Statement of Financial Position
Statement of Financial Position, Classified (USD $) | ||
In Millions | Dec. 26, 2008
| Dec. 28, 2007
|
Assets, Current [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | $669 | $368 |
Short-term Investments | 76 | 346 |
Accounts Receivable, Net, Current | 1,107 | 1,174 |
Allowance for Doubtful Accounts Receivable, Current | 70 | 74 |
Materials and Supplies | 217 | 240 |
Deferred Tax Assets, Net, Current | 203 | 254 |
Other Assets, Current | 119 | 109 |
Assets, Current, Total | 2,391 | 2,491 |
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 30,208 | 28,999 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (7,520) | (7,219) |
Property, Plant and Equipment, Net | 22,688 | 21,780 |
Investment in Conrail | 609 | 639 |
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | 406 | 365 |
Other Assets, Noncurrent | 194 | 259 |
Assets, Total | 26,288 | 25,534 |
Liabilities, Current [Abstract] | ||
Accounts Payable | 973 | 976 |
Employee-related Liabilities | 465 | 461 |
Casualty, Environmental and Other Reserves, Current | 236 | 247 |
Long-term Debt and Capital Lease Obligations, Current | 319 | 783 |
Short-term Bank Loans and Notes Payable | 1 | 4 |
Taxes Payable | 125 | 113 |
Other Liabilities, Current | 285 | 87 |
Liabilities, Current, Total | 2,404 | 2,671 |
Casualty, Environmental and Other Reserves, Noncurrent | 643 | 624 |
Long-term Debt and Capital Lease Obligations | 7,512 | 6,470 |
Deferred Tax Liabilities, Noncurrent | 6,235 | 6,096 |
Other Liabilities, Noncurrent | 1,446 | 988 |
Liabilities, Total | 18,240 | 16,849 |
Stockholders' Equity [Abstract] | ||
Common Stock, Value | 391 | 408 |
Additional Paid in Capital | 0 | 37 |
Retained Earnings (Accumulated Deficit) | 8,398 | 8,565 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (741) | (325) |
Stockholders' Equity, Total | 8,048 | 8,685 |
Liabilities and Stockholders' Equity, Total | $26,288 | $25,534 |
Statement of Income (Excluding
Statement of Income (Excluding Gross Margin Alternative) (USD $) | |||
In Millions, except Share data | 12 Months Ended
Dec. 26, 2008 | 12 Months Ended
Dec. 28, 2007 | 12 Months Ended
Dec. 29, 2006 |
Operating Income (Loss) [Abstract] | |||
Revenues | $11,255 | $10,030 | $9,566 |
Operating Expenses [Abstract] | |||
Labor and Related Expense | 2,955 | 2,986 | 2,930 |
Materials, Supplies and Other | 2,133 | 1,925 | 1,840 |
Fuel Costs | 1,817 | 1,312 | 1,209 |
Depreciation | 904 | 883 | 857 |
Equipment and Other Rents | 425 | 451 | 507 |
Inland Transportation | 253 | 240 | 242 |
Insurance Recoveries | 0 | (27) | (168) |
Operating Expenses, Total | 8,487 | 7,770 | 7,417 |
Operating Income (Loss), Total | 2,768 | 2,260 | 2,149 |
Other Nonoperating Income (Expense) | (103) | 89 | 84 |
Interest Expense | (519) | (417) | (392) |
Earnings from Continuing Operations before Income Taxes | 2,146 | 1,932 | 1,841 |
Income Tax Expense (Benefit) | (781) | (706) | (531) |
Income (Loss) from Continuing Operations | 1,365 | 1,226 | 1,310 |
Income (Loss) from Discontinued Operations, Net of Tax | 0 | (110) | 0 |
Net Income (Loss), Total | $1,365 | $1,336 | $1,310 |
Earnings Per Share, Basic [Abstract] | |||
Income (Loss) from Continuing Operations, Per Basic Share | 3.41 | 2.85 | 2.98 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0.26 | 0 |
Earnings Per Share, Basic, Total | 3.41 | 3.11 | 2.98 |
Earnings Per Share, Diluted [Abstract] | |||
Income (Loss) from Continuing Operations, Per Diluted Share | 3.34 | 2.74 | 2.82 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0.25 | 0 |
Earnings Per Share, Diluted, Total | 3.34 | 2.99 | 2.82 |
Weighted Average Number of Shares Outstanding, Basic | 400,683 | 430,270 | 440,084 |
Weighted Average Number of Diluted Shares Outstanding | 408,602 | 448,280 | 465,934 |
Common Stock, Dividends, Per Share, Cash Paid | 0.77 | 0.54 | 0.33 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity and Other Comprehensive Income (USD $) | |||||||||||||||||||
In Millions, except Share data | Common Stock [Member]
| Additional Paid-in Capital [Member]
| Retained Earnings [Member]
| Accumulated Defined Benefit Plans Adjustment [Member]
| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
| Accumulated Other Comprehensive Income, Other [Member]
| Total
| ||||||||||||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 30, 2005 | 436,406 | ||||||||||||||||||
Stockholders' Equity, Ending Balance at Dec. 30, 2005 | $436 | $1,533 | $6,262 | ($307) | $30 | $0 | $7,954 | ||||||||||||
Net Income (Loss) | 1,310 | 1,310 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Period Increase (Decrease) | (2) | (30) | 0 | (32) | |||||||||||||||
Cash Dividends | (145) | (83) | (145) | ||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation | 16 | 387 | 403 | ||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation | 15,891 | ||||||||||||||||||
Stock Repurchased and Retired During Period, Value | (14) | (451) | (465) | ||||||||||||||||
Stock Repurchased and Retired During Period, Shares | (14,533) | ||||||||||||||||||
Effect on Retained Earnings (Accumulated Deficit) Due to Reclassification | 0 | [1] | |||||||||||||||||
Effect on Additional Paid In Capital Due to Reclassification | 0 | [1] | |||||||||||||||||
Effect on Retained Earnings (Accumulated Deficit) Due to Change in Measurement Date, Net of Tax | 0 | 0 | [1] | ||||||||||||||||
Cumulative Effect of Initial Adoption of FIN 48 | 0 | [2] | 0 | [2] | |||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | [3] | 0 | [3] | 0 | [3] | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | [3] | |||||||||||||||||
Adjustments to Additional Paid in Capital, Reallocation of Minority Interest | 0 | 0 | |||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 29, 2006 | 437,764 | ||||||||||||||||||
Stockholders' Equity, Ending Balance at Dec. 29, 2006 | 438 | 1,469 | 7,427 | (392) | 0 | 0 | 8,942 | ||||||||||||
Net Income (Loss) | 1,336 | 1,336 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Period Increase (Decrease) | 63 | 0 | 4 | 67 | |||||||||||||||
Cash Dividends | (231) | 0 | (231) | ||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation | 8 | 280 | 288 | ||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation | 7,721 | ||||||||||||||||||
Stock Repurchased and Retired During Period, Value | (51) | (2,123) | (2,174) | ||||||||||||||||
Stock Repurchased and Retired During Period, Shares | (50,917) | ||||||||||||||||||
Effect on Retained Earnings (Accumulated Deficit) Due to Reclassification | 0 | [1] | |||||||||||||||||
Effect on Additional Paid In Capital Due to Reclassification | 0 | [1] | |||||||||||||||||
Effect on Retained Earnings (Accumulated Deficit) Due to Change in Measurement Date, Net of Tax | 0 | 0 | [1] | ||||||||||||||||
Cumulative Effect of Initial Adoption of FIN 48 | 33 | [2] | 33 | [2] | |||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 13 | [3] | 339 | [3] | 352 | [3] | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 13,296 | [3] | |||||||||||||||||
Adjustments to Additional Paid in Capital, Reallocation of Minority Interest | 72 | 72 | |||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 28, 2007 | 407,864 | ||||||||||||||||||
Stockholders' Equity, Ending Balance at Dec. 28, 2007 | 408 | 37 | 8,565 | (329) | 0 | 4 | 8,685 | ||||||||||||
Net Income (Loss) | 1,365 | 1,365 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Period Increase (Decrease) | (411) | 0 | (5) | (416) | |||||||||||||||
Cash Dividends | (308) | 0 | (308) | ||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation | 6 | 178 | 184 | ||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation | 6,106 | ||||||||||||||||||
Stock Repurchased and Retired During Period, Value | (28) | (1,542) | (1,570) | ||||||||||||||||
Stock Repurchased and Retired During Period, Shares | (28,486) | ||||||||||||||||||
Effect on Retained Earnings (Accumulated Deficit) Due to Reclassification | (1,211) | [1] | |||||||||||||||||
Effect on Additional Paid In Capital Due to Reclassification | 1,211 | [1] | |||||||||||||||||
Effect on Retained Earnings (Accumulated Deficit) Due to Change in Measurement Date, Net of Tax | (13) | (13) | [1] | ||||||||||||||||
Cumulative Effect of Initial Adoption of FIN 48 | 0 | [2] | 0 | [2] | |||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 5 | [3] | 116 | [3] | 121 | [3] | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 5,042 | [3] | |||||||||||||||||
Adjustments to Additional Paid in Capital, Reallocation of Minority Interest | 0 | 0 | |||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 26, 2008 | 390,526 | ||||||||||||||||||
Stockholders' Equity, Ending Balance at Dec. 26, 2008 | $391 | $0 | $8,398 | ($740) | $0 | ($1) | $8,048 | ||||||||||||
[1]See Note 1, Nature of Operations and Significant Accounting Policies under caption Other Items - Retained Earnings. | |||||||||||||||||||
[2]See Note 12, Income Taxes. | |||||||||||||||||||
[3]See Note 2, Earnings Per Share and Note 9, Debt and Credit Agreements. |
Statement of Cash Flows
Statement of Cash Flows (USD $) | |||
In Millions | 12 Months Ended
Dec. 26, 2008 | 12 Months Ended
Dec. 28, 2007 | 12 Months Ended
Dec. 29, 2006 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net Income (Loss) | $1,365 | $1,336 | $1,310 |
Adjustments to Reconcile Income (Loss) to Net Cash Provided by (Used in) Continuing Operations [Abstract] | |||
Depreciation | 918 | 890 | 867 |
Deferred Income Tax Expense (Benefit) | 435 | 272 | 42 |
Impairment of Long-Lived Assets Held-for-use | 166 | 0 | 0 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | (110) | 0 |
Gain (Loss) on Sale of Other Investments | 0 | 0 | (26) |
Pension Contributions | (102) | (266) | (28) |
Payments for (Proceeds from) Other Operating Activities | 65 | (91) | (14) |
Increase (Decrease) in Operating Capital [Abstract] | |||
Increase (Decrease) in Accounts Receivable | 74 | (50) | (33) |
Increase (Decrease) in Other Operating Assets | 37 | (41) | 96 |
Increase (Decrease) in Accounts Payable | (3) | 48 | 51 |
Increase (Decrease) in Accrued Income Taxes Payable | (46) | 234 | (103) |
Increase (Decrease) in Other Operating Liabilities | 5 | (38) | (104) |
Net Cash Provided by (Used in) Operating Activities, Total | 2,914 | 2,184 | 2,058 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Payments to Acquire Property, Plant, and Equipment | (1,740) | (1,773) | (1,639) |
Payments to Acquire Short-term Investments | (25) | (2,338) | (1,412) |
Proceeds from Sale of Short-term Investments | 280 | 2,459 | 1,290 |
Payments for (Proceeds from) Other Investing Activities | 36 | (41) | 151 |
Net Cash Provided by (Used in) Investing Activities, Total | (1,449) | (1,693) | (1,610) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Repayments of Short-term Debt | (3) | (6) | 7 |
Proceeds from Issuance of Long-term Debt | 1,351 | 2,381 | 471 |
Repayments of Long-term Debt | (642) | (785) | (546) |
Payments of Dividends | (308) | (231) | (145) |
Proceeds from Stock Options Exercised | 83 | 153 | 319 |
Payments for Repurchase of Equity | (1,570) | (2,174) | (465) |
Proceeds from (Payments for) Other Financing Activities | (75) | 78 | 63 |
Net Cash Provided by (Used in) Financing Activities, Total | (1,164) | (584) | (296) |
Cash and Cash Equivalents, Period Increase (Decrease), Total | 301 | (93) | 152 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 368 | 461 | 309 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 669 | 368 | 461 |
Interest Paid, Net | 509 | 411 | 387 |
Income Taxes Paid, Net | 276 | 235 | 531 |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $310 | $52 | $0 |
Notes to Financial Statements
Notes to Financial Statements | |
12 Months Ended
Dec. 26, 2008 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Nature of Operations CSX Corporation (CSX), and together with its subsidiaries (the Company), based in Jacksonville, Florida, is one of the nation's leading transportation suppliers. The Companys rail and intermodal businesses provide rail-based transportation services including traditional rail service and the transport of intermodal containers and trailers. Rail CSXs principal operating company, CSX Transportation, Inc. (CSXT), provides a crucial link to the transportation supply chain through its approximately 21,000 route mile rail network, which serves major population centers in 23 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. It serves 70 ocean, river and lake ports along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St. Lawrence Seaway. CSXT also serves thousands of production and distribution facilities through track connections to more than 230 short-line and regional railroads. Other Entities In addition to CSXT, the rail segment includes non-railroad subsidiaries Total Distribution Services, Inc. (TDSI), Transflo Terminal Services, Inc. (Transflo), CSX Technology, Inc. (CSX Technology) and other subsidiaries. TDSI serves the automotive industry with distribution centers and storage locations, while Transflo provides logistical solutions for transferring products from rail to trucks. Technology and other support services are provided by CSX Technology and other subsidiaries. Intermodal CSX Intermodal, Inc. (Intermodal), one of the nations largest coast-to-coast intermodal transportation providers, is a stand-alone, integrated intermodal company linking customers to railroads via trucks and terminals. Containers and trailers are loaded and unloaded from trains, and trucks provide the link between intermodal terminals and the customer. Lines of Business Together, the rail and intermodal segments generated $11.3 billion of revenue during 2008 and served four primary lines of business, which are as follows: The merchandise business is the most diverse market with nearly 2.5 million carloads per year of aggregates, which includes crushed stone, sand and gravel, metal, phosphate, fertilizer, food, consumer, agricultural, paper and chemical products. The merchandise business generated approximately 49% of the Companys revenue in 2008 and 37% of volume. Coal, which delivered approximately 1.9 million carloads of coal, coke and iron ore to electricity generating power plants, ocean, river and lake piers and terminals, steel makers and industrial plants, accounted for approximately 29% of the Companys revenue in 2008 and 28% of volume. The Company transports almost one-third of every ton of coal used for generating electricity in the areas it serves. Automotive, which delivers finished vehicles and auto parts, generated approximately 7% of the Companys revenue and 5% of the Companys volume in 2008. The Company delivers approximately 30% of North Americas light vehicles, serving both traditional manufacturers and the increasing number of global manufacturers. Intermodal offers a competitive cost adva |
Earnings Per Share Reconciliation Disclosure | The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution: Fiscal Years 2008 2007 2006 Numerator (Millions): Earnings from Continuing Operations $1,365 $1,226 $1,310 Interest Expense on Convertible Debt - Net of Tax 1 2 4 Net Earnings from Continuing Operations, If-Converted 1,366 1,228 1,314 Discontinued Operations - Net of Tax (a) - 110 - Net Earnings, If-Converted 1,366 1,338 1,314 Interest Expense on Convertible Debt - Net of Tax (1) (2) (4) Net Earnings $1,365 $1,336 $1,310 Denominator (Thousands): Average Common Shares Outstanding 400,683 430,270 440,084 Convertible Debt 2,989 11,469 19,456 Stock Options (b) 3,751 5,010 6,057 Other Potentially Dilutive Common Shares 1,179 1,531 337 Average Common Shares Outstanding, Assuming Dilution 408,602 448,280 465,934 Earnings Per Share: Income from Continuing Operations $3.41 $2.85 $2.98 Discontinued Operations - 0.26 - Net Earnings $3.41 $3.11 $2.98 Earnings Per Share, Assuming Dilution: Income from Continuing Operations $3.34 $2.74 $2.82 Discontinued Operations - 0.25 - Net Earnings $3.34 $2.99 $2.82 (a)For additional information regarding discontinued operations, see Note 12, Income Taxes. (b) In calculating diluted earnings per share, SFAS 128, Earnings Per Share, requires CSX to include the potential shares that would be outstanding if all outstanding stock options were exercised.This is offset by shares CSX could repurchase using the proceeds from these hypothetical exercises to obtain the common stock equivalent.This number is different from outstanding stock options, which is included in Note 4, Stock Plans and Share-Based Compensation.Also, all stock options were dilutive for the years presented, therefore no stock options were excluded from the diluted earnings per share calculation. 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 adjusted for the effects of common stock that may be issued as a result of the following types of potentially dilutive instruments: convertible debt; employee stock options; and other equity awards, which include unvested restricted stock and long-term incentive awards. EITF 04-8, The Effect of Contingently Convertible Debt on Diluted Earnings Per Share, requires CSX to include additional shares in the computation of earnings per share, assuming dilution.The amount included in diluted earnings per share represents the number of shares that would be issued if all of CSXs outstanding convertible debentures were converted into CSX common stock. As a result, diluted shares outstanding are not im |
Stockholders' Equity Note Disclosure [Text Block] | Common and preferred stock consists of the following: December 26, Common Stock, $1 Par Value 2008 (in thousands) Common shares authorized 600,000 Common shares issued and outstanding 390,526 Preferred Stock Preferred shares authorized 25,000 Preferred shares issued and outstanding - Holders of common stock are entitled to one vote on all matters requiring a vote for each share held.Preferred stock is senior to common stock with respect to dividends and upon liquidation of CSX. |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | CSX share-based compensation plans primarily include performance grants, restricted stock awards, stock options and stock plans for directors.CSX has not granted stock options since 2003.Awards granted under the various plans are determined and approved by the Compensation Committee of the Board of Directors or, in certain circumstances, by the Chief Executive Officer for awards to management employees other than senior executives.The Board of Directors approves awards granted to the Companys non-management Directors upon recommendation of the Governance Committee. As of December 2008, there were 1,622 current or former employees with stock option grants outstanding under the various plans.Most new stock awards were granted under the authorization provided in the CSX Omnibus Incentive Plan. As of December 2008, an additional 11 million shares of stock could be issued under this plan. SFAS 123(R) requires the cash flows resulting from income tax deductions in excess of compensation costs to be classified as financing cash flows.This requirement resulted in reduced net operating cash flows and increased net financing cash flows of approximately $69 million and $60 million for fiscal years 2008 and 2007, respectively.Prior to the adoption of SFAS 123(R), CSX presented all income tax benefits from deductions resulting from compensation costs as operating cash flows in the Consolidated Cash Flow Statements. SFAS 123(R) also requires the disclosure of total compensation costs for share-based payment arrangements and the related tax benefits recognized in income. Total pre-tax expense associated with share-based compensation and its related income tax benefit is as follows: Fiscal Years (Dollars in Millions) 2008 2007 2006 Share-Based Compensation Expense $38 $73 $45 Income Tax Benefit 14 27 17 Stock Options Stock options were granted with 10-year terms.Options outstanding as of December 2008 are generally exercisable three to ten years after date of grant.The exercise price for options granted equals the market price of the underlying stock on the grant date.A summary of CSX's stock option activity and related information for the fiscal years 2008, 2007 and 2006 is as follows: Fiscal Years 2008 2007 2006 Weighted- Weighted- Weighted- Options Average Options Average Options Average Outstanding Exercise Outstanding Exercise Outstanding Exercise (000s) Price (000s) Price (000s) Price Outstanding at Beginning of Year 11,771 $18.25 19,420 $18.96 34,151 $20.13 Expired or Canceled (21) $19.03 (44) $18.05 (101) $21.71 Exercised (4,441) $18.76 (7,605) $20.08 (14,630) $21.76 Outstanding at End of Year 7,309 $17.93 11,771 $18.25 19,420 $18.96 Exercisable at End of Year 7,309 $17.93 9,612 $18.73 12,670 $19.78 The follow |
Casualty, Environmental, and Other Loss Contingency Disclosure | Activity related to casualty, environmental and other reserves is as follows: Casualty Separation Environmental Other (Dollars in Millions) Reserves Liabilities Reserves Reserves Total Balance December 30, 2005 $675 $121 $71 $97 $964 Charged to Expense 143 - 20 48 211 Payments (181) (16) (20) (52) (269) Reclassifications(a) - 15 - - 15 Balance December 29, 2006 $637 $120 $71 $93 $921 Charged to Expense(b) 141 - 76 79 296 Change in Estimate (99) - - - (99) Payments(b) (133) (17) (47) (50) (247) Balance December 28, 2007 $546 $103 $100 $122 $871 Charged to Expense 115 - 38 57 210 Payments (95) (16) (38) (53) (202) Balance December 26, 2008 $566 $87 $100 $126 $879 (a) The reclassifications in 2006 were reclassified from Labor and Fringe Benefits Payable. (b) Charges to expense and payments for environmental reserves were higher in 2007 primarily due to clean-up costsassociated with an increase in significant train accidents. Casualty, environmental and other reserves were determined to be critical accounting estimates due to the need for significant management judgments. They are provided for in the Consolidated Balance Sheets as follows: December 26, 2008 December 28, 2007 (Dollars in Millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $104 $258 $362 $113 $225 $338 Occupational 32 172 204 44 164 208 Total Casualty 136 430 566 157 389 546 Separation 16 71 87 16 87 103 Environmental 42 58 100 42 58 100 Other 42 84 126 32 90 122 Total $236 $643 $879 $247 $624 $871 Details with respect to each type of reserve are described below.Actual settlements and claims received could differ.The final outcome of these matters cannot be predicted with certainty.Considering the legal defenses available, the liabilities that have been recorded and other factors, it is the opinion of management that none of these items, when finally resolved, will have a material effect on the Companys financial condition, results of operations or liquidity.However, should a number of these items occur in the same period, they could have a material effect on the financial condition, results of operations or liquidity in that particular period. Casualty Casualty reserves represent accruals for personal injury and occupational injury claims.Currently, no individual claim is expected to exceed the Companys self-insured retention amount.To the extent the value of an individual claim exceeds the self-insured retention amount, the Company would present the liability on a gross basi |
Commitments Disclosure [Text Block] | Lease Commitments The Company has various lease agreements with other parties with terms up to 30 years. Non-cancelable, long-term leases generally include provisions for maintenance, options to purchase and options to extend the terms. At December 2008, minimum building and equipment rentals and commitments for vessels under these operating leases were as follows: (Dollars in millions) Operating Sublease Net Lease Years Leases Income Commitments 2009 $127 $37 $90 2010 106 31 75 2011 76 17 59 2012 76 21 55 2013 64 26 38 Thereafter 224 49 175 Total $673 $181 $492 Operating leases and an equal portion of sublease income include approximately $144 million relating to ongoing operating lease commitments for vessels and equipment, which have been subleased to Horizon Lines, Inc. (Horizon), a former subsidiary previously named CSX Lines.CSX believes Horizon will fulfill its contractual commitments with respect to such leases and CSX will have no further liability for those obligations. In addition to the commitments in the table, the Company also has agreements covering equipment leased from Conrail, Inc. (Conrail). Fiscal Years (Dollars in Millions) 2008 2007 2006 Rent Expense on Operating Leases $424 $446 $514 Rent expense on operating leases included $323 million, $310 million and $355 million of net daily rental charges on railroad operating equipment in 2008, 2007 and 2006, respectively, which are not long-term commitments.The Company uses the straight-line method to recognize rent expense associated with operating leases that include escalations over their terms. Purchase Commitments CSXT has a commitment under a long-term maintenance program that currently covers 47% of CSXTs fleet of locomotives. The agreement is based on the maintenance cycle for each locomotive.Under CSXTs current obligations, the agreement will expire no earlier than 2028 and may last until 2031 depending upon when certain locomotives are placed in service. The costs expected to be incurred throughout the duration of the agreement fluctuate as locomotives are placed into, or removed from, service or as required maintenance schedules are revised. The increase in costs shown below is a direct result of both adding locomotives to the plan each year as well as inflation.CSXT may terminate the agreement at its option after 2012, though such action would trigger certain liquidated damages provisions. The following table summarizes the number of locomotives covered and CSXTs payments under the long-term maintenance program: Fiscal Years (Dollars in Millions) 2008 2007 2006 Amounts Paid $253 $217 $183 Number of Locomotives 1,958 1,843 1,681 As a result of agreements executed in 2005 and 2006, CSXT has purchase obligations related to a multi-year plan to acquire additional locomotives between 2006 and 2011. The amount of the ultimate purchase commitment depends upon the model of locomotive acquire |
Postemployment Benefits Disclosure [Text Block] | General The Company sponsors defined benefit pension plans principally for salaried, management personnel.The plans provide eligible employees with retirement benefits based predominantly on years of service and compensation rates near retirement.For employees hired after December 31, 2002, benefits are determined based on a cash balance formula, which provides benefits by utilizing interest and pay credits based upon age, service and compensation. In addition to these plans, the Company sponsors a post-retirement medical plan and a life insurance plan that provide benefits to full-time, salaried, management employees hired on or before December 31, 2002 upon their retirement if certain eligibility requirements are met.The post-retirement medical plan is contributory (partially funded by retirees), with retiree contributions adjusted annually.The life insurance plan is non-contributory. Summary of Participants as of January 1, 2008 Pension Plans Post-retirement Medical Plan Active Employees 6,548 3,465 Retirees and Beneficiaries 10,908 10,285 Other (a) 5,945 262 Total 23,401 14,012 (a) For pension plans, the other category consists of terminated but vested former employees.For post-retirement plans, the other category consists of employees on long-term disability that have not yet retired. Effective fiscal year 2008, under the provisions of SFAS 158, CSX has changed the measurement date for pension and post-retirement benefit plans from September 30 to the last day of the Companys fiscal year. The Company engages independent, external actuaries to compute the amounts of liabilities and expenses relating to these plans subject to the assumptions that the Company selects. Also, due to recent volatility in the markets, there has been a significant decrease in the value of plan assets and, in turn, a large decrease in the funded status of our qualified pension plan. The benefit obligation for these plans represents the liability of the Company for current and retired employees and is affected primarily by the following: service cost (benefits attributed to employee service during the period); interest cost (interest on the liability due to the passage of time); actuarial gains/losses (experience during the year different from that assumed and changes in plan assumptions); and benefits paid to participants. Cash Flows Plan assets are amounts that have been segregated and restricted to provide benefits and include amounts contributed by the Company and amounts earned from invested contributions, net of benefits paid. The Company funds the cost of the post-retirement medical and life insurance benefits as well as nonqualified pension benefits on a pay-as-you go basis.Qualified pension plan obligations are funded in accordance with prescribed regulatory requirements and with an objective of meeting minimum funding requirements necessary to avoid restrictions on flexibility of plan operation and benefit payments.There are alternative smoothing methods available both to measure asset values and discounted o |
Long-term Debt [Text Block] | Debt was as follows: Average Interest Rates at December December December (Dollars in Millions) Maturity 2008 2008 2007 Notes 2009-2043 6.6% $6,756 $6,291 Convertible Debentures, net of $3 and $23 discount, respectively 2021 2.1% 28 151 Equipment Obligations 2009-2023 7.1% 1,002 738 Capital Leases 2009-2015 6.5% 45 73 Total Long-term Debt (including current portion) 7,831 7,253 Less Debt Due within One Year (319) (783) Long-term Debt (excluding current portion) $7,512 $6,470 Early Redemption of Long-term Debt In 2007, CSX called $150 million of notes due in 2032.CSX recognized a $10 million reduction to other income for an early redemption premium and the write-off of debt issuance costs related to this early repayment.In 2008, CSX did not redeem any long-term debt before its maturity date. Debt Issuance CSX issued a total of $1.4 billion in debt during 2008 as follows: Notes Principal Amount Issued (Dollars in Millions) CSX 6.25% Note due 2015 $600 CSX 7.45% Note due 2038 400 CSXT 8.375% Secured Equipment Notes due 2014(a) 351 $1,351 (a) The CSXT notes are secured by a security interest in certain railroad equipment. These notes were included in the Consolidated Balance Sheets under Long-term Debt and may be redeemed by the Company at any time.The net proceeds from the sale of the notes will be used for general corporate purposes, which may include repurchases of CSX common stock, capital expenditures, working capital requirements, improvements in productivity and other cost reductions at the Company's major transportation units. Additionally, in January 2009, the Company took advantage of an improvement in capital market conditions and issued $500 million of 7.375% Notes due 2019. Convertible Debentures In 2001, CSX issued $564 million aggregate principal amount at maturity in unsubordinated zero coupon convertible debentures (the "debentures") due in 2021 for an initial offering price of approximately $462 million.The carrying value of outstanding debentures was $28 million and $151 million, at December 2008 and December 2007, respectively.From their date of issuance, these debentures had accreted (increased) in value at a yield to maturity of 1% per year.In 2007, the accretion rate was reset to 2.1%.The accretion rate may be reset again in October 2011 and October 2016 to a rate based on five-year United States Treasury Notes minus 2.8%.In no event will the yield to maturity be reset below 1% or above 3% per annum.Accretion in value on the debentures is recorded in each month but will not be paid prior to maturity. The debentures allow holders to require CSX to purchase their debentures in October 2011 and October 2016, at a purchase price equal to the accreted value of the debentures at the time.CSX may redeem the debentures for cash at any time at a redemption price equal to the accreted value of t |
Other Income and Other Expense Disclosure [Text Block] | Other Income (Expense) - Net consists of the following: Fiscal Years (Dollars in Millions) 2008 2007 2006 Interest Income(a) $37 $55 $41 Income from Real Estate Operations (b) 39 58 37 Loss from Resort Operations (c) (204) (16) (13) Gain on Conrail Property (After Tax) (d) - - 26 Miscellaneous (e) 25 (8) (7) Total Other Income (Expense) - Net $(103) $89 $84 Gross revenue from Real Estate and Resort Operations included above $168 $211 $193 (a) Interest income includes amounts earned from CSXs cash, cash equivalents and short-term investments. (b) Income from real estate includes the results of operations of the Companys non-operating real estate sales, leasing, acquisition and management and development activities.Income may fluctuate as a function of timing of real estate sales. (c) Loss from resort operations in 2008 consists primarily of the $166 million pre-tax write-down of the Companys investment in The Greenbrier resort.Additionally, results from resort operations were down in 2008 because of decreased group business resulting from the uncertainty of labor negotiations and an inability to sufficiently reduce contractual labor costs accordingly. (d) Gain on Conrail property represents a non-cash gain on additional Conrail property value received in 2006. (e) Miscellaneous income includes a number of items which can be income or expense.Examples of these items are equity earnings and/or losses, minority interest expense, investment gains and losses and other non-operating activities. For the year 2008, CSX recorded additional income of $30 million for an adjustment to correct equity earnings from a non-consolidated subsidiary. For the year 2007, CSX recorded expense of $10 million related to an early redemption premium and the write-off of debt issuance costs. Supplemental data consists of the following: Operating expense of $8.5 billion, $7.8 billion and $7.4 billion included selling, general administrative expenses of $670 million, $585 million and $547 million for fiscal years 2008, 2007 and 2006, respectively. Impairment Loss Properties and other long-lived assets are reviewed for impairment whenever events or business conditions indicate the carrying amount of such assets may not be fully recoverable. Initial assessments of recoverability are based on estimates of undiscounted future net cash flows associated with an asset or a group of assets in accordance with SFAS 144, Accounting for the Impairment or Disposal of Long-Lived Assets. Where impairment is indicated, the assets are evaluated and their carrying amount is reduced to fair value based on discounted net cash flows or other estimates of fair value. During 2008, the Company identified impairment indicators associated with the Companys resort, The Greenbrier, which caused the Company to review the carrying amount of the assets of the resort. These indicators included: results of a strategic review of the resorts operation |
Property, Plant and Equipment Disclosure [Text Block] | CSXs capital spending includes purchased or self-constructed assets and property additions that substantially extend the service life or increase the utility of those assets.Indirect costs that can be specifically traced to capital projects are also capitalized.CSX is committed to maintaining and improving its existing infrastructure and expanding its network for long-term growth.Rail operations are capital intensive and CSX accounts for these costs in accordance with GAAP and the Companys capitalization policy.A detail of the Companys properties are as follows: Annual December December Depreciation (Dollars in Millions) 2008 2007 Rate (a) Road Rail and Other Track Material $5,324 $5,079 2.9% Ties 3,503 3,355 4.2% Ballast 2,181 2,086 2.7% Other 8,449 8,322 3.0% Total Road $19,457 $18,842 Equipment (b) Locomotive $4,335 $3,985 3.6% Freight Cars 2,777 2,582 3.8% Work Equipment and Other 356 331 3.9% Total Equipment $7,468 $6,898 Land $1,907 $1,899 N/A Intermodal 672 612 N/A Computer Hardware/Software and Other 443 406 16.7% Construction In Progress 261 342 N/A Total Properties 30,208 28,999 Accumulated Depreciation (7,520) (7,219) Net Properties $22,688 $21,780 (a) Rates apply to CSXT assets which account for more than 95% of total assets.All other property is depreciated on a straight line basis over the assets useful life.See Note 1, Nature of Operations and Significant Accounting Policies, for more information related to the Companys depreciation policies and asset lives. (b) Included in the table above are $310 million of assets purchased using seller financing.Of that balance, $182 million was included in other current liabilities for 2008 as this amount was unpaid as of year end. CSXs largest category of capital spending is track assets which are typically completed by CSX employees.Costs for track projects that are capitalized include: costs to purchase or construct new track or to prepare ground for the laying of track; rail, field and plant welding which are processes used to connect segments of rail; rail grinding which is a procedure for removing ridges and defects in a rail surface to restore rail to its original shape and extend its useful life; ballast (material that holds track in line); fuels and lubricants associated with tie, rail and surfacing work (the process of raising track to a designated elevation over an extended distance); cross, switch and bridge ties which are the braces that support the rails on a track; gauging which is the process of standardizing the distance between rails; handling costs associated with installing ties or ballast; and other track materials. Normal repairs and maintenance costs of track materials are expensed as incurred.These costs include repairs made to track such |
Other Long-term Assets and Other Long-term Liabilities | Other Long-term Assets Other Long-term Assets consisted of the following: December (Dollars in Millions) 2008 2007 Goodwill(a) $64 $64 Available for Sale Securities(b) 48 75 Debt Issuance Costs 36 34 Other Long-term Assets 46 86 Total Other Long-term Assets $194 $259 (a) Goodwill related to subsidiaries of CSXT represents the purchase price in excess of fair value. (b) Available for Sale Securities include investments in marketable securities. Other Long-term Liabilities Other Long-term Liabilities consisted of the following: December (Dollars in Millions) 2008 2007 Pension Plan Liability (a) $730 $203 Post-retirement Benefit Liability (a) 331 349 Deferred Gains 160 181 Accrued Deferred Compensation 77 90 Accrued Sick Leave 24 16 Deferred Lease Payments 21 40 Minority Interest 21 21 Income Taxes Payable 9 7 Other Long-term Liabilities 73 81 Total Other Long-term Liabilities $1,446 $988 (a)See Note 7, Employee Benefit Plans, for a discussion on changes in pension and post-retirement benefit liabilities. |
Income Tax Disclosure [Text Block] | Earnings from continuing operations before income taxes of $2.1 billion, $1.9 billion and $1.8 billion for fiscal years 2008, 2007, and 2006, respectively, represent earnings from domestic operations. The significant components of deferred tax assets and liabilities include: 2008 2007 (Dollars in Millions) Assets Liabilities Assets Liabilities Pension Plans $282 $- $81 $- Other Employee Benefit Plans 317 - 323 - Accelerated Depreciation - 6,882 - 6,541 Other 469 218 447 152 Total $1,068 $7,100 $851 $6,693 Net Deferred Tax Liabilities $6,032 $5,842 The primary factors in the change in year-end net deferred income tax liability balances include: Annual provision for deferred income tax expense; and Accumulated other comprehensive loss and other capital adjustments; The breakdown of income tax expense between current and deferred is as follows: (Dollars in Millions) Fiscal Years Current: 2008(a) 2007 2006 Federal $273 $388 $458 State 73 46 31 Total Current 346 434 489 Deferred: Federal 408 237 15 State 27 35 27 Total Current 435 272 42 Total $781 $706 $531 (a) The increase in deferred tax liability during 2008 is primarily due to the bonus depreciation provision of the Economic Stimulus Act of 2008. Income tax expense reconciled to the tax computed at statutory rates is as follows: Fiscal Years (Dollars In Millions) 2008 2007 2006 Federal Income Taxes $751 35 % $676 35 % $644 35 % State Income Taxes 63 3 50 3 37 2 Prior Year Audit Resolutions (18) (1) 5 - (132) (7) Other Items(a) (15) (1) (25) (1) (18) (1) Income Tax Expense/Rate $781 36 % $706 37 % $531 29 % (a) Other items primarily include tax impacts from equity in Conrail and other partially owned subsidiaries earnings. The change in the 2008 effective income tax rate compared to the prior year is primarily attributed to prior year audit resolutions. CSX adopted FIN 48 at the beginning of fiscal year 2007.As a result of the implementation, the Company recognized a $31 million decrease to reserves for uncertain tax positions.This decrease, along with a $2 million reduction for unconsolidated subsidiaries accounted for under the equity method of accounting, was recorded as a cumulative effect adjustment to the beginning balance of retained earnings on the balance sheet. The change to the total gross unrecognized tax benefits of the Company during the fiscal year ended December 2008 is reconciled as follows: Uncertain Tax Positions: Fiscal Year (Dollars in Millions) 2008 2007 Beginning Balance $58 $207 Additions based on tax positions related to current year 3 1 Addi |
Unusual or Infrequent Items Disclosure [Text Block] | In August 2005, Hurricane Katrina caused extensive damage to Company assets on the Gulf Coast, including damage to track infrastructure and bridges.Operations were returned to pre-hurricane conditions by the end of the first quarter of 2006. In order to determine the proper accounting treatment for the damage, the Company reviewed EITF 01-10, Accounting for the Impact of the Terrorist Attacks of September 11, 2001, specifically Issue 3, of that consensus, in which the Task Force concluded that insurance recoveries in connection with property and casualty losses should be recognized when realization of the claim for recovery of a loss recognized in the financial statements is deemed probable.Information regarding the Companys insurance coverage at that time, damage estimates and the allocation of the insurance deductible is as follows: Insurance Coverage In 2005, the Company had insurance coverage of $535 million, after a $25 million deductible (per occurrence), for the following types of losses: Fixed Assets Damages The Company is entitled to the current replacement cost of the damaged assets.The Companys bridges and track damaged by Hurricane Katrina comprised the majority of these types of losses. Business Interruption - The Company is entitled to recover the increased costs incurred to allow the Company to continue operations and to minimize the overall business impact to the Company during the period of indemnity.These increased costs include rerouting and other costs. Lost Profit - The Company is entitled to recover lost profits, net of associated expenses, during the period of indemnity. The period of indemnity is defined in the relevant policies of insurance and extends not only through the date upon which the railroad network was restored to its original operations, butfor such additional time as may be required to restore revenue to the same level as would have existed had no loss occurred. The Companys insurance policies do not prioritize coverage based on types of losses.As claims were submitted to the insurance companies, they were reviewed and preliminary payments were received until all losses were incurred and documented.A final payment will be received once the Company and its insurers agree on the total value of the claim. In May 2008, the Company filed a lawsuit in federal court against a number of companies that provide insurance and reinsurance coverage to the Company.The insurance companies have refused to cover certain losses totaling approximately $50 million that the Company has incurred as a result of Hurricane Katrina and which the Company believes are covered by the policies at issue.The specific claims relate to lost profits following the storm, costs associated with replacing two diesel locomotives and claims adjustment expenses.The Company has asked the court to determine whether its damages are covered by the policies.If the Company prevails, a separate proceeding will determine the amount of the Companys recovery.The Company will not recognize gains related to these disputed amounts until they are resolved by the courts. Damage Estimates Managements current loss estimate i |
Related Party Transactions Disclosure [Text Block] | Through a limited liability company, CSX and Norfolk Southern Corporation (NS) jointly own Conrail. CSX has a 42% economic interest and 50% voting interest in the jointly owned entity and NS has the remainder of the economic and voting interests.Pursuant to the Accounting Principle Board (APB) Opinion 18, The Equity Method of Accounting for Investments in Common Stock, CSX applies the equity method of accounting to its investment in Conrail. Conrail owns and operates rail infrastructure for the joint benefit of CSX and NS.This is known as the shared asset area. Conrail charges fees for right-of way usage, equipment rentals and transportation, switching and terminal service charges in the shared asset area.Historically, these expenses were included as an expense category called Conrail rents, fees and services, in the consolidated income statements.Beginning in 2007, these amounts have been included in materials, supplies and other on the consolidated income statements.Prior periods have been reclassified to conform to the current presentation. Also included in materials, supplies and other are CSXs 42% share of Conrails income and its amortization of the fair value write-up arising from the acquisition of Conrail and certain other adjustments.The amortization primarily represents the additional after- tax depreciation expense related to the write-up of Conrails fixed assets when the original purchase price, from the 1997 acquisition of Conrail, was allocated based on fair value. The following table details the related Conrail amounts included in materials, supplies and other in the Companys consolidated income statements: Fiscal Years (Dollars in Millions) 2008 2007 2006 Rents, Fees and Services $112 $97 $91 Purchase Price Amortization and Other 4 4 4 Equity in Income of Conrail (23) (35) (20) Total Conrail Rents, Fees and Services $93 $66 $75 Interest expense from the promissory notes payable to Conrail, or a subsidiary, was as follows: Fiscal Years (Dollars in Millions) 2008 2007 2006 Interest Expense Related to Conrail $4 $4 $4 As required by SFAS 57, Related Party Disclosures, the Company has identified below amounts owed to Conrail, or its affiliates, representing liabilities under the operating, equipment and shared area agreements with Conrail.The Company also executed two promissory notes with a subsidiary of Conrail which were included in long-term debt on the consolidated balance sheets. December 26, December 28, (Dollars in Millions) 2008 2007 Balance Sheet Information: CSX Payable to Conrail (a) $63 $49 Promissory Notes Payable to Conrail Subsidiary 4.40% CSX Promissory Note due October 2035 (b) $73 $73 4.52% CSXT Promissory Note due March 2035 (b) $23 $23 (a) Included on the consolidated balance sheet of CSX as accounts payable because it is short term in nature. (b) Included on the consolidated balance sheet of CSX as long-term debt. |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | In 2005, CSX sold its International Terminals business, which included the capital stock of SL Services, Inc. (SLSI) to Dubai Ports International FZE (DPI) for gross cash consideration of $1.142 billion. In 2007, the IRS completed its review of the Companys pre-filing agreement, which is an early review of specific transactions.The Company recorded an income tax benefit of $110 million, primarily associated with the resolution of income tax matters related to former activities of the marine service businesses, including the International Terminals business described above.This 2007 benefit was recorded as discontinued operations as the Company no longer operates in these businesses.This benefit was associated with tax basis adjustments, foreign dividends and foreign tax credits from operations over a multi-year period. SLSI held certain residual assets and liabilities as a result of prior divestitures and discontinuances.A wholly-owned subsidiary of CSX retains the rights to those assets and indemnifies DPI, SLSI and related entities against those liabilities pursuant to a separate agreement.CSX guarantees the obligations of its subsidiary under this separate agreement. |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | CSX uses derivative financial instruments to manage its overall exposure to fluctuations in interest rates and has previously used such instruments to manage exposure to fluctuations in fuel costs. Interest Rate Swaps During 2007, CSX repaid $450 million of debentures that matured and called $150 million of debentures due in 2032 (See Note 8, Debt and Credit Agreements).As a result, CSX also settled the interest rate swaps related to these debentures.CSX had $30 million and $35 million of outstanding interest rate swaps that impacted interest expense by $1 million and $2 million for 2008 and 2007, respectively.The interest rate swap agreements were designated and qualified as fair value hedges.CSXs interest rate swaps qualified as perfectly effective, as defined by SFAS 133, Accounting for Derivative Instruments and Hedging Activities.As such, there was no ineffective portion to the hedge recognized in earnings during the current or prior year periods. Fuel Hedging In 2003, CSX began a program to hedge a portion of CSXTs future locomotive fuel purchases. This program was established to manage exposure to fuel price fluctuations. To minimize this risk, CSX entered into a series of swaps.Ineffectiveness, or the extent to which changes in the fair values of the fuel swaps did not offset changes in the fair values of the expected fuel purchases, was immaterial.CSX suspended entering into new swaps in its fuel hedge program in 2004 and there are currently no outstanding contracts. Fuel hedging activity offset increased fuel expense for fiscal year 2006 by $55 million.Since the end of 2006, there has been no impact on fuel expense as all contracts expired prior to that time. |
Segment Reporting Disclosure [Text Block] | The Companys consolidated operating income results are comprised of two business segments: Rail and Intermodal.The Rail segment provides rail freight transportation over a network of approximately 21,000 route miles in 23 states, the District of Columbia and the Canadian provinces of Ontario and Quebec. The Intermodal segment provides integrated rail and truck transportation services and operates a network of dedicated intermodal facilities across North America.These segments are strategic business units that offer different services and are managed separately.Performance of the segment is evaluated and resources are allocated based on several factors, of which the principal financial measures are business segment operating income and operating ratio.The accounting policies of the segments are the same as those described in Note 1, Nature of Operations and Significant Accounting Policies. Certain segment information has been reclassified to conform to current year presentation.See Note 1, Nature of Operations and Significant Accounting Policies, for further details.Business segment information for the fiscal years 2008, 2007 and 2006 was as follows: Fiscal Years (Dollars in Millions) 2008 2007 2006 Revenue from External Customers: Rail $9,789 $8,674 $8,154 Intermodal 1,466 1,356 1,412 Consolidated $11,255 $10,030 $9,566 Operating Income: Rail $2,478 $2,000 $1,881 Intermodal 290 260 268 Consolidated $2,768 $2,260 $2,149 Assets: Rail $25,343 $24,502 $24,212 Intermodal 321 283 276 Investment in Conrail 609 639 607 Elimination of Intersegment Payables (Receivables) (8) (121) (174) Non-segment Assets 23 231 208 Consolidated $26,288 $25,534 $25,129 Depreciation Expense: Rail $879 $849 $822 Intermodal 25 34 38 Consolidated $904 $883 $860 Property Additions: Rail $1,672 $1,678 $1,595 Intermodal 62 60 28 Non-Segment 6 35 16 Consolidated $1,740 $1,773 $1,639 |
Quarterly Financial Information [Text Block] | Pursuant to Article 3 of the Securities and Exchange Commission (SEC)s Regulation S-X, the following are selected quarterly financial data: 2008 Quarters (Dollars in Millions, Except Per Share Amounts) 1st (a) 2nd (b) 3rd 4th (c) Full Year Operating Revenue $2,713 $2,907 $2,961 $2,674 $11,255 Operating Income 626 717 733 692 2,768 Net Earnings $351 $385 $382 $247 $1,365 Earnings Per Share: Net Earnings $0.87 $0.95 $0.95 $0.63 $3.41 Earnings Per Share Assuming Dilution: Net Earnings $0.85 $0.93 $0.94 $0.63 $3.34 Dividend Per Share $0.15 $0.18 $0.22 $0.22 $0.77 2007 Quarters (Dollars in Millions, Except Per Share Amounts) 1st (d) 2nd 3rd (e) 4th (f) Full Year (g) Operating Revenue $2,422 $2,530 $2,501 $2,577 $10,030 Operating Income 485 612 558 605 2,260 Earnings from Continuing Operations 240 324 297 365 1,226 Discontinued Operations - - 110 - 110 Net Earnings $240 $324 $407 $365 $1,336 Earnings Per Share: From Continuing Operations $0.55 $0.74 $0.69 $0.89 $2.85 Discontinued Operations - - 0.25 - 0.26 Net Earnings $0.55 $0.74 $0.94 $0.89 $3.11 Earnings Per Share Assuming Dilution: From Continuing Operations $0.52 $0.71 $0.67 $0.86 $2.74 Discontinued Operations - - 0.24 - 0.25 Net Earnings $0.52 $0.71 $0.91 $0.86 $2.99 Dividend Per Share $0.12 $0.12 $0.15 $0.15 $0.54 Prior periods have been reclassified to conform to the current presentation. (a) CSX recorded a non-cash adjustment of $30 million to correct equity earningsfrom a non-consolidated subsidiary resulting in additional income. (b) CSX recognized a tax benefit of $18 million principally related to the settlement of federal income tax audits and certain other tax matters. (c) CSX recognized an impairment loss of $166 million pre-tax on its investment in The Greenbrier resort. (d) CSX recognized an $18 million pre-tax benefit on insurance recoveries from gains related to Hurricane Katrina (See Note 13, Hurricane Katrina). (e) CSX recognized an income tax benefit of $110 million principally associated with the resolution of certain tax matters related to former activities of the container shipping and marine service businesses (See Note 15, Discontinued Operations).Additionally, CSX recognized a $1 million pre-tax benefit on insurance recoveries from gains related to Hurricane Katrina. (f) CSX recognized an $8 million pre-tax benefit on insurance recoveries from gains related |
Schedule of Condensed Financial Statements [Text Block] | In 2007, CSXT sold $381 million of Secured Equipment Notes due 2023 in a registered public offering pursuant to an existing shelf registration statement. CSX has fully and unconditionally guaranteed the notes. In connection with the notes, the Company is providing the following condensed consolidating financial information in accordance with SEC disclosure requirements. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation and the allocation of certain expenses of CSX incurred for the benefit of its subsidiaries. The condensed consolidating balance sheets as of December 2008 and December2007, and the statements of income and cash flows for each of the three fiscal years in the period ended December 2008, for the obligor and parent guarantor are as follows: Consolidating Income Statements (Dollars in Millions) Fiscal Year Ended December 26, 2008 CSX Corporation CSX Transportation Other Eliminations Consolidated Operating Revenue $ - $9,712 $1,675 $(132) $11,255 Operating Expense (193) 7,511 1,289 (120) 8,487 Operating Income 193 2,201 386 (12) 2,768 Equity in Earnings of Subsidiaries 1,469 - - (1,469) - Other Income (Expense) 141 118 (172) (190) (103) Interest Expense (544) (155) (22) 202 (519) Earnings from Continuing Operations before Income Taxes 1,259 2,164 192 (1,469) 2,146 Income Tax Benefit (Expense) 106 (733) (154) - (781) Net Earnings $1,365 $1,431 $38 $(1,469) $1,365 Fiscal Year Ended December 28, 2007 CSX Corporation CSX Transportation Other Eliminations Consolidated Operating Revenue $ - $8,591 $1,546 $(107) $10,030 Operating Expense (203) 6,894 1,176 (97) 7,770 Operating Income 203 1,697 370 (10) 2,260 Equity in Earnings of Subsidiaries 1,363 - - (1,363) - Other Income (Expense) 166 154 194 (425) 89 Interest Expense (568) (238) (46) 435 (417) Earnings from Continuing Operations before Income Taxes 1,164 1,613 518 (1,363) 1,932 Income Tax Benefit (Expense) 62 (614) (154) - (706) Earnings from Continuing Operations 1,226 999 364 (1,363) 1,226 Discontinued Operations - Net of Tax 110 - - - 110 Net Earnings $1,336 $999 $36 |
Document Information
Document Information (csx200810K [Member]) | |
12 Months Ended
Dec. 26, 2008 | |
Document Information [Line Items] | |
Document Type | 10-K |
Amendment Flag | false |
Amendment Description | none |
Document Period End Date | 2008-12-26 |
Entity Information
Entity Information (CSX [Member], USD $) | |
In Hundreds, except Share data | 12 Months Ended
Dec. 26, 2008 |
Entity Information [Line Items] | |
Entity Registrant Name | CSX Corporation |
Entity Central Index Key | 0000277948 |
Current Fiscal Year End Date | --12-26 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Public Float | 251932996.5 |
Entity Common Stock, Shares Outstanding | 399,254,173 |