CSX Corporation
(NASDAQ:CSX)

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. I...

Website: http://www.csx.com

Founded: 1980

Full Time Employees: 19,000

CEO: James M. Foote

Sector: Industrials

Industry: Railroads

Transportation Railroads

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At a glance:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2016-06-24	2016-03-25	2014-12-26	2014-09-26	2014-06-27	2008-06-27	2008-03-28	2007-12-28	2007-06-29	2007-03-30	2006-12-29	2006-09-29	2006-06-30	2006-03-31	2005-12-30	2005-09-30	2005-07-01	2005-04-01	2004-12-31	2004-09-24	2004-06-25	2004-03-26	2003-12-26	2003-09-26	2003-06-27	2003-03-28	2002-09-27	2002-06-28

revenue	3,482,000,000	3,508,000,000	3,587,000,000	3,574,000,000	3,423,000,000	3,539,000,000	3,619,000,000	3,701,000,000	3,681,000,000	3,680,000,000	3,572,000,000	3,699,000,000	3,706,000,000	3,730,000,000	3,895,000,000	3,815,000,000	3,413,000,000	3,427,000,000	3,292,000,000	2,990,000,000	2,813,000,000	2,825,000,000	2,648,000,000	2,255,000,000	2,855,000,000	2,885,000,000	2,978,000,000	3,061,000,000	3,013,000,000	3,143,000,000	3,129,000,000	3,102,000,000	2,876,000,000	2,863,000,000	2,743,000,000	2,933,000,000	2,704,000,000	2,618,000,000	3,192,000,000	3,221,000,000	3,244,000,000
yoy	1.72%	-0.88%	-0.88%	-3.43%	-7.01%	-3.83%	1.32%	0.05%	-0.67%	-1.34%	-8.29%	-3.04%	8.58%	8.84%	18.32%	27.59%	21.33%	21.31%	24.32%	32.59%	-1.47%	-2.08%	-11.08%	-26.33%	-5.24%	-8.21%	-4.83%	-1.32%	4.76%	9.78%	14.07%	5.76%	6.36%	9.36%	-14.07%	-8.94%	-16.65%
qoq	-0.74%	-2.20%	0.36%	4.41%	-3.28%	-2.21%	-2.22%	0.54%	0.03%	3.02%	-3.43%	-0.19%	-0.64%	-4.24%	2.10%	11.78%	-0.41%	4.10%	10.10%	6.29%	-0.42%	6.68%	17.43%	-21.02%	-1.04%	-3.12%	-2.71%	1.59%	-4.14%	0.45%	0.87%	7.86%	0.45%	4.37%	-6.48%	8.47%	3.28%	-17.98%	-0.90%	-0.71%
expense
labor and fringe	812,000,000	835,000,000	815,000,000	791,000,000	821,000,000	788,000,000	806,000,000	766,000,000	798,000,000	808,000,000	752,000,000	741,000,000	723,000,000	726,000,000	759,000,000	684,000,000	692,000,000	703,000,000	631,000,000	596,000,000	620,000,000	588,000,000	574,000,000	507,000,000	606,000,000	658,000,000	638,000,000	648,000,000	672,000,000	678,000,000	695,000,000	669,000,000	696,000,000	665,000,000	717,000,000	743,000,000	749,000,000	796,000,000	909,000,000	845,000,000	809,000,000	733,000,000			743,000,000	734,000,000	755,000,000	737,000,000	718,000,000	720,000,000	734,000,000	727,000,000	707,000,000
purchased services and other	616,000,000	799,000,000	730,000,000	710,000,000	774,000,000	757,000,000	675,000,000	699,000,000	711,000,000	703,000,000	689,000,000	684,000,000	688,000,000	699,000,000	664,000,000	647,000,000	675,000,000	645,000,000	577,000,000
depreciation and amortization	415,000,000	404,000,000	424,000,000	427,000,000	425,000,000	422,000,000	416,000,000	410,000,000	410,000,000	417,000,000	399,000,000	402,000,000	393,000,000	393,000,000	378,000,000	369,000,000	360,000,000
fuel	302,000,000	270,000,000	281,000,000	269,000,000	275,000,000	266,000,000	276,000,000	301,000,000	325,000,000	352,000,000	349,000,000	312,000,000	364,000,000	411,000,000	438,000,000	446,000,000	331,000,000	282,000,000	247,000,000	194,000,000	190,000,000	139,000,000	119,000,000	91,000,000	192,000,000	216,000,000	223,000,000	234,000,000	233,000,000	253,000,000	268,000,000	270,000,000	255,000,000	243,000,000	205,000,000	198,000,000	172,000,000	150,000,000	361,000,000	393,000,000	416,000,000	537,000,000			290,000,000	259,000,000	271,000,000	300,000,000	288,000,000	253,000,000	240,000,000	188,000,000	176,000,000
equipment and other rents	84,000,000	90,000,000	86,000,000	94,000,000	87,000,000	95,000,000	91,000,000	85,000,000	84,000,000	88,000,000	94,000,000	90,000,000	82,000,000	97,000,000	104,000,000	95,000,000	100,000,000	95,000,000	94,000,000	87,000,000	88,000,000	91,000,000	88,000,000	78,000,000	81,000,000	101,000,000	104,000,000	103,000,000	100,000,000	93,000,000	89,000,000	112,000,000	101,000,000	147,000,000	97,000,000	95,000,000	105,000,000	105,000,000	107,000,000	106,000,000	114,000,000	112,000,000			107,000,000	120,000,000	96,750,000	134,000,000	131,000,000
total expense	2,229,000,000	2,398,000,000	2,500,000,000	2,291,000,000	2,382,000,000	2,433,000,000	2,265,000,000	2,253,000,000	2,327,000,000	2,360,000,000	2,277,000,000	2,217,000,000	2,242,000,000	2,271,000,000	2,316,000,000	2,112,000,000	2,131,000,000	2,061,000,000	1,856,000,000	1,299,000,000	1,712,000,000	1,610,000,000	1,507,000,000	1,427,000,000	1,677,000,000	1,731,000,000	1,691,000,000	1,756,000,000	1,794,000,000	1,894,000,000	1,836,000,000	1,819,000,000	1,832,000,000	1,742,000,000	1,867,000,000	1,975,000,000	1,864,000,000	1,914,000,000	2,291,000,000	2,245,000,000	2,247,000,000
operating income	1,253,000,000	1,110,000,000	1,087,000,000	1,283,000,000	1,041,000,000	1,106,000,000	1,354,000,000	1,448,000,000	1,354,000,000	1,320,000,000	1,295,000,000	1,482,000,000	1,464,000,000	1,459,000,000	1,579,000,000	1,703,000,000	1,282,000,000	1,366,000,000	1,436,000,000	1,691,000,000	1,101,000,000	1,215,000,000	1,141,000,000	828,000,000	1,178,000,000	1,154,000,000	1,287,000,000	1,305,000,000	1,219,000,000	1,249,000,000	1,293,000,000	1,283,000,000	1,044,000,000	1,121,000,000	876,000,000	958,000,000	840,000,000	704,000,000	901,000,000	976,000,000	997,000,000	717,000,000	626,000,000		604,000,000	488,000,000	507,000,000	489,000,000	646,000,000	496,000,000	412,000,000	353,000,000	431,000,000	354,000,000	284,000,000	264,000,000	291,000,000	161,000,000	262,000,000	-98,000,000	285,000,000	177,000,000	276,000,000	321,000,000
yoy	20.37%	0.36%	-19.72%	-11.40%	-23.12%	-16.21%	4.56%	-2.29%	-7.51%	-9.53%	-17.99%	-12.98%	14.20%	6.81%	9.96%	0.71%	16.44%	12.43%	25.85%	104.23%	-6.54%	5.29%	-11.34%	-36.55%	-3.36%	-7.61%	-0.46%	1.71%	16.76%	11.42%	47.60%	33.92%	24.29%	59.23%	-2.77%	-1.84%	-15.75%	-1.81%	43.93%		65.07%	46.93%	23.47%		-6.50%	-1.61%	23.06%	38.53%	49.88%	40.11%	45.07%	33.71%	48.11%	119.88%	8.40%	-369.39%	2.11%	-9.04%	-5.07%	-130.53%
qoq	12.88%	2.12%	-15.28%	23.25%	-5.88%	-18.32%	-6.49%	6.94%	2.58%	1.93%	-12.62%	1.23%	0.34%	-7.60%	-7.28%	32.84%	-6.15%	-4.87%	-15.08%	53.59%	-9.38%	6.49%	37.80%	-29.71%	2.08%	-10.33%	-1.38%	7.05%	-2.40%	-3.40%	0.78%	22.89%	-6.87%	27.97%	-8.56%	14.05%	19.32%	-21.86%	-7.68%	-2.11%	39.05%	14.54%			23.77%	-3.75%	3.68%	-24.30%	30.24%	20.39%	16.71%	-18.10%	21.75%	24.65%	7.58%	-9.28%	80.75%	-38.55%	-367.35%	-134.39%	61.02%	-35.87%	-14.02%
operating margin %	35.99%	31.64%	30.30%	35.90%	30.41%	31.25%	37.41%	39.12%	36.78%	35.87%	36.25%	40.06%	39.50%	39.12%	40.54%	44.64%	37.56%	39.86%	43.62%	56.56%	39.14%	43.01%	43.09%	36.72%	41.26%	40.00%	43.22%	42.63%	40.46%	39.74%	41.32%	41.36%	36.30%	39.15%	31.94%	32.66%	31.07%	26.89%	28.23%	30.30%	30.73%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
interest expense	-213,000,000	-213,000,000	-210,000,000	-212,000,000	-209,000,000	-207,000,000	-206,000,000	-209,000,000	-210,000,000	-204,000,000	-203,000,000	-201,000,000	-201,000,000	-199,000,000	-193,000,000	-171,000,000	-179,000,000	-180,000,000	-177,000,000	-181,000,000	-184,000,000	-189,000,000	-187,000,000	-191,000,000	-187,000,000	-189,000,000	-186,000,000	-184,000,000	-178,000,000	-171,000,000	-162,000,000	-157,000,000	-149,000,000	-140,000,000	-132,000,000	-137,000,000	-141,000,000	-143,000,000	-133,000,000	-137,000,000	-135,000,000	-133,000,000	-119,000,000		-101,000,000	-99,000,000	-99,000,000	-97,000,000	-98,000,000	-98,000,000	-99,000,000	-100,000,000	-110,000,000	114,000,000	112,000,000	106,000,000	109,000,000	108,000,000	107,000,000	103,000,000	105,000,000	103,000,000	108,000,000	116,000,000
other income - net	23,000,000	23,000,000	21,000,000	22,000,000	26,000,000	37,000,000	36,000,000	28,000,000	41,000,000	33,000,000	34,000,000	31,000,000	41,000,000	44,000,000	37,000,000	26,000,000	26,000,000	19,000,000	20,000,000	20,000,000	20,000,000	-32,000,000	14,000,000	15,000,000	22,000,000	16,000,000	24,000,000	25,000,000	23,000,000	20,000,000	19,000,000	18,000,000	17,000,000	2,000,000	6,000,000	6,000,000	8,000,000	7,000,000	7,000,000	-26,000,000	-12,000,000	6,000,000	55,000,000		11,000,000	-11,000,000	8,250,000	25,000,000	11,000,000
earnings before income taxes	1,063,000,000	920,000,000	898,000,000	1,093,000,000	858,000,000	936,000,000	1,184,000,000	1,267,000,000	1,185,000,000	1,149,000,000	1,126,000,000	1,312,000,000	1,304,000,000	1,304,000,000	1,423,000,000	1,558,000,000	1,129,000,000	1,205,000,000	1,279,000,000	1,530,000,000	937,000,000	994,000,000	968,000,000	652,000,000	1,013,000,000	981,000,000	1,125,000,000	1,146,000,000	1,064,000,000	1,098,000,000	1,150,000,000	1,144,000,000	912,000,000	983,000,000	750,000,000	827,000,000	707,000,000	568,000,000	775,000,000	813,000,000	850,000,000	590,000,000	562,000,000		514,000,000	378,000,000
income tax expense	-256,000,000	-200,000,000	-204,000,000	-264,000,000	-212,000,000	-203,000,000	-290,000,000	-304,000,000	-292,000,000	-263,000,000	-280,000,000	-316,000,000	-317,000,000	-286,000,000	-312,000,000	-380,000,000	-270,000,000	-271,000,000	-311,000,000	-357,000,000	-231,000,000	-234,000,000	-232,000,000	-153,000,000	-243,000,000	-193,750,000	-269,000,000	-276,000,000	-230,000,000	-185,000,000	-256,000,000	-267,000,000	-217,000,000	-207,000,000	-291,000,000	-317,000,000	-262,000,000	-212,000,000	-284,000,000	-304,000,000	-321,000,000	-205,000,000	-211,000,000		-190,000,000	-138,000,000	-123,000,000	-89,000,000		-150,000,000	-138,000,000	-100,000,000	-6,000,000	84,000,000	81,000,000	60,000,000	65,000,000	13,000,000	59,000,000	-77,000,000	72,000,000	22,000,000	69,000,000	74,000,000
net earnings	807,000,000	720,000,000	694,000,000	829,000,000	646,000,000	733,000,000	894,000,000	963,000,000	893,000,000	886,000,000	846,000,000	996,000,000	987,000,000	1,018,000,000	1,111,000,000	1,178,000,000	859,000,000	934,000,000	968,000,000	1,173,000,000	706,000,000	760,000,000	736,000,000	499,000,000	770,000,000	771,000,000	856,000,000	870,000,000	834,000,000	843,000,000	894,000,000	877,000,000	695,000,000	4,140,000,000	459,000,000	510,000,000	445,000,000	356,000,000	491,000,000	509,000,000	529,000,000	385,000,000	351,000,000		324,000,000	240,000,000	347,000,000	328,000,000	390,000,000	245,000,000	237,000,000	164,000,000	165,000,000	579,000,000	67,000,000	123,000,000	119,000,000	30,000,000	123,000,000	-103,000,000	127,000,000	99,000,000	127,000,000	135,000,000
yoy	24.92%	-1.77%	-22.37%	-13.91%	-27.66%	-17.27%	5.67%	-3.31%	-9.52%	-12.97%	-23.85%	-15.45%	14.90%	8.99%	14.77%	0.43%	21.67%	22.89%	31.52%	135.07%	-8.31%	-1.43%	-14.02%	-42.64%	-7.67%	-8.54%	-4.25%	-0.80%	20.00%	-79.64%	94.77%	71.96%	56.18%	1062.92%	-6.52%	0.20%	-15.88%	-7.53%	39.89%		63.27%	60.42%	1.15%		-16.92%	-2.04%	46.41%	100.00%	136.36%	-57.69%	253.73%	33.33%	38.66%	1830.00%	-45.53%	-219.42%	-6.30%	-69.70%	-3.15%	-176.30%
qoq	12.08%	3.75%	-16.28%	28.33%	-11.87%	-18.01%	-7.17%	7.84%	0.79%	4.73%	-15.06%	0.91%	-3.05%	-8.37%	-5.69%	37.14%	-8.03%	-3.51%	-17.48%	66.15%	-7.11%	3.26%	47.49%	-35.19%	-0.13%	-9.93%	-1.61%	4.32%	-1.07%	-5.70%	1.94%	26.19%	-83.21%	801.96%	-10.00%	14.61%	25.00%	-27.49%	-3.54%	-3.78%	37.40%	9.69%			35.00%	-30.84%	5.79%	-15.90%	59.18%	3.38%	44.51%	-0.61%	-71.50%	764.18%	-45.53%	3.36%	296.67%	-75.61%	-219.42%	-181.10%	28.28%	-22.05%	-5.93%
net income margin %	23.18%	20.52%	19.35%	23.20%	18.87%	20.71%	24.70%	26.02%	24.26%	24.08%	23.68%	26.93%	26.63%	27.29%	28.52%	30.88%	25.17%	27.25%	29.40%	39.23%	25.10%	26.90%	27.79%	22.13%	26.97%	26.72%	28.74%	28.42%	27.68%	26.82%	28.57%	28.27%	24.17%	144.60%	16.73%	17.39%	16.46%	13.60%	15.38%	15.80%	16.31%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
per common share
net earnings per share, basic	0.43	0.29	0.37	0.44	0.34	0.353	0.46	0.5	0.46	0.35	0.42	0.49	0.48	0.365	0.52	0.55	0.39	0.315	0.43	0.52	0.93	0.653	0.96	0.65	1	0.798	1.08	1.08	1.02	0.713	1.05	1.02	0.78	0.363	0.51	0.55	0.47	0.37	0.358	0.51	0.53
net earnings per share, assuming dilution	0.43	0.29	0.37	0.44	0.34	0.35	0.46	0.49	0.46	0.35	0.42	0.49	0.48	0.365	0.52	0.54	0.39	0.315	0.43	0.52	0.93	0.653	0.96	0.65	1	0.795	1.08	1.08	1.02	0.708	1.05	1.01	0.78	0.363	0.51	0.55	0.47	0.37	0.358	0.51	0.53
average shares outstanding	1,860	468.5	1,864	1,867	1,890	486.5	1,936	1,944	1,958	505.5	1,994	2,020	2,054	539	2,122	2,158	2,188	565.75	2,237	2,270	761	191.75	765	766	772	200.75	790	805	814	216.5	850	864	885	229	902	920	952	962	250.75	999	1,003
average shares outstanding, assuming dilution	1,862	469	1,867	1,869	1,892	487.5	1,940	1,948	1,962	506.75	1,999	2,025	2,058	540.25	2,126	2,163	2,193	567	2,242	2,275	762	192.25	767	767	773	201.25	792	807	817	217.5	854	868	888	229.75	906	924	952	963	251	999	1,003
goodwill impairment			164,000,000
losses on property dispositions						-2,000,000	1,000,000
gains on property dispositions								-8,000,000	-1,000,000	-8,000,000	-6,000,000	-12,000,000	-8,000,000	-55,000,000	-27,000,000	-129,000,000	-27,000,000	-24,000,000	-60,000,000	-367,000,000
depreciation																		360,000,000	367,000,000	348,000,000	345,000,000	347,000,000	348,000,000	344,000,000	344,000,000	344,000,000	338,000,000	337,000,000	330,000,000	345,000,000	334,000,000	329,000,000	323,000,000	337,000,000	331,000,000	327,000,000	319,000,000	313,000,000	290,000,000	291,000,000	287,000,000	227,000,000			222,000,000	221,000,000	216,000,000	214,000,000	216,000,000	211,000,000	209,000,000	207,000,000	205,000,000
materials, supplies and other																				441,000,000	469,000,000	445,000,000	378,000,000	407,000,000	454,000,000	436,000,000	415,000,000	455,000,000	478,000,000	542,000,000	474,000,000	469,000,000	482,000,000	540,000,000	516,000,000	490,000,000	519,000,000	550,000,000	624,000,000	610,000,000	621,000,000	513,000,000			504,000,000	561,000,000	477,000,000	477,000,000	465,000,000	453,000,000	463,000,000	462,000,000	438,000,000
equity earnings of affiliates																										-24,000,000	-27,000,000	-21,000,000	-19,000,000	-17,000,000	-24,000,000	-30,000,000	-25,000,000
restructuring charge																																		74,000,000	1,000,000	122,000,000
restructuring charge - non-operating
cash dividends paid per common share																														0.22	0.22	0.22	0.22	0.2	0.2	0.2	0.18	0.18	0.16	0.16	0.16	0.18	0.15		0.12	0.12	0.1	0.1	0.13	0.13	0.13	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
operating revenue																																										2,907,000,000	2,713,000,000		2,530,000,000	2,422,000,000	2,396,000,000	2,418,000,000	2,421,000,000	2,331,000,000	2,219,000,000	2,125,000,000	2,166,000,000	2,108,000,000	2,044,000,000	1,980,000,000	2,033,000,000	1,963,000,000	1,953,000,000	1,882,000,000	1,942,000,000	2,016,000,000	2,055,000,000	2,073,000,000
operating expense:
inland transportation																																										68,000,000			60,000,000	57,000,000	61,000,000	63,000,000	62,000,000	56,000,000	55,000,000	55,000,000	64,000,000
total operating expense																																										2,190,000,000			1,926,000,000	1,934,000,000	1,384,750,000	1,929,000,000	1,775,000,000	1,835,000,000
other income and expense
basic earnings per share
earnings per share, assuming dilution
average common shares outstanding																																										406,140	404,280		438,628	437,637	-1,004	440,088	221,908	219,681	265	216,705	216,418	215,356	56	214,821	214,734	214,670	74	213,955	213,849	213,866	213,041	212,555
average common shares outstanding,																																											415,185
assuming dilution																																										415,090
operating expense																																																						1,754,000,000	1,760,000,000	1,716,000,000	1,742,000,000	1,802,000,000	1,691,000,000	1,980,000,000	1,657,000,000	1,839,000,000	1,779,000,000	1,752,000,000
gain on insurance recoveries																																														-18,000,000	-27,000,000	-15,000,000	-126,000,000
earnings
earnings per share:
earnings per share, assuming dilution:
average common shares outstanding, assuming dilution																																													458,923	463,176	-803	465,641	235,103	232,182	650	228,423	227,453	226,246	9,847	215,252	215,149	215,152	53,570.25	213,955	214,297	214,164
all share and per share data have been retroactively restated to reflect the 2006 stock split.
see accompanying notes to consolidated financial statements.
conrail rents, fees and services																																															16,000,000	19,000,000	21,000,000	19,000,000	17,000,000	9,000,000
debt repurchase expense																																																					-192,000,000
earnings from continuing operations before income taxes																																															342,750,000	417,000,000	559,000,000	395,000,000	165,250,000	264,000,000	159,000,000	238,000,000
earnings from continuing operations																																															347,000,000	328,000,000	390,000,000	245,000,000	237,000,000	164,000,000	165,000,000	154,000,000
discontinued operations - net of tax
earnings per common share
earnings per share
from continuing operations																																															0.8	0.75	1.76	1.12
discontinued operations																																																			0.493			1.97
income tax benefit																																																	-169,000,000
building and equipment rent																																																		123,000,000	127,000,000	124,000,000	127,000,000
other income — net																																																		-3,000,000	9,750,000	11,000,000	30,000,000
discontinued operations — net of tax																																																						425,000,000
total operating expenses																																																			1,807,000,000	1,772,000,000	1,735,000,000
other income																																																							55,000,000	25,000,000	2,000,000	-10,000,000	27,000,000	21,000,000	19,000,000	-10,000,000	28,000,000	4,000,000
income from continuing operations																																																			0.558	0.75	0.76	0.72
conrail rents fees and services																																																					19,000,000
miscellaneous																																																					-1,000,000
other expense - net																																																						2,000,000
earnings before income taxes and cumulative effect of accounting change																																																							102,500,000	183,000,000	184,000,000	43,000,000			199,000,000	64,000,000	196,000,000	209,000,000
earnings before cumulative effect of accounting change																																																							68,000,000	123,000,000	119,000,000	30,000,000	123,000,000	-103,000,000	127,000,000	42,000,000	127,000,000	135,000,000
cumulative effect of accounting change — net of tax
before cumulative effect of accounting change																																																							0.318	0.57	0.55	0.14	0.57	-0.48	0.59	0.2	0.6	0.63
cumulative effect of accounting change																																																														0.26
cumulative effect of accounting change - net of tax																																																											14,250,000
cumulative effect of accounting change-net of tax
earnings before income taxes and cumulative
effect of accounting change																																																											20,750,000	-180,000,000
including cumulative effect of accounting change																																																											0.57	-0.48	0.59	0.46
cumulative effect of accounting change – net of tax																																																														57,000,000
cumulative effect of accounting change—net of tax
average common shares outstanding assuming dilution																																																															213,633	213,541

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-30	2016-09-23	2016-06-24	2016-03-25	2014-12-26	2014-09-26	2014-06-27	2011-04-01	2010-12-31	2010-09-24	2009-12-25	2008-12-26	2008-09-26	2008-06-27	2008-03-28	2007-12-28	2007-09-28	2007-06-29	2007-03-30	2006-12-29	2006-09-29	2006-06-30	2006-03-31	2005-12-30	2005-09-30	2005-07-01	2005-04-01	2004-12-31	2004-09-24	2004-06-25	2004-03-26	2003-12-26	2003-09-26	2003-06-27	2003-03-28	2002-09-27	2002-06-28

assets
current assets:
cash and cash equivalents	964,000,000	670,000,000	612,000,000	387,000,000	1,139,000,000	933,000,000	1,644,000,000	1,238,000,000	1,483,000,000	1,353,000,000	1,360,000,000	956,000,000	1,291,000,000	1,958,000,000	2,311,000,000	724,000,000	1,936,000,000	2,239,000,000	2,179,000,000	2,986,000,000	2,955,000,000	3,129,000,000	2,898,000,000	2,391,000,000	1,995,000,000	958,000,000	1,521,000,000	853,000,000	1,188,000,000	858,000,000	663,000,000	1,320,000,000	1,980,000,000	401,000,000	591,000,000	620,000,000	930,000,000	603,000,000	603,000,000	566,000,000	731,000,000	669,000,000	479,000,000	573,000,000	534,000,000	1,292,000,000	636,000,000	1,029,000,000	669,000,000	895,000,000	1,398,000,000	1,570,000,000	368,000,000	660,000,000	428,000,000	512,000,000	461,000,000	388,000,000	320,000,000	376,000,000
short-term investments	145,000,000	5,000,000	6,000,000	6,000,000	8,000,000	72,000,000	12,000,000	4,000,000	2,000,000	83,000,000	79,000,000	78,000,000	178,000,000	129,000,000	88,000,000	88,000,000	96,000,000	77,000,000		4,000,000	2,000,000	2,000,000	1,000,000	203,000,000	487,000,000	996,000,000	1,037,000,000	878,000,000	822,000,000	253,000,000	615,000,000	83,000,000	10,000,000	18,000,000	113,000,000	477,000,000	287,000,000	417,000,000	152,000,000	262,000,000	375,000,000	292,000,000	575,000,000	216,000,000	56,000,000	54,000,000	40,000,000	61,000,000	76,000,000	76,000,000	79,000,000	69,000,000	346,000,000	576,000,000	402,000,000	425,000,000	439,000,000	272,000,000	362,000,000	337,000,000
accounts receivable - net	1,387,000,000	1,298,000,000	1,370,000,000	1,409,000,000	1,348,000,000	1,326,000,000	1,413,000,000	1,430,000,000	1,400,000,000	1,393,000,000	1,399,000,000	1,327,000,000	1,377,000,000	1,313,000,000	1,467,000,000	1,489,000,000	1,277,000,000	1,148,000,000	1,326,000,000	1,192,000,000	957,000,000	912,000,000	980,000,000	860,000,000	1,008,000,000	986,000,000	1,101,000,000	1,111,000,000	1,106,000,000	1,010,000,000	1,090,000,000	1,036,000,000	1,045,000,000	970,000,000	981,000,000	1,015,000,000	943,000,000	938,000,000	925,000,000	912,000,000	917,000,000	1,129,000,000	1,123,000,000	1,062,000,000	1,068,000,000	993,000,000	1,001,000,000	995,000,000																			1,215,000,000			1,250,000,000
materials and supplies	439,000,000	390,000,000	414,000,000	420,000,000	438,000,000	414,000,000	415,000,000	417,000,000	451,000,000	446,000,000	427,000,000	427,000,000	394,000,000	341,000,000	365,000,000	379,000,000	351,000,000	339,000,000	303,000,000	289,000,000	298,000,000	302,000,000	253,000,000	246,000,000	257,000,000	261,000,000	235,000,000	222,000,000	241,000,000	263,000,000	283,000,000	326,000,000	369,000,000	372,000,000	392,000,000	428,000,000	415,000,000	407,000,000	397,000,000	399,000,000	370,000,000	273,000,000	276,000,000	275,000,000	237,000,000	218,000,000	225,000,000	203,000,000	217,000,000	251,000,000	247,000,000	247,000,000	240,000,000	244,000,000	238,000,000	217,000,000	204,000,000	197,000,000	202,000,000	208,000,000		203,000,000	196,000,000	190,000,000	165,000,000	167,000,000	174,000,000	179,000,000	170,000,000	168,000,000	178,000,000	187,000,000	212,000,000	220,000,000
other current assets	176,000,000	187,000,000	109,000,000	83,000,000	87,000,000	75,000,000	93,000,000	91,000,000	136,000,000	109,000,000	94,000,000	123,000,000	115,000,000	108,000,000	79,000,000	104,000,000	97,000,000	70,000,000	89,000,000	102,000,000	93,000,000	96,000,000	96,000,000	91,000,000	74,000,000	77,000,000	66,000,000	122,000,000	122,000,000	181,000,000	133,000,000	116,000,000	138,000,000	154,000,000	95,000,000	90,000,000	85,000,000	122,000,000	86,000,000	89,000,000	83,000,000	68,000,000	95,000,000	123,000,000	102,000,000	106,000,000	97,000,000	124,000,000	119,000,000	75,000,000	113,000,000	109,000,000	109,000,000	98,000,000	99,000,000	103,000,000	143,000,000	153,000,000	66,000,000	107,000,000					157,000,000	222,000,000	129,000,000	108,000,000	66,000,000	92,000,000	185,000,000	164,000,000	199,000,000	190,000,000
total current assets	3,111,000,000	2,550,000,000	2,511,000,000	2,305,000,000	3,020,000,000	2,820,000,000	3,577,000,000	3,180,000,000	3,472,000,000	3,384,000,000	3,359,000,000	2,911,000,000	3,355,000,000	3,849,000,000	4,310,000,000	2,784,000,000	3,757,000,000	3,873,000,000	3,897,000,000	4,573,000,000	4,305,000,000	4,441,000,000	4,228,000,000	3,791,000,000	3,821,000,000	3,278,000,000	3,960,000,000	3,186,000,000	3,479,000,000	2,565,000,000	2,784,000,000	2,881,000,000	3,542,000,000	1,915,000,000	2,172,000,000	2,630,000,000	2,660,000,000	2,487,000,000	2,163,000,000	2,228,000,000	2,608,000,000	2,572,000,000	2,676,000,000	2,372,000,000	2,171,000,000	2,855,000,000	2,205,000,000	2,570,000,000	2,391,000,000	2,751,000,000	3,289,000,000	3,414,000,000	2,491,000,000	2,980,000,000	2,571,000,000	2,608,000,000	2,672,000,000	2,538,000,000	2,395,000,000	2,447,000,000		2,447,000,000	2,204,000,000	3,579,000,000		2,315,000,000	2,374,000,000	2,032,000,000		2,380,000,000	2,032,000,000	1,622,000,000	1,910,000,000	2,091,000,000
properties	54,078,000,000	53,816,000,000	53,864,000,000	53,331,000,000	52,674,000,000	52,191,000,000	51,503,000,000	51,065,000,000	50,661,000,000	50,320,000,000	49,118,000,000	48,970,000,000	48,441,000,000	48,105,000,000	47,734,000,000	47,446,000,000	46,597,000,000	46,505,000,000	46,226,000,000	45,714,000,000	45,593,000,000	45,530,000,000	45,409,000,000	45,327,000,000	45,065,000,000	45,100,000,000	45,012,000,000	44,756,000,000	44,826,000,000	44,805,000,000	44,485,000,000	44,306,000,000	44,103,000,000	44,324,000,000	44,105,000,000	43,751,000,000	43,399,000,000	43,227,000,000	42,720,000,000	42,345,000,000	41,865,000,000	39,343,000,000	38,533,000,000	38,010,000,000	32,360,000,000	32,065,000,000	31,457,000,000	31,081,000,000	30,208,000,000	30,163,000,000	29,652,000,000	29,305,000,000	28,999,000,000	28,569,000,000	28,331,000,000	28,051,000,000	27,715,000,000	27,306,000,000	27,229,000,000	26,850,000,000	26,538,000,000	26,275,000,000	26,121,000,000	25,964,000,000	25,852,000,000	25,861,000,000	19,719,000,000	19,546,000,000	19,267,000,000	19,050,000,000	18,892,000,000	18,636,000,000	18,531,000,000	18,416,000,000
accumulated depreciation	-17,262,000,000	-17,005,000,000	-17,330,000,000	-17,083,000,000	-16,816,000,000	-16,533,000,000	-16,333,000,000	-16,116,000,000	-15,605,000,000	-15,385,000,000	-14,462,000,000	-14,493,000,000	-14,148,000,000	-13,863,000,000	-13,778,000,000	-13,802,000,000	-13,613,000,000	-13,490,000,000	-13,412,000,000	-13,228,000,000	-13,190,000,000	-13,086,000,000	-13,028,000,000	-13,066,000,000	-12,877,000,000	-12,932,000,000	-12,934,000,000	-12,737,000,000	-12,838,000,000	-12,807,000,000	-12,614,000,000	-12,459,000,000	-12,355,000,000	-12,560,000,000	-12,526,000,000	-12,324,000,000	-12,140,000,000	-12,077,000,000	-11,938,000,000	-11,738,000,000	-11,572,000,000	-10,759,000,000	-10,539,000,000	-10,325,000,000	-8,445,000,000	-8,266,000,000	-8,123,000,000	-7,868,000,000	-7,520,000,000	-7,576,000,000	-7,454,000,000	-7,335,000,000	-7,219,000,000	-7,141,000,000	-7,069,000,000	-6,958,000,000	-6,792,000,000	-6,660,000,000	-6,672,000,000	-6,565,000,000	-6,375,000,000	-6,300,000,000	-6,240,000,000	-6,082,000,000	-5,907,000,000	5,882,000,000	5,825,000,000	5,700,000,000	5,537,000,000	5,436,000,000	5,388,000,000	5,285,000,000	-5,322,000,000	-5,348,000,000
properties - net	36,816,000,000	36,811,000,000	36,534,000,000	36,248,000,000	35,858,000,000	35,658,000,000	35,170,000,000	34,949,000,000	35,056,000,000	34,935,000,000	34,656,000,000	34,477,000,000	34,293,000,000	34,242,000,000	33,956,000,000	33,644,000,000	32,984,000,000	33,015,000,000	32,814,000,000	32,486,000,000	32,403,000,000	32,444,000,000	32,381,000,000	32,261,000,000	32,188,000,000	32,168,000,000	32,078,000,000	32,019,000,000	31,988,000,000	31,998,000,000	31,871,000,000	31,847,000,000	31,748,000,000	31,764,000,000	31,579,000,000	31,427,000,000	31,259,000,000	31,150,000,000	30,782,000,000	30,607,000,000	30,293,000,000	28,584,000,000	27,994,000,000	27,685,000,000	23,915,000,000	23,799,000,000	23,334,000,000	23,213,000,000	22,688,000,000	22,587,000,000	22,198,000,000	21,970,000,000	21,780,000,000	21,428,000,000	21,262,000,000	21,093,000,000		20,646,000,000	20,557,000,000								13,894,000,000			13,614,000,000
investment in affiliates and other companies	2,653,000,000	2,634,000,000	2,598,000,000	2,574,000,000	2,537,000,000	2,520,000,000	2,485,000,000	2,455,000,000	2,424,000,000	2,397,000,000	2,364,000,000	2,338,000,000	2,313,000,000	2,292,000,000	2,289,000,000	2,252,000,000	2,143,000,000	2,099,000,000	2,059,000,000	2,033,000,000	2,007,000,000	1,985,000,000
right-of-use lease asset	451,000,000		470,000,000	476,000,000	486,000,000		498,000,000	505,000,000	507,000,000		496,000,000	495,000,000	489,000,000		506,000,000	489,000,000	496,000,000		508,000,000	462,000,000	467,000,000		500,000,000	512,000,000	523,000,000		539,000,000	550,000,000	550,000,000
goodwill and other intangible assets - net	264,000,000	267,000,000	270,000,000	437,000,000	430,000,000	433,000,000	544,000,000	535,000,000	520,000,000	506,000,000	509,000,000	511,000,000	500,000,000	502,000,000	537,000,000	557,000,000	453,000,000	451,000,000	451,000,000
other long-term assets	937,000,000	956,000,000	896,000,000	889,000,000	868,000,000	846,000,000	795,000,000	738,000,000	716,000,000	688,000,000	466,000,000	485,000,000	528,000,000	522,000,000	644,000,000	640,000,000	619,000,000	592,000,000	400,000,000	461,000,000	510,000,000	451,000,000	385,000,000	419,000,000	401,000,000	400,000,000	369,000,000	347,000,000	344,000,000	387,000,000	442,000,000	455,000,000	435,000,000	374,000,000	316,000,000	317,000,000	324,000,000	318,000,000	303,000,000	302,000,000	307,000,000	541,000,000	608,000,000	587,000,000	351,000,000	353,000,000	364,000,000	165,000,000	194,000,000	251,000,000	258,000,000	246,000,000	259,000,000	218,000,000	273,000,000	269,000,000	591,000,000	750,000,000	719,000,000	769,000,000	790,000,000	679,000,000			779,000,000	902,000,000	988,000,000	1,018,000,000	934,000,000	784,000,000	858,000,000	864,000,000	777,000,000	688,000,000
total assets	44,232,000,000	43,682,000,000	43,279,000,000	42,929,000,000	43,199,000,000	42,764,000,000	43,069,000,000	42,362,000,000	42,695,000,000	42,408,000,000	41,850,000,000	41,217,000,000	41,478,000,000	41,912,000,000	42,242,000,000	40,366,000,000	40,452,000,000	40,531,000,000	40,129,000,000	40,015,000,000	39,692,000,000	39,793,000,000	39,443,000,000	38,904,000,000	38,834,000,000	38,257,000,000	38,795,000,000	37,924,000,000	38,154,000,000	36,729,000,000	36,861,000,000	36,924,000,000	37,439,000,000	35,739,000,000	35,573,000,000	35,861,000,000	35,712,000,000	35,414,000,000	34,681,000,000	34,550,000,000	34,610,000,000	33,053,000,000	32,623,000,000	31,975,000,000	27,577,000,000	28,141,000,000	27,029,000,000	27,036,000,000	26,288,000,000	26,637,000,000	26,788,000,000	26,661,000,000	25,534,000,000	25,605,000,000	25,071,000,000	24,925,000,000	25,129,000,000	24,872,000,000	24,598,000,000	24,419,000,000		24,021,000,000	23,750,000,000	25,092,000,000	24,581,000,000	24,365,000,000	22,452,000,000	22,073,000,000	21,760,000,000	21,927,000,000	21,539,000,000	20,959,000,000	21,025,000,000	20,920,000,000
liabilities and shareholders' equity
current liabilities:
accounts payable	1,115,000,000	1,149,000,000	1,344,000,000	1,273,000,000	1,315,000,000	1,290,000,000	1,301,000,000	1,192,000,000	1,306,000,000	1,237,000,000	1,201,000,000	1,120,000,000	1,203,000,000	1,130,000,000	1,152,000,000	1,055,000,000	1,050,000,000	963,000,000	972,000,000	879,000,000	859,000,000	809,000,000	1,042,000,000	960,000,000	1,058,000,000	1,043,000,000	1,101,000,000	989,000,000	1,019,000,000	949,000,000	982,000,000	852,000,000	905,000,000	847,000,000	905,000,000	810,000,000	898,000,000	806,000,000	859,000,000	766,000,000	815,000,000	845,000,000	986,000,000	900,000,000	1,024,000,000	1,046,000,000	981,000,000	967,000,000	973,000,000	1,087,000,000	1,008,000,000	979,000,000	976,000,000	1,002,000,000	958,000,000	977,000,000	974,000,000	971,000,000	917,000,000	965,000,000		930,000,000	885,000,000	939,000,000	879,000,000	862,000,000	863,000,000	864,000,000	827,000,000	800,000,000	768,000,000	839,000,000	893,000,000	918,000,000
labor and fringe benefits payable	414,000,000	532,000,000	439,000,000	453,000,000	391,000,000	480,000,000	470,000,000	469,000,000	387,000,000	517,000,000	441,000,000	444,000,000	367,000,000	707,000,000	727,000,000	615,000,000	547,000,000	630,000,000	548,000,000	447,000,000	419,000,000	482,000,000	436,000,000	352,000,000	345,000,000	489,000,000	486,000,000	412,000,000	406,000,000	550,000,000	517,000,000	486,000,000	443,000,000	602,000,000	601,000,000	506,000,000	445,000,000	545,000,000	450,000,000	464,000,000	398,000,000	613,000,000	507,000,000	490,000,000	336,000,000	520,000,000	473,000,000	383,000,000	465,000,000	495,000,000	466,000,000	455,000,000	461,000,000	480,000,000	419,000,000	434,000,000	495,000,000	490,000,000	457,000,000	433,000,000		513,000,000	429,000,000	352,000,000	371,000,000	435,000,000	395,000,000	377,000,000	397,000,000	418,000,000	402,000,000	392,000,000	437,000,000	413,000,000
casualty, environmental and other reserves	179,000,000	184,000,000	159,000,000	158,000,000	146,000,000	149,000,000	147,000,000	148,000,000	140,000,000	144,000,000	133,000,000	138,000,000	151,000,000	144,000,000	113,000,000	113,000,000	118,000,000	118,000,000	117,000,000	102,000,000	89,000,000	90,000,000	104,000,000	103,000,000	99,000,000	100,000,000	110,000,000	110,000,000	112,000,000	113,000,000	110,000,000	114,000,000	106,000,000	108,000,000	122,000,000	115,000,000	114,000,000	115,000,000	124,000,000	133,000,000	130,000,000	142,000,000	151,000,000	151,000,000	174,000,000	176,000,000	187,000,000	190,000,000	236,000,000	248,000,000	242,000,000	245,000,000	247,000,000	241,000,000	248,000,000	255,000,000	253,000,000	285,000,000	306,000,000	309,000,000	653,000,000	312,000,000	315,000,000	314,000,000	312,000,000	238,000,000	284,000,000	313,000,000	280,000,000	226,000,000	223,000,000	254,000,000	248,000,000	245,000,000
current maturities of long-term debt	710,000,000	708,000,000	608,000,000	616,000,000	605,000,000	606,000,000	6,000,000	557,000,000	557,000,000	558,000,000	559,000,000	10,000,000	11,000,000	151,000,000	155,000,000	236,000,000	317,000,000	181,000,000	211,000,000	122,000,000	41,000,000	401,000,000	371,000,000	378,000,000	255,000,000	245,000,000	745,000,000	245,000,000	18,000,000	18,000,000	18,000,000	19,000,000	19,000,000	19,000,000	19,000,000	19,000,000	331,000,000	331,000,000	631,000,000	632,000,000	20,000,000	228,000,000	230,000,000	899,000,000	503,000,000	613,000,000	605,000,000	113,000,000	319,000,000	539,000,000	581,000,000	763,000,000	785,000,000	230,000,000	229,000,000	742,000,000	592,000,000	1,057,000,000	1,375,000,000	912,000,000		947,000,000	618,000,000	912,000,000	983,000,000	181,000,000	110,000,000	425,000,000	426,000,000	575,000,000	586,000,000	362,000,000	230,000,000	326,000,000
income and other taxes payable	294,000,000	118,000,000	164,000,000	156,000,000	685,000,000	508,000,000	379,000,000	122,000,000	382,000,000	525,000,000	361,000,000	136,000,000	361,000,000	111,000,000	156,000,000	177,000,000	359,000,000	134,000,000	238,000,000	242,000,000	237,000,000	73,000,000	140,000,000	380,000,000	269,000,000	69,000,000	155,000,000	133,000,000	193,000,000	106,000,000	166,000,000	123,000,000	274,000,000	157,000,000	322,000,000	95,000,000	302,000,000	129,000,000	90,000,000	137,000,000	170,000,000	163,000,000	249,000,000	229,000,000	93,000,000	85,000,000	179,000,000	112,000,000	125,000,000	133,000,000	111,000,000	156,000,000	113,000,000	109,000,000	240,000,000	128,000,000	114,000,000	119,000,000	113,000,000	237,000,000		341,000,000	206,000,000	463,000,000	170,000,000	101,000,000	126,000,000	109,000,000	123,000,000	101,000,000	102,000,000	99,000,000	192,000,000	171,000,000
interest payable	243,000,000	170,000,000
other current liabilities	266,000,000	272,000,000	252,000,000	327,000,000	279,000,000	243,000,000	266,000,000	251,000,000	252,000,000	243,000,000	239,000,000	207,000,000	228,000,000	228,000,000	205,000,000	197,000,000	184,000,000	207,000,000	182,000,000	159,000,000	155,000,000	164,000,000	201,000,000	174,000,000	185,000,000	205,000,000	208,000,000	164,000,000	178,000,000	179,000,000	151,000,000	138,000,000	144,000,000	161,000,000	106,000,000	127,000,000	187,000,000	114,000,000	109,000,000	150,000,000	159,000,000	116,000,000	108,000,000	128,000,000	92,000,000	97,000,000	115,000,000	100,000,000	285,000,000	323,000,000	79,000,000	99,000,000	87,000,000	101,000,000	87,000,000	110,000,000	86,000,000	78,000,000	89,000,000	94,000,000		94,000,000	53,000,000	79,000,000	115,000,000	97,000,000	111,000,000	124,000,000	155,000,000	175,000,000	135,000,000	141,000,000	174,000,000	243,000,000
total current liabilities	3,221,000,000	3,133,000,000	2,966,000,000	2,983,000,000	3,421,000,000	3,276,000,000	2,569,000,000	2,739,000,000	3,024,000,000	3,224,000,000	2,934,000,000	2,055,000,000	2,321,000,000	2,471,000,000	2,508,000,000	2,393,000,000	2,575,000,000	2,233,000,000	2,268,000,000	1,951,000,000	1,800,000,000	2,019,000,000	2,294,000,000	2,347,000,000	2,211,000,000	2,151,000,000	2,805,000,000	2,053,000,000	1,926,000,000	1,915,000,000	1,944,000,000	1,732,000,000	1,891,000,000	1,894,000,000	2,075,000,000	1,672,000,000	2,277,000,000	2,040,000,000	2,263,000,000	2,282,000,000	1,692,000,000	2,107,000,000	2,231,000,000	2,797,000,000	2,222,000,000	2,537,000,000	2,540,000,000	1,865,000,000	2,404,000,000	2,829,000,000	2,490,000,000	2,704,000,000	2,671,000,000	2,168,000,000	2,190,000,000	2,655,000,000	2,522,000,000	3,013,000,000	3,260,000,000	2,954,000,000		3,140,000,000	2,509,000,000	3,062,000,000		2,017,000,000	2,593,000,000	2,366,000,000		3,024,000,000	2,920,000,000	2,242,000,000	2,748,000,000	2,894,000,000
long-term debt	18,158,000,000	18,165,000,000	18,554,000,000	18,550,000,000	18,521,000,000	17,897,000,000	18,535,000,000	17,951,000,000	17,944,000,000	17,975,000,000	17,903,000,000	17,898,000,000	17,911,000,000	17,896,000,000	17,895,000,000	15,974,000,000	16,019,000,000	16,185,000,000	16,182,000,000	16,229,000,000	16,306,000,000	16,304,000,000	16,121,000,000	16,128,000,000	16,477,000,000	15,993,000,000	15,992,000,000	15,522,000,000	15,748,000,000	14,739,000,000	13,754,000,000	13,769,000,000	13,768,000,000	11,790,000,000	11,788,000,000	11,806,000,000	10,963,000,000	10,962,000,000	9,888,000,000	9,905,000,000	10,516,000,000	9,514,000,000	9,387,000,000	8,410,000,000	7,637,000,000	8,051,000,000	7,297,000,000	7,895,000,000	7,512,000,000	7,367,000,000	7,396,000,000	7,440,000,000	6,470,000,000	6,678,000,000	5,751,000,000	5,182,000,000	5,362,000,000	4,937,000,000	4,567,000,000	5,045,000,000	5,093,000,000	5,058,000,000	5,399,000,000	6,208,000,000	6,234,000,000	7,096,000,000	6,901,000,000	6,970,000,000	6,886,000,000	6,480,000,000	6,204,000,000	6,527,000,000	6,434,000,000	6,338,000,000
deferred income taxes - net	7,965,000,000	7,914,000,000	7,709,000,000	7,718,000,000	7,739,000,000	7,725,000,000	7,721,000,000	7,716,000,000	7,759,000,000	7,746,000,000	7,700,000,000	7,662,000,000	7,605,000,000	7,569,000,000	7,632,000,000	7,592,000,000	7,428,000,000	7,383,000,000	7,298,000,000	7,248,000,000	7,226,000,000	7,168,000,000	7,087,000,000	7,028,000,000	6,991,000,000	6,961,000,000	6,882,000,000	6,791,000,000	6,743,000,000	6,690,000,000	6,584,000,000	6,532,000,000	6,485,000,000	6,418,000,000	9,789,000,000	9,737,000,000	9,648,000,000	9,596,000,000	9,505,000,000	9,355,000,000
long-term lease liability	469,000,000	479,000,000	481,000,000	484,000,000	489,000,000	486,000,000	494,000,000	500,000,000	501,000,000	491,000,000	487,000,000	485,000,000	478,000,000	488,000,000	487,000,000	473,000,000	476,000,000	478,000,000	482,000,000	450,000,000	453,000,000	455,000,000	475,000,000	481,000,000	489,000,000	493,000,000	494,000,000	501,000,000	502,000,000
other long-term liabilities	538,000,000	536,000,000	500,000,000	513,000,000	535,000,000	560,000,000	505,000,000	537,000,000	557,000,000	543,000,000	570,000,000	544,000,000	542,000,000	571,000,000	520,000,000	503,000,000	492,000,000	502,000,000	475,000,000	493,000,000	518,000,000	513,000,000	534,000,000	554,000,000	568,000,000	591,000,000	548,000,000	568,000,000	583,000,000	594,000,000	613,000,000	636,000,000	646,000,000	650,000,000	766,000,000	797,000,000	903,000,000	863,000,000	1,105,000,000	1,137,000,000	1,145,000,000	1,122,000,000	840,000,000	847,000,000	1,289,000,000	1,298,000,000	1,288,000,000	1,284,000,000	1,446,000,000	875,000,000	952,000,000	967,000,000	988,000,000	1,385,000,000	1,394,000,000	1,447,000,000	1,525,000,000	1,483,000,000	1,440,000,000	1,386,000,000	1,471,000,000	1,347,000,000	1,522,000,000	1,528,000,000	1,505,000,000	1,553,000,000	1,592,000,000	1,651,000,000	1,623,000,000	1,619,000,000	1,635,000,000	1,647,000,000	1,176,000,000	1,165,000,000
total liabilities	30,651,000,000	30,522,000,000	30,521,000,000	30,552,000,000	31,024,000,000	30,257,000,000	30,133,000,000	29,742,000,000	30,093,000,000	30,275,000,000	29,896,000,000	28,943,000,000	29,144,000,000	29,287,000,000	29,359,000,000	27,225,000,000	27,257,000,000	27,031,000,000	26,957,000,000	26,581,000,000	26,532,000,000	26,683,000,000	26,716,000,000	26,741,000,000	26,946,000,000	26,394,000,000	26,916,000,000	25,634,000,000	25,709,000,000	24,149,000,000	23,126,000,000	22,901,000,000	23,048,000,000	21,018,000,000	24,671,000,000	24,260,000,000	24,043,000,000	23,720,000,000	23,011,000,000	22,925,000,000	23,004,000,000	21,877,000,000	21,481,000,000	21,071,000,000	18,821,000,000	19,441,000,000	18,391,000,000	18,176,000,000	18,240,000,000	18,064,000,000	17,715,000,000	17,919,000,000	16,849,000,000	16,828,000,000	15,831,000,000	15,807,000,000	16,187,000,000	16,229,000,000	15,995,000,000	16,144,000,000		16,259,000,000	16,133,000,000	17,604,000,000		17,529,000,000	15,783,000,000	15,589,000,000		15,615,000,000	15,103,000,000	14,636,000,000	14,649,000,000	14,652,000,000
shareholders' equity:
common stock	1,858,000,000	1,860,000,000	1,862,000,000	1,864,000,000	1,878,000,000	1,900,000,000	1,928,000,000	1,939,000,000	1,955,000,000	1,959,000,000	1,976,000,000	2,006,000,000	2,033,000,000	2,066,000,000	2,102,000,000	2,141,000,000	2,174,000,000	2,202,000,000	2,218,000,000	2,254,000,000	757,000,000	763,000,000	765,000,000	765,000,000	765,000,000	773,000,000	782,000,000	798,000,000	809,000,000	818,000,000	844,000,000	859,000,000	875,000,000	890,000,000	894,000,000	913,000,000	923,000,000	928,000,000	937,000,000	946,000,000	956,000,000	992,000,000				370,000,000		393,000,000	391,000,000	394,000,000	408,000,000	405,000,000	408,000,000	420,000,000	439,000,000	437,000,000	438,000,000	435,000,000	222,000,000	222,000,000	218,000,000	217,000,000	217,000,000	217,000,000	216,000,000	215,000,000	216,000,000	215,000,000	215,000,000	214,000,000	215,000,000	216,000,000	215,000,000	215,000,000
other capital	1,038,000,000	948,000,000	920,000,000	882,000,000	864,000,000	846,000,000	815,000,000	758,000,000	743,000,000	691,000,000	657,000,000	624,000,000	587,000,000	574,000,000	555,000,000	534,000,000	103,000,000	66,000,000	24,000,000		448,000,000	409,000,000	400,000,000	361,000,000	366,000,000	346,000,000	314,000,000	290,000,000	267,000,000	249,000,000	129,000,000	127,000,000	215,000,000	217,000,000	227,000,000	210,000,000	170,000,000	138,000,000	125,000,000	116,000,000	112,000,000	92,000,000	80,000,000	70,000,000				80,000,000			13,000,000		37,000,000	471,000,000	1,266,000,000	1,423,000,000	1,469,000,000	1,391,000,000	1,848,000,000	1,871,000,000	1,751,000,000	1,698,000,000	1,678,000,000	1,657,000,000	1,605,000,000	1,597,000,000	1,591,000,000	1,587,000,000	1,579,000,000	1,556,000,000	1,554,000,000	1,549,000,000	1,525,000,000	1,521,000,000
retained earnings	10,891,000,000	10,560,000,000	10,191,000,000	9,850,000,000	9,655,000,000	9,988,000,000	10,457,000,000	10,189,000,000	10,205,000,000	9,790,000,000	9,689,000,000	10,030,000,000	10,092,000,000	10,363,000,000	10,537,000,000	10,794,000,000	11,284,000,000	11,630,000,000	11,455,000,000	11,723,000,000	12,476,000,000	12,527,000,000	12,166,000,000	11,676,000,000	11,412,000,000	11,404,000,000	11,416,000,000	11,843,000,000	12,011,000,000	12,157,000,000	13,320,000,000	13,604,000,000	13,873,000,000	14,084,000,000	10,327,000,000	11,033,000,000	11,197,000,000	11,253,000,000	11,233,000,000	11,199,000,000	11,183,000,000	10,734,000,000	10,527,000,000	10,304,000,000	9,134,000,000	9,087,000,000	9,022,000,000	9,182,000,000	8,398,000,000	8,499,000,000	8,973,000,000	8,660,000,000	8,565,000,000	8,262,000,000	7,919,000,000	7,648,000,000	7,427,000,000	7,125,000,000	6,841,000,000	6,479,000,000	6,262,000,000	6,053,000,000	5,912,000,000	5,768,000,000	5,210,000,000	5,167,000,000	5,065,000,000	4,966,000,000	4,957,000,000	4,858,000,000	4,981,000,000	4,875,000,000	4,682,000,000	4,576,000,000
accumulated other comprehensive loss	-212,000,000	-213,000,000	-220,000,000	-224,000,000	-227,000,000	-232,000,000	-269,000,000	-270,000,000	-306,000,000	-312,000,000	-372,000,000	-390,000,000	-386,000,000	-388,000,000	-320,000,000	-338,000,000	-377,000,000	-408,000,000	-534,000,000	-551,000,000	-530,000,000	-598,000,000	-618,000,000	-652,000,000	-672,000,000	-675,000,000	-648,000,000	-655,000,000	-659,000,000	-661,000,000	-574,000,000	-581,000,000	-585,000,000	-486,000,000	-561,000,000	-569,000,000	-634,000,000	-640,000,000	-639,000,000	-649,000,000	-658,000,000	-666,000,000	-483,000,000	-492,000,000	-760,000,000	-771,000,000	-771,000,000	-809,000,000	-741,000,000	-320,000,000	-321,000,000	-323,000,000	-325,000,000	-376,000,000	-384,000,000	-390,000,000	-392,000,000	-308,000,000	-308,000,000	-297,000,000	-277,000,000	-206,000,000	-190,000,000	-154,000,000	-220,000,000	-143,000,000	-203,000,000	-284,000,000	-298,000,000	-316,000,000	-314,000,000	-317,000,000	-46,000,000	-44,000,000
non-controlling minority interest	6,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	4,000,000	5,000,000	5,000,000	4,000,000	4,000,000	8,000,000	10,000,000	9,000,000	10,000,000	11,000,000	10,000,000	9,000,000	8,000,000	9,000,000	9,000,000
total shareholders' equity	13,581,000,000	13,160,000,000	12,758,000,000	12,377,000,000	12,175,000,000	12,507,000,000	12,936,000,000	12,620,000,000	12,602,000,000	12,133,000,000	11,954,000,000	12,274,000,000	12,334,000,000	12,625,000,000	12,883,000,000	13,141,000,000	13,195,000,000	13,500,000,000	13,172,000,000	13,434,000,000	13,160,000,000	13,110,000,000	12,727,000,000	12,163,000,000	11,888,000,000	11,863,000,000	11,879,000,000	12,290,000,000	12,445,000,000	12,580,000,000	13,735,000,000	14,023,000,000	14,391,000,000	14,721,000,000	10,902,000,000	11,601,000,000	11,669,000,000	11,694,000,000	11,670,000,000	11,625,000,000	11,606,000,000	11,176,000,000	11,142,000,000	10,904,000,000	8,756,000,000	8,700,000,000	8,638,000,000	8,860,000,000	8,048,000,000	8,573,000,000	9,073,000,000	8,742,000,000	8,685,000,000	8,777,000,000	9,240,000,000
total liabilities and shareholders' equity	44,232,000,000	43,682,000,000	43,279,000,000	42,929,000,000	43,199,000,000	42,764,000,000	43,069,000,000	42,362,000,000	42,695,000,000	42,408,000,000	41,850,000,000	41,217,000,000	41,478,000,000	41,912,000,000	42,242,000,000	40,366,000,000	40,452,000,000	40,531,000,000	40,129,000,000	40,015,000,000	39,692,000,000	39,793,000,000	39,443,000,000	38,904,000,000	38,834,000,000	38,257,000,000	38,795,000,000	37,924,000,000	38,154,000,000	36,729,000,000	36,861,000,000	36,924,000,000	37,439,000,000	35,739,000,000	35,573,000,000	35,861,000,000	35,712,000,000	35,414,000,000	34,681,000,000	34,550,000,000	34,610,000,000	33,053,000,000	32,623,000,000	31,975,000,000	27,577,000,000	28,141,000,000	27,029,000,000	27,036,000,000	26,288,000,000	26,637,000,000	26,788,000,000	26,661,000,000	25,534,000,000	25,605,000,000	25,071,000,000
right of use lease asset		464,000,000				487,000,000				498,000,000				505,000,000				501,000,000				472,000,000				532,000,000
investment in conrail																							1,012,000,000	1,001,000,000	993,000,000	982,000,000	969,000,000	959,000,000	948,000,000	943,000,000	941,000,000	931,000,000	918,000,000	907,000,000	864,000,000	856,000,000	847,000,000	840,000,000	830,000,000	818,000,000	811,000,000	779,000,000	775,000,000	768,000,000	676,000,000	673,000,000	660,000,000	650,000,000	609,000,000	647,000,000	650,000,000	645,000,000	639,000,000	624,000,000	617,000,000	613,000,000	607,000,000	612,000,000	609,000,000	607,000,000	603,000,000	603,000,000	583,000,000	577,000,000	574,000,000	567,000,000	4,691,000,000	4,683,000,000	4,678,000,000	4,661,000,000	4,658,000,000	4,655,000,000	4,667,000,000	4,663,000,000
affiliates and other companies																							937,000,000	920,000,000	908,000,000	897,000,000	880,000,000	863,000,000	845,000,000	836,000,000	823,000,000	810,000,000	796,000,000	779,000,000	642,000,000	631,000,000	622,000,000	619,000,000	603,000,000	595,000,000	591,000,000	577,000,000	570,000,000	563,000,000	464,000,000	461,000,000	466,000,000	438,000,000	406,000,000	401,000,000	393,000,000	386,000,000	365,000,000	355,000,000	348,000,000	342,000,000	336,000,000	326,000,000	318,000,000	311,000,000	304,000,000	317,000,000	310,000,000	302,000,000	296,000,000	602,000,000	505,000,000	494,000,000	515,000,000	488,000,000	487,000,000	467,000,000	462,000,000	410,000,000
non-controlling interest																							14,000,000
noncontrolling interest																								13,000,000	17,000,000		15,000,000	14,000,000	17,000,000		16,000,000	14,000,000	13,000,000		15,000,000	14,000,000	13,000,000		14,000,000	13,000,000	13,000,000		23,000,000	22,000,000	14,000,000		13,000,000
noncontrolling minority interest																										15,000,000				17,000,000				16,000,000				15,000,000				24,000,000				14,000,000		14,000,000
deferred income taxes																																									132,000,000	141,000,000	128,000,000	123,000,000	174,000,000	192,000,000	206,000,000	158,000,000	203,000,000	205,000,000	234,000,000	249,000,000	254,000,000	229,000,000	233,000,000	239,000,000	251,000,000	253,000,000	241,000,000	217,000,000	6,082,000,000	141,000,000	120,000,000	115,000,000	20,000,000	126,000,000	128,000,000	128,000,000	136,000,000	134,000,000	139,000,000	130,000,000	122,000,000	122,000,000
common stock 1 par value																																											995,000,000	1,000,000,000	368,000,000		374,000,000
current assets
current liabilities
accounts receivable																																																								1,112,000,000	1,174,000,000	1,275,000,000	1,204,000,000														955,000,000	828,000,000
accounts of 70 and 74, respectively																																																	1,107,000,000
short-term debt																																																	1,000,000	4,000,000	3,000,000	7,000,000	2,000,000	5,000,000	9,000,000	9,000,000	8,000,000	13,000,000	3,000,000	4,000,000		3,000,000	3,000,000	3,000,000	101,000,000	103,000,000	704,000,000	154,000,000	2,000,000	729,000,000	704,000,000	155,000,000	574,000,000	578,000,000
accounts of 72 and 74, respectively																																																		1,249,000,000
accounts of 74 and 82, respectively																																																					1,174,000,000
accounts of 76 and 82, respectively																																																						1,173,000,000
see accompanying notes to consolidated financial statements.
accounts of 78 and 82, respectively																																																							1,171,000,000
liabilities and shareholders’ equity
shareholders’ equity:
total shareholders’ equity																																																								9,118,000,000	8,942,000,000	8,643,000,000	8,603,000,000	8,275,000,000		7,762,000,000	7,617,000,000	7,488,000,000		6,836,000,000	6,669,000,000	6,484,000,000		6,312,000,000	6,436,000,000	6,323,000,000	6,376,000,000	6,268,000,000
total liabilities and shareholders’ equity																																																								24,925,000,000	25,129,000,000	24,872,000,000	24,598,000,000	24,419,000,000		24,021,000,000	23,750,000,000	25,092,000,000		24,365,000,000	22,452,000,000	22,073,000,000	21,760,000,000	21,927,000,000	21,539,000,000	20,959,000,000	21,025,000,000	20,920,000,000
properties—net																																																									20,923,000,000															13,351,000,000	13,209,000,000
accounts receivable — net																																																												1,202,000,000		1,274,000,000	1,123,000,000	1,163,000,000	1,143,000,000	1,171,000,000			1,163,000,000
properties — net																																																												20,285,000,000		19,975,000,000	19,881,000,000	19,882,000,000		19,979,000,000			13,730,000,000
cash, cash equivalents and short-term
investments																																																														590,000,000
other current assets — net																																																														239,000,000	252,000,000	288,000,000
international terminals assets held for sale																																																																	643,000,000
international terminals liabilities held for sale																																																																	386,000,000
cash, cash equivalents and short-term investments																																																															513,000,000	1,823,000,000	859,000,000	629,000,000	728,000,000	447,000,000	368,000,000	736,000,000	311,000,000	294,000,000	422,000,000	731,000,000
other long-term assets — net																																																															772,000,000	752,000,000
liabilities
authorized 300,000,000 shares
issued and outstanding 214,829,471 shares
accounts receivable-net																																																																				1,170,000,000			1,219,000,000
properties-net																																																																				13,846,000,000			13,504,000,000			13,068,000,000
assets held for disposition
liabilities held for disposition
shareholders’ equity
domestic container-shipping assets held for disposition
domestic container-shipping liabilities held for disposition
accounts receivable—net																																																																								847,000,000
domestic container assets held for disposition

Cashflow Statements:

Quarterly

Annual

Unit: USD	2035-12-31	2025-06-30	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2004-12-31	2002-09-27

7a.
8.
9.
9a.
9b.
part iii
10.
11.
12.
13.
14.
part iv
15.
signatures
·
track
miles
mainline track
terminals and switching yards
passing sidings and turnouts
total
yards and terminals
chicago, il
waycross, ga
selkirk, ny
willard, oh
indianapolis, in
cincinnati, oh
nashville, tn
hamlet, nc
birmingham, al
louisville, ky
locomotives
freight
switching
auxiliary units
equipment
gondolas
open-top hoppers
box cars
covered hoppers
multi-level flat cars
flat cars
other cars
subtotal freight cars
containers
chassis
other
subtotal equipment
total equipment
name and age
michael j. ward, 60 chairman, president and chief executive officer
oscar munoz, 52 executive vice president and chief financial officer
david a. brown, 51 executive vice president and chief operating officer
clarence w. gooden, 59 executive vice president of sales and marketing and chief commercial officer
ellen m. fitzsimmons, 50 senior vice president of law and public affairs, general counsel and corporate secretary
lisa a. mancini, 51 senior vice president of human resources and labor relations
carolyn t. sizemore, 48 vice president and controller
2010
dividends
common stock price
high
low
2009
csx purchases of equity securities for the quarter
fourth quarter
beginning balance
october
849,400
november
2,840,481
december
1,951,670
ending balance
financial performance
revenue
expense
operating income
net earnings from continuing operations
earnings per share:
from continuing operations, basic
from continuing operations, assuming dilution
average common shares outstanding
average common shares outstanding, assuming dilution
operating ratio
financial position
cash, cash equivalents and short-term investments
total assets		42,929,000,000				402,000,000
long-term debt		18,550,000,000				3,000,000
shareholders' equity
dividend per share
additional data
capital expenditures	0	0	0	0	0	0	0	0	0	0
free cash flows	2,889,773,000,000	1,890,000,000	1,388,000,000	1,500,000,000	1,364,000,000	1,280,000,000	1,135,000,000	1,113,000,000	581,000,000	182,000,000
employees -- annual averages
certain amounts have been adjusted for the retrospective change in accounting policy for rail grinding, see note 1, nature of operations and significant accounting policies.
2006
--
fiscal years
volume
safety and
service
measurements
on-time train originations
on-time destination arrivals
dwell
cars-on-line
train velocity
resources
freight cars
net cash from operating activities	2,889,773,000,000	1,890,000,000	1,388,000,000	1,500,000,000	1,364,000,000	1,280,000,000	1,135,000,000	1,113,000,000	581,000,000	182,000,000
property additions	-1,716,775,000,000	-1,495,000,000	-838,000,000	-691,000,000	-696,000,000	-571,000,000	-417,000,000	-466,000,000	-296,000,000	-312,000,000
other investing activities	36,041,000,000	-63,000,000	-3,000,000	-57,000,000	58,000,000		-45,000,000	12,000,000	6,000,000	-62,000,000
free cash flow
(b) other investing activities no longer include conrail free cash flow as these amounts are immaterial.
labor and fringe
materials, supplies and other
fuel
depreciation						360,000,000	347,000,000	344,000,000		165,000,000
equipment and other rents
interest expense
other income - net
income tax expense
earnings from continuing operations
discontinued operations
net earnings	1,560,831,000,000	1,475,000,000	733,000,000	886,000,000	1,018,000,000	934,000,000	760,000,000	771,000,000	67,000,000	127,000,000
earnings per diluted share:
from continuing operations
volume and revenue
agricultural
agricultural products
phosphates and fertilizers
food and consumer
industrial
chemicals
automotive
metals
housing and construction
emerging markets
forest products
total merchandise
coal
intermodal
continuing operations
bridges, signals and other
total infrastructure
capacity and commercial facilities
regulatory
total property additions
cash paid for new assets purchased using seller financing
total capital expenditures
(a) certain amounts have been adjusted for the retrospective change in accounting policy for rail grinding, see note 1, nature of operations and significant accounting policies.
(b) cash paid for new assets purchased using seller financing are included in other financing activities on the consolidated cash flow statements.
type of obligation
contractual obligations
purchase obligations
operating leases - net
agreements with conrail
total contractual obligations
other commitments
agreements with conrail represent minimum future lease payments of 14 million for freight cars and locomotives (see note 13, related party transactions). this amount plus total operating leases-net of 378 million above equals total net lease commitments of 392 million disclosed in note 7, commitments and contingencies.
other commitments of 125 million consisted of surety bonds and letters of credit. surety bonds are issued by a third-party as an assurance that csx will fulfill certain obligations and are typically a contract, state, federal or court requirement.
discount rate 1% decrease
discount rate 1% increase
long-term rate of return 1% decrease
long-term rate of return 1% increase
salary inflation 1% decrease
salary inflation 1% increase
health care cost 1% change
index to consolidated financial statements
page
report of independent registered public accounting firm
csx corporation
consolidated financial statements and notes to consolidated financial statements
herewith:
consolidated income statements for the fiscal years ended:
consolidated balance sheets as of:
consolidated cash flow statements for fiscal years ended:
consolidated statements of changes in shareholders' equity:.
notes to consolidated financial statements
per common share
net earnings per share, basic
net earnings per common share, assuming dilution
average common shares outstanding,
assuming dilution
cash dividends paid per common share
assets
current assets:
cash and cash equivalents		387,000,000				60,000,000
short-term investments		6,000,000
accounts receivable - net		1,409,000,000				-178,000,000
materials and supplies		420,000,000				36,000,000
deferred income taxes	473,857,000,000	-1,000,000	-7,000,000	29,000,000	-8,000,000	58,000,000	63,000,000	87,000,000		52,000,000
other current assets	-21,968,000,000	83,000,000	18,000,000	195,000,000	140,000,000	-19,000,000	-38,000,000	-16,000,000		23,000,000
total current assets		2,305,000,000				-24,000,000
properties		53,331,000,000				279,000,000
accumulated depreciation		-17,083,000,000				-78,000,000
properties - net		36,248,000,000				201,000,000
investment in conrail
affiliates and other companies
other long-term assets		889,000,000				192,000,000
liabilities and shareholders' equity
current liabilities:
accounts payable	78,899,000,000	1,273,000,000	-62,000,000	1,185,000,000	964,000,000	-9,000,000	-14,000,000	-54,000,000		-12,000,000
labor and fringe benefits payable		453,000,000				82,000,000
casualty, environmental and other reserves		158,000,000				1,000,000
current maturities of long-term debt		616,000,000				-30,000,000
income and other taxes payable	28,508,000,000	156,000,000	129,000,000	258,000,000	89,000,000	-104,000,000	-59,000,000	-112,000,000
other current liabilities	122,998,000,000	327,000,000	4,000,000	539,000,000	131,000,000	25,000,000	9,000,000	19,000,000		-19,000,000
total current liabilities		2,983,000,000				-35,000,000
other long-term liabilities		513,000,000				27,000,000
total liabilities		30,552,000,000				74,000,000
shareholders' equity:
common stock, 1 par value		1,864,000,000				-16,000,000
other capital		882,000,000				42,000,000
retained earnings		9,850,000,000				175,000,000
accumulated other comprehensive loss		-224,000,000				126,000,000
noncontrolling minority interest
total shareholders' equity		12,377,000,000				328,000,000
total liabilities and shareholders' equity		42,929,000,000				402,000,000
certain amounts have been adjusted for the retrospective change in accounting policy for rail grinding, see note 1, nature of operations and significant accounting policies
operating activities
adjustments to reconcile net earnings to net cash provided
by operating activities:
non-cash discontinued operations
other operating activities	52,058,000,000	-50,000,000	-29,000,000	-74,000,000	35,000,000	2,000,000	-2,000,000	36,000,000		0
changes in operating assets and liabilities:
accounts receivable	2,030,000,000	-36,000,000	75,000,000	14,000,000	42,000,000	12,000,000	71,000,000	84,000,000		-150,000,000
investing activities
purchases of short-term investments				-1,000,000	-40,000,000		0
proceeds from sales of short-term investments		69,000,000	10,000,000	0	0	2,000,000	1,000,000	628,000,000
net cash from investing activities	-1,753,855,000,000	-1,454,000,000	-883,000,000	-732,000,000	-487,000,000	-414,000,000	-456,000,000	-373,000,000	-188,000,000
financing activities
long-term debt issued	799,400,000,000	600,000,000	0	0	0		500,000,000	0	-11,000,000	45,000,000
long-term debt repaid	-112,988,000,000	-3,000,000	-2,000,000	-3,000,000	-8,000,000	-36,000,000	-500,000,000	-500,000,000	-49,000,000	-122,000,000
dividends paid	-371,270,000,000	-488,000,000	-230,000,000	-216,000,000	-207,000,000	-206,000,000	-198,000,000	-186,000,000	-22,000,000	-22,000,000
stock options exercised
shares repurchased	-1,450,716,000,000	-1,172,000,000	-1,025,000,000	-581,000,000	-1,021,000,000	-570,000,000	-203,000,000	-606,000,000
other financing activities	-132,023,000,000	81,000,000	41,000,000	25,000,000		6,000,000	-47,000,000	-11,000,000	22,000,000	-14,000,000
net increase in cash and cash equivalents	263,321,000,000					60,000,000	231,000,000	-563,000,000	331,000,000
cash and cash equivalents at beginning of period	1,028,067,000,000	933,000,000	0	0	0	0	0	0	0	0
supplemental cash flow information
interest paid - net of amounts capitalized
income taxes paid
balance december 28, 2007
comprehensive earnings:
other comprehensive loss
total comprehensive earnings		832,000,000
common stock dividends, 0.77 per share
share repurchases
bond conversions
adjustment for compensation -
retirement benefits topic in asc
stock option exercises and other
balance december 26, 2008
common stock dividends, 0.88 per share
balance december 25, 2009
other comprehensive income
common stock dividends, 0.98 per share
balance december 31, 2010
dollars in millions, except per share amounts
consolidated income statements
total expense
before taxes
net earnings per share, assuming dilution
dollars in millions
consolidated balance sheets
consolidated cash flow statements
statement of changes in shareholders' equity
numerator
interest expense on convertible debt - net of tax
net earnings from continuing operations, if converted
denominator
other potentially dilutive common shares
earnings per share, continuing operations, basic
earnings per share, continuing operations, assuming dilution
(b) other potentially dilutive common shares includes convertible debt, stock options common stock equivalents and other potentially dilutive common shares.
note 2. earnings per share, continued
common shares authorized
common shares issued and outstanding
preferred stock
preferred shares authorized
preferred shares issued and outstanding
share-based compensation expense
income tax benefit
options
outstanding
outstanding at beginning of year
expired or cancelled
exercised
outstanding & exercisable at end of year
number
exercise price
15 to 20
number of restricted stock awards outstanding
weighted-average fair value at grant date
restricted stock award expense
number of unvested restricted stock awards outstanding
weighted-average fair value of unvested awards outstanding
(a) in 2010 and 2009, 134,000 and 219,000, respectively, time-based restricted stock units were granted to key members of management under a new long-term incentive plan as described below. these units vest over three years, therefore only a partial amount of expense was recognized in 2010 and 2009, respectively.
ltip plan
number of target units outstanding
payout range
unvested at december 26, 2008
granted in 2009
forfeited in 2009
unvested at december 25, 2009
granted in 2010
forfeited in 2010
vested at december 31, 2010
unvested at december 31, 2010
shares issued to directors
weighted-average grant date stock price
number of shares available for issuance
casualty
reserves
charged to expense
payments
change in estimate
current
casualty:
personal injury
occupational
asbestos
total casualty
separation
environmental
occupational:
incurred but not reported claims
asserted claims
total liability
asbestos:
open claims - beginning of year
new claims filed
claims settled
claims dismissed
open claims - end of year
as of december 2010
road
rail and other track material
ties
grading
ballast
bridges, trestles, and culverts
signals and interlockers
buildings
total road
locomotive
work equipment and other
land
construction in progress
total properties
as of december 2009
composite depreciation rates, which are used in group life depreciation, apply to railroad assets which account for more than 87% of total properties. all other property is depreciated on a straight line basis over the asset’s useful life.
net daily rental charges
rent expense on operating leases
operating
years
2011
2012
2013
2014
2015
thereafter
amounts paid
number of locomotives
pension plans
active employees
retirees and beneficiaries
expected cash flows
pension benefits
2016-2020
amount
equity
fixed income
plan year
actuarial present value of benefit obligation
accumulated benefit obligation
projected benefit obligation
change in projected benefit obligation:
projected benefit obligation at beginning of plan year
service cost
interest cost
plan participants' contributions
plan amendments
actuarial (gain)/loss
benefits paid
benefit obligation at end of plan year
change in plan assets:
fair value of plan assets at beginning of plan year
actual return on plan assets
qualified employer contributions
non-qualified employer contributions
fair value of plan assets at end of plan year
funded status at end of plan year
amounts recorded in consolidated
balance sheets:
current liabilities
long-term liabilities
net amount recognized in
consolidated balance sheet
expected return on plan assets
amortization of net income
amortization of prior service cost
net periodic benefit expense
settlement gain
components of other comprehensive
loss
recognized in the balance sheet
losses
prior service credits
income recognized in the income statement
amortization of net incomees
amortization of prior service costs
pension
benefits
prior service costs
expected long-term return on plan assets:
benefit cost for plan year
discount rates:
salary scale inflation
health care cost trend rate
components of benefit cost: non-medicare eligible
components of benefit cost: medicare eligible
benefit obligations: non-medicare eligible
benefit obligations: medicare eligible
maturity
notes
equipment obligations
capital leases
convertible debentures
total long-term debt
less debt due within one year
fiscal years ending
2016 and thereafter
total long-term debt maturities
interest income
income from real estate operations
miscellaneous income
total other income - net
gross revenue from real estate
operations included above
debt issuance costs
goodwill
available for sale securities
total other long-term assets
pension plan liabilities
post-retirement benefit liabilities
deferred gains
accrued deferred compensation
deferred lease payments
accrued sick leave
total other long-term liabilities
current:
federal
state
total current
deferred:
total deferred
federal income taxes
state income taxes
corporate reorganization
other items
income tax expense/rate
other employee benefit plans
accelerated depreciation
net deferred income tax liabilities
uncertain tax positions:
balance at beginning of the year
additions based on tax positions related to current year
additions based on tax positions related to prior years
reductions based on tax positions related to prior years
settlements with taxing authorities
lapse of statute of limitations
balance at end of the year
rents, fees and services
purchase price amortization and other
equity in income of conrail
total conrail rents, fees and services
interest expense related to conrail
balance sheet information:
csx payable to conrail
promissory notes payable to conrail subsidiary
pre-tax income
net income, after tax
gain on sale, after tax
net income from discontinued operations
earnings per share
from discontinued operations, assuming dilution
long-term debt including current maturities:
common stock:
information technology
consumer discretionary
industrials
health care
financials
energy
consumer staples
materials
corporate securities
common trust funds
derivatives liabilities
derivatives assets
partnerships
government securities
asset-backed securities
total investments at fair value
balance, beginning of year
unrealized gains
balance, end of year
earnings per share, basic
earnings per share, assuming dilution
earnings per share, basic:
earnings per share, assuming dilution:
fiscal year ended december 2010
equity in earnings of subsidiaries
before income taxes
fiscal year ended december 2009
fiscal year ended december 2008
current assets
investments in conrail
investment in consolidated subsidiaries
long-term payable to affiliates
net cash from financing activities		-982,000,000	-1,216,000,000	-775,000,000	-1,230,000,000	-806,000,000	-448,000,000	-1,303,000,000	-62,000,000
cash and cash equivalents at end of period		387,000,000	-711,000,000	-7,000,000	-353,000,000	60,000,000	231,000,000	-563,000,000	331,000,000	-131,000,000
2.1
3.1
3.2
4.1
10.2**
10.3**
10.4**
10.5* **
10.6**
10.7**
10.8**
10.9**
10.10**
10.11**
10.12**
10.13**
10.14**
10.15**
10.16
10.17
10.18
10.19
10.20
10.21
10.22
10.23
10.24
10.25
10.26
10.27**
10.28**
10.29**
10.30
10.31**
10.32
10.33
10.34
10.35*
21*
23*
24*
31*
32*
99*
101*
signature
/s/ michael j. ward
michael j. ward
/s/ oscar munoz
oscar munoz
/s/ carolyn t. sizemore
carolyn t. sizemore
/s/ ellen m. fitzsimmons
ellen m. fitzsimmons
*
donna m. alvarado
alexandre behring
john b. breaux
pamela l. carter
steven t. halverson
edward j. kelly, iii
gilbert h. lamphere
john d. mcpherson
timothy t. o'toole
david m. ratcliffe
donald j. shepard
adjustments to reconcile net earnings to net cash from operating activities:
depreciation and amortization		852,000,000	422,000,000	417,000,000	393,000,000
goodwill impairment
proceeds and advances from property dispositions		49,000,000	16,000,000	17,000,000	195,000,000
business acquisition, net of cash acquired		-14,000,000	-2,000,000	0	-4,000,000	2,000,000
investment in affiliates and other companies		2,574,000,000				40,000,000
right-of-use lease asset		476,000,000
goodwill and other intangible assets - net		437,000,000				0
deferred income taxes - net		7,718,000,000				85,000,000
long-term lease liability		484,000,000				-4,000,000
non-controlling minority interest		5,000,000				1,000,000
net decrease in cash and cash equivalents		-546,000,000
adjustments to reconcile net earnings to net cash
provided by operating activities:
gains on property dispositions			-3,000,000	-8,000,000	-55,000,000	-24,000,000	-2,000,000
issuance of common stock as consideration for acquisition					0
capital expenditures accrued but not yet paid
other comprehensive income - net of tax:
pension and other post-employment benefits
interest rate derivatives
total other comprehensive income
comprehensive earnings
right of use lease asset
net increase/(decrease) in cash and cash equivalents
proceeds from property dispositions							5,000,000	36,000,000
net (decrease)/increase in cash and cash equivalents
net cash (used in)/provided by investing activities
cash payments for restructuring charge
gain on property dispositions								-22,000,000
restructuring charge
earnings of equity-method investments
purchase of short-term investments
equity earnings of affiliates
accelerated share repurchase pending final settlement
seller financed assets
short-term debt - net
adjustments to reconcile net earnings to net cash provided:
gain on sale of international terminals—net of tax
gain on insurance recoveries
insurance proceeds
net gain on conrail spin-off—after tax
net proceeds from sale of international terminals
purchase of minority interest in an international terminals’ subsidiary
proceeds from divestitures
proceeds from sale of short-term investments
short-term debt—net										-5,000,000
interest paid—net of amounts capitalized
gain on sale of international terminals — net of tax
short-term debt — net									-2,000,000
net proceeds from divestitures
short-term investments — net									102,000,000
short-term investments at end of period									-101,000,000	-178,000,000
cash, cash equivalents and short-term investments at end of period									230,000,000	-309,000,000
interest paid — net of amounts capitalized
cumulative effect of accounting change — net of tax
additional loss on sale
benefit from casualty reserves
net gain on conrail spin-off — after tax
termination of accounts receivable
net proceeds from divestiture
cumulative effect of accounting change										0
equity in conrail earnings—net										-4,000,000
short-term investments—net										179,000,000
net cash used by investing activities										-195,000,000
net cash (used) provided by financing activities

CSX Corporation(NASDAQ:CSX)

CSX Corporation
(NASDAQ:CSX)