CSX (CSX) 10-Q 22 Jul 21 2021 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-8022
Entity Registrant Name	CSX CORPORATION
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	62-1051971
Entity Address, Address Line One	500 Water Street
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	359-3200
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	CSX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	2,254,495,910
Entity Central Index Key	0000277948
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020
Income Statement
Revenue	$ 2,990	$ 2,255		$ 5,803	$ 5,110
Expense
Labor and Fringe	596	507		1,216	1,113
Materials, Supplies and Other	441	418		913	890
Depreciation	348	344		693	688
Fuel	194	91		384	283
Equipment and Other Rents	87	78		175	159
Gains on Property Dispositions	(367)	(11)		(370)	(29)
Total Expense	1,299	1,427		3,011	3,104
Operating Income	1,691	828		2,792	2,006
Interest Expense	(181)	(191)		(365)	(378)
Other Income - Net	20	15		40	37
Earnings Before Income Taxes	1,530	652		2,467	1,665
Income Tax Expense	(357)	(153)		(588)	(396)
Net Earnings	$ 1,173	$ 499		$ 1,879	$ 1,269
Per Common Share
Net Earnings Per Share, Basic (in dollars per share)	$ 0.52	$ 0.22	[1]	$ 0.83	$ 0.55	[1]
Net Earnings Per Share, Assuming Dilution (in dollars per share)	$ 0.52	$ 0.22	[1]	$ 0.82	$ 0.55	[1]
Average Shares Outstanding (in shares)	2,270	2,297	[1]	2,276	2,306	[1]
Average Shares Outstanding, Assuming Dilution (in shares)	2,275	2,301	[1]	2,281	2,311	[1]
[1]	All prior period share and per share data has been retroactively adjusted to reflect the stock split effective June 28, 2021.

CONDENSED CONSOLIDATED COMPREHE

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Total Comprehensive Earnings (Note 11)	$ 1,152	$ 774	$ 519	$ 773	$ 1,926	$ 1,292

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and Cash Equivalents	$ 2,986	$ 3,129
Short-term Investments	4	2
Accounts Receivable - Net (Note 8)	1,192	912
Materials and Supplies	289	302
Other Current Assets	102	96
Total Current Assets	4,573	4,441
Properties	45,714	45,530
Accumulated Depreciation	(13,228)	(13,086)
Properties - Net	32,486	32,444
Investment in Affiliates and Other Companies	2,033	1,985
Right-of-Use Lease Asset	462	472
Other Long-term Assets	461	451
Total Assets	40,015	39,793
Current Liabilities:
Accounts Payable	879	809
Labor and Fringe Benefits Payable	447	482
Casualty, Environmental and Other Reserves (Note 4)	102	90
Current Maturities of Long-term Debt (Note 7)	122	401
Income and Other Taxes Payable	242	73
Other Current Liabilities	159	164
Total Current Liabilities	1,951	2,019
Casualty, Environmental and Other Reserves (Note 4)	210	224
Long-term Debt (Note 7)	16,229	16,304
Deferred Income Taxes - Net	7,248	7,168
Long-term Lease Liability	450	455
Other Long-term Liabilities	493	513
Total Liabilities	26,581	26,683
Shareholders' Equity:
Common Stock, $1 Par Value	2,254	2,288	[1]
Other Capital	0	152	[1]
Retained Earnings	11,723	11,259	[1]
Accumulated Other Comprehensive Loss (Note 11)	(551)	(598)
Non-controlling Minority Interest	8	9
Total Shareholders' Equity	13,434	13,110
Total Liabilities and Shareholders' Equity	$ 40,015	$ 39,793
[1]	Certain prior year data has been retroactively adjusted to reflect the stock split effective June 28, 2021. See accompanying notes to consolidated financial statements.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Shareholders' Equity:
Common stock, par value (in dollars per share)	$ 1	$ 1

CONSOLIDATED CASH FLOW STATEMEN

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES
Net Earnings	$ 1,879	$ 1,269
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation	693	688
Deferred Income Taxes	66	61
Gains on Property Dispositions	(370)	(29)
Other Operating Activities	28	(25)
Changes in Operating Assets and Liabilities:
Accounts Receivable	(127)	120
Other Current Assets	(4)	(24)
Accounts Payable	73	(85)
Income and Other Taxes Payable	181	338
Other Current Liabilities	(20)	(129)
Net Cash Provided by Operating Activities	2,399	2,184
INVESTING ACTIVITIES
Property Additions	(754)	(801)
Proceeds from Property Dispositions	227	45
Purchases of Short-term Investments	0	(426)
Proceeds from Sales of Short-term Investments	1	1,221
Other Investing Activities	(1)	(42)
Net Cash Used In Investing Activities	(527)	(3)
FINANCING ACTIVITIES
Long-term Debt Issued (Note 7)	0	500
Long-term Debt Repaid (Note 7)	(360)	(227)
Dividends Paid	(425)	(400)
Shares Repurchased	(1,252)	(616)
Other Financing Activities	22	(5)
Net Cash Used in Financing Activities	(2,015)	(748)
Net (Decrease)/Increase in Cash and Cash Equivalents	(143)	1,433
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period	3,129	958
Cash and Cash Equivalents at End of Period	$ 2,986	$ 2,391

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Millions		Total	Common Shares Outstanding		Common Stock and Other Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Minority Interest
Beginning Balance (in shares) at Dec. 31, 2019	[1]		2,320,414
Beginning Balance at Dec. 31, 2019		$ 11,863			$ 2,412	[1]	$ 10,111	[1]	$ (675)	[2]	$ 15
Comprehensive Earnings:
Net Earnings		770					770	[1]
Other Comprehensive Income (Loss)		3							3	[2]
Total Comprehensive Earnings		773
Common stock dividends, per share		(201)					(201)	[1]
Share Repurchases (in shares)	[1]		(26,718)
Share Repurchases		(577)			(27)	[1]	(550)	[1]
Stock Option Exercises and Other (in shares)	[1]		2,680
Stock Option Exercises and Other		30			21	[1]	7	[1]			2
Ending balance (in shares) at Mar. 31, 2020	[1]		2,296,376
Ending Balance at Mar. 31, 2020		11,888			2,406	[1]	10,137	[1]	(672)	[2]	17
Beginning Balance (in shares) at Dec. 31, 2019	[1]		2,320,414
Beginning Balance at Dec. 31, 2019		11,863			2,412	[1]	10,111	[1]	(675)	[2]	15
Comprehensive Earnings:
Net Earnings		1,269
Total Comprehensive Earnings		$ 1,292
Share Repurchases (in shares)		(29,000)
Ending balance (in shares) at Jun. 30, 2020	[1]		2,295,159
Ending Balance at Jun. 30, 2020		$ 12,163			2,400	[1]	10,402	[1]	(652)	[2]	13
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances									183
Beginning Balance (in shares) at Mar. 31, 2020	[1]		2,296,376
Beginning Balance at Mar. 31, 2020		11,888			2,406	[1]	10,137	[1]	(672)	[2]	17
Comprehensive Earnings:
Net Earnings		499					499	[1]
Other Comprehensive Income (Loss)		20							20	[2]
Total Comprehensive Earnings		519
Common stock dividends, per share		$ (199)					(199)	[1]
Share Repurchases (in shares)		(2,000)	(1,739)	[1]
Share Repurchases		$ (39)			(2)	[1]	(37)	[1]
Stock Option Exercises and Other (in shares)	[1]		522
Stock Option Exercises and Other		(6)			(4)	[1]	2	[1]			(4)
Ending balance (in shares) at Jun. 30, 2020	[1]		2,295,159
Ending Balance at Jun. 30, 2020		12,163			2,400	[1]	10,402	[1]	(652)	[2]	13
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances									178
Beginning Balance (in shares) at Dec. 31, 2020	[1]		2,287,587
Beginning Balance at Dec. 31, 2020		13,110			2,440	[1]	11,259	[1]	(598)	[3]	9
Comprehensive Earnings:
Net Earnings		706					706
Other Comprehensive Income (Loss)		68							68	[3]
Total Comprehensive Earnings		774
Common stock dividends, per share		(213)					(213)
Share Repurchases (in shares)			(18,389)
Share Repurchases		(551)			(18)		(533)
Stock Option Exercises and Other (in shares)			3,003
Stock Option Exercises and Other		40			37		3
Ending balance (in shares) at Mar. 31, 2021			2,272,201
Ending Balance at Mar. 31, 2021		13,160			2,459		11,222		(530)	[3]	9
Beginning Balance (in shares) at Dec. 31, 2020	[1]		2,287,587
Beginning Balance at Dec. 31, 2020		13,110			2,440	[1]	11,259	[1]	(598)	[3]	9
Comprehensive Earnings:
Net Earnings		1,879
Other Comprehensive Income (Loss)		47
Total Comprehensive Earnings		$ 1,926
Share Repurchases (in shares)		(40,000)
Ending balance (in shares) at Jun. 30, 2021			2,254,496
Ending Balance at Jun. 30, 2021		$ 13,434			2,254		11,723		(551)	[3]	8
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances									137
Beginning Balance (in shares) at Mar. 31, 2021			2,272,201
Beginning Balance at Mar. 31, 2021		13,160			2,459		11,222		(530)	[3]	9
Comprehensive Earnings:
Net Earnings		1,173					1,173
Other Comprehensive Income (Loss)		(21)							(21)	[3]
Total Comprehensive Earnings		1,152
Common stock dividends, per share		$ (212)					(212)
Share Repurchases (in shares)		(22,000)	(18,345)
Share Repurchases		$ (701)			(19)		(682)
Stock Option Exercises and Other (in shares)			640
Stock Option Exercises and Other		35			(186)		222				(1)
Ending balance (in shares) at Jun. 30, 2021			2,254,496
Ending Balance at Jun. 30, 2021		$ 13,434			$ 2,254		$ 11,723		(551)	[3]	$ 8
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances									$ 142
[1]	All prior period share and per share data has been retroactively adjusted to reflect the stock split effective June 28, 2021.
[2]	Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $183 million and $178 million as of first and second quarters 2020, respectively. For additional information, see Note 11, Other Comprehensive Income.
[3]	Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $137 million and $142 million as of first and second quarters 2021, respectively. For additional information, see Note 11, Other Comprehensive Income.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended						6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020		Mar. 31, 2020		Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.093	$ 0.093	$ 0.087	[1]	$ 0.087	[1]	$ 0.093
[1]	All prior period share and per share data has been retroactively adjusted to reflect the stock split effective June 28, 2021.

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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 together with its subsidiaries ("CSX" or the “Company”), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based transportation services including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations. CSX's principal operating subsidiary, CSX Transportation, Inc. (“CSXT”), provides an important link to the transportation supply chain through its approximately 19,500 route mile rail network, which serves major population centers in 23 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. The Company's intermodal business links customers to railroads via trucks and terminals. CSXT is also responsible for the Company's real estate sales, leasing, acquisition and management and development activities. Substantially all of these activities are focused on supporting railroad operations. Other entities In addition to CSXT, the Company’s subsidiaries include CSX Intermodal Terminals, Inc. (“CSX Intermodal Terminals”), Total Distribution Services, Inc. (“TDSI”), Transflo Terminal Services, Inc. (“Transflo”), CSX Technology, Inc. (“CSX Technology”) and other subsidiaries. CSX Intermodal Terminals owns and operates a system of intermodal terminals, predominantly in the eastern United States and also performs drayage services (the pickup and delivery of intermodal shipments) for certain customers. TDSI serves the automotive industry with distribution centers and storage locations. Transflo connects non-rail served customers to the many benefits of rail by transferring products from rail to trucks. The biggest Transflo markets are chemicals and agriculture, which includes shipments of plastics and ethanol. CSX Technology and other subsidiaries provide support services for the Company. Business Combinations Acquisition of Quality Carriers, Inc. On May 12, 2021, CSX entered into a definitive agreement to acquire Quality Carriers, Inc. ("Quality Carriers"), the largest provider of bulk liquid chemicals truck transportation in North America, from Quality Distribution, Inc. Through a network of over 100 company-owned and affiliate terminals and facilities in key locations throughout the United States, Canada and Mexico, Quality Carriers provides transportation services to many of the leading chemical producers and shippers in North America. Assets and facilities acquired include tractors and trailers, equipment, land, buildings, and other assets. This transaction, which closed on July 1, 2021, is expected to create a unique multimodal chemicals transportation solution. The purchase price was $546 million in cash, subject to certain customary purchase price adjustments. This acquisition is not material with respect to the Company’s financial statements when reviewed under the quantitative and qualitative considerations of Regulation S-X Article 11 and ASC 805, Business Combinations. NOTE 1. Nature of Operations and Significant Accounting Policies, continued Proposed Acquisition of Pan Am Systems, Inc. On November 30, 2020, CSX signed a definitive agreement to acquire Pan Am Systems, Inc. (“Pan Am”) which is the parent company of Pan Am Railways, Inc. who jointly owns Pan Am Southern, LLC with a subsidiary of Norfolk Southern Corporation. Pan Am owns and operates a highly integrated, nearly 1,200-mile rail network and has a joint interest in the more than 600-mile Pan Am Southern system. This acquisition, if approved, will expand CSX’s reach in Connecticut, New York and Massachusetts while adding Vermont, New Hampshire and Maine to its existing network. Assets and facilities to be acquired as part of the proposed transaction include road and track assets, work equipment, land, buildings and other assets. On February 25, 2021, the Company began the process, which can take up to a year or more, of seeking approval from the Surface Transportation Board ("STB"). This proposed acquisition is not expected to be material with respect to the Company's financial statements when reviewed under the quantitative and qualitative considerations of Regulation S-X Article 11 and ASC 805, Business Combinations. Other Transactions Sale of Property Rights to the Commonwealth of Virginia On March 26, 2021, the Company entered into a comprehensive agreement to sell certain property rights in three CSX-owned line segments to the Commonwealth of Virginia (“Commonwealth”) over three phases for a total of $525 million. On April 14, 2021, in the first phase of the transaction, the Company closed on the conveyance of a permanent land easement for passenger rail operations, resulting in a $349 million gain recognized in gains on property dispositions on the consolidated income statement. Upon closing of this phase, cash proceeds of $200 million were received, with proceeds of $168 million to be collected in fourth quarter 2021. Additional future proceeds and related gains attributable to this conveyance are subject to state funding. The Company anticipates closing on the remaining conveyances over the next two years, which will result in future cash proceeds and gains. The timing of future gain recognition is dependent upon the timing of future conveyances as well as collectability. As of June 30, 2021, the carrying values of the remaining assets subject to this transaction were not material. Basis of Presentation In the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the consolidated financial statements and accompanying notes. Where applicable, prior year information has been reclassified to conform to the current presentation. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted from these interim financial statements. CSX suggests that these financial statements be read in conjunction with the audited financial statements and the notes included in CSX's most recent annual report on Form 10-K and any subsequently filed current reports on Form 8-K. NOTE 1. Nature of Operations and Significant Accounting Policies, continued Common Stock Split On June 4, 2021, CSX announced a three-for-one split of the Company’s common stock in the form of a stock dividend. Each shareholder of record on June 18, 2021, received two additional shares of common stock for each share held as of this record date. The new shares were distributed after close of trading on June 28, 2021. All prior period share and per share amounts, common stock, other capital, and retained earnings presented herein have been retroactively adjusted to reflect the impact of the stock split. Other Capital As a result of the stock split during second quarter 2021, CSX's common stock balance was increased and its other capital balance was reduced commensurately. Because this adjustment brought the other capital balance below zero, $1.0 billion was reclassified from retained earnings to other capital to bring the other capital balance to zero as of June 30, 2021. Prior period amounts have also been retroactively adjusted as needed to bring the other capital balance to zero. Fiscal Year The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to “second quarter(s)” or “six months” indicate CSX's fiscal periods ending June 30, 2021 and June 30, 2020, and references to "year-end" indicate the fiscal year ended December 31, 2020. New Accounting Pronouncements In March 2020, the FASB issued ASU Facilitation of the Effects of Reference Rate Reform on Financial Reporting. As the London Interbank Offered Rate ("LIBOR") will no longer be available beginning July 2023, this standard update provides practical expedients for contract modifications made as part of the transition from LIBOR to alternative reference rates. CSX's revolving line of credit currently uses LIBOR as a reference rate. This standard update can be adopted prospectively through December 31, 2022. The Company continues to evaluate the impact of this standard update, but does not anticipate that adoption will have a material impact on the Company's results of operations or financial position.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
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. Second Quarters Six Months 2021 2020 2021 2020 Numerator (Dollars in millions) : Net Earnings $ 1,173 $ 499 $ 1,879 $ 1,269 Denominator (Units in millions) : Average Common Shares Outstanding 2,270 2,297 2,276 2,306 Other Potentially Dilutive Common Shares 5 4 5 5 Average Common Shares Outstanding, Assuming Dilution 2,275 2,301 2,281 2,311 Net Earnings Per Share, Basic $ 0.52 $ 0.22 $ 0.83 $ 0.55 Net Earnings Per Share, Assuming Dilution $ 0.52 $ 0.22 $ 0.82 $ 0.55 Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Earnings per share, assuming dilution, is based on the weighted-average number of shares of common stock outstanding and common stock equivalents adjusted for the effects of common stock that may be issued as a result of potentially dilutive instruments. CSX's potentially dilutive instruments are made up of equity awards including performance units and employee stock options. When calculating diluted earnings per share, the potential shares that would be outstanding if all outstanding stock options were exercised are included. This number is different from outstanding stock options because it is offset by shares CSX could repurchase using the proceeds from these hypothetical exercises to obtain the common stock equivalent. The total average outstanding stock options that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below. Second Quarters Six Months 2021 2020 2021 2020 Antidilutive Stock Options Excluded from Diluted EPS (Millions) 2 7 2 5 NOTE 2. Earnings Per Share, continued Share Repurchases In January 2019, the Company announced a $5 billion share repurchase program. During June 2021, this program was completed, and the Company began repurchasing shares under the $5 billion share repurchase program announced on October 21, 2020. Total repurchase authority remaining was $4.6 billion as of June 30, 2021. During second quarters and six months ended 2021 and 2020, the Company engaged in the following repurchase activities: Second Quarters Six Months 2021 2020 2021 2020 Shares Repurchased (Millions) (a) 22 2 40 29 Cost of Shares (Dollars in millions) $ 701 $ 39 $ 1,252 $ 616 (a) For second quarter and six months 2021, shares repurchased includes 3 million shares that were purchased in June 2021, but were not retired until July 1st, 2021, due to timing of the stock split. These shares are reflected as outstanding as of June 30, 2021, on the consolidated statement of changes in shareholder's equity. Share repurchases may be made through a variety of methods including, but not limited to, open market purchases, purchases pursuant to Rule 10b5-1 plans, accelerated share repurchases and negotiated block purchases. The timing of share repurchases depends upon management's assessment of marketplace conditions and other factors, and the program remains subject to the discretion of the Board of Directors. Future share repurchases are expected to be funded by cash on hand, cash generated from operations and debt issuances. Shares are retired immediately upon repurchase. In accordance with the Equity Topic in the Accounting Standards Codification ("ASC"), the excess of repurchase price over par value is recorded in retained earnings. During the quarter, CSX entered into structured agreements for the repurchase of CSX shares. Upon execution of each agreement, the Company paid a fixed amount of cash in exchange for the right to receive either CSX stock or a predetermined amount of cash, including a premium. Shares acquired through these structured share repurchase agreements during second quarter 2021 were recorded in common stock and retained earnings and are included in the share repurchases table above. Premiums received were not material. During second quarter 2021, the Company paid a net total of approximately $228 million and received approximately 7 million shares as a result of entering into and settling structured share repurchase agreements. As of June 30, 2021, no such agreements were outstanding. Dividend Increase In February 2021, the Company's Board of Directors authorized an 8% increase in the quarterly cash dividend effective March 2021. The current split-adjusted quarterly dividend on the Company's common stock is $0.093 per common share.

Stock Plans and Share-Based Com

Stock Plans and Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Plans and Share-Based Compensation	Stock Plans and Share-Based Compensation Under CSX's share-based compensation plans, awards consist of performance units, stock options, restricted stock units and restricted stock awards for management and stock grants for directors. Awards granted under the various programs are determined and approved by the Compensation and Talent Management Committee of the Board of Directors. Awards to the Chief Executive Officer are approved by the full Board and awards to senior executives are approved by the Compensation and Talent Management Committee. In certain circumstances, the Chief Executive Officer or delegate approves 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 and Sustainability Committee. Share-based compensation expense for awards under share-based compensation plans and purchases made as part of the employee stock purchase plan is measured using the fair value of the award on the grant date and is recognized on a straight-line basis over the service period of the respective award or upon grant date to certain retirement-eligible employees whose agreements allow for continued vesting upon retirement. Forfeitures are recognized as they occur. Total pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards. Second Quarters Six Months (Dollars in millions) 2021 2020 2021 2020 Share-Based Compensation Expense: Performance Units $ 20 $ (17) 38 $ (8) Stock Options 4 3 10 13 Restricted Stock Units and Awards 2 1 7 3 Stock Awards for Directors — 1 2 2 Employee Stock Purchase Plan 1 — 2 2 Total Share-Based Compensation Expense $ 27 $ (12) $ 59 $ 12 Income Tax Benefit $ 6 $ 2 $ 15 $ 11 NOTE 3. Stock Plans and Share-Based Compensation, continued Long-term Incentive Plan In February 2021, the Company granted 566 thousand (split-adjusted) performance units to certain employees under a new long-term incentive plan ("LTIP") for the years 2021 through 2023, which was adopted under the CSX 2019 Stock and Incentive Award Plan. Payouts of performance units for the cycle ending with fiscal year 2023 will be based on the achievement of goals related to both operating income and free cash flow, in each case excluding non-recurring items as disclosed in the Company's financial statements. The average annual operating income growth percentage and cumulative free cash flow measures over the plan period will each comprise 50% of the payout and will be measured independently of the other. Grants were made in performance units, with each unit representing the right to receive one share of CSX common stock, and payouts will be made in CSX common stock. The payout range for participants will be between 0% and 200% of the target awards depending on Company performance against predetermined goals. Payouts for certain executive officers are subject to formulaic upward or downward adjustment by up to 25%, capped at an overall payout of 250%, based upon the Company's total shareholder return relative to specified comparable groups over the performance period. Participants will receive stock dividend equivalents declared over the performance period based on the number of performance units paid upon vesting. Other immaterial grants of performance units were made during second quarter 2021. No grants were made during second quarter 2020. The fair values of the performance units awarded during the six months ended 2021 and 2020 were primarily calculated using a Monte-Carlo simulation model with the following weighted-average assumptions: Second Quarters Six Months 2021 2020 2021 2020 Weighted-Average Assumptions Used: Risk-free Interest Rate 0.2 % N/A 0.2 % 1.4 % Annualized Volatility 34.3 % N/A 33.6 % 24.5 % Expected Life (in years) 2.6 N/A 2.9 2.9 Stock Options In February 2021, the Company granted approximately 1,831 thousand (split-adjusted) stock options along with the corresponding LTIP. The fair value of stock options was calculated using the Black-Scholes valuation model. These stock options were granted with ten-year terms and vest over three years in equal installments each year on the anniversary of the grant date. The exercise price for stock options granted equals the closing market price of the underlying stock on the date of grant. These awards are time-based and are not based upon attainment of performance goals. During second quarters 2021 and 2020, there were additional immaterial grants of stock options to certain members of management. NOTE 3. Stock Plans and Share-Based Compensation, continued The fair values of all stock option awards during the quarters and six months ended June 30, 2021 and June 30, 2020 were estimated at the grant date with the following weighted average assumptions: Second Quarters Six Months 2021 2020 2021 2020 Weighted-Average Grant Date Fair Value $ 9.18 $ 5.92 $ 7.89 $ 6.29 Weighted-Average Assumptions Used: Annual Dividend Yield 1.1 % 1.5 % 1.2 % 1.2 % Risk-Free Interest Rate 1.0 % 0.5 % 0.7 % 1.4 % Annualized Volatility 31.0 % 30.1 % 31.2 % 26.0 % Expected Life (in years) 6.0 6.5 6.0 6.0 Other Pricing Model Inputs: Weighted-Average Grant Date Market Price of CSX Stock (strike price) $ 33.35 $ 23.62 $ 29.53 $ 26.49 Restricted Stock Units In February 2021, the Company granted 490 thousand (split-adjusted) restricted stock units along with the corresponding LTIP. The restricted stock units vest three years after the date of grant. Participants will receive stock dividend equivalents on the vested shares upon vesting. These awards are time-based and are not based upon CSX's attainment of operational targets. Restricted stock units are paid out in CSX common stock on a one-for-one basis. For information related to the Company's other outstanding long-term incentive compensation, see CSX's most recent annual report on Form 10-K. Employee Stock Purchase Plan In May 2018, shareholders approved the 2018 CSX Employee Stock Purchase Plan (“ESPP”) for the benefit of Company employees. The Company registered 12 million (split-adjusted) shares of common stock that may be issued pursuant to this plan. Under the ESPP, employees may contribute between 1% and 10% of base compensation, after-tax, to purchase up to $25,000 of market value CSX common stock per year at 85% of the closing market price on either the grant date or the last day of the six-month offering period, whichever is lower. During the second quarter and six months ended June 30, 2021 and June 30, 2020, the Company issued the following shares under this program: Six Months 2021 2020 Shares issued (in thousands) 396 366 Weighted average purchase price per share $ 19.33 $ 20.50

Casualty, Environmental and Oth

Casualty, Environmental and Other Reserves	6 Months Ended
	Jun. 30, 2021
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 management judgment. Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below. June 30, 2021 December 31, 2020 (Dollars in millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $ 44 $ 85 $ 129 $ 38 $ 93 $ 131 Occupational 7 55 62 11 54 65 Total Casualty 51 140 191 49 147 196 Environmental 30 47 77 23 53 76 Other 21 23 44 18 24 42 Total $ 102 $ 210 $ 312 $ 90 $ 224 $ 314 These liabilities are accrued when probable and reasonably estimable in accordance with the Contingencies Topic in the ASC. Actual settlements and claims received could differ, and final outcomes of these matters cannot be predicted with certainty. Considering the legal defenses currently available, the liabilities that have been recorded and other factors, it is the opinion of management that none of these items individually, when finally resolved, will have a material adverse effect on the Company's financial condition, results of operations or liquidity. Should a number of these items occur in the same period, however, their combined effect could be material in that particular period. Casualty Casualty reserves of $191 million and $196 million as of June 30, 2021 and December 31, 2020, respectively, represent accruals for personal injury, occupational disease and occupational injury claims. Beginning June 1, 2021, the Company's self-insured retention amount for these claims increased to $100 million per occurrence. Currently, no indivi dual claim is expected to exceed the self-insured retention amount. In accordance with the Contingencies Topic in the ASC, to the extent the value of an individual claim exceeds the self-insured retention amount, the Company would present the liability on a gross basis with a corresponding receivable for insurance recoveries. These reserves fluctuate based upon the timing of payments as well as changes in estimate. Actual results may vary from estimates due to the number, type and severity of the injury, costs of medical treatments and uncertainties in litigation. Most of the Company's casualty claims relate to CSXT. Defense and processing costs, which historically have been insignificant and are anticipated to be insignificant in the future, are not included in the recorded liabilities. Personal Injury Personal injury reserves represent liabilities for employee work-related and third-party injuries. Work-related injuries for CSXT employees are primarily subject to the Federal Employers’ Liability Act (“FELA”). CSXT retains an independent actuary to assist management in assessing the value of personal injury claims. An analysis is performed by the actuary quar terly and is reviewed by management. This analysis did not result in a material adjustment to the personal injury reserve in the quarter ended June 30, 2021 or June 30, 2020. The methodology used by the actuary includes a development factor to reflect growth or reduction in the value of these personal injury claims based largely on CSXT's historical claims and settlement experience. NOTE 4. Casualty, Environmental and Other Reserves, continued Occupational Occupational reserves represent liabilities arising from allegations of exposure to certain materials in the workplace (such as solvents, soaps, chemicals and diesel fumes), past exposure to asbestos or allegations of chronic physical injuries resulting from work conditions (such as repetitive stress injuries). Beginning in second quarter 2020, the Company retains an independent actuary to analyze the Company’s historical claim filings, settlement amounts, and dismissal rates to assist in determining future anticipated claim filing rates and average settlement values. This analysis is performed by the actuary and revie wed by management quarterly . Previously, the quarterly analysis was performed by management. There were no material adjustments to the occupational reserve in the quarter ended June 30, 2021 or June 30, 2020. Environmental Environmental reserv es were $77 million and $76 million as of June 30, 2021 and December 31, 2020, 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 210 environmentally impaired sites. Many of these are, or may be, subject to remedial action under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), also known as the Superfund Law, or similar state statutes. Most of these proceedings arose from environmental conditions on properties used for ongoing or discontinued railroad operations. A number of these proceedings, however, are based on allegations that the Company, or its predecessors, sent hazardous substances to facilities owned or operated by others for treatment, recycling or disposal. In addition, some of the Company's land holdings were leased to others for commercial or industrial uses that may have resulted in releases of hazardous substances or other regulated materials onto the property and could give rise to proceedings against the Company. In any such proceedings, the Company is subject to environmental clean-up and enforcement actions under the Superfund Law, as well as similar state laws that may impose joint and several liability for clean-up and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. These costs could be substantial. In accordance with the Asset Retirement and Environmental Obligations Topic in the ASC, the Company reviews its role with respect to each site identified at least quarterly, giving consideration to a number of factors such as: • type of clean-up required; • nature of the Company's alleged connection to the location (e.g., generator of waste sent to the site or owner or operator of the site); • extent of the Company's alleged connection (e.g., volume of waste sent to the location and other relevant factors); and • number, connection and financial viability of other named and unnamed potentially responsible parties at the location. NOTE 4. Casualty, Environmental and Other Reserves, continued Based on management's review process, amounts have been recorded to cover contingent anticipated future environmental remediation costs with respect to each site to the extent such costs are reasonably estimable and probable. The recorded liabilities for estimated future environmental costs are undiscounted. The liability includes future costs for remediation and restoration of sites as well as any significant ongoing monitoring costs, but excludes any anticipated insurance recoveries. Payments related to these liabilities are expected to be made over the next several years. Environmental remediation costs are included in materials, supplies and other on the consolidated income statements. Currently, the Company does not possess sufficient information to reasonably estimate the amounts of additional liabilities, if any, on some sites until completion of future environmental studies. In addition, conditions that are currently unknown could, at any given location, result in additional exposure, the amount and materiality of which cannot presently be reasonably estimated. Based upon information currently available, however, the Company believes its environmental reserves accurately reflect the estimated cost of remedial actions currently required. Other Other reserves were $44 million and $42 million as of June 30, 2021 and December 31, 2020, respectively. These reserves include liabilities for various claims, such as property, automobile and general liability. Also included in other reserves are longshoremen disability claims related to a previously owned international shipping business (these claims are in runoff) as well as claims for current port employees.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance The Company maintains insurance programs with substantial limits for property damage, including resulting business interruption, and third-party liability. A certain amount of risk is retained by the Company on each insurance program. Under its property insurance program, the Company retains all risk up to $100 million per occurrence for losses from floods and named windstorms and $75 million per occurrence for other property losses. For third-party liability claims, the Company retains all risk up to $100 million per occurrence. As CSX negotiates insurance coverage above its full self-retention amounts, it retains a percentage of risk at various layers of coverage. While the Company believes its insurance coverage is adequate, future claims could exceed existing insurance coverage or insurance may not continue to be available at commercially reasonable rates. NOTE 5. Commitments and Contingencies, continued Legal The Company is involved in litigation incidental to its business and is a party to a number of legal actions and claims, various governmental proceedings and private civil lawsuits, including, but not limited to, those related to fuel surcharge practices, tax matters, environmental and hazardous material exposure matters, FELA and labor claims by current or former employees, other personal injury or property claims and disputes and complaints involving certain transportation rates and charges. Some of the legal proceedings include claims for compensatory as well as punitive damages and others are, or are purported to be, class actions. While the final outcome of these matters cannot be predicted with certainty, considering, among other things, the legal defenses available and liabilities that have been recorded along with applicable insurance, it is currently the opinion of management that none of these pending items is likely to have a material adverse effect on the Company's financial condition, results of operations or liquidity. An unexpected adverse resolution of one or more of these items, however, could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period. The Company is able to estimate a range of possible loss for certain legal proceedings for which a loss is reasonably possible in excess of reserves established. The Company has estimated this range to be $2 million to $23 million in aggregate at June 30, 2021. This estimated aggregate range is based upon currently available information and is subject to significant judgment and a variety of assumptions. Accordingly, the Company's estimate will change from time to time, and actual losses may vary significantly from the current estimate. Fuel Surcharge Antitrust Litigation In May 2007, class action lawsuits were filed against CSXT and three other U.S.-based Class I railroads alleging that the defendants' fuel surcharge practices relating to contract and unregulated traffic resulted from an illegal conspiracy in violation of antitrust laws. The class action lawsuits were consolidated into one case in federal court in the District of Columbia. In 2017, the District Court issued its decision denying class certification. On August 16, 2019, the U.S. Court of Appeals for the D.C. Circuit affirmed the District Court’s ruling. The consolidated case is now moving forward without class certification. Although a class was not certified, shippers other than those who brought the original lawsuit in 2007 must decide whether to bring their own individual claim against one or more railroads. Individual shipper claims filed to date have been consolidated into a separate case. CSXT believes that its fuel surcharge practices were arrived at and applied lawfully and that the case is without merit. Accordingly, the Company intends to defend itself vigorously. However, penalties for violating antitrust laws can be severe, and resolution of these matters individually or when aggregated could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period. NOTE 5. Commitments and Contingencies, continued Environmental CSXT is indemnifying Pharmacia LLC, formerly known as Monsanto Company, ("Pharmacia") for certain liabilities associated with real estate located in Kearny, New Jersey along the Lower Passaic River (the “Property”). The Property, which was formerly owned by Pharmacia, is now owned by CSXT. CSXT's indemnification and defense duties arise with respect to several matters. The U.S. Environmental Protection Agency ("EPA"), using its CERCLA authority, seeks the investigation and cleanup of hazardous substances in the 17-mile Lower Passaic River Study Area (the "Study Area”). CSXT, on behalf of Pharmacia, and a significant number of other potentially responsible parties are together conducting a Remedial Investigation and Feasibility Study of the Study Area pursuant to an Administrative Settlement Agreement and Order on Consent with the EPA. Pharmacia’s share of responsibility, indemnified by CSXT, for the investigation and cleanup costs of the Study Area may be determined through various mechanisms including (a) an allocation and settlement with EPA; (b) litigation brought by EPA against non-settling parties; or (c) litigation among the responsible parties. In March 2016, EPA issued its Record of Decision detailing the agency’s mandated remedial process for the lower 8 miles of the Study Area. Approximately 80 parties, including Pharmacia, are participating in an EPA-directed allocation and settlement process to assign responsibility for the remedy selected for the lower 8 miles of the Study Area. CSXT is participating in the EPA-directed allocation and settlement process on behalf of Pharmacia. At a later date, EPA will select a remedy for the remainder of the Study Area and is expected to again seek the participation of private parties to implement the selected remedy using EPA’s CERCLA authority to compel such participation, if necessary. CSXT is also defending and indemnifying Pharmacia with regard to the Property in litigation filed by Occidental Chemical Corporation ("Occidental"), which is seeking to recover various costs. These costs include costs for the remedial design of the lower 8 miles of the Study Area, as well as anticipated costs associated with the future remediation of the lower 8 miles of the Study Area and potentially the entire Study Area. Alternatively, Occidental seeks to compel some, or all of the defendants to participate in the remediation of the Study Area. Pharmacia is one of approximately 110 defendants in this federal lawsuit filed by Occidental on June 30, 2018.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors defined benefit pension plans principally for salaried, management personnel. Beginning in 2020, the CSX Pension Plan was closed to new participants. 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. Beginning in 2019, both the life insurance benefit and health savings account contributions made by the Company to eligible retirees younger than 65 were eliminated for those retiring on or after January 1, 2019. Beginning in 2020, the employer-funded health reimbursement arrangements and life insurance benefit for eligible retirees 65 years or older were eliminated. Independent actuaries compute the amounts of liabilities and expenses relating to these plans subject to the assumptions that the Company determines are appropriate based on historical trends, current market rates and future projections. These amounts are reviewed by management. Only the service cost component of net periodic benefit costs is included in labor and fringe expense on the consolidated income statement. All other components of net periodic benefit cost are included in other income - net. Pension Benefits Cost Second Quarters Six Months (Dollars in millions) 2021 2020 2021 2020 Service Cost Included in Labor and Fringe $ 9 $ 10 $ 18 $ 20 Interest Cost 13 21 27 41 Expected Return on Plan Assets (47) (44) (93) (87) Amortization of Net Loss 19 14 37 28 Total Included in Other Income - Net (15) (9) (29) (18) Net Periodic Benefit (Credit)/Cost $ (6) $ 1 $ (11) $ 2 Other Post-retirement Benefits Cost Second Quarters Six Months (Dollars in millions) 2021 2020 2021 2020 Service Cost Included in Labor and Fringe $ — $ 1 $ — $ 1 Interest Cost 1 — 1 1 Amortization of Prior Service Credits (3) (1) (4) (3) Total Included in Other Income - Net (2) (1) (3) (2) Net Periodic Benefit Credit $ (2) $ — $ (3) $ (1)

Debt and Credit Agreements

Debt and Credit Agreements	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt and Credit Agreements	Debt and Credit Agreements Total activity related to long-term debt as of the end of second quarter 2021 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 10, Fair Value Measurements. (Dollars in millions) Current Portion Long-term Portion Total Long-term Debt as of December 31, 2020 $ 401 $ 16,304 $ 16,705 2021 Activity: Long-term Debt Repaid (360) — (360) Reclassifications 81 (81) — Discount, Premium and Other Activity — 6 6 Long-term Debt as of June 30, 2021 $ 122 $ 16,229 $ 16,351 Interest Rate Derivatives On both April 29, 2020, and July 9, 2020, the Company executed a forward starting interest rate swap with a notional value of $250 million for an aggregate notional value of $500 million. These swaps were effected to hedge the benchmark interest rate associated with future interest payments related to the anticipated refinancing of $850 million of 3.25% notes due in 2027. In accordance with the Derivatives and Hedging Topic in the ASC, the Company has designated these swaps as cash flow hedges. As of June 30, 2021, the asset value of the forward starting interest rate swaps was $108 million and was recorded in other long-term assets on the consolidated balance sheet. Unrealized gains or losses associated with changes in the fair value of the hedge are recorded net of tax in accumulated other comprehensive income (“AOCI”) on the consolidated balance sheet. Unless settled early, the swaps will expire in 2027 and the unrealized gain or loss in AOCI will be recognized in earnings as an adjustment to interest expense over the same period during which the hedged transaction affects earnings. Unrealized amounts, recorded net of tax in other comprehensive income, related to the hedge were a loss of $35 million and gain of $9 million for second quarters ended 2021 and 2020 and gains of $21 million and $9 million for the six months 2021 and 2020, respectively. Credit Facility CSX has a $1.2 billion unsecured, revolving credit facility backed by a diverse syndicate of banks. This facility allows same-day borrowings at floating interest rates, based on LIBOR or an agreed-upon replacement reference rate, plus a spread that depends upon CSX's senior unsecured debt ratings. This facility expires in March 2024, and at June 30, 2021, the Company had no outstanding balances under this facility. Commitment fees and interest rates payable under the facility were similar to fees and rates available to comparably rated investment-grade borrowers. As of second quarter 2021, CSX was in compliance with all covenant requirements under this facility. Commercial Paper Under its commercial paper program, which is backed by the revolving credit facility, the Company may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $1.0 billion outstanding at any one time. Proceeds from issuances of the notes are expected to be used for general corporate purposes. At June 30, 2021, the Company had no outstanding debt under the commercial paper program.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2021
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 market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: Second Quarters Six Months (Dollars in millions) 2021 2020 2021 2020 Chemicals $ 606 $ 531 $ 1,186 $ 1,157 Agricultural and Food Products 370 311 719 676 Forest Products (a) 233 197 453 416 Automotive 216 93 452 374 Metals and Equipment 204 142 390 341 Minerals 152 134 277 261 Fertilizers (a) 122 100 244 210 Total Merchandise 1,903 1,508 3,721 3,435 Intermodal 511 359 979 781 Coal 423 287 807 692 Other 153 101 296 202 Total $ 2,990 $ 2,255 $ 5,803 $ 5,110 (a) Effective first quarter 2021, changes were made in the categorization of certain lines of business, impacting Forest Products and Fertilizers. The impacts were not material and prior periods have been reclassified to conform to the current presentation. Revenue Recognition The Company generates revenue from freight billings under contracts with customers generally on a rate per carload, container or ton-basis based on length of haul and commodities carried. The Company’s performance obligation arises when it receives a bill of lading (“BOL”) to transport a customer's commodities at a negotiated price contained in a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received, a contract is formed whereby the parties are committed to perform, collectability of consideration is probable and the rights of the parties, shipping terms and conditions, and payment terms are identified. A customer may submit several BOLs for transportation services at various times throughout a service agreement term but each shipment represents a distinct service that is a separately identified performance obligation. NOTE 8. Revenues, continued The average transit time to complete a shipment is between 2 to 8 days depending on market. Payments for transportation services are normally billed once a BOL is received and are generally due within 15 days after the invoice date. The Company recognizes revenue over transit time of freight as it moves from origin to destination. Revenue for services started but not completed at the reporting date is allocated based on the relative transit time in each reporting period, with the portion allocated for services subsequent to the reporting date considered remaining performance obligations. The certain key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: • Revenue associated with shipments in transit is recognized ratably over transit time and is based on average cycle times to move commodities and products from their origin to their final destination or interchange; • Adjustments to revenue for billing corrections and billing discounts; • Adjustments to revenue for overcharge claims filed by customers, which are based on historical payments to customers for rate overcharges as a percentage of total billing; and • Incentive-based refunds to customers, which are primarily volume-related, are recorded as a reduction to revenue on the basis of the projected liability (this estimate is based on historical activity, current volume levels and forecasted future volume). Revenue related to interline transportation services that involve the services of another party, such as another railroad, is reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue. Other revenue is comprised of revenue from regional subsidiary railroads and incidental charges, including demurrage and switching. It is recorded upon completion of the service and accounts for an immaterial percentage of the Company's total revenue. Revenue from regional subsidiary railroads includes shipments by railroads that the Company does not directly operate. Demurrage represents charges assessed when freight cars are held by a customer beyond a specified period of time. Switching represents charges assessed when a railroad switches cars for a customer or another railroad. During the second quarters and six months ended 2021 and 2020, revenue recognized from performance obligations related to prior periods (for example, due to changes in transaction price) was not material. Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date . This includes the unearned portion of billed and unbilled amounts for cancellable freight shipments in transit. The Company expects to recognize the unearned portion of revenue for freight services in transit within one week of the reporting date. As of June 30, 2021, remaining performance obligations were not material. NOTE 8. Revenues, continued Contract Balances and Accounts Receivable The timing of revenue recognition, billings and cash collections results in accounts receivable and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Contract assets, contract liabilities and deferred contract costs recorded on the consolidated balance sheet as of June 30, 2021, were not material. The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses. (Dollars in millions) June 30, December 31, Freight Receivables $ 821 $ 716 Freight Allowance for Credit Losses (14) (16) Freight Receivables, net 807 700 Non-Freight Receivables 397 224 Non-Freight Allowance for Credit Losses (12) (12) Non-Freight Receivables, net 385 212 Total Accounts Receivable, net $ 1,192 $ 912 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. At June 30, 2021, non-freight receivables include a $168 million receivable related to the conveyance of an easement to the Commonwealth of Virginia. See Note 1, Nature of Operations and Significant Accounting Policies, for more details about this transaction. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary. Credit losses recognized on the Company’s accounts receivable were not material in the second quarters or six months ended 2021 and 2020.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThere have been no material changes to the balance of unrecognized tax benefits reported at December 31, 2020.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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, long-term debt and interest rate derivatives. 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, long-term debt and interest rate derivatives. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. • Level 1 - observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.); and • Level 3 - significant unobservable inputs (including the Company's own assumptions about the assumptions market participants would use in determining the fair value of investments). The valuation methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Investments The Company's investment assets, valued with assistance from a third-party trustee, consist of certificates of deposits, commercial paper, corporate bonds and government securities and are carried at fair value on the consolidated balance sheet per the Fair Value Measurements and Disclosures Topic in the ASC. There are several valuation methodologies used for those assets as described below. • Commercial Paper and Certificates of Deposit (Level 2) : Valued at amortized cost, which approximates fair value; and • Corporate Bonds and Government Securities (Level 2) : Valued using broker quotes that utilize observable market inputs. The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table. All of the inputs used to determine the fair value of the Company's investments are Level 2 inputs. (Dollars in Millions) June 30, December 31, Corporate Bonds $ 66 $ 68 Government Securities 30 33 Total investments at fair value $ 96 $ 101 Total investments at amortized cost $ 86 $ 89 NOTE 10. Fair Value Measurements, continued These investments have the following maturities: (Dollars in millions) June 30, December 31, Less than 1 year $ 4 $ 2 1 - 5 years 23 22 5 - 10 years 17 23 Greater than 10 years 52 54 Total investments at fair value $ 96 $ 101 Long-term Debt Long-term debt is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs. The fair value of outstanding debt fluctuates with changes in a number of factors. Such factors include, but are not limited to, interest rates, market conditions, credit ratings, values of similar financial instruments, size of the transaction, cash flow projections and comparable trades. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued. The fair value of a company's debt is a measure of its current value under present market conditions. It does not impact the financial statements under current accounting rules. The fair value and carrying value of the Company's long-term debt is as follows: (Dollars in millions) June 30, December 31, Long-term Debt (Including Current Maturities): Fair Value $ 19,619 $ 21,076 Carrying Value 16,351 16,705 Interest Rate Derivatives The Company’s forward starting interest rate swaps are carried at fair value and valued with assistance from a third party based upon pricing models using inputs observed from actively quoted markets. All of the inputs used to determine the fair value of the swaps are Level 2 inputs. The fair value of the Company’s forward starting interest rate swap asset was $108 million at June 30, 2021. See Note 7, Debt and Credit Agreements, for further information.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2021
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 as well as other adjustments. Total comprehensive earnings represent the activity for a period net of tax and were $1.2 billion and $519 million for second quarters 2021 and 2020 and $1.9 billion and $1.3 billion for the six months 2021 and 2020, 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, interest rate derivatives and CSX's share of AOCI of equity method investees. Changes in the AOCI balance by component are shown in the following table. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 6, Employee Benefit Plans, for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges. See Note 7, Debt and Credit Agreements, for further information. Other primarily represents CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in materials, supplies and other or equipment and other rents on the consolidated income statements. Pension and Other Post-Employment Benefits Interest Rate Derivatives Other Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Balance December 31, 2020, Net of Tax $ (598) $ 62 $ (62) $ (598) Other Comprehensive Income (Loss) Income Before Reclassifications — 28 — 28 Amounts Reclassified to Net Earnings 33 — — 33 Tax Expense (7) (7) — (14) Total Other Comprehensive Income 26 21 — 47 Balance June 30, 2021, Net of Tax $ (572) $ 83 $ (62) $ (551)

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
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 consolidated financial statements and accompanying notes. Where applicable, prior year information has been reclassified to conform to the current presentation. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted from these interim financial statements. CSX suggests that these financial statements be read in conjunction with the audited financial statements and the notes included in CSX's most recent annual report on Form 10-K and any subsequently filed current reports on Form 8-K.
Fiscal Year	The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to “second quarter(s)” or “six months” indicate CSX's fiscal periods ending June 30, 2021 and June 30, 2020, and references to "year-end" indicate the fiscal year ended December 31, 2020.
New Accounting Pronouncements	In March 2020, the FASB issued ASU Facilitation of the Effects of Reference Rate Reform on Financial Reporting. As the London Interbank Offered Rate ("LIBOR") will no longer be available beginning July 2023, this standard update provides practical expedients for contract modifications made as part of the transition from LIBOR to alternative reference rates. CSX's revolving line of credit currently uses LIBOR as a reference rate. This standard update can be adopted prospectively through December 31, 2022. The Company continues to evaluate the impact of this standard update, but does not anticipate that adoption will have a material impact on the Company's results of operations or financial position.
Revenue Recognition	The Company generates revenue from freight billings under contracts with customers generally on a rate per carload, container or ton-basis based on length of haul and commodities carried. The Company’s performance obligation arises when it receives a bill of lading (“BOL”) to transport a customer's commodities at a negotiated price contained in a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received, a contract is formed whereby the parties are committed to perform, collectability of consideration is probable and the rights of the parties, shipping terms and conditions, and payment terms are identified. A customer may submit several BOLs for transportation services at various times throughout a service agreement term but each shipment represents a distinct service that is a separately identified performance obligation. The average transit time to complete a shipment is between 2 to 8 days depending on market. Payments for transportation services are normally billed once a BOL is received and are generally due within 15 days after the invoice date. The Company recognizes revenue over transit time of freight as it moves from origin to destination. Revenue for services started but not completed at the reporting date is allocated based on the relative transit time in each reporting period, with the portion allocated for services subsequent to the reporting date considered remaining performance obligations. The certain key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: • Revenue associated with shipments in transit is recognized ratably over transit time and is based on average cycle times to move commodities and products from their origin to their final destination or interchange; • Adjustments to revenue for billing corrections and billing discounts; • Adjustments to revenue for overcharge claims filed by customers, which are based on historical payments to customers for rate overcharges as a percentage of total billing; and • Incentive-based refunds to customers, which are primarily volume-related, are recorded as a reduction to revenue on the basis of the projected liability (this estimate is based on historical activity, current volume levels and forecasted future volume). Revenue related to interline transportation services that involve the services of another party, such as another railroad, is reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue. Other revenue is comprised of revenue from regional subsidiary railroads and incidental charges, including demurrage and switching. It is recorded upon completion of the service and accounts for an immaterial percentage of the Company's total revenue. Revenue from regional subsidiary railroads includes shipments by railroads that the Company does not directly operate. Demurrage represents charges assessed when freight cars are held by a customer beyond a specified period of time. Switching represents charges assessed when a railroad switches cars for a customer or another railroad. During the second quarters and six months ended 2021 and 2020, revenue recognized from performance obligations related to prior periods (for example, due to changes in transaction price) was not material. Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date . 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. At June 30, 2021, non-freight receivables include a $168 million receivable related to the conveyance of an easement to the Commonwealth of Virginia. See Note 1, Nature of Operations and Significant Accounting Policies, for more details about this transaction. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary.
Fair Value 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, long-term debt and interest rate derivatives. 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, long-term debt and interest rate derivatives. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. • Level 1 - observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.); and • Level 3 - significant unobservable inputs (including the Company's own assumptions about the assumptions market participants would use in determining the fair value of investments). The valuation methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Investments The Company's investment assets, valued with assistance from a third-party trustee, consist of certificates of deposits, commercial paper, corporate bonds and government securities and are carried at fair value on the consolidated balance sheet per the Fair Value Measurements and Disclosures Topic in the ASC. There are several valuation methodologies used for those assets as described below. • Commercial Paper and Certificates of Deposit (Level 2) : Valued at amortized cost, which approximates fair value; and • Corporate Bonds and Government Securities (Level 2) : Valued using broker quotes that utilize observable market inputs. Long-term Debt Long-term debt is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of 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. Second Quarters Six Months 2021 2020 2021 2020 Numerator (Dollars in millions) : Net Earnings $ 1,173 $ 499 $ 1,879 $ 1,269 Denominator (Units in millions) : Average Common Shares Outstanding 2,270 2,297 2,276 2,306 Other Potentially Dilutive Common Shares 5 4 5 5 Average Common Shares Outstanding, Assuming Dilution 2,275 2,301 2,281 2,311 Net Earnings Per Share, Basic $ 0.52 $ 0.22 $ 0.83 $ 0.55 Net Earnings Per Share, Assuming Dilution $ 0.52 $ 0.22 $ 0.82 $ 0.55
Schedule of Total Average Outstanding Stock Options Excluded from Diluted Earnings Per Share Calculation	The total average outstanding stock options that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below. Second Quarters Six Months 2021 2020 2021 2020 Antidilutive Stock Options Excluded from Diluted EPS (Millions) 2 7 2 5
Schedule of Share Repurchased by the Company	During second quarters and six months ended 2021 and 2020, the Company engaged in the following repurchase activities: Second Quarters Six Months 2021 2020 2021 2020 Shares Repurchased (Millions) (a) 22 2 40 29 Cost of Shares (Dollars in millions) $ 701 $ 39 $ 1,252 $ 616 (a) For second quarter and six months 2021, shares repurchased includes 3 million shares that were purchased in June 2021, but were not retired until July 1st, 2021, due to timing of the stock split. These shares are reflected as outstanding as of June 30, 2021, on the consolidated statement of changes in shareholder's equity.

Stock Plans and Share-Based C_2

Stock Plans and Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Pre-tax Expense and Income Tax Benefits Associated with Share-Based Compensation	Total pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards. Second Quarters Six Months (Dollars in millions) 2021 2020 2021 2020 Share-Based Compensation Expense: Performance Units $ 20 $ (17) 38 $ (8) Stock Options 4 3 10 13 Restricted Stock Units and Awards 2 1 7 3 Stock Awards for Directors — 1 2 2 Employee Stock Purchase Plan 1 — 2 2 Total Share-Based Compensation Expense $ 27 $ (12) $ 59 $ 12 Income Tax Benefit $ 6 $ 2 $ 15 $ 11
Schedule of Weighted Average Assumptions Used for Performance Units	The fair values of the performance units awarded during the six months ended 2021 and 2020 were primarily calculated using a Monte-Carlo simulation model with the following weighted-average assumptions: Second Quarters Six Months 2021 2020 2021 2020 Weighted-Average Assumptions Used: Risk-free Interest Rate 0.2 % N/A 0.2 % 1.4 % Annualized Volatility 34.3 % N/A 33.6 % 24.5 % Expected Life (in years) 2.6 N/A 2.9 2.9
Schedule of Fair Value Assumptions Used for Stock Options	The fair values of all stock option awards during the quarters and six months ended June 30, 2021 and June 30, 2020 were estimated at the grant date with the following weighted average assumptions: Second Quarters Six Months 2021 2020 2021 2020 Weighted-Average Grant Date Fair Value $ 9.18 $ 5.92 $ 7.89 $ 6.29 Weighted-Average Assumptions Used: Annual Dividend Yield 1.1 % 1.5 % 1.2 % 1.2 % Risk-Free Interest Rate 1.0 % 0.5 % 0.7 % 1.4 % Annualized Volatility 31.0 % 30.1 % 31.2 % 26.0 % Expected Life (in years) 6.0 6.5 6.0 6.0 Other Pricing Model Inputs: Weighted-Average Grant Date Market Price of CSX Stock (strike price) $ 33.35 $ 23.62 $ 29.53 $ 26.49
Schedule of Shares Issued Under Employee Stock Purchase Plan	During the second quarter and six months ended June 30, 2021 and June 30, 2020, the Company issued the following shares under this program: Six Months 2021 2020 Shares issued (in thousands) 396 366 Weighted average purchase price per share $ 19.33 $ 20.50

Casualty, Environmental and O_2

Casualty, Environmental and Other Reserves (Tables)	6 Months Ended
	Jun. 30, 2021
Casualty, Environmental and Other Reserves [Abstract]
Schedule of Casualty, Environmental and Other Reserves	Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below. June 30, 2021 December 31, 2020 (Dollars in millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $ 44 $ 85 $ 129 $ 38 $ 93 $ 131 Occupational 7 55 62 11 54 65 Total Casualty 51 140 191 49 147 196 Environmental 30 47 77 23 53 76 Other 21 23 44 18 24 42 Total $ 102 $ 210 $ 312 $ 90 $ 224 $ 314

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Schedule of Components of Expense/(Income) Related to Net Benefit Expense	Pension Benefits Cost Second Quarters Six Months (Dollars in millions) 2021 2020 2021 2020 Service Cost Included in Labor and Fringe $ 9 $ 10 $ 18 $ 20 Interest Cost 13 21 27 41 Expected Return on Plan Assets (47) (44) (93) (87) Amortization of Net Loss 19 14 37 28 Total Included in Other Income - Net (15) (9) (29) (18) Net Periodic Benefit (Credit)/Cost $ (6) $ 1 $ (11) $ 2 Other Post-retirement Benefits Cost Second Quarters Six Months (Dollars in millions) 2021 2020 2021 2020 Service Cost Included in Labor and Fringe $ — $ 1 $ — $ 1 Interest Cost 1 — 1 1 Amortization of Prior Service Credits (3) (1) (4) (3) Total Included in Other Income - Net (2) (1) (3) (2) Net Periodic Benefit Credit $ (2) $ — $ (3) $ (1)

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Activity Related to Long-Term Debt	Total activity related to long-term debt as of the end of second quarter 2021 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 10, Fair Value Measurements. (Dollars in millions) Current Portion Long-term Portion Total Long-term Debt as of December 31, 2020 $ 401 $ 16,304 $ 16,705 2021 Activity: Long-term Debt Repaid (360) — (360) Reclassifications 81 (81) — Discount, Premium and Other Activity — 6 6 Long-term Debt as of June 30, 2021 $ 122 $ 16,229 $ 16,351

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Lines of Business	The following table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: Second Quarters Six Months (Dollars in millions) 2021 2020 2021 2020 Chemicals $ 606 $ 531 $ 1,186 $ 1,157 Agricultural and Food Products 370 311 719 676 Forest Products (a) 233 197 453 416 Automotive 216 93 452 374 Metals and Equipment 204 142 390 341 Minerals 152 134 277 261 Fertilizers (a) 122 100 244 210 Total Merchandise 1,903 1,508 3,721 3,435 Intermodal 511 359 979 781 Coal 423 287 807 692 Other 153 101 296 202 Total $ 2,990 $ 2,255 $ 5,803 $ 5,110
Schedule of Accounts Receivable	The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses. (Dollars in millions) June 30, December 31, Freight Receivables $ 821 $ 716 Freight Allowance for Credit Losses (14) (16) Freight Receivables, net 807 700 Non-Freight Receivables 397 224 Non-Freight Allowance for Credit Losses (12) (12) Non-Freight Receivables, net 385 212 Total Accounts Receivable, net $ 1,192 $ 912

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Investment Assets	The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table. All of the inputs used to determine the fair value of the Company's investments are Level 2 inputs. (Dollars in Millions) June 30, December 31, Corporate Bonds $ 66 $ 68 Government Securities 30 33 Total investments at fair value $ 96 $ 101 Total investments at amortized cost $ 86 $ 89
Schedule of Investment Maturities	These investments have the following maturities: (Dollars in millions) June 30, December 31, Less than 1 year $ 4 $ 2 1 - 5 years 23 22 5 - 10 years 17 23 Greater than 10 years 52 54 Total investments at fair value $ 96 $ 101
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) June 30, December 31, Long-term Debt (Including Current Maturities): Fair Value $ 19,619 $ 21,076 Carrying Value 16,351 16,705

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Changes in AOCI balance by Component	Changes in the AOCI balance by component are shown in the following table. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 6, Employee Benefit Plans, for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges. See Note 7, Debt and Credit Agreements, for further information. Other primarily represents CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in materials, supplies and other or equipment and other rents on the consolidated income statements. Pension and Other Post-Employment Benefits Interest Rate Derivatives Other Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Balance December 31, 2020, Net of Tax $ (598) $ 62 $ (62) $ (598) Other Comprehensive Income (Loss) Income Before Reclassifications — 28 — 28 Amounts Reclassified to Net Earnings 33 — — 33 Tax Expense (7) (7) — (14) Total Other Comprehensive Income 26 21 — 47 Balance June 30, 2021, Net of Tax $ (572) $ 83 $ (62) $ (551)

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies (Details) $ in Millions

Jul. 01, 2021USD ($)

Jun. 04, 2021USD ($)shares

Apr. 14, 2021USD ($)

Dec. 31, 2021USD ($)

Jun. 30, 2021USD ($)statemi

Jun. 30, 2020USD ($)

Jun. 30, 2021USD ($)statemi

Jun. 30, 2020USD ($)

Mar. 26, 2023

May 12, 2021terminalAndFacility

Mar. 26, 2021USD ($)phaseproperty

Dec. 31, 2020USD ($)

[1]

Nov. 30, 2020mi

Revenue from External Customer [Line Items]

Total number of rail route miles | mi

19,500

19,500

Number of states rail network serves | state

23

23

Gain recognized on property dispositions

$ 367

$ 11

$ 370

$ 29

Proceeds from property dispositions

227

$ 45

Stock split conversion ratio

3

Number of additional shares of common stock received for each share held after stock split (in shares) | shares

2

Reclassification to other capital

11,723

11,723

$ 11,259

Reclassification from retained earnings

$ 0

$ 0

$ 152

Virginia Line Segments

Revenue from External Customer [Line Items]

Number of property rights for sale | property

3

Number of phases to complete property rights sale transaction | phase

3

Total sale price

$ 525

Gain recognized on property dispositions

$ 349

Proceeds from property dispositions

$ 200

Revision of Prior Period, Reclassification, Adjustment | Stock split reclassification adjustment

Revenue from External Customer [Line Items]

Reclassification to other capital

$ (1,000)

Reclassification from retained earnings

$ 1,000

Subsequent Event | Forecast | Virginia Line Segments

Revenue from External Customer [Line Items]

Proceeds from property dispositions

$ 168

Period to complete closing on the remaining sale transaction

2 years

Acquisition of Quality Carriers | Subsequent Event

Revenue from External Customer [Line Items]

Purchase price in cash paid for acquisition

$ 546

Acquisition of Quality Carriers | Acquisition of Quality Carriers | United States, Canada and Mexico

Revenue from External Customer [Line Items]

Number of terminals and facilities (over) | terminalAndFacility

100

Acquisition of Pan-Am | Acquisition of Pan-Am

Revenue from External Customer [Line Items]

Total number of rail route miles | mi

1,200

Number of partial interests in rail route miles (more than) | mi

600

[1]

Certain prior year data has been retroactively adjusted to reflect the stock split effective June 28, 2021. See accompanying notes to consolidated financial statements.

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					6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020		Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net Earnings	$ 1,173	$ 706	$ 499		$ 770	$ 1,879	$ 1,269
Denominator:
Average Common Shares Outstanding (in shares)	2,270		2,297	[1]		2,276	2,306	[1]
Other Potentially Dilutive Common Shares (in shares)	5		4	[1]		5	5	[1]
Average Common Shares Outstanding, Assuming Dilution (in shares)	2,275		2,301	[1]		2,281	2,311	[1]
Net Earnings Per Share, Basic (in dollars per share)	$ 0.52		$ 0.22	[1]		$ 0.83	$ 0.55	[1]
Net Earnings Per Share, Assuming Dilution (in dollars per share)	$ 0.52		$ 0.22	[1]		$ 0.82	$ 0.55	[1]
[1]	All prior period share and per share data has been retroactively adjusted to reflect the stock split effective June 28, 2021.

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Stock Options Excluded from Diluted Earnings Per Share Calculation (Details) - shares shares in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Stock Options Excluded from Diluted EPS (in shares)	[1]	2	7	2	5
[1]	All prior period share and per share data has been retroactively adjusted to reflect the stock split effective June 28, 2021.

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended						6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020		Mar. 31, 2020	[1]	Jun. 30, 2021	Jun. 30, 2020	Oct. 21, 2020	Jan. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Remaining share repurchase authority amount		$ 4,600,000,000						$ 4,600,000,000
Payments for shares repurchased		$ 701,000,000		$ 39,000,000				$ 1,252,000,000	$ 616,000,000
Shares received (in shares)		22,000,000		2,000,000				40,000,000	29,000,000
Increase in quarterly dividend percentage	8.00%
Common stock dividends (in dollars per share)		$ 0.093	$ 0.093	$ 0.087	[1]	$ 0.087		$ 0.093
January 2019 program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized share repurchase program amount											$ 5,000,000,000
October 2020 program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized share repurchase program amount										$ 5,000,000,000
Structured Agreements
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Payments for shares repurchased		$ 228,000,000
Shares received (in shares)		7,000,000
Shares outstanding (in shares)		0						0
[1]	All prior period share and per share data has been retroactively adjusted to reflect the stock split effective June 28, 2021.

Earnings Per Share - Share Repu

Earnings Per Share - Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions	Jul. 01, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)		22	2	40	29
Cost of Shares		$ 701	$ 39	$ 1,252	$ 616
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	3

Stock Plans and Share-Based C_3

Stock Plans and Share-Based Compensation - Pre-tax Expense and Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 27	$ (12)	$ 59	$ 12
Income Tax Benefit	6	2	15	11
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	20	(17)	38	(8)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	4	3	10	13
Restricted Stock Units and Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	2	1	7	3
Stock Awards for Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	0	1	2	2
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 1	$ 0	$ 2	$ 2

Stock Plans and Share-Based C_4

Stock Plans and Share-Based Compensation - Narrative (Details)	May 31, 2018USD ($)shares	Feb. 28, 2021shares	Jun. 30, 2020shares
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (split-adjusted) (in shares)		1,831,000
LTIP | Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of grants with performance vesting, average annual operating income growth		0.50
Percentage of grants with performance vesting, cumulative free cash flow		50.00%
Number of equivalent shares of CSX common stock per unit of award (in shares)		1
LTIP | Performance Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants		0.00%
LTIP | Performance Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants		200.00%
LTIP | Performance Units | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (split-adjusted) (in shares)		566,000
LTIP | Performance Units | Certain Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (split-adjusted) (in shares)			0
Percentage of payout subject to upward or downward adjustment (up to)		0.25
LTIP | Performance Units | Certain Executive Officers | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants		250.00%
LTIP | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock options (in years)		10 years
Award vesting period (in years)		3 years
LTIP | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (split-adjusted) (in shares)		490,000
Number of equivalent shares of CSX common stock per unit of award (in shares)		1
Award vesting period (in years)		3 years
ESPP | Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock registered for ESPP (in shares)	12,000,000
Minimum payroll deduction percentage	1.00%
Maximum payroll deduction percentage	10.00%
Maximum stock value available for purchase | $	$ 25,000
Percentage of shares market price	85.00%
Share offering period	6 months

Stock Plans and Share-Based C_5

Stock Plans and Share-Based Compensation - Weighted Average Assumptions Used for Performance Units (Details) - Performance Units	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Weighted-Average Assumptions Used:
Risk-free Interest Rate	0.20%	0.20%	1.40%
Annualized Volatility	34.30%	33.60%	24.50%
Expected Life (in years)	2 years 7 months 6 days	2 years 10 months 24 days	2 years 10 months 24 days

Stock Plans and Share-Based C_6

Stock Plans and Share-Based Compensation - Fair Value Assumptions Used for Stock Options (Details) - Stock Options - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value (in dollars per share)	$ 9.18	$ 5.92	$ 7.89	$ 6.29
Weighted-Average Assumptions Used:
Annual Dividend Yield	1.10%	1.50%	1.20%	1.20%
Risk-free Interest Rate	1.00%	0.50%	0.70%	1.40%
Annualized Volatility	31.00%	30.10%	31.20%	26.00%
Expected Life (in years)	6 years	6 years 6 months	6 years	6 years
Other Pricing Model Inputs:
Weighted-Average Grant Date Market Price of CSX Stock (strike price) (in dollars per share)	$ 33.35	$ 23.62	$ 29.53	$ 26.49

Stock Plans and Share-Based C_7

Stock Plans and Share-Based Compensation - Shares Issued Under Employee Stock Purchase Plan (Details) - ESPP - Employee Stock Purchase Plan - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	396	366
Weighted average purchase price per share (in dollars per share)	$ 19.33	$ 20.50

Casualty, Environmental and O_3

Casualty, Environmental and Other Reserves - Schedule of Casualty, Environmental and Other Reserves (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Current	$ 102	$ 90
Long-term	210	224
Total	312	314
Total Casualty
Loss Contingencies [Line Items]
Current	51	49
Long-term	140	147
Total	191	196
Personal Injury
Loss Contingencies [Line Items]
Current	44	38
Long-term	85	93
Total	129	131
Occupational
Loss Contingencies [Line Items]
Current	7	11
Long-term	55	54
Total	62	65
Environmental
Loss Contingencies [Line Items]
Current	30	23
Long-term	47	53
Total	77	76
Other
Loss Contingencies [Line Items]
Current	21	18
Long-term	23	24
Total	$ 44	$ 42

Casualty, Environmental and O_4

Casualty, Environmental and Other Reserves - Narrative (Details)	Jun. 01, 2021USD ($)	Jun. 30, 2021USD ($)siteclaim	Dec. 31, 2020USD ($)
All Contingencies Reserves [Line Items]
Total reserves		$ 312,000,000	$ 314,000,000
Casualty
All Contingencies Reserves [Line Items]
Total reserves		191,000,000	196,000,000
Self-insured retention amount, per occurrence	$ 100,000,000	$ 100,000,000
Number of individual claims expected to exceed self insured retention amount | claim		0
Environmental
All Contingencies Reserves [Line Items]
Total reserves		$ 77,000,000	76,000,000
Environmental impaired sites | site		210
Other
All Contingencies Reserves [Line Items]
Total reserves		$ 44,000,000	$ 42,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 01, 2021USD ($)	Jun. 30, 2018defendant	Mar. 31, 2016partymi	May 31, 2007entityclaim	Jun. 30, 2021USD ($)mi	Jun. 30, 2020USD ($)
Loss Contingencies [Line Items]
Casualty and catastrophic property deductible						$ 100,000,000
Casualty and non catastrophic property deductible						$ 75,000,000
Pending Litigation | Fuel Surcharge Antitrust Litigation
Loss Contingencies [Line Items]
Class action lawsuits filed against U.S.-based Class I railroads, excluding CSXT (number of entities) | entity				3
Number of consolidated class action lawsuits | claim				1
Pending Litigation | Environmental
Loss Contingencies [Line Items]
Number of miles pertaining to Passaic River tidal reach required to be studied by EPA | mi					17
Number of miles subject to remediation | mi			8
Number of parties participating in allocation process under study | party			80
Number of parties | defendant		110
Minimum | Pending Litigation
Loss Contingencies [Line Items]
Possible loss for certain legal proceedings					$ 2,000,000
Maximum | Pending Litigation
Loss Contingencies [Line Items]
Possible loss for certain legal proceedings					23,000,000
Total Casualty
Loss Contingencies [Line Items]
Self-insured retention amount, per occurrence (up to)	$ 100,000,000				$ 100,000,000

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($)	Jan. 01, 2020	Jan. 01, 2019	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Expected contributions to the Company's qualified pension plans in 2021			$ 0
Other Post-retirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Life insurance and contributions to the medical program for eligible retirees will be eliminated (younger than)		65 years
Life insurance and contributions to the medical program for eligible retirees will be eliminated (older than)	65 years

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension Benefits Cost
Components of expense/ (income) related to net benefit expense:
Service Cost Included in Labor and Fringe	$ 9	$ 10	$ 18	$ 20
Interest Cost	13	21	27	41
Expected Return on Plan Assets	(47)	(44)	(93)	(87)
Amortization of Net Loss	19	14	37	28
Total Included in Other Income - Net	(15)	(9)	(29)	(18)
Net Periodic Benefit (Credit)/Cost	(6)	1	(11)	2
Other Post-retirement Benefits Cost
Components of expense/ (income) related to net benefit expense:
Service Cost Included in Labor and Fringe	0	1	0	1
Interest Cost	1	0	1	1
Amortization of Prior Service Credits	(3)	(1)	(4)	(3)
Total Included in Other Income - Net	(2)	(1)	(3)	(2)
Net Periodic Benefit (Credit)/Cost	$ (2)	$ 0	$ (3)	$ (1)

Debt and Credit Agreements - Ac

Debt and Credit Agreements - Activity Related to Long-Term Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Movement, Debt Instruments [Roll Forward]
Long-term Debt as of December 31, 2020, Current Portion	$ 401
Long-term Debt as of December 31, 2020, Long-term Portion	16,304
Long-term Debt as of December 31, 2020, Total	16,705
Long-term Debt Repaid	(360)	$ (227)
Reclassifications	0
Discount, Premium and Other Activity	6
Long-term Debt as of June 30, 2021, Current Portion	122
Long-term Debt as of June 30, 2021, Long-term Portion	16,229
Long-term Debt as of June 30, 2021, Total	16,351
Current Portion
Movement, Debt Instruments [Roll Forward]
Long-term Debt as of December 31, 2020, Current Portion	401
Long-term Debt Repaid	(360)
Reclassifications	81
Discount, Premium and Other Activity	0
Long-term Debt as of June 30, 2021, Current Portion	122
Long-term Portion
Movement, Debt Instruments [Roll Forward]
Long-term Debt as of December 31, 2020, Long-term Portion	16,304
Long-term Debt Repaid	0
Reclassifications	(81)
Discount, Premium and Other Activity	6
Long-term Debt as of June 30, 2021, Long-term Portion	$ 16,229

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jul. 09, 2020	Apr. 29, 2020
Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedge
Line of Credit Facility
Aggregate notional value of interest forward interest rate swap	$ 108,000,000		$ 108,000,000		$ 500,000,000	$ 250,000,000
Unrealized (loss) gain recorded net of tax in other comprehensive income related to hedge	(35,000,000)	$ 9,000,000	21,000,000	$ 9,000,000
Commercial Paper
Line of Credit Facility
Maximum borrowing capacity of credit facility	1,000,000,000		1,000,000,000
Borrowings outstanding	0		0
3.25% Notes Due 2027
Line of Credit Facility
Debt issued					$ 850,000,000
Debt interest rate					3.25%
Unsecured Revolving Credit Facility Expiring March 2024 | Credit Facility
Line of Credit Facility
Maximum borrowing capacity of credit facility	1,200,000,000		1,200,000,000
Borrowings outstanding	$ 0		$ 0

Revenues - Revenues Disaggregat

Revenues - Revenues Disaggregated by Lines of Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 2,990	$ 2,255	$ 5,803	$ 5,110
Total Merchandise
Disaggregation of Revenue [Line Items]
Revenue	1,903	1,508	3,721	3,435
Chemicals
Disaggregation of Revenue [Line Items]
Revenue	606	531	1,186	1,157
Agricultural and Food Products
Disaggregation of Revenue [Line Items]
Revenue	370	311	719	676
Forest Products
Disaggregation of Revenue [Line Items]
Revenue	233	197	453	416
Automotive
Disaggregation of Revenue [Line Items]
Revenue	216	93	452	374
Metals and Equipment
Disaggregation of Revenue [Line Items]
Revenue	204	142	390	341
Minerals
Disaggregation of Revenue [Line Items]
Revenue	152	134	277	261
Fertilizers
Disaggregation of Revenue [Line Items]
Revenue	122	100	244	210
Intermodal
Disaggregation of Revenue [Line Items]
Revenue	511	359	979	781
Coal
Disaggregation of Revenue [Line Items]
Revenue	423	287	807	692
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 153	$ 101	$ 296	$ 202

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after invoice date	15 days
Expected period to recognized unearned portion of revenue for freight services in transit	The Company expects to recognize the unearned portion of revenue for freight services in transit within one week of the reporting date.
Non-Freight Receivables
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount related to conveyance of an easement included in non-freight receivables	$ 397	$ 224
Non-Freight Receivables | Virginia Line Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount related to conveyance of an easement included in non-freight receivables	$ 168
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Average transit time to complete a shipment	2 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Average transit time to complete a shipment	8 days

Revenues - Accounts Receivable

Revenues - Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounts Receivable, net	$ 1,192	$ 912
Freight Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, gross	821	716
Allowance for Credit Losses	(14)	(16)
Total Accounts Receivable, net	807	700
Non-Freight Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, gross	397	224
Allowance for Credit Losses	(12)	(12)
Total Accounts Receivable, net	$ 385	$ 212

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Investment Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	$ 96	$ 101
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at amortized cost	86	89
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	96	101
Level 2 | Fair Value | Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	66	68
Level 2 | Fair Value | Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	$ 30	$ 33

Fair Value Measurements - Inves

Fair Value Measurements - Investment Maturities (Details) - Fair Value - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Less than 1 year	$ 4	$ 2
1 - 5 years	23	22
5 - 10 years	17	23
Greater than 10 years	52	54
Total investments at fair value	$ 96	$ 101

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value and Carrying Value of Long-Term Debt (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt (Including Current Maturities)	$ 19,619	$ 21,076
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt (Including Current Maturities)	$ 16,351	$ 16,705

Fair Value Measurements - Inter

Fair Value Measurements - Interest Rate Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jul. 09, 2020	Apr. 29, 2020
Interest Rate Swap | Cash Flow Hedge | Designated as Hedging Instrument
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset value of the forward interest rate swap	$ 108	$ 500	$ 250

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity [Abstract]
Total comprehensive earnings, net of tax	$ 1,152	$ 774	$ 519	$ 773	$ 1,926	$ 1,292

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Changes in AOCI Balance by Component (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended
	Jun. 30, 2021		Mar. 31, 2021		Jun. 30, 2020		Mar. 31, 2020		Jun. 30, 2021
Other Comprehensive Income (Loss)
Income Before Reclassifications									$ 28
Amounts Reclassified to Net Earnings									33
Tax Expense									(14)
Total Other Comprehensive Income	$ (21)		$ 68		$ 20		$ 3		47
Pension and Other Post-Employment Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2020, Net of Tax			(598)						(598)
Other Comprehensive Income (Loss)
Income Before Reclassifications									0
Amounts Reclassified to Net Earnings									33
Tax Expense									(7)
Total Other Comprehensive Income									26
Balance June 30, 2021, Net of Tax	(572)								(572)
Interest Rate Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2020, Net of Tax			62						62
Other Comprehensive Income (Loss)
Income Before Reclassifications									28
Amounts Reclassified to Net Earnings									0
Tax Expense									(7)
Total Other Comprehensive Income									21
Balance June 30, 2021, Net of Tax	83								83
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2020, Net of Tax			(62)						(62)
Other Comprehensive Income (Loss)
Income Before Reclassifications									0
Amounts Reclassified to Net Earnings									0
Tax Expense									0
Total Other Comprehensive Income									0
Balance June 30, 2021, Net of Tax	(62)								(62)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2020, Net of Tax			(598)						(598)
Other Comprehensive Income (Loss)
Total Other Comprehensive Income	(21)	[1]	$ 68	[1]	$ 20	[2]	$ 3	[2]
Balance June 30, 2021, Net of Tax	$ (551)								$ (551)
[1]	Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $137 million and $142 million as of first and second quarters 2021, respectively. For additional information, see Note 11, Other Comprehensive Income.
[2]	Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $183 million and $178 million as of first and second quarters 2020, respectively. For additional information, see Note 11, Other Comprehensive Income.