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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CSX Corporation | NASDAQ:CSX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.20 | 33.26 | 33.56 | 115,806 | 13:40:14 |
(☒)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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CSX Q1 2020 Form 10-Q p.1
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Page
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PART I.
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FINANCIAL INFORMATION
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Item 1.
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Quarters Ended March 31, 2020 and March 31, 2019
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Quarters Ended March 31, 2020 and March 31, 2019
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At March 31, 2020 (Unaudited) and December 31, 2019
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Three Months Ended March 31, 2020 and March 31, 2019
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Three Months Ended March 31, 2020 and March 31, 2019
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Item 2.
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Item 3.
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Item 4.
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PART II.
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OTHER INFORMATION
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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CSX Q1 2020 Form 10-Q p.2
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First Quarters
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|||||
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2020
|
2019
|
||||
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|
||||
Revenue
|
$
|
2,855
|
|
$
|
3,013
|
|
Expense
|
|
|
||||
Labor and Fringe
|
606
|
|
672
|
|
||
Materials, Supplies and Other
|
454
|
|
471
|
|
||
Depreciation
|
344
|
|
330
|
|
||
Fuel
|
192
|
|
233
|
|
||
Equipment and Other Rents
|
81
|
|
88
|
|
||
Total Expense
|
1,677
|
|
1,794
|
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||
|
|
|
||||
Operating Income
|
1,178
|
|
1,219
|
|
||
|
|
|
||||
Interest Expense
|
(187
|
)
|
(178
|
)
|
||
Other Income - Net
|
22
|
|
23
|
|
||
Earnings Before Income Taxes
|
1,013
|
|
1,064
|
|
||
|
|
|
||||
Income Tax Expense
|
(243
|
)
|
(230
|
)
|
||
Net Earnings
|
$
|
770
|
|
$
|
834
|
|
|
|
|
||||
Per Common Share (Note 2)
|
|
|
||||
Net Earnings Per Share, Basic
|
$
|
1.00
|
|
$
|
1.02
|
|
Net Earnings Per Share, Assuming Dilution
|
$
|
1.00
|
|
$
|
1.02
|
|
|
|
|
||||
|
|
|
||||
Average Shares Outstanding (In millions)
|
772
|
|
814
|
|
||
Average Shares Outstanding, Assuming Dilution (In millions)
|
773
|
|
817
|
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||
|
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First Quarters
|
|||||
|
2020
|
2019
|
||||
Total Comprehensive Earnings (Note 12)
|
$
|
773
|
|
$
|
836
|
|
|
CSX Q1 2020 Form 10-Q p.3
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(Unaudited)
|
|
||||
|
March 31,
2020 |
December 31,
2019 |
||||
ASSETS
|
||||||
Current Assets:
|
|
|
||||
Cash and Cash Equivalents
|
$
|
1,995
|
|
$
|
958
|
|
Short-term Investments
|
487
|
|
996
|
|
||
Accounts Receivable - Net (Note 8)
|
1,008
|
|
986
|
|
||
Materials and Supplies
|
257
|
|
261
|
|
||
Other Current Assets
|
74
|
|
77
|
|
||
Total Current Assets
|
3,821
|
|
3,278
|
|
||
|
|
|
||||
Properties
|
45,065
|
|
45,100
|
|
||
Accumulated Depreciation
|
(12,877
|
)
|
(12,932
|
)
|
||
Properties - Net
|
32,188
|
|
32,168
|
|
||
|
|
|
||||
Investment in Conrail
|
993
|
|
982
|
|
||
Affiliates and Other Companies
|
908
|
|
897
|
|
||
Right-of-Use Lease Asset
|
523
|
|
532
|
|
||
Other Long-term Assets
|
401
|
|
400
|
|
||
Total Assets
|
$
|
38,834
|
|
$
|
38,257
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||
Current Liabilities:
|
|
|
||||
Accounts Payable
|
$
|
1,058
|
|
$
|
1,043
|
|
Labor and Fringe Benefits Payable
|
345
|
|
489
|
|
||
Casualty, Environmental and Other Reserves (Note 4)
|
99
|
|
100
|
|
||
Current Maturities of Long-term Debt (Note 7)
|
255
|
|
245
|
|
||
Income and Other Taxes Payable
|
269
|
|
69
|
|
||
Other Current Liabilities
|
185
|
|
205
|
|
||
Total Current Liabilities
|
2,211
|
|
2,151
|
|
||
|
|
|
||||
Casualty, Environmental and Other Reserves (Note 4)
|
210
|
|
205
|
|
||
Long-term Debt (Note 7)
|
16,477
|
|
15,993
|
|
||
Deferred Income Taxes - Net
|
6,991
|
|
6,961
|
|
||
Long-term Lease Liability
|
489
|
|
493
|
|
||
Other Long-term Liabilities
|
568
|
|
591
|
|
||
Total Liabilities
|
26,946
|
|
26,394
|
|
||
|
|
|
||||
Shareholders' Equity:
|
|
|
||||
Common Stock, $1 Par Value
|
765
|
|
773
|
|
||
Other Capital
|
366
|
|
346
|
|
||
Retained Earnings
|
11,412
|
|
11,404
|
|
||
Accumulated Other Comprehensive Loss (Note 11)
|
(672
|
)
|
(675
|
)
|
||
Noncontrolling Interest
|
17
|
|
15
|
|
||
Total Shareholders' Equity
|
11,888
|
|
11,863
|
|
||
Total Liabilities and Shareholders' Equity
|
$
|
38,834
|
|
$
|
38,257
|
|
|
CSX Q1 2020 Form 10-Q p.4
|
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|
Three Months
|
|||||
|
2020
|
2019
|
||||
|
|
|
||||
OPERATING ACTIVITIES
|
|
|
||||
Net Earnings
|
$
|
770
|
|
$
|
834
|
|
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
|
|
|
||||
Depreciation
|
344
|
|
330
|
|
||
Deferred Income Taxes
|
28
|
|
51
|
|
||
Gain on Property Dispositions
|
(18
|
)
|
(27
|
)
|
||
Other Operating Activities
|
—
|
|
(33
|
)
|
||
Changes in Operating Assets and Liabilities:
|
|
|
||||
Accounts Receivable
|
(27
|
)
|
(56
|
)
|
||
Other Current Assets
|
(20
|
)
|
22
|
|
||
Accounts Payable
|
14
|
|
74
|
|
||
Income and Other Taxes Payable
|
227
|
|
150
|
|
||
Other Current Liabilities
|
(140
|
)
|
(172
|
)
|
||
Net Cash Provided by Operating Activities
|
1,178
|
|
1,173
|
|
||
|
|
|
||||
INVESTING ACTIVITIES
|
|
|
||||
Property Additions
|
(381
|
)
|
(353
|
)
|
||
Proceeds from Property Dispositions
|
35
|
|
48
|
|
||
Purchases of Short-term Investments
|
(426
|
)
|
(813
|
)
|
||
Proceeds from Sales of Short-term Investments
|
936
|
|
250
|
|
||
Other Investing Activities
|
(20
|
)
|
(2
|
)
|
||
Net Cash Provided by (Used In) Investing Activities
|
144
|
|
(870
|
)
|
||
|
|
|
||||
FINANCING ACTIVITIES
|
|
|
||||
Long-term Debt Issued (Note 7)
|
500
|
|
1,000
|
|
||
Dividends Paid
|
(201
|
)
|
(195
|
)
|
||
Shares Repurchased
|
(577
|
)
|
(796
|
)
|
||
Other Financing Activities
|
(7
|
)
|
18
|
|
||
Net Cash (Used in) Provided by Financing Activities
|
(285
|
)
|
27
|
|
||
|
|
|
||||
Net Increase in Cash and Cash Equivalents
|
1,037
|
|
330
|
|
||
|
|
|
||||
CASH AND CASH EQUIVALENTS
|
|
|
||||
Cash and Cash Equivalents at Beginning of Period
|
958
|
|
858
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
1,995
|
|
$
|
1,188
|
|
|
|
|
|
CSX Q1 2020 Form 10-Q p.5
|
|
Three Months 2020
|
Common Shares Outstanding
(Thousands)
|
Common Stock and Other Capital
|
Retained Earnings
|
Accumulated
Other
Comprehensive Income
(Loss)(a)
|
Non-controlling Interest
|
Total Shareholders' Equity
|
|||||||||||
|
|
|
|
|
|
|
|||||||||||
Balance December 31, 2019
|
773,471
|
|
$
|
1,119
|
|
$
|
11,404
|
|
$
|
(675
|
)
|
$
|
15
|
|
$
|
11,863
|
|
Comprehensive Earnings:
|
|
|
|
|
|
|
|||||||||||
Net Earnings
|
—
|
|
—
|
|
770
|
|
—
|
|
—
|
|
770
|
|
|||||
Other Comprehensive Income (Note 11)
|
—
|
|
—
|
|
—
|
|
3
|
|
—
|
|
3
|
|
|||||
Total Comprehensive Earnings
|
|
|
|
|
|
773
|
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
Common stock dividends, $0.26 per share
|
—
|
|
—
|
|
(201
|
)
|
—
|
|
—
|
|
(201
|
)
|
|||||
Share Repurchases
|
(8,906
|
)
|
(9
|
)
|
(568
|
)
|
—
|
|
—
|
|
(577
|
)
|
|||||
Stock Option Exercises and Other
|
894
|
|
21
|
|
7
|
|
—
|
|
2
|
|
30
|
|
|||||
Balance March 31, 2020
|
765,459
|
|
$
|
1,131
|
|
$
|
11,412
|
|
$
|
(672
|
)
|
$
|
17
|
|
$
|
11,888
|
|
Three Months 2019
|
Common Shares Outstanding
(Thousands)
|
Common Stock and Other Capital
|
Retained Earnings
|
Accumulated
Other
Comprehensive Income
(Loss)(a)
|
Non-controlling Interest
|
Total Shareholders' Equity
|
|||||||||||
Balance December 31, 2018
|
818,180
|
|
$
|
1,067
|
|
$
|
12,157
|
|
$
|
(661
|
)
|
$
|
17
|
|
$
|
12,580
|
|
Comprehensive Earnings:
|
|
|
|
|
|
|
|||||||||||
Net Earnings
|
—
|
|
—
|
|
834
|
|
—
|
|
—
|
|
834
|
|
|||||
Other Comprehensive Loss
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
2
|
|
|||||
Total Comprehensive Earnings
|
|
|
|
|
|
836
|
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
Common stock dividends, $0.24 per share
|
—
|
|
—
|
|
(195
|
)
|
—
|
|
—
|
|
(195
|
)
|
|||||
Share Repurchases
|
(11,540
|
)
|
(12
|
)
|
(784
|
)
|
—
|
|
—
|
|
(796
|
)
|
|||||
Stock Option Exercises and Other
|
2,524
|
|
21
|
|
(1
|
)
|
—
|
|
—
|
|
20
|
|
|||||
Balance March 31, 2019
|
809,164
|
|
$
|
1,076
|
|
$
|
12,011
|
|
$
|
(659
|
)
|
$
|
17
|
|
$
|
12,445
|
|
|
CSX Q1 2020 Form 10-Q p.6
|
|
|
CSX Q1 2020 Form 10-Q p.7
|
|
|
First Quarters
|
|||||
|
2020
|
2019
|
||||
Numerator (Dollars in millions):
|
|
|
||||
Net Earnings
|
$
|
770
|
|
$
|
834
|
|
|
|
|
||||
Denominator (Units in millions):
|
|
|
||||
Average Common Shares Outstanding
|
772
|
|
814
|
|
||
Other Potentially Dilutive Common Shares
|
1
|
|
3
|
|
||
Average Common Shares Outstanding, Assuming Dilution
|
773
|
|
817
|
|
||
|
|
|
||||
Net Earnings Per Share, Basic
|
$
|
1.00
|
|
$
|
1.02
|
|
Net Earnings Per Share, Assuming Dilution
|
$
|
1.00
|
|
$
|
1.02
|
|
|
First Quarters
|
|||||
|
2020
|
2019
|
||||
Shares Repurchased (Millions)
|
9
|
|
12
|
|
||
Cost of Shares (Dollars in millions)
|
$
|
577
|
|
$
|
796
|
|
|
CSX Q1 2020 Form 10-Q p.8
|
|
|
First Quarters
|
|||||
(Dollars in millions)
|
2020
|
2019
|
||||
|
|
|
||||
Share-Based Compensation Expense:
|
|
|
||||
Stock Options
|
$
|
10
|
|
$
|
2
|
|
Performance Units
|
9
|
|
6
|
|
||
Restricted Stock Units and Awards
|
2
|
|
2
|
|
||
Stock Awards for Directors
|
2
|
|
2
|
|
||
Employee Stock Purchase Plan
|
1
|
|
1
|
|
||
Total Share-Based Compensation Expense
|
$
|
24
|
|
$
|
13
|
|
Income Tax Benefit
|
$
|
9
|
|
$
|
28
|
|
|
CSX Q1 2020 Form 10-Q p.9
|
|
|
First Quarters
|
|||
|
2020
|
2019
|
||
Weighted-average assumptions used:
|
|
|
||
Annual dividend yield
|
N/A
|
|
1.4
|
%
|
Risk-free interest rate
|
1.4
|
%
|
2.5
|
%
|
Annualized volatility
|
24.5
|
%
|
27.6
|
%
|
Expected life (in years)
|
2.9
|
|
2.9
|
|
|
CSX Q1 2020 Form 10-Q p.10
|
|
|
First Quarters
|
|||||
|
2020
|
2019
|
||||
Weighted-average grant-date fair value
|
$
|
18.87
|
|
$
|
17.45
|
|
|
|
|
||||
Stock options valuation assumptions:
|
|
|
||||
Annual dividend yield
|
1.2
|
%
|
1.3
|
%
|
||
Risk-free interest rate
|
1.4
|
%
|
2.6
|
%
|
||
Annualized volatility
|
26.0
|
%
|
25.8
|
%
|
||
Expected life (in years)
|
6.0
|
|
6.0
|
|
||
|
|
|
||||
Other pricing model inputs:
|
|
|
||||
Weighted-average grant-date market price of CSX stock (strike price)
|
$
|
79.48
|
|
$
|
68.09
|
|
|
CSX Q1 2020 Form 10-Q p.11
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||
(Dollars in millions)
|
Current
|
Long-term
|
Total
|
|
Current
|
Long-term
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
Casualty:
|
|
|
|
|
|
|
|
||||||||||||
Personal Injury
|
$
|
42
|
|
$
|
85
|
|
$
|
127
|
|
|
$
|
42
|
|
$
|
87
|
|
$
|
129
|
|
Occupational
|
6
|
|
56
|
|
62
|
|
|
6
|
|
52
|
|
58
|
|
||||||
Total Casualty
|
48
|
|
141
|
|
189
|
|
|
48
|
|
139
|
|
187
|
|
||||||
Environmental
|
31
|
|
46
|
|
77
|
|
|
31
|
|
43
|
|
74
|
|
||||||
Other
|
20
|
|
23
|
|
43
|
|
|
21
|
|
23
|
|
44
|
|
||||||
Total
|
$
|
99
|
|
$
|
210
|
|
$
|
309
|
|
|
$
|
100
|
|
$
|
205
|
|
$
|
305
|
|
|
CSX Q1 2020 Form 10-Q p.12
|
|
•
|
type of clean-up required;
|
•
|
nature of the Company's alleged connection to the location (e.g., generator of waste sent to the site or owner or operator of the site);
|
•
|
extent of the Company's alleged connection (e.g., volume of waste sent to the location and other relevant factors); and
|
•
|
number, connection and financial viability of other named and unnamed potentially responsible parties at the location.
|
|
CSX Q1 2020 Form 10-Q p.13
|
|
|
CSX Q1 2020 Form 10-Q p.14
|
|
|
CSX Q1 2020 Form 10-Q p.15
|
|
|
CSX Q1 2020 Form 10-Q p.16
|
|
|
Pension Benefits Cost
|
||||||
(Dollars in millions)
|
First Quarters
|
||||||
|
2020
|
|
2019
|
||||
Service Cost Included in Labor and Fringe
|
$
|
10
|
|
|
$
|
8
|
|
|
|
|
|
||||
Interest Cost
|
20
|
|
|
26
|
|
||
Expected Return on Plan Assets
|
(43
|
)
|
|
(43
|
)
|
||
Amortization of Net Loss
|
14
|
|
|
7
|
|
||
Total Included in Other Income - Net
|
(9
|
)
|
|
(10
|
)
|
||
|
|
|
|
||||
Net Periodic Benefit Cost/(Credit)
|
$
|
1
|
|
|
$
|
(2
|
)
|
|
|
|
|
||||
|
|
|
|
||||
|
Other Post-retirement Benefits Cost
|
||||||
(Dollars in millions)
|
First Quarters
|
||||||
|
2020
|
|
2019
|
||||
Service Cost Included in Labor and Fringe
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||||
Interest Cost
|
1
|
|
|
1
|
|
||
Amortization of Prior Service Costs
|
(2
|
)
|
|
(2
|
)
|
||
Total Included in Other Income - Net
|
(1
|
)
|
|
(1
|
)
|
||
|
|
|
|
||||
Net Periodic Benefit Credit
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
|
|
|
|
CSX Q1 2020 Form 10-Q p.17
|
|
(Dollars in millions)
|
Current Portion
|
Long-term Portion
|
Total
|
||||||
Long-term debt as of December 31, 2019
|
$
|
245
|
|
$
|
15,993
|
|
$
|
16,238
|
|
2020 activity:
|
|
|
|
||||||
Long-term debt issued
|
—
|
|
500
|
|
500
|
|
|||
Reclassifications
|
10
|
|
(10
|
)
|
—
|
|
|||
Discount, premium and other activity
|
—
|
|
(6
|
)
|
(6
|
)
|
|||
Long-term debt as of March 31, 2020
|
$
|
255
|
|
$
|
16,477
|
|
$
|
16,732
|
|
|
CSX Q1 2020 Form 10-Q p.18
|
|
|
First Quarters
|
|||||
(Dollars in millions)
|
2020
|
2019
|
||||
|
|
|
||||
Chemicals(a)
|
$
|
626
|
|
$
|
588
|
|
Agricultural and Food Products
|
365
|
|
344
|
|
||
Automotive
|
281
|
|
311
|
|
||
Forest Products(a)
|
217
|
|
212
|
|
||
Metals and Equipment(a)
|
199
|
|
189
|
|
||
Minerals(a)
|
127
|
|
125
|
|
||
Fertilizers
|
112
|
|
110
|
|
||
Total Merchandise
|
1,927
|
|
1,879
|
|
||
|
|
|
||||
Coal
|
405
|
|
538
|
|
||
|
|
|
||||
Intermodal
|
422
|
|
428
|
|
||
|
|
|
||||
Other
|
101
|
|
168
|
|
||
|
|
|
||||
Total
|
$
|
2,855
|
|
$
|
3,013
|
|
|
CSX Q1 2020 Form 10-Q p.19
|
|
•
|
Revenue associated with shipments in transit is recognized ratably over transit time and is based on average cycle times to move commodities and products from their origin to their final destination or interchange;
|
•
|
Adjustments to revenue for billing corrections and billing discounts;
|
•
|
Adjustments to revenue for overcharge claims filed by customers, which are based on historical payments to customers for rate overcharges as a percentage of total billing; and
|
•
|
Incentive-based refunds to customers, which are primarily volume-related, are recorded as a reduction to revenue on the basis of the projected liability (this estimate is based on historical activity, current volume levels and forecasted future volume).
|
|
CSX Q1 2020 Form 10-Q p.20
|
|
(Dollars in millions)
|
March 31,
2020 |
December 31,
2019 |
||||
|
|
|
||||
Freight Receivables
|
$
|
802
|
|
$
|
790
|
|
Freight Allowance for Credit Losses
|
(20
|
)
|
(21
|
)
|
||
Freight Receivables, net
|
782
|
|
769
|
|
||
|
|
|
||||
Non-Freight Receivables
|
235
|
|
226
|
|
||
Non-Freight Allowance for Credit Losses
|
(9
|
)
|
(9
|
)
|
||
Non-Freight Receivables, net
|
226
|
|
217
|
|
||
Total Accounts Receivable, net
|
$
|
1,008
|
|
$
|
986
|
|
|
CSX Q1 2020 Form 10-Q p.21
|
|
•
|
Level 1 - observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets;
|
•
|
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.); and
|
•
|
Level 3 - significant unobservable inputs (including the Company's own assumptions about the assumptions market participants would use in determining the fair value of investments).
|
•
|
Commercial Paper and Certificates of Deposit (Level 2): Valued at amortized cost, which approximates fair value; and
|
•
|
Corporate Bonds and Government Securities (Level 2): Valued using broker quotes that utilize observable market inputs.
|
|
CSX Q1 2020 Form 10-Q p.22
|
|
(Dollars in Millions)
|
March 31,
2020 |
December 31,
2019 |
||||
Commercial Paper and Certificates of Deposit
|
$
|
486
|
|
$
|
989
|
|
Corporate Bonds
|
56
|
|
59
|
|
||
Government Securities
|
37
|
|
36
|
|
||
Total investments at fair value
|
$
|
579
|
|
$
|
1,084
|
|
|
|
|
||||
Total investments at amortized cost
|
$
|
573
|
|
$
|
1,076
|
|
(Dollars in millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Less than 1 year
|
$
|
487
|
|
|
$
|
996
|
|
1 - 5 years
|
9
|
|
|
10
|
|
||
5 - 10 years
|
31
|
|
|
25
|
|
||
Greater than 10 years
|
52
|
|
|
53
|
|
||
Total investments at fair value
|
$
|
579
|
|
|
$
|
1,084
|
|
(Dollars in millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Long-term Debt (Including Current Maturities):
|
|
|
|
||||
Fair Value
|
$
|
18,778
|
|
|
$
|
18,503
|
|
Carrying Value
|
16,732
|
|
|
16,238
|
|
|
CSX Q1 2020 Form 10-Q p.23
|
|
|
Pension and Other Post-Employment Benefits
|
|
Other
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||
(Dollars in millions)
|
|
|
|
|
|
||||||
Balance December 31, 2019, Net of Tax
|
$
|
(619
|
)
|
|
$
|
(56
|
)
|
|
$
|
(675
|
)
|
Other Comprehensive Income (Loss)
|
|
|
|
|
|
||||||
Loss Before Reclassifications
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||
Amounts Reclassified to Net Earnings
|
14
|
|
|
(3
|
)
|
|
11
|
|
|||
Tax (Expense) Benefit
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
|||
Total Other Comprehensive Income (Loss)
|
12
|
|
|
(9
|
)
|
|
3
|
|
|||
Balance March 31, 2020, Net of Tax
|
$
|
(607
|
)
|
|
$
|
(65
|
)
|
|
$
|
(672
|
)
|
|
CSX Q1 2020 Form 10-Q p.24
|
|
Consolidating Income Statements
|
||||||||||||
(Dollars in millions)
|
||||||||||||
First Quarter 2020
|
CSX Corporation
|
CSX Transportation
|
Eliminations and Other
|
Consolidated
|
||||||||
Revenue
|
$
|
—
|
|
$
|
2,833
|
|
$
|
22
|
|
$
|
2,855
|
|
Expense
|
(99
|
)
|
1,814
|
|
(38
|
)
|
1,677
|
|
||||
Operating Income
|
99
|
|
1,019
|
|
60
|
|
1,178
|
|
||||
|
|
|
|
|
||||||||
Equity in Earnings of Subsidiaries
|
855
|
|
—
|
|
(855
|
)
|
—
|
|
||||
Interest (Expense) / Benefit
|
(216
|
)
|
(10
|
)
|
39
|
|
(187
|
)
|
||||
Other Income / (Expense) - Net
|
5
|
|
45
|
|
(28
|
)
|
22
|
|
||||
|
|
|
|
|
||||||||
Earnings Before Income Taxes
|
743
|
|
1,054
|
|
(784
|
)
|
1,013
|
|
||||
Income Tax Benefit / (Expense)
|
27
|
|
(255
|
)
|
(15
|
)
|
(243
|
)
|
||||
Net Earnings
|
$
|
770
|
|
$
|
799
|
|
$
|
(799
|
)
|
$
|
770
|
|
|
|
|
|
|
||||||||
Total Comprehensive Earnings
|
$
|
773
|
|
$
|
800
|
|
$
|
(800
|
)
|
$
|
773
|
|
|
|
|
|
|
||||||||
First Quarter 2019
|
CSX Corporation
|
CSX Transportation
|
Eliminations and Other
|
Consolidated
|
||||||||
Revenue
|
$
|
—
|
|
$
|
2,993
|
|
$
|
20
|
|
$
|
3,013
|
|
Expense
|
(137
|
)
|
1,968
|
|
(37
|
)
|
1,794
|
|
||||
Operating Income
|
137
|
|
1,025
|
|
57
|
|
1,219
|
|
||||
|
|
|
|
|
||||||||
Equity in Earnings of Subsidiaries
|
874
|
|
—
|
|
(874
|
)
|
—
|
|
||||
Interest (Expense) / Benefit
|
(216
|
)
|
(11
|
)
|
49
|
|
(178
|
)
|
||||
Other Income / (Expense) - Net
|
8
|
|
52
|
|
(37
|
)
|
23
|
|
||||
|
|
|
|
|
||||||||
Earnings Before Income Taxes
|
803
|
|
1,066
|
|
(805
|
)
|
1,064
|
|
||||
Income Tax Benefit / (Expense)
|
31
|
|
(245
|
)
|
(16
|
)
|
(230
|
)
|
||||
Net Earnings
|
$
|
834
|
|
$
|
821
|
|
$
|
(821
|
)
|
$
|
834
|
|
|
|
|
|
|
||||||||
Total Comprehensive Earnings
|
$
|
836
|
|
$
|
819
|
|
$
|
(819
|
)
|
$
|
836
|
|
|
CSX Q1 2020 Form 10-Q p.25
|
|
Consolidating Balance Sheet
|
||||||||||||
(Dollars in millions)
|
||||||||||||
March 31, 2020
|
CSX Corporation
|
CSX Transportation
|
Eliminations and Other
|
Consolidated
|
||||||||
|
|
|
|
|
||||||||
ASSETS
|
||||||||||||
Current Assets
|
|
|
|
|
||||||||
Cash and Cash Equivalents
|
$
|
1,891
|
|
$
|
91
|
|
$
|
13
|
|
$
|
1,995
|
|
Short-term Investments
|
484
|
|
—
|
|
3
|
|
487
|
|
||||
Accounts Receivable - Net
|
—
|
|
996
|
|
12
|
|
1,008
|
|
||||
Receivable from Affiliates
|
827
|
|
7,674
|
|
(8,501
|
)
|
—
|
|
||||
Materials and Supplies
|
—
|
|
257
|
|
—
|
|
257
|
|
||||
Other Current Assets
|
—
|
|
63
|
|
11
|
|
74
|
|
||||
Total Current Assets
|
3,202
|
|
9,081
|
|
(8,462
|
)
|
3,821
|
|
||||
|
|
|
|
|
||||||||
Properties
|
1
|
|
42,040
|
|
3,024
|
|
45,065
|
|
||||
Accumulated Depreciation
|
(1
|
)
|
(11,110
|
)
|
(1,766
|
)
|
(12,877
|
)
|
||||
Properties - Net
|
—
|
|
30,930
|
|
1,258
|
|
32,188
|
|
||||
|
|
|
|
|
||||||||
Investments in Conrail
|
—
|
|
—
|
|
993
|
|
993
|
|
||||
Affiliates and Other Companies
|
(39
|
)
|
934
|
|
13
|
|
908
|
|
||||
Investments in Consolidated Subsidiaries
|
35,134
|
|
—
|
|
(35,134
|
)
|
—
|
|
||||
Right-of-Use Lease Asset
|
—
|
|
501
|
|
22
|
|
523
|
|
||||
Other Long-term Assets
|
3
|
|
623
|
|
(225
|
)
|
401
|
|
||||
Total Assets
|
$
|
38,300
|
|
$
|
42,069
|
|
$
|
(41,535
|
)
|
$
|
38,834
|
|
|
|
|
|
|
||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
||||||||||
Current Liabilities
|
|
|
|
|
||||||||
Accounts Payable
|
$
|
194
|
|
$
|
811
|
|
$
|
53
|
|
$
|
1,058
|
|
Labor and Fringe Benefits Payable
|
30
|
|
302
|
|
13
|
|
345
|
|
||||
Payable to Affiliates
|
9,835
|
|
326
|
|
(10,161
|
)
|
—
|
|
||||
Casualty, Environmental and Other Reserves
|
—
|
|
86
|
|
13
|
|
99
|
|
||||
Current Maturities of Long-term Debt
|
10
|
|
245
|
|
—
|
|
255
|
|
||||
Income and Other Taxes Payable
|
(184
|
)
|
431
|
|
22
|
|
269
|
|
||||
Other Current Liabilities
|
—
|
|
168
|
|
17
|
|
185
|
|
||||
Total Current Liabilities
|
9,885
|
|
2,369
|
|
(10,043
|
)
|
2,211
|
|
||||
|
|
|
|
|
||||||||
Casualty, Environmental and Other Reserves
|
—
|
|
174
|
|
36
|
|
210
|
|
||||
Long-term Debt
|
16,020
|
|
457
|
|
—
|
|
16,477
|
|
||||
Deferred Income Taxes - Net
|
(145
|
)
|
6,859
|
|
277
|
|
6,991
|
|
||||
Long-term Lease Liability
|
—
|
|
473
|
|
16
|
|
489
|
|
||||
Other Long-term Liabilities
|
669
|
|
212
|
|
(313
|
)
|
568
|
|
||||
Total Liabilities
|
$
|
26,429
|
|
$
|
10,544
|
|
$
|
(10,027
|
)
|
$
|
26,946
|
|
|
|
|
|
|
||||||||
Shareholders' Equity
|
|
|
|
|
||||||||
Common Stock, $1 Par Value
|
$
|
765
|
|
$
|
181
|
|
$
|
(181
|
)
|
$
|
765
|
|
Other Capital
|
366
|
|
5,096
|
|
(5,096
|
)
|
366
|
|
||||
Retained Earnings
|
11,412
|
|
26,195
|
|
(26,195
|
)
|
11,412
|
|
||||
Accumulated Other Comprehensive Loss
|
(672
|
)
|
36
|
|
(36
|
)
|
(672
|
)
|
||||
Noncontrolling Interest
|
—
|
|
17
|
|
—
|
|
17
|
|
||||
Total Shareholders' Equity
|
$
|
11,871
|
|
$
|
31,525
|
|
$
|
(31,508
|
)
|
$
|
11,888
|
|
Total Liabilities and Shareholders' Equity
|
$
|
38,300
|
|
$
|
42,069
|
|
$
|
(41,535
|
)
|
$
|
38,834
|
|
|
CSX Q1 2020 Form 10-Q p.26
|
|
Consolidating Balance Sheet
(Dollars in millions)
|
||||||||||||
December 31, 2019
|
CSX Corporation
|
CSX Transportation
|
Eliminations and Other
|
Consolidated
|
||||||||
ASSETS
|
||||||||||||
Current Assets
|
|
|
|
|
||||||||
Cash and Cash Equivalents
|
$
|
814
|
|
$
|
136
|
|
$
|
8
|
|
$
|
958
|
|
Short-term Investments
|
989
|
|
—
|
|
7
|
|
996
|
|
||||
Accounts Receivable - Net
|
4
|
|
969
|
|
13
|
|
986
|
|
||||
Receivable from Affiliates
|
1,054
|
|
7,405
|
|
(8,459
|
)
|
—
|
|
||||
Materials and Supplies
|
—
|
|
261
|
|
—
|
|
261
|
|
||||
Other Current Assets
|
26
|
|
30
|
|
21
|
|
77
|
|
||||
Total Current Assets
|
2,887
|
|
8,801
|
|
(8,410
|
)
|
3,278
|
|
||||
|
|
|
|
|
||||||||
Properties
|
1
|
|
42,110
|
|
2,989
|
|
45,100
|
|
||||
Accumulated Depreciation
|
(1
|
)
|
(11,199
|
)
|
(1,732
|
)
|
(12,932
|
)
|
||||
Properties - Net
|
—
|
|
30,911
|
|
1,257
|
|
32,168
|
|
||||
|
|
|
|
|
||||||||
Investments in Conrail
|
—
|
|
—
|
|
982
|
|
982
|
|
||||
Affiliates and Other Companies
|
(39
|
)
|
923
|
|
13
|
|
897
|
|
||||
Investment in Consolidated Subsidiaries
|
34,528
|
|
—
|
|
(34,528
|
)
|
—
|
|
||||
Right of Use Lease Asset
|
—
|
|
514
|
|
18
|
|
532
|
|
||||
Other Long-term Assets
|
3
|
|
629
|
|
(232
|
)
|
400
|
|
||||
Total Assets
|
$
|
37,379
|
|
$
|
41,778
|
|
$
|
(40,900
|
)
|
$
|
38,257
|
|
|
|
|
|
|
||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
||||||||||
Current Liabilities
|
|
|
|
|
||||||||
Accounts Payable
|
$
|
153
|
|
$
|
830
|
|
$
|
60
|
|
$
|
1,043
|
|
Labor and Fringe Benefits Payable
|
38
|
|
386
|
|
65
|
|
489
|
|
||||
Payable to Affiliates
|
9,552
|
|
574
|
|
(10,126
|
)
|
—
|
|
||||
Casualty, Environmental and Other Reserves
|
—
|
|
87
|
|
13
|
|
100
|
|
||||
Current Maturities of Long-term Debt
|
—
|
|
245
|
|
—
|
|
245
|
|
||||
Income and Other Taxes Payable
|
(286
|
)
|
340
|
|
15
|
|
69
|
|
||||
Other Current Liabilities
|
—
|
|
192
|
|
13
|
|
205
|
|
||||
Total Current Liabilities
|
9,457
|
|
2,654
|
|
(9,960
|
)
|
2,151
|
|
||||
|
|
|
|
|
||||||||
Casualty, Environmental and Other Reserves
|
—
|
|
169
|
|
36
|
|
205
|
|
||||
Long-term Debt
|
15,534
|
|
459
|
|
—
|
|
15,993
|
|
||||
Deferred Income Taxes - Net
|
(152
|
)
|
6,827
|
|
286
|
|
6,961
|
|
||||
Long-term Lease Liability
|
—
|
|
481
|
|
12
|
|
493
|
|
||||
Other Long-term Liabilities
|
692
|
|
215
|
|
(316
|
)
|
591
|
|
||||
Total Liabilities
|
$
|
25,531
|
|
$
|
10,805
|
|
$
|
(9,942
|
)
|
$
|
26,394
|
|
|
|
|
|
|
||||||||
Shareholders' Equity
|
|
|
|
|
||||||||
Common Stock, $1 Par Value
|
$
|
773
|
|
$
|
181
|
|
$
|
(181
|
)
|
$
|
773
|
|
Other Capital
|
346
|
|
5,096
|
|
(5,096
|
)
|
346
|
|
||||
Retained Earnings
|
11,404
|
|
25,646
|
|
(25,646
|
)
|
11,404
|
|
||||
Accumulated Other Comprehensive Loss
|
(675
|
)
|
35
|
|
(35
|
)
|
(675
|
)
|
||||
Noncontrolling Minority Interest
|
—
|
|
15
|
|
—
|
|
15
|
|
||||
Total Shareholders' Equity
|
$
|
11,848
|
|
$
|
30,973
|
|
$
|
(30,958
|
)
|
$
|
11,863
|
|
Total Liabilities and Shareholders' Equity
|
$
|
37,379
|
|
$
|
41,778
|
|
$
|
(40,900
|
)
|
$
|
38,257
|
|
|
CSX Q1 2020 Form 10-Q p.27
|
|
Consolidating Cash Flow Statements
|
||||||||||||
(Dollars in millions)
|
||||||||||||
Three Months 2020
|
CSX
Corporation
|
CSX
Transportation
|
Eliminations and Other
|
Consolidated
|
||||||||
Operating Activities
|
|
|
|
|
||||||||
Net Cash Provided by (Used in) Operating Activities
|
$
|
855
|
|
$
|
514
|
|
$
|
(191
|
)
|
$
|
1,178
|
|
Investing Activities
|
|
|
|
|
||||||||
Property Additions
|
—
|
|
(341
|
)
|
(40
|
)
|
(381
|
)
|
||||
Proceeds from Property Dispositions
|
—
|
|
35
|
|
—
|
|
35
|
|
||||
Purchases of Short-term Investments
|
(424
|
)
|
—
|
|
(2
|
)
|
(426
|
)
|
||||
Proceeds from Sales of Short-term Investments
|
930
|
|
—
|
|
6
|
|
936
|
|
||||
Other Investing Activities
|
1
|
|
(3
|
)
|
(18
|
)
|
(20
|
)
|
||||
Net Cash Provided by (Used in) Investing Activities
|
507
|
|
(309
|
)
|
(54
|
)
|
144
|
|
||||
Financing Activities
|
|
|
|
|
||||||||
Long-term Debt Issued
|
500
|
|
—
|
|
—
|
|
500
|
|
||||
Dividends Paid
|
(201
|
)
|
(250
|
)
|
250
|
|
(201
|
)
|
||||
Shares Repurchased
|
(577
|
)
|
—
|
|
—
|
|
(577
|
)
|
||||
Other Financing Activities
|
(7
|
)
|
—
|
|
—
|
|
(7
|
)
|
||||
Net Cash (Used in) Provided by Financing Activities
|
(285
|
)
|
(250
|
)
|
250
|
|
(285
|
)
|
||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
1,077
|
|
(45
|
)
|
5
|
|
1,037
|
|
||||
Cash and Cash Equivalents at Beginning of Period
|
814
|
|
136
|
|
8
|
|
958
|
|
||||
Cash and Cash Equivalents at End of Period
|
$
|
1,891
|
|
$
|
91
|
|
$
|
13
|
|
$
|
1,995
|
|
|
CSX Q1 2020 Form 10-Q p.28
|
|
Consolidating Cash Flow Statements
|
||||||||||||
(Dollars in millions)
|
||||||||||||
Three Months 2019
|
CSX
Corporation
|
CSX
Transportation
|
Eliminations and Other
|
Consolidated
|
||||||||
Operating Activities
|
|
|
|
|
||||||||
Net Cash Provided by (Used in) Operating Activities
|
$
|
852
|
|
$
|
533
|
|
$
|
(212
|
)
|
$
|
1,173
|
|
Investing Activities
|
|
|
|
|
||||||||
Property Additions
|
—
|
|
(319
|
)
|
(34
|
)
|
(353
|
)
|
||||
Proceeds from Property Dispositions
|
—
|
|
51
|
|
(3
|
)
|
48
|
|
||||
Purchases of Short-term Investments
|
(813
|
)
|
—
|
|
—
|
|
(813
|
)
|
||||
Proceeds from Sales of Short-term Investments
|
250
|
|
—
|
|
—
|
|
250
|
|
||||
Other Investing Activities
|
(1
|
)
|
(1
|
)
|
—
|
|
(2
|
)
|
||||
Net Cash Used in Investing Activities
|
(564
|
)
|
(269
|
)
|
(37
|
)
|
(870
|
)
|
||||
Financing Activities
|
|
|
|
|
||||||||
Long-term Debt Issued
|
1,000
|
|
—
|
|
—
|
|
1,000
|
|
||||
Dividends Paid
|
(195
|
)
|
(250
|
)
|
250
|
|
(195
|
)
|
||||
Shares Repurchased
|
(796
|
)
|
—
|
|
—
|
|
(796
|
)
|
||||
Other Financing Activities
|
19
|
|
(1
|
)
|
—
|
|
18
|
|
||||
Net Cash Provided by (Used in) Financing Activities
|
28
|
|
(251
|
)
|
250
|
|
27
|
|
||||
Net Increase in Cash and Cash Equivalents
|
316
|
|
13
|
|
1
|
|
330
|
|
||||
Cash and Cash Equivalents at Beginning of Period
|
716
|
|
130
|
|
12
|
|
858
|
|
||||
Cash and Cash Equivalents at End of Period
|
$
|
1,032
|
|
$
|
143
|
|
$
|
13
|
|
$
|
1,188
|
|
|
CSX Q1 2020 Form 10-Q p.29
|
|
•
|
Revenue decreased $158 million, or 5% year over year.
|
•
|
Expenses decreased $117 million, or 7% year over year.
|
•
|
Operating income of $1.2 billion decreased $41 million year over year.
|
•
|
Operating ratio of 58.7% improved 80 basis points versus last year's quarter.
|
•
|
Earnings per diluted share of $1.00 decreased $0.02, or 2% year over year.
|
|
First Quarters
|
|||||||||
|
2020
|
2019
|
Fav /
(Unfav)
|
% Change
|
||||||
Volume (in thousands)
|
1,514
|
|
1,531
|
|
(17
|
)
|
(1)%
|
|||
|
|
|
|
|
||||||
(in millions)
|
|
|
|
|
||||||
Revenue
|
$
|
2,855
|
|
$
|
3,013
|
|
$
|
(158
|
)
|
(5)
|
Expense
|
1,677
|
|
1,794
|
|
117
|
|
7
|
|||
Operating Income
|
$
|
1,178
|
|
$
|
1,219
|
|
$
|
(41
|
)
|
(3)%
|
|
|
|
|
|
||||||
Operating Ratio
|
58.7
|
%
|
59.5
|
%
|
80
|
|
bps
|
|||
|
|
|
|
|
||||||
Earnings Per Diluted Share
|
$
|
1.00
|
|
$
|
1.02
|
|
$
|
(0.02
|
)
|
(2)%
|
|
CSX Q1 2020 Form 10-Q p.30
|
|
Volume and Revenue (Unaudited)
|
||||||||||||||||||||||||||||||
Volume (Thousands of units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)
|
||||||||||||||||||||||||||||||
First Quarters
|
||||||||||||||||||||||||||||||
|
Volume
|
|
Revenue
|
|
Revenue Per Unit
|
|||||||||||||||||||||||||
|
2020
|
|
2019
|
|
% Change
|
|
2020
|
|
2019
|
|
% Change
|
|
2020
|
|
2019
|
|
% Change
|
|||||||||||||
Chemicals(a)
|
178
|
|
|
167
|
|
|
7
|
%
|
|
$
|
626
|
|
|
$
|
588
|
|
|
6
|
%
|
|
$
|
3,517
|
|
|
$
|
3,521
|
|
|
—
|
%
|
Agricultural and Food Products
|
121
|
|
|
114
|
|
|
6
|
|
|
365
|
|
|
344
|
|
|
6
|
|
|
3,017
|
|
|
3,018
|
|
|
—
|
|
||||
Automotive
|
104
|
|
|
115
|
|
|
(10
|
)
|
|
281
|
|
|
311
|
|
|
(10
|
)
|
|
2,702
|
|
|
2,704
|
|
|
—
|
|
||||
Minerals(a)
|
74
|
|
|
70
|
|
|
6
|
|
|
127
|
|
|
125
|
|
|
2
|
|
|
1,716
|
|
|
1,786
|
|
|
(4
|
)
|
||||
Forest Products(a)
|
71
|
|
|
70
|
|
|
1
|
|
|
217
|
|
|
212
|
|
|
2
|
|
|
3,056
|
|
|
3,029
|
|
|
1
|
|
||||
Metals and Equipment(a)
|
67
|
|
|
64
|
|
|
5
|
|
|
199
|
|
|
189
|
|
|
5
|
|
|
2,970
|
|
|
2,953
|
|
|
1
|
|
||||
Fertilizers
|
58
|
|
|
62
|
|
|
(6
|
)
|
|
112
|
|
|
110
|
|
|
2
|
|
|
1,931
|
|
|
1,774
|
|
|
9
|
|
||||
Total Merchandise
|
673
|
|
|
662
|
|
|
2
|
|
|
1,927
|
|
|
1,879
|
|
|
3
|
|
|
2,863
|
|
|
2,838
|
|
|
1
|
|
||||
Coal
|
181
|
|
|
212
|
|
|
(15
|
)
|
|
405
|
|
|
538
|
|
|
(25
|
)
|
|
2,238
|
|
|
2,538
|
|
|
(12
|
)
|
||||
Intermodal
|
660
|
|
|
657
|
|
|
—
|
|
|
422
|
|
|
428
|
|
|
(1
|
)
|
|
639
|
|
|
651
|
|
|
(2
|
)
|
||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
101
|
|
|
168
|
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
1,514
|
|
|
1,531
|
|
|
(1
|
)%
|
|
$
|
2,855
|
|
|
$
|
3,013
|
|
|
(5
|
)%
|
|
$
|
1,886
|
|
|
$
|
1,968
|
|
|
(4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CSX Q1 2020 Form 10-Q p.31
|
|
|
CSX Q1 2020 Form 10-Q p.32
|
|
•
|
Efficiency and volume savings of $62 million primarily resulted from lower headcount, less overtime and reduced crew starts.
|
•
|
Total incentive compensation decreased $14 million primarily due to a lower expected annual incentive payout, partially offset by the acceleration of stock compensation expense for awards granted this quarter to certain retirement-eligible employees.
|
•
|
Other costs increased $10 million primarily due to the recognition of railroad retirement tax refunds in the prior year and inflation, partially offset by other non-significant items.
|
•
|
Efficiency and volume savings of $32 million primarily resulted from lower operating support costs, lower terminal costs and reduced equipment maintenance expenses.
|
•
|
Gains from real estate and line sales were $18 million in 2020 compared to $27 million in 2019.
|
•
|
All other costs increased $6 million primarily driven by inflation.
|
|
CSX Q1 2020 Form 10-Q p.33
|
|
|
Three Months
|
|||||
(Dollars in millions)
|
2020
|
2019
|
||||
Net cash provided by operating activities
|
$
|
1,178
|
|
$
|
1,173
|
|
Property Additions
|
(381
|
)
|
(353
|
)
|
||
Other Investing Activities
|
15
|
|
46
|
|
||
Free Cash Flow (before payment of dividends)
|
$
|
812
|
|
$
|
866
|
|
|
CSX Q1 2020 Form 10-Q p.34
|
|
|
First Quarters
|
|||||
|
2020
|
2019
|
Improvement/
(Deterioration)
|
|||
Operations Performance
|
|
|
|
|||
Train Velocity (Miles per hour)(a)
|
21.2
|
|
20.4
|
|
4
|
%
|
Dwell (Hours)(a)
|
8.3
|
|
8.6
|
|
3
|
%
|
Cars Online(a)
|
110,801
|
|
118,989
|
|
7
|
%
|
|
|
|
|
|||
Revenue Ton-Miles (Billions)
|
|
|
|
|||
Merchandise
|
33.1
|
|
31.6
|
|
5
|
%
|
Coal
|
8.6
|
|
10.5
|
|
(18
|
)%
|
Intermodal
|
6.8
|
|
6.5
|
|
5
|
%
|
Total Revenue Ton-Miles
|
48.5
|
|
48.6
|
|
—
|
%
|
|
|
|
|
|||
Total Gross Ton-Miles (Billions)
|
95.3
|
|
96.7
|
|
(1
|
)%
|
On-Time Originations
|
91
|
%
|
81
|
%
|
12
|
%
|
On-Time Arrivals(b)
|
84
|
%
|
80
|
%
|
5
|
%
|
|
|
|
|
|||
Safety
|
|
|
|
|||
FRA Personal Injury Frequency Index
|
0.59
|
|
0.76
|
|
22
|
%
|
FRA Train Accident Rate
|
1.85
|
|
2.80
|
|
34
|
%
|
|
CSX Q1 2020 Form 10-Q p.35
|
|
•
|
Cash provided by operating activities was essentially flat compared to the prior year.
|
•
|
Cash provided by investing activities was $144 million in first quarter compared to cash used in investing activities of $870 million in first quarter 2019. This change was primarily driven by an increase in net sales of short-term investments.
|
•
|
Cash used in financing activities was $285 million in first quarter compared to cash provided by financing activities of $27 million in first quarter 2019. This change was primarily driven by lower proceeds from debt issuances, partially offset by lower share repurchases.
|
|
CSX Q1 2020 Form 10-Q p.36
|
|
|
CSX Q1 2020 Form 10-Q p.37
|
|
•
|
personal injury, environmental and legal reserves;
|
•
|
pension and post-retirement medical plan accounting; and
|
•
|
depreciation policies for assets under the group-life method.
|
•
|
projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes or other financial items;
|
•
|
expectations as to results of operations and operational initiatives;
|
•
|
expectations as to the effect of claims, lawsuits, environmental costs, commitments, contingent liabilities, labor negotiations or agreements on the Company's financial condition, results of operations or liquidity;
|
•
|
management's plans, strategies and objectives for future operations, capital expenditures, workforce levels, dividends, share repurchases, safety and service performance, proposed new services and other matters that are not historical facts, and management's expectations as to future performance and operations and the time by which objectives will be achieved; and
|
•
|
future economic, industry or market conditions or performance and their effect on the Company's financial condition, results of operations or liquidity.
|
|
CSX Q1 2020 Form 10-Q p.38
|
|
•
|
legislative, regulatory or legal developments involving transportation, including rail or intermodal transportation, the environment, hazardous materials, taxation, international trade and initiatives to further regulate the rail industry;
|
•
|
the outcome of litigation, claims and other contingent liabilities, including, but not limited to, those related to fuel surcharge, environmental matters, taxes, shipper and rate claims subject to adjudication, personal injuries and occupational illnesses;
|
•
|
changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation) and the level of demand for products carried by CSXT;
|
•
|
natural events such as severe weather conditions, including floods, fire, hurricanes and earthquakes, a pandemic crisis, including the recent outbreak of the coronavirus COVID-19, affecting the health of the Company's employees, its shippers or the consumers of goods, or other unforeseen disruptions of the Company's operations, systems, property, equipment or supply chain;
|
•
|
competition from other modes of freight transportation, such as trucking and competition and consolidation or financial distress within the transportation industry generally;
|
•
|
the cost of compliance with laws and regulations that differ from expectations (including those associated with PTC implementation) as well as costs, penalties and operational and liquidity impacts associated with noncompliance with applicable laws or regulations;
|
•
|
the impact of increased passenger activities in capacity-constrained areas, including potential effects of high speed rail initiatives, or regulatory changes affecting when CSXT can transport freight or service routes;
|
•
|
unanticipated conditions in the financial markets that may affect timely access to capital markets and the cost of capital, as well as management's decisions regarding share repurchases;
|
•
|
changes in fuel prices, surcharges for fuel and the availability of fuel;
|
•
|
the impact of natural gas prices on coal-fired electricity generation;
|
•
|
the impact of global supply and price of seaborne coal on CSXT's export coal market;
|
•
|
availability of insurance coverage at commercially reasonable rates or insufficient insurance coverage to cover claims or damages;
|
|
CSX Q1 2020 Form 10-Q p.39
|
|
•
|
the inherent business risks associated with safety and security, including the transportation of hazardous materials or a cybersecurity attack which would threaten the availability and vulnerability of information technology;
|
•
|
adverse economic or operational effects from actual or threatened war or terrorist activities and any governmental response;
|
•
|
loss of key personnel or the inability to hire and retain qualified employees;
|
•
|
labor and benefit costs and labor difficulties, including stoppages affecting either the Company's operations or customers' ability to deliver goods to the Company for shipment;
|
•
|
the Company's success in implementing its strategic, financial and operational initiatives;
|
•
|
the impact of conditions in the real estate market on the Company's ability to sell assets;
|
•
|
changes in operating conditions and costs or commodity concentrations; and
|
•
|
the inherent uncertainty associated with projecting economic and business conditions.
|
|
CSX Q1 2020 Form 10-Q p.40
|
|
|
CSX Q1 2020 Form 10-Q p.41
|
|
|
CSX Purchases of Equity Securities
for the Quarter
|
|
||||||||
First Quarter
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
|
||||||
Beginning Balance
|
|
|
|
$
|
1,755,803,734
|
|
||||
January 1 - January 31, 2020
|
399,535
|
|
$
|
76.03
|
|
298,790
|
|
1,733,280,936
|
|
|
February 1 - February 29, 2020
|
1,569,530
|
|
77.38
|
|
1,569,095
|
|
1,611,870,190
|
|
||
March 1 - March 31, 2020
|
7,038,164
|
|
61.49
|
|
7,038,164
|
|
1,179,116,549
|
|
||
Ending Balance
|
9,007,229
|
|
$
|
64.90
|
|
8,906,049
|
|
$
|
1,179,116,549
|
|
|
CSX Q1 2020 Form 10-Q p.42
|
|
|
CSX Q1 2020 Form 10-Q p.43
|
|
|
CSX Q1 2020 Form 10-Q p.44
|
|
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