CSX (CSX) 10-Q 19 Oct 23 2023 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	1,976,131,035
Entity Central Index Key	0000277948
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement
Revenue	$ 3,572	$ 3,895	$ 10,977	$ 11,123
Expense
Labor and Fringe	752	759	2,216	2,135
Purchased Services and Other	689	664	2,061	1,986
Depreciation and Amortization	399	378	1,194	1,107
Fuel	349	438	1,025	1,215
Equipment and Other Rents	94	104	266	299
Gains on Property Dispositions	(6)	(27)	(26)	(183)
Total Expense	2,277	2,316	6,736	6,559
Operating Income	1,295	1,579	4,241	4,564
Interest Expense	(203)	(193)	(605)	(543)
Other Income - Net	34	37	106	89
Earnings Before Income Taxes	1,126	1,423	3,742	4,110
Income Tax Expense	(280)	(312)	(913)	(962)
Net Earnings	$ 846	$ 1,111	$ 2,829	$ 3,148
Per Common Share (Note 2)
Net Earnings Per Share, Basic (in dollars per share)	$ 0.42	$ 0.52	$ 1.40	$ 1.46
Net Earnings Per Share, Assuming Dilution (in dollars per share)	$ 0.42	$ 0.52	$ 1.40	$ 1.46
Average Shares Outstanding (in shares)	1,994	2,122	2,022	2,156
Average Shares Outstanding, Assuming Dilution (in shares)	1,999	2,126	2,027	2,161

CONDENSED CONSOLIDATED COMPREHE

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Total Comprehensive Earnings (Note 10)	$ 864	$ 992	$ 989	$ 1,129	$ 1,217	$ 890	$ 2,845	$ 3,236

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	$ 1,360	$ 1,958
Short-term Investments (Note 9)	79	129
Accounts Receivable - Net (Note 8)	1,399	1,313
Materials and Supplies	427	341
Other Current Assets	94	108
Total Current Assets	3,359	3,849
Properties	49,118	48,105
Accumulated Depreciation	(14,462)	(13,863)
Properties - Net	34,656	34,242
Investment in Affiliates and Other Companies	2,364	2,292
Right-of-Use Lease Asset	496	505
Goodwill and Other Intangible Assets - Net	509	502
Other Long-term Assets	466	522
Total Assets	41,850	41,912
Current Liabilities:
Accounts Payable	1,201	1,130
Labor and Fringe Benefits Payable	441	707
Casualty, Environmental and Other Reserves (Note 4)	133	144
Current Maturities of Long-term Debt (Note 7)	559	151
Income and Other Taxes Payable	361	111
Other Current Liabilities	239	228
Total Current Liabilities	2,934	2,471
Casualty, Environmental and Other Reserves (Note 4)	302	292
Long-term Debt (Note 7)	17,903	17,896
Deferred Income Taxes - Net	7,700	7,569
Long-term Lease Liability	487	488
Other Long-term Liabilities	570	571
Total Liabilities	29,896	29,287
Shareholders' Equity:
Common Stock, $1 Par Value	1,976	2,066
Other Capital	657	574
Retained Earnings	9,689	10,363
Accumulated Other Comprehensive Loss (Note 10)	(372)	(388)
Non-controlling Minority Interest	4	10
Total Shareholders' Equity	11,954	12,625
Total Liabilities and Shareholders' Equity	$ 41,850	$ 41,912

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Shareholders' Equity:
Common stock, par value (in dollars per share)	$ 1	$ 1

CONSOLIDATED CASH FLOW STATEMEN

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net Earnings	$ 2,829	$ 3,148
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization	1,194	1,107
Deferred Income Taxes	111	125
Gains on Property Dispositions	(26)	(183)
Other Operating Activities	69	(52)
Changes in Operating Assets and Liabilities:
Accounts Receivable	(65)	(143)
Other Current Assets	(86)	(32)
Accounts Payable	52	166
Income and Other Taxes Payable	267	22
Other Current Liabilities	(296)	97
Net Cash Provided by Operating Activities	4,049	4,255
INVESTING ACTIVITIES
Property Additions	(1,590)	(1,437)
Purchases of Short-term Investments	(103)	(19)
Proceeds from Sales of Short-term Investments	153	9
Proceeds and Advances from Property Dispositions	35	51
Business Acquisition, Net of Cash Acquired	(31)	(223)
Other Investing Activities	(19)	(25)
Net Cash Used In Investing Activities	(1,555)	(1,644)
FINANCING ACTIVITIES
Long-term Debt Issued	600	2,000
Long-term Debt Repaid (Note 7)	(150)	(178)
Dividends Paid	(666)	(645)
Shares Repurchased	(2,901)	(3,710)
Other Financing Activities	25	(6)
Net Cash Used in Financing Activities	(3,092)	(2,539)
Net (Decrease) Increase in Cash and Cash Equivalents	(598)	72
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period	1,958	2,239
Cash and Cash Equivalents at End of Period	1,360	2,311
SUPPLEMENTAL CASH FLOW INFORMATION
Issuance of Common Stock as Consideration for Acquisition	$ 0	$ 422

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Shares Outstanding (Thousands)	Common Stock and Other Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income		Non-controlling Minority Interest
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					$ 107
Beginning Balance (in shares) at Dec. 31, 2021		2,201,787
Beginning Balance at Dec. 31, 2021	$ 13,500		$ 2,268	$ 11,630	(408)	[1]	$ 10
Comprehensive Earnings:
Net Earnings	859			859
Other Comprehensive Income	31				31	[1]
Total Comprehensive Earnings (Note 10)	890
Common stock dividends, per share	(218)			(218)
Share Repurchases (in shares)		(29,365)
Share Repurchases	(1,016)		(29)	(987)
Stock Option Exercises and Other (in shares)		1,831
Stock Option Exercises and Other	39		38				1
Ending balance (in shares) at Mar. 31, 2022		2,174,253
Ending Balance at Mar. 31, 2022	13,195		2,277	11,284	(377)	[1]	11
Beginning Balance (in shares) at Dec. 31, 2021		2,201,787
Beginning Balance at Dec. 31, 2021	13,500		2,268	11,630	(408)	[1]	10
Comprehensive Earnings:
Net Earnings	3,148
Total Comprehensive Earnings (Note 10)	$ 3,236
Share Repurchases (in shares)	(116,000)
Ending balance (in shares) at Sep. 30, 2022		2,101,822
Ending Balance at Sep. 30, 2022	$ 12,883		2,657	10,537	(320)		9
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					99
Beginning Balance (in shares) at Mar. 31, 2022		2,174,253
Beginning Balance at Mar. 31, 2022	13,195		2,277	11,284	(377)	[1]	11
Comprehensive Earnings:
Net Earnings	1,178			1,178
Other Comprehensive Income	39				39	[1]
Total Comprehensive Earnings (Note 10)	1,217
Common stock dividends, per share	(215)			(215)
Share Repurchases (in shares)		(46,508)
Share Repurchases	(1,499)		(47)	(1,452)
Issuance of common stock for acquisition of Pan Am Systems, Inc. (in shares)		13,173
Issuance of common stock for acquisition of Pan Am Systems, Inc.	422		422
Stock Option Exercises and Other (in shares)		314
Stock Option Exercises and Other	21		23	(1)			(1)
Ending balance (in shares) at Jun. 30, 2022		2,141,232
Ending Balance at Jun. 30, 2022	13,141		2,675	10,794	(338)	[1]	10
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					88
Net Earnings	1,111			1,111
Other Comprehensive Income	18				18
Total Comprehensive Earnings (Note 10)	1,129
Common stock dividends, per share	$ (212)			(212)
Share Repurchases (in shares)	(40,000)	(39,924)
Share Repurchases	$ (1,195)		(40)	(1,155)
Stock Option Exercises and Other (in shares)		514
Stock Option Exercises and Other	20		22	(1)			(1)
Ending balance (in shares) at Sep. 30, 2022		2,101,822
Ending Balance at Sep. 30, 2022	12,883		2,657	10,537	(320)		9
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					85
Associated tax of accumulated other comprehensive loss balances					122
Beginning Balance (in shares) at Dec. 31, 2022		2,066,367
Beginning Balance at Dec. 31, 2022	12,625		2,640	10,363	(388)	[1]	10
Comprehensive Earnings:
Net Earnings	987			987
Other Comprehensive Income	2				2	[1]
Total Comprehensive Earnings (Note 10)	989
Common stock dividends, per share	(226)			(226)
Share Repurchases (in shares)		(35,157)
Share Repurchases	(1,067)		(35)	(1,032)
Stock Option Exercises and Other (in shares)		1,865
Stock Option Exercises and Other	13		15				(2)
Ending balance (in shares) at Mar. 31, 2023		2,033,075
Ending Balance at Mar. 31, 2023	12,334		2,620	10,092	(386)	[1]	8
Beginning Balance (in shares) at Dec. 31, 2022		2,066,367
Beginning Balance at Dec. 31, 2022	12,625		2,640	10,363	(388)	[1]	10
Comprehensive Earnings:
Net Earnings	2,829
Other Comprehensive Income	16
Total Comprehensive Earnings (Note 10)	$ 2,845
Share Repurchases (in shares)	(94,000)
Ending balance (in shares) at Sep. 30, 2023		1,976,132
Ending Balance at Sep. 30, 2023	$ 11,954		2,633	9,689	(372)		4
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					121
Beginning Balance (in shares) at Mar. 31, 2023		2,033,075
Beginning Balance at Mar. 31, 2023	12,334		2,620	10,092	(386)	[1]	8
Comprehensive Earnings:
Net Earnings	996			996
Other Comprehensive Income	(4)				(4)
Total Comprehensive Earnings (Note 10)	992
Common stock dividends, per share	(222)			(222)
Share Repurchases (in shares)		(27,434)
Share Repurchases	(863)		(28)	(835)
Stock Option Exercises and Other (in shares)		712
Stock Option Exercises and Other	33		38	(1)			(4)
Ending balance (in shares) at Jun. 30, 2023		2,006,353
Ending Balance at Jun. 30, 2023	12,274		2,630	10,030	(390)		4
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					107
Net Earnings	846			846
Other Comprehensive Income	18				18
Total Comprehensive Earnings (Note 10)	864
Common stock dividends, per share	$ (218)			(218)
Share Repurchases (in shares)	(31,000)	(31,018)
Share Repurchases	$ (971)		(31)	(940)
Excise Tax on Net Share Repurchases	(28)			(28)
Stock Option Exercises and Other (in shares)		797
Stock Option Exercises and Other	33		34	(1)
Ending balance (in shares) at Sep. 30, 2023		1,976,132
Ending Balance at Sep. 30, 2023	$ 11,954		$ 2,633	$ 9,689	(372)		$ 4
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					$ 101
[1]Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $107 million as of December 31, 2021, $99 million as of March 31, 2022, $88 million as of June 30, 2022, and $85 million as of September 30, 2022. For additional information, see Note 10, Other Comprehensive Income.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.10	$ 0.10	$ 0.10

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 20,000 route-mile rail network and serves major population centers in 26 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. On June 1, 2022, CSX completed its acquisition of Pan Am Systems, Inc. (“Pan Am”), which is the parent company of Pan Am Railways, Inc. This acquisition expanded CSXT’s reach in the Northeastern United States. CSXT is also responsible for the Company's real estate sales, leasing, acquisition and management and development activities, substantially all of which are focused on supporting railroad operations. Other entities In addition to CSXT, the Company’s subsidiaries include Quality Carriers, Inc. ("Quality Carriers"), 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. Quality Carriers is the largest provider of bulk liquid chemicals truck transportation in North America. 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. 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. The timing and amount of gains recognized were based on the allocation of fair value to each conveyance, the timing of conveyances and collectability. Over the course of this transaction, which was completed in 2022, total proceeds of $525 million were collected and total gains of $493 million were recognized. A gain of $20 million was recognized in first quarter 2022 related to the closing of the second phase. During second quarter 2022, the final $125 million of proceeds was approved by the Commonwealth, which resulted in a $122 million gain related to property rights previously conveyed. These proceeds were collected during fourth quarter 2022 upon closing of the third phase. There were no proceeds or gains related to this agreement during third quarter 2022. NOTE 1. Nature of Operations and Significant Accounting Policies, continued 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 “third quarter(s)” or “nine months” indicate CSX's fiscal periods ending September 30, 2023 and September 30, 2022, and references to "year-end" indicate the fiscal year ended December 31, 2022. New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . As the London Interbank Offered Rate ("LIBOR") is no longer available as of July 2023, this standard update provides practical expedients for contract modifications made as part of the transition from LIBOR to alternative reference rates. The guidance was effective upon issuance and at present can generally be applied through December 31, 2024. The Company applied the practical expedient to its forward starting interest rate swaps effective June 30, 2023. See Note 7, Debt and Credit Agreements, for additional information. The Company does not have any other contracts that are affected by the transition from LIBOR.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
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. Third Quarters Nine Months 2023 2022 2023 2022 Numerator (Dollars in millions) : Net Earnings $ 846 $ 1,111 $ 2,829 $ 3,148 Denominator (Units in millions) : Average Common Shares Outstanding 1,994 2,122 2,022 2,156 Other Potentially Dilutive Common Shares 5 4 5 5 Average Common Shares Outstanding, Assuming Dilution 1,999 2,126 2,027 2,161 Net Earnings Per Share, Basic $ 0.42 $ 0.52 $ 1.40 $ 1.46 Net Earnings Per Share, Assuming Dilution $ 0.42 $ 0.52 $ 1.40 $ 1.46 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. Third Quarters Nine Months 2023 2022 2023 2022 Antidilutive Stock Options Excluded from Diluted EPS (Units in millions) 3 3 4 3 NOTE 2. Earnings Per Share, continued Share Repurchases In July 2022, the Company announced a $5 billion share repurchase program. At September 30, 2023, approximately $371 million of repurchase authority remained under this program. On October 17, 2023, a new incremental $5 billion share repurchase program was approved. 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 third quarters and nine months ended September 30, 2023, and September 30, 2022, the Company engaged in the following repurchase activities: Third Quarters Nine Months 2023 2022 2023 2022 Shares Repurchased (Millions) 31 40 94 116 Cost of Shares (Dollars in millions) $ 971 $ 1,195 $ 2,901 $ 3,710 The Inflation Reduction Act of 2022 imposes a nondeductible 1% excise tax on the net value of most share repurchases made after December 31, 2022. Excise tax commensurate with net share repurchases is reflected in equity and a corresponding liability for excise taxes payable is included in other current liabilities on the consolidated balance sheet. Amounts shown in the table above exclude the impact of this excise tax. Dividend Increase

Stock Plans and Share-Based Com

Stock Plans and Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
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 and restricted stock units for management and stock grants for directors. Share-based compensation expense for awards under share-based compensation plans 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. Alternatively, expense is recognized upon death or over an accelerated service period for 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. Third Quarters Nine Months (Dollars in millions) 2023 2022 2023 2022 Share-Based Compensation Expense: Performance Units $ 5 $ 1 $ 14 $ 27 Restricted Stock Units 5 2 14 11 Stock Options 3 3 9 13 Employee Stock Purchase Plan 2 2 6 4 Stock Awards for Directors — — 2 2 Total Share-Based Compensation Expense $ 15 $ 8 $ 45 $ 57 Income Tax Benefit $ 3 $ 3 $ 10 $ 15 Long-term Incentive Plan In February 2023, the Company granted the following awards under a new long-term incentive plan ("LTIP") for the years 2023 through 2025, which was adopted under the CSX 2019 Stock and Incentive Award Plan. Granted (Thousands) Weighted Avg. Fair Value Performance Units 680 $ 32.77 Restricted Stock Units 648 31.67 Stock Options 1,067 9.86 NOTE 3. Stock Plans and Share-Based Compensation, continued Performance Units Payouts will be made in CSX common stock with a payout range for most participants 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. The fair values of performance units granted to certain executive officers were calculated using a Monte-Carlo simulation model. Measurement against goals related to both average annual operating income growth and economic profit (CSX Cash Earnings or "CCE"), in each case excluding non-recurring items as defined in the plan, will each comprise 50% of the payout. As defined under the plan, CCE is a cash-flow based measure of economic profit that incentivizes strategic investments earning more than the required return and is calculated as CSX’s gross cash earnings (after-tax EBITDA) minus the required return on gross operating assets. Stock Options 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. These awards are time-based and are not based upon attainment of performance goals. The fair values of stock option awards were estimated at the grant date using the Black-Scholes valuation model. Restricted Stock Units The restricted stock units awarded vest over three years in equal installments each year on the anniversary of the grant date and are settled in CSX common stock on a one-for-one basis. These awards are time-based and are not based upon CSX's attainment of performance goals. For more information related to the Company's outstanding long-term incentive compensation, see CSX's most recent annual report on Form 10-K.

Casualty, Environmental and Oth

Casualty, Environmental and Other Reserves	9 Months Ended
	Sep. 30, 2023
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. September 30, 2023 December 31, 2022 (Dollars in millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $ 40 $ 87 $ 127 $ 40 $ 86 $ 126 Occupational 7 60 67 10 58 68 Total Casualty 47 147 194 50 144 194 Environmental 40 117 157 53 108 161 Other 46 38 84 41 40 81 Total $ 133 $ 302 $ 435 $ 144 $ 292 $ 436 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 represent accruals for personal injury, occupational disease and occupational injury claims primarily related to railroad operations. The Company's self-insured retention amount for casualty claims is $100 million per occurrence. Currently, no individual claim is expected to exceed the self-insured retention amount. Personal Injury Personal injury reserves represent liabilities for employee work-related and third-party injuries. Work-related injuries for CSXT employees are primarily subject to the Federal Employers’ Liability Act (“FELA”). CSXT retains an independent actuary to assist management in assessing the value of personal injury claims. An analysis is performed by the actuary quarterly and is reviewed by management. This analysis did not result in a material adjustment to the personal injury reserve in the quarters and nine months ended September 30, 2023, or September 30, 2022. 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). The Company retains an independent actuary to analyze the Company’s historical claim filings, settlemen t amounts, and dismissal rates to assist in determining future anticipated claim filing rates and average settle ment values. This analysis is performed by the actuary and reviewed by management quarterly. The analysis did not result in a material adjustment to the occupational reserve in the quarters and nine months ended September 30, 2023, or September 30, 2022 . Environmental 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 230 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. The Company reviews its role with respect to each site identified at least quarterly. 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. Payments related to these liabilities are expected to be made over the next several years. Environmental remediation costs are included in purchased services 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 include liabilities for various claims, such as automobile, property, general liability, workers' compensation and longshoremen disability claims.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 up to $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. 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 outcomes 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 matters for which a loss is reasonably possible in excess of reserves established. The Company has estimated this range to be $3 million to $16 million in the aggregate at September 30, 2023. 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 oth er 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 the class was not certified, individual shippers have since brought claims against the railroads, which have been consolidated into a separate case. NOTE 5. Commitments and Contingencies, continued 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. 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. For the lower eight miles of the Study Area, EPA issued its Record of Decision detailing the agency’s mandated remedial process in March 2016. Occidental Chemical Corporation ("Occidental") is performing the remedial design for the lower eight-mile portion of the Study Area pursuant to a consent order with EPA. For the remaining upper nine miles of the Study Area, EPA selected an interim remedy in a Record of Decision dated September 28, 2021. On March 2, 2023, EPA issued an administrative order requiring Occidental to design the interim remedy for the upper nine miles of the Study Area. Approximately 80 parties, including Pharmacia, participated in an EPA-directed allocation and settlement process to assign responsibility. CSXT participated in the EPA-directed allocation and settlement process on behalf of Pharmacia. On March 2, 2022, EPA issued a Notice Letter to Pharmacia, Occidental and eight other parties alleging they are liable under Section 107(a) of CERCLA for releases or threatened releases of hazardous substances and requesting each party, individually or collectively, submit good faith offers to EPA in connection with the entire Study Area. CSXT, on behalf of Pharmacia, responded to the Notice Letter and submitted a good faith offer to EPA on June 27, 2022, following meetings with a mediator from EPA’s Conflict Prevention and Resolution Center. Negotiations with EPA and other parties to resolve this matter continue. CSXT is also defending and indemnifying Pharmacia with regard to the Property in litigation filed by Occidental, which is seeking to recover its past and future costs associated with the remediation of 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 a federal lawsuit filed by Occidental on June 30, 2018, and one of 37 defendants in a federal lawsuit filed by Occidental on March 24, 2023. CSXT is also defending and indemnifying Pharmacia in a cooperative natural resource damages assessment process related to the Property.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors defined benefit pension plans principally for salaried, management personnel. The CSX Pension Plan, the largest plan based on benefit obligation, was closed to new participants beginning in 2020. 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 Third Quarters Nine Months (Dollars in millions) 2023 2022 2023 2022 Service Cost Included in Labor and Fringe $ 6 $ 8 $ 18 $ 24 Interest Cost 28 16 84 48 Expected Return on Plan Assets (41) (47) (123) (141) Amortization of Net Loss 7 12 21 37 Total Included in Other Income - Net (6) (19) (18) (56) Net Periodic Benefit Credit $ — $ (11) $ — $ (32)

Debt and Credit Agreements

Debt and Credit Agreements	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt and Credit Agreements	Debt and Credit Agreements Total activity related to long-term debt as of the end of third quarter 2023 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements . (Dollars in millions) Current Portion Long-term Portion Total Long-term Debt as of December 31, 2022 $ 151 $ 17,896 $ 18,047 2023 Activity: Long-term Debt Issued — 600 600 Long-term Debt Repaid (150) — (150) Reclassifications 557 (557) — Hedging, Discount, Premium and Other Activity 1 (36) (35) Long-term Debt as of September 30, 2023 $ 559 $ 17,903 $ 18,462 Debt Issuance On September 7, 2023, CSX issued $600 million of 5.200% notes due 2033. These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time, subject to payment of certain make-whole premiums. The net proceeds will be used for general corporate purposes, which may include debt repayments, repurchases of CSX's common stock, capital investment and working capital requirements. Interest Rate Derivatives Fair Value Hedges In first quarter 2022, CSX entered into five separate fixed-to-floating interest rate swaps classified as fair value hedges. The swaps are designed to hedge 10 years of interest rate risk associated with market fluctuations attributable to the Secured Overnight Financing Rate ("SOFR") on a cumulative $800 million of fixed rate outstanding notes which are due between 2036 and 2040. The cumulative fair value of these swaps, which is included in other long-term liabilities on the consolidated balance sheet, was a liability of $159 million and $118 million as of September 30, 2023 and December 31, 2022, respectively. The associated cumulative adjustment to the hedged notes is included in long-term debt. Gains and losses resulting from changes in fair value of the interest rate swaps offset changes in the fair value of the hedged portion of the underlying debt with no gain or loss recognized due to hedge ineffectiveness. The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows. Third Quarters Nine Months (Dollars in millions) 2023 2022 2023 2022 Interest Expense Impact (Increase) Decrease $ (7) $ (1) $ (19) $ 3 NOTE 7. Debt and Credit Agreements , continued The swaps will expire in 2032. If settled early, the remaining cumulative fair value adjustment to the hedged notes will be amortized over the remaining life of the associated notes. The amounts recorded in long-term debt on the consolidated balance sheet related to these fair value hedges are summarized in the table below. (Dollars in millions) September 30, 2023 December 31, 2022 Notional Value of Hedged Notes $ 800 $ 800 Cumulative Fair Value Adjustment to Hedged Notes (159) (118) Carrying Amount of Hedged Notes $ 641 $ 682 Cash Flow Hedges In 2020, the Company executed forward starting interest rate swaps, classified as cash flow hedges, with 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. Under the terms of the Adjustable Interest Rate (LIBOR) Act, the reference rate on the swaps were automatically replaced with daily compounded SOFR plus the fallback spread on July 1, 2023, the LIBOR replacement date. As of September 30, 2023, and December 31, 2022, the asset value of the forward starting interest rate swaps was $54 million and $127 million, respectively, 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. In second quarter 2023, CSX executed a partial settlement equal to $113 million notional value of the cash flow hedges, which resulted in CSX receiving a cash payment of $44 million. In third quarter 2023, CSX partially settled an additional $114 million notional value of the cash flow hedges and received a cash payment of $51 million included in other operating activities on the consolidated cash flow statement. The unsettled aggregate notional value of these swaps was $114 million as of September 30, 2023. The unrealized gain associated with the settled portion of the hedges will continue to be classified in AOCI until the associated debt instrument is issued in the future. Unless settled early, the remainder of 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 related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below. Third Quarters Nine Months (Dollars in millions) 2023 2022 2023 2022 Unrealized Gain - Net $ 14 $ 9 $ 4 $ 63 See Note 9, Fair Value Measurements , and Note 10, Other Comprehensive Income (Loss) , for additional information about the Company's hedges. NOTE 7. Debt and Credit Agreements , continued Credit Facility In February 2023, CSX replaced its existing $1.2 billion unsecured revolving credit facility with a n ew $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 SOFR or an agreed-upon replacement reference rate, plus a spread that depends upon CSX's senior unsecured debt ratings. This facility expires in February 2028. As of September 30, 2023, 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 third quarter 2023, 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 September 30, 2023, the Company had no outstanding debt under the commercial paper program.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2023
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: Third Quarters Nine Months (Dollars in millions) 2023 2022 2023 2022 Chemicals $ 646 $ 678 $ 1,938 $ 1,962 Agricultural and Food Products 376 428 1,228 1,227 Automotive 308 274 905 769 Forest Products 243 264 761 743 Metals and Equipment 225 211 704 624 Minerals 190 180 554 494 Fertilizers 124 108 381 346 Total Merchandise 2,112 2,143 6,471 6,165 Coal 594 624 1,864 1,808 Intermodal 517 604 1,508 1,733 Trucking 218 251 678 740 Other 131 273 456 677 Total $ 3,572 $ 3,895 $ 10,977 $ 11,123 The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses. 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. (Dollars in millions) September 30, December 31, Freight Receivables $ 1,043 $ 1,067 Freight Allowance for Credit Losses (16) (16) Freight Receivables, net 1,027 1,051 Non-Freight Receivables 387 279 Non-Freight Allowance for Credit Losses (15) (17) Non-Freight Receivables, net 372 262 Total Accounts Receivable, net $ 1,399 $ 1,313 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 third quarters or nine months ended September 30, 2023, and September 30, 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Investments The Company's investment assets are carried at fair value on the consolidated balance sheet in accordance with the Fair Value Measurements and Disclosures Topic in the ASC. They are valued with assistance from a third-party trustee and consist of fixed income mutual funds, corporate bonds and government securities. The fixed income mutual funds are valued at the net asset value of shares held based on quoted market prices determined in an active market, which are Level 1 inputs. The corporate bonds and government securities are valued using broker quotes that utilize observable market inputs, which are Level 2 inputs. Unrealized losses as of September 30, 2023, and September 30, 2022, were not material. The Company believes any impairment of investments held with gross unrealized losses to be temporary and not the result of credit risk. The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table. September 30, 2023 December 31, 2022 (Dollars in millions) Level 1 Level 2 Total Level 1 Level 2 Total Fixed Income Mutual Funds $ 78 $ — $ 78 $ 89 $ — $ 89 Corporate Bonds — 47 47 — 49 49 Government Securities — 16 16 — 58 58 Total investments at fair value $ 78 $ 63 $ 141 $ 89 $ 107 $ 196 Total investments at amortized cost $ 147 $ 201 These investments have the following maturities: (Dollars in millions) September 30, December 31, Less than 1 year $ 79 $ 129 1 - 5 years 23 24 5 - 10 years 10 10 Greater than 10 years 29 33 Total investments at fair value $ 141 $ 196 NOTE 9. Fair Value Measurements, continued 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 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 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 and carrying value of the Company's long-term debt is as follows: (Dollars in millions) September 30, December 31, Long-term Debt (Including Current Maturities): Fair Value $ 15,839 $ 16,135 Carrying Value 18,462 18,047 Interest Rate Derivatives The Company’s fixed-to-floating and forward starting interest rate swaps are carried at their respective fair values, which are determined 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 fixed-to-floating interest rate swaps was a liability of $159 million and $118 million as of September 30, 2023, and December 31, 2022, respectively. The fair value of the Company’s forward starting interest rate swap asset was $54 million and $127 million as of September 30, 2023, and December 31, 2022, respectively. See Note 7, Debt and Credit Agreements , for further information.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) 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 derivative activity and other adjustments. Total comprehensive earnings represent the activity for a period net of tax and was $864 million and $1.1 billion for third quarters 2023 and 2022, respectively, and $2.8 billion and $3.2 billion for the nine months ended September 30, 2023, and September 30, 2022, respectively. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, AOCI represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. 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 purchased services 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 (Loss) Income (Dollars in millions) Balance December 31, 2022, Net of Tax $ (497) $ 150 $ (41) $ (388) Other Comprehensive Income (Loss) Income Before Reclassifications — 22 — 22 Amounts Reclassified to Net Earnings 15 — (1) 14 Tax Expense (3) (18) 1 (20) Total Other Comprehensive Income 12 4 — 16 Balance September 30, 2023, Net of Tax $ (485) $ 154 $ (41) $ (372)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Earnings	$ 846	$ 996	$ 987	$ 1,111	$ 1,178	$ 859	$ 2,829	$ 3,148

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 “third quarter(s)” or “nine months” indicate CSX's fiscal periods ending September 30, 2023 and September 30, 2022, and references to "year-end" indicate the fiscal year ended December 31, 2022.
New Accounting Pronouncements	In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . As the London Interbank Offered Rate ("LIBOR") is no longer available as of July 2023, this standard update provides practical expedients for contract modifications made as part of the transition from LIBOR to alternative reference rates. The guidance was effective upon issuance and at present can generally be applied through December 31, 2024. The Company applied the practical expedient to its forward starting interest rate swaps effective June 30, 2023. See Note 7, Debt and Credit Agreements, for additional information. The Company does not have any other contracts that are affected by the transition from LIBOR.
Revenue Recognition	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	Investments The Company's investment assets are carried at fair value on the consolidated balance sheet in accordance with the Fair Value Measurements and Disclosures Topic in the ASC. They are valued with assistance from a third-party trustee and consist of fixed income mutual funds, corporate bonds and government securities. The fixed income mutual funds are valued at the net asset value of shares held based on quoted market prices determined in an active market, which are Level 1 inputs. The corporate bonds and government securities are valued using broker quotes that utilize observable market inputs, which are Level 2 inputs. Unrealized losses as of September 30, 2023, and September 30, 2022, were not material. The Company believes any impairment of investments held with gross unrealized losses to be temporary and not the result of credit risk. 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 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 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)	9 Months Ended
	Sep. 30, 2023
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. Third Quarters Nine Months 2023 2022 2023 2022 Numerator (Dollars in millions) : Net Earnings $ 846 $ 1,111 $ 2,829 $ 3,148 Denominator (Units in millions) : Average Common Shares Outstanding 1,994 2,122 2,022 2,156 Other Potentially Dilutive Common Shares 5 4 5 5 Average Common Shares Outstanding, Assuming Dilution 1,999 2,126 2,027 2,161 Net Earnings Per Share, Basic $ 0.42 $ 0.52 $ 1.40 $ 1.46 Net Earnings Per Share, Assuming Dilution $ 0.42 $ 0.52 $ 1.40 $ 1.46
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. Third Quarters Nine Months 2023 2022 2023 2022 Antidilutive Stock Options Excluded from Diluted EPS (Units in millions) 3 3 4 3
Schedule of Share Repurchased by the Company	During third quarters and nine months ended September 30, 2023, and September 30, 2022, the Company engaged in the following repurchase activities: Third Quarters Nine Months 2023 2022 2023 2022 Shares Repurchased (Millions) 31 40 94 116 Cost of Shares (Dollars in millions) $ 971 $ 1,195 $ 2,901 $ 3,710

Stock Plans and Share-Based C_2

Stock Plans and Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
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. Third Quarters Nine Months (Dollars in millions) 2023 2022 2023 2022 Share-Based Compensation Expense: Performance Units $ 5 $ 1 $ 14 $ 27 Restricted Stock Units 5 2 14 11 Stock Options 3 3 9 13 Employee Stock Purchase Plan 2 2 6 4 Stock Awards for Directors — — 2 2 Total Share-Based Compensation Expense $ 15 $ 8 $ 45 $ 57 Income Tax Benefit $ 3 $ 3 $ 10 $ 15
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	In February 2023, the Company granted the following awards under a new long-term incentive plan ("LTIP") for the years 2023 through 2025, which was adopted under the CSX 2019 Stock and Incentive Award Plan. Granted (Thousands) Weighted Avg. Fair Value Performance Units 680 $ 32.77 Restricted Stock Units 648 31.67 Stock Options 1,067 9.86

Casualty, Environmental and O_2

Casualty, Environmental and Other Reserves (Tables)	9 Months Ended
	Sep. 30, 2023
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. September 30, 2023 December 31, 2022 (Dollars in millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $ 40 $ 87 $ 127 $ 40 $ 86 $ 126 Occupational 7 60 67 10 58 68 Total Casualty 47 147 194 50 144 194 Environmental 40 117 157 53 108 161 Other 46 38 84 41 40 81 Total $ 133 $ 302 $ 435 $ 144 $ 292 $ 436

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Schedule of Components of Expense/(Income) Related to Net Benefit Expense	Pension Benefits Cost Third Quarters Nine Months (Dollars in millions) 2023 2022 2023 2022 Service Cost Included in Labor and Fringe $ 6 $ 8 $ 18 $ 24 Interest Cost 28 16 84 48 Expected Return on Plan Assets (41) (47) (123) (141) Amortization of Net Loss 7 12 21 37 Total Included in Other Income - Net (6) (19) (18) (56) Net Periodic Benefit Credit $ — $ (11) $ — $ (32)

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Activity Related to Long-Term Debt	Total activity related to long-term debt as of the end of third quarter 2023 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements . (Dollars in millions) Current Portion Long-term Portion Total Long-term Debt as of December 31, 2022 $ 151 $ 17,896 $ 18,047 2023 Activity: Long-term Debt Issued — 600 600 Long-term Debt Repaid (150) — (150) Reclassifications 557 (557) — Hedging, Discount, Premium and Other Activity 1 (36) (35) Long-term Debt as of September 30, 2023 $ 559 $ 17,903 $ 18,462
Schedule of Interest Rate Derivatives	The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows. Third Quarters Nine Months (Dollars in millions) 2023 2022 2023 2022 Interest Expense Impact (Increase) Decrease $ (7) $ (1) $ (19) $ 3 (Dollars in millions) September 30, 2023 December 31, 2022 Notional Value of Hedged Notes $ 800 $ 800 Cumulative Fair Value Adjustment to Hedged Notes (159) (118) Carrying Amount of Hedged Notes $ 641 $ 682
Derivative Instruments, Gain (Loss)	Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below. Third Quarters Nine Months (Dollars in millions) 2023 2022 2023 2022 Unrealized Gain - Net $ 14 $ 9 $ 4 $ 63

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2023
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: Third Quarters Nine Months (Dollars in millions) 2023 2022 2023 2022 Chemicals $ 646 $ 678 $ 1,938 $ 1,962 Agricultural and Food Products 376 428 1,228 1,227 Automotive 308 274 905 769 Forest Products 243 264 761 743 Metals and Equipment 225 211 704 624 Minerals 190 180 554 494 Fertilizers 124 108 381 346 Total Merchandise 2,112 2,143 6,471 6,165 Coal 594 624 1,864 1,808 Intermodal 517 604 1,508 1,733 Trucking 218 251 678 740 Other 131 273 456 677 Total $ 3,572 $ 3,895 $ 10,977 $ 11,123
Schedule of Accounts Receivable, Net	(Dollars in millions) September 30, December 31, Freight Receivables $ 1,043 $ 1,067 Freight Allowance for Credit Losses (16) (16) Freight Receivables, net 1,027 1,051 Non-Freight Receivables 387 279 Non-Freight Allowance for Credit Losses (15) (17) Non-Freight Receivables, net 372 262 Total Accounts Receivable, net $ 1,399 $ 1,313

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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. September 30, 2023 December 31, 2022 (Dollars in millions) Level 1 Level 2 Total Level 1 Level 2 Total Fixed Income Mutual Funds $ 78 $ — $ 78 $ 89 $ — $ 89 Corporate Bonds — 47 47 — 49 49 Government Securities — 16 16 — 58 58 Total investments at fair value $ 78 $ 63 $ 141 $ 89 $ 107 $ 196 Total investments at amortized cost $ 147 $ 201
Schedule of Investment Maturities	These investments have the following maturities: (Dollars in millions) September 30, December 31, Less than 1 year $ 79 $ 129 1 - 5 years 23 24 5 - 10 years 10 10 Greater than 10 years 29 33 Total investments at fair value $ 141 $ 196
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) September 30, December 31, Long-term Debt (Including Current Maturities): Fair Value $ 15,839 $ 16,135 Carrying Value 18,462 18,047

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Changes in AOCI balance by Component	Pension and Other Post-Employment Benefits Interest Rate Derivatives Other Accumulated Other Comprehensive (Loss) Income (Dollars in millions) Balance December 31, 2022, Net of Tax $ (497) $ 150 $ (41) $ (388) Other Comprehensive Income (Loss) Income Before Reclassifications — 22 — 22 Amounts Reclassified to Net Earnings 15 — (1) 14 Tax Expense (3) (18) 1 (20) Total Other Comprehensive Income 12 4 — 16 Balance September 30, 2023, Net of Tax $ (485) $ 154 $ (41) $ (372)

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies - Narrative (Details)	3 Months Ended				9 Months Ended		21 Months Ended
	Sep. 30, 2023 USD ($) state mi	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) state mi	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 26, 2021 phase property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Rail route network, distance | mi	20,000				20,000
Number of states rail network serves | state	26				26
Proceeds from sale of property, plant, and equipment					$ 35,000,000	$ 51,000,000
Gain (loss) on disposition of property plant equipment	$ 6,000,000	$ 27,000,000			$ 26,000,000	$ 183,000,000
Virginia Line Segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of property rights for sale | property								3
Number of phases to complete property rights sale transaction | phase								3
Proceeds from sale of property, plant, and equipment		0	$ 125,000,000				$ 525,000,000
Gain (loss) on disposition of property plant equipment		$ 0	$ 122,000,000	$ 20,000,000			$ 493,000,000

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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net Earnings	$ 846	$ 996	$ 987	$ 1,111	$ 1,178	$ 859	$ 2,829	$ 3,148
Denominator:
Average Common Shares Outstanding (in shares)	1,994			2,122			2,022	2,156
Other Potentially Dilutive Common Shares (in shares)	5			4			5	5
Average Common Shares Outstanding, Assuming Dilution (in shares)	1,999			2,126			2,027	2,161
Net Earnings Per Share, Basic (in dollars per share)	$ 0.42			$ 0.52			$ 1.40	$ 1.46
Net Earnings Per Share, Assuming Dilution (in dollars per share)	$ 0.42			$ 0.52			$ 1.40	$ 1.46

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Stock Options Excluded from Diluted EPS (in shares)	3	3	4	3

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Oct. 17, 2023	Jul. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Increase in quarterly dividend percentage	10%
Common stock dividends (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.10	$ 0.10	$ 0.10
Share Repurchase Program July 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized share repurchase program amount									$ 5,000
Remaining share repurchase authority amount		$ 371
Share Repurchase Program October 2023 | Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized share repurchase program amount								$ 5,000

Earnings Per Share - Share Repu

Earnings Per Share - Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Shares Repurchased (in shares)	31	40	94	116
Cost of Shares	$ 971	$ 1,195	$ 2,901	$ 3,710

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 15	$ 8	$ 45	$ 57
Income Tax Benefit	3	3	10	15
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	5	1	14	27
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	5	2	14	11
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	3	3	9	13
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	2	2	6	4
Stock Awards for Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 0	$ 0	$ 2	$ 2

Stock Plans and Share-Based C_4

Stock Plans and Share-Based Compensation - Awards Granted Under Long-Term Incentive Plan (Details) - Long-term Incentive Plans shares in Thousands	1 Months Ended
	Feb. 28, 2023 $ / shares shares
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	680
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 32.77
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	648
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 31.67
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares) | shares	1,067
Weighted average grant date fair value, options (in dollars per share) | $ / shares	$ 9.86

Stock Plans and Share-Based C_5

Stock Plans and Share-Based Compensation - Narrative (Details) - LTIP	9 Months Ended
	Sep. 30, 2023 shares
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%
Performance Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants	0%
Performance Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants	200%
Performance Units | Certain Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payout subject to upward or downward adjustment (up to)	0.25
Performance Units | Certain Executive Officers | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants	250%
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
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Number of equivalent shares of CSX common stock per unit of award (in shares)	1

Casualty, Environmental and O_3

Casualty, Environmental and Other Reserves - Schedule of Casualty, Environmental and Other Reserves (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Current	$ 133	$ 144
Long-term	302	292
Total	435	436
Total Casualty
Loss Contingencies [Line Items]
Current	47	50
Long-term	147	144
Total	194	194
Personal Injury
Loss Contingencies [Line Items]
Current	40	40
Long-term	87	86
Total	127	126
Occupational
Loss Contingencies [Line Items]
Current	7	10
Long-term	60	58
Total	67	68
Environmental
Loss Contingencies [Line Items]
Current	40	53
Long-term	117	108
Total	157	161
Other
Loss Contingencies [Line Items]
Current	46	41
Long-term	38	40
Total	$ 84	$ 81

Casualty, Environmental and O_4

Casualty, Environmental and Other Reserves - Narrative (Details)		9 Months Ended
	Jun. 01, 2021 USD ($)	Sep. 30, 2023 USD ($) claim site	Dec. 31, 2022 USD ($)
All Contingencies Reserves [Line Items]
Total reserves		$ 435,000,000	$ 436,000,000
Casualty
All Contingencies Reserves [Line Items]
Total reserves		194,000,000	194,000,000
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		$ 157,000,000	161,000,000
Environmental impaired sites | site		230
Other
All Contingencies Reserves [Line Items]
Total reserves		$ 84,000,000	$ 81,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details)				1 Months Ended			9 Months Ended
	Mar. 24, 2023 defendant	Mar. 02, 2023 mi	Jun. 01, 2021 USD ($)	Jun. 30, 2018 defendant	Mar. 31, 2016 party mi	May 31, 2007 entity claim	Sep. 30, 2023 USD ($) mi	Mar. 02, 2022 party
Loss Contingencies [Line Items]
Casualty and catastrophic property deductible							$ 100,000,000
Casualty and non catastrophic property deductible							$ 75,000,000
Environmental
Loss Contingencies [Line Items]
Number of miles subject to remediation | mi					8
Number of upper miles under study | mi		9
Number of parties participating in allocation process under study | party					80
Number of parties liable | party								8
Number of parties | defendant	37			110
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
Minimum | Pending Litigation
Loss Contingencies [Line Items]
Possible loss for certain legal proceedings							$ 3,000,000
Maximum | Pending Litigation
Loss Contingencies [Line Items]
Possible loss for certain legal proceedings							16,000,000
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)	Sep. 30, 2023 USD ($)
Retirement Benefits [Abstract]
Expected contributions to the Company's qualified pension plans in 2023	$ 0

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Costs (Details) - Pension Benefits Cost - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Components of expense/ (income) related to net benefit expense:
Service Cost Included in Labor and Fringe	$ 6	$ 8	$ 18	$ 24
Interest Cost	28	16	84	48
Expected Return on Plan Assets	(41)	(47)	(123)	(141)
Amortization of Net Loss	7	12	21	37
Total Included in Other Income - Net	(6)	(19)	(18)	(56)
Net Periodic Benefit Credit	$ 0	$ (11)	$ 0	$ (32)

Debt and Credit Agreements - Ac

Debt and Credit Agreements - Activity Related to Long-Term Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Movement, Debt Instruments [Roll Forward]
Long-term Debt as of December 31, 2022, Current Portion	$ 151
Long-term Debt as of December 31, 2022, Long-term Portion	17,896
Long-term Debt as of December 31, 2022, Total	18,047
Long-term Debt Issued	600	$ 2,000
Long-term Debt Repaid	(150)	$ (178)
Reclassifications	0
Hedging, Discount, Premium and Other Activity	(35)
Long-term Debt as of September 30, 2023, Current Portion	559
Long-term Debt as of September 30, 2023, Long-term Portion	17,903
Long-term Debt as of September 30, 2023, Total	18,462
Current Portion
Movement, Debt Instruments [Roll Forward]
Long-term Debt as of December 31, 2022, Current Portion	151
Long-term Debt Issued	0
Long-term Debt Repaid	(150)
Reclassifications	557
Hedging, Discount, Premium and Other Activity	1
Long-term Debt as of September 30, 2023, Current Portion	559
Long-term Portion
Movement, Debt Instruments [Roll Forward]
Long-term Debt as of December 31, 2022, Long-term Portion	17,896
Long-term Debt Issued	600
Long-term Debt Repaid	0
Reclassifications	(557)
Hedging, Discount, Premium and Other Activity	(36)
Long-term Debt as of September 30, 2023, Long-term Portion	$ 17,903

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2022 USD ($) swap	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 07, 2023 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Line of Credit Facility
Other operating activities				$ 69,000,000	$ (52,000,000)
Commercial Paper
Line of Credit Facility
Maximum borrowing capacity of credit facility	$ 1,000,000,000			1,000,000,000
Borrowings outstanding	0			0
Fixed Rate Notes Due Between 2036 and 2040
Line of Credit Facility
Debt issued	800,000,000		$ 800,000,000	800,000,000				$ 800,000,000
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
Unsecured Revolving Credit Facility Due 2028 | Credit Facility
Line of Credit Facility
Maximum borrowing capacity of credit facility							$ 1,200,000,000
Borrowings outstanding	0			0
5.2% Notes Due 2033
Line of Credit Facility
Debt issued						$ 600,000,000
Debt interest rate						5.20%
Fixed-to-Floating Interest Rate Swap | Fair Value Hedging
Line of Credit Facility
Derivative, number of fair value hedges | swap			5
Derivative, term of contract (in years)			10 years
Designated as Hedging Instrument | Fixed-to-Floating Interest Rate Swap | Fair Value Hedging
Line of Credit Facility
Fair value hedge derivative instrument liabilities at fair value	159,000,000			159,000,000				118,000,000
Designated as Hedging Instrument | Forward Starting Interest Rate Swap | Cash Flow Hedge
Line of Credit Facility
Cash flow hedge derivative instrument assets at fair value	54,000,000			54,000,000				$ 127,000,000
Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedge
Line of Credit Facility
Aggregate notional value of interest forward interest rate swap	114,000,000			114,000,000					$ 500,000,000
Derivative asset, notional amount settled	114,000,000	$ 113,000,000		$ 114,000,000
Other operating activities	$ 51,000,000	$ 44,000,000

Debt and Credit Agreements - Sc

Debt and Credit Agreements - Schedule of Interest Rate Derivatives (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Mar. 31, 2022
Fixed-to-Floating Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Cumulative Fair Value Adjustment to Hedged Notes	$ (159,000,000)	$ (118,000,000)
Carrying Amount of Hedged Notes	641,000,000	682,000,000
Fixed Rate Notes Due Between 2036 and 2040
Derivative [Line Items]
Notional Value of Hedged Notes	$ 800,000,000	$ 800,000,000	$ 800,000,000

Debt and Credit Agreements - In

Debt and Credit Agreements - Interest Expense Impact (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fixed-to-Floating Interest Rate Swap
Derivative [Line Items]
Interest Expense Impact (Increase) Decrease	$ (7)	$ (1)	$ (19)	$ 3

Debt and Credit Agreements - Un

Debt and Credit Agreements - Unrealized Amounts Related to Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash Flow Hedge
Derivative [Line Items]
Unrealized Gain - Net	$ 14	$ 9	$ 4	$ 63

Revenues - Revenues Disaggregat

Revenues - Revenues Disaggregated by Lines of Business (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 3,572	$ 3,895	$ 10,977	$ 11,123
Total Merchandise
Disaggregation of Revenue [Line Items]
Revenue	2,112	2,143	6,471	6,165
Chemicals
Disaggregation of Revenue [Line Items]
Revenue	646	678	1,938	1,962
Agricultural and Food Products
Disaggregation of Revenue [Line Items]
Revenue	376	428	1,228	1,227
Automotive
Disaggregation of Revenue [Line Items]
Revenue	308	274	905	769
Forest Products
Disaggregation of Revenue [Line Items]
Revenue	243	264	761	743
Metals and Equipment
Disaggregation of Revenue [Line Items]
Revenue	225	211	704	624
Minerals
Disaggregation of Revenue [Line Items]
Revenue	190	180	554	494
Fertilizers
Disaggregation of Revenue [Line Items]
Revenue	124	108	381	346
Coal
Disaggregation of Revenue [Line Items]
Revenue	594	624	1,864	1,808
Intermodal
Disaggregation of Revenue [Line Items]
Revenue	517	604	1,508	1,733
Trucking
Disaggregation of Revenue [Line Items]
Revenue	218	251	678	740
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 131	$ 273	$ 456	$ 677

Revenues - Accounts Receivable,

Revenues - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounts Receivable, net	$ 1,399	$ 1,313
Freight Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, gross	1,043	1,067
Allowance for Credit Losses	(16)	(16)
Total Accounts Receivable, net	1,027	1,051
Non-Freight Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, gross	387	279
Allowance for Credit Losses	(15)	(17)
Total Accounts Receivable, net	$ 372	$ 262

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Investment Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	$ 141	$ 196
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at amortized cost	147	201
Level 1 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	78	89
Level 1 | Fair Value | Fixed Income Mutual Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	78	89
Level 1 | Fair Value | Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	0	0
Level 1 | Fair Value | Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	0	0
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	63	107
Level 2 | Fair Value | Fixed Income Mutual Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	0	0
Level 2 | Fair Value | Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	47	49
Level 2 | Fair Value | Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	16	58
Total | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	141	196
Total | Fair Value | Fixed Income Mutual Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	78	89
Total | Fair Value | Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	47	49
Total | Fair Value | Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	$ 16	$ 58

Fair Value Measurements - Inves

Fair Value Measurements - Investment Maturities (Details) - Fair Value - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Less than 1 year	$ 79	$ 129
1 - 5 years	23	24
5 - 10 years	10	10
Greater than 10 years	29	33
Total investments at fair value	$ 141	$ 196

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value and Carrying Value of Long-Term Debt (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt (including current maturities)	$ 15,839	$ 16,135
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt (including current maturities)	$ 18,462	$ 18,047

Fair Value Measurements - Inter

Fair Value Measurements - Interest Rate Derivatives (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fixed-to-Floating Interest Rate Swap | Fair Value Hedging
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value hedge derivative instrument liabilities at fair value	$ 159	$ 118
Forward Starting Interest Rate Swap | Cash Flow Hedge
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash flow hedge derivative instrument assets at fair value	$ 54	$ 127

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Total comprehensive earnings, net of tax	$ 864	$ 992	$ 989	$ 1,129	$ 1,217	$ 890	$ 2,845	$ 3,236

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Changes in AOCI Balance by Component (Details) - USD ($) $ in Millions	3 Months Ended									9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023		Sep. 30, 2022	Jun. 30, 2022		Mar. 31, 2022		Sep. 30, 2023
Other Comprehensive Income (Loss)
Income Before Reclassifications										$ 22
Amounts Reclassified to Net Earnings										14
Tax Expense										(20)
Total Other Comprehensive Income	$ 18	$ (4)	$ 2		$ 18	$ 39		$ 31		16
Pension and Other Post-Employment Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2022, Net of Tax			(497)							(497)
Other Comprehensive Income (Loss)
Income Before Reclassifications										0
Amounts Reclassified to Net Earnings										15
Tax Expense										(3)
Total Other Comprehensive Income										12
Balance September 30, 2023, Net of Tax	(485)									(485)
Interest Rate Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2022, Net of Tax			150							150
Other Comprehensive Income (Loss)
Income Before Reclassifications										22
Amounts Reclassified to Net Earnings										0
Tax Expense										(18)
Total Other Comprehensive Income										4
Balance September 30, 2023, Net of Tax	154									154
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2022, Net of Tax			(41)							(41)
Other Comprehensive Income (Loss)
Income Before Reclassifications										0
Amounts Reclassified to Net Earnings										(1)
Tax Expense										1
Total Other Comprehensive Income										0
Balance September 30, 2023, Net of Tax	(41)									(41)
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2022, Net of Tax			(388)							(388)
Other Comprehensive Income (Loss)
Total Other Comprehensive Income	18	$ (4)	$ 2	[1]	$ 18	$ 39	[1]	$ 31	[1]
Balance September 30, 2023, Net of Tax	$ (372)									$ (372)
[1]Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $107 million as of December 31, 2021, $99 million as of March 31, 2022, $88 million as of June 30, 2022, and $85 million as of September 30, 2022. For additional information, see Note 10, Other Comprehensive Income.