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CSX (CSX)

Cover Page

Cover Page3 Months Ended
Mar. 31, 2020shares
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2020
Document Transition Reportfalse
Entity File Number1-8022
Entity Registrant NameCSX CORPORATION
Entity Incorporation, State or Country CodeVA
Entity Tax Identification Number62-1051971
Entity Address, Address Line One500 Water Street
Entity Address, Address Line Two15th Floor
Entity Address, City or TownJacksonville
Entity Address, State or ProvinceFL
Entity Address, Postal Zip Code32202
City Area Code904
Local Phone Number359-3200
Title of 12(b) SecurityCommon Stock, $1 Par Value
Trading SymbolCSX
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding765,465,894
Entity Central Index Key0000277948
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ1
Amendment Flagfalse

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019[1]
Income Statement
Revenue $ 2,855 $ 3,013
Expense
Labor and Fringe606 672
Materials, Supplies and Other454 471
Depreciation344 330
Fuel192 233
Equipment and Other Rents81 88
Total Expense1,677 1,794
Operating Income1,178 1,219
Interest Expense(187)(178)
Other Income - Net22 23
Earnings Before Income Taxes1,013 1,064
Income Tax Expense(243)(230)
Net Earnings $ 770 $ 834
Per Common Share
Net Earnings Per Share, Basic (in dollars per share) $ 1 $ 1.02
Net Earnings Per Share, Assuming Dilution (in dollars per share) $ 1 $ 1.02
Average Shares Outstanding (in shares)772 814
Average Shares Outstanding, Assuming Dilution (in shares)773 817
[1]Certain prior year data has been reclassified to conform to the current presentation.

CONDENSED CONSOLIDATED COMPREHE

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Total Comprehensive Earnings (Note 12) $ 773 $ 836 [1]
[1]Certain prior year data has been reclassified to conform to the current presentation.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in MillionsMar. 31, 2020Dec. 31, 2019Mar. 31, 2019Dec. 31, 2018
Current Assets:
Cash and Cash Equivalents $ 1,995 $ 958 $ 1,188 [1] $ 858 [1]
Short-term Investments487 996
Accounts Receivable - Net (Note 8)1,008 986
Materials and Supplies257 261
Other Current Assets74 77
Total Current Assets3,821 3,278
Properties45,065 45,100
Accumulated Depreciation(12,877)(12,932)
Properties - Net32,188 32,168
Right-of-Use Lease Asset523 532
Other Long-term Assets401 400
Total Assets38,834 38,257
Current Liabilities:
Accounts Payable1,058 1,043
Labor and Fringe Benefits Payable345 489
Casualty, Environmental and Other Reserves (Note 4)99 100
Current Maturities of Long-term Debt (Note 7)255 245
Income and Other Taxes Payable269 69
Other Current Liabilities185 205
Total Current Liabilities2,211 2,151
Casualty, Environmental and Other Reserves (Note 4)210 205
Long-term Debt (Note 7)16,477 15,993
Deferred Income Taxes - Net6,991 6,961
Long-term Lease Liability489 493
Other Long-term Liabilities568 591
Total Liabilities26,946 26,394
Shareholders' Equity:
Common Stock, $1 Par Value765 773
Other Capital366 346
Retained Earnings11,412 11,404
Accumulated Other Comprehensive Loss (Note 11)(672)(675)
Noncontrolling Interest17 15
Total Shareholders' Equity11,888 11,863 $ 12,445 $ 12,580
Total Liabilities and Shareholders' Equity38,834 38,257
Investments in Conrail
Current Assets:
Investment in Affiliates and Other Companies993 982
Affiliates and Other Companies
Current Assets:
Investment in Affiliates and Other Companies $ 908 $ 897
[1]Certain prior year data has been reclassified to conform to the current presentation.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / sharesMar. 31, 2020Dec. 31, 2019
Shareholders' Equity:
Common stock, par value (in dollars per share) $ 1 $ 1

CONSOLIDATED CASH FLOW STATEMEN

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019[1]
OPERATING ACTIVITIES
Net Earnings $ 770 $ 834
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation344 330
Deferred Income Taxes28 51
Gain on Property Dispositions(18)(27)
Other Operating Activities0 (33)
Changes in Operating Assets and Liabilities:
Accounts Receivable(27)(56)
Other Current Assets(20)22
Accounts Payable14 74
Income and Other Taxes Payable227 150
Other Current Liabilities(140)(172)
Net Cash Provided by Operating Activities1,178 1,173
INVESTING ACTIVITIES
Property Additions(381)(353)
Proceeds from Property Dispositions35 48
Purchases of Short-term Investments(426)(813)
Proceeds from Sales of Short-term Investments936 250
Other Investing Activities(20)(2)
Net Cash Provided by (Used In) Investing Activities144 (870)
FINANCING ACTIVITIES
Long-term Debt Issued (Note 7)500 1,000
Dividends Paid(201)(195)
Shares Repurchased(577)(796)
Other Financing Activities(7)18
Net Cash (Used in) Provided by Financing Activities(285)27
Net Increase in Cash and Cash Equivalents1,037 330
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period958 858
Cash and Cash Equivalents at End of Period $ 1,995 $ 1,188
[1]Certain prior year data has been reclassified to conform to the current presentation.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in MillionsTotalCommon Shares OutstandingCommon Stock and Other CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling Interest
Common Shares Outstanding, beginning balance (in shares) at Dec. 31, 2018818,180
Shareholders' Equity, beginning balance at Dec. 31, 2018 $ 12,580 $ 1,067 $ 12,157 $ (661)[1] $ 17
Comprehensive Earnings:
Net Earnings834 [2]834
Other Comprehensive Income (Loss)2 2 [1]
Total Comprehensive Earnings[2]836
Common stock dividends, per share $ (195)(195)
Share Repurchases (in shares)(12,000)(11,540)
Share Repurchases $ (796)(12)(784)
Stock Option Exercises and Other (in shares)2,524
Stock Option Exercises and Other20 21 (1)
Common Shares Outstanding, ending balance (in shares) at Mar. 31, 2019809,164
Shareholders' Equity, ending balance at Mar. 31, 201912,445 1,076 12,011 (659)[1]17
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances179
Common Shares Outstanding, beginning balance (in shares) at Dec. 31, 2019773,471
Shareholders' Equity, beginning balance at Dec. 31, 201911,863 1,119 11,404 (675)[1]15
Comprehensive Earnings:
Net Earnings770 770
Other Comprehensive Income (Loss)3 3 [1]
Total Comprehensive Earnings773
Common stock dividends, per share $ (201)(201)
Share Repurchases (in shares)(9,000)(8,906)
Share Repurchases $ (577)(9)(568)
Stock Option Exercises and Other (in shares)894
Stock Option Exercises and Other30 21 7 2
Common Shares Outstanding, ending balance (in shares) at Mar. 31, 2020765,459
Shareholders' Equity, ending balance at Mar. 31, 2020 $ 11,888 $ 1,131 $ 11,412 (672)[1] $ 17
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances $ 183
[1](a) Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $183 million and $179 million as of March 31, 2020 and March 31, 2019, respectively. For additional information, see Note 12, Other Comprehensive Income.
[2]Certain prior year data has been reclassified to conform to the current presentation.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock dividends, per share (in dollars per share) $ 0.26 $ 0.24

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Significant Accounting PoliciesNature of Operations and Significant Accounting Policies Background CSX Corporation together with its subsidiaries ("CSX" or 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, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations. CSX's principal operating subsidiary, CSX Transportation, Inc. (“CSXT”), provides an important link to the transportation supply chain through its approximately 20,000 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. The Company's intermodal business links customers to railroads via trucks and terminals. CSXT is also responsible for the Company's real estate sales, leasing, acquisition and management and development activities. Substantially all of these activities are focused on supporting railroad operations. 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 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. 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. Basis of Presentation In the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the consolidated financial statements and accompanying notes. Where applicable, prior year information has been reclassified to conform to the current presentation. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted from these interim financial statements. CSX suggests that these financial statements be read in conjunction with the audited financial statements and the notes included in CSX's most recent annual report on Form 10-K and any subsequently filed current reports on Form 8-K. Fiscal Year The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to “ first quarter(s)” or “ three months” indicate CSX's fiscal periods ending March 31, 2020 and March 31, 2019 , and references to "year-end" indicate the fiscal year ended December 31, 2019 . New Accounting Pronouncements In June 2016, the FASB issued ASU Measurement of Credit Losses on Financial Instruments , which replaces current methods for evaluating impairment of financial instruments not measured at fair value, including trade accounts receivable and certain debt securities, with a current expected credit loss model. CSX adopted this new standard update effective January 1, 2020, and it did not have a material effect on the Company's results of operations.

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution: First Quarters 2020 2019 Numerator (Dollars in millions) : Net Earnings $ 770 $ 834 Denominator (Units in millions) : Average Common Shares Outstanding 772 814 Other Potentially Dilutive Common Shares 1 3 Average Common Shares Outstanding, Assuming Dilution 773 817 Net Earnings Per Share, Basic $ 1.00 $ 1.02 Net Earnings Per Share, Assuming Dilution $ 1.00 $ 1.02 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 outstanding and common stock equivalents adjusted for the effects of common stock that may be issued as a result of potentially dilutive instruments. CSX's potentially dilutive instruments are made up of equity awards including performance units and employee stock options. When calculating diluted earnings per share, the potential shares that would be outstanding if all outstanding stock options were exercised are included. This number is different from outstanding stock options because it is offset by shares CSX could repurchase using the proceeds from these hypothetical exercises to obtain the common stock equivalent. Approximately 1.4 million and 600 thousand of total average outstanding stock options for the quarters ended March 31, 2020 and March 31, 2019 , respectively, were excluded from the diluted earnings per share calculation because their effect was antidilutive. Share Repurchases In January 2019, the Company announced a $5 billion share repurchase program. At March 31, 2020, approximately $1.2 billion of authority remained under this program. Previously, share repurchases were completed under a share repurchase program originally announced in October 2017 for $1.5 billion , later increased to $5 billion in February 2018, and completed in January 2019. During the first quarters of 2020 and 2019, the Company engaged in the following repurchase activities: First Quarters 2020 2019 Shares Repurchased (Millions) 9 12 Cost of Shares (Dollars in millions) $ 577 $ 796 NOTE 2. Earnings Per Share, continued Share repurchases may be made through a variety of methods including, but not limited to, open market purchases, purchases pursuant to Rule 10b5-1 plans, accelerated share repurchases and negotiated block purchases. The timing of share repurchases depends upon management's assessment of marketplace conditions and other factors, and the program remains subject to the discretion of the Board of Directors. Future share repurchases are expected to be funded by cash on hand, cash generated from operations and debt issuances. Shares are retired immediately upon repurchase. In accordance with the Equity Topic in the Accounting Standards Codification ("ASC"), the excess of repurchase price over par value is recorded in retained earnings. Dividend Increase On February 12, 2020, the Company's Board of Directors authorized an 8% increase in the quarterly cash dividend to $0.26 per common share.

Stock Plans and Share-Based Com

Stock Plans and Share-Based Compensation3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Plans and Share-Based CompensationStock Plans and Share-Based Compensation Under CSX's share-based compensation plans, awards consist of performance units, stock options, restricted stock units and restricted stock awards for management and stock grants for directors. Awards granted under the various programs are determined and approved by the Compensation and Talent Management Committee of the Board of Directors or, in certain circumstances, by the full Board for awards to the Chief Executive Officer and by the Chief Executive Officer for awards to management employees other than senior executives. The Board of Directors approves awards granted to CSX's non-management directors upon recommendation of the Governance Committee. Share-based compensation expense for awards under share-based compensation plans and purchases made as part of the employee stock purchase plan is measured using the fair value of the award on the grant date and is recognized on a straight-line basis over the service period of the respective award or upon grant date to certain retirement-eligible employees whose agreements allow for continued vesting upon retirement. Forfeitures are recognized as they occur. Total pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards. First Quarters (Dollars in millions) 2020 2019 Share-Based Compensation Expense: Stock Options $ 10 $ 2 Performance Units 9 6 Restricted Stock Units and Awards 2 2 Stock Awards for Directors 2 2 Employee Stock Purchase Plan 1 1 Total Share-Based Compensation Expense $ 24 $ 13 Income Tax Benefit $ 9 $ 28 NOTE 3. Stock Plans and Share-Based Compensation, continued Long-term Incentive Plan On February 18, 2020, the Company granted 218 thousand performance units to certain employees under a new long-term incentive plan ("LTIP") for the years 2020 through 2022, which was adopted under the CSX 2019 Stock and Incentive Award Plan. Payouts of performance units for the cycle ending with fiscal year 2022 will be based on the achievement of goals related to both operating income and free cash flow, in each case excluding non-recurring items as disclosed in the Company's financial statements. The cumulative operating income and cumulative free cash flow measures over the plan period will each comprise 50% of the payout and will be measured independently of the other. Grants were made in performance units, with each unit representing the right to receive 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. Payouts for certain executive officers are subject to formulaic upward or downward adjustment by up to 25% , capped at an overall payout of 250% , based upon the Company's total shareholder return relative to specified comparable groups over the performance period. Participants will receive stock dividend equivalents declared over the performance period based on the number of performance units paid upon vesting. During first quarters 2020 and 2019, there were additional immaterial grants of performance units to members of management. The fair values of the performance units awarded during the quarters ended March 31, 2020 and March 31, 2019 were primarily calculated using a Monte-Carlo simulation model with the following weighted-average assumptions: First Quarters 2020 2019 Weighted-average assumptions used: Annual dividend yield N/A 1.4 % Risk-free interest rate 1.4 % 2.5 % Annualized volatility 24.5 % 27.6 % Expected life (in years) 2.9 2.9 Stock Options On February 18, 2020, the Company granted approximately 1.3 million stock options along with the corresponding LTIP. The fair value of stock options on the date of grant was $18.88 per option, which was calculated using the Black-Scholes valuation model. These stock options were granted with ten -year terms and vest over three years in equal installments each year on the anniversary of the grant date. The exercise price for stock options granted equals the closing market price of the underlying stock on the date of grant. These awards are time-based and are not based upon attainment of performance goals. During first quarters 2020 and 2019, there were additional immaterial grants of stock options to certain members of management. NOTE 3. Stock Plans and Share-Based Compensation, continued The fair values of all stock option awards during the quarters ended March 31, 2020 and March 31, 2019 were estimated at the grant date with the following weighted average assumptions: First Quarters 2020 2019 Weighted-average grant-date fair value $ 18.87 $ 17.45 Stock options valuation assumptions: Annual dividend yield 1.2 % 1.3 % Risk-free interest rate 1.4 % 2.6 % Annualized volatility 26.0 % 25.8 % Expected life (in years) 6.0 6.0 Other pricing model inputs: Weighted-average grant-date market price of CSX stock (strike price) $ 79.48 $ 68.09 Restricted Stock Units On February 18, 2020, the Company granted 91 thousand restricted stock units along with the corresponding LTIP. The restricted stock units vest three years after the date of grant. Participants will receive stock dividend equivalents on the vested shares upon vesting. These awards are time-based and are not based upon CSX's attainment of operational targets. Restricted stock units are paid-out in CSX common stock on a one -for-one basis. For information related to the Company's other outstanding long-term incentive compensation, see CSX's most recent annual report on Form 10-K. Employee Stock Purchase Plan In May 2018, shareholders approved the 2018 CSX Employee Stock Purchase Plan (“ESPP”) for the benefit of Company employees. The Company registered 4 million shares of common stock that may be issued pursuant to this plan. Under the ESPP, employees may contribute between 1% and 10% of base compensation, after-tax, to purchase up to $25,000 of market value CSX common stock per year at 85% of the closing market price on either the grant date or the last day of the six-month offering period, whichever is lower. During first quarter ended March 31, 2020 and March 31, 2019, 122 thousand and 105 thousand shares of CSX stock were issued at a weighted average purchase price of $61.51 and $52.81 per share, respectively.

Casualty, Environmental and Oth

Casualty, Environmental and Other Reserves3 Months Ended
Mar. 31, 2020
Casualty, Environmental and Other Reserves [Abstract]
Casualty, Environmental and Other ReservesCasualty, Environmental and Other Reserves Personal injury and environmental reserves are considered critical accounting estimates due to the need for management judgment. Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below. March 31, 2020 December 31, 2019 (Dollars in millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $ 42 $ 85 $ 127 $ 42 $ 87 $ 129 Occupational 6 56 62 6 52 58 Total Casualty 48 141 189 48 139 187 Environmental 31 46 77 31 43 74 Other 20 23 43 21 23 44 Total $ 99 $ 210 $ 309 $ 100 $ 205 $ 305 These liabilities are accrued when probable and reasonably estimable in accordance with the Contingencies Topic in the ASC. Actual settlements and claims received could differ, and final outcomes 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 adverse effect on the Company's financial condition, results of operations or liquidity. Should a number of these items occur in the same period, however, their combined effect could be material in that particular period. Casualty Casualty reserves of $189 million and $187 million as of March 31, 2020 and December 31, 2019 , respectively, represent accruals for personal injury, occupational disease and occupational injury claims. The Company's self-insured retention amount for these claims is $75 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 estimate. 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. 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. 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 the Federal Employers’ Liability Act (“FELA”). 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. This analysis did not result in a material adjustment to the personal injury reserve in the quarter ended March 31, 2020 or March 31, 2019 . The methodology used by the actuary includes a development factor to reflect growth or reduction in the value of these personal injury claims based largely on CSXT's historical claims and settlement experience. NOTE 4. Casualty, Environmental and Other Reserves, continued Occupational Occupational reserves represent liabilities for occupational injury and disease claims. Occupational injury claims arise from allegations of exposure 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. Occupational disease claims arise primarily from allegations of exposure to asbestos in the workplace. An analysis performed by management did not result in a material adjustment to the occupational reserve in the quarter ended March 31, 2020 or March 31, 2019 . Environmental Environmental reserves were $77 million and $74 million as of March 31, 2020 and December 31, 2019 , respectively. 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 220 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 ("CERCLA"), 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. 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. NOTE 4. Casualty, Environmental and Other Reserves, continued 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 reasonably 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 statements. 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 estimated cost of remedial actions currently required. Other Other reserves were $43 million and $44 million as of March 31, 2020 and December 31, 2019 , respectively. These reserves 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.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCommitments and Contingencies Insurance The Company maintains insurance programs with substantial limits for property damage, including resulting business interruption, and third-party liability. A certain amount of risk is retained by the Company on each insurance program. During the quarter, the Company restructured its property insurance program to increase the level at which the Company retains all risk from $50 million to $100 million per occurrence for losses from floods and named windstorms and from $25 million to $75 million per occurrence for other property losses. For third-party liability claims, the Company retains all risk up to $75 million per occurrence. 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. NOTE 5. Commitments and Contingencies, continued 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, tax matters, environmental and hazardous material exposure matters, FELA and labor claims by current or former 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 management that none of these pending items is likely to 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 $1 million to $38 million in aggregate at March 31, 2020 . 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. 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. The class action lawsuits were consolidated into one case in federal court in the District of Columbia. In 2017, the District Court issued its decision denying class certification. On August 16, 2019, the U.S. Court of Appeals for the D.C. Circuit affirmed the District Court’s ruling. The District Court had delayed proceedings on the merits of the consolidated case pending the outcome of the class certification proceedings. The consolidated case is now moving forward without class certification. Because a class was not certified, shippers other than those who brought the original lawsuit in 2007 must decide whether to bring their own individual claim against one or more railroads. Some individual shippers have filed separate claims that have now been consolidated into a separate case. 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 resolution of these matters individually or when aggregated could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period. NOTE 5. Commitments and Contingencies, continued Environmental CSXT is indemnifying Pharmacia LLC, formerly known as Monsanto Company, ("Pharmacia") 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. CSXT's indemnification and defense duties arise with respect to several matters. The U.S. Environmental Protection Agency ("EPA"), using its CERCLA authority, seeks the investigation and cleanup of hazardous substances in the 17 -mile Lower Passaic River Study Area (the "Study Area”). CSXT, on behalf of Pharmacia, and a significant number of other potentially responsible parties are together conducting a Remedial Investigation and Feasibility Study of the Study Area pursuant to an Administrative Settlement Agreement and Order on Consent with the EPA. Pharmacia’s share of responsibility, indemnified by CSXT, for the investigation and cleanup costs of the Study Area may be determined through various mechanisms including (a) an allocation and settlement with EPA; (b) litigation brought by EPA against non-settling parties; or (c) litigation among the responsible parties. In March 2016, EPA issued its Record of Decision detailing the agency’s mandated remedial process for the lower 8 miles of the Study Area. Approximately 80 parties, including Pharmacia, are participating in an EPA-directed allocation process to assign responsibility for costs to be incurred implementing the remedy selected for the lower 8 miles of the Study Area. CSXT is participating in the allocation process on behalf of Pharmacia. At a later date, EPA will select a remedy for the remainder of the Study Area and is expected to again seek the participation of private parties to implement the selected remedy using EPA’s CERCLA authority to compel such participation, if necessary. CSXT is also defending and indemnifying Pharmacia with regard to the Property in litigation filed by Occidental Chemical Corporation ("Occidental"), which is seeking to recover various costs. These costs include costs for the remedial design of the lower 8 miles of the Study Area, as well as anticipated costs associated with the future remediation of the lower 8 miles of the Study Area and potentially the entire Study Area. Alternatively, Occidental seeks to compel some, or all of the defendants to participate in the remediation of the Study Area. Pharmacia is one of approximately 110 defendants in this federal lawsuit filed by Occidental on June 30, 2018.

Employee Benefit Plans

Employee Benefit Plans3 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit PlansEmployee Benefit Plans The Company sponsors defined benefit pension plans principally for salaried, management personnel. Beginning in 2020, the CSX Pension Plan is closed to new participants. CSX also sponsors a non-contributory post-retirement medical plan and a life insurance plan that provide certain benefits to eligible employees hired prior to January 1, 2003. Beginning in 2019, both the life insurance benefit for eligible active employees and health savings account contributions made by the Company to eligible retirees younger than 65 were eliminated. Beginning in 2020, the employer-funded health reimbursement arrangements for eligible retirees 65 years or older have been eliminated. Independent actuaries compute the amounts of liabilities and expenses relating to these plans subject to the assumptions that the Company determines are appropriate based on historical trends, current market rates and future projections. These amounts are reviewed by management. Only the service cost component of net periodic benefit costs is included in labor and fringe expense on the consolidated income statement. All other components of net periodic benefit cost are included in other income - net. Pension Benefits Cost (Dollars in millions) First Quarters 2020 2019 Service Cost Included in Labor and Fringe $ 10 $ 8 Interest Cost 20 26 Expected Return on Plan Assets (43 ) (43 ) Amortization of Net Loss 14 7 Total Included in Other Income - Net (9 ) (10 ) Net Periodic Benefit Cost/(Credit) $ 1 $ (2 ) Other Post-retirement Benefits Cost (Dollars in millions) First Quarters 2020 2019 Service Cost Included in Labor and Fringe $ — $ — Interest Cost 1 1 Amortization of Prior Service Costs (2 ) (2 ) Total Included in Other Income - Net (1 ) (1 ) Net Periodic Benefit Credit $ (1 ) $ (1 ) Qualified pension plan obligations are funded in accordance with regulatory requirements and with an objective of meeting or exceeding minimum funding requirements necessary to avoid restrictions on flexibility of plan operation and benefit payments. No contributions to the Company's qualified pension plans are expected in 2020

Debt and Credit Agreements

Debt and Credit Agreements3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]
Debt and Credit AgreementsDebt and Credit Agreements Total activity related to long-term debt as of the end of first quarter 2020 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 10, Fair Value Measurements. (Dollars in millions) Current Portion Long-term Portion Total Long-term debt as of December 31, 2019 $ 245 $ 15,993 $ 16,238 2020 activity: Long-term debt issued — 500 500 Reclassifications 10 (10 ) — Discount, premium and other activity — (6 ) (6 ) Long-term debt as of March 31, 2020 $ 255 $ 16,477 $ 16,732 Debt Issuance On March 30, 2020, CSX issued $500 million of 3.8% notes due 2050. These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time, subject to payment of certain make-whole premiums. The net proceeds will be used for general corporate purposes, which may include debt repayments, repurchases of CSX’s common stock, capital investment, working capital requirements, improvements in productivity and other cost reductions. Credit Facility CSX has a $1.2 billion unsecured, revolving credit facility backed by a diverse syndicate of banks. This facility allows same-day borrowings at floating interest rates, based on LIBOR or an agreed-upon replacement, plus a spread that depends 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. This facility expires in March 2024, and at March 31, 2020, the Company had no outstanding balances under this facility. Commitment fees and interest rates payable under the facility were similar to fees and rates available to comparably rated investment-grade borrowers. As of first quarter 2020 , CSX was in compliance with all covenant requirements under this facility. Commercial Paper Under its commercial paper program, which is backed by the revolving credit facility, the Company may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $1.0 billion outstanding at any one time. Proceeds from issuances of the notes are expected to be used for general corporate purposes. At March 31, 2020, the Company had no outstanding debt under the commercial paper program.

Revenues

Revenues3 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
RevenuesRevenues The Company’s revenues are primarily derived from the transportation of freight as performance obligations that arise from its contracts with customers are satisfied. The following table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: First Quarters (Dollars in millions) 2020 2019 Chemicals (a) $ 626 $ 588 Agricultural and Food Products 365 344 Automotive 281 311 Forest Products (a) 217 212 Metals and Equipment (a) 199 189 Minerals (a) 127 125 Fertilizers 112 110 Total Merchandise 1,927 1,879 Coal 405 538 Intermodal 422 428 Other 101 168 Total $ 2,855 $ 3,013 (a) In Q1 2020, changes were made in the categorization of certain lines of business, impacting Chemicals, Forest Products, Metals and Equipment, and Minerals. The impacts were not material and prior periods have been reclassified to conform to the current presentation. Revenue Recognition The Company generates revenue from freight billings under contracts with customers generally on a rate per carload, container or ton-basis based on length of haul and commodities carried. The Company’s performance obligation arises when it receives a bill of lading (“BOL”) to transport a customer's commodities at a negotiated price contained in a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received, a contract is formed whereby the parties are committed to perform, collectability of consideration is probable and the rights of the parties, shipping terms and conditions, and payment terms are identified. A customer may submit several BOLs for transportation services at various times throughout a service agreement term but each shipment represents a distinct service that is a separately identified performance obligation. The average transit time to complete a shipment is between 3 to 8 days depending on market. Payments for transportation services are normally billed once a BOL is received and are generally due within 15 days after the invoice date. The Company recognizes revenue over transit time of freight as it moves from origin to destination. Revenue for services started but not completed at the reporting date is allocated based on the relative transit time in each reporting period, with the portion allocated for services subsequent to the reporting date considered remaining performance obligations. NOTE 8. Revenues, continued The certain key estimates included in the recognition and measurement of revenue and related accounts receivable 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 and billing discounts; • Adjustments to revenue for overcharge claims filed by customers, which are based on historical payments to customers for rate overcharges as a percentage of total billing; and • Incentive-based refunds to customers, which are primarily volume-related, are recorded as a reduction to revenue on the basis of the projected liability (this estimate is based on historical activity, current volume levels and forecasted future volume). Revenue related to interline transportation services that involve the services of another party, such as another railroad, is reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue. Other revenue is comprised of revenue from regional subsidiary railroads and incidental charges, including demurrage and switching. It is recorded upon completion of the service and accounts for an immaterial percentage of the Company's total revenue. Revenue from regional subsidiary railroads includes shipments by railroads that the Company does not directly operate. Demurrage represents charges assessed when freight cars are held by a customer beyond a specified period of time. Switching represents charges assessed when a railroad switches cars for a customer or another railroad. During the first quarters 2020 and 2019, revenue recognized from performance obligations related to prior periods (for example, due to changes in transaction price), was not material. Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date . This includes the unearned portion of billed and unbilled amounts for cancellable freight shipments in transit. The Company expects to recognize the unearned portion of revenue for freight services in transit within one week of the reporting date. As of March 31, 2020 , remaining performance obligations were not material. Contract Balances and Accounts Receivable The timing of revenue recognition, billings and cash collections results in accounts receivable and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Contract assets, contract liabilities and deferred contract costs recorded on the consolidated balance sheet as of March 31, 2020 , were not material. NOTE 8. Revenues, continued The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses. (Dollars in millions) March 31, December 31, Freight Receivables $ 802 $ 790 Freight Allowance for Credit Losses (20 ) (21 ) Freight Receivables, net 782 769 Non-Freight Receivables 235 226 Non-Freight Allowance for Credit Losses (9 ) (9 ) Non-Freight Receivables, net 226 217 Total Accounts Receivable, net $ 1,008 $ 986 Freight receivables include amounts earned, billed and unbilled , and currently due from customers for transportation-related services. Non-freight receivables include amounts billed and unbilled and currently due related to government reimbursement receivables and other non-revenue receivables. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary. Credit losses recognized on the Company’s accounts receivable were not material in the first quarters 2020 and 2019.

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes There have been no material changes to the balance of unrecognized tax benefits reported at December 31, 2019 .

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value MeasurementsFair 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 and long-term debt. Disclosure of the fair value of pension plan assets is only required annually. Also, this rule 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.); and • 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 and government 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. • Commercial Paper and Certificates of Deposit (Level 2) : Valued at amortized cost, which approximates fair value; and • Corporate Bonds and Government Securities (Level 2) : Valued using broker quotes that utilize observable market inputs. NOTE 10. Fair Value Measurements, continued The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table. All of the inputs used to determine the fair value of the Company's investments are Level 2 inputs. (Dollars in Millions) March 31, December 31, Commercial Paper and Certificates of Deposit $ 486 $ 989 Corporate Bonds 56 59 Government Securities 37 36 Total investments at fair value $ 579 $ 1,084 Total investments at amortized cost $ 573 $ 1,076 These investments have the following maturities: (Dollars in millions) March 31, December 31, Less than 1 year $ 487 $ 996 1 - 5 years 9 10 5 - 10 years 31 25 Greater than 10 years 52 53 Total investments at fair value $ 579 $ 1,084 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, credit ratings, 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. The fair value and carrying value of the Company's long-term debt is as follows: (Dollars in millions) March 31, December 31, Long-term Debt (Including Current Maturities): Fair Value $ 18,778 $ 18,503 Carrying Value 16,732 16,238

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)3 Months Ended
Mar. 31, 2020
Equity [Abstract]
Other Comprehensive Income (Loss)Other Comprehensive Income (Loss) 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 $773 million and $836 million for first quarters 2020 and 2019 , 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 following table. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 6, 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 or equipment and other rents on the consolidated income statements. Pension and Other Post-Employment Benefits Other Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Balance December 31, 2019, Net of Tax $ (619 ) $ (56 ) $ (675 ) Other Comprehensive Income (Loss) Loss Before Reclassifications — (7 ) (7 ) Amounts Reclassified to Net Earnings 14 (3 ) 11 Tax (Expense) Benefit (2 ) 1 (1 ) Total Other Comprehensive Income (Loss) 12 (9 ) 3 Balance March 31, 2020, Net of Tax $ (607 ) $ (65 ) $ (672 )

Summarized Consolidating Financ

Summarized Consolidating Financial Data3 Months Ended
Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Summarized Consolidating Financial DataSummarized Consolidating Financial Data Consolidating Income Statements (Dollars in millions) First Quarter 2020 CSX Corporation CSX Transportation Eliminations and Other Consolidated Revenue $ — $ 2,833 $ 22 $ 2,855 Expense (99 ) 1,814 (38 ) 1,677 Operating Income 99 1,019 60 1,178 Equity in Earnings of Subsidiaries 855 — (855 ) — Interest (Expense) / Benefit (216 ) (10 ) 39 (187 ) Other Income / (Expense) - Net 5 45 (28 ) 22 Earnings Before Income Taxes 743 1,054 (784 ) 1,013 Income Tax Benefit / (Expense) 27 (255 ) (15 ) (243 ) Net Earnings $ 770 $ 799 $ (799 ) $ 770 Total Comprehensive Earnings $ 773 $ 800 $ (800 ) $ 773 First Quarter 2019 CSX Corporation CSX Transportation Eliminations and Other Consolidated Revenue $ — $ 2,993 $ 20 $ 3,013 Expense (137 ) 1,968 (37 ) 1,794 Operating Income 137 1,025 57 1,219 Equity in Earnings of Subsidiaries 874 — (874 ) — Interest (Expense) / Benefit (216 ) (11 ) 49 (178 ) Other Income / (Expense) - Net 8 52 (37 ) 23 Earnings Before Income Taxes 803 1,066 (805 ) 1,064 Income Tax Benefit / (Expense) 31 (245 ) (16 ) (230 ) Net Earnings $ 834 $ 821 $ (821 ) $ 834 Total Comprehensive Earnings $ 836 $ 819 $ (819 ) $ 836 Summarized Consolidating Financial Data, continued Consolidating Balance Sheet (Dollars in millions) March 31, 2020 CSX Corporation CSX Transportation Eliminations and Other Consolidated ASSETS Current Assets Cash and Cash Equivalents $ 1,891 $ 91 $ 13 $ 1,995 Short-term Investments 484 — 3 487 Accounts Receivable - Net — 996 12 1,008 Receivable from Affiliates 827 7,674 (8,501 ) — Materials and Supplies — 257 — 257 Other Current Assets — 63 11 74 Total Current Assets 3,202 9,081 (8,462 ) 3,821 Properties 1 42,040 3,024 45,065 Accumulated Depreciation (1 ) (11,110 ) (1,766 ) (12,877 ) Properties - Net — 30,930 1,258 32,188 Investments in Conrail — — 993 993 Affiliates and Other Companies (39 ) 934 13 908 Investments in Consolidated Subsidiaries 35,134 — (35,134 ) — Right-of-Use Lease Asset — 501 22 523 Other Long-term Assets 3 623 (225 ) 401 Total Assets $ 38,300 $ 42,069 $ (41,535 ) $ 38,834 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 194 $ 811 $ 53 $ 1,058 Labor and Fringe Benefits Payable 30 302 13 345 Payable to Affiliates 9,835 326 (10,161 ) — Casualty, Environmental and Other Reserves — 86 13 99 Current Maturities of Long-term Debt 10 245 — 255 Income and Other Taxes Payable (184 ) 431 22 269 Other Current Liabilities — 168 17 185 Total Current Liabilities 9,885 2,369 (10,043 ) 2,211 Casualty, Environmental and Other Reserves — 174 36 210 Long-term Debt 16,020 457 — 16,477 Deferred Income Taxes - Net (145 ) 6,859 277 6,991 Long-term Lease Liability — 473 16 489 Other Long-term Liabilities 669 212 (313 ) 568 Total Liabilities $ 26,429 $ 10,544 $ (10,027 ) $ 26,946 Shareholders' Equity Common Stock, $1 Par Value $ 765 $ 181 $ (181 ) $ 765 Other Capital 366 5,096 (5,096 ) 366 Retained Earnings 11,412 26,195 (26,195 ) 11,412 Accumulated Other Comprehensive Loss (672 ) 36 (36 ) (672 ) Noncontrolling Interest — 17 — 17 Total Shareholders' Equity $ 11,871 $ 31,525 $ (31,508 ) $ 11,888 Total Liabilities and Shareholders' Equity $ 38,300 $ 42,069 $ (41,535 ) $ 38,834 Summarized Consolidating Financial Data, continued Consolidating Balance Sheet (Dollars in millions) December 31, 2019 CSX Corporation CSX Transportation Eliminations and Other Consolidated ASSETS Current Assets Cash and Cash Equivalents $ 814 $ 136 $ 8 $ 958 Short-term Investments 989 — 7 996 Accounts Receivable - Net 4 969 13 986 Receivable from Affiliates 1,054 7,405 (8,459 ) — Materials and Supplies — 261 — 261 Other Current Assets 26 30 21 77 Total Current Assets 2,887 8,801 (8,410 ) 3,278 Properties 1 42,110 2,989 45,100 Accumulated Depreciation (1 ) (11,199 ) (1,732 ) (12,932 ) Properties - Net — 30,911 1,257 32,168 Investments in Conrail — — 982 982 Affiliates and Other Companies (39 ) 923 13 897 Investment in Consolidated Subsidiaries 34,528 — (34,528 ) — Right of Use Lease Asset — 514 18 532 Other Long-term Assets 3 629 (232 ) 400 Total Assets $ 37,379 $ 41,778 $ (40,900 ) $ 38,257 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 153 $ 830 $ 60 $ 1,043 Labor and Fringe Benefits Payable 38 386 65 489 Payable to Affiliates 9,552 574 (10,126 ) — Casualty, Environmental and Other Reserves — 87 13 100 Current Maturities of Long-term Debt — 245 — 245 Income and Other Taxes Payable (286 ) 340 15 69 Other Current Liabilities — 192 13 205 Total Current Liabilities 9,457 2,654 (9,960 ) 2,151 Casualty, Environmental and Other Reserves — 169 36 205 Long-term Debt 15,534 459 — 15,993 Deferred Income Taxes - Net (152 ) 6,827 286 6,961 Long-term Lease Liability — 481 12 493 Other Long-term Liabilities 692 215 (316 ) 591 Total Liabilities $ 25,531 $ 10,805 $ (9,942 ) $ 26,394 Shareholders' Equity Common Stock, $1 Par Value $ 773 $ 181 $ (181 ) $ 773 Other Capital 346 5,096 (5,096 ) 346 Retained Earnings 11,404 25,646 (25,646 ) 11,404 Accumulated Other Comprehensive Loss (675 ) 35 (35 ) (675 ) Noncontrolling Minority Interest — 15 — 15 Total Shareholders' Equity $ 11,848 $ 30,973 $ (30,958 ) $ 11,863 Total Liabilities and Shareholders' Equity $ 37,379 $ 41,778 $ (40,900 ) $ 38,257 Summarized Consolidating Financial Data, continued Consolidating Cash Flow Statements (Dollars in millions) Three Months 2020 CSX Corporation CSX Transportation Eliminations and Other Consolidated Operating Activities Net Cash Provided by (Used in) Operating Activities $ 855 $ 514 $ (191 ) $ 1,178 Investing Activities Property Additions — (341 ) (40 ) (381 ) Proceeds from Property Dispositions — 35 — 35 Purchases of Short-term Investments (424 ) — (2 ) (426 ) Proceeds from Sales of Short-term Investments 930 — 6 936 Other Investing Activities 1 (3 ) (18 ) (20 ) Net Cash Provided by (Used in) Investing Activities 507 (309 ) (54 ) 144 Financing Activities Long-term Debt Issued 500 — — 500 Dividends Paid (201 ) (250 ) 250 (201 ) Shares Repurchased (577 ) — — (577 ) Other Financing Activities (7 ) — — (7 ) Net Cash (Used in) Provided by Financing Activities (285 ) (250 ) 250 (285 ) Net Increase (Decrease) in Cash and Cash Equivalents 1,077 (45 ) 5 1,037 Cash and Cash Equivalents at Beginning of Period 814 136 8 958 Cash and Cash Equivalents at End of Period $ 1,891 $ 91 $ 13 $ 1,995 NOTE 12. Summarized Consolidating Financial Data, continued Consolidating Cash Flow Statements (Dollars in millions) Three Months 2019 CSX Corporation CSX Transportation Eliminations and Other Consolidated Operating Activities Net Cash Provided by (Used in) Operating Activities $ 852 $ 533 $ (212 ) $ 1,173 Investing Activities Property Additions — (319 ) (34 ) (353 ) Proceeds from Property Dispositions — 51 (3 ) 48 Purchases of Short-term Investments (813 ) — — (813 ) Proceeds from Sales of Short-term Investments 250 — — 250 Other Investing Activities (1 ) (1 ) — (2 ) Net Cash Used in Investing Activities (564 ) (269 ) (37 ) (870 ) Financing Activities Long-term Debt Issued 1,000 — — 1,000 Dividends Paid (195 ) (250 ) 250 (195 ) Shares Repurchased (796 ) — — (796 ) Other Financing Activities 19 (1 ) — 18 Net Cash Provided by (Used in) Financing Activities 28 (251 ) 250 27 Net Increase in Cash and Cash Equivalents 316 13 1 330 Cash and Cash Equivalents at Beginning of Period 716 130 12 858 Cash and Cash Equivalents at End of Period $ 1,032 $ 143 $ 13 $ 1,188

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationIn the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the consolidated financial statements and accompanying notes. Where applicable, prior year information has been reclassified to conform to the current presentation. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted from these interim financial statements. CSX suggests that these financial statements be read in conjunction with the audited financial statements and the notes included in CSX's most recent annual report on Form 10-K and any subsequently filed current reports on Form 8-K.
Fiscal YearThe Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to “ first quarter(s)” or “ three months” indicate CSX's fiscal periods ending March 31, 2020 and March 31, 2019 , and references to "year-end" indicate the fiscal year ended December 31, 2019 .
New Accounting PronouncementsIn June 2016, the FASB issued ASU Measurement of Credit Losses on Financial Instruments , which replaces current methods for evaluating impairment of financial instruments not measured at fair value, including trade accounts receivable and certain debt securities, with a current expected credit loss model. CSX adopted this new standard update effective January 1, 2020, and it did not have a material effect on the Company's results of operations.
Revenue RecognitionRemaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date . The Company generates revenue from freight billings under contracts with customers generally on a rate per carload, container or ton-basis based on length of haul and commodities carried. The Company’s performance obligation arises when it receives a bill of lading (“BOL”) to transport a customer's commodities at a negotiated price contained in a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received, a contract is formed whereby the parties are committed to perform, collectability of consideration is probable and the rights of the parties, shipping terms and conditions, and payment terms are identified. A customer may submit several BOLs for transportation services at various times throughout a service agreement term but each shipment represents a distinct service that is a separately identified performance obligation. The average transit time to complete a shipment is between 3 to 8 days depending on market. Payments for transportation services are normally billed once a BOL is received and are generally due within 15 days after the invoice date. The Company recognizes revenue over transit time of freight as it moves from origin to destination. Revenue for services started but not completed at the reporting date is allocated based on the relative transit time in each reporting period, with the portion allocated for services subsequent to the reporting date considered remaining performance obligations. The certain key estimates included in the recognition and measurement of revenue and related accounts receivable 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 and billing discounts; • Adjustments to revenue for overcharge claims filed by customers, which are based on historical payments to customers for rate overcharges as a percentage of total billing; and • Incentive-based refunds to customers, which are primarily volume-related, are recorded as a reduction to revenue on the basis of the projected liability (this estimate is based on historical activity, current volume levels and forecasted future volume). Revenue related to interline transportation services that involve the services of another party, such as another railroad, is reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue. Other revenue is comprised of revenue from regional subsidiary railroads and incidental charges, including demurrage and switching. It is recorded upon completion of the service and accounts for an immaterial percentage of the Company's total revenue. Revenue from regional subsidiary railroads includes shipments by railroads that the Company does not directly operate. Demurrage represents charges assessed when freight cars are held by a customer beyond a specified period of time. Switching represents charges assessed when a railroad switches cars for a customer or another railroad. During the first quarters 2020 and 2019, revenue recognized from performance obligations related to prior periods (for example, due to changes in transaction price), was not material. Freight receivables include amounts earned, billed and unbilled , and currently due from customers for transportation-related services. Non-freight receivables include amounts billed and unbilled and currently due related to government reimbursement receivables and other non-revenue receivables. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary.
Fair Value MeasurementsThe 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 and long-term debt. Disclosure of the fair value of pension plan assets is only required annually. Also, this rule 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.); and • 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 and government 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. • Commercial Paper and Certificates of Deposit (Level 2) : Valued at amortized cost, which approximates fair value; and • Corporate Bonds and Government Securities (Level 2) : Valued using broker quotes that utilize observable market inputs. 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Computation of Basic Earnings Per Share, Assuming DilutionThe following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution: First Quarters 2020 2019 Numerator (Dollars in millions) : Net Earnings $ 770 $ 834 Denominator (Units in millions) : Average Common Shares Outstanding 772 814 Other Potentially Dilutive Common Shares 1 3 Average Common Shares Outstanding, Assuming Dilution 773 817 Net Earnings Per Share, Basic $ 1.00 $ 1.02 Net Earnings Per Share, Assuming Dilution $ 1.00 $ 1.02
Schedule of Share Repurchased by the CompanyDuring the first quarters of 2020 and 2019, the Company engaged in the following repurchase activities: First Quarters 2020 2019 Shares Repurchased (Millions) 9 12 Cost of Shares (Dollars in millions) $ 577 $ 796

Stock Plans and Share-Based C_2

Stock Plans and Share-Based Compensation (Tables)3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation and Related Income Tax BenefitTotal pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards. First Quarters (Dollars in millions) 2020 2019 Share-Based Compensation Expense: Stock Options $ 10 $ 2 Performance Units 9 6 Restricted Stock Units and Awards 2 2 Stock Awards for Directors 2 2 Employee Stock Purchase Plan 1 1 Total Share-Based Compensation Expense $ 24 $ 13 Income Tax Benefit $ 9 $ 28
Schedule of Weighted Average AssumptionsThe fair values of the performance units awarded during the quarters ended March 31, 2020 and March 31, 2019 were primarily calculated using a Monte-Carlo simulation model with the following weighted-average assumptions: First Quarters 2020 2019 Weighted-average assumptions used: Annual dividend yield N/A 1.4 % Risk-free interest rate 1.4 % 2.5 % Annualized volatility 24.5 % 27.6 % Expected life (in years) 2.9 2.9
Schedule of Fair Value Assumptions for Stock Option AwardsThe fair values of all stock option awards during the quarters ended March 31, 2020 and March 31, 2019 were estimated at the grant date with the following weighted average assumptions: First Quarters 2020 2019 Weighted-average grant-date fair value $ 18.87 $ 17.45 Stock options valuation assumptions: Annual dividend yield 1.2 % 1.3 % Risk-free interest rate 1.4 % 2.6 % Annualized volatility 26.0 % 25.8 % Expected life (in years) 6.0 6.0 Other pricing model inputs: Weighted-average grant-date market price of CSX stock (strike price) $ 79.48 $ 68.09

Casualty, Environmental and O_2

Casualty, Environmental and Other Reserves (Tables)3 Months Ended
Mar. 31, 2020
Casualty, Environmental and Other Reserves [Abstract]
Schedule of Casualty, Environmental and Other ReservesCasualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below. March 31, 2020 December 31, 2019 (Dollars in millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $ 42 $ 85 $ 127 $ 42 $ 87 $ 129 Occupational 6 56 62 6 52 58 Total Casualty 48 141 189 48 139 187 Environmental 31 46 77 31 43 74 Other 20 23 43 21 23 44 Total $ 99 $ 210 $ 309 $ 100 $ 205 $ 305

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)3 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]
Schedule of Components of Expense/(Income) Related to Net Benefit Expense Pension Benefits Cost (Dollars in millions) First Quarters 2020 2019 Service Cost Included in Labor and Fringe $ 10 $ 8 Interest Cost 20 26 Expected Return on Plan Assets (43 ) (43 ) Amortization of Net Loss 14 7 Total Included in Other Income - Net (9 ) (10 ) Net Periodic Benefit Cost/(Credit) $ 1 $ (2 ) Other Post-retirement Benefits Cost (Dollars in millions) First Quarters 2020 2019 Service Cost Included in Labor and Fringe $ — $ — Interest Cost 1 1 Amortization of Prior Service Costs (2 ) (2 ) Total Included in Other Income - Net (1 ) (1 ) Net Periodic Benefit Credit $ (1 ) $ (1 )

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Activity Related to Long-Term DebtTotal activity related to long-term debt as of the end of first quarter 2020 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 10, Fair Value Measurements. (Dollars in millions) Current Portion Long-term Portion Total Long-term debt as of December 31, 2019 $ 245 $ 15,993 $ 16,238 2020 activity: Long-term debt issued — 500 500 Reclassifications 10 (10 ) — Discount, premium and other activity — (6 ) (6 ) Long-term debt as of March 31, 2020 $ 255 $ 16,477 $ 16,732

Revenues (Tables)

Revenues (Tables)3 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Lines of BusinessThe following table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: First Quarters (Dollars in millions) 2020 2019 Chemicals (a) $ 626 $ 588 Agricultural and Food Products 365 344 Automotive 281 311 Forest Products (a) 217 212 Metals and Equipment (a) 199 189 Minerals (a) 127 125 Fertilizers 112 110 Total Merchandise 1,927 1,879 Coal 405 538 Intermodal 422 428 Other 101 168 Total $ 2,855 $ 3,013 (a) In Q1 2020, changes were made in the categorization of certain lines of business, impacting Chemicals, Forest Products, Metals and Equipment, and Minerals. The impacts were not material and prior periods have been reclassified to conform to the current presentation.
Schedule of Accounts ReceivableThe Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses. (Dollars in millions) March 31, December 31, Freight Receivables $ 802 $ 790 Freight Allowance for Credit Losses (20 ) (21 ) Freight Receivables, net 782 769 Non-Freight Receivables 235 226 Non-Freight Allowance for Credit Losses (9 ) (9 ) Non-Freight Receivables, net 226 217 Total Accounts Receivable, net $ 1,008 $ 986

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Investment AssetsThe Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table. All of the inputs used to determine the fair value of the Company's investments are Level 2 inputs. (Dollars in Millions) March 31, December 31, Commercial Paper and Certificates of Deposit $ 486 $ 989 Corporate Bonds 56 59 Government Securities 37 36 Total investments at fair value $ 579 $ 1,084 Total investments at amortized cost $ 573 $ 1,076
Schedule of Investment MaturitiesThese investments have the following maturities: (Dollars in millions) March 31, December 31, Less than 1 year $ 487 $ 996 1 - 5 years 9 10 5 - 10 years 31 25 Greater than 10 years 52 53 Total investments at fair value $ 579 $ 1,084
Schedule of Fair Value and Carrying Value of Long-Term DebtThe fair value and carrying value of the Company's long-term debt is as follows: (Dollars in millions) March 31, December 31, Long-term Debt (Including Current Maturities): Fair Value $ 18,778 $ 18,503 Carrying Value 16,732 16,238

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)3 Months Ended
Mar. 31, 2020
Equity [Abstract]
Schedule of Changes in AOCI balance by ComponentChanges in the AOCI balance by component are shown in the following table. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 6, 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 or equipment and other rents on the consolidated income statements. Pension and Other Post-Employment Benefits Other Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Balance December 31, 2019, Net of Tax $ (619 ) $ (56 ) $ (675 ) Other Comprehensive Income (Loss) Loss Before Reclassifications — (7 ) (7 ) Amounts Reclassified to Net Earnings 14 (3 ) 11 Tax (Expense) Benefit (2 ) 1 (1 ) Total Other Comprehensive Income (Loss) 12 (9 ) 3 Balance March 31, 2020, Net of Tax $ (607 ) $ (65 ) $ (672 )

Summarized Consolidating Fina_2

Summarized Consolidating Financial Data (Tables)3 Months Ended
Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Consolidating Income Statements Consolidating Income Statements (Dollars in millions) First Quarter 2020 CSX Corporation CSX Transportation Eliminations and Other Consolidated Revenue $ — $ 2,833 $ 22 $ 2,855 Expense (99 ) 1,814 (38 ) 1,677 Operating Income 99 1,019 60 1,178 Equity in Earnings of Subsidiaries 855 — (855 ) — Interest (Expense) / Benefit (216 ) (10 ) 39 (187 ) Other Income / (Expense) - Net 5 45 (28 ) 22 Earnings Before Income Taxes 743 1,054 (784 ) 1,013 Income Tax Benefit / (Expense) 27 (255 ) (15 ) (243 ) Net Earnings $ 770 $ 799 $ (799 ) $ 770 Total Comprehensive Earnings $ 773 $ 800 $ (800 ) $ 773 First Quarter 2019 CSX Corporation CSX Transportation Eliminations and Other Consolidated Revenue $ — $ 2,993 $ 20 $ 3,013 Expense (137 ) 1,968 (37 ) 1,794 Operating Income 137 1,025 57 1,219 Equity in Earnings of Subsidiaries 874 — (874 ) — Interest (Expense) / Benefit (216 ) (11 ) 49 (178 ) Other Income / (Expense) - Net 8 52 (37 ) 23 Earnings Before Income Taxes 803 1,066 (805 ) 1,064 Income Tax Benefit / (Expense) 31 (245 ) (16 ) (230 ) Net Earnings $ 834 $ 821 $ (821 ) $ 834 Total Comprehensive Earnings $ 836 $ 819 $ (819 ) $ 836
Consolidating Balance Sheet Consolidating Balance Sheet (Dollars in millions) March 31, 2020 CSX Corporation CSX Transportation Eliminations and Other Consolidated ASSETS Current Assets Cash and Cash Equivalents $ 1,891 $ 91 $ 13 $ 1,995 Short-term Investments 484 — 3 487 Accounts Receivable - Net — 996 12 1,008 Receivable from Affiliates 827 7,674 (8,501 ) — Materials and Supplies — 257 — 257 Other Current Assets — 63 11 74 Total Current Assets 3,202 9,081 (8,462 ) 3,821 Properties 1 42,040 3,024 45,065 Accumulated Depreciation (1 ) (11,110 ) (1,766 ) (12,877 ) Properties - Net — 30,930 1,258 32,188 Investments in Conrail — — 993 993 Affiliates and Other Companies (39 ) 934 13 908 Investments in Consolidated Subsidiaries 35,134 — (35,134 ) — Right-of-Use Lease Asset — 501 22 523 Other Long-term Assets 3 623 (225 ) 401 Total Assets $ 38,300 $ 42,069 $ (41,535 ) $ 38,834 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 194 $ 811 $ 53 $ 1,058 Labor and Fringe Benefits Payable 30 302 13 345 Payable to Affiliates 9,835 326 (10,161 ) — Casualty, Environmental and Other Reserves — 86 13 99 Current Maturities of Long-term Debt 10 245 — 255 Income and Other Taxes Payable (184 ) 431 22 269 Other Current Liabilities — 168 17 185 Total Current Liabilities 9,885 2,369 (10,043 ) 2,211 Casualty, Environmental and Other Reserves — 174 36 210 Long-term Debt 16,020 457 — 16,477 Deferred Income Taxes - Net (145 ) 6,859 277 6,991 Long-term Lease Liability — 473 16 489 Other Long-term Liabilities 669 212 (313 ) 568 Total Liabilities $ 26,429 $ 10,544 $ (10,027 ) $ 26,946 Shareholders' Equity Common Stock, $1 Par Value $ 765 $ 181 $ (181 ) $ 765 Other Capital 366 5,096 (5,096 ) 366 Retained Earnings 11,412 26,195 (26,195 ) 11,412 Accumulated Other Comprehensive Loss (672 ) 36 (36 ) (672 ) Noncontrolling Interest — 17 — 17 Total Shareholders' Equity $ 11,871 $ 31,525 $ (31,508 ) $ 11,888 Total Liabilities and Shareholders' Equity $ 38,300 $ 42,069 $ (41,535 ) $ 38,834 Consolidating Balance Sheet (Dollars in millions) December 31, 2019 CSX Corporation CSX Transportation Eliminations and Other Consolidated ASSETS Current Assets Cash and Cash Equivalents $ 814 $ 136 $ 8 $ 958 Short-term Investments 989 — 7 996 Accounts Receivable - Net 4 969 13 986 Receivable from Affiliates 1,054 7,405 (8,459 ) — Materials and Supplies — 261 — 261 Other Current Assets 26 30 21 77 Total Current Assets 2,887 8,801 (8,410 ) 3,278 Properties 1 42,110 2,989 45,100 Accumulated Depreciation (1 ) (11,199 ) (1,732 ) (12,932 ) Properties - Net — 30,911 1,257 32,168 Investments in Conrail — — 982 982 Affiliates and Other Companies (39 ) 923 13 897 Investment in Consolidated Subsidiaries 34,528 — (34,528 ) — Right of Use Lease Asset — 514 18 532 Other Long-term Assets 3 629 (232 ) 400 Total Assets $ 37,379 $ 41,778 $ (40,900 ) $ 38,257 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 153 $ 830 $ 60 $ 1,043 Labor and Fringe Benefits Payable 38 386 65 489 Payable to Affiliates 9,552 574 (10,126 ) — Casualty, Environmental and Other Reserves — 87 13 100 Current Maturities of Long-term Debt — 245 — 245 Income and Other Taxes Payable (286 ) 340 15 69 Other Current Liabilities — 192 13 205 Total Current Liabilities 9,457 2,654 (9,960 ) 2,151 Casualty, Environmental and Other Reserves — 169 36 205 Long-term Debt 15,534 459 — 15,993 Deferred Income Taxes - Net (152 ) 6,827 286 6,961 Long-term Lease Liability — 481 12 493 Other Long-term Liabilities 692 215 (316 ) 591 Total Liabilities $ 25,531 $ 10,805 $ (9,942 ) $ 26,394 Shareholders' Equity Common Stock, $1 Par Value $ 773 $ 181 $ (181 ) $ 773 Other Capital 346 5,096 (5,096 ) 346 Retained Earnings 11,404 25,646 (25,646 ) 11,404 Accumulated Other Comprehensive Loss (675 ) 35 (35 ) (675 ) Noncontrolling Minority Interest — 15 — 15 Total Shareholders' Equity $ 11,848 $ 30,973 $ (30,958 ) $ 11,863 Total Liabilities and Shareholders' Equity $ 37,379 $ 41,778 $ (40,900 ) $ 38,257
Consolidating Cash Flow StatementsConsolidating Cash Flow Statements (Dollars in millions) Three Months 2019 CSX Corporation CSX Transportation Eliminations and Other Consolidated Operating Activities Net Cash Provided by (Used in) Operating Activities $ 852 $ 533 $ (212 ) $ 1,173 Investing Activities Property Additions — (319 ) (34 ) (353 ) Proceeds from Property Dispositions — 51 (3 ) 48 Purchases of Short-term Investments (813 ) — — (813 ) Proceeds from Sales of Short-term Investments 250 — — 250 Other Investing Activities (1 ) (1 ) — (2 ) Net Cash Used in Investing Activities (564 ) (269 ) (37 ) (870 ) Financing Activities Long-term Debt Issued 1,000 — — 1,000 Dividends Paid (195 ) (250 ) 250 (195 ) Shares Repurchased (796 ) — — (796 ) Other Financing Activities 19 (1 ) — 18 Net Cash Provided by (Used in) Financing Activities 28 (251 ) 250 27 Net Increase in Cash and Cash Equivalents 316 13 1 330 Cash and Cash Equivalents at Beginning of Period 716 130 12 858 Cash and Cash Equivalents at End of Period $ 1,032 $ 143 $ 13 $ 1,188 Consolidating Cash Flow Statements (Dollars in millions) Three Months 2020 CSX Corporation CSX Transportation Eliminations and Other Consolidated Operating Activities Net Cash Provided by (Used in) Operating Activities $ 855 $ 514 $ (191 ) $ 1,178 Investing Activities Property Additions — (341 ) (40 ) (381 ) Proceeds from Property Dispositions — 35 — 35 Purchases of Short-term Investments (424 ) — (2 ) (426 ) Proceeds from Sales of Short-term Investments 930 — 6 936 Other Investing Activities 1 (3 ) (18 ) (20 ) Net Cash Provided by (Used in) Investing Activities 507 (309 ) (54 ) 144 Financing Activities Long-term Debt Issued 500 — — 500 Dividends Paid (201 ) (250 ) 250 (201 ) Shares Repurchased (577 ) — — (577 ) Other Financing Activities (7 ) — — (7 ) Net Cash (Used in) Provided by Financing Activities (285 ) (250 ) 250 (285 ) Net Increase (Decrease) in Cash and Cash Equivalents 1,077 (45 ) 5 1,037 Cash and Cash Equivalents at Beginning of Period 814 136 8 958 Cash and Cash Equivalents at End of Period $ 1,891 $ 91 $ 13 $ 1,995

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies (Details) mi in ThousandsMar. 31, 2020statemi
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Total number of rail route miles | mi20
Number of states rail network serves | state23

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic Earnings Per Share, Assuming Dilution (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Numerator:
Net Earnings $ 770 $ 834 [1]
Denominator:
Average Common Shares Outstanding (in shares)772 814 [1]
Other Potentially Dilutive Common Shares (in shares)1 3
Average Common Shares Outstanding, Assuming Dilution (in shares)773 817 [1]
Net Earnings Per Share, Basic (in dollars per share) $ 1 $ 1.02 [1]
Net Earnings Per Share, Assuming Dilution (in dollars per share) $ 1 $ 1.02 [1]
[1]Certain prior year data has been reclassified to conform to the current presentation.

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, shares in ThousandsFeb. 12, 2020Mar. 31, 2020Mar. 31, 2019Jan. 31, 2019Feb. 28, 2018Oct. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Increase in quarterly dividend percentage8.00%
Common stock dividends, per share (in dollars per share) $ 0.26
Share Repurchase Program January 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share repurchase program authorized amount $ 5,000,000,000
Remaining authorized amount under share repurchase program $ 1,200,000,000
Share Repurchase Program October 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share repurchase program authorized amount $ 5,000,000,000 $ 1,500,000,000
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings per share calculation (in shares)1,400 600

Earnings Per Share - Share Repu

Earnings Per Share - Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Earnings Per Share [Abstract]
Shares repurchased (in shares)9 12
Cost of shares $ 577 $ 796 [1]
[1]Certain prior year data has been reclassified to conform to the current presentation.

Stock Plans and Share-Based C_3

Stock Plans and Share-Based Compensation - Share-Based Compensation and Related Income Tax Benefit (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense $ 24 $ 13
Income Tax Benefit9 28
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense10 2
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense9 6
Restricted Stock Units and Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense2 2
Stock Awards for Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense2 2
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense $ 1 $ 1

Stock Plans and Share-Based C_4

Stock Plans and Share-Based Compensation - Narrative (Details) - USD ($)Feb. 18, 2020May 31, 2018Mar. 31, 2020Mar. 31, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock options on the date of grant (in dollars per share) $ 18.87 $ 17.45
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)1,300,000
Fair value of stock options on the date of grant (in dollars per share) $ 18.88
LTIP | Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of grants with performance vesting, operating ratio50.00%
Percentage of grants with performance vesting, cumulative free cash flow50.00%
Number of equivalent shares of CSX common stock per unit of award (in shares)1
LTIP | Performance Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants0.00%
LTIP | Performance Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants200.00%
LTIP | Performance Units | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)218,000
LTIP | Performance Units | Certain Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payout subject to downward adjustment (up to)25.00%
LTIP | Performance Units | Certain Executive Officers | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants250.00%
LTIP | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock options (in years)10 years
Award vesting period (in years)3 years
LTIP | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)91,000
Number of equivalent shares of CSX common stock per unit of award (in shares)1
Award vesting period (in years)3 years
ESPP | Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock registered for ESPP (in shares)4,000,000
Minimum payroll deduction percentage1.00%
Maximum payroll deduction percentage10.00%
Maximum stock value available for purchase $ 25,000
Percentage of shares market price85.00%
Share offering period6 months
Shares issued under the plan during the period (in shares)122,000 105,000
Weighted average purchase price of shares issued (in dollars per share) $ 61.51 $ 52.81

Stock Plans and Share-Based C_5

Stock Plans and Share-Based Compensation - Weighted Average Assumptions (Details) - Performance Units3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual dividend yield1.40%
Risk-free interest rate1.40%2.50%
Annualized volatility24.50%27.60%
Expected life (in years)2 years 10 months 24 days2 years 10 months 24 days

Stock Plans and Share-Based C_6

Stock Plans and Share-Based Compensation - Fair Value Assumptions for Stock Options (Details) - Stock Options - $ / shares3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value (in dollars per share) $ 18.87 $ 17.45
Stock options valuation assumptions:
Annual dividend yield1.20%1.30%
Risk-free interest rate1.40%2.60%
Annualized volatility26.00%25.80%
Expected life (in years)6 years6 years
Other pricing model inputs:
Weighted-average grant-date market price of CSX stock (strike price) (in dollars per share) $ 79.48 $ 68.09

Casualty, Environmental and O_3

Casualty, Environmental and Other Reserves - Schedule of Casualty, Environmental and Other Reserves (Details) - USD ($) $ in MillionsMar. 31, 2020Dec. 31, 2019
Loss Contingencies [Line Items]
Current $ 99 $ 100
Long-term210 205
Total309 305
Total Casualty
Loss Contingencies [Line Items]
Current48 48
Long-term141 139
Total189 187
Personal Injury
Loss Contingencies [Line Items]
Current42 42
Long-term85 87
Total127 129
Occupational
Loss Contingencies [Line Items]
Current6 6
Long-term56 52
Total62 58
Environmental
Loss Contingencies [Line Items]
Current31 31
Long-term46 43
Total77 74
Other
Loss Contingencies [Line Items]
Current20 21
Long-term23 23
Total $ 43 $ 44

Casualty, Environmental and O_4

Casualty, Environmental and Other Reserves - Narrative (Details)3 Months Ended
Mar. 31, 2020USD ($)claimsiteDec. 31, 2019USD ($)
All Contingencies Reserves [Line Items]
Total reserves $ 309,000,000 $ 305,000,000
Casualty
All Contingencies Reserves [Line Items]
Total reserves189,000,000 187,000,000
Self-insured retention amount, per occurrence $ 75,000,000
Number of individual claims expected to exceed self insured retention amount | claim0
Environmental
All Contingencies Reserves [Line Items]
Total reserves $ 77,000,000 74,000,000
Environmental impaired sites | site220
Other
All Contingencies Reserves [Line Items]
Total reserves $ 43,000,000 $ 44,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details)Jun. 30, 2018defendantMar. 31, 2016partymiMay 31, 2007claimentityMar. 31, 2020USD ($)mi
Fuel Surcharge Antitrust Litigation
Loss Contingencies [Line Items]
Number of consolidated class action lawsuits | claim1
Environmental
Loss Contingencies [Line Items]
Number of miles pertaining to Passaic River tidal reach required to be studied by EPA | mi17
Number of parties participating in allocation process under study | party80
Number of parties | defendant110
Minimum
Loss Contingencies [Line Items]
Casualty and catastrophic property deductible $ 50,000,000
Casualty and non catastrophic property deductible25,000,000
Maximum
Loss Contingencies [Line Items]
Casualty and catastrophic property deductible100,000,000
Casualty and non catastrophic property deductible75,000,000
Pending Litigation | Fuel Surcharge Antitrust Litigation
Loss Contingencies [Line Items]
Class action lawsuits filed against U.S.-based Class I railroads, excluding CSXT (number of entities) | entity3
Pending Litigation | Minimum
Loss Contingencies [Line Items]
Possible loss for certain legal proceedings1,000,000
Pending Litigation | Maximum
Loss Contingencies [Line Items]
Possible loss for certain legal proceedings38,000,000
Settled Litigation | Environmental
Loss Contingencies [Line Items]
Number of miles subject to remediation | mi8
Total Casualty
Loss Contingencies [Line Items]
Self-insured retention amount, per occurrence (up to) $ 75,000,000

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($)Jan. 01, 2020Jan. 01, 2019Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Expected contributions to the Company's qualified pension plans $ 0
Other Post-retirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Life insurance and contributions to the medical program for eligible retirees will be eliminated (younger than)65 years
Life insurance and contributions to the medical program for eligible retirees will be eliminated (older than)65 years

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Pension Benefits Cost
Components of expense/ (income) related to net benefit expense:
Service Cost Included in Labor and Fringe $ 10 $ 8
Interest Cost20 26
Expected Return on Plan Assets(43)(43)
Amortization of Net Loss14 7
Total Included in Other Income - Net(9)(10)
Net Periodic Benefit Cost/(Credit)1 (2)
Other Post-retirement Benefits Cost
Components of expense/ (income) related to net benefit expense:
Service Cost Included in Labor and Fringe0 0
Interest Cost1 1
Amortization of Prior Service Costs(2)(2)
Total Included in Other Income - Net(1)(1)
Net Periodic Benefit Cost/(Credit) $ (1) $ (1)

Debt and Credit Agreements - Ac

Debt and Credit Agreements - Activity Related to Long-Term Debt (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019[1]
Movement, Debt Instruments [Roll Forward]
Long-term debt as of December 31, 2019, Current Portion $ 245
Long-term debt as of December 31, 2019, Long-term Portion15,993
Long-term debt as of December 31, 2019, Total16,238
Long-term debt issued500 $ 1,000
Reclassifications0
Discount, premium and other activity(6)
Long-term debt as of March 31, 2020, Current Portion255
Long-term debt as of March 31, 2020, Long-term Portion16,477
Long-term debt as of March 31, 2020, Total16,732
Current Portion
Movement, Debt Instruments [Roll Forward]
Long-term debt as of December 31, 2019, Current Portion245
Long-term debt issued0
Reclassifications10
Discount, premium and other activity0
Long-term debt as of March 31, 2020, Current Portion255
Long-term Portion
Movement, Debt Instruments [Roll Forward]
Long-term debt as of December 31, 2019, Long-term Portion15,993
Long-term debt issued500
Reclassifications(10)
Discount, premium and other activity(6)
Long-term debt as of March 31, 2020, Long-term Portion $ 16,477
[1]Certain prior year data has been reclassified to conform to the current presentation.

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details) - USD ($)Mar. 31, 2020Mar. 30, 2020
Commercial Paper
Line of Credit Facility
Maximum borrowing capacity of credit facility $ 1,000,000,000
Borrowings outstanding0
3.8% Notes Due 2050
Line of Credit Facility
Debt issued $ 500,000,000
Debt interest rate percentage3.80%
Unsecured Revolving Credit Facility | Credit Facility
Line of Credit Facility
Maximum borrowing capacity of credit facility1,200,000,000
Borrowings outstanding $ 0

Revenues - Revenues Disaggregat

Revenues - Revenues Disaggregated by Lines of Business (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue $ 2,855 $ 3,013 [1]
Total Merchandise
Disaggregation of Revenue [Line Items]
Revenue1,927 1,879
Chemicals
Disaggregation of Revenue [Line Items]
Revenue626 588
Agricultural and Food Products
Disaggregation of Revenue [Line Items]
Revenue365 344
Automotive
Disaggregation of Revenue [Line Items]
Revenue281 311
Forest Products
Disaggregation of Revenue [Line Items]
Revenue217 212
Metals and Equipment
Disaggregation of Revenue [Line Items]
Revenue199 189
Minerals
Disaggregation of Revenue [Line Items]
Revenue127 125
Fertilizers
Disaggregation of Revenue [Line Items]
Revenue112 110
Coal
Disaggregation of Revenue [Line Items]
Revenue405 538
Intermodal
Disaggregation of Revenue [Line Items]
Revenue422 428
Other
Disaggregation of Revenue [Line Items]
Revenue $ 101 $ 168
[1]Certain prior year data has been reclassified to conform to the current presentation.

Revenues - Narrative (Details)

Revenues - Narrative (Details)3 Months Ended
Mar. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract payment period15 days
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transit time3 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transit time8 days

Revenues - Accounts Receivable

Revenues - Accounts Receivable (Details) - USD ($) $ in MillionsMar. 31, 2020Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounts Receivable, net $ 1,008 $ 986
Freight Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade Accounts Receivable, gross802 790
Allowance for Doubtful Accounts(20)(21)
Total Accounts Receivable, net782 769
Non-Freight Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade Accounts Receivable, gross235 226
Allowance for Doubtful Accounts(9)(9)
Total Accounts Receivable, net $ 226 $ 217

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Investment Assets (Details) - USD ($) $ in MillionsMar. 31, 2020Dec. 31, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at amortized cost $ 573 $ 1,076
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value579 1,084
Fair Value | Level 2 | Commercial Paper and Certificates of Deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value486 989
Fair Value | Level 2 | Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value56 59
Fair Value | Level 2 | Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value $ 37 $ 36

Fair Value Measurements - Inves

Fair Value Measurements - Investment Maturities (Details) - Fair Value - USD ($) $ in MillionsMar. 31, 2020Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Less than 1 year $ 487 $ 996
1 - 5 years9 10
5 - 10 years31 25
Greater than 10 years52 53
Total investments at fair value $ 579 $ 1,084

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value and Carrying Value of Long-Term Debt (Details) - Level 2 - USD ($) $ in MillionsMar. 31, 2020Dec. 31, 2019
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt (Including Current Maturities) $ 18,778 $ 18,503
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt (Including Current Maturities) $ 16,732 $ 16,238

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Equity [Abstract]
Total comprehensive earnings, net of tax $ 773 $ 836 [1]
[1]Certain prior year data has been reclassified to conform to the current presentation.

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Changes in AOCI balance by Component (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Other Comprehensive Income (Loss)
Loss Before Reclassifications $ (7)
Amounts Reclassified to Net Earnings11
Tax (Expense) Benefit(1)
Total Other Comprehensive Income (Loss)3 $ 2
Pension and Other Post-Employment Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2019, Net of Tax(619)
Other Comprehensive Income (Loss)
Loss Before Reclassifications0
Amounts Reclassified to Net Earnings14
Tax (Expense) Benefit(2)
Total Other Comprehensive Income (Loss)12
Balance March 31, 2020, Net of Tax(607)
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2019, Net of Tax(56)
Other Comprehensive Income (Loss)
Loss Before Reclassifications(7)
Amounts Reclassified to Net Earnings(3)
Tax (Expense) Benefit1
Total Other Comprehensive Income (Loss)(9)
Balance March 31, 2020, Net of Tax(65)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2019, Net of Tax(675)
Other Comprehensive Income (Loss)
Total Other Comprehensive Income (Loss)[1]3 $ 2
Balance March 31, 2020, Net of Tax $ (672)
[1](a) Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $183 million and $179 million as of March 31, 2020 and March 31, 2019, respectively. For additional information, see Note 12, Other Comprehensive Income.

Summarized Consolidating Fina_3

Summarized Consolidating Financial Data - Consolidating Income Statements (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Consolidated Income Statement
Revenue $ 2,855 $ 3,013 [1]
Expense1,677 1,794 [1]
Operating Income1,178 1,219 [1]
Equity in Earnings of Subsidiaries0 0 [1]
Interest (Expense) / Benefit(187)(178)[1]
Other Income / (Expense) - Net22 23 [1]
Earnings Before Income Taxes1,013 1,064 [1]
Income Tax Benefit / (Expense)(243)(230)[1]
Net Earnings770 834 [1]
Total Comprehensive Earnings773 836 [1]
Eliminations and Other
Consolidated Income Statement
Revenue22 20
Expense(38)(37)
Operating Income60 57
Equity in Earnings of Subsidiaries(855)(874)
Interest (Expense) / Benefit39 49
Other Income / (Expense) - Net(28)(37)
Earnings Before Income Taxes(784)(805)
Income Tax Benefit / (Expense)(15)(16)
Net Earnings(799)(821)
Total Comprehensive Earnings(800)(819)
CSX Corporation
Consolidated Income Statement
Revenue0 0
Expense(99)(137)
Operating Income99 137
Equity in Earnings of Subsidiaries855 874
Interest (Expense) / Benefit(216)(216)
Other Income / (Expense) - Net5 8
Earnings Before Income Taxes743 803
Income Tax Benefit / (Expense)27 31
Net Earnings770 834
Total Comprehensive Earnings773 836
CSX Transportation
Consolidated Income Statement
Revenue2,833 2,993
Expense1,814 1,968
Operating Income1,019 1,025
Equity in Earnings of Subsidiaries0 0
Interest (Expense) / Benefit(10)(11)
Other Income / (Expense) - Net45 52
Earnings Before Income Taxes1,054 1,066
Income Tax Benefit / (Expense)(255)(245)
Net Earnings799 821
Total Comprehensive Earnings $ 800 $ 819
[1]Certain prior year data has been reclassified to conform to the current presentation.

Summarized Consolidating Fina_4

Summarized Consolidating Financial Data - Consolidating Balance Sheet (Details) - USD ($) $ / shares in Units, $ in MillionsMar. 31, 2020Dec. 31, 2019Mar. 31, 2019Dec. 31, 2018
Current Assets:
Cash and Cash Equivalents $ 1,995 $ 958 $ 1,188 [1] $ 858 [1]
Short-term Investments487 996
Accounts Receivable - Net1,008 986
Receivable from Affiliates0 0
Materials and Supplies257 261
Other Current Assets74 77
Total Current Assets3,821 3,278
Properties45,065 45,100
Accumulated Depreciation(12,877)(12,932)
Properties - Net32,188 32,168
Right-of-Use Lease Asset523 532
Other Long-term Assets401 400
Total Assets38,834 38,257
Current Liabilities:
Accounts Payable1,058 1,043
Labor and Fringe Benefits Payable345 489
Payable to Affiliates0 0
Casualty, Environmental and Other Reserves99 100
Current Maturities of Long-term Debt255 245
Income and Other Taxes Payable269 69
Other Current Liabilities185 205
Total Current Liabilities2,211 2,151
Casualty, Environmental and Other Reserves210 205
Long-term Debt16,477 15,993
Deferred Income Taxes - Net6,991 6,961
Long-term Lease Liability489 493
Other Long-term Liabilities568 591
Total Liabilities26,946 26,394
Shareholders' Equity
Common Stock, $1 Par Value765 773
Other Capital366 346
Retained Earnings11,412 11,404
Accumulated Other Comprehensive Loss(672)(675)
Noncontrolling Interest17 15
Total Shareholders' Equity11,888 11,863 12,445 12,580
Total Liabilities and Shareholders' Equity $ 38,834 $ 38,257
Common stock, par value (in dollars per share) $ 1 $ 1
Investments in Conrail
Current Assets:
Investment in Affiliates and Other Companies $ 993 $ 982
Affiliates and Other Companies
Current Assets:
Investment in Affiliates and Other Companies908 897
Investments in Consolidated Subsidiaries
Current Assets:
Investment in Affiliates and Other Companies0 0
Eliminations and Other
Current Assets:
Cash and Cash Equivalents13 8 13 12
Short-term Investments3 7
Accounts Receivable - Net12 13
Receivable from Affiliates(8,501)(8,459)
Materials and Supplies0 0
Other Current Assets11 21
Total Current Assets(8,462)(8,410)
Properties3,024 2,989
Accumulated Depreciation(1,766)(1,732)
Properties - Net1,258 1,257
Right-of-Use Lease Asset22 18
Other Long-term Assets(225)(232)
Total Assets(41,535)(40,900)
Current Liabilities:
Accounts Payable53 60
Labor and Fringe Benefits Payable13 65
Payable to Affiliates(10,161)(10,126)
Casualty, Environmental and Other Reserves13 13
Current Maturities of Long-term Debt0 0
Income and Other Taxes Payable22 15
Other Current Liabilities17 13
Total Current Liabilities(10,043)(9,960)
Casualty, Environmental and Other Reserves36 36
Long-term Debt0 0
Deferred Income Taxes - Net277 286
Long-term Lease Liability16 12
Other Long-term Liabilities(313)(316)
Total Liabilities(10,027)(9,942)
Shareholders' Equity
Common Stock, $1 Par Value(181)(181)
Other Capital(5,096)(5,096)
Retained Earnings(26,195)(25,646)
Accumulated Other Comprehensive Loss(36)(35)
Noncontrolling Interest0 0
Total Shareholders' Equity(31,508)(30,958)
Total Liabilities and Shareholders' Equity(41,535)(40,900)
Eliminations and Other | Investments in Conrail
Current Assets:
Investment in Affiliates and Other Companies993 982
Eliminations and Other | Affiliates and Other Companies
Current Assets:
Investment in Affiliates and Other Companies13 13
Eliminations and Other | Investments in Consolidated Subsidiaries
Current Assets:
Investment in Affiliates and Other Companies(35,134)(34,528)
CSX Corporation
Current Assets:
Cash and Cash Equivalents1,891 814 1,032 716
Short-term Investments484 989
Accounts Receivable - Net0 4
Receivable from Affiliates827 1,054
Materials and Supplies0 0
Other Current Assets0 26
Total Current Assets3,202 2,887
Properties1 1
Accumulated Depreciation(1)(1)
Properties - Net0 0
Right-of-Use Lease Asset0 0
Other Long-term Assets3 3
Total Assets38,300 37,379
Current Liabilities:
Accounts Payable194 153
Labor and Fringe Benefits Payable30 38
Payable to Affiliates9,835 9,552
Casualty, Environmental and Other Reserves0 0
Current Maturities of Long-term Debt10 0
Income and Other Taxes Payable(184)(286)
Other Current Liabilities0 0
Total Current Liabilities9,885 9,457
Casualty, Environmental and Other Reserves0 0
Long-term Debt16,020 15,534
Deferred Income Taxes - Net(145)(152)
Long-term Lease Liability0 0
Other Long-term Liabilities669 692
Total Liabilities26,429 25,531
Shareholders' Equity
Common Stock, $1 Par Value765 773
Other Capital366 346
Retained Earnings11,412 11,404
Accumulated Other Comprehensive Loss(672)(675)
Noncontrolling Interest0 0
Total Shareholders' Equity11,871 11,848
Total Liabilities and Shareholders' Equity38,300 37,379
CSX Corporation | Investments in Conrail
Current Assets:
Investment in Affiliates and Other Companies0 0
CSX Corporation | Affiliates and Other Companies
Current Assets:
Investment in Affiliates and Other Companies(39)(39)
CSX Corporation | Investments in Consolidated Subsidiaries
Current Assets:
Investment in Affiliates and Other Companies35,134 34,528
CSX Transportation
Current Assets:
Cash and Cash Equivalents91 136 $ 143 $ 130
Short-term Investments0 0
Accounts Receivable - Net996 969
Receivable from Affiliates7,674 7,405
Materials and Supplies257 261
Other Current Assets63 30
Total Current Assets9,081 8,801
Properties42,040 42,110
Accumulated Depreciation(11,110)(11,199)
Properties - Net30,930 30,911
Right-of-Use Lease Asset501 514
Other Long-term Assets623 629
Total Assets42,069 41,778
Current Liabilities:
Accounts Payable811 830
Labor and Fringe Benefits Payable302 386
Payable to Affiliates326 574
Casualty, Environmental and Other Reserves86 87
Current Maturities of Long-term Debt245 245
Income and Other Taxes Payable431 340
Other Current Liabilities168 192
Total Current Liabilities2,369 2,654
Casualty, Environmental and Other Reserves174 169
Long-term Debt457 459
Deferred Income Taxes - Net6,859 6,827
Long-term Lease Liability473 481
Other Long-term Liabilities212 215
Total Liabilities10,544 10,805
Shareholders' Equity
Common Stock, $1 Par Value181 181
Other Capital5,096 5,096
Retained Earnings26,195 25,646
Accumulated Other Comprehensive Loss36 35
Noncontrolling Interest17 15
Total Shareholders' Equity31,525 30,973
Total Liabilities and Shareholders' Equity42,069 41,778
CSX Transportation | Investments in Conrail
Current Assets:
Investment in Affiliates and Other Companies0 0
CSX Transportation | Affiliates and Other Companies
Current Assets:
Investment in Affiliates and Other Companies934 923
CSX Transportation | Investments in Consolidated Subsidiaries
Current Assets:
Investment in Affiliates and Other Companies $ 0 $ 0
[1]Certain prior year data has been reclassified to conform to the current presentation.

Summarized Consolidating Fina_5

Summarized Consolidating Financial Data - Consolidating Cash Flow Statements (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Operating Activities
Net Cash Provided by (Used in) Operating Activities $ 1,178 $ 1,173 [1]
Investing Activities
Property Additions(381)(353)[1]
Proceeds from Property Dispositions35 48 [1]
Purchases of Short-term Investments(426)(813)[1]
Proceeds from Sales of Short-term Investments936 250 [1]
Other Investing Activities(20)(2)[1]
Net Cash Provided by (Used In) Investing Activities144 (870)[1]
Financing Activities
Long-term Debt Issued500 1,000 [1]
Dividends Paid(201)(195)[1]
Shares Repurchased(577)(796)[1]
Other Financing Activities(7)18 [1]
Net Cash (Used in) Provided by Financing Activities(285)27 [1]
Net Increase in Cash and Cash Equivalents1,037 330 [1]
Cash and Cash Equivalents at Beginning of Period958 858 [1]
Cash and Cash Equivalents at End of Period1,995 1,188 [1]
Eliminations and Other
Operating Activities
Net Cash Provided by (Used in) Operating Activities(191)(212)
Investing Activities
Property Additions(40)(34)
Proceeds from Property Dispositions0 (3)
Purchases of Short-term Investments(2)0
Proceeds from Sales of Short-term Investments6 0
Other Investing Activities(18)0
Net Cash Provided by (Used In) Investing Activities(54)(37)
Financing Activities
Long-term Debt Issued0 0
Dividends Paid250 250
Shares Repurchased0 0
Other Financing Activities0 0
Net Cash (Used in) Provided by Financing Activities250 250
Net Increase in Cash and Cash Equivalents5 1
Cash and Cash Equivalents at Beginning of Period8 12
Cash and Cash Equivalents at End of Period13 13
CSX Corporation
Operating Activities
Net Cash Provided by (Used in) Operating Activities855 852
Investing Activities
Property Additions0 0
Proceeds from Property Dispositions0 0
Purchases of Short-term Investments(424)(813)
Proceeds from Sales of Short-term Investments930 250
Other Investing Activities1 (1)
Net Cash Provided by (Used In) Investing Activities507 (564)
Financing Activities
Long-term Debt Issued500 1,000
Dividends Paid(201)(195)
Shares Repurchased(577)(796)
Other Financing Activities(7)19
Net Cash (Used in) Provided by Financing Activities(285)28
Net Increase in Cash and Cash Equivalents1,077 316
Cash and Cash Equivalents at Beginning of Period814 716
Cash and Cash Equivalents at End of Period1,891 1,032
CSX Transportation
Operating Activities
Net Cash Provided by (Used in) Operating Activities514 533
Investing Activities
Property Additions(341)(319)
Proceeds from Property Dispositions35 51
Purchases of Short-term Investments0 0
Proceeds from Sales of Short-term Investments0 0
Other Investing Activities(3)(1)
Net Cash Provided by (Used In) Investing Activities(309)(269)
Financing Activities
Long-term Debt Issued0 0
Dividends Paid(250)(250)
Shares Repurchased0 0
Other Financing Activities0 (1)
Net Cash (Used in) Provided by Financing Activities(250)(251)
Net Increase in Cash and Cash Equivalents(45)13
Cash and Cash Equivalents at Beginning of Period136 130
Cash and Cash Equivalents at End of Period $ 91 $ 143
[1]Certain prior year data has been reclassified to conform to the current presentation.