CSX (CSX) 10-Q 18 Apr 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2018shares
Document and Entity Information [Abstract]
Entity Registrant Name	CSX CORP
Entity Central Index Key	277,948
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	875,353,546
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement
Revenue	$ 2,876	$ 2,869
Expense
Labor and Fringe	696	795
Materials, Supplies and Other	482	571
Depreciation	323	320
Fuel	255	218
Equipment and Other Rents	101	99
Restructuring Charge (Note 1)	0	110
Equity Earnings of Affiliates	(25)	(13)
Total Expense	1,832	2,100
Operating Income	1,044	769
Interest Expense	(149)	(137)
Restructuring Charge - Non-Operating (Note 1)	0	(63)
Other Income - Net	17	13
Earnings Before Income Taxes	912	582
Income Tax Expense	(217)	(220)
Net Earnings	$ 695	$ 362
Per Common Share
Net Earnings Per Share, Basic (in dollars per share)	$ 0.78	$ 0.39
Net Earnings Per Share, Assuming Dilution (in dollars per share)	$ 0.78	$ 0.39
Average Shares Outstanding (in shares)	885	927
Average Shares Outstanding, Assuming Dilution (in shares)	888	929
Cash Dividends Paid Per Common Share (in dollars per share)	$ 0.22	$ 0.18

CONSOLIDATED COMPREHENSIVE INCO

CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Total Comprehensive Earnings	$ 596	$ 368

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 30, 2016
Current Assets:
Cash and Cash Equivalents	$ 1,980	$ 401	$ 930	$ 603
Short-term Investments	10	18
Accounts Receivable - Net (Note 11)	1,045	970
Materials and Supplies	369	372
Other Current Assets	138	154
Total Current Assets	3,542	1,915
Properties	44,103	44,324
Accumulated Depreciation	(12,355)	(12,560)
Properties - Net	31,748	31,764
Other Long-term Assets	435	374
Total Assets	37,439	35,739
Current Liabilities:
Accounts Payable	905	847
Labor and Fringe Benefits Payable	443	602
Casualty, Environmental and Other Reserves (Note 4)	106	108
Current Maturities of Long-term Debt (Note 7)	19	19
Income and Other Taxes Payable	274	157
Other Current Liabilities	144	161
Total Current Liabilities	1,891	1,894
Casualty, Environmental and Other Reserves (Note 4)	258	266
Long-term Debt (Note 7)	13,768	11,790
Deferred Income Taxes - Net	6,485	6,418
Other Long-term Liabilities	646	650
Total Liabilities	23,048	21,018
Shareholders' Equity:
Common Stock, $1 Par Value	875	890
Other Capital	215	217
Retained Earnings	13,873	14,084
Accumulated Other Comprehensive Loss (Note 10)	(585)	(486)
Noncontrolling Interest	13	16
Total Shareholders' Equity	14,391	14,721
Total Liabilities and Shareholders' Equity	37,439	35,739
Investments in Conrail
Current Assets:
Investment in Affiliates and Other Companies	918	907
Affiliates and Other Companies
Current Assets:
Investment in Affiliates and Other Companies	$ 796	$ 779

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Shareholders' Equity:
Common stock, par value (in dollars per share)	$ 1	$ 1

CONSOLIDATED CASH FLOW STATEMEN

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES
Net Earnings	$ 695	$ 362
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation	323	320
Deferred Income Taxes	54	59
Gain on Property Dispositions	(32)	(2)
Equity Earnings of Affiliates	(25)	(13)
Restructuring Charge	0	173
Cash Payments for Restructuring Charge	(12)	(12)
Other Operating Activities	6	17
Changes in Operating Assets and Liabilities:
Accounts Receivable	(50)	(30)
Other Current Assets	(19)	33
Accounts Payable	64	91
Income and Other Taxes Payable	127	162
Other Current Liabilities	(165)	(117)
Net Cash Provided by Operating Activities	966	1,043
INVESTING ACTIVITIES
Property Additions	(368)	(441)
Proceeds from Property Dispositions	52	13
Purchase of Short-term Investments	0	(75)
Proceeds from Sales of Short-term Investments	8	205
Other Investing Activities	(8)	12
Net Cash Used In Investing Activities	(316)	(286)
FINANCING ACTIVITIES
Long-term Debt Issued (Note 7)	2,000	0
Dividends Paid	(194)	(166)
Shares Repurchased	(836)	(258)
Other Financing Activities	(41)	(6)
Net Cash Provided By (Used in) Financing Activities	929	(430)
Net Increase in Cash and Cash Equivalents	1,579	327
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period	401	603
Cash and Cash Equivalents at End of Period	$ 1,980	$ 930

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Significant Accounting Policies	Nature of Operations and Significant Accounting Policies Background CSX Corporation (“CSX”), together with its subsidiaries (the “Company”), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based transportation services including traditional rail service and the transport of intermodal containers and trailers. CSX's principal operating subsidiary, CSX Transportation, Inc. (“CSXT”), provides an important link to the transportation supply chain through its approximately 21,000 route mile rail network, which serves major population centers in 23 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. The Company's intermodal business links customers to railroads via trucks and terminals. After a merger on July 1, 2017 with CSX Real Property, Inc., a former wholly-owned CSX subsidiary, CSXT is now responsible for the Company's real estate sales, leasing, acquisition and management and development activities. In addition, as substantially all real estate sales, leasing, acquisition and management and development activities are focused on supporting railroad operations, all results of these activities are included in operating income beginning in 2017. Previously, the results of these activities were classified as operating or non-operating based on the nature of the activity and were not material for any periods presented. 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 include 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 following: • Consolidated income statements for the three months ended March 31, 2018 and March 31, 2017 ; • Consolidated comprehensive income statements for the three months ended March 31, 2018 and March 31, 2017 ; • Consolidated balance sheets at March 31, 2018 and December 31, 2017 ; and • Consolidated cash flow statements for the three months ended March 31, 2018 and March 31, 2017 . 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. NOTE 1. Nature of Operations and Significant Accounting Policies, continued Fiscal Year Through the second quarter 2017, CSX followed a 52/53 week fiscal reporting calendar with the last day of each reporting period ending on a Friday. On July 7, 2017 the Board of Directors of CSX approved a change in the fiscal reporting calendar from a 52/53 week year ending on the last Friday of December to a calendar year ending on December 31 each year, effective beginning with fiscal third quarter 2017. Related to the change in the fiscal calendar: • Fiscal year 2018 (January 1, 2018 through December 31, 2018) will contain 365 days, and fiscal year 2017 (December 31, 2016 through December 31, 2017) contained 366 days • Fiscal first quarter 2018 (January 1, 2018 through March 31, 2018) contained 90 days, and fiscal first quarter 2017 (December 31, 2016 through March 31, 2017) contained 91 days This change did not materially impact the comparability of the Company’s financial results. Accordingly, the change to a calendar fiscal year was made on a prospective basis and operating results for prior periods were not adjusted. The Company was not required to file a transition report because this change was not deemed a change in fiscal year for purposes of reporting subject to Rule 13a-10 or Rule 15d-10 of the Securities Exchange Act of 1934 as the new fiscal year commenced with the end of the prior fiscal year end and within seven days of the prior fiscal year end. Except as otherwise specified, references to “ first quarter(s)” or “ three months” indicate CSX's fiscal periods ending March 31, 2018 and March 31, 2017 , and references to "year-end" indicate the fiscal year ended December 31, 2017 . New Accounting Pronouncements In February 2018, the FASB issued Accounting Standard Update ("ASU") Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Inco me, which permits entities to reclassify tax effects stranded in accumulated other comprehensive income as a result of tax reform to retained earnings. Companies that elect to reclassify these amounts must reclassify stranded tax effects for all items accounted for in accumulated other comprehensive income. The Company adopted this standard update in first quarter 2018 and applied it prospectively. Adoption resulted in the reclassification of $107 million in tax effects related to employee benefit plans from accumulated other comprehensive loss, increasing retained earnings by the same amount. In January 2018, the FASB issued ASU Leases - Land Easement Practical Expedient , which permits entities to forgo the evaluation of existing land easement arrangements to determine if they contain a lease as part of the adoption of the Leases ASU issued in February 2016. Accordingly, the Company’s accounting treatment of existing land easements will not change. CSX will adopt this standard update concurrently with the Leases ASU issued in February 2016. New land easement arrangements, or modifications to existing arrangements, after the adoption of the standard update will still be evaluated to determine if they meet the definition of a lease. NOTE 1. Nature of Operations and Significant Accounting Policies, continued In March 2017, the FASB issued ASU Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires that only the service cost component of net periodic benefit costs be recorded as compensation cost in operating expense on the consolidated income statement. All other components of net periodic benefit cost (interest cost, expected return on plan assets, amortization of net loss, special termination benefits and settlement and curtailment effects) should be presented as non-operating charges on the consolidated income statement. These non-operating charges are presented as restructuring charge - non-operating, if related to prior year restructuring activities, or as other income - net as appropriate. The Company adopted the provisions of this standard during first quarter 2018 and applied them retrospectively. The retrospective impact of adoption for first quarter 2017 is shown in the following table. First Quarter 2017 (Dollars in millions) As Previously Reported Reclassification As Reclassified Operating Expense: Labor and Fringe $ 789 $ 6 $ 795 Restructuring Charge 173 (63 ) 110 Non-Operating Income (Expense): Restructuring Charge - Non-Operating $ — $ (63 ) $ (63 ) Other Income - Net 7 6 13 In May 2014, the FASB issued ASU Revenue from Contracts with Customers , which supersedes previous revenue recognition guidance. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. In-depth reviews of commercial contracts were completed and changes to processes and internal controls to meet the standard’s reporting and disclosure requirements were implemented. The Company adopted the guidance effective January 1, 2018 using the modified retrospective approach. The adoption did not affect the Company’s financial condition, results of operations or liquidity. Disclosures related to the nature, amount and timing of revenue and cash flows arising from contracts with customers are included in Note 11, Revenues. In February 2016, the FASB issued ASU, Leases , which will require lessees to recognize most leases on their balance sheets as a right-of-use asset with a corresponding lease liability, and lessors to recognize a net lease investment. Additional qualitative and quantitative disclosures will also be required. This standard update is effective for CSX beginning with the first quarter 2019 and will be adopted using a modified retrospective method. Changes to processes and internal controls to meet the standard’s reporting and disclosure requirements have been identified and are being implemented. Software has been implemented that will assist in the recognition of additional assets and liabilities to be included on the balance sheet related to leases currently classified as operating leases with durations greater than twelve months, with certain allowable exceptions. The Company continues to evaluate the expected impact of this standard update on disclosures, but does not anticipate any material changes to operating results or liquidity. NOTE 1. Nature of Operations and Significant Accounting Policies, continued In March 2017, the FASB issued ASU Simplifying the Test for Goodwill Impairment, which eliminates step two, the calculation of the implied fair value of goodwill, from the goodwill impairment test. Impairment will be quantified in step one of the test as the amount by which the carrying amount exceeds the fair value. This standard update is effective beginning first quarter 2020 and must be applied prospectively. The Company does not believe this standard update will have a material effect on its financial condition, results of operations or liquidity. Restructuring Charge The prior year restructuring charge includes costs related to the management workforce reduction program completed in 2017, reimbursement arrangements with MR Argent Advisor LLC (“Mantle Ridge”) and the Company’s former President and Chief Executive Officer, E. Hunter Harrison, the proration of equity awards and other advisory costs related to the leadership transition. Payments related to the 2017 restructuring charge were substantially complete as of March 31, 2018. For further details on the charge, see the Company's most recent annual report on Form 10-K. Expenses related to the management workforce reduction and other costs are shown in the following table. First Quarter 2017 (Dollars in millions) As Previously Reported Operating Restructuring Charge Non-Operating Restructuring Charge Severance and Pension $ 131 $ 81 $ 50 Other Post-Retirement Benefits Curtailment 13 — 13 Employee Equity Awards Proration and Other 11 11 — Subtotal Management Workforce Reduction $ 155 $ 92 $ 63 Executive Equity Awards Proration 8 8 — Advisory Fees Related to Shareholder Matters 10 10 — Total Restructuring Charge $ 173 $ 110 $ 63

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution: First Quarters 2018 2017 Numerator (Dollars in millions) : Net Earnings $ 695 $ 362 Denominator (Units in millions) : Average Common Shares Outstanding 885 927 Other Potentially Dilutive Common Shares 3 2 Average Common Shares Outstanding, Assuming Dilution 888 929 Net Earnings Per Share, Basic $ 0.78 $ 0.39 Net Earnings Per Share, Assuming Dilution $ 0.78 $ 0.39 Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Earnings per share, assuming dilution, is based on the weighted-average number of shares of common stock equivalents outstanding adjusted for the effects of common stock that may be issued as a result of potentially dilutive instruments. CSX's potentially dilutive instruments are made up of equity awards, which include long-term incentive awards and employee stock options. The Earnings Per Share Topic in the FASB's ASC requires CSX to include additional shares in the computation of earnings per share, assuming dilution. The additional shares included in diluted earnings per share represent the number of shares that would be issued if all of the above potentially dilutive instruments were converted into CSX common stock. When calculating diluted earnings per share, this rule requires CSX to include the potential shares that would be outstanding if all outstanding stock options were exercised. 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 800 thousand and 3.4 million of total average outstanding stock options for the first quarters ended March 31, 2018 and March 31, 2017 , respectively, were excluded from the diluted earnings per share calculation because their effect was antidilutive. Share Repurchases and Dividend Increase On January 19, 2018, the Company entered into an accelerated share repurchase agreement to repurchase shares of the Company’s common stock. Under this agreement, the Company made a prepayment of $150 million to a financial institution and received an initial delivery of shares valued at $120 million . The remaining balance of $30 million was settled through receipt of additional shares on February 22, 2018 with the final net number of shares calculated based on the volume-weighted average price of the Company's common stock over the term of the agreement, less a discount. Total shares repurchased under the agreement were approximately 2.7 million shares, at an average purchase price of $55.02 per share. NOTE 2. Earnings Per Share, continued On February 12, 2018, the Company announced an increase to the $1.5 billion share repurchase program first announced in October 2017, bringing the total authorized to $5 billion . This program is expected to be completed by the end of first quarter 2019. During the first quarters of 2018 and 2017 , the Company repurchased approximately $836 million , or 15 million shares, and $258 million , or 6 million shares, respectively. Management's assessment of market conditions and other factors guides the timing and volume of repurchases. Future share repurchases are expected to be funded by cash on hand, cash generated from operations and debt issuances. Shares are retired immediately upon repurchase. In accordance with the Equity Topic in the ASC, the excess of repurchase price over par value is recorded in retained earnings. Generally, retained earnings is only impacted by net earnings and dividends. On February 12, 2018, the Company also announced a 10 percent increase in the quarterly dividend from $0.20 per share of common stock to $0.22 per share of common stock, payable on March 15, 2018 to shareholders of record at the close of business on March 1, 2018.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation Under CSX's share-based compensation plans, awards consist of performance units, restricted stock awards, restricted stock units and stock options for management and stock grants for directors. Awards granted under the various programs are determined and approved by the Compensation Committee of the Board of Directors or, in certain circumstances, by the Chief Executive Officer for awards to management employees other than senior executives. The Board of Directors approves awards granted to CSX's non-management directors upon recommendation of the Governance Committee. Share-based compensation expense 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. Total pre-tax expense associated with share-based compensation and its related income tax benefit is shown in the table below. The year over year decrease in expense related to performance units, stock options and restricted stock units and awards is primarily due to modifications to the terms of awards in 2017 (see Equity Award Modifications below), the reduction of management headcount in 2017 and adjustments to reflect changes in the expected award payouts on existing plans for each year. Additionally, the 9 million stock options granted in February 2017 to former President and CEO E. Hunter Harrison were forfeited upon his death in December 2017. First Quarters (Dollars in millions) 2018 2017 Share-Based Compensation Expense: Performance Units $ 6 $ 20 Stock Options 4 12 Restricted Stock Units and Awards 1 4 Stock Awards for Directors 2 2 Total Share-Based Compensation Expense $ 13 $ 38 Income Tax Benefit $ 3 $ 13 NOTE 3. Share-Based Compensation, continued Long-term Incentive Plan On February 6, 2018 , the Company granted approximately 350 thousand performance units to certain employees under a new long-term incentive plan ("LTIP") for the years 2018 through 2020, which was adopted under the CSX Stock and Incentive Award Plan. Payouts of performance units for the cycle ending with fiscal year 2020 will be based on the achievement of goals related to both operating ratio and free cash flow, in each case excluding non-recurring items as disclosed in the Company's financial statements. The final year operating ratio and cumulative free cash flow 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 upward or downward adjustment by up to 25% , capped at an overall payout of 200% , based upon the Company's total shareholder return relative to specified comparable groups over the performance period. The fair value of these performance units was calculated using a Monte-Carlo simulation model. The following weighted-average assumptions were used in the Monte-Carlo simulation for this award: First Quarter 2018 Weighted-average assumptions used: Annual dividend yield 1.6 % Risk-free interest rate 2.3 % Annualized volatility 29.15 % Expected life (in years) 2.9 Stock Options Also, on February 6, 2018 , the Company granted approximately 950 thousand stock options along with the corresponding LTIP. The fair value of stock options on the date of grant was $14.55 per option which was calculated using the Black-Scholes valuation model. Stock options have been granted with ten -year terms and vest three years after the date of grant. 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. NOTE 3. Share-Based Compensation, continued The fair values of all stock option awards during the first quarters ended March 31, 2018 and March 31, 2017 were estimated at the grant date with the following weighted average assumptions: First Quarters 2018 2017 Weighted-average grant date fair value $14.62 $12.83 Stock options valuation assumptions: Annual dividend yield 1.5% 1.5% Risk-free interest rate 2.6% 2.2% Annualized volatility 27.0% 27.1% Expected life (in years) 6.5 6.3 Other pricing model inputs: Weighted-average grant-date market price of CSX stock (strike price) $54.07 $49.61 Restricted Stock Units Finally, on February 6, 2018 , the Company granted approximately 85 thousand restricted stock units along with the corresponding LTIP. The restricted stock units vest three years after the date of grant. Participants receive cash dividend equivalents on the unvested shares during the restriction period. These awards are time-based and are not based upon attainment of performance goals. Restricted stock units were not granted to certain executive officers under the new LTIP. For information related to the Company's other outstanding long-term incentive compensation, see CSX's most recent annual report on Form 10-K. Equity Award Modifications In 2017, as part of an enhanced severance benefit under the management streamlining and realignment initiative discussed in Note 1, unvested performance units, restricted stock units and stock options for separated employees not eligible for retirement were permitted to vest on a pro-rata basis. Additionally, the terms of unvested equity awards for the former Chief Executive Officer, Michael J. Ward, and President, Clarence W. Gooden, were modified prior to their retirements on March 6, 2017 to permit prorated vesting through May 31, 2018. The award modifications noted above impacted 58 employees and resulted in an increase to share-based compensation expense for revaluation of the affected awards of $12 million for the three months ended March 31, 2017. No significant award modifications took place in first quarter 2018.

Casualty, Environmental and Oth

Casualty, Environmental and Other Reserves	3 Months Ended
	Mar. 31, 2018
Casualty, Environmental and Other Reserves [Abstract]
Casualty, Environmental and Other Reserves	Casualty, Environmental and Other Reserves Personal injury and environmental reserves are considered critical accounting estimates due to the need for significant management judgment. Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below. March 31, December 31, (Dollars in millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $ 42 $ 120 $ 162 $ 43 $ 125 $ 168 Occupational 7 53 60 6 54 60 Total Casualty 49 173 222 49 179 228 Environmental 31 58 89 31 59 90 Other 26 27 53 28 28 56 Total $ 106 $ 258 $ 364 $ 108 $ 266 $ 374 These liabilities are accrued when reasonably estimable and probable 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 $222 million and $228 million as of March 31, 2018 and December 31, 2017 , respectively, represent accruals for personal injury, occupational disease and occupational injury claims. The Company's self-insured retention amount for these claims is $ 50 million per occurrence. Currently, no individual claim is expected to exceed the self-insured retention amount. In accordance with the Contingencies Topic in the ASC, to the extent the value of an individual claim exceeds the self-insured retention amount, the Company would present the liability on a gross basis with a corresponding receivable for insurance recoveries. These reserves fluctuate based upon the timing of payments as well as changes in 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 unless otherwise noted below. Defense and processing costs, which historically have been insignificant and are anticipated to be insignificant in the future, are not included in the recorded liabilities. 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 for the quarter resulted in an immaterial adjustment to the personal injury reserve. The methodology used by the actuary includes a development factor to reflect growth or reduction in the value of these personal injury claims. It is based largely on CSXT's historical claims and settlement experience. NOTE 4. Casualty, Environmental and Other Reserves, continued Occupational Occupational reserves represent liabilities for occupational disease and injury claims. Occupational disease claims arise primarily from allegations of exposure to asbestos in the workplace. Occupational injury claims arise from allegations of exposure to certain other 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. Environmental Environmental reserves were $89 million and $90 million as of March 31, 2018 and December 31, 2017 , 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 221 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. 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. NOTE 4. Casualty, Environmental and Other Reserves, continued 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 of $53 million and $56 million as of March 31, 2018 and December 31, 2017 , respectively, 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 Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance The Company maintains numerous insurance programs with substantial limits for property damage (which includes business interruption) and third-party liability. A certain amount of risk is retained by the Company on each of the property and liability programs. The Company has a $ 25 million retention per occurrence for the non-catastrophic property program (such as a derailment) and a $ 50 million retention per occurrence for the liability and catastrophic property programs (such as hurricanes and floods). While the Company believes its insurance coverage is adequate, future claims could exceed existing insurance coverage or insurance may not continue to be available at commercially reasonable rates. Legal The Company is involved in litigation incidental to its business and is a party to a number of legal actions and claims, various governmental proceedings and private civil lawsuits, including, but not limited to, those related to fuel surcharge practices, 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 reasonably determined, 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 $2 million to $115 million in aggregate at March 31, 2018 . This estimated aggregate range is based upon currently available information and is subject to significant judgment and a variety of assumptions. Accordingly, the Company's estimate will change from time to time, and actual losses may vary significantly from the current estimate. NOTE 5. Commitments and Contingencies, continued Fuel Surcharge Antitrust Litigation In May 2007, class action lawsuits were filed against CSXT and three other U.S.-based Class I railroads alleging that the defendants' fuel surcharge practices relating to contract and unregulated traffic resulted from an illegal conspiracy in violation of antitrust laws. In November 2007, the class action lawsuits were consolidated in federal court in the District of Columbia, where they are now pending. The suit seeks treble damages allegedly sustained by purported class members as well as attorneys' fees and other relief. Plaintiffs are expected to allege damages at least equal to the fuel surcharges at issue. In June 2012, the District Court certified the case as a class action. The decision was not a ruling on the merits of plaintiffs' claims, but rather a decision to allow the plaintiffs to seek to prove the case as a class. The defendant railroads petitioned the U.S. Court of Appeals for the D.C. Circuit for permission to appeal the District Court's class certification decision. In August 2013, the D.C. Circuit issued a decision vacating the class certification decision and remanded the case to the District Court to reconsider its class certification decision. On October 10, 2017, the District Court issued an order denying class certification. The D.C. Circuit is reviewing the court's denial of class certification. The District Court had delayed proceedings on the merits of the case pending the outcome of the class certification remand proceedings, and has not yet issued a further schedule in light of the order denying class certification and the related appeal. 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 this matter or an unexpected adverse decision on the merits could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period. Environmental CSXT is indemnifying Pharmacia LLC (formerly known as Monsanto Company) for certain liabilities associated with real estate located in Kearny, New Jersey along the Lower Passaic River (the “Property”). The Property, which was formerly owned by Pharmacia, is now owned by CSXT. CSXT's indemnification and defense duties arise with respect to several matters. The U.S. Environmental Protection Agency ("EPA"), using its CERCLA authority, seeks cleanup and removal costs and other damages associated with the presence 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. 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 in a cooperative natural resource damages assessment process related to the Property. Based on currently available information, the Company does not believe any indemnification or remediation costs potentially allocable to CSXT with respect to the Property and the Study Area would be material to the Company's financial condition, results of operations or liquidity.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors defined benefit pension plans principally for salaried, management personnel. CSX also sponsors a post-retirement medical plan and a life insurance plan that provide certain benefits to eligible employees hired prior to January 1, 2003. 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 or, if related to prior year restructuring activities, as restructuring charge - non-operating. Pension Benefits (Dollars in millions) First Quarters 2018 2017 Service Cost Included in Labor and Fringe $ 9 $ 11 Interest Cost 23 23 Expected Return on Plan Assets (44 ) (42 ) Amortization of Net Loss 10 11 Total Income Included in Other Income - Net $ (11 ) $ (8 ) Net Periodic Benefit Cost $ (2 ) $ 3 Restructuring Charges - Non Operating (a) — 50 Total (Income) Expense $ (2 ) $ 53 Other Post-retirement Benefits (Dollars in millions) First Quarters 2018 2017 Interest Cost $ 2 $ 2 Amortization of Net Loss — — Total Expense Included in Other Income - Net $ 2 $ 2 Net Periodic Benefit Cost $ 2 $ 2 Restructuring Charges - Non Operating (a) — 13 Total Expense $ 2 $ 15 (a) Charges related to special termination benefits and curtailment costs were the result of the management workforce reductions in first quarter 2017. See Management Workforce Reductions in Note 1. Nature of Operations and Significant Accounting Policies. 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 2018 .

Debt and Credit Agreements

Debt and Credit Agreements	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt and Credit Agreements	Debt and Credit Agreements Total activity related to long-term debt as of the end of first quarter 2018 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements. (Dollars in millions) Current Portion Long-term Portion Total Long-term debt as of December 31, 2017 $ 19 $ 11,790 $ 11,809 2018 activity: Long-term debt issued — 2,000 2,000 Discount, premium and other activity (22 ) (22 ) Long-term debt as of March 31, 2018 $ 19 $ 13,768 $ 13,787 Debt Issuance On February 20, 2018, CSX issued $800 million of 3.80% notes due 2028 , $850 million of 4.30% notes due 2048 , and $350 million of 4.65% notes due 2068 . These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time. The net proceeds will be used for general corporate purposes, which may include repurchases of CSX's common stock, capital investment, working capital requirements, improvements in productivity and other cost reductions at the Company’s major transportation units. Credit Facility CSX has a $1 billion unsecured, revolving credit facility backed by a diverse syndicate of banks. This facility expires in May 2020 , and as of the date of this filing, the Company has no outstanding balances under this facility. The facility allows borrowings at floating (LIBOR-based) interest rates, plus a spread, depending upon CSX's senior unsecured debt ratings. LIBOR is the London Interbank Offered Rate which is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds. Commitment fees and interest rates payable under the facility were similar to fees and rates available to comparably rated investment-grade borrowers. As of first quarter 2018 , CSX was in compliance with all covenant requirements under this facility. Receivables Securitization Facility The Company has a receivables securitization facility with a three -year term scheduled to expire in September 2019 . The purpose of this facility is to provide an alternative to commercial paper and a low cost source of short-term liquidity of up to $200 million , depending on eligible receivables balances. As of the date of this filing, the Company has no outstanding balances under this facility.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate decreased to 23.8% from 37.8% for the first quarters ended March 31, 2018 and March 31, 2017, respectively, primarily as a result of the significant reduction in the federal corporate income tax rate effective January 1, 2018. In its initial analysis of the impacts of the Tax Cuts and Job Act (the “Act” or “tax reform”), the Company made certain estimates that may be adjusted in future periods as required. The Act has significant complexity and implementation guidance from the Internal Revenue Service, clarifications of state tax law and the completion of the Company’s 2017 tax return filings could all impact these estimates. The Company does not believe potential adjustments in future periods would materially impact the Company's financial condition or results of operations. There have been no material changes to the balance of unrecognized tax benefits reported at December 31, 2017 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Financial Instruments Topic in the ASC requires disclosures about fair value of financial instruments in annual reports as well as in quarterly reports. For CSX, this statement applies to certain investments 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. • Certificates of Deposit and Commercial Paper (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 9. 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. The amortized cost basis of these investments was $92 million and $95 million as of March 31, 2018 and December 31, 2017 , respectively. (Dollars in Millions) March 31, December 31, Level 2 Level 2 Certificates of Deposit and Commercial Paper $ — $ — Corporate Bonds 58 61 Government Securities 36 34 Auction Rate Securities — — Total investments at fair value $ 94 $ 95 These investments have the following maturities: (Dollars in millions) March 31, December 31, Less than 1 year $ 10 $ 18 1 - 5 years 17 11 5 - 10 years 25 26 Greater than 10 years 42 40 Total investments at fair value $ 94 $ 95 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 an independent third party adviser that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the independent adviser, 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 independent adviser. 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. NOTE 9. Fair Value Measurements, continued The fair value and carrying value of the Company's long-term debt is as follows: (Dollars in millions) March 31, December 31, 2017 Long-term Debt (Including Current Maturities): Fair Value $ 14,487 $ 13,220 Carrying Value 13,787 11,809

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2018
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 $596 million and $368 million for first quarters 2018 and 2017 , respectively. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For CSX, AOCI is primarily the cumulative balance related to pension and other post-retirement benefit adjustments and CSX's share of AOCI of equity method investees. Changes in the AOCI balance by component are shown in the table below. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in labor and fringe on the consolidated income statements. See Note 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 equity earnings of affiliates on the consolidated income statements. Pension and Other Post-Employment Benefits Other Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Balance December 31, 2017, Net of Tax $ (440 ) $ (46 ) $ (486 ) Other Comprehensive Income (Loss) Income Before Reclassifications — 1 1 Amounts Reclassified to Net Earnings 10 (2 ) 8 Tax (Expense) Benefit (2 ) 1 (1 ) Reclassification of Stranded Tax Effects (108 ) 1 (107 ) Total Other Comprehensive Income (100 ) 1 (99 ) Balance March 31, 2018, Net of Tax $ (540 ) $ (45 ) $ (585 )

Revenues

Revenues	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues 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 lines of business as they best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: First Quarters (Dollars in millions) 2018 2017 Chemicals $ 557 $ 566 Agricultural and Food Products 307 332 Automotive 304 316 Forest Products 195 192 Metals and Equipment 186 190 Fertilizers 116 129 Minerals 114 114 Total Merchandise 1,779 1,839 Domestic Coal 272 330 Export Coal 231 192 Total Coal 503 522 Domestic Intermodal 294 291 International Intermodal 155 143 Total Intermodal 449 434 Other 145 74 Total $ 2,876 $ 2,869 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 origin to destination and commodities carried. The Company’s performance obligation arises when it receives a bill of lading (“BOL”) to transport a customer's commodities based on 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 and 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 11. 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; • 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, which includes revenue from regional subsidiary railroads, demurrage, switching and other incidental charges , is recorded upon completion of the service and accounted for 5% of the Company’s total revenue in the first quarter of 2018. Revenue from regional railroads includes shipments by railroads that the Company does not directly operate. Demurrage represents charges assessed when freight cars are held beyond a specified period of time. Switching revenue is primarily generated when the Company switches cars for a customer or another railroad. During the first quarters of 2018 and 2017, 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 that the Company expects to recognize as revenue in the period subsequent to the reporting date, which is on average less than one week. As of March 31, 2018, the Company had no material remaining performance obligations. 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. The Company had no material contract assets, contract liabilities or deferred contract costs recorded on the consolidated balance sheets as of March 31, 2018. NOTE 11. Revenues, continued The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for doubtful accounts. (Dollars in millions) March 31, 2018 December 31, 2017 Freight Receivables $ 855 $ 810 Freight Allowance for Doubtful Accounts (18 ) (17 ) Freight Receivables, net 837 793 Non-Freight Receivables 218 186 Non-Freight Allowance for Doubtful Accounts (10 ) (9 ) Non-Freight Receivables, net 208 177 Total Accounts Receivable, net $ 1,045 $ 970 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 doubtful accounts to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and economic conditions. Impairment losses recognized on the Company’s accounts receivable were not material in the first quarters of 2018 and 2017.

Summarized Consolidating Financ

Summarized Consolidating Financial Data	3 Months Ended
	Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Summarized Consolidating Financial Data	Summarized Consolidating Financial Data In 2007, CSXT, a wholly-owned subsidiary of CSX Corporation, sold secured equipment notes maturing in 2023 in a registered public offering. CSX has fully and unconditionally guaranteed the notes. In connection with the notes, the Company is providing the following condensed consolidating financial information in accordance with SEC disclosure requirements. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation and the allocation of certain expenses of CSX incurred for the benefit of its subsidiaries. Condensed consolidating financial information for the obligor, CSXT, and parent guarantor, CSX, is shown in the following tables. Consolidating Income Statements (Dollars in millions) First Quarter 2018 CSX Corporation CSX Transportation Eliminations and Other Consolidated Revenue $ — $ 2,857 $ 19 $ 2,876 Expense (78 ) 1,943 (33 ) 1,832 Operating Income 78 914 52 1,044 Equity in Earnings of Subsidiaries 758 — (758 ) — Interest (Expense) / Benefit (164 ) (9 ) 24 (149 ) Other Income / (Expense) - Net 4 23 (10 ) 17 Earnings Before Income Taxes 676 928 (692 ) 912 Income Tax Benefit / (Expense) 19 (224 ) (12 ) (217 ) Net Earnings $ 695 $ 704 $ (704 ) $ 695 Total Comprehensive Earnings $ 596 $ 700 $ (700 ) $ 596 First Quarter 2017 CSX Corporation CSX Transportation Eliminations and Other Consolidated Revenue $ — $ 2,851 $ 18 $ 2,869 Expense (48 ) 2,228 (80 ) 2,100 Operating Income 48 623 98 769 Equity in Earnings of Subsidiaries 422 — (422 ) — Interest (Expense) / Benefit (142 ) (10 ) 15 (137 ) Other Income / (Expense) - Net 3 11 (64 ) (50 ) Earnings Before Income Taxes 331 624 (373 ) 582 Income Tax Benefit / (Expense) 31 (235 ) (16 ) (220 ) Net Earnings $ 362 $ 389 $ (389 ) $ 362 Total Comprehensive Earnings $ 368 $ 387 $ (387 ) $ 368 Summarized Consolidating Financial Data, continued Consolidating Balance Sheet (Dollars in millions) March 31, 2018 CSX Corporation CSX Transportation Eliminations and Other Consolidated ASSETS Current Assets Cash and Cash Equivalents $ 1,894 $ 81 $ 5 $ 1,980 Short-term Investments — — 10 10 Accounts Receivable - Net 2 253 790 1,045 Receivable from Affiliates 991 3,647 (4,638 ) — Materials and Supplies — 369 — 369 Other Current Assets (1 ) 127 12 138 Total Current Assets 2,886 4,477 (3,821 ) 3,542 Properties 1 41,230 2,872 44,103 Accumulated Depreciation (1 ) (10,772 ) (1,582 ) (12,355 ) Properties - Net — 30,458 1,290 31,748 Investments in Conrail — — 918 918 Affiliates and Other Companies (39 ) 817 18 796 Investments in Consolidated Subsidiaries 29,915 — (29,915 ) — Other Long-term Assets 52 629 (246 ) 435 Total Assets $ 32,814 $ 36,381 $ (31,756 ) $ 37,439 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 195 $ 674 $ 36 $ 905 Labor and Fringe Benefits Payable 37 384 22 443 Payable to Affiliates 4,763 366 (5,129 ) — Casualty, Environmental and Other Reserves — 93 13 106 Current Maturities of Long-term Debt — 18 1 19 Income and Other Taxes Payable (126 ) 381 19 274 Other Current Liabilities 2 142 — 144 Total Current Liabilities 4,871 2,058 (5,038 ) 1,891 Casualty, Environmental and Other Reserves — 215 43 258 Long-term Debt 13,036 732 — 13,768 Deferred Income Taxes - Net (113 ) 6,389 209 6,485 Other Long-term Liabilities 642 313 (309 ) 646 Total Liabilities $ 18,436 $ 9,707 $ (5,095 ) $ 23,048 Shareholders' Equity Common Stock, $1 Par Value $ 875 $ 181 $ (181 ) $ 875 Other Capital 215 5,097 (5,097 ) 215 Retained Earnings 13,873 21,392 (21,392 ) 13,873 Accumulated Other Comprehensive Loss (585 ) (9 ) 9 (585 ) Noncontrolling Interest — 13 — 13 Total Shareholders' Equity $ 14,378 $ 26,674 $ (26,661 ) $ 14,391 Total Liabilities and Shareholders' Equity $ 32,814 $ 36,381 $ (31,756 ) $ 37,439 Summarized Consolidating Financial Data, continued Consolidating Balance Sheet (Dollars in millions) December 31, 2017 CSX Corporation CSX Transportation Eliminations and Other Consolidated ASSETS Current Assets Cash and Cash Equivalents $ 274 $ 121 $ 6 $ 401 Short-term Investments — — 18 18 Accounts Receivable - Net (1 ) 301 670 970 Receivable from Affiliates 1,226 3,517 (4,743 ) — Materials and Supplies — 372 — 372 Other Current Assets (1 ) 145 10 154 Total Current Assets 1,498 4,456 (4,039 ) 1,915 Properties 1 41,479 2,844 44,324 Accumulated Depreciation (1 ) (11,017 ) (1,542 ) (12,560 ) Properties - Net — 30,462 1,302 31,764 Investments in Conrail — — 907 907 Affiliates and Other Companies (39 ) 800 18 779 Investment in Consolidated Subsidiaries 29,405 — (29,405 ) — Other Long-term Assets 39 596 (261 ) 374 Total Assets $ 30,903 $ 36,314 $ (31,478 ) $ 35,739 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 105 $ 708 $ 34 $ 847 Labor and Fringe Benefits Payable 52 494 56 602 Payable to Affiliates 4,792 552 (5,344 ) — Casualty, Environmental and Other Reserves — 95 13 108 Current Maturities of Long-term Debt — 19 — 19 Income and Other Taxes Payable (326 ) 455 28 157 Other Current Liabilities 5 153 3 161 Total Current Liabilities 4,628 2,476 (5,210 ) 1,894 Casualty, Environmental and Other Reserves — 222 44 266 Long-term Debt 11,056 733 1 11,790 Deferred Income Taxes - Net (130 ) 6,342 206 6,418 Other Long-term Liabilities 644 320 (314 ) 650 Total Liabilities $ 16,198 $ 10,093 $ (5,273 ) $ 21,018 Shareholders' Equity Common Stock, $1 Par Value $ 890 $ 181 $ (181 ) $ 890 Other Capital 217 5,096 (5,096 ) 217 Retained Earnings 14,084 20,933 (20,933 ) 14,084 Accumulated Other Comprehensive Loss (486 ) (5 ) 5 (486 ) Noncontrolling Minority Interest — 16 — 16 Total Shareholders' Equity $ 14,705 $ 26,221 $ (26,205 ) $ 14,721 Total Liabilities and Shareholders' Equity $ 30,903 $ 36,314 $ (31,478 ) $ 35,739 Summarized Consolidating Financial Data, continued Consolidating Cash Flow Statements (Dollars in millions) Three Months 2018 CSX Corporation CSX Transportation Eliminations and Other Consolidated Operating Activities Net Cash Provided by (Used in) Operating Activities $ 691 $ 621 $ (346 ) $ 966 Investing Activities Property Additions — (339 ) (29 ) (368 ) Proceeds from Property Dispositions — 52 — 52 Purchases of Short-term Investments — — — — Proceeds from Sales of Short-term Investments — — 8 8 Other Investing Activities (1 ) (120 ) 113 (8 ) Net Cash Provided by (Used in) Investing Activities (1 ) (407 ) 92 (316 ) Financing Activities Long-term Debt Issued 2,000 — — 2,000 Long-term Debt Repaid — — — — Dividends Paid (194 ) (250 ) 250 (194 ) Shares Repurchased (836 ) — — (836 ) Other Financing Activities (40 ) (4 ) 3 (41 ) Net Cash Provided by (Used in) Financing Activities 930 (254 ) 253 929 Net Increase (Decrease) in Cash and Cash Equivalents 1,620 (40 ) (1 ) 1,579 Cash and Cash Equivalents at Beginning of Period 274 121 6 401 Cash and Cash Equivalents at End of Period $ 1,894 $ 81 $ 5 $ 1,980 NOTE 12. Summarized Consolidating Financial Data, continued Consolidating Cash Flow Statements (Dollars in millions) Three Months 2017 CSX Corporation CSX Transportation Eliminations and Other Consolidated Operating Activities Net Cash Provided by (Used in) Operating Activities $ 644 $ 566 $ (167 ) $ 1,043 Investing Activities Property Additions — (397 ) (44 ) (441 ) Proceeds from Property Dispositions — 5 8 13 Purchases of Short-term Investments (75 ) — — (75 ) Proceeds from Sales of Short-term Investments 205 — — 205 Other Investing Activities (1 ) (29 ) 42 12 Net Cash Provided by (Used in) Investing Activities 129 (421 ) 6 (286 ) Financing Activities Dividends Paid (166 ) (150 ) 150 (166 ) Shares Repurchased (258 ) — — (258 ) Other Financing Activities (6 ) (4 ) 4 (6 ) Net Cash Provided by (Used in) Financing Activities (430 ) (154 ) 154 (430 ) Net Increase (Decrease) in Cash and Cash Equivalents 343 (9 ) (7 ) 327 Cash and Cash Equivalents at Beginning of Period 305 281 17 603 Cash and Cash Equivalents at End of Period $ 648 $ 272 $ 10 $ 930

Nature of Operations and Sign19

Nature of Operations and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	In the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the following: • Consolidated income statements for the three months ended March 31, 2018 and March 31, 2017 ; • Consolidated comprehensive income statements for the three months ended March 31, 2018 and March 31, 2017 ; • Consolidated balance sheets at March 31, 2018 and December 31, 2017 ; and • Consolidated cash flow statements for the three months ended March 31, 2018 and March 31, 2017 . 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	Through the second quarter 2017, CSX followed a 52/53 week fiscal reporting calendar with the last day of each reporting period ending on a Friday. On July 7, 2017 the Board of Directors of CSX approved a change in the fiscal reporting calendar from a 52/53 week year ending on the last Friday of December to a calendar year ending on December 31 each year, effective beginning with fiscal third quarter 2017. Related to the change in the fiscal calendar: • Fiscal year 2018 (January 1, 2018 through December 31, 2018) will contain 365 days, and fiscal year 2017 (December 31, 2016 through December 31, 2017) contained 366 days • Fiscal first quarter 2018 (January 1, 2018 through March 31, 2018) contained 90 days, and fiscal first quarter 2017 (December 31, 2016 through March 31, 2017) contained 91 days This change did not materially impact the comparability of the Company’s financial results. Accordingly, the change to a calendar fiscal year was made on a prospective basis and operating results for prior periods were not adjusted. The Company was not required to file a transition report because this change was not deemed a change in fiscal year for purposes of reporting subject to Rule 13a-10 or Rule 15d-10 of the Securities Exchange Act of 1934 as the new fiscal year commenced with the end of the prior fiscal year end and within seven days of the prior fiscal year end. Except as otherwise specified, references to “ first quarter(s)” or “ three months” indicate CSX's fiscal periods ending March 31, 2018 and March 31, 2017 , and references to "year-end" indicate the fiscal year ended December 31, 2017 .
New Accounting Pronouncements	In February 2018, the FASB issued Accounting Standard Update ("ASU") Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Inco me, which permits entities to reclassify tax effects stranded in accumulated other comprehensive income as a result of tax reform to retained earnings. Companies that elect to reclassify these amounts must reclassify stranded tax effects for all items accounted for in accumulated other comprehensive income. The Company adopted this standard update in first quarter 2018 and applied it prospectively. Adoption resulted in the reclassification of $107 million in tax effects related to employee benefit plans from accumulated other comprehensive loss, increasing retained earnings by the same amount. In January 2018, the FASB issued ASU Leases - Land Easement Practical Expedient , which permits entities to forgo the evaluation of existing land easement arrangements to determine if they contain a lease as part of the adoption of the Leases ASU issued in February 2016. Accordingly, the Company’s accounting treatment of existing land easements will not change. CSX will adopt this standard update concurrently with the Leases ASU issued in February 2016. New land easement arrangements, or modifications to existing arrangements, after the adoption of the standard update will still be evaluated to determine if they meet the definition of a lease. NOTE 1. Nature of Operations and Significant Accounting Policies, continued In March 2017, the FASB issued ASU Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires that only the service cost component of net periodic benefit costs be recorded as compensation cost in operating expense on the consolidated income statement. All other components of net periodic benefit cost (interest cost, expected return on plan assets, amortization of net loss, special termination benefits and settlement and curtailment effects) should be presented as non-operating charges on the consolidated income statement. These non-operating charges are presented as restructuring charge - non-operating, if related to prior year restructuring activities, or as other income - net as appropriate. The Company adopted the provisions of this standard during first quarter 2018 and applied them retrospectively. The retrospective impact of adoption for first quarter 2017 is shown in the following table. First Quarter 2017 (Dollars in millions) As Previously Reported Reclassification As Reclassified Operating Expense: Labor and Fringe $ 789 $ 6 $ 795 Restructuring Charge 173 (63 ) 110 Non-Operating Income (Expense): Restructuring Charge - Non-Operating $ — $ (63 ) $ (63 ) Other Income - Net 7 6 13 In May 2014, the FASB issued ASU Revenue from Contracts with Customers , which supersedes previous revenue recognition guidance. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. In-depth reviews of commercial contracts were completed and changes to processes and internal controls to meet the standard’s reporting and disclosure requirements were implemented. The Company adopted the guidance effective January 1, 2018 using the modified retrospective approach. The adoption did not affect the Company’s financial condition, results of operations or liquidity. Disclosures related to the nature, amount and timing of revenue and cash flows arising from contracts with customers are included in Note 11, Revenues. In February 2016, the FASB issued ASU, Leases , which will require lessees to recognize most leases on their balance sheets as a right-of-use asset with a corresponding lease liability, and lessors to recognize a net lease investment. Additional qualitative and quantitative disclosures will also be required. This standard update is effective for CSX beginning with the first quarter 2019 and will be adopted using a modified retrospective method. Changes to processes and internal controls to meet the standard’s reporting and disclosure requirements have been identified and are being implemented. Software has been implemented that will assist in the recognition of additional assets and liabilities to be included on the balance sheet related to leases currently classified as operating leases with durations greater than twelve months, with certain allowable exceptions. The Company continues to evaluate the expected impact of this standard update on disclosures, but does not anticipate any material changes to operating results or liquidity. NOTE 1. Nature of Operations and Significant Accounting Policies, continued In March 2017, the FASB issued ASU Simplifying the Test for Goodwill Impairment, which eliminates step two, the calculation of the implied fair value of goodwill, from the goodwill impairment test. Impairment will be quantified in step one of the test as the amount by which the carrying amount exceeds the fair value. This standard update is effective beginning first quarter 2020 and must be applied prospectively. The Company does not believe this standard update will have a material effect on its financial condition, results of operations or liquidity.

Nature of Operations and Sign20

Nature of Operations and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Retrospective Impact of Adoption	The retrospective impact of adoption for first quarter 2017 is shown in the following table. First Quarter 2017 (Dollars in millions) As Previously Reported Reclassification As Reclassified Operating Expense: Labor and Fringe $ 789 $ 6 $ 795 Restructuring Charge 173 (63 ) 110 Non-Operating Income (Expense): Restructuring Charge - Non-Operating $ — $ (63 ) $ (63 ) Other Income - Net 7 6 13
Restructuring Charges	Expenses related to the management workforce reduction and other costs are shown in the following table. First Quarter 2017 (Dollars in millions) As Previously Reported Operating Restructuring Charge Non-Operating Restructuring Charge Severance and Pension $ 131 $ 81 $ 50 Other Post-Retirement Benefits Curtailment 13 — 13 Employee Equity Awards Proration and Other 11 11 — Subtotal Management Workforce Reduction $ 155 $ 92 $ 63 Executive Equity Awards Proration 8 8 — Advisory Fees Related to Shareholder Matters 10 10 — Total Restructuring Charge $ 173 $ 110 $ 63

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Computation of Basic Earnings Per Share, Assuming Dilution	The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution: First Quarters 2018 2017 Numerator (Dollars in millions) : Net Earnings $ 695 $ 362 Denominator (Units in millions) : Average Common Shares Outstanding 885 927 Other Potentially Dilutive Common Shares 3 2 Average Common Shares Outstanding, Assuming Dilution 888 929 Net Earnings Per Share, Basic $ 0.78 $ 0.39 Net Earnings Per Share, Assuming Dilution $ 0.78 $ 0.39

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation and Related Income Tax Benefit	Total pre-tax expense associated with share-based compensation and its related income tax benefit is shown in the table below. The year over year decrease in expense related to performance units, stock options and restricted stock units and awards is primarily due to modifications to the terms of awards in 2017 (see Equity Award Modifications below), the reduction of management headcount in 2017 and adjustments to reflect changes in the expected award payouts on existing plans for each year. Additionally, the 9 million stock options granted in February 2017 to former President and CEO E. Hunter Harrison were forfeited upon his death in December 2017. First Quarters (Dollars in millions) 2018 2017 Share-Based Compensation Expense: Performance Units $ 6 $ 20 Stock Options 4 12 Restricted Stock Units and Awards 1 4 Stock Awards for Directors 2 2 Total Share-Based Compensation Expense $ 13 $ 38 Income Tax Benefit $ 3 $ 13
Schedule of Weighted Average Assumptions	The following weighted-average assumptions were used in the Monte-Carlo simulation for this award: First Quarter 2018 Weighted-average assumptions used: Annual dividend yield 1.6 % Risk-free interest rate 2.3 % Annualized volatility 29.15 % Expected life (in years) 2.9
Summary of Fair Value Assumptions for Stock Option Awards	The fair values of all stock option awards during the first quarters ended March 31, 2018 and March 31, 2017 were estimated at the grant date with the following weighted average assumptions: First Quarters 2018 2017 Weighted-average grant date fair value $14.62 $12.83 Stock options valuation assumptions: Annual dividend yield 1.5% 1.5% Risk-free interest rate 2.6% 2.2% Annualized volatility 27.0% 27.1% Expected life (in years) 6.5 6.3 Other pricing model inputs: Weighted-average grant-date market price of CSX stock (strike price) $54.07 $49.61

Casualty, Environmental and O23

Casualty, Environmental and Other Reserves (Tables)	3 Months Ended
	Mar. 31, 2018
Casualty, Environmental and Other Reserves [Abstract]
Schedule of Casualty, Environmental and Other Reserves	Personal injury and environmental reserves are considered critical accounting estimates due to the need for significant management judgment. Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below. March 31, December 31, (Dollars in millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $ 42 $ 120 $ 162 $ 43 $ 125 $ 168 Occupational 7 53 60 6 54 60 Total Casualty 49 173 222 49 179 228 Environmental 31 58 89 31 59 90 Other 26 27 53 28 28 56 Total $ 106 $ 258 $ 364 $ 108 $ 266 $ 374

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
Components of Expense/(Income) Related to Net Benefit Expense	Pension Benefits (Dollars in millions) First Quarters 2018 2017 Service Cost Included in Labor and Fringe $ 9 $ 11 Interest Cost 23 23 Expected Return on Plan Assets (44 ) (42 ) Amortization of Net Loss 10 11 Total Income Included in Other Income - Net $ (11 ) $ (8 ) Net Periodic Benefit Cost $ (2 ) $ 3 Restructuring Charges - Non Operating (a) — 50 Total (Income) Expense $ (2 ) $ 53 Other Post-retirement Benefits (Dollars in millions) First Quarters 2018 2017 Interest Cost $ 2 $ 2 Amortization of Net Loss — — Total Expense Included in Other Income - Net $ 2 $ 2 Net Periodic Benefit Cost $ 2 $ 2 Restructuring Charges - Non Operating (a) — 13 Total Expense $ 2 $ 15 (a) Charges related to special termination benefits and curtailment costs were the result of the management workforce reductions in first quarter 2017. See Management Workforce Reductions in Note 1. Nature of Operations and Significant Accounting Policies.

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Activity Related to Long-Term Debt	Total activity related to long-term debt as of the end of first quarter 2018 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements. (Dollars in millions) Current Portion Long-term Portion Total Long-term debt as of December 31, 2017 $ 19 $ 11,790 $ 11,809 2018 activity: Long-term debt issued — 2,000 2,000 Discount, premium and other activity (22 ) (22 ) Long-term debt as of March 31, 2018 $ 19 $ 13,768 $ 13,787

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Investment Assets	(Dollars in Millions) March 31, December 31, Level 2 Level 2 Certificates of Deposit and Commercial Paper $ — $ — Corporate Bonds 58 61 Government Securities 36 34 Auction Rate Securities — — Total investments at fair value $ 94 $ 95
Schedule of Investment Maturities	These investments have the following maturities: (Dollars in millions) March 31, December 31, Less than 1 year $ 10 $ 18 1 - 5 years 17 11 5 - 10 years 25 26 Greater than 10 years 42 40 Total investments at fair value $ 94 $ 95
Schedule of Fair Value and Carrying Value of Long-Term Debt	The fair value and carrying value of the Company's long-term debt is as follows: (Dollars in millions) March 31, December 31, 2017 Long-term Debt (Including Current Maturities): Fair Value $ 14,487 $ 13,220 Carrying Value 13,787 11,809

Other Comprehensive Income (L27

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Changes in AOCI balance by Component	Changes in the AOCI balance by component are shown in the table below. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in labor and fringe on the consolidated income statements. See Note 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 equity earnings of affiliates on the consolidated income statements. Pension and Other Post-Employment Benefits Other Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Balance December 31, 2017, Net of Tax $ (440 ) $ (46 ) $ (486 ) Other Comprehensive Income (Loss) Income Before Reclassifications — 1 1 Amounts Reclassified to Net Earnings 10 (2 ) 8 Tax (Expense) Benefit (2 ) 1 (1 ) Reclassification of Stranded Tax Effects (108 ) 1 (107 ) Total Other Comprehensive Income (100 ) 1 (99 ) Balance March 31, 2018, Net of Tax $ (540 ) $ (45 ) $ (585 )

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Lines of Business	The following table presents the Company’s revenues disaggregated by lines of business as they best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: First Quarters (Dollars in millions) 2018 2017 Chemicals $ 557 $ 566 Agricultural and Food Products 307 332 Automotive 304 316 Forest Products 195 192 Metals and Equipment 186 190 Fertilizers 116 129 Minerals 114 114 Total Merchandise 1,779 1,839 Domestic Coal 272 330 Export Coal 231 192 Total Coal 503 522 Domestic Intermodal 294 291 International Intermodal 155 143 Total Intermodal 449 434 Other 145 74 Total $ 2,876 $ 2,869
Schedule of Accounts Receivable	NOTE 11. Revenues, continued The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for doubtful accounts. (Dollars in millions) March 31, 2018 December 31, 2017 Freight Receivables $ 855 $ 810 Freight Allowance for Doubtful Accounts (18 ) (17 ) Freight Receivables, net 837 793 Non-Freight Receivables 218 186 Non-Freight Allowance for Doubtful Accounts (10 ) (9 ) Non-Freight Receivables, net 208 177 Total Accounts Receivable, net $ 1,045 $ 970

Summarized Consolidating Fina29

Summarized Consolidating Financial Data (Tables)	3 Months Ended
	Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Consolidating Income Statements	Consolidating Income Statements (Dollars in millions) First Quarter 2018 CSX Corporation CSX Transportation Eliminations and Other Consolidated Revenue $ — $ 2,857 $ 19 $ 2,876 Expense (78 ) 1,943 (33 ) 1,832 Operating Income 78 914 52 1,044 Equity in Earnings of Subsidiaries 758 — (758 ) — Interest (Expense) / Benefit (164 ) (9 ) 24 (149 ) Other Income / (Expense) - Net 4 23 (10 ) 17 Earnings Before Income Taxes 676 928 (692 ) 912 Income Tax Benefit / (Expense) 19 (224 ) (12 ) (217 ) Net Earnings $ 695 $ 704 $ (704 ) $ 695 Total Comprehensive Earnings $ 596 $ 700 $ (700 ) $ 596 First Quarter 2017 CSX Corporation CSX Transportation Eliminations and Other Consolidated Revenue $ — $ 2,851 $ 18 $ 2,869 Expense (48 ) 2,228 (80 ) 2,100 Operating Income 48 623 98 769 Equity in Earnings of Subsidiaries 422 — (422 ) — Interest (Expense) / Benefit (142 ) (10 ) 15 (137 ) Other Income / (Expense) - Net 3 11 (64 ) (50 ) Earnings Before Income Taxes 331 624 (373 ) 582 Income Tax Benefit / (Expense) 31 (235 ) (16 ) (220 ) Net Earnings $ 362 $ 389 $ (389 ) $ 362 Total Comprehensive Earnings $ 368 $ 387 $ (387 ) $ 368
Consolidating Balance Sheet	Consolidating Balance Sheet (Dollars in millions) March 31, 2018 CSX Corporation CSX Transportation Eliminations and Other Consolidated ASSETS Current Assets Cash and Cash Equivalents $ 1,894 $ 81 $ 5 $ 1,980 Short-term Investments — — 10 10 Accounts Receivable - Net 2 253 790 1,045 Receivable from Affiliates 991 3,647 (4,638 ) — Materials and Supplies — 369 — 369 Other Current Assets (1 ) 127 12 138 Total Current Assets 2,886 4,477 (3,821 ) 3,542 Properties 1 41,230 2,872 44,103 Accumulated Depreciation (1 ) (10,772 ) (1,582 ) (12,355 ) Properties - Net — 30,458 1,290 31,748 Investments in Conrail — — 918 918 Affiliates and Other Companies (39 ) 817 18 796 Investments in Consolidated Subsidiaries 29,915 — (29,915 ) — Other Long-term Assets 52 629 (246 ) 435 Total Assets $ 32,814 $ 36,381 $ (31,756 ) $ 37,439 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 195 $ 674 $ 36 $ 905 Labor and Fringe Benefits Payable 37 384 22 443 Payable to Affiliates 4,763 366 (5,129 ) — Casualty, Environmental and Other Reserves — 93 13 106 Current Maturities of Long-term Debt — 18 1 19 Income and Other Taxes Payable (126 ) 381 19 274 Other Current Liabilities 2 142 — 144 Total Current Liabilities 4,871 2,058 (5,038 ) 1,891 Casualty, Environmental and Other Reserves — 215 43 258 Long-term Debt 13,036 732 — 13,768 Deferred Income Taxes - Net (113 ) 6,389 209 6,485 Other Long-term Liabilities 642 313 (309 ) 646 Total Liabilities $ 18,436 $ 9,707 $ (5,095 ) $ 23,048 Shareholders' Equity Common Stock, $1 Par Value $ 875 $ 181 $ (181 ) $ 875 Other Capital 215 5,097 (5,097 ) 215 Retained Earnings 13,873 21,392 (21,392 ) 13,873 Accumulated Other Comprehensive Loss (585 ) (9 ) 9 (585 ) Noncontrolling Interest — 13 — 13 Total Shareholders' Equity $ 14,378 $ 26,674 $ (26,661 ) $ 14,391 Total Liabilities and Shareholders' Equity $ 32,814 $ 36,381 $ (31,756 ) $ 37,439 Consolidating Balance Sheet (Dollars in millions) December 31, 2017 CSX Corporation CSX Transportation Eliminations and Other Consolidated ASSETS Current Assets Cash and Cash Equivalents $ 274 $ 121 $ 6 $ 401 Short-term Investments — — 18 18 Accounts Receivable - Net (1 ) 301 670 970 Receivable from Affiliates 1,226 3,517 (4,743 ) — Materials and Supplies — 372 — 372 Other Current Assets (1 ) 145 10 154 Total Current Assets 1,498 4,456 (4,039 ) 1,915 Properties 1 41,479 2,844 44,324 Accumulated Depreciation (1 ) (11,017 ) (1,542 ) (12,560 ) Properties - Net — 30,462 1,302 31,764 Investments in Conrail — — 907 907 Affiliates and Other Companies (39 ) 800 18 779 Investment in Consolidated Subsidiaries 29,405 — (29,405 ) — Other Long-term Assets 39 596 (261 ) 374 Total Assets $ 30,903 $ 36,314 $ (31,478 ) $ 35,739 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable $ 105 $ 708 $ 34 $ 847 Labor and Fringe Benefits Payable 52 494 56 602 Payable to Affiliates 4,792 552 (5,344 ) — Casualty, Environmental and Other Reserves — 95 13 108 Current Maturities of Long-term Debt — 19 — 19 Income and Other Taxes Payable (326 ) 455 28 157 Other Current Liabilities 5 153 3 161 Total Current Liabilities 4,628 2,476 (5,210 ) 1,894 Casualty, Environmental and Other Reserves — 222 44 266 Long-term Debt 11,056 733 1 11,790 Deferred Income Taxes - Net (130 ) 6,342 206 6,418 Other Long-term Liabilities 644 320 (314 ) 650 Total Liabilities $ 16,198 $ 10,093 $ (5,273 ) $ 21,018 Shareholders' Equity Common Stock, $1 Par Value $ 890 $ 181 $ (181 ) $ 890 Other Capital 217 5,096 (5,096 ) 217 Retained Earnings 14,084 20,933 (20,933 ) 14,084 Accumulated Other Comprehensive Loss (486 ) (5 ) 5 (486 ) Noncontrolling Minority Interest — 16 — 16 Total Shareholders' Equity $ 14,705 $ 26,221 $ (26,205 ) $ 14,721 Total Liabilities and Shareholders' Equity $ 30,903 $ 36,314 $ (31,478 ) $ 35,739
Consolidating Cash Flow Statements	Consolidating Cash Flow Statements (Dollars in millions) Three Months 2018 CSX Corporation CSX Transportation Eliminations and Other Consolidated Operating Activities Net Cash Provided by (Used in) Operating Activities $ 691 $ 621 $ (346 ) $ 966 Investing Activities Property Additions — (339 ) (29 ) (368 ) Proceeds from Property Dispositions — 52 — 52 Purchases of Short-term Investments — — — — Proceeds from Sales of Short-term Investments — — 8 8 Other Investing Activities (1 ) (120 ) 113 (8 ) Net Cash Provided by (Used in) Investing Activities (1 ) (407 ) 92 (316 ) Financing Activities Long-term Debt Issued 2,000 — — 2,000 Long-term Debt Repaid — — — — Dividends Paid (194 ) (250 ) 250 (194 ) Shares Repurchased (836 ) — — (836 ) Other Financing Activities (40 ) (4 ) 3 (41 ) Net Cash Provided by (Used in) Financing Activities 930 (254 ) 253 929 Net Increase (Decrease) in Cash and Cash Equivalents 1,620 (40 ) (1 ) 1,579 Cash and Cash Equivalents at Beginning of Period 274 121 6 401 Cash and Cash Equivalents at End of Period $ 1,894 $ 81 $ 5 $ 1,980 NOTE 12. Summarized Consolidating Financial Data, continued Consolidating Cash Flow Statements (Dollars in millions) Three Months 2017 CSX Corporation CSX Transportation Eliminations and Other Consolidated Operating Activities Net Cash Provided by (Used in) Operating Activities $ 644 $ 566 $ (167 ) $ 1,043 Investing Activities Property Additions — (397 ) (44 ) (441 ) Proceeds from Property Dispositions — 5 8 13 Purchases of Short-term Investments (75 ) — — (75 ) Proceeds from Sales of Short-term Investments 205 — — 205 Other Investing Activities (1 ) (29 ) 42 12 Net Cash Provided by (Used in) Investing Activities 129 (421 ) 6 (286 ) Financing Activities Dividends Paid (166 ) (150 ) 150 (166 ) Shares Repurchased (258 ) — — (258 ) Other Financing Activities (6 ) (4 ) 4 (6 ) Net Cash Provided by (Used in) Financing Activities (430 ) (154 ) 154 (430 ) Net Increase (Decrease) in Cash and Cash Equivalents 343 (9 ) (7 ) 327 Cash and Cash Equivalents at Beginning of Period 305 281 17 603 Cash and Cash Equivalents at End of Period $ 648 $ 272 $ 10 $ 930

Nature of Operations and Sign30

Nature of Operations and Significant Accounting Policies - Narrative (Details) mi in Thousands, $ in Millions	Mar. 31, 2018USD ($)statemi
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total number of rail route miles | mi	21
Number of states rail network serves | state	23
Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification adjustment	$ 107
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification adjustment	$ (107)

Nature of Operations and Sign31

Nature of Operations and Significant Accounting Policies - Schedule of Retrospective Impact of Adoption (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Labor and Fringe	$ 696	$ 795
Restructuring Charge	0	110
Restructuring Charge - Non-Operating	0	(63)
Other Income - Net	$ 17	13
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Labor and Fringe		789
Restructuring Charge		173
Restructuring Charge - Non-Operating		0
Other Income - Net		7
Reclassification
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Labor and Fringe		6
Restructuring Charge		(63)
Restructuring Charge - Non-Operating		(63)
Other Income - Net		$ 6

Nature of Operations and Sign32

Nature of Operations and Significant Accounting Policies - Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring Charge	$ 0	$ 110
Restructuring Charges Nonoperating	$ 0	63
Management Streamlining Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		110
Restructuring Charges Nonoperating		63
Management Streamlining Initiative | Subtotal Management Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		92
Restructuring Charges Nonoperating		63
Management Streamlining Initiative | Severance and Pension
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		81
Restructuring Charges Nonoperating		50
Management Streamlining Initiative | Other Post-Retirement Benefits Curtailment
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		0
Restructuring Charges Nonoperating		13
Management Streamlining Initiative | Employee Equity Awards Proration and Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		11
Restructuring Charges Nonoperating		0
Management Streamlining Initiative | Executive Equity Awards Proration
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		8
Restructuring Charges Nonoperating		0
Management Streamlining Initiative | Advisory Fees Related to Shareholder Matters
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		10
Restructuring Charges Nonoperating		0
As Previously Reported
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		173
Restructuring Charges Nonoperating		0
As Previously Reported | Management Streamlining Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		173
As Previously Reported | Management Streamlining Initiative | Subtotal Management Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		155
As Previously Reported | Management Streamlining Initiative | Severance and Pension
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		131
As Previously Reported | Management Streamlining Initiative | Other Post-Retirement Benefits Curtailment
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		13
As Previously Reported | Management Streamlining Initiative | Employee Equity Awards Proration and Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		11
As Previously Reported | Management Streamlining Initiative | Executive Equity Awards Proration
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		8
As Previously Reported | Management Streamlining Initiative | Advisory Fees Related to Shareholder Matters
Restructuring Cost and Reserve [Line Items]
Restructuring Charge		$ 10

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic Earnings Per Share, Assuming Dilution (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net Earnings	$ 695	$ 362
Denominator:
Average Common Shares Outstanding (in shares)	885	927
Other Potentially Dilutive Common Shares (in shares)	3	2
Average Common Shares Outstanding, Assuming Dilution (in shares)	888	929
Net Earnings Per Share, Basic (in dollars per share)	$ 0.78	$ 0.39
Net Earnings Per Share, Assuming Dilution (in dollars per share)	$ 0.78	$ 0.39

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands	Mar. 15, 2018	Feb. 12, 2018	Feb. 22, 2018	Mar. 31, 2018	Mar. 31, 2017	Jan. 19, 2018	Oct. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Accelerated share repurchase program (payment) receipt amount			$ 30,000,000			$ 150,000,000
Initial share value received						$ 120,000,000
Shares repurchased during the period (in shares)			2,700	15,000	6,000
Average purchase price (in dollars per share)			$ 55.02
Share repurchase program		$ 5,000,000,000					$ 1,500,000,000
Shares repurchased value				$ 836,000,000	$ 258,000,000
Increase in quarterly dividend (as a percent)		10.00%
Quarterly dividend per common share (in dollars per share)	$ 0.22	$ 0.20		$ 0.22	$ 0.18
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities				800	3,400

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	Feb. 06, 2018$ / sharesshares	Mar. 06, 2017employee	Dec. 31, 2017shares	Mar. 31, 2018$ / sharesshares	Mar. 31, 2017USD ($)$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	950,000
Fair value of stock options (in dollars per share) | $ / shares	$ 14.55
2017 - 2019 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payout subject to downward adjustment (up to)				25.00%
2017 - 2019 LTIP | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range for participants (as a percent)				0.00%
2017 - 2019 LTIP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range for participants (as a percent)				200.00%
Equity Award Modifications
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees impacted (employees) | employee		58
Share-based compensation expense revaluation of awards | $					$ 12
Performance Units | 2017 - 2019 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	350,000
Percentage of grants with performance vesting, operating ratio (as a percent)				50.00%
Percentage of grants with performance vesting, return on assets (as a percent)				50.00%
Performance unit equivalent of CSX common stock (in shares)				1
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Restricted Stock Units (RSUs) | 2017 - 2019 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	85,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock options (in dollars per share) | $ / shares				$ 14.62	$ 12.83
Term of stock options (in years)	10 years
Award vesting period (in years)	3 years
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options forfeited (in shares)			9,000,000

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 13	$ 38
Income Tax Benefit	3	13
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	6	20
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	4	12
Restricted Stock Units and Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	1	4
Stock Awards for Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 2	$ 2

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Weighted Average Assumptions (Details) - Performance Units	3 Months Ended
	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual dividend yield (as a percent)	1.60%
Risk-free interest rate (as a percent)	2.30%
Annualized volatility (as a percent)	29.15%
Expected life (in years)	2 years 11 months

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Fair Value Assumptions for Stock Option Awards (Details) - $ / shares	Feb. 06, 2018	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)	$ 14.55
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)		$ 14.62	$ 12.83
Stock options valuation assumptions:
Annual dividend yield (as a percent)		1.50%	1.50%
Risk-free interest rate (as a percent)		2.60%	2.20%
Annualized volatility (as a percent)		27.00%	27.10%
Expected life (in years)		6 years 6 months	6 years 3 months
Other pricing model inputs:
Weighted-average grant-date market price of CSX stock (in dollars per share)		$ 54.07	$ 49.61

Casualty, Environmental and O39

Casualty, Environmental and Other Reserves - Schedule of Casualty, Environmental and Other Reserves (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Loss Contingencies [Line Items]
Current	$ 106	$ 108
Long-term	258	266
Total	364	374
Total Casualty
Loss Contingencies [Line Items]
Current	49	49
Long-term	173	179
Total	222	228
Personal Injury
Loss Contingencies [Line Items]
Current	42	43
Long-term	120	125
Total	162	168
Occupational
Loss Contingencies [Line Items]
Current	7	6
Long-term	53	54
Total	60	60
Environmental
Loss Contingencies [Line Items]
Current	31	31
Long-term	58	59
Total	89	90
Other
Loss Contingencies [Line Items]
Current	26	28
Long-term	27	28
Total	$ 53	$ 56

Casualty, Environmental and O40

Casualty, Environmental and Other Reserves - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)claimsite	Dec. 31, 2017USD ($)
All Contingencies Reserves [Line Items]
Total reserves	$ 364,000,000	$ 374,000,000
Casualty
All Contingencies Reserves [Line Items]
Total reserves	222,000,000	228,000,000
Self-insured retention amount, per occurrence	$ 50,000,000
Number of individual claims expected to exceed self insured retention amount | claim	0
Environmental
All Contingencies Reserves [Line Items]
Total reserves	$ 89,000,000	90,000,000
Environmental impaired sites | site	221
Other
All Contingencies Reserves [Line Items]
Total reserves	$ 53,000,000	$ 56,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended		3 Months Ended
	Mar. 31, 2016defendantmi	May 31, 2007entity	Mar. 31, 2018USD ($)claimmi
Loss Contingencies [Line Items]
Casualty and non catastrophic property deductible			$ 25,000,000
Casualty and catastrophic property deductible			$ 50,000,000
Environmental
Loss Contingencies [Line Items]
Number of miles pertaining to Passaic River tidal reach required to be studied by EPA | mi			17
Pending Litigation
Loss Contingencies [Line Items]
Claims with potential material impact (number of claims) | claim			1
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) | entity		3
Pending Litigation | Minimum
Loss Contingencies [Line Items]
Possible loss for certain legal proceedings			$ 2,000,000
Pending Litigation | Maximum
Loss Contingencies [Line Items]
Possible loss for certain legal proceedings			$ 115,000,000
Settled Litigation | Environmental
Loss Contingencies [Line Items]
Number of miles subject to remediation | mi	8
Number of parties | defendant	80

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Expense/(Income) Related to Net Benefit Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Components of expense/ (income) related to net benefit expense:
Restructuring Charges - Non Operating (a)	$ 0
Pension Benefits
Components of expense/ (income) related to net benefit expense:
Service Cost Included in Labor and Fringe	9	$ 11
Interest Cost	23	23
Expected Return on Plan Assets	(44)	(42)
Amortization of Net Loss	10	11
Total Income Included in Other Income - Net	(11)	(8)
Net Periodic Benefit Cost	(2)	3
Restructuring Charges - Non Operating (a)	0	50
Total (Income) Expense	(2)	53
Other Post-retirement Benefits
Components of expense/ (income) related to net benefit expense:
Interest Cost	2	2
Amortization of Net Loss	0	0
Net Periodic Benefit Cost	2	2
Restructuring Charges - Non Operating (a)		13
Total (Income) Expense	$ 2	$ 15

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details)	Mar. 31, 2018USD ($)
Retirement Benefits [Abstract]
Contributions expected to plan	$ 0

Debt and Credit Agreements - Ac

Debt and Credit Agreements - Activity Related to Long-Term Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Movement, Debt Instruments [Roll Forward]
Beginning balance, current portion	$ 19
Beginning balance, long-term portion	11,790
Beginning balance, total	11,809
Long-term debt issued	2,000	$ 0
Discount, premium and other activity	(22)
Ending balance, current portion	19
Ending balance, long-term portion	13,768
Ending balance, total	13,787
Current Portion
Movement, Debt Instruments [Roll Forward]
Beginning balance, current portion	19
Long-term debt issued	0
Discount, premium and other activity
Ending balance, current portion	19
Long-term Portion
Movement, Debt Instruments [Roll Forward]
Beginning balance, long-term portion	11,790
Long-term debt issued	2,000
Discount, premium and other activity	(22)
Ending balance, long-term portion	$ 13,768

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details) - USD ($)	Feb. 20, 2018	Mar. 31, 2018	Mar. 31, 2017
Line of Credit Facility
Long-term debt issued		$ 2,000,000,000	$ 0
Notes due 2028
Line of Credit Facility
Long-term debt issued	$ 800,000,000
Interest rate (as a percent)	3.80%
Notes due 2048
Line of Credit Facility
Long-term debt issued	$ 850,000,000
Interest rate (as a percent)	4.30%
Notes due 2068
Line of Credit Facility
Long-term debt issued	$ 350,000,000
Interest rate (as a percent)	4.65%
Unsecured Revolving Credit Facility | Credit Facility
Line of Credit Facility
Maximum borrowing capacity		$ 1,000,000,000
Facility expiration date		May 21, 2020
Amount outstanding		$ 0
Receivables Securitization Facility | Line of Credit
Line of Credit Facility
Maximum borrowing capacity		$ 200,000,000
Facility expiration date		Sep. 1, 2019
Facility expiration period		3 years
Outstanding balance		$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	23.80%	37.80%
Unrecognized tax benefits increase		$ 0
Unrecognized tax benefits decrease		$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Investment Assets (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized cost basis of investments	$ 92	$ 95
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments fair value disclosure	94
Fair Value | Level 2 | Certificates of Deposit and Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments fair value disclosure	0
Fair Value | Level 2 | Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments fair value disclosure	58
Fair Value | Level 2 | Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments fair value disclosure	36
Fair Value | Level 2 | Auction Rate Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments fair value disclosure	$ 0
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments fair value disclosure		95
Fair Value | Level 2 | Certificates of Deposit and Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments fair value disclosure		0
Fair Value | Level 2 | Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments fair value disclosure		61
Fair Value | Level 2 | Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments fair value disclosure		34
Fair Value | Level 2 | Auction Rate Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments fair value disclosure		$ 0

Fair Value Measurements - Sch48

Fair Value Measurements - Schedule of Investment Maturities (Details) - Fair Value - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Less than 1 year	$ 10	$ 18
1 - 5 years	17	11
5 - 10 years	25	26
Greater than 10 years	42	40
Total investments at fair value	$ 94	$ 95

Fair Value Measurements - Sch49

Fair Value Measurements - Schedule of Fair Value and Carrying Value of Long-Term Debt (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt (Including Current Maturities):	$ 14,487	$ 13,220
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt (Including Current Maturities):	$ 13,787	$ 11,809

Other Comprehensive Income (L50

Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Equity [Abstract]
Total comprehensive earnings, net of tax	$ 596	$ 368

Other Comprehensive Income (L51

Other Comprehensive Income (Loss) - Changes in AOCI balance by Component (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Other Comprehensive Income (Loss)
Income Before Reclassifications	$ 1
Amounts Reclassified to Net Earnings	8
Tax (Expense) Benefit	(1)
Reclassification of Stranded Tax Effects	(107)
Total Other Comprehensive Income	(99)
Pension and Other Post-Employment Benefits
Other Comprehensive Income (Loss)
Beginning balance	(440)
Income Before Reclassifications	0
Amounts Reclassified to Net Earnings	10
Tax (Expense) Benefit	(2)
Reclassification of Stranded Tax Effects	(108)
Total Other Comprehensive Income	(100)
Ending balance	(540)
Other
Other Comprehensive Income (Loss)
Beginning balance	(46)
Income Before Reclassifications	1
Amounts Reclassified to Net Earnings	(2)
Tax (Expense) Benefit	1
Reclassification of Stranded Tax Effects	1
Total Other Comprehensive Income	1
Ending balance	(45)
Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss)
Beginning balance	(486)
Ending balance	$ (585)

Revenues - Schedule of Revenues

Revenues - Schedule of Revenues Disaggregated by Lines of Business (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 2,876	$ 2,869
Total Merchandise
Disaggregation of Revenue [Line Items]
Revenues	1,779	1,839
Chemicals
Disaggregation of Revenue [Line Items]
Revenues	557	566
Agricultural and Food Products
Disaggregation of Revenue [Line Items]
Revenues	307	332
Automotive
Disaggregation of Revenue [Line Items]
Revenues	304	316
Forest Products
Disaggregation of Revenue [Line Items]
Revenues	195	192
Metals and Equipment
Disaggregation of Revenue [Line Items]
Revenues	186	190
Fertilizers
Disaggregation of Revenue [Line Items]
Revenues	116	129
Minerals
Disaggregation of Revenue [Line Items]
Revenues	114	114
Total Coal
Disaggregation of Revenue [Line Items]
Revenues	503	522
Domestic Coal
Disaggregation of Revenue [Line Items]
Revenues	272	330
Export Coal
Disaggregation of Revenue [Line Items]
Revenues	231	192
Total Intermodal
Disaggregation of Revenue [Line Items]
Revenues	449	434
Domestic Intermodal
Disaggregation of Revenue [Line Items]
Revenues	294	291
International Intermodal
Disaggregation of Revenue [Line Items]
Revenues	155	143
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 145	$ 74

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract payment period	15 days
Contract liabilities	$ 0
Impairment loss	$ 0	$ 0
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transit time	3 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transit time	8 days
Customer Concentration Risk | Sales Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue from other services (as a percent)	5.00%

Revenues - Schedule of Accounts

Revenues - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounts Receivable, net	$ 1,045	$ 970
Freight Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables gross	855	810
Allowance for Doubtful Accounts	(18)	(17)
Total Accounts Receivable, net	837	793
Non-Freight Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables gross	218	186
Allowance for Doubtful Accounts	(10)	(9)
Total Accounts Receivable, net	$ 208	$ 177

Summarized Consolidating Fina55

Summarized Consolidating Financial Data - Consolidating Income Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Consolidated Income Statement
Revenue	$ 2,876	$ 2,869
Expense	1,832	2,100
Operating Income	1,044	769
Equity in Earnings of Subsidiaries	0	0
Interest (Expense) / Benefit	(149)	(137)
Other Income / (Expense) - Net	17	(50)
Earnings Before Income Taxes	912	582
Income Tax Benefit / (Expense)	(217)	(220)
Net Earnings	695	362
Total Comprehensive Earnings	596	368
Eliminations and Other
Consolidated Income Statement
Revenue	19	18
Expense	(33)	(80)
Operating Income	52	98
Equity in Earnings of Subsidiaries	(758)	(422)
Interest (Expense) / Benefit	24	15
Other Income / (Expense) - Net	(10)	(64)
Earnings Before Income Taxes	(692)	(373)
Income Tax Benefit / (Expense)	(12)	(16)
Net Earnings	(704)	(389)
Total Comprehensive Earnings	(700)	(387)
CSX Corporation
Consolidated Income Statement
Revenue	0	0
Expense	(78)	(48)
Operating Income	78	48
Equity in Earnings of Subsidiaries	758	422
Interest (Expense) / Benefit	(164)	(142)
Other Income / (Expense) - Net	4	3
Earnings Before Income Taxes	676	331
Income Tax Benefit / (Expense)	19	31
Net Earnings	695	362
Total Comprehensive Earnings	596	368
CSX Transportation
Consolidated Income Statement
Revenue	2,857	2,851
Expense	1,943	2,228
Operating Income	914	623
Equity in Earnings of Subsidiaries	0	0
Interest (Expense) / Benefit	(9)	(10)
Other Income / (Expense) - Net	23	11
Earnings Before Income Taxes	928	624
Income Tax Benefit / (Expense)	(224)	(235)
Net Earnings	704	389
Total Comprehensive Earnings	$ 700	$ 387

Summarized Consolidating Fina56

Summarized Consolidating Financial Data - Consolidating Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 30, 2016
Current Assets:
Cash and Cash Equivalents	$ 1,980	$ 401	$ 930	$ 603
Short-term Investments	10	18
Accounts Receivable - Net	1,045	970
Receivable from Affiliates	0	0
Materials and Supplies	369	372
Other Current Assets	138	154
Total Current Assets	3,542	1,915
Properties	44,103	44,324
Accumulated Depreciation	(12,355)	(12,560)
Properties - Net	31,748	31,764
Other Long-term Assets	435	374
Total Assets	37,439	35,739
Current Liabilities:
Accounts Payable	905	847
Labor and Fringe Benefits Payable	443	602
Payable to Affiliates	0	0
Casualty, Environmental and Other Reserves	106	108
Current Maturities of Long-term Debt	19	19
Income and Other Taxes Payable	274	157
Other Current Liabilities	144	161
Total Current Liabilities	1,891	1,894
Casualty, Environmental and Other Reserves	258	266
Long-term Debt	13,768	11,790
Deferred Income Taxes - Net	6,485	6,418
Other Long-term Liabilities	646	650
Total Liabilities	23,048	21,018
Shareholders' Equity
Common Stock, $1 Par Value	875	890
Other Capital	215	217
Retained Earnings	13,873	14,084
Accumulated Other Comprehensive Loss	(585)	(486)
Noncontrolling Interest	13	16
Total Shareholders' Equity	14,391	14,721
Total Liabilities and Shareholders' Equity	$ 37,439	$ 35,739
Common stock, par value (in dollars per share)	$ 1	$ 1
Investments in Conrail
Current Assets:
Investment in Affiliates and Other Companies	$ 918	$ 907
Affiliates and Other Companies
Current Assets:
Investment in Affiliates and Other Companies	796	779
Investments in Consolidated Subsidiaries
Current Assets:
Investment in Affiliates and Other Companies	0	0
Eliminations and Other
Current Assets:
Cash and Cash Equivalents	5	6	10	17
Short-term Investments	10	18
Accounts Receivable - Net	790	670
Receivable from Affiliates	(4,638)	(4,743)
Materials and Supplies	0	0
Other Current Assets	12	10
Total Current Assets	(3,821)	(4,039)
Properties	2,872	2,844
Accumulated Depreciation	(1,582)	(1,542)
Properties - Net	1,290	1,302
Other Long-term Assets	(246)	(261)
Total Assets	(31,756)	(31,478)
Current Liabilities:
Accounts Payable	36	34
Labor and Fringe Benefits Payable	22	56
Payable to Affiliates	(5,129)	(5,344)
Casualty, Environmental and Other Reserves	13	13
Current Maturities of Long-term Debt	1	0
Income and Other Taxes Payable	19	28
Other Current Liabilities	0	3
Total Current Liabilities	(5,038)	(5,210)
Casualty, Environmental and Other Reserves	43	44
Long-term Debt	0	1
Deferred Income Taxes - Net	209	206
Other Long-term Liabilities	(309)	(314)
Total Liabilities	(5,095)	(5,273)
Shareholders' Equity
Common Stock, $1 Par Value	(181)	(181)
Other Capital	(5,097)	(5,096)
Retained Earnings	(21,392)	(20,933)
Accumulated Other Comprehensive Loss	9	5
Noncontrolling Interest	0	0
Total Shareholders' Equity	(26,661)	(26,205)
Total Liabilities and Shareholders' Equity	(31,756)	(31,478)
Eliminations and Other | Investments in Conrail
Current Assets:
Investment in Affiliates and Other Companies	918	907
Eliminations and Other | Affiliates and Other Companies
Current Assets:
Investment in Affiliates and Other Companies	18	18
Eliminations and Other | Investments in Consolidated Subsidiaries
Current Assets:
Investment in Affiliates and Other Companies	(29,915)	(29,405)
CSX Corporation
Current Assets:
Cash and Cash Equivalents	1,894	274	648	305
Short-term Investments	0	0
Accounts Receivable - Net	2	(1)
Receivable from Affiliates	991	1,226
Materials and Supplies	0	0
Other Current Assets	(1)	(1)
Total Current Assets	2,886	1,498
Properties	1	1
Accumulated Depreciation	(1)	(1)
Properties - Net	0	0
Other Long-term Assets	52	39
Total Assets	32,814	30,903
Current Liabilities:
Accounts Payable	195	105
Labor and Fringe Benefits Payable	37	52
Payable to Affiliates	4,763	4,792
Casualty, Environmental and Other Reserves	0	0
Current Maturities of Long-term Debt	0	0
Income and Other Taxes Payable	(126)	(326)
Other Current Liabilities	2	5
Total Current Liabilities	4,871	4,628
Casualty, Environmental and Other Reserves	0	0
Long-term Debt	13,036	11,056
Deferred Income Taxes - Net	(113)	(130)
Other Long-term Liabilities	642	644
Total Liabilities	18,436	16,198
Shareholders' Equity
Common Stock, $1 Par Value	875	890
Other Capital	215	217
Retained Earnings	13,873	14,084
Accumulated Other Comprehensive Loss	(585)	(486)
Noncontrolling Interest	0	0
Total Shareholders' Equity	14,378	14,705
Total Liabilities and Shareholders' Equity	32,814	30,903
CSX Corporation | Investments in Conrail
Current Assets:
Investment in Affiliates and Other Companies	0	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 Companies	29,915	29,405
CSX Transportation
Current Assets:
Cash and Cash Equivalents	81	121	$ 272	$ 281
Short-term Investments	0	0
Accounts Receivable - Net	253	301
Receivable from Affiliates	3,647	3,517
Materials and Supplies	369	372
Other Current Assets	127	145
Total Current Assets	4,477	4,456
Properties	41,230	41,479
Accumulated Depreciation	(10,772)	(11,017)
Properties - Net	30,458	30,462
Other Long-term Assets	629	596
Total Assets	36,381	36,314
Current Liabilities:
Accounts Payable	674	708
Labor and Fringe Benefits Payable	384	494
Payable to Affiliates	366	552
Casualty, Environmental and Other Reserves	93	95
Current Maturities of Long-term Debt	18	19
Income and Other Taxes Payable	381	455
Other Current Liabilities	142	153
Total Current Liabilities	2,058	2,476
Casualty, Environmental and Other Reserves	215	222
Long-term Debt	732	733
Deferred Income Taxes - Net	6,389	6,342
Other Long-term Liabilities	313	320
Total Liabilities	9,707	10,093
Shareholders' Equity
Common Stock, $1 Par Value	181	181
Other Capital	5,097	5,096
Retained Earnings	21,392	20,933
Accumulated Other Comprehensive Loss	(9)	(5)
Noncontrolling Interest	13	16
Total Shareholders' Equity	26,674	26,221
Total Liabilities and Shareholders' Equity	36,381	36,314
CSX Transportation | Investments in Conrail
Current Assets:
Investment in Affiliates and Other Companies	0	0
CSX Transportation | Affiliates and Other Companies
Current Assets:
Investment in Affiliates and Other Companies	817	800
CSX Transportation | Investments in Consolidated Subsidiaries
Current Assets:
Investment in Affiliates and Other Companies	$ 0	$ 0

Summarized Consolidating Fina57

Summarized Consolidating Financial Data - Consolidating Cash Flow Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Activities
Net Cash Provided by (Used in) Operating Activities	$ 966	$ 1,043
Investing Activities
Property Additions	(368)	(441)
Proceeds from Property Dispositions	52	13
Purchase of Short-term Investments	0	(75)
Proceeds from Sales of Short-term Investments	8	205
Other Investing Activities	(8)	12
Net Cash Used In Investing Activities	(316)	(286)
Financing Activities
Long-term Debt Issued	2,000	0
Long-term Debt Repaid	0
Dividends Paid	(194)	(166)
Shares Repurchased	(836)	(258)
Other Financing Activities	(41)	(6)
Net Cash Provided By (Used in) Financing Activities	929	(430)
Net Increase in Cash and Cash Equivalents	1,579	327
Cash and Cash Equivalents at Beginning of Period	401	603
Cash and Cash Equivalents at End of Period	1,980	930
Eliminations and Other
Operating Activities
Net Cash Provided by (Used in) Operating Activities	(346)	(167)
Investing Activities
Property Additions	(29)	(44)
Purchase of Short-term Investments	0	0
Proceeds from Sales of Short-term Investments	8	0
Other Investing Activities	113	42
Net Cash Used In Investing Activities	92	6
Financing Activities
Long-term Debt Issued	0
Long-term Debt Repaid	0
Dividends Paid	250	150
Shares Repurchased	0	0
Other Financing Activities	3	4
Net Cash Provided By (Used in) Financing Activities	253	154
Net Increase in Cash and Cash Equivalents	(1)	(7)
Cash and Cash Equivalents at Beginning of Period	6	17
Cash and Cash Equivalents at End of Period	5	10
CSX Corporation
Operating Activities
Net Cash Provided by (Used in) Operating Activities	691	644
Investing Activities
Property Additions	0	0
Proceeds from Property Dispositions	0	0
Purchase of Short-term Investments	0	(75)
Proceeds from Sales of Short-term Investments	0	205
Other Investing Activities	(1)	(1)
Net Cash Used In Investing Activities	(1)	129
Financing Activities
Long-term Debt Issued	2,000
Long-term Debt Repaid	0
Dividends Paid	(194)	(166)
Shares Repurchased	(836)	(258)
Other Financing Activities	(40)	(6)
Net Cash Provided By (Used in) Financing Activities	930	(430)
Net Increase in Cash and Cash Equivalents	1,620	343
Cash and Cash Equivalents at Beginning of Period	274	305
Cash and Cash Equivalents at End of Period	1,894	648
CSX Transportation
Operating Activities
Net Cash Provided by (Used in) Operating Activities	621	566
Investing Activities
Property Additions	(339)	(397)
Proceeds from Property Dispositions	52	5
Purchase of Short-term Investments	0	0
Proceeds from Sales of Short-term Investments	0	0
Other Investing Activities	(120)	(29)
Net Cash Used In Investing Activities	(407)	(421)
Financing Activities
Long-term Debt Issued	0
Long-term Debt Repaid	0
Dividends Paid	(250)	(150)
Shares Repurchased	0	0
Other Financing Activities	(4)	(4)
Net Cash Provided By (Used in) Financing Activities	(254)	(154)
Net Increase in Cash and Cash Equivalents	(40)	(9)
Cash and Cash Equivalents at Beginning of Period	121	281
Cash and Cash Equivalents at End of Period	81	272
Consolidation Eliminations and Other Entities [Member]
Investing Activities
Proceeds from Property Dispositions	$ 0	$ 8