||||||||||||
Schedule of future expected benefit payments | Future expected benefit payments are as follows: | |||||||||||||||||||||||
Expected Cash Flows | ||||||||||||||||||||||||
(Dollars in Millions) | Pension Benefits | Post-retirement Benefits | ||||||||||||||||||||||
2015 | $ | 207 | $ | 37 | ||||||||||||||||||||
2016 | 188 | 34 | ||||||||||||||||||||||
2017 | 188 | 33 | ||||||||||||||||||||||
2018 | 185 | 30 | ||||||||||||||||||||||
2019 | 186 | 28 | ||||||||||||||||||||||
2020-2024 | 931 | 114 | ||||||||||||||||||||||
Total | $ | 1,885 | $ | 276 | ||||||||||||||||||||
Schedule of allocation of plan assets | The distribution of pension plan assets as of the measurement date is shown in the table below, and these assets are netted against the pension liabilities on the balance sheet. | |||||||||||||||||||||||
Dec-14 | Dec-13 | |||||||||||||||||||||||
Percent of | Percent of | |||||||||||||||||||||||
(Dollars in Millions) | Amount | Total Assets | Amount | Total Assets | ||||||||||||||||||||
Equity | $ | 1,715 | 68 | % | $ | 1,619 | 65 | % | ||||||||||||||||
Fixed Income | 740 | 30 | 795 | 32 | ||||||||||||||||||||
Cash and Cash Equivalents | 49 | 2 | 86 | 3 | ||||||||||||||||||||
Total | $ | 2,504 | 100 | % | $ | 2,500 | 100 | % | ||||||||||||||||
Schedule of changes in benefit obligation and fair value of plan assets | Changes in benefit obligation and the fair value of plan assets for the 2014 and 2013 calendar plan years are as follows: | |||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Plan Year | Plan Year | Plan Year | Plan Year | |||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Actuarial Present Value of Benefit Obligation | ||||||||||||||||||||||||
Accumulated Benefit Obligation | $ | 2,849 | $ | 2,538 | N/A | N/A | ||||||||||||||||||
Projected Benefit Obligation | 3,002 | 2,679 | $ | 340 | $ | 350 | ||||||||||||||||||
Change in Projected Benefit Obligation: | ||||||||||||||||||||||||
Projected Benefit Obligation at Beginning of Plan Year | $ | 2,679 | $ | 2,954 | $ | 350 | $ | 415 | ||||||||||||||||
Service Cost | 44 | 49 | 3 | 3 | ||||||||||||||||||||
Interest Cost | 123 | 108 | 13 | 13 | ||||||||||||||||||||
Plan Participants' Contributions | — | — | 7 | 8 | ||||||||||||||||||||
Workforce Reduction Program/Curtailment | 27 | — | 8 | — | ||||||||||||||||||||
Actuarial Loss (Gain) | 333 | (275 | ) | (8 | ) | (49 | ) | |||||||||||||||||
Benefits Paid | (204 | ) | (157 | ) | (33 | ) | (40 | ) | ||||||||||||||||
Benefit Obligation at End of Plan Year | $ | 3,002 | $ | 2,679 | $ | 340 | $ | 350 | ||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Plan Year | $ | 2,500 | $ | 2,294 | $ | — | $ | — | ||||||||||||||||
Actual Return on Plan Assets | 195 | 350 | — | — | ||||||||||||||||||||
Non-qualified Employer Contributions | 13 | 13 | 26 | 32 | ||||||||||||||||||||
Plan Participants' Contributions | — | — | 7 | 8 | ||||||||||||||||||||
Benefits Paid | (204 | ) | (157 | ) | (33 | ) | (40 | ) | ||||||||||||||||
Fair Value of Plan Assets at End of Plan Year | 2,504 | 2,500 | — | — | ||||||||||||||||||||
Funded Status at End of Plan Year | $ | (498 | ) | $ | (179 | ) | $ | (340 | ) | $ | (350 | ) | ||||||||||||
Schedule of amount recognized in balance sheet | Amounts related to pension and post-retirement benefits recorded in other long-term assets, labor and fringe benefits payable and other long-term liabilities on the balance sheet are as follows: | |||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
December | December | December | December | |||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Amounts Recorded in Consolidated | ||||||||||||||||||||||||
Balance Sheets: | ||||||||||||||||||||||||
Long-term Assets (a) | $ | 9 | $ | 44 | $ | — | $ | — | ||||||||||||||||
Current Liabilities | (15 | ) | (14 | ) | (37 | ) | (38 | ) | ||||||||||||||||
Long-term Liabilities | (492 | ) | (209 | ) | (303 | ) | (312 | ) | ||||||||||||||||
Net Amount Recognized in | ||||||||||||||||||||||||
Consolidated Balance Sheets | $ | (498 | ) | $ | (179 | ) | $ | (340 | ) | $ | (350 | ) | ||||||||||||
(a) | Long-term assets as of December 2014 relate to one of the qualified pension plans whose assets exceed projected benefit obligations. | |||||||||||||||||||||||
Benefit obligations in excess of plan assets | At December 2014, the status of CSX plans only with a net liability is disclosed below. The total fair value of all plans as of December 2014 was $2.5 billion, which includes the qualified pension plans with net assets. | |||||||||||||||||||||||
Aggregate | Aggregate | |||||||||||||||||||||||
(Dollars in Millions) | Fair Value | Projected | ||||||||||||||||||||||
Benefit Obligations in Excess of Plan Assets | of Plan Assets | Benefit Obligation | ||||||||||||||||||||||
Projected Benefit Obligation | $ | 2,461 | $ | (2,968 | ) | |||||||||||||||||||
Accumulated Benefit Obligation | 2,461 | (2,815 | ) | |||||||||||||||||||||
Schedule of net benefit expense | The following table describes the components of expense/(income) related to net benefit expense recorded in labor and fringe on the income statement. | |||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Fiscal Years | Fiscal Years | |||||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Service Cost | $ | 44 | $ | 49 | $ | 44 | $ | 3 | $ | 3 | $ | 4 | ||||||||||||
Interest Cost | 123 | 108 | 123 | 13 | 13 | 16 | ||||||||||||||||||
Expected Return on Plan Assets | (166 | ) | (162 | ) | (166 | ) | — | — | — | |||||||||||||||
Amortization of Net Loss | 57 | 100 | 82 | 5 | 14 | 9 | ||||||||||||||||||
Amortization of Prior Service Cost | — | — | — | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||
Net Periodic Benefit Expense | 58 | 95 | 83 | 20 | 29 | 28 | ||||||||||||||||||
Special Termination Benefits - Workforce Reduction Program/Curtailment(a) | 27 | — | — | 8 | — | — | ||||||||||||||||||
Settlement Gain(b) | (1 | ) | (2 | ) | (2 | ) | — | — | — | |||||||||||||||
Total Expense | $ | 84 | $ | 93 | $ | 81 | $ | 28 | $ | 29 | $ | 28 | ||||||||||||
(a) | These charges result from a management workforce reduction program that was initiated in 2014. For further information regarding the program, see Note 1. Nature of Operations and Significant Accounting Policies. | |||||||||||||||||||||||
(b) | Settlement gains were recognized as one of the pension plan's lump-sum payments exceeded the sum of the service cost and interest cost recognized. The gain is the recognition of a portion of its accumulated other comprehensive income related to that plan | |||||||||||||||||||||||
Schedule of pre-tax change in other comprehensive loss (income) | The following table shows the pre-tax change in other comprehensive loss (income) attributable to the components of net expense and the change in benefit obligation for CSX for pension and other post-employment benefits. | |||||||||||||||||||||||
(Dollars in Millions) | Pension Benefits | Post-retirement Benefits | ||||||||||||||||||||||
Components of Other Comprehensive | December | December | December | December | ||||||||||||||||||||
Loss (Income) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Recognized in the balance sheet | ||||||||||||||||||||||||
Losses (Gains) | $ | 305 | $ | (462 | ) | $ | (8 | ) | $ | (48 | ) | |||||||||||||
Expense (Income) recognized in the income statement | ||||||||||||||||||||||||
Amortization of net losses (a) | $ | 57 | $ | 100 | $ | 5 | $ | 14 | ||||||||||||||||
Settlement gain | (1 | ) | (2 | ) | — | — | ||||||||||||||||||
Amortization of prior service costs (b) | — | — | (1 | ) | (1 | ) | ||||||||||||||||||
(a) | Amortization of net losses estimated to be expensed for 2015 is approximately $70 million and $5 million for pension benefits and post-retirement benefits, respectively. The increase in amortization is largely related to the impact of lower discount rates and adoption of new mortality tables, partially offset by favorable pension asset experience. | |||||||||||||||||||||||
(b) | Amortization of prior service costs estimated to be expensed in 2015 is less than $1 million for pension benefits. The estimated post-retirement benefits amount to be credited to expense for 2015 is $1 million. | |||||||||||||||||||||||
Schedule of pre-tax amounts to be amortized that included in accumulated other comprehensive loss | As of December 2014, the balances of pre-tax amounts to be amortized that are included in accumulated other comprehensive loss (a component of shareholders’ equity) are as follows: | |||||||||||||||||||||||
Pension | Post-retirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Losses | $ | 908 | $ | 59 | ||||||||||||||||||||
Prior Service Costs (Credits) | — | (1 | ) | |||||||||||||||||||||
Total | $ | 908 | $ | 58 | ||||||||||||||||||||
Schedule of weighted-average assumptions used | Weighted-average assumptions used in accounting for the plans were as follows: | |||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Expected Long-term Return on Plan Assets: | ||||||||||||||||||||||||
Benefit Cost for Plan Year | 7.5 | % | 7.75 | % | N/A | N/A | ||||||||||||||||||
Benefit Obligation at End of Plan Year | 7.25 | % | 7.5 | % | N/A | N/A | ||||||||||||||||||
Discount Rates: | ||||||||||||||||||||||||
Benefit Cost for Plan Year | 4.75 | % | 3.75 | % | 4.25 | % | 3.2 | % | ||||||||||||||||
Benefit Obligation at End of Plan Year | 4 | % | 4.75 | % | 3.6 | % | 4.25 | % | ||||||||||||||||
Salary Scale Inflation | 3.75 | % | 3.75 | % | N/A | N/A | ||||||||||||||||||
Schedule of health care cost trend rates | Additionally, there are cost differentials between Medicare and Non-Medicare eligible individuals which are reflected below. | |||||||||||||||||||||||
Post-retirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Health Care Cost Trend Rate: | ||||||||||||||||||||||||
Components of Benefit Cost: Non-Medicare Eligible | 8.00% | 8.50% | ||||||||||||||||||||||
Components of Benefit Cost: Medicare Eligible | 7.50% | 8.00% | ||||||||||||||||||||||
Benefit Obligations: Non-Medicare Eligible | 8.00% | 8.00% | ||||||||||||||||||||||
Benefit Obligations: Medicare Eligible | 7.50% | 7.50% |
Debt_and_Credit_Agreements_Tab
Debt and Credit Agreements (Tables) | 12 Months Ended | ||||||||
Dec. 26, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of long-term debt instruments | Debt at December 2014 and December 2013 is shown in the table below. For information regarding the fair value of debt, see Note 13, Fair Value Measurements. | ||||||||
Maturity at | Average | December | December | ||||||
December | Interest | ||||||||
Rates at | |||||||||
December | |||||||||
(Dollars in Millions) | 2014 | 2014 | 2014 | 2013 | |||||
Notes | 2015-2054 | 5.50% | $ | 9,456 | $ | 8,935 | |||
Equipment Obligations(a) | 2015-2023 | 6.30% | 277 | 602 | |||||
Capital Leases | 2015-2026 | 13.50% | 8 | 16 | |||||
Convertible Debentures | 2021 | 1.00% | 1 | 2 | |||||
Subtotal Long-term Debt (including current portion) | $ | 9,742 | $ | 9,555 | |||||
Less Debt Due within One Year | (228 | ) | (533 | ) | |||||
Long-term Debt (excluding current portion) | $ | 9,514 | $ | 9,022 | |||||
(a) These obligations are secured by an interest in certain railroad equipment. | |||||||||
Schedule of long-ter debt maturities | Long-term Debt Maturities | ||||||||
(Dollars in Millions) | Maturities as of | ||||||||
Fiscal Years Ending | Dec-14 | ||||||||
2015 | $ | 228 | |||||||
2016 | 21 | ||||||||
2017 | 631 | ||||||||
2018 | 619 | ||||||||
2019 | 518 | ||||||||
Thereafter | 7,725 | ||||||||
Total Long-term Debt Maturities (including current portion) | $ | 9,742 | |||||||
Other_Income_Net_Tables
Other Income - Net (Tables) | 12 Months Ended | |||||||||||
Dec. 26, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Schedule of other Income - Net | Other income – net consisted of the following: | |||||||||||
Fiscal Years | ||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | |||||||||
Interest Income | $ | 5 | $ | 8 | $ | 5 | ||||||
Income from Real Estate Operations | 23 | 23 | 81 | |||||||||
Miscellaneous Expense (a) | (52 | ) | (20 | ) | (13 | ) | ||||||
Total Other (Expense) Income - Net | $ | (24 | ) | $ | 11 | $ | 73 | |||||
Gross Revenue from Real Estate | ||||||||||||
Operations included above | $ | 47 | $ | 48 | $ | 106 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 26, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Schedule of breakdown of income tax expense between current and deferred | The breakdown of income tax expense between current and deferred is as follows: | ||||||||||||||||||||
Fiscal Years | |||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 729 | $ | 671 | $ | 450 | |||||||||||||||
State | 90 | 87 | 66 | ||||||||||||||||||
Subtotal Current | 819 | 758 | 516 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 291 | 285 | 530 | ||||||||||||||||||
State | 7 | 15 | 62 | ||||||||||||||||||
Subtotal Deferred | 298 | 300 | 592 | ||||||||||||||||||
Total | $ | 1,117 | $ | 1,058 | $ | 1,108 | |||||||||||||||
Schedule of income tax expense reconciled to tax computed at statutory rates | Income tax expense reconciled to the tax computed at statutory rates is presented in the table below. The Company recorded a tax benefit of $31 million, $42 million and $20 million in 2014, 2013 and 2012, respectively, primarily as a result of federal and state legislative changes as well as the resolution of other federal and state tax matters. Each year's benefit is included in the state income tax and other lines in the table below. | ||||||||||||||||||||
Fiscal Years | |||||||||||||||||||||
(Dollars In Millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Federal Income Taxes | $ | 1,066 | 35 | % | $ | 1,023 | 35 | % | $ | 1,040 | 35 | % | |||||||||
State Income Taxes | 61 | 2 | % | 65 | 2.2 | % | 81 | 2.8 | % | ||||||||||||
Other | (10 | ) | (0.3 | )% | (30 | ) | (1.0 | )% | (13 | ) | (0.4 | )% | |||||||||
Income Tax Expense/Rate | $ | 1,117 | 36.7 | % | $ | 1,058 | 36.2 | % | $ | 1,108 | 37.4 | % | |||||||||
Schedule of significant components of deferred income tax assets and liabilities | The significant components of deferred income tax assets and liabilities include: | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in Millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||
Pension Plans | $ | 188 | $ | — | $ | 67 | $ | — | |||||||||||||
Other Employee Benefit Plans | 306 | — | 299 | — | |||||||||||||||||
Accelerated Depreciation | — | 9,133 | — | 8,868 | |||||||||||||||||
Other | 256 | 334 | 257 | 262 | |||||||||||||||||
Total | $ | 750 | $ | 9,467 | $ | 623 | $ | 9,130 | |||||||||||||
Net Deferred Income Tax Liabilities | $ | 8,717 | $ | 8,507 | |||||||||||||||||
Schedule of change to total gross unrecognized tax benefits | The change to the total gross unrecognized tax benefits and prior year audit resolutions of the Company during the fiscal year ended December 2014 is reconciled as follows: | ||||||||||||||||||||
Uncertain Tax Positions: | Fiscal Year | ||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Balance at beginning of the year | $ | 23 | $ | 24 | $ | 22 | |||||||||||||||
Additions based on tax positions related to current year | 2 | 2 | 6 | ||||||||||||||||||
Additions based on tax positions related to prior years | 3 | 5 | 3 | ||||||||||||||||||
Reductions based on tax positions related to prior years | — | (6 | ) | (1 | ) | ||||||||||||||||
Settlements with taxing authorities | — | — | — | ||||||||||||||||||
Lapse of statute of limitations | (7 | ) | (2 | ) | (6 | ) | |||||||||||||||
Balance at end of the year | $ | 21 | $ | 23 | $ | 24 | |||||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 26, 2014 | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Future minimum lease payments | At December 2014, minimum rentals on land, buildings, track and equipment under operating leases are disclosed in the table below. Also, payments to Conrail for leases on shared rail infrastructure are included in these amounts. (See Note 12, Related Party Transactions). | |||||||||||
(Dollars in Millions) | Operating | Sublease | Net Lease | |||||||||
Years | Leases | Income | Commitments | |||||||||
2015 | $ | 78 | $ | (3 | ) | $ | 75 | |||||
2016 | 71 | (2 | ) | 69 | ||||||||
2017 | 62 | (2 | ) | 60 | ||||||||
2018 | 54 | (2 | ) | 52 | ||||||||
2019 | 45 | (2 | ) | 43 | ||||||||
Thereafter | 210 | (11 | ) | 199 | ||||||||
Total | $ | 520 | $ | (22 | ) | $ | 498 | |||||
Schedule of related Conrail amounts included in Company's consolidated income statements | The following table details the related Conrail amounts included in materials, supplies and other in the Company’s consolidated income statements: | |||||||||||
Fiscal Years | ||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2012 | |||||||||
Rents, Fees and Services | $ | 124 | $ | 115 | $ | 139 | ||||||
Purchase Price Amortization and Other | 4 | 4 | 4 | |||||||||
Equity earnings of Conrail | (31 | ) | (35 | ) | (26 | ) | ||||||
Total Conrail Rents, Fees and Services | $ | 97 | $ | 84 | $ | 117 | ||||||
Schedule of executed promissory notes with Conrail subsidiary | As required by the Related Party Disclosures Topic in the ASC, the Company has identified amounts below owed to Conrail, or its subsidiaries, representing liabilities under the operating, equipment and shared area agreements with Conrail. The Company also executed two promissory notes with a subsidiary of Conrail which were included in long-term debt on the consolidated balance sheets. Interest expense from these promissory notes was $3 million for 2014 and $4 million for 2013 and 2012, respectively. | |||||||||||
December | December | |||||||||||
(Dollars in Millions) | 2014 | 2013 | ||||||||||
Balance Sheet Information: | ||||||||||||
CSX Payable to Conrail | $ | 54 | $ | 172 | ||||||||
Promissory Notes Payable to Conrail Subsidiary (a) | ||||||||||||
2.89% CSX Promissory Note due October 2044 (a) | 73 | — | ||||||||||
2.89% CSXT Promissory Note due October 2044 (a) | 151 | — | ||||||||||
4.40% CSX Promissory Note due October 2035 | — | 73 | ||||||||||
4.52% CSXT Promissory Note due March 2035 | — | 23 | ||||||||||
(a) Promissory notes payable to Conrail are included on the consolidated balance sheet of CSX as long-term debt. | ||||||||||||
Corporate Joint Venture [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Future minimum lease payments | Future minimum lease payments due to Conrail under the shared asset area agreements are as follows: | |||||||||||
(Dollars in Millions) | Conrail Shared | |||||||||||
Years | Asset Agreement | |||||||||||
2015 | $ | 26 | ||||||||||
2016 | 26 | |||||||||||
2017 | 26 | |||||||||||
2018 | 26 | |||||||||||
2019 | 26 | |||||||||||
Thereafter | 124 | |||||||||||
Total | $ | 254 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 26, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of fair value of investment assets | The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the table below. Additionally, the amortized cost basis of these investments was $453 million and $668 million as of December 26, 2014 and December 27, 2013, respectively. | |||||||||||||||||||||||||||||||
Fiscal Years | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Dollars in Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Certificates of Deposit and Commercial Paper | $ | — | $ | 250 | $ | — | $ | 250 | $ | — | $ | 472 | $ | — | $ | 472 | ||||||||||||||||
Corporate Bonds | — | 141 | — | 141 | — | 132 | — | 132 | ||||||||||||||||||||||||
Government Securities | — | 51 | — | 51 | — | 49 | — | 49 | ||||||||||||||||||||||||
Auction Rate Securities | — | — | 11 | 11 | — | — | 15 | 15 | ||||||||||||||||||||||||
Total investments at fair value | $ | — | $ | 442 | $ | 11 | $ | 453 | $ | — | $ | 653 | $ | 15 | $ | 668 | ||||||||||||||||
Schedule of investment maturities | These investments have the following maturities and are represented on the consolidated balance sheet within short-term investments for investments with maturities within one year or less, and other long-term assets for investments with maturities greater than one year: | |||||||||||||||||||||||||||||||
(Dollars in Millions) | Dec-14 | Dec-13 | ||||||||||||||||||||||||||||||
Less than 1 year | $ | 292 | $ | 487 | ||||||||||||||||||||||||||||
1 - 2 years | 45 | 58 | ||||||||||||||||||||||||||||||
2 - 5 years | 100 | 105 | ||||||||||||||||||||||||||||||
Greater than 5 years | 16 | 18 | ||||||||||||||||||||||||||||||
Total investments at fair value | $ | 453 | $ | 668 | ||||||||||||||||||||||||||||
Schedule of fair value and carrying value of long-term debt | The fair value and carrying value of the Company's long-term debt is as follows: | |||||||||||||||||||||||||||||||
(Dollars in Millions) | Dec-14 | Dec-13 | ||||||||||||||||||||||||||||||
Long-term Debt (Including Current Maturities): | ||||||||||||||||||||||||||||||||
Fair Value | $ | 11,042 | $ | 10,354 | ||||||||||||||||||||||||||||
Carrying Value | 9,742 | 9,555 | ||||||||||||||||||||||||||||||
Schedule of pension plan assets at fair value by level | The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2014 and 2013 are shown in the table below. For additional information related to pension assets, see Note 8, Employee Benefit Plans. | |||||||||||||||||||||||||||||||
Fiscal Years | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Dollars in Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||
Information technology | $ | 177 | $ | — | $ | — | $ | 177 | $ | 173 | $ | — | $ | — | $ | 173 | ||||||||||||||||
Health care | 133 | — | — | 133 | 126 | — | — | 126 | ||||||||||||||||||||||||
Consumer discretionary | 125 | — | — | 125 | 152 | — | — | 152 | ||||||||||||||||||||||||
Financials | 116 | — | — | 116 | 116 | — | — | 116 | ||||||||||||||||||||||||
Industrials | 90 | — | — | 90 | 108 | — | — | 108 | ||||||||||||||||||||||||
Energy | 51 | — | — | 51 | 59 | — | — | 59 | ||||||||||||||||||||||||
Consumer staples | 42 | — | — | 42 | 43 | — | — | 43 | ||||||||||||||||||||||||
Materials | 20 | — | — | 20 | 29 | — | — | 29 | ||||||||||||||||||||||||
Other | 33 | — | — | 33 | 31 | — | — | 31 | ||||||||||||||||||||||||
Mutual funds | 20 | — | — | 20 | 17 | — | — | 17 | ||||||||||||||||||||||||
Cash equivalents | 1 | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||
Common trust funds | — | 611 | — | 611 | — | 553 | — | 553 | ||||||||||||||||||||||||
Corporate bonds | — | 539 | — | 539 | — | 568 | — | 568 | ||||||||||||||||||||||||
Partnerships | — | 365 | — | 365 | — | 314 | — | 314 | ||||||||||||||||||||||||
Government securities | — | 164 | — | 164 | — | 186 | — | 186 | ||||||||||||||||||||||||
Asset-backed securities | — | 15 | — | 15 | — | 24 | — | 24 | ||||||||||||||||||||||||
Derivatives and other | — | 2 | — | 2 | — | 1 | — | 1 | ||||||||||||||||||||||||
Total investments at | $ | 808 | $ | 1,696 | $ | — | $ | 2,504 | $ | 854 | $ | 1,646 | $ | — | $ | 2,500 | ||||||||||||||||
fair value | ||||||||||||||||||||||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||
Dec. 26, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Changes in the AOCI balance by component | Changes in the AOCI balance by component are shown in the table below. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in labor and fringe on the consolidated income statements. See Note 8. Employee Benefit Plans for further information. Other primarily represents CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in materials, supplies and other on the consolidated income statements. | |||||||||
Pension and Other Post-Employment Benefits | Other | Accumulated Other Comprehensive Income (Loss) | ||||||||
(Dollars in millions) | ||||||||||
Balance December 30, 2011, Net of Tax | $ | (799 | ) | $ | (76 | ) | $ | (875 | ) | |
Other Comprehensive Loss | ||||||||||
Loss Before Reclassifications | (172 | ) | (9 | ) | (181 | ) | ||||
Amounts Reclassified to Net Earnings | 88 | (1 | ) | 87 | ||||||
Tax Benefit | 32 | 1 | 33 | |||||||
Total Other Comprehensive Loss | (52 | ) | (9 | ) | (61 | ) | ||||
Balance December 28, 2012, Net of Tax | (851 | ) | (85 | ) | (936 | ) | ||||
Other Comprehensive Income | ||||||||||
Income Before Reclassifications | 510 | 24 | 534 | |||||||
Amounts Reclassified to Net Earnings | 111 | (2 | ) | 109 | ||||||
Tax (Expense) Benefit | (232 | ) | 2 | (230 | ) | |||||
Total Other Comprehensive Income | 389 | 24 | 413 | |||||||
Balance December 27, 2013, Net of Tax | (462 | ) | (61 | ) | (523 | ) | ||||
Other Comprehensive Loss | ||||||||||
(Loss) Income Before Reclassifications | (297 | ) | 4 | (293 | ) | |||||
Amounts Reclassified to Net Earnings | 60 | 2 | 62 | |||||||
Tax Benefit | 88 | — | 88 | |||||||
Total Other Comprehensive (Loss) Income | (149 | ) | 6 | (143 | ) | |||||
Balance December 26, 2014, Net of Tax | $ | (611 | ) | $ | (55 | ) | $ | (666 | ) |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 26, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Schedule of quarterly financial data | Pursuant to Article 3 of the SEC’s Regulation S-X, the following are selected quarterly financial data: | |||||||||||||||||||
Fiscal Year Ended December 2014 | Quarters | |||||||||||||||||||
(Dollars in Millions, Except Per Share Amounts) | 1st | 2nd | 3rd | 4th | Full Year | |||||||||||||||
Revenue | $ | 3,012 | $ | 3,244 | $ | 3,221 | $ | 3,192 | $ | 12,669 | ||||||||||
Operating Income | 739 | 997 | 976 | 901 | 3,613 | |||||||||||||||
Net Earnings | 398 | 529 | 509 | 491 | 1,927 | |||||||||||||||
Earnings Per Share, Basic | $ | 0.4 | $ | 0.53 | $ | 0.51 | $ | 0.49 | $ | 1.93 | ||||||||||
Earnings Per Share, Assuming Dilution | 0.4 | 0.53 | 0.51 | 0.49 | 1.92 | |||||||||||||||
Fiscal Year Ended December 2013 | ||||||||||||||||||||
Revenue | $ | 2,963 | $ | 3,046 | $ | 2,985 | $ | 3,032 | $ | 12,026 | ||||||||||
Operating Income | 880 | 940 | 840 | 813 | 3,473 | |||||||||||||||
Net Earnings | 462 | 521 | 455 | 426 | 1,864 | |||||||||||||||
Earnings Per Share, Basic | $ | 0.45 | $ | 0.51 | $ | 0.45 | $ | 0.42 | $ | 1.83 | ||||||||||
Earnings Per Share, Assuming Dilution | 0.45 | 0.51 | 0.45 | 0.42 | 1.83 | |||||||||||||||
Summarized_Consolidating_Finan1
Summarized Consolidating Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 26, 2014 | ||||||||||||||||
Summarized Consolidating Financial Data [Abstract] | ||||||||||||||||
Consolidating Income Statement | Consolidating Income Statements | |||||||||||||||
(Dollars in Millions) | ||||||||||||||||
Fiscal Year Ended December 2014 | CSX | CSX | Eliminations and Other | Consolidated | ||||||||||||
Corporation | Transportation | |||||||||||||||
Revenue | $ | — | $ | 12,590 | $ | 79 | $ | 12,669 | ||||||||
Expense | (427 | ) | 9,585 | (102 | ) | 9,056 | ||||||||||
Operating Income | 427 | 3,005 | 181 | 3,613 | ||||||||||||
Equity in Earnings of Subsidiaries | 1,996 | 1 | (1,997 | ) | — | |||||||||||
Interest Expense | (520 | ) | (46 | ) | 21 | (545 | ) | |||||||||
Other Income - Net | (19 | ) | (4 | ) | (1 | ) | (24 | ) | ||||||||
Earnings Before Income Taxes | 1,884 | 2,956 | (1,796 | ) | 3,044 | |||||||||||
Income Tax Benefit (Expense) | 43 | (1,093 | ) | (67 | ) | (1,117 | ) | |||||||||
Net Earnings | $ | 1,927 | $ | 1,863 | $ | (1,863 | ) | $ | 1,927 | |||||||
Total Comprehensive Earnings | $ | 1,784 | $ | 1,875 | $ | (1,875 | ) | $ | 1,784 | |||||||
Fiscal Year Ended December 2013 | ||||||||||||||||
Revenue | $ | — | $ | 11,950 | $ | 76 | $ | 12,026 | ||||||||
Expense | (371 | ) | 9,091 | (167 | ) | 8,553 | ||||||||||
Operating Income | 371 | 2,859 | 243 | 3,473 | ||||||||||||
Equity in Earnings of Subsidiaries | 1,964 | (1 | ) | (1,963 | ) | — | ||||||||||
Interest Expense | (516 | ) | (62 | ) | 16 | (562 | ) | |||||||||
Other Income - Net | (7 | ) | (2 | ) | 20 | 11 | ||||||||||
Earnings Before Income Taxes | 1,812 | 2,794 | (1,684 | ) | 2,922 | |||||||||||
Income Tax Benefit (Expense) | 52 | (1,028 | ) | (82 | ) | (1,058 | ) | |||||||||
Net Earnings | $ | 1,864 | $ | 1,766 | $ | (1,766 | ) | $ | 1,864 | |||||||
Total Comprehensive Earnings | $ | 2,277 | $ | 1,825 | $ | (1,825 | ) | $ | 2,277 | |||||||
Fiscal Year Ended December 2012 | ||||||||||||||||
Revenue | $ | — | $ | 11,696 | $ | 67 | $ | 11,763 | ||||||||
Expense | (355 | ) | 8,779 | (125 | ) | 8,299 | ||||||||||
Operating Income | 355 | 2,917 | 192 | 3,464 | ||||||||||||
Equity in Earnings of Subsidiaries | 1,992 | (2 | ) | (1,990 | ) | — | ||||||||||
Interest Expense | (513 | ) | (70 | ) | 17 | (566 | ) | |||||||||
Other Income - Net | (3 | ) | 61 | 15 | 73 | |||||||||||
Earnings Before Income Taxes | 1,831 | 2,906 | (1,766 | ) | 2,971 | |||||||||||
Income Tax Benefit (Expense) | 32 | (1,065 | ) | (75 | ) | (1,108 | ) | |||||||||
Net Earnings | $ | 1,863 | $ | 1,841 | $ | (1,841 | ) | $ | 1,863 | |||||||
Total Comprehensive Earnings | $ | 1,802 | $ | 1,818 | $ | (1,818 | ) | $ | 1,802 | |||||||
Consolidating Balance Sheets | Consolidating Balance Sheets | |||||||||||||||
(Dollars in Millions) | ||||||||||||||||
As of December 26, 2014 | CSX | CSX | Eliminations and Other | Consolidated | ||||||||||||
Corporation | Transportation | |||||||||||||||
ASSETS | ||||||||||||||||
Current Assets: | ||||||||||||||||
Cash and Cash Equivalents | $ | 510 | $ | 100 | $ | 59 | $ | 669 | ||||||||
Short-term Investments | 250 | — | 42 | 292 | ||||||||||||
Accounts Receivable - Net | 2 | 206 | 921 | 1,129 | ||||||||||||
Receivable from Affiliates | 1,211 | 2,418 | (3,629 | ) | — | |||||||||||
Materials and Supplies | — | 272 | 1 | 273 | ||||||||||||
Deferred Income Taxes | 3 | 139 | (1 | ) | 141 | |||||||||||
Other Current Assets | — | 61 | 7 | 68 | ||||||||||||
Total Current Assets | 1,976 | 3,196 | (2,600 | ) | 2,572 | |||||||||||
Properties | 1 | 36,888 | 2,454 | 39,343 | ||||||||||||
Accumulated Depreciation | (1 | ) | (9,516 | ) | (1,242 | ) | (10,759 | ) | ||||||||
Properties - Net | — | 27,372 | 1,212 | 28,584 | ||||||||||||
Investments in Conrail | — | — | 779 | 779 | ||||||||||||
Affiliates and Other Companies | (39 | ) | 644 | (28 | ) | 577 | ||||||||||
Investment in Consolidated Subsidiaries | 21,570 | — | (21,570 | ) | — | |||||||||||
Other Long-term Assets | 178 | 387 | (24 | ) | 541 | |||||||||||
Total Assets | $ | 23,685 | $ | 31,599 | $ | (22,231 | ) | $ | 33,053 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Current Liabilities: | ||||||||||||||||
Accounts Payable | $ | 106 | $ | 707 | $ | 32 | $ | 845 | ||||||||
Labor and Fringe Benefits Payable | 38 | 511 | 64 | 613 | ||||||||||||
Payable to Affiliates | 3,053 | 514 | (3,567 | ) | — | |||||||||||
Casualty, Environmental and Other Reserves | — | 126 | 16 | 142 | ||||||||||||
Current Maturities of Long-term Debt | 200 | 29 | (1 | ) | 228 | |||||||||||
Income and Other Taxes Payable | (150 | ) | 293 | 20 | 163 | |||||||||||
Other Current Liabilities | — | 111 | 5 | 116 | ||||||||||||
Total Current Liabilities | 3,247 | 2,291 | (3,431 | ) | 2,107 | |||||||||||
Casualty, Environmental and Other Reserves | — | 213 | 63 | 276 | ||||||||||||
Long-term Debt | 8,705 | 809 | — | 9,514 | ||||||||||||
Deferred Income Taxes | (172 | ) | 8,827 | 203 | 8,858 | |||||||||||
Other Long-term Liabilities | 753 | 487 | (118 | ) | 1,122 | |||||||||||
Total Liabilities | 12,533 | 12,627 | (3,283 | ) | 21,877 | |||||||||||
Shareholders' Equity: | ||||||||||||||||
Common Stock, $1 Par Value | 992 | 181 | (181 | ) | 992 | |||||||||||
Other Capital | 92 | 5,077 | (5,077 | ) | 92 | |||||||||||
Retained Earnings | 10,734 | 13,717 | (13,717 | ) | 10,734 | |||||||||||
Accumulated Other Comprehensive Loss | (666 | ) | (31 | ) | 31 | (666 | ) | |||||||||
Noncontrolling Minority Interest | — | 28 | (4 | ) | 24 | |||||||||||
Total Shareholders' Equity | 11,152 | 18,972 | (18,948 | ) | 11,176 | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 23,685 | $ | 31,599 | $ | (22,231 | ) | $ | 33,053 | |||||||
NOTE 16. Summarized Consolidating Financial Data, continued | ||||||||||||||||
Consolidating Balance Sheets | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
As of December 27, 2013 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 439 | $ | 91 | $ | 62 | $ | 592 | ||||||||
Short-term Investments | 472 | — | 15 | 487 | ||||||||||||
Accounts Receivable - Net | 3 | 240 | 809 | 1,052 | ||||||||||||
Receivable from Affiliates | 1,141 | 2,635 | (3,776 | ) | — | |||||||||||
Materials and Supplies | — | 252 | — | 252 | ||||||||||||
Deferred Income Taxes | (5 | ) | 161 | (1 | ) | 155 | ||||||||||
Other Current Assets | 1 | 57 | 6 | 64 | ||||||||||||
Total Current Assets | 2,051 | 3,436 | (2,885 | ) | 2,602 | |||||||||||
Properties | 1 | 34,987 | 2,196 | 37,184 | ||||||||||||
Accumulated Depreciation | (1 | ) | (8,778 | ) | (1,114 | ) | (9,893 | ) | ||||||||
Properties - Net | — | 26,209 | 1,082 | 27,291 | ||||||||||||
Investments in Conrail | — | — | 752 | 752 | ||||||||||||
Affiliates and Other Companies | (39 | ) | 612 | (27 | ) | 546 | ||||||||||
Investment in Consolidated Subsidiaries | 20,226 | — | (20,226 | ) | — | |||||||||||
Other Long-term Assets | 217 | 388 | (14 | ) | 591 | |||||||||||
Total Assets | $ | 22,455 | $ | 30,645 | $ | (21,318 | ) | $ | 31,782 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Current Liabilities | ||||||||||||||||
Accounts Payable | $ | 110 | $ | 809 | $ | 38 | $ | 957 | ||||||||
Labor and Fringe Benefits Payable | 38 | 491 | 58 | 587 | ||||||||||||
Payable to Affiliates | 3,298 | 535 | (3,833 | ) | — | |||||||||||
Casualty, Environmental and Other Reserves | — | 136 | 15 | 151 | ||||||||||||
Current Maturities of Long-term Debt | 200 | 333 | — | 533 | ||||||||||||
Income and Other Taxes Payable | (397 | ) | 479 | 9 | 91 | |||||||||||
Other Current Liabilities | — | 103 | 2 | 105 | ||||||||||||
Total Current Liabilities | 3,249 | 2,886 | (3,711 | ) | 2,424 | |||||||||||
Casualty, Environmental and Other Reserves | — | 231 | 69 | 300 | ||||||||||||
Long-term Debt | 8,308 | 714 | — | 9,022 | ||||||||||||
Deferred Income Taxes | (64 | ) | 8,548 | 178 | 8,662 | |||||||||||
Other Long-term Liabilities | 479 | 512 | (121 | ) | 870 | |||||||||||
Total Liabilities | 11,972 | 12,891 | (3,585 | ) | 21,278 | |||||||||||
Shareholders' Equity | ||||||||||||||||
Common Stock, $1 Par Value | 1,009 | 181 | (181 | ) | 1,009 | |||||||||||
Other Capital | 61 | 5,077 | (5,077 | ) | 61 | |||||||||||
Retained Earnings | 9,936 | 12,514 | (12,514 | ) | 9,936 | |||||||||||
Accumulated Other Comprehensive Loss | (523 | ) | (43 | ) | 43 | (523 | ) | |||||||||
Noncontrolling Minority Interest | — | 25 | (4 | ) | 21 | |||||||||||
Total Shareholders' Equity | 10,483 | 17,754 | (17,733 | ) | 10,504 | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 22,455 | $ | 30,645 | $ | (21,318 | ) | $ | 31,782 | |||||||
Consolidating Cash Flow Statements | Consolidating Cash Flow Statements | |||||||||||||||
(Dollars in Millions) | ||||||||||||||||
Fiscal Year Ended December 2014 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||||||
Operating Activities | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 583 | $ | 3,278 | $ | (518 | ) | $ | 3,343 | |||||||
Investing Activities | ||||||||||||||||
Property Additions | — | (2,192 | ) | (257 | ) | (2,449 | ) | |||||||||
Purchases of Short-term Investments | (1,419 | ) | — | (14 | ) | (1,433 | ) | |||||||||
Proceeds from Sales of Short-term Investments | 1,642 | — | 32 | 1,674 | ||||||||||||
Proceeds from Property Dispositions | — | 62 | — | 62 | ||||||||||||
Other Investing Activities | — | (128 | ) | 91 | (37 | ) | ||||||||||
Net Cash Provided by (Used in) Investing Activities | 223 | (2,258 | ) | (148 | ) | (2,183 | ) | |||||||||
Financing Activities | ||||||||||||||||
Long-term Debt Issued | 1,000 | — | — | 1,000 | ||||||||||||
Long-term Debt Repaid | (600 | ) | (333 | ) | — | (933 | ) | |||||||||
Dividends Paid | (629 | ) | (660 | ) | 660 | (629 | ) | |||||||||
Stock Options Exercised | — | — | — | — | ||||||||||||
Shares Repurchased | (517 | ) | — | — | (517 | ) | ||||||||||
Other Financing Activities | 11 | (18 | ) | 3 | (4 | ) | ||||||||||
Net Cash Provided by (Used in) Financing Activities | (735 | ) | (1,011 | ) | 663 | (1,083 | ) | |||||||||
Net Decrease in Cash and Cash Equivalents | 71 | 9 | (3 | ) | 77 | |||||||||||
Cash and Cash Equivalents at Beginning of Period | 439 | 91 | 62 | 592 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 510 | $ | 100 | $ | 59 | $ | 669 | ||||||||
NOTE 16. Summarized Consolidating Financial Data, continued | ||||||||||||||||
Consolidating Cash Flow Statements | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
Fiscal Year Ended December 2013 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||||||
Operating Activities | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 1,004 | $ | 3,005 | $ | (742 | ) | $ | 3,267 | |||||||
Investing Activities | ||||||||||||||||
Property Additions | — | (2,053 | ) | (260 | ) | (2,313 | ) | |||||||||
Purchases of Short-term Investments | (1,251 | ) | — | (5 | ) | (1,256 | ) | |||||||||
Proceeds from Sales of Short-term Investments | 1,335 | — | 66 | 1,401 | ||||||||||||
Proceeds from Property Dispositions | — | 53 | — | 53 | ||||||||||||
Other Investing Activities | (134 | ) | (315 | ) | 337 | (112 | ) | |||||||||
Net Cash Provided by (Used in) Investing Activities | (50 | ) | (2,315 | ) | 138 | (2,227 | ) | |||||||||
Financing Activities | ||||||||||||||||
Long-term Debt Issued | 500 | — | — | 500 | ||||||||||||
Long-term Debt Repaid | (700 | ) | (80 | ) | — | (780 | ) | |||||||||
Dividends Paid | (600 | ) | (730 | ) | 730 | (600 | ) | |||||||||
Stock Options Exercised | 9 | — | — | 9 | ||||||||||||
Shares Repurchased | (353 | ) | — | — | (353 | ) | ||||||||||
Other Financing Activities | 148 | (24 | ) | (132 | ) | (8 | ) | |||||||||
Net Cash Provided by (Used in) Financing Activities | (996 | ) | (834 | ) | 598 | (1,232 | ) | |||||||||
Net (Decrease) Increase in | (42 | ) | (144 | ) | (6 | ) | (192 | ) | ||||||||
Cash and Cash Equivalents | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 481 | 235 | 68 | 784 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 439 | $ | 91 | $ | 62 | $ | 592 | ||||||||
NOTE 16. Summarized Consolidating Financial Data, continued | ||||||||||||||||
Consolidating Cash Flow Statements | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
Fiscal Year Ended December 2012 | CSX Corporation | CSX Transportation | Eliminations and Other | Consolidated | ||||||||||||
Operating Activities | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 579 | $ | 2,716 | $ | (349 | ) | $ | 2,946 | |||||||
Investing Activities | ||||||||||||||||
Property Additions | — | (2,104 | ) | (237 | ) | (2,341 | ) | |||||||||
Purchases of Short-term Investments | (605 | ) | — | (28 | ) | (633 | ) | |||||||||
Proceeds from Sales of Short-term Investments | 525 | — | 56 | 581 | ||||||||||||
Proceeds from Property Dispositions | — | 186 | — | 186 | ||||||||||||
Other Investing Activities | (10 | ) | 102 | (162 | ) | (70 | ) | |||||||||
Net Cash Provided by (Used in) Investing Activities | (90 | ) | (1,816 | ) | (371 | ) | (2,277 | ) | ||||||||
Financing Activities | ||||||||||||||||
Long-term Debt Issued | 1,100 | — | — | 1,100 | ||||||||||||
Long-term Debt Repaid | (400 | ) | (106 | ) | (2 | ) | (508 | ) | ||||||||
Dividends Paid | (558 | ) | (715 | ) | 715 | (558 | ) | |||||||||
Stock Options Exercised | 14 | — | — | 14 | ||||||||||||
Shares Repurchased | (734 | ) | — | — | (734 | ) | ||||||||||
Other Financing Activities | 21 | 2 | (5 | ) | 18 | |||||||||||
Net Cash Provided by (Used in) Financing Activities | (557 | ) | (819 | ) | 708 | (668 | ) | |||||||||
Net (Decrease) Increase in | (68 | ) | 81 | (12 | ) | 1 | ||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 549 | 154 | 80 | 783 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 481 | $ | 235 | $ | 68 | $ | 784 | ||||||||
Nature_of_Operations_and_Signi2
Nature of Operations and Significant Accounting Policies (Business) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 26, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
states | employees | ||||||||||
mi | states | ||||||||||
railroads | mi | ||||||||||
employees | railroads | ||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Entity Number of Employees | 32,000 | 32,000 | |||||||||
Number of Union Employees | 26,000 | ||||||||||
Total number of rail route miles | 21,000 | 21,000 | |||||||||
Rail network states number | 23 | 23 | |||||||||
Number of short-line and regional railroads served | 240 | 240 | |||||||||
Revenue | $3,192 | $3,221 | $3,244 | $3,012 | $3,032 | $2,985 | $3,046 | $2,963 | $12,669 | $12,026 | $11,763 |
Minimum [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Number of ocean, river and lake ports serviced (more than 70) | 70 | 70 | |||||||||
Merchandise business [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Number of carloads | 2,900,000 | ||||||||||
Percentage of total revenue | 60.00% | ||||||||||
Percentage of total volume | 42.00% | ||||||||||
Coal business [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Number of carloads | 1,300,000 | ||||||||||
Percentage of total revenue | 22.00% | ||||||||||
Percentage of total volume | 18.00% | ||||||||||
Intermodal business [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percentage of total revenue | 14.00% | ||||||||||
Percentage of total volume | 40.00% | ||||||||||
Number of terminals (more than 50) | 50 | 50 | |||||||||
Other business [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Percentage of total revenue | 4.00% |
Nature_of_Operations_and_Signi3
Nature of Operations and Significant Accounting Policies (Nature of Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Number of weeks in fiscal reporting calendar | P52W | P52W | P52W |
Number of weeks in fiscal quarter | P13W | ||
Cost method, maximum percentage | 20.00% | ||
Cash equivalents, maximum maturity period | 3 months | ||
Short-term investments, minimum maturity period | 3 months | ||
Short-term investments, maximum maturity period | 1 year | ||
Allowance for doubtful accounts | $41 | $33 | |
Goodwill | 63 | 64 | |
Workforce Reduction Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected number of positions to be reduced | 300 | ||
Restructuring charges incurred | 39 | ||
Total expected restructuring charges | $45 |
Nature_of_Operations_and_Signi4
Nature of Operations and Significant Accounting Policies (Other Items - Share Repurchases) (Details) (USD $) | 12 Months Ended | |||
Share data in Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | Apr. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Share repurchase program | $1,000,000,000 | |||
Shares acquired, repurchase amount | $517,000,000 | $353,000,000 | $734,000,000 | |
Stock repurchased, shares | 17 | 14 | 34 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 26, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Numerator: | |||||||||||
Net Earnings | $491 | $509 | $529 | $398 | $426 | $455 | $521 | $462 | $1,927 | $1,864 | $1,863 |
Dividend Equivalents on Restricted Stock | -1 | 0 | 0 | ||||||||
Net Earnings, Attributable to Common Shareholders | $1,926 | $1,864 | $1,863 | ||||||||
Denominator: | |||||||||||
Average Common Shares Outstanding | 1,001 | 1,019 | 1,038 | ||||||||
Other Potentially Dilutive Common Shares | 1 | 0 | 2 | ||||||||
Average Common Shares Outstanding, Assuming Dilution | 1,002 | 1,019 | 1,040 | ||||||||
Net Earnings Per Share, Basic (dollars per share) | $0.49 | $0.51 | $0.53 | $0.40 | $0.42 | $0.45 | $0.51 | $0.45 | $1.93 | $1.83 | $1.80 |
Net Earnings Per Share, Assuming Dilution (dollars per share) | $0.49 | $0.51 | $0.53 | $0.40 | $0.42 | $0.45 | $0.51 | $0.45 | $1.92 | $1.83 | $1.79 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | |
Dec. 26, 2014 | Dec. 27, 2013 | |
Class of Stock [Line Items] | ||
Common stock par value (dollars per share) | 1 | $1 |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Shares Authorized | 1,800,000,000 | |
Common Shares Issued | 992,000,000 | |
Common Shares Outstanding | 992,000,000 | |
Number of votes for each share held | 1 | |
Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Shares Authorized | 25,000,000 | |
Preferred Shares Issued | 0 | |
Preferred Shares Outstanding | 0 |
Stock_Plans_and_ShareBased_Com2
Stock Plans and Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Net financing cash flows | $3 | $13 | $37 |
Share-Based Compensation Expense | 33 | 14 | 14 |
Income Tax Benefit | $13 | $6 | $5 |
Stock_Plans_and_ShareBased_Com3
Stock Plans and Share-Based Compensation (Restricted Stock Grants) (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted Stock Unit and Awards Expense | $33 | $14 | $14 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance unit equivalent of CSX stock, in shares | 1 | |||||
Share-based compensation arrangement, vesting period | 5 years | |||||
Unrecognized compensation cost | 16 | |||||
Expected weighted average period of recognition for unrecognized compensation cost (in years) | 2 years | |||||
Number of Restricted Stock Awards Outstanding | 1,383,000 | [1] | 1,462,000 | [1] | 1,353,000 | [1] |
Weighted-average fair value at grant date | $25.03 | $23.89 | $21.38 | |||
Restricted Stock Unit and Awards Expense | 11 | [1] | 10 | [1] | 9 | [1] |
Unvested Restricted Stock Units and Awards Outstanding | 601,000 | 705,000 | 629,000 | |||
Weighted-Average Fair Value of Unvested Awards Outstanding | $26.40 | $24.17 | $22.48 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement, vesting period | 3 years | |||||
Long-term Incentive Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | 39 | |||||
Expected weighted average period of recognition for unrecognized compensation cost (in years) | 2 years | |||||
Weighted-average fair value at grant date | $28.13 | $25.26 | ||||
Restricted Stock Unit and Awards Expense | $19 | $2 | $3 | |||
Weighted-Average Fair Value of Unvested Awards Outstanding | $26.66 | $23.70 | $21.98 | |||
Long-term Incentive Plans [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement, vesting period | 3 years | |||||
Time Based Restricted Stock Unit Granted To Key Member Of Management | 371,000 | 524,000 | 433,000 | |||
[1] | Time-based restricted stock units were granted to certain employees under the respective Long-term Incentive Plans in the amount of 371,000, 524,000, and 433,000 in 2014, 2013 and 2012, respectively, as described below. These units vest over three years, therefore only a partial amount of expense was recognized in 2014, 2013, and 2012, respectively. |
Stock_Plans_and_ShareBased_Com4
Stock Plans and Share-Based Compensation (Long-term Incentive Plans) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | 7-May-13 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total expense incurred due to long-term incentive plans | $33 | $14 | $14 | ||||
Long-term Incentive Plans [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of payout subject to reduction | -30.00% | ||||||
Total expense incurred due to long-term incentive plans | 19 | 2 | 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Weighted-average fair value at grant date | $28.13 | $25.26 | |||||
Long-term Incentive Plans [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Payout Range | 0.00% | ||||||
Long-term Incentive Plans [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Payout Range | 200.00% | ||||||
Performance Shares [Member] | Two Thousand Thirteen Long-Term Incentive Plan (2013 LTIP) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage Of Grants With Performance Vesting, Operating Ratio | 50.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Percentage Of Grants With Performance Vesting, Return On Assets | 50.00% | ||||||
Performance Units [Member] | Long-term Incentive Plans [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance unit equivalent of CSX stock, in shares | 1 | ||||||
Number of plans | 3 | ||||||
Plan duration | 3 years | ||||||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2014 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Number of target units outstanding | 1,338,000 | [1] | |||||
Weighted-average fair value at grant date | $22.23 | [1] | |||||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2014 [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Payout Range | 0.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2014 [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Payout Range | 200.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2015 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Number of target units outstanding | 1,330,000 | [1] | |||||
Weighted-average fair value at grant date | $25.50 | [1] | |||||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2015 [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Payout Range | 0.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2015 [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Payout Range | 200.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2016 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Number of target units outstanding | 1,119,000 | [1] | |||||
Weighted-average fair value at grant date | $28.03 | [1] | |||||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2016 [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Payout Range | 0.00% | ||||||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2016 [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Payout Range | 200.00% | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance unit equivalent of CSX stock, in shares | 1 | ||||||
Total expense incurred due to long-term incentive plans | $11 | [2] | $10 | [2] | $9 | [2] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Number of target units outstanding | 1,383,000 | [2] | 1,462,000 | [2] | 1,353,000 | [2] | |
Weighted-average fair value at grant date | $25.03 | $23.89 | $21.38 | ||||
[1] | Number of target units granted and weighted-average fair value calculations above include the value of both initial grants and subsequent, smaller grants issued at different prices based on grant date fair value to new or promoted employees not previously included. | ||||||
[2] | Time-based restricted stock units were granted to certain employees under the respective Long-term Incentive Plans in the amount of 371,000, 524,000, and 433,000 in 2014, 2013 and 2012, respectively, as described below. These units vest over three years, therefore only a partial amount of expense was recognized in 2014, 2013, and 2012, respectively. |
Stock_Plans_and_ShareBased_Com5
Stock Plans and Share-Based Compensation (Restricted Stock Units) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | |
Long Term Incentive Plan - 2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Unvested, Units Outstanding, beginning balance | 1,318,000 | 1,237,000 | ||
Granted, Units Outstanding | 20,000 | 85,000 | ||
Forfeited, Units Outstanding | 0 | -4,000 | ||
Cancelled, Units Outstanding | -1,338,000 | [1] | ||
Vested, Units Outstanding | 0 | |||
Unvested, Units Outstanding, beginning balance | 0 | 1,318,000 | ||
Long Term Incentive Plan - 2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Unvested, Units Outstanding, beginning balance | 1,279,000 | 0 | ||
Granted, Units Outstanding | 52,000 | 1,354,000 | ||
Forfeited, Units Outstanding | -1,000 | -75,000 | ||
Cancelled, Units Outstanding | 0 | [1] | ||
Vested, Units Outstanding | 0 | |||
Unvested, Units Outstanding, beginning balance | 1,330,000 | 1,279,000 | ||
Long Term Incentive Plan - 2016 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Unvested, Units Outstanding, beginning balance | 0 | 0 | ||
Granted, Units Outstanding | 1,144,000 | 0 | ||
Forfeited, Units Outstanding | -25,000 | 0 | ||
Cancelled, Units Outstanding | 0 | [1] | ||
Vested, Units Outstanding | 0 | |||
Unvested, Units Outstanding, beginning balance | 1,119,000 | 0 | ||
Long-term Incentive Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | 39 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Unvested, Weighted-Average Fair Value at Grant Date, beginning balance | 23.7 | 21.98 | ||
Granted, Weighted-Average Fair Value at Grant Date | 28.13 | 25.26 | ||
Forfeited, Weighted-Average Fair Value at Grant Date | -28.07 | -25.19 | ||
Cancelled, Weighted-Average Fair Value at Grant Date | -22.23 | [1] | ||
Vested, Weighted-Average Fair Value at Grant Date | 0 | |||
Unvested, Weighted-Average Fair Value at Grant Date, beginning balance | 26.66 | 23.7 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement, vesting period | 3 years | |||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Granted, Units Outstanding | 433,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Granted, Weighted-Average Fair Value at Grant Date | 22.23 | [2] | ||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Granted, Units Outstanding | 524,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Granted, Weighted-Average Fair Value at Grant Date | 25.5 | [2] | ||
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan - 2016 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Granted, Units Outstanding | 371,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Granted, Weighted-Average Fair Value at Grant Date | 28.03 | [2] | ||
Restricted Stock Units (RSUs) [Member] | Long-term Incentive Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement, vesting period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Granted, Units Outstanding | 371,000 | 524,000 | 433,000 | |
[1] | (a) The minimum financial target was not met in 2014. As a result, there was no performance unit payout for the LTIP ended December 26, 2014. | |||
[2] | Number of target units granted and weighted-average fair value calculations above include the value of both initial grants and subsequent, smaller grants issued at different prices based on grant date fair value to new or promoted employees not previously included. |
Stock_Plans_and_ShareBased_Com6
Stock Plans and Share-Based Compensation (Stock Awards for Directors) (Details) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Expense | $33,000,000 | $14,000,000 | $14,000,000 |
Non-management Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual retainer to be paid to non-management directors, cash option | 75,000 | ||
Annual retainer to be paid to non-management directors, common stock option | 150,000 | ||
Shares Issued to Directors | 79 | 105 | 102 |
Share-Based Compensation Expense | $2,000,000 | $2,000,000 | $2,000,000 |
Weighted Average Grant Date Stock Price | $28.01 | $23.12 | $21.92 |
Casualty_Environmental_and_Oth2
Casualty, Environmental and Other Reserves (Loss Contingencies Roll Forward) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | |
Casualty Reserves [Member] | ||||
Loss Contingency Accrual [Roll Forward] | ||||
Balance at beginning of period | $280 | $325 | $372 | |
Charged to Expense | 89 | [1] | 54 | 51 |
Payments | -104 | -99 | -98 | |
Balance end of period | 265 | 280 | 325 | |
Environmental Reserves [Member] | ||||
Loss Contingency Accrual [Roll Forward] | ||||
Balance at beginning of period | 100 | 88 | 83 | |
Charged to Expense | 57 | [1] | 48 | 35 |
Payments | -63 | -36 | -30 | |
Balance end of period | 94 | 100 | 88 | |
Other Reserves [Member] | ||||
Loss Contingency Accrual [Roll Forward] | ||||
Balance at beginning of period | 71 | 64 | 64 | |
Charged to Expense | 30 | [1] | 38 | 36 |
Payments | -42 | -31 | -36 | |
Balance end of period | 59 | 71 | 64 | |
Casualty, Environmental and Other [Member] | ||||
Loss Contingency Accrual [Roll Forward] | ||||
Balance at beginning of period | 451 | 477 | 519 | |
Charged to Expense | 176 | [1] | 140 | 122 |
Payments | -209 | -166 | -164 | |
Balance end of period | $418 | $451 | $477 | |
[1] | Increase in expense in 2014 is primarily due to the resolution of personal injury claims for prior years. |
Casualty_Environmental_and_Oth3
Casualty, Environmental and Other Reserves (Loss Contingencies Accrual) (Details) (USD $) | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | Dec. 30, 2011 |
In Millions, unless otherwise specified | ||||
Contingencies [Line Items] | ||||
Casualty, Environmental and Other Reserves | $142 | $151 | ||
Loss Contingency, Accrual, Noncurrent | 276 | 300 | ||
Casualty [Member] | ||||
Contingencies [Line Items] | ||||
Casualty, Environmental and Other Reserves | 76 | 72 | ||
Loss Contingency, Accrual, Noncurrent | 189 | 208 | ||
Loss Contingency Accrual | 265 | 280 | 325 | 372 |
Personal Injury [Member] | ||||
Contingencies [Line Items] | ||||
Casualty, Environmental and Other Reserves | 68 | 59 | ||
Loss Contingency, Accrual, Noncurrent | 123 | 148 | ||
Loss Contingency Accrual | 191 | 207 | ||
Occupational [Member] | ||||
Contingencies [Line Items] | ||||
Casualty, Environmental and Other Reserves | 3 | 3 | ||
Loss Contingency, Accrual, Noncurrent | 15 | 20 | ||
Loss Contingency Accrual | 18 | 23 | ||
Asbestos [Member] | ||||
Contingencies [Line Items] | ||||
Casualty, Environmental and Other Reserves | 5 | 10 | ||
Loss Contingency, Accrual, Noncurrent | 51 | 40 | ||
Loss Contingency Accrual | 56 | 50 | ||
Environmental [Member] | ||||
Contingencies [Line Items] | ||||
Casualty, Environmental and Other Reserves | 48 | 59 | ||
Loss Contingency, Accrual, Noncurrent | 46 | 41 | ||
Loss Contingency Accrual | 94 | 100 | 88 | 83 |
Other Reserves [Member] | ||||
Contingencies [Line Items] | ||||
Casualty, Environmental and Other Reserves | 18 | 20 | ||
Loss Contingency, Accrual, Noncurrent | 41 | 51 | ||
Loss Contingency Accrual | 59 | 71 | 64 | 64 |
Casualty, Environmental and Other [Member] | ||||
Contingencies [Line Items] | ||||
Casualty, Environmental and Other Reserves | 142 | 151 | ||
Loss Contingency, Accrual, Noncurrent | 276 | 300 | ||
Loss Contingency Accrual | $418 | $451 | $477 | $519 |
Casualty_Environmental_and_Oth4
Casualty, Environmental and Other Reserves (Casualty) (Details) (Casualty [Member], USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | Dec. 30, 2011 |
claims | ||||
Casualty [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | $265 | $280 | $325 | $372 |
Self-insured retention amount per injury | 50 | |||
Individual claims expected to exceed self-insured retention amount | 0 | |||
Change in estimate recorded to adjust reserves | $0 | $0 | $0 |
Casualty_Environmental_and_Oth5
Casualty, Environmental and Other Reserves (Occupational and Asbestos Claims) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 |
claims | claims | |
Occupational Casualty and Asbestos Issues [Member] | ||
Loss Contingency, Claims Quantities [Roll Forward] | ||
Open Claims - Beginning of Year | 392 | 523 |
New Claims Filed | 136 | 165 |
Claims Settled | -128 | -146 |
Claims Dismissed | -130 | -150 |
Open Claims - End of Year | 270 | 392 |
Occupational [Member] | ||
Loss Contingencies [Line Items] | ||
Time period for estimating probable claims (in years) | 7 years | |
Total liability | 18 | 23 |
Occupational [Member] | Incurred but not reported claims [Member] | ||
Loss Contingencies [Line Items] | ||
Incurred but not reported claims | 12 | 15 |
Occupational [Member] | Asserted claims [Member] | ||
Loss Contingencies [Line Items] | ||
Asserted claims | 6 | 8 |
Asbestos [Member] | ||
Loss Contingencies [Line Items] | ||
Total liability | 56 | 50 |
Asbestos [Member] | Incurred but not reported claims [Member] | ||
Loss Contingencies [Line Items] | ||
Incurred but not reported claims | 45 | 35 |
Asbestos [Member] | Asserted claims [Member] | ||
Loss Contingencies [Line Items] | ||
Asserted claims | 11 | 15 |
Carpal Tunnel Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Time period for estimating probable claims (in years) | 3 years | |
Minimum [Member] | Asbestos [Member] | ||
Loss Contingencies [Line Items] | ||
Loss contingency, latency period (in years) | 10 years | |
Maximum [Member] | Asbestos [Member] | ||
Loss Contingencies [Line Items] | ||
Loss contingency, latency period (in years) | 40 years |
Casualty_Environmental_and_Oth6
Casualty, Environmental and Other Reserves (Environmental and Other) (Details) (USD $) | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | Dec. 30, 2011 |
In Millions, unless otherwise specified | sites | |||
Environmental Reserves [Member] | ||||
Contingencies [Line Items] | ||||
Loss Contingency Accrual | $94 | $100 | $88 | $83 |
Environmental impaired site | 250 | |||
Other Reserves [Member] | ||||
Contingencies [Line Items] | ||||
Loss Contingency Accrual | $59 | $71 | $64 | $64 |
Properties_Detail_of_Net_Prope
Properties (Detail of Net Properties) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | $39,343 | $37,184 |
Accumulated Depreciation | -10,759 | -9,893 |
Properties - Net | 28,584 | 27,291 |
Road - Total [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 26,125 | 24,618 |
Accumulated Depreciation | -6,148 | -5,592 |
Properties - Net | 19,977 | 19,026 |
Road - Rail and Other Track Material [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 6,771 | 6,452 |
Accumulated Depreciation | -1,400 | -1,270 |
Properties - Net | 5,371 | 5,182 |
Annual Depreciation Rate | 2.50% | 2.90% |
Depreciation Method | Group Life | Group Life |
Road - Ties [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 4,807 | 4,534 |
Accumulated Depreciation | -1,060 | -947 |
Properties - Net | 3,747 | 3,587 |
Annual Depreciation Rate | 3.70% | 4.00% |
Depreciation Method | Group Life | Group Life |
Road - Grading [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 2,460 | 2,425 |
Accumulated Depreciation | -481 | -448 |
Properties - Net | 1,979 | 1,977 |
Annual Depreciation Rate | 1.40% | 1.50% |
Depreciation Method | Group Life | Group Life |
Road - Ballast [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 2,693 | 2,612 |
Accumulated Depreciation | -679 | -645 |
Properties - Net | 2,014 | 1,967 |
Annual Depreciation Rate | 2.70% | 2.80% |
Depreciation Method | Group Life | Group Life |
Road - Bridges, Trestles, and Culverts [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 2,119 | 2,008 |
Accumulated Depreciation | -278 | -250 |
Properties - Net | 1,841 | 1,758 |
Annual Depreciation Rate | 1.60% | 1.60% |
Depreciation Method | Group Life | Group Life |
Road - Signals and Interlockers [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 2,103 | 1,922 |
Accumulated Depreciation | -356 | -291 |
Properties - Net | 1,747 | 1,631 |
Annual Depreciation Rate | 4.00% | 3.40% |
Depreciation Method | Group Life | Group Life |
Road - Buildings [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 1,102 | 1,011 |
Accumulated Depreciation | -377 | -355 |
Properties - Net | 725 | 656 |
Annual Depreciation Rate | 2.50% | 2.50% |
Depreciation Method | Group Life | Group Life |
Road - Other [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 4,070 | 3,654 |
Accumulated Depreciation | -1,517 | -1,386 |
Properties - Net | 2,553 | 2,268 |
Annual Depreciation Rate | 4.20% | 4.70% |
Depreciation Method | Group Life | Group Life |
Total Equipment [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 10,108 | 9,764 |
Accumulated Depreciation | -4,526 | -4,225 |
Properties - Net | 5,582 | 5,539 |
Equipment - Locomotive [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 5,036 | 4,987 |
Accumulated Depreciation | -2,325 | -2,176 |
Properties - Net | 2,711 | 2,811 |
Annual Depreciation Rate | 3.60% | 3.60% |
Depreciation Method | Group Life | Group Life |
Equipment - Freight Cars [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 3,244 | 3,111 |
Accumulated Depreciation | -1,169 | -1,135 |
Properties - Net | 2,075 | 1,976 |
Annual Depreciation Rate | 3.20% | 3.10% |
Depreciation Method | Group Life | Group Life |
Equipment - Work Equipment and Other [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 1,828 | 1,666 |
Accumulated Depreciation | -1,032 | -914 |
Properties - Net | 796 | 752 |
Annual Depreciation Rate | 7.10% | 7.10% |
Depreciation Method | Group Life | Group Life |
Land [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 1,875 | 1,842 |
Properties - Net | 1,875 | 1,842 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 1,196 | 854 |
Properties - Net | 1,196 | 854 |
Other properties [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Cost | 39 | 106 |
Accumulated Depreciation | -85 | -76 |
Properties - Net | ($46) | $30 |
Depreciation Method | Straight Line | Straight Line |
Minimum [Member] | Road - Total [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated useful life | 8 years | 6 years |
Minimum [Member] | Road - Other [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated useful life | 8 years | |
Minimum [Member] | Total Equipment [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated useful life | 3 years | 5 years |
Minimum [Member] | Other properties [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated useful life | 4 years | 4 years |
Maximum [Member] | Road - Total [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated useful life | 90 years | 80 years |
Maximum [Member] | Road - Grading [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated useful life | 90 years | |
Maximum [Member] | Total Equipment [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated useful life | 38 years | 38 years |
Maximum [Member] | Equipment - Work Equipment and Other [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated useful life | 38 years | |
Maximum [Member] | Other properties [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated useful life | 30 years | 30 years |
Properties_Railroad_Assets_Non
Properties (Railroad Assets, Non-Railroad Assets, and Capital Expenditure) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Railroad Assets [Abstract] | |||
Percentage of assets depreciated under the group-life method | 85.00% | ||
Total fixed assets | $39,343 | $37,184 | |
Annual depreciation expense | 1,151 | 1,104 | 1,059 |
Capital Expenditures [Abstract] | |||
Percentage of labor costs relating to the deconstruction of old track (In hundredths) | 20.00% | ||
Percentage of labor costs relating to the installation of new track (In hundredths) | 80.00% | ||
Road - Total [Member] | |||
Railroad Assets [Abstract] | |||
Total fixed assets | 26,125 | 24,618 | |
Life studies, frequency period | 6 years | ||
Road - Ties [Member] | |||
Railroad Assets [Abstract] | |||
Total fixed assets | 4,807 | 4,534 | |
Number of depreciable asset categories for railroad assets | 18 | ||
Road - System Roadway Machinery [Member] | |||
Railroad Assets [Abstract] | |||
Total fixed assets | 4,070 | 3,654 | |
Road - Grading [Member] | |||
Railroad Assets [Abstract] | |||
Total fixed assets | 2,460 | 2,425 | |
Total Equipment [Member] | |||
Railroad Assets [Abstract] | |||
Total fixed assets | 10,108 | 9,764 | |
Life studies, frequency period | 3 years | ||
Equipment - Work Equipment and Other [Member] | |||
Railroad Assets [Abstract] | |||
Total fixed assets | 1,828 | 1,666 | |
Abnormal gain (loss) on operating property [Member] | |||
Railroad Assets [Abstract] | |||
Abnormal gains and losses | 0 | 65 | 104 |
Gain (loss) on non-operating property [Member] | |||
Railroad Assets [Abstract] | |||
Abnormal gains and losses | 57 | ||
Minimum [Member] | |||
Railroad Assets [Abstract] | |||
Number of depreciable asset categories for railroad assets | 130 | ||
Minimum [Member] | Road - Total [Member] | |||
Railroad Assets [Abstract] | |||
Estimated useful life | 8 years | 6 years | |
Minimum [Member] | Road - System Roadway Machinery [Member] | |||
Railroad Assets [Abstract] | |||
Estimated useful life | 8 years | ||
Minimum [Member] | Total Equipment [Member] | |||
Railroad Assets [Abstract] | |||
Estimated useful life | 3 years | 5 years | |
Minimum [Member] | Technology Assets [Member] | |||
Railroad Assets [Abstract] | |||
Estimated useful life | 3 years | ||
Maximum [Member] | Road - Total [Member] | |||
Railroad Assets [Abstract] | |||
Estimated useful life | 90 years | 80 years | |
Maximum [Member] | Road - Grading [Member] | |||
Railroad Assets [Abstract] | |||
Estimated useful life | 90 years | ||
Maximum [Member] | Total Equipment [Member] | |||
Railroad Assets [Abstract] | |||
Estimated useful life | 38 years | 38 years | |
Maximum [Member] | Equipment - Work Equipment and Other [Member] | |||
Railroad Assets [Abstract] | |||
Estimated useful life | 38 years | ||
SunRail Transaction - Sale of Corridor [Member] | |||
Railroad Assets [Abstract] | |||
Abnormal gains and losses | $43 | $94 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Lease Commitments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Operating Leased Assets [Line Items] | |||
Maximum lease term | 30 years | ||
Operating Leases [Abstract] | |||
2015 | $78 | ||
2016 | 71 | ||
2017 | 62 | ||
2018 | 54 | ||
2019 | 45 | ||
Thereafter | 210 | ||
Total | 520 | ||
Sublease Income [Abstract] | |||
2015 | -3 | ||
2016 | -2 | ||
2017 | -2 | ||
2018 | -2 | ||
2019 | -2 | ||
Thereafter | -11 | ||
Total | 22 | ||
Net Lease Commitments [Abstract] | |||
2015 | 75 | ||
2016 | 69 | ||
2017 | 60 | ||
2018 | 52 | ||
2019 | 43 | ||
Thereafter | 199 | ||
Total | 498 | ||
Rent Expense on Operating Leases [Member] | |||
Operating Leases, Rent Expense, Net [Abstract] | |||
Rent Expense on Operating Leases | $61 | $60 | $73 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Purchase Commitments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
locomotives | locomotives | locomotives | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Percentage of Locomotive Fleet Under Long-Term Maintenance Program | 42.00% | ||
Amounts Paid | $247 | $287 | $287 |
Number of locomotives under the long term maintenance plan | 1,886 | 1,886 | 1,899 |
Unrecorded Unconditional Purchase Obligation [Abstract] | |||
2014 | 963 | ||
2015 | 496 | ||
2016 | 190 | ||
2017 | 181 | ||
2018 | 170 | ||
Thereafter | 1,272 | ||
Total | 3,272 | ||
Locomotive & Maintenance Payments [Member] | |||
Unrecorded Unconditional Purchase Obligation [Abstract] | |||
2014 | 727 | ||
2015 | 474 | ||
2016 | 177 | ||
2017 | 169 | ||
2018 | 159 | ||
Thereafter | 1,203 | ||
Total | 2,909 | ||
Other Commitments [Member] | |||
Unrecorded Unconditional Purchase Obligation [Abstract] | |||
2014 | 236 | ||
2015 | 22 | ||
2016 | 13 | ||
2017 | 12 | ||
2018 | 11 | ||
Thereafter | 69 | ||
Total | $363 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Insurance and Legal) (Details) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | 31-May-07 | Dec. 26, 2014 |
entity | ||
Insurance | ||
Non-catastrophic property deductible | $25 | |
Casualty and catastrophic property deductible | 50 | |
Pending Litigation [Member] | ||
Loss Contingency, Estimate [Abstract] | ||
Minimum range of possible loss for legal proceedings | 4 | |
Maximum range of possible loss for legal proceedings | $13 | |
Fuel Surcharge Antitrust Litigation [Member] | ||
Loss Contingency, Estimate [Abstract] | ||
Number of other U.S.-based entities mentioned in class action lawsuit | 3 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Environmental Matters) (Details) (Environmental Litigation [Member]) | 12 Months Ended |
Dec. 26, 2014 | |
counterparty | |
mi | |
Environmental Litigation [Member] | |
Loss Contingencies [Line Items] | |
Number of miles pertaining to Passaic River tidal reach required to be studied by EPA | 17 |
Number Of Potentially Responsible Parties In Connection With Environmental Liabilities For Operations Conducted Near Passaic River | 60 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary of Participants) (Details) | Dec. 27, 2013 | |
employees | ||
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Active Employees | 5,136 | |
Retirees and Beneficiaries | 11,699 | |
Other | 5,444 | [1] |
Total | 22,279 | |
Post-retirement Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Active Employees | 2,031 | |
Retirees and Beneficiaries | 12,148 | |
Other | 87 | [1] |
Total | 14,266 | |
[1] | For pension plans, the other category consists mostly of terminated but vested former employees. For post-retirement plans, the other category consists of employees on long-term disability that have not yet retired. |
Employee_Benefit_Plans_Cash_Fl
Employee Benefit Plans (Cash Flows) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2014 | Dec. 28, 2012 | Dec. 26, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer minimum required contribution | $25 | ||
Significant expected contributions | 0 | ||
Pension Benefits [Member] | |||
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
2015 | 207 | ||
2016 | 188 | ||
2017 | 188 | ||
2018 | 185 | ||
2019 | 186 | ||
2020-2023 | 931 | ||
Total | 1,885 | ||
Post-retirement Benefits [Member] | |||
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
2015 | 37 | ||
2016 | 34 | ||
2017 | 33 | ||
2018 | 30 | ||
2019 | 28 | ||
2020-2023 | 114 | ||
Total | 276 | ||
Qualified Employer Contributions [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Contributions | $275 |
Employee_Benefit_Plans_Plan_As
Employee Benefit Plans (Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Distribution of pension plan assets | $2,504 | $2,500 |
Equity, Percent of Total Assets | 100.00% | 100.00% |
Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Targeted and established equity allocation (in hundredths) | 70.00% | |
Targeted allocation of total plan assets in domestic equity (in hundredths) | 42.00% | |
Targeted allocation of total plan assets in international equity (in hundredths) | 28.00% | |
Percentage within which the planned allocation is managed (in hundredths) | 3.00% | |
Distribution of pension plan assets | 1,715 | 1,619 |
Equity, Percent of Total Assets | 68.00% | 65.00% |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Targeted and established equity allocation (in hundredths) | 30.00% | |
Distribution of pension plan assets | 740 | 795 |
Equity, Percent of Total Assets | 30.00% | 32.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Distribution of pension plan assets | $49 | $86 |
Equity, Percent of Total Assets | 2.00% | 3.00% |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans (Benefit Obligation, Plan Assets and Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at End of Plan Year | $2,504 | $2,500 | |
Pension Benefits [Member] | |||
Actuarial Present Value of Benefit Obligation [Abstract] | |||
Accumulated Benefit Obligation | 2,849 | 2,538 | |
Projected Benefit Obligation | 3,002 | 2,679 | 2,954 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected Benefit Obligation at Beginning of Year | 2,679 | 2,954 | |
Service Cost | 44 | 49 | 44 |
Interest Cost | 123 | 108 | 123 |
Plan Participants' Contributions | 0 | 0 | |
Workforce Reduction Program/Curtailment | 27 | 0 | |
Actuarial Loss (Gain) | 333 | -275 | |
Benefits Paid | -204 | -157 | |
Benefit Obligation at End of Plan Year | 3,002 | 2,679 | 2,954 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Plan Year | 2,500 | 2,294 | |
Actual Return on Plan Assets | 195 | 350 | |
Plan Participants' Contributions | 0 | 0 | |
Benefits Paid | -204 | -157 | |
Fair Value of Plan Assets at End of Plan Year | 2,504 | 2,500 | 2,294 |
Funded Status at End of Plan Year | -498 | -179 | |
Post-retirement Benefits [Member] | |||
Actuarial Present Value of Benefit Obligation [Abstract] | |||
Projected Benefit Obligation | 340 | 350 | 415 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected Benefit Obligation at Beginning of Year | 350 | 415 | |
Service Cost | 3 | 3 | 4 |
Interest Cost | 13 | 13 | 16 |
Plan Participants' Contributions | 7 | 8 | |
Workforce Reduction Program/Curtailment | 8 | 0 | |
Actuarial Loss (Gain) | -8 | -49 | |
Benefits Paid | -33 | -40 | |
Benefit Obligation at End of Plan Year | 340 | 350 | 415 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Plan Year | 0 | 0 | |
Actual Return on Plan Assets | 0 | 0 | |
Plan Participants' Contributions | 7 | 8 | |
Benefits Paid | -33 | -40 | |
Fair Value of Plan Assets at End of Plan Year | 0 | 0 | 0 |
Funded Status at End of Plan Year | -340 | -350 | |
Qualified Employer Contributions [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer Contributions | 275 | ||
Non-qualified Employer Contributions [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer Contributions | 13 | 13 | |
Non-qualified Employer Contributions [Member] | Post-retirement Benefits [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer Contributions | $26 | $32 |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans (Amounts Recoreded in Consolidated Balance Sheets) (Details) (USD $) | Dec. 26, 2014 | Dec. 27, 2013 | ||
In Millions, unless otherwise specified | ||||
Pension Benefits [Member] | ||||
Amounts Recorded in Consolidated Balance Sheets [Abstract] | ||||
Long-term Assets | $9 | [1] | $44 | [1] |
Current Liabilities | -15 | -14 | ||
Long-term Liabilities | -492 | -209 | ||
Net Amount Recognized in Consolidated Balance Sheet | -498 | -179 | ||
Post-retirement Benefits [Member] | ||||
Amounts Recorded in Consolidated Balance Sheets [Abstract] | ||||
Long-term Assets | 0 | 0 | ||
Current Liabilities | -37 | -38 | ||
Long-term Liabilities | -303 | -312 | ||
Net Amount Recognized in Consolidated Balance Sheet | ($340) | ($350) | ||
[1] | Long-term assets as of December 2014 relate to one of the qualified pension plans whose assets exceed projected benefit obligations. |
Employee_Benefit_Plans_Benefit1
Employee Benefit Plans (Benefit Obligations in Excess of Plan Assets) (Details) (USD $) | Dec. 26, 2014 | Dec. 27, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Total fair value of all plans | $2,504 | $2,500 |
Projected Benefit Obligation: | ||
Aggregate Fair Value of Plan Assets | 2,461 | |
Aggregate Projected Benefit Obligation | -2,968 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Aggregate Fair Value of Plan Assets | 2,461 | |
Aggregate Projected Benefit Obligation | ($2,815) |
Employee_Benefit_Plans_Net_Ben
Employee Benefit Plans (Net Benefit Expense) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | |||
Pension Benefits [Member] | ||||||
Components of expense/ (income) related to net benefit expense [Abstract] | ||||||
Service Cost | $44 | $49 | $44 | |||
Interest Cost | 123 | 108 | 123 | |||
Expected Return on Plan Assets | -166 | -162 | -166 | |||
Amortization of Net Loss | 57 | [1] | 100 | [1] | 82 | |
Amortization of Prior Service Cost | 0 | [2] | 0 | [2] | 0 | |
Net Periodic Benefit Expense | 58 | 95 | 83 | |||
defined benefit, special termination benefits/curtailments | 27 | [3] | 0 | [3] | 0 | [3] |
Settlement gain | -1 | -2 | -2 | [4] | ||
Total Expense | 84 | 93 | 81 | |||
Post-retirement Benefits [Member] | ||||||
Components of expense/ (income) related to net benefit expense [Abstract] | ||||||
Service Cost | 3 | 3 | 4 | |||
Interest Cost | 13 | 13 | 16 | |||
Expected Return on Plan Assets | 0 | 0 | 0 | |||
Amortization of Net Loss | 5 | [1] | 14 | [1] | 9 | |
Amortization of Prior Service Cost | -1 | [2] | -1 | [2] | -1 | |
Net Periodic Benefit Expense | 20 | 29 | 28 | |||
defined benefit, special termination benefits/curtailments | 8 | [3] | 0 | [3] | 0 | [3] |
Settlement gain | 0 | 0 | 0 | [4] | ||
Total Expense | $28 | $29 | $28 | |||
[1] | Amortization of net losses estimated to be expensed for 2015 is approximately $70 million and $5 million for pension benefits and post-retirement benefits, respectively. The increase in amortization is largely related to the impact of lower discount rates and adoption of new mortality tables, partially offset by favorable pension asset experience. | |||||
[2] | Amortization of prior service costs estimated to be expensed in 2015 is less than $1 million for pension benefits. The estimated post-retirement benefits amount to be credited to expense for 2015 is $1 million. | |||||
[3] | These charges result from a management workforce reduction program that was initiated in 2014. For further information regarding the program, see Note 1. Nature of Operations and Significant Accounting Policies. | |||||
[4] | Settlement gains were recognized as one of the pension plan's lump-sum payments exceeded the sum of the service cost and interest cost recognized. The gain is the recognition of a portion of its accumulated other comprehensive income related to that plan. |
Employee_Benefit_Plans_Pension
Employee Benefit Plans (Pension and Other Post-Employment Benefits Adjustments) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | |||
Pension Benefits [Member] | ||||||
Components of other comprehensive loss (income) [Abstract] | ||||||
Losses (Gains) | $305 | ($462) | ||||
Expense (Income) recognized in income statement [Abstract] | ||||||
Amortization of net losses | 57 | [1] | 100 | [1] | 82 | |
Settlement gain | -1 | -2 | -2 | [2] | ||
Amortization of prior service cost | 0 | [3] | 0 | [3] | 0 | |
Estimated amount to be expensed in the future period | 70 | |||||
Remaining prior service costs to be expensed in future period | 1 | |||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||
Losses | 908 | |||||
Prior Service Costs (Credits) | 0 | |||||
Total | 908 | |||||
Post-retirement Benefits [Member] | ||||||
Components of other comprehensive loss (income) [Abstract] | ||||||
Losses (Gains) | -8 | -48 | ||||
Expense (Income) recognized in income statement [Abstract] | ||||||
Amortization of net losses | 5 | [1] | 14 | [1] | 9 | |
Settlement gain | 0 | 0 | 0 | [2] | ||
Amortization of prior service cost | -1 | [3] | -1 | [3] | -1 | |
Estimated amount to be expensed in the future period | 5 | |||||
Remaining prior service costs to be expensed in future period | 1 | |||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||
Losses | 59 | |||||
Prior Service Costs (Credits) | -1 | |||||
Total | $58 | |||||
[1] | Amortization of net losses estimated to be expensed for 2015 is approximately $70 million and $5 million for pension benefits and post-retirement benefits, respectively. The increase in amortization is largely related to the impact of lower discount rates and adoption of new mortality tables, partially offset by favorable pension asset experience. | |||||
[2] | Settlement gains were recognized as one of the pension plan's lump-sum payments exceeded the sum of the service cost and interest cost recognized. The gain is the recognition of a portion of its accumulated other comprehensive income related to that plan. | |||||
[3] | Amortization of prior service costs estimated to be expensed in 2015 is less than $1 million for pension benefits. The estimated post-retirement benefits amount to be credited to expense for 2015 is $1 million. |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans (Weighted-Average Assumptions) (Details) | 12 Months Ended | |
Dec. 26, 2014 | Dec. 27, 2013 | |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Benefit Cost for Plan Year | 7.50% | 7.75% |
Benefit Obligation at End of Plan Year | 7.25% | 7.50% |
Benefit Cost for Plan Year | 4.75% | 3.75% |
Benefit Obligation at End of Plan Year | 4.00% | 4.75% |
Salary Scale Inflation | 3.75% | 3.75% |
Post-retirement Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Benefit Cost for Plan Year | 4.25% | 3.20% |
Benefit Obligation at End of Plan Year | 3.60% | 4.25% |
Employee_Benefit_Plans_Health_
Employee Benefit Plans (Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 |
Maximum [Member] | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Effect of a one percent increase on service and interest costs | 1 | |
Effect of a one percent increase on postretirement benefit obligation | 1 | |
Post-retirement Benefits [Member] | ||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Expected rates assumed in health care costs trend rates for medical plans (in hundreds) | 4.75% | |
Components of Benefit Cost: Non-Medicare Eligible | 8.00% | 8.50% |
Components of Benefit Cost: Medicare Eligible | 7.50% | 8.00% |
Benefit Obligations: Non-Medicare Eligible | 8.00% | 8.00% |
Benefit Obligations: Medicare Eligible | 7.50% | 7.50% |
Employee_Benefit_Plans_Medicar
Employee Benefit Plans (Medicare Prescription Drug and Other Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Amount of premium expenses incurred under the plan | $37 | $41 | $46 |
Expense associated with savings plans | $41 | $37 | $29 |
Debt_and_Credit_Agreements_Lon
Debt and Credit Agreements (Long-term Debt Instruments) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | ||
Debt Instrument [Line Items] | ||||
Total Long-term Debt Maturities (including current portion) | $9,742 | $9,555 | ||
Less Debt Due within One Year | -228 | -533 | ||
Long-term Debt (excluding current portion) | 9,514 | 9,022 | ||
Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Average Interest Rates (in hundredths) | 5.50% | |||
Total Long-term Debt Maturities (including current portion) | 9,456 | 8,935 | ||
Equipment Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Average Interest Rates (in hundredths) | 6.30% | [1] | ||
Total Long-term Debt Maturities (including current portion) | 277 | [1] | 602 | [1] |
Capital Leases [Member] | ||||
Debt Instrument [Line Items] | ||||
Average Interest Rates (in hundredths) | 13.50% | |||
Total Long-term Debt Maturities (including current portion) | 8 | 16 | ||
Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Average Interest Rates (in hundredths) | 1.00% | |||
Total Long-term Debt Maturities (including current portion) | $1 | $2 | ||
[1] | These obligations are secured by an interest in certain railroad equipment. |
Debt_and_Credit_Agreements_Deb
Debt and Credit Agreements (Debt Issuance) (Details) (USD $) | 1 Months Ended |
Jul. 31, 2014 | |
Debt Instrument [Line Items] | |
Other expense recognized for early redemption premium | $16,000,000 |
Early redemption amount | 663,000,000 |
Notes Payable [Member] | Redeemable Notes Due 2024 [Member] | |
Debt Instrument [Line Items] | |
Face amount of debt issued | 550,000,000 |
Notes issued, interest rate | 3.40% |
Notes Payable [Member] | Redeemable Notes Due 2054 [Member] | |
Debt Instrument [Line Items] | |
Face amount of debt issued | 450,000,000 |
Notes issued, interest rate | 4.50% |
Notes Payable [Member] | Secured Equipment Notes Due October 15, 2014 [Member] | |
Debt Instrument [Line Items] | |
Face amount of debt issued | 263,000,000 |
Notes issued, interest rate | 8.38% |
Notes Payable [Member] | CSX's Notes Payable Maturing April 1, 2015 [Member] | |
Debt Instrument [Line Items] | |
Face amount of debt issued | $400,000,000 |
Notes issued, interest rate | 6.25% |
Debt_and_Credit_Agreements_Lon1
Debt and Credit Agreements (Long-term Debt Maturities) (Details) (USD $) | Dec. 26, 2014 | Dec. 27, 2013 |
In Millions, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ||
2015 | $228 | $533 |
2016 | 21 | |
2017 | 631 | |
2018 | 619 | |
2019 | 518 | |
Thereafter | 7,725 | |
Total Long-term Debt Maturities (including current portion) | $9,742 | $9,555 |
Debt_and_Credit_Agreements_Cre
Debt and Credit Agreements (Credit Facilities and Receivable Securitization Facility) (Details) (USD $) | 12 Months Ended |
Dec. 26, 2014 | |
Line of Credit Facility [Line Item] | |
Line of Credit Facility, Covenant Compliance | At December 2014, CSX was in compliance with all covenant requirements under the facilities. |
Accounts Receivable Securitization Credit Facility [Member] | |
Line of Credit Facility [Line Item] | |
Line of credit facility, current borrowing capacity | 250,000,000 |
Line of Credit Facility, Expiration Date | 20-Jun-17 |
Line of credit facility, amount outstanding | 0 |
Line of Credit Facility Total Expiration Period | 3 years |
Unsecured Revolving Credit Facility, Current [Member] | |
Line of Credit Facility [Line Item] | |
Line of credit facility, current borrowing capacity | 1,000,000,000 |
Line of credit facility, amount outstanding | 0 |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Item] | |
Line of Credit Facility, Expiration Date | 30-Sep-16 |
Other_Income_Net_Details
Other Income - Net (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jul. 31, 2014 | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | |||
Other Income and Expenses [Abstract] | |||||||
Interest Income | $5 | $8 | $5 | ||||
Income from Real Estate Operations | 23 | 23 | 81 | ||||
Miscellaneous Expense | -52 | [1] | -20 | [1] | -13 | [1] | |
Total Other (Expense) Income - Net | -24 | 11 | 73 | ||||
Gross Revenue from Real Estate Operations included above | 47 | 48 | 106 | ||||
Change in Miscellaneous Expense | 32 | ||||||
Environmental Remediation Expense | 17 | ||||||
Other expense recognized for early redemption premium | $16 | ||||||
[1] | Miscellaneous expense increased $32 million primarily due to an increase in estimated environmental cleanup costs of $17 million related to non-operating activities as well as costs of $16 million associated with the early redemption of long-term debt. |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Earnings From Continuing Operations [Abstract] | |||
Earnings Before Income Taxes | $3,044 | $2,922 | $2,971 |
Current: | |||
Federal | 729 | 671 | 450 |
State | 90 | 87 | 66 |
Subtotal Current | 819 | 758 | 516 |
Deferred: | |||
Federal | 291 | 285 | 530 |
State | 7 | 15 | 62 |
Subtotal Deferred | 298 | 300 | 592 |
Income Tax Expense (Benefit) | $1,117 | $1,058 | $1,108 |
Income_Taxes_Income_Tax_Reconc
Income Taxes (Income Tax Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Reconciliation between the statutory income tax rate and the effective income tax rate [Abstract] | |||
Federal Income Taxes | $1,066 | $1,023 | $1,040 |
State Income Taxes | 61 | 65 | 81 |
Other | -10 | -30 | -13 |
Income Tax Expense (Benefit) | 1,117 | 1,058 | 1,108 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal Income Taxes | 35.00% | 35.00% | 35.00% |
State Income Taxes | 2.00% | 2.20% | 2.80% |
Other | -0.30% | -1.00% | -0.40% |
Income Tax Rate | 36.70% | 36.20% | 37.40% |
State and Local Jurisdiction [Member] | |||
Reconciliation between the statutory income tax rate and the effective income tax rate [Abstract] | |||
State Income Taxes | $31 | $42 | $20 |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Tax Assets and Liabilities) (Details) (USD $) | Dec. 26, 2014 | Dec. 27, 2013 |
In Millions, unless otherwise specified | ||
Components of Deferred Tax Assets [Abstract] | ||
Pension Plans | $188 | $67 |
Other Employee Benefit Plans | 306 | 299 |
Other | 256 | 257 |
Total | 750 | 623 |
Components of Deferred Tax Liabilities [Abstract] | ||
Accelerated Depreciation | 9,133 | 8,868 |
Other | 334 | 262 |
Total | 9,467 | 9,130 |
Net Deferred Income Tax Liabilities | $8,717 | $8,507 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Income Tax Disclosure [Abstract] | |||
Amount of unrecognized tax benefits that may favorably effect the effective income tax rate | $13 | $15 | $17 |
Amount of unrecognized tax benefits that will be resolved over next twelve months | 2 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of the year | 23 | 24 | 22 |
Additions based on tax positions related to current year | 2 | 2 | 6 |
Additions based on tax positions related to prior years | 3 | 5 | 3 |
Reductions based on tax positions related to prior years | 0 | -6 | -1 |
Settlements with taxing authorities | 0 | 0 | 0 |
Lapse of statute of limitations | -7 | -2 | -6 |
Balance at end of the year | $21 | $23 | $24 |
Income_Taxes_Income_Taxes_Unce
Income Taxes (Income Taxes Uncertainties) (Details) (USD $) | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
In Millions, unless otherwise specified | |||
Income Tax Uncertainties [Abstract] | |||
Reduction (Increase) to income tax reserves due to interest and penalties of prior year tax positions | $1 | ($1) | ($8) |
Previously recorded liabilities for interest and penalties of prior period tax audits | $1 | $2 | $3 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (Corporate Joint Venture [Member], USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | |
Related Party Transaction [Line Items] | ||||
Difference between carrying amount and underlying equity | $355 | |||
Interest expense | 3 | 4 | 4 | |
Economic interest in related party which is also an equity method investment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage economic interest in related party | 42.00% | |||
Voting interest in related party which is also an equity method investment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage economic interest in related party | 50.00% | |||
Long-term Debt [Member] | CSXT Promissory Note Related Party October 2044 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Promissory Notes Payable to Conrail Subsidiary | 151 | [1] | ||
Notes issued, interest rate | 2.89% | [1] | ||
Long-term Debt [Member] | CSXT Promissory Note Related Party March 2035 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Promissory Notes Payable to Conrail Subsidiary | 23 | |||
Notes issued, interest rate | 4.52% | 4.52% | ||
Long-term Debt [Member] | CSX Promissory Note Related Party October 2035 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Promissory Notes Payable to Conrail Subsidiary | $73 | |||
Notes issued, interest rate | 4.40% | 4.40% | ||
[1] | Promissory notes payable to Conrail are included on the consolidated balance sheet of CSX as long-term debt. |
Related_Party_Transactions_Fut
Related Party Transactions (Future Lease Payment under Asset Agreement) (Details) (USD $) | Dec. 26, 2014 |
In Millions, unless otherwise specified | |
Related Party Transaction [Line Items] | |
2015 | $78 |
2016 | 71 |
2017 | 62 |
2018 | 54 |
2019 | 45 |
Thereafter | 210 |
Total | 520 |
Corporate Joint Venture [Member] | |
Related Party Transaction [Line Items] | |
2015 | 26 |
2016 | 26 |
2017 | 26 |
2018 | 26 |
2019 | 26 |
Thereafter | 124 |
Total | $254 |
Related_Party_Transactions_Con
Related Party Transactions (Consolidated Income Statements Components) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Related Party Amounts Consolidated Income Statements [Abstract] | |||
Equity earnings of Conrail | $0 | $0 | $0 |
Corporate Joint Venture [Member] | Materials, Supplies and Other [Member] | |||
Related Party Amounts Consolidated Income Statements [Abstract] | |||
Rents, Fees and Services | 124 | 115 | 139 |
Purchase Price Amortization and Other | 4 | 4 | 4 |
Equity earnings of Conrail | -31 | -35 | -26 |
Total Conrail Rents, Fees and Services | $97 | $84 | $117 |
Related_Party_Transactions_Con1
Related Party Transactions (Consolidated Balance Sheets Components) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | |
Related Party Transaction [Line Items] | |||
CSX Payable to Conrail | $0 | $0 | |
CSXT Promissory Note Related Party October 2044 [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties, Current | 3 | ||
Corporate Joint Venture [Member] | Accounts Payable [Member] | |||
Related Party Transaction [Line Items] | |||
CSX Payable to Conrail | 54 | 172 | |
Corporate Joint Venture [Member] | Accounts Payable [Member] | Related Party Accounts Payable Converted to a Note [Member] | |||
Related Party Transaction [Line Items] | |||
CSX Payable to Conrail | 125 | ||
Corporate Joint Venture [Member] | Long-term Debt [Member] | CSX Promissory Note Related Party October 2044 [Member] | |||
Related Party Transaction [Line Items] | |||
Promissory Notes Payable to Conrail Subsidiary | 73 | [1] | |
Notes issued, interest rate | 2.89% | [1] | |
Corporate Joint Venture [Member] | Long-term Debt [Member] | CSX Promissory Note Related Party October 2035 [Member] | |||
Related Party Transaction [Line Items] | |||
Promissory Notes Payable to Conrail Subsidiary | 73 | ||
Notes issued, interest rate | 4.40% | 4.40% | |
Corporate Joint Venture [Member] | Long-term Debt [Member] | Total Related Party Promissory Notes, October 2044 [Member] | |||
Related Party Transaction [Line Items] | |||
Promissory Notes Payable to Conrail Subsidiary | 224 | ||
Corporate Joint Venture [Member] | Long-term Debt [Member] | CSXT Promissory Note Related Party October 2044 [Member] | |||
Related Party Transaction [Line Items] | |||
Promissory Notes Payable to Conrail Subsidiary | 151 | [1] | |
Notes issued, interest rate | 2.89% | [1] | |
Corporate Joint Venture [Member] | Long-term Debt [Member] | CSXT Promissory Note Related Party March 2035 [Member] | |||
Related Party Transaction [Line Items] | |||
Promissory Notes Payable to Conrail Subsidiary | $23 | ||
Notes issued, interest rate | 4.52% | 4.52% | |
[1] | Promissory notes payable to Conrail are included on the consolidated balance sheet of CSX as long-term debt. |
Investments_and_Longterm_Debt_
(Investments and Long-term Debt) (Details) (USD $) | Dec. 26, 2014 | Dec. 27, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | $453 | $668 |
Certificates of Deposit and Commercial Paper [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 250 | 472 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 141 | 132 |
Government securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 51 | 49 |
Auction Rate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 11 | 15 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 453 | 668 |
Fair Value [Member] | Less than 1 year [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 292 | 487 |
Fair Value [Member] | 1 - 2 years [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 45 | 58 |
Fair Value [Member] | 2 - 5 years [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 100 | 105 |
Fair Value [Member] | Greater than 5 years [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 16 | 18 |
Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 0 | 0 |
Fair Value [Member] | Level 1 [Member] | Certificates of Deposit and Commercial Paper [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 0 | 0 |
Fair Value [Member] | Level 1 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 0 | 0 |
Fair Value [Member] | Level 1 [Member] | Government securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 0 | 0 |
Fair Value [Member] | Level 1 [Member] | Auction Rate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 0 | 0 |
Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 442 | 653 |
Long-term Debt Including Current Maturities | 11,042 | 10,354 |
Fair Value [Member] | Level 2 [Member] | Certificates of Deposit and Commercial Paper [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 250 | 472 |
Fair Value [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 141 | 132 |
Fair Value [Member] | Level 2 [Member] | Government securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 51 | 49 |
Fair Value [Member] | Level 2 [Member] | Auction Rate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 0 | 0 |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 11 | 15 |
Fair Value [Member] | Level 3 [Member] | Certificates of Deposit and Commercial Paper [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 0 | 0 |
Fair Value [Member] | Level 3 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 0 | 0 |
Fair Value [Member] | Level 3 [Member] | Government securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 0 | 0 |
Fair Value [Member] | Level 3 [Member] | Auction Rate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments at fair value | 11 | 15 |
Amortized Cost Basis [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized cost basis of investments | 453 | 668 |
Amortized Cost Basis [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt Including Current Maturities | $9,742 | $9,555 |
Fair_Value_Measurements_Pensio
Fair Value Measurements (Pension Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | $2,504 | $2,500 |
Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment Committee equity target allocation percentage of pension assets | 70.00% | |
Pension plan assets at fair value | 1,715 | 1,619 |
Information technology [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 177 | 173 |
Health care [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 133 | 126 |
Consumer discretionary [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 125 | 152 |
Financials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 116 | 116 |
Industrials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 90 | 108 |
Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 51 | 59 |
Consumer staples [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 42 | 43 |
Materials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 20 | 29 |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 33 | 31 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment Committee equity target allocation percentage of pension assets | 30.00% | |
Pension plan assets at fair value | 740 | 795 |
Mutual funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 20 | 17 |
Cash equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 1 | 0 |
Common trust funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 611 | 553 |
Corporate bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 539 | 568 |
Partnerships [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 365 | 314 |
Government securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 164 | 186 |
Asset-backed securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 15 | 24 |
Derivatives and other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 2 | 1 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 808 | 854 |
Level 1 [Member] | Information technology [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 177 | 173 |
Level 1 [Member] | Health care [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 133 | 126 |
Level 1 [Member] | Consumer discretionary [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 125 | 152 |
Level 1 [Member] | Financials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 116 | 116 |
Level 1 [Member] | Industrials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 90 | 108 |
Level 1 [Member] | Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 51 | 59 |
Level 1 [Member] | Consumer staples [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 42 | 43 |
Level 1 [Member] | Materials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 20 | 29 |
Level 1 [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 33 | 31 |
Level 1 [Member] | Mutual funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 20 | 17 |
Level 1 [Member] | Cash equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 1 | 0 |
Level 1 [Member] | Common trust funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 1 [Member] | Corporate bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 1 [Member] | Partnerships [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 1 [Member] | Government securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 1 [Member] | Asset-backed securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 1 [Member] | Derivatives and other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 1,696 | 1,646 |
Level 2 [Member] | Information technology [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Health care [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Consumer discretionary [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Financials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Industrials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Consumer staples [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Materials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Mutual funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Cash equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Common trust funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 611 | 553 |
Level 2 [Member] | Corporate bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 539 | 568 |
Level 2 [Member] | Partnerships [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 365 | 314 |
Level 2 [Member] | Government securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 164 | 186 |
Level 2 [Member] | Asset-backed securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 15 | 24 |
Level 2 [Member] | Derivatives and other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 2 | 1 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Information technology [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Health care [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Consumer discretionary [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Financials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Industrials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Energy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Consumer staples [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Materials [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Mutual funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Cash equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Common trust funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Corporate bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Partnerships [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Government securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Asset-backed securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Derivatives and other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | $0 | $0 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Comprehensive Earnings | $1,784 | $2,277 | $1,802 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | -523 | -936 | -875 |
Other Comprehensive Income (Loss): | |||
Income (Loss) Before Reclassifications | -293 | 534 | -181 |
Loss (Income) Reclassified to Net Earnings | 62 | 109 | 87 |
Tax (Expense) Benefit | 88 | -230 | 33 |
Other Comprehensive (Loss) Income, Net of Tax | -143 | 413 | -61 |
Ending Balance | -666 | -523 | -936 |
Pension and Other Post-Employment Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | -462 | -851 | -799 |
Other Comprehensive Income (Loss): | |||
Income (Loss) Before Reclassifications | -297 | 510 | -172 |
Loss (Income) Reclassified to Net Earnings | 60 | 111 | 88 |
Tax (Expense) Benefit | 88 | -232 | 32 |
Other Comprehensive (Loss) Income, Net of Tax | -149 | 389 | -52 |
Ending Balance | -611 | -462 | -851 |
Other | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | -61 | -85 | -76 |
Other Comprehensive Income (Loss): | |||
Income (Loss) Before Reclassifications | 4 | 24 | -9 |
Loss (Income) Reclassified to Net Earnings | 2 | -2 | -1 |
Tax (Expense) Benefit | 0 | 2 | 1 |
Other Comprehensive (Loss) Income, Net of Tax | 6 | 24 | -9 |
Ending Balance | ($55) | ($61) | ($85) |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 26, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $3,192 | $3,221 | $3,244 | $3,012 | $3,032 | $2,985 | $3,046 | $2,963 | $12,669 | $12,026 | $11,763 |
Operating Income | 901 | 976 | 997 | 739 | 813 | 840 | 940 | 880 | 3,613 | 3,473 | 3,464 |
Net Earnings | $491 | $509 | $529 | $398 | $426 | $455 | $521 | $462 | $1,927 | $1,864 | $1,863 |
Earnings Per Share, Basic (dollars per share) | $0.49 | $0.51 | $0.53 | $0.40 | $0.42 | $0.45 | $0.51 | $0.45 | $1.93 | $1.83 | $1.80 |
Earnings Per Share, Assuming Dilution (dollars per share) | $0.49 | $0.51 | $0.53 | $0.40 | $0.42 | $0.45 | $0.51 | $0.45 | $1.92 | $1.83 | $1.79 |
Summarized_Consolidating_Finan2
Summarized Consolidating Financial Data (Income Statements) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 26, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Consolidated Income Statement | |||||||||||
Revenue | $3,192 | $3,221 | $3,244 | $3,012 | $3,032 | $2,985 | $3,046 | $2,963 | $12,669 | $12,026 | $11,763 |
Operating Expenses | 9,056 | 8,553 | 8,299 | ||||||||
Operating Income | 901 | 976 | 997 | 739 | 813 | 840 | 940 | 880 | 3,613 | 3,473 | 3,464 |
Equity in Earnings of Subsidiaries | 0 | 0 | 0 | ||||||||
Interest Expense | -545 | -562 | -566 | ||||||||
Other Income - Net | -24 | 11 | 73 | ||||||||
Earnings Before Income Taxes | 3,044 | 2,922 | 2,971 | ||||||||
Income Tax Benefit (Expense) | -1,117 | -1,058 | -1,108 | ||||||||
Net Earnings | 491 | 509 | 529 | 398 | 426 | 455 | 521 | 462 | 1,927 | 1,864 | 1,863 |
Comprehensive Earnings | 1,784 | 2,277 | 1,802 | ||||||||
CSX Corporation | |||||||||||
Consolidated Income Statement | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Operating Expenses | -427 | -371 | -355 | ||||||||
Operating Income | 427 | 371 | 355 | ||||||||
Equity in Earnings of Subsidiaries | 1,996 | 1,964 | 1,992 | ||||||||
Interest Expense | -520 | -516 | -513 | ||||||||
Nonoperating Income (Expense) | -3 | ||||||||||
Other Income - Net | -19 | -7 | |||||||||
Earnings Before Income Taxes | 1,884 | 1,812 | 1,831 | ||||||||
Income Tax Benefit (Expense) | 43 | 52 | 32 | ||||||||
Net Earnings | 1,927 | 1,864 | 1,863 | ||||||||
Comprehensive Earnings | 1,784 | 2,277 | 1,802 | ||||||||
CSX Transportation | |||||||||||
Consolidated Income Statement | |||||||||||
Revenue | 12,590 | 11,950 | 11,696 | ||||||||
Operating Expenses | 9,585 | 9,091 | 8,779 | ||||||||
Operating Income | 3,005 | 2,859 | 2,917 | ||||||||
Equity in Earnings of Subsidiaries | 1 | -1 | -2 | ||||||||
Interest Expense | -46 | -62 | -70 | ||||||||
Nonoperating Income (Expense) | 61 | ||||||||||
Other Income - Net | -4 | -2 | |||||||||
Earnings Before Income Taxes | 2,956 | 2,794 | 2,906 | ||||||||
Income Tax Benefit (Expense) | -1,093 | -1,028 | -1,065 | ||||||||
Net Earnings | 1,863 | 1,766 | 1,841 | ||||||||
Comprehensive Earnings | 1,875 | 1,825 | 1,818 | ||||||||
Eliminations and Other | |||||||||||
Consolidated Income Statement | |||||||||||
Revenue | 79 | 76 | 67 | ||||||||
Operating Expenses | -102 | -167 | -125 | ||||||||
Operating Income | 181 | 243 | 192 | ||||||||
Equity in Earnings of Subsidiaries | -1,997 | -1,963 | -1,990 | ||||||||
Interest Expense | 21 | 16 | 17 | ||||||||
Nonoperating Income (Expense) | 15 | ||||||||||
Other Income - Net | -1 | 20 | |||||||||
Earnings Before Income Taxes | -1,796 | -1,684 | -1,766 | ||||||||
Income Tax Benefit (Expense) | -67 | -82 | -75 | ||||||||
Net Earnings | -1,863 | -1,766 | -1,841 | ||||||||
Comprehensive Earnings | ($1,875) | ($1,825) | ($1,818) |
Summarized_Consolidating_Finan3
Summarized Consolidating Financial Data (Balance Sheets) (Details) (USD $) | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | Dec. 30, 2011 |
In Millions, unless otherwise specified | ||||
Current Assets: | ||||
Cash and Cash Equivalents | $669 | $592 | $784 | $783 |
Short-term Investments | 292 | 487 | ||
Accounts Receivable - Net | 1,129 | 1,052 | ||
Receivable from Affiliates | 0 | 0 | ||
Materials and Supplies | 273 | 252 | ||
Deferred Income Taxes | 141 | 155 | ||
Other Current Assets | 68 | 64 | ||
Total Current Assets | 2,572 | 2,602 | ||
Properties | 39,343 | 37,184 | ||
Accumulated Depreciation | -10,759 | -9,893 | ||
Properties - Net | 28,584 | 27,291 | ||
Other Long-term Assets | 541 | 591 | ||
Total Assets | 33,053 | 31,782 | ||
Current Liabilities: | ||||
Accounts Payable | 845 | 957 | ||
Labor and Fringe Benefits Payable | 613 | 587 | ||
CSX Payable to Conrail | 0 | 0 | ||
Casualty, Environmental and Other Reserves | 142 | 151 | ||
Current Maturities of Long-term Debt | 228 | 533 | ||
Income and Other Taxes Payable | 163 | 91 | ||
Other Current Liabilities | 116 | 105 | ||
Total Current Liabilities | 2,107 | 2,424 | ||
Loss Contingency, Accrual, Noncurrent | 276 | 300 | ||
Long-term Debt | 9,514 | 9,022 | ||
Deferred Income Taxes | 8,858 | 8,662 | ||
Other Long-term Liabilities | 1,122 | 870 | ||
Total Liabilities | 21,877 | 21,278 | ||
Shareholders' Equity: | ||||
Common Stock, $1 Par Value | 992 | 1,009 | ||
Other Capital | 92 | 61 | ||
Retained Earnings | 10,734 | 9,936 | ||
Accumulated Other Comprehensive Loss | -666 | -523 | -936 | -875 |
Noncontrolling Minority Interest | 24 | 21 | ||
Total Shareholders' Equity | 11,176 | 10,504 | 9,136 | 8,598 |
Total Liabilities and Shareholders' Equity | 33,053 | 31,782 | ||
Investments in Conrail | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | 779 | 752 | ||
Affiliates and Other Companies | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | 577 | 546 | ||
Investments in Consolidated Subsidiaries | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | 0 | 0 | ||
CSX Corporation | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 510 | 439 | 481 | 549 |
Short-term Investments | 250 | 472 | ||
Accounts Receivable - Net | 2 | 3 | ||
Receivable from Affiliates | 1,211 | 1,141 | ||
Materials and Supplies | 0 | 0 | ||
Deferred Income Taxes | 3 | -5 | ||
Other Current Assets | 0 | 1 | ||
Total Current Assets | 1,976 | 2,051 | ||
Properties | 1 | 1 | ||
Accumulated Depreciation | -1 | -1 | ||
Properties - Net | 0 | 0 | ||
Other Long-term Assets | 178 | 217 | ||
Total Assets | 23,685 | 22,455 | ||
Current Liabilities: | ||||
Accounts Payable | 106 | 110 | ||
Labor and Fringe Benefits Payable | 38 | 38 | ||
CSX Payable to Conrail | 3,053 | 3,298 | ||
Casualty, Environmental and Other Reserves | 0 | 0 | ||
Current Maturities of Long-term Debt | 200 | 200 | ||
Income and Other Taxes Payable | -150 | -397 | ||
Other Current Liabilities | 0 | 0 | ||
Total Current Liabilities | 3,247 | 3,249 | ||
Loss Contingency, Accrual, Noncurrent | 0 | 0 | ||
Long-term Debt | 8,705 | 8,308 | ||
Deferred Income Taxes | -172 | -64 | ||
Other Long-term Liabilities | 753 | 479 | ||
Total Liabilities | 12,533 | 11,972 | ||
Shareholders' Equity: | ||||
Common Stock, $1 Par Value | 992 | 1,009 | ||
Other Capital | 92 | 61 | ||
Retained Earnings | 10,734 | 9,936 | ||
Accumulated Other Comprehensive Loss | -666 | -523 | ||
Noncontrolling Minority Interest | 0 | 0 | ||
Total Shareholders' Equity | 11,152 | 10,483 | ||
Total Liabilities and Shareholders' Equity | 23,685 | 22,455 | ||
CSX Corporation | Investments in Conrail | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | 0 | 0 | ||
CSX Corporation | Affiliates and Other Companies | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | -39 | -39 | ||
CSX Corporation | Investments in Consolidated Subsidiaries | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | 21,570 | 20,226 | ||
CSX Transportation | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 100 | 91 | 235 | 154 |
Short-term Investments | 0 | 0 | ||
Accounts Receivable - Net | 206 | 240 | ||
Receivable from Affiliates | 2,418 | 2,635 | ||
Materials and Supplies | 272 | 252 | ||
Deferred Income Taxes | 139 | 161 | ||
Other Current Assets | 61 | 57 | ||
Total Current Assets | 3,196 | 3,436 | ||
Properties | 36,888 | 34,987 | ||
Accumulated Depreciation | -9,516 | -8,778 | ||
Properties - Net | 27,372 | 26,209 | ||
Other Long-term Assets | 387 | 388 | ||
Total Assets | 31,599 | 30,645 | ||
Current Liabilities: | ||||
Accounts Payable | 707 | 809 | ||
Labor and Fringe Benefits Payable | 511 | 491 | ||
CSX Payable to Conrail | 514 | 535 | ||
Casualty, Environmental and Other Reserves | 126 | 136 | ||
Current Maturities of Long-term Debt | 29 | 333 | ||
Income and Other Taxes Payable | 293 | 479 | ||
Other Current Liabilities | 111 | 103 | ||
Total Current Liabilities | 2,291 | 2,886 | ||
Loss Contingency, Accrual, Noncurrent | 213 | 231 | ||
Long-term Debt | 809 | 714 | ||
Deferred Income Taxes | 8,827 | 8,548 | ||
Other Long-term Liabilities | 487 | 512 | ||
Total Liabilities | 12,627 | 12,891 | ||
Shareholders' Equity: | ||||
Common Stock, $1 Par Value | 181 | 181 | ||
Other Capital | 5,077 | 5,077 | ||
Retained Earnings | 13,717 | 12,514 | ||
Accumulated Other Comprehensive Loss | -31 | -43 | ||
Noncontrolling Minority Interest | 28 | 25 | ||
Total Shareholders' Equity | 18,972 | 17,754 | ||
Total Liabilities and Shareholders' Equity | 31,599 | 30,645 | ||
CSX Transportation | Investments in Conrail | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | 0 | 0 | ||
CSX Transportation | Affiliates and Other Companies | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | 644 | 612 | ||
CSX Transportation | Investments in Consolidated Subsidiaries | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | 0 | 0 | ||
Eliminations and Other | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 59 | 62 | 68 | 80 |
Short-term Investments | 42 | 15 | ||
Accounts Receivable - Net | 921 | 809 | ||
Receivable from Affiliates | -3,629 | -3,776 | ||
Materials and Supplies | 1 | 0 | ||
Deferred Income Taxes | -1 | -1 | ||
Other Current Assets | 7 | 6 | ||
Total Current Assets | -2,600 | -2,885 | ||
Properties | 2,454 | 2,196 | ||
Accumulated Depreciation | -1,242 | -1,114 | ||
Properties - Net | 1,212 | 1,082 | ||
Other Long-term Assets | -24 | -14 | ||
Total Assets | -22,231 | -21,318 | ||
Current Liabilities: | ||||
Accounts Payable | 32 | 38 | ||
Labor and Fringe Benefits Payable | 64 | 58 | ||
CSX Payable to Conrail | -3,567 | -3,833 | ||
Casualty, Environmental and Other Reserves | 16 | 15 | ||
Current Maturities of Long-term Debt | -1 | 0 | ||
Income and Other Taxes Payable | 20 | 9 | ||
Other Current Liabilities | 5 | 2 | ||
Total Current Liabilities | -3,431 | -3,711 | ||
Loss Contingency, Accrual, Noncurrent | 63 | 69 | ||
Long-term Debt | 0 | 0 | ||
Deferred Income Taxes | 203 | 178 | ||
Other Long-term Liabilities | -118 | -121 | ||
Total Liabilities | -3,283 | -3,585 | ||
Shareholders' Equity: | ||||
Common Stock, $1 Par Value | -181 | -181 | ||
Other Capital | -5,077 | -5,077 | ||
Retained Earnings | -13,717 | -12,514 | ||
Accumulated Other Comprehensive Loss | 31 | 43 | ||
Noncontrolling Minority Interest | -4 | -4 | ||
Total Shareholders' Equity | -18,948 | -17,733 | ||
Total Liabilities and Shareholders' Equity | -22,231 | -21,318 | ||
Eliminations and Other | Investments in Conrail | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | 779 | 752 | ||
Eliminations and Other | Affiliates and Other Companies | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | -28 | -27 | ||
Eliminations and Other | Investments in Consolidated Subsidiaries | ||||
Current Assets: | ||||
Investment in Affiliates, Subsidiaries, and Joint Ventures | ($21,570) | ($20,226) |
Summarized_Consolidating_Finan4
Summarized Consolidating Financial Data (Cash Flow Statements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 |
Operating Activities | |||
Net Cash Provided by Operating Activities | $3,343 | $3,267 | $2,946 |
Investing Activities | |||
Property Additions | -2,449 | -2,313 | -2,341 |
Purchase of Short-term Investments | -1,433 | -1,256 | -633 |
Proceeds from Sales of Short-term Investments | 1,674 | 1,401 | 581 |
Proceeds from Property Dispositions | 62 | 53 | 186 |
Other Investing Activities | -37 | -112 | -70 |
Net Cash Used in Investing Activities | -2,183 | -2,227 | -2,277 |
Financing Activities | |||
Long-term Debt Issued | 1,000 | 500 | 1,100 |
Long-term Debt Repaid | -933 | -780 | -508 |
Payments of Ordinary Dividends, Common Stock | -629 | -600 | -558 |
Stock Options Exercised | 0 | 9 | 14 |
Shares acquired, repurchase amount | -517 | -353 | -734 |
Other Financing Activities | -4 | -8 | 18 |
Net Cash Used in Financing Activities | -1,083 | -1,232 | -668 |
Net (Decrease) Increase in Cash and Cash Equivalents | 77 | -192 | 1 |
Cash and Cash Equivalents at Beginning of Period | 592 | 784 | 783 |
Cash and Cash Equivalents at End of Period | 669 | 592 | 784 |
CSX Corporation | |||
Operating Activities | |||
Net Cash Provided by Operating Activities | 583 | 1,004 | 579 |
Investing Activities | |||
Property Additions | 0 | 0 | 0 |
Purchase of Short-term Investments | -1,419 | -1,251 | -605 |
Proceeds from Sales of Short-term Investments | 1,642 | 1,335 | 525 |
Proceeds from Property Dispositions | 0 | 0 | 0 |
Other Investing Activities | 0 | -134 | -10 |
Net Cash Used in Investing Activities | 223 | -50 | -90 |
Financing Activities | |||
Long-term Debt Issued | 1,000 | 500 | 1,100 |
Long-term Debt Repaid | -600 | -700 | -400 |
Payments of Ordinary Dividends, Common Stock | -629 | -600 | -558 |
Stock Options Exercised | 0 | 9 | 14 |
Shares acquired, repurchase amount | -517 | -353 | -734 |
Other Financing Activities | 11 | 148 | 21 |
Net Cash Used in Financing Activities | -735 | -996 | -557 |
Net (Decrease) Increase in Cash and Cash Equivalents | 71 | -42 | -68 |
Cash and Cash Equivalents at Beginning of Period | 439 | 481 | 549 |
Cash and Cash Equivalents at End of Period | 510 | 439 | 481 |
CSX Transportation | |||
Operating Activities | |||
Net Cash Provided by Operating Activities | 3,278 | 3,005 | 2,716 |
Investing Activities | |||
Property Additions | -2,192 | -2,053 | -2,104 |
Purchase of Short-term Investments | 0 | 0 | 0 |
Proceeds from Sales of Short-term Investments | 0 | 0 | 0 |
Proceeds from Property Dispositions | 62 | 53 | 186 |
Other Investing Activities | -128 | -315 | 102 |
Net Cash Used in Investing Activities | -2,258 | -2,315 | -1,816 |
Financing Activities | |||
Long-term Debt Issued | 0 | 0 | 0 |
Long-term Debt Repaid | -333 | -80 | -106 |
Payments of Ordinary Dividends, Common Stock | -660 | -730 | -715 |
Stock Options Exercised | 0 | 0 | 0 |
Shares acquired, repurchase amount | 0 | 0 | 0 |
Other Financing Activities | -18 | -24 | 2 |
Net Cash Used in Financing Activities | -1,011 | -834 | -819 |
Net (Decrease) Increase in Cash and Cash Equivalents | 9 | -144 | 81 |
Cash and Cash Equivalents at Beginning of Period | 91 | 235 | 154 |
Cash and Cash Equivalents at End of Period | 100 | 91 | 235 |
Eliminations and Other | |||
Operating Activities | |||
Net Cash Provided by Operating Activities | -518 | -742 | -349 |
Investing Activities | |||
Property Additions | -257 | -260 | -237 |
Purchase of Short-term Investments | -14 | -5 | -28 |
Proceeds from Sales of Short-term Investments | 32 | 66 | 56 |
Proceeds from Property Dispositions | 0 | 0 | 0 |
Other Investing Activities | 91 | 337 | -162 |
Net Cash Used in Investing Activities | -148 | 138 | -371 |
Financing Activities | |||
Long-term Debt Issued | 0 | 0 | 0 |
Long-term Debt Repaid | 0 | 0 | -2 |
Payments of Ordinary Dividends, Common Stock | 660 | 730 | 715 |
Stock Options Exercised | 0 | 0 | 0 |
Shares acquired, repurchase amount | 0 | 0 | 0 |
Other Financing Activities | 3 | -132 | -5 |
Net Cash Used in Financing Activities | 663 | 598 | 708 |
Net (Decrease) Increase in Cash and Cash Equivalents | -3 | -6 | -12 |
Cash and Cash Equivalents at Beginning of Period | 62 | 68 | 80 |
Cash and Cash Equivalents at End of Period | $59 | $62 | $68 |