CSX CORP, 10-K filed on 2/14/2024
Annual Report
v3.24.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Jan. 31, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Document Transition Report false    
Entity File Number 1-8022    
Entity Registrant Name CSX CORPORATION    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 62-1051971    
Entity Address, Address Line One 500 Water Street    
Entity Address, Address Line Two 15th Floor    
Entity Address, City or Town Jacksonville    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 32202    
City Area Code 904    
Local Phone Number 359-3200    
Title of 12(b) Security Common Stock, $1 Par Value    
Trading Symbol CSX    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 68
Entity Common Stock, Shares Outstanding   1,959,134,342  
Documents Incorporated by Reference
Portions of the Registrant’s Definitive Proxy Statement (the “Proxy Statement”) to be filed no later than 120 days after the end of the fiscal year with respect to its 2024 annual meeting of shareholders.
    
Entity Central Index Key 0000277948    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Jacksonville, Florida
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CONSOLIDATED INCOME STATEMENTS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 14,657 $ 14,853 $ 12,522
Expense      
Labor and Fringe 3,024 2,861 2,550
Purchased Services and Other 2,764 2,685 2,135
Depreciation and Amortization 1,611 1,500 1,420
Fuel 1,377 1,626 913
Equipment and Other Rents 354 396 364
Gains on Property Dispositions (34) (238) (454)
Total Expense 9,096 8,830 6,928
Operating Income 5,561 6,023 5,594
Interest Expense (809) (742) (722)
Other Income - Net (Note 14) 139 133 79
Earnings Before Income Taxes 4,891 5,414 4,951
Income Tax Expense (Note 12) (1,176) (1,248) (1,170)
Net Earnings $ 3,715 $ 4,166 $ 3,781
Net Earnings Per Share      
Basic (in dollars per share) $ 1.85 $ 1.95 $ 1.68
Assuming Dilution (in dollars per share) $ 1.85 $ 1.95 $ 1.68
Average Common Shares Outstanding (Millions)      
Basic (shares) 2,008 2,136 2,250
Assuming Dilution (shares) 2,013 2,141 2,255
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CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net Earnings $ 3,715 $ 4,166 $ 3,781
Other Comprehensive Income (Loss) - Net of Tax:      
Pension and Other Post-Employment Benefits 74 (66) 167
Interest Rate Derivatives 0 80 8
Other 2 6 15
Total Other Comprehensive Income (Note 16) 76 20 190
Total Comprehensive Earnings $ 3,791 $ 4,186 $ 3,971
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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current Assets:    
Cash and Cash Equivalents $ 1,353,000,000 $ 1,958,000,000
Short-term Investments 83,000,000 129,000,000
Accounts Receivable - Net (Note 11) 1,393,000,000 1,313,000,000
Materials and Supplies 446,000,000 341,000,000
Other Current Assets 109,000,000 108,000,000
Total Current Assets 3,384,000,000 3,849,000,000
Properties 50,320,000,000 48,105,000,000
Accumulated Depreciation (15,385,000,000) (13,863,000,000)
Properties - Net (Note 6) 34,935,000,000 34,242,000,000
Investment in Affiliates and Other Companies (Note 15) 2,397,000,000 2,292,000,000
Right of Use Lease Asset (Note 7) 498,000,000 505,000,000
Goodwill and Other Intangible Assets - Net (Note 18) 506,000,000 502,000,000
Other Long-term Assets 688,000,000 522,000,000
Total Assets 42,408,000,000 41,912,000,000
Current Liabilities:    
Accounts Payable 1,237,000,000 1,130,000,000
Labor and Fringe Benefits Payable 517,000,000 707,000,000
Casualty, Environmental and Other Reserves (Note 5) 144,000,000 144,000,000
Current Maturities of Long-term Debt (Note 10) 558,000,000 151,000,000
Income and Other Taxes Payable 525,000,000 111,000,000
Other Current Liabilities 243,000,000 228,000,000
Total Current Liabilities 3,224,000,000 2,471,000,000
Casualty, Environmental and Other Reserves (Note 5) 296,000,000 292,000,000
Long-term Debt (Note 10) 17,975,000,000 17,896,000,000
Deferred Income Taxes - Net (Note 12) 7,746,000,000 7,569,000,000
Long-term Lease Liability (Note 7) 491,000,000 488,000,000
Other Long-term Liabilities 543,000,000 571,000,000
Total Liabilities 30,275,000,000 29,287,000,000
Shareholders' Equity:    
Common Stock, $1 Par Value (Note 3) 1,959,000,000 2,066,000,000
Other Capital 691,000,000 574,000,000
Retained Earnings 9,790,000,000 10,363,000,000
Accumulated Other Comprehensive Loss (Note 16) (312,000,000) (388,000,000)
Non-controlling Minority Interest 5,000,000 10,000,000
Total Shareholders' Equity 12,133,000,000 12,625,000,000
Total Liabilities and Shareholders' Equity $ 42,408,000,000 $ 41,912,000,000
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Common stock par value (in dollars per share) $ 1 $ 1
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CONSOLIDATED CASH FLOW STATEMENTS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net Earnings $ 3,715 $ 4,166 $ 3,781
Adjustments to Reconcile Net Earnings to Net Cash      
Depreciation and Amortization 1,611 1,500 1,420
Deferred Income Taxes 140 117 167
Gains on Property Dispositions (34) (238) (454)
Other Operating Activities (5) (17) 12
Changes in Operating Assets and Liabilities:      
Accounts Receivable (51) (101) (141)
Other Current Assets (120) (22) (25)
Accounts Payable 83 140 128
Income and Other Taxes Payable 431 (39) 72
Other Current Liabilities (221) 113 139
Net Cash Provided by Operating Activities 5,549 5,619 5,099
INVESTING ACTIVITIES      
Property Additions (2,281) (2,133) (1,791)
Purchases of Short-term Investments (104) (59) (75)
Proceeds from Sales of Short-term Investments 153 9 5
Proceeds and Advances from Property Dispositions 52 246 529
Business Acquisition, Net of Cash Acquired (Note 17) (31) (227) (541)
Other Investing Activities (76) 33 (4)
Net Cash Used in Investing Activities (2,287) (2,131) (1,877)
FINANCING ACTIVITIES      
Shares Repurchased (3,482) (4,731) (2,886)
Dividends Paid (882) (852) (839)
Long-term Debt Repaid (153) (186) (426)
Long-term Debt Issued (Note 10) 600 2,000 0
Other Financing Activities 50 0 39
Net Cash Used in Financing Activities (3,867) (3,769) (4,112)
Net Decrease in Cash and Cash Equivalents (605) (281) (890)
CASH AND CASH EQUIVALENTS      
Cash and Cash Equivalents at Beginning of Period 1,958 2,239 3,129
Cash and Cash Equivalents at End of Period 1,353 1,958 2,239
SUPPLEMENTAL CASH FLOW INFORMATION      
Issuance of Common Stock as Consideration for Acquisition 0 422 0
Interest Paid - Net of Amounts Capitalized 806 729 718
Income Taxes Paid $ 630 $ 1,167 $ 931
v3.24.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Common Shares Outstanding
Common Stock and Other Capital
Retained Earnings
Accumulated Other Comprehensive (Loss) Income
Non- controlling Minority Interest
Stockholders' Equity, beginning balance (in shares) at Dec. 31, 2020   2,287,587        
Shareholders' Equity, beginning balance at Dec. 31, 2020 $ 13,110   $ 2,440 $ 11,259 $ (598) [1] $ 9
Comprehensive Earnings:            
Net Earnings 3,781     3,781    
Other Comprehensive Income (Note 16) 190       190 [1]  
Total Comprehensive Earnings 3,971          
Common stock dividends $ (839)     (839)    
Share Repurchases (in shares) (90,000) (90,431)        
Share Repurchases $ (2,886)   (90) (2,796)    
Other (in shares)   4,631        
Other 144   (82) 225   1
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2021   2,201,787        
Shareholders' Equity, ending balance at Dec. 31, 2021 13,500   2,268 11,630 (408) [1] 10
Comprehensive Earnings:            
Accumulated other comprehensive loss, tax         107  
Net Earnings 4,166     4,166    
Other Comprehensive Income (Note 16) 20       20 [1]  
Total Comprehensive Earnings 4,186          
Common stock dividends $ (852)     (852)    
Share Repurchases (in shares) (151,000) (151,419)        
Share Repurchases $ (4,731)   (151) (4,580)    
Issuance of common stock for acquisition of Pan Am Systems, Inc. (in shares)   13,173        
Issuance of common stock for acquisition of Pan Am Systems, Inc. 422   422      
Other (in shares)   2,826        
Other 100   101 (1)    
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2022   2,066,367        
Shareholders' Equity, ending balance at Dec. 31, 2022 12,625   2,640 10,363 (388) [1] 10
Comprehensive Earnings:            
Accumulated other comprehensive loss, tax         122  
Net Earnings 3,715     3,715    
Other Comprehensive Income (Note 16) 76       76 [1]  
Total Comprehensive Earnings 3,791          
Common stock dividends $ (882)     (882)    
Share Repurchases (in shares) (112,000) (112,484)        
Share Repurchases $ (3,482)   (112) (3,370)    
Excise Tax on Net Share Repurchases (33)     (33)    
Other (in shares)   4,874        
Other $ 114   122 (3)   (5)
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2023 1,958,000 1,958,757        
Shareholders' Equity, ending balance at Dec. 31, 2023 $ 12,133   $ 2,650 $ 9,790 (312) [1] $ 5
Comprehensive Earnings:            
Accumulated other comprehensive loss, tax         $ 84  
[1] Accumulated Other Comprehensive Loss year-end balances shown above are net of tax. The associated taxes were $84 million, $122 million, and $107 million for 2023, 2022 and 2021, respectively. For additional information see Note 16, Other Comprehensive Income (Loss).
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]      
Common stock dividends, per share (in dollars per share) $ 0.44 $ 0.40 $ 0.37
v3.24.0.1
Nature of Operations and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Significant Accounting Policies Nature of Operations and Significant Accounting Policies
Business
CSX Corporation together with its subsidiaries ("CSX" or the “Company”), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based transportation services including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations.

CSX Transportation, Inc.
CSX’s principal operating subsidiary, CSX Transportation, Inc. (“CSXT”), provides an important link to the transportation supply chain through its approximately 20,000 route mile rail network and serves major population centers in 26 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. It has access to over 70 ocean, river and lake port terminals along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St. Lawrence Seaway. The Company’s intermodal business links customers to railroads via trucks and terminals. CSXT also serves thousands of production and distribution facilities through track connections to more than 240 short-line and regional railroads. On June 1, 2022, CSX completed its acquisition of Pan Am Systems, Inc. (“Pan Am”), which is the parent company of Pan Am Railways, Inc. This acquisition expands CSXT’s reach in the Northeastern United States. For further details, refer to Note 17, Business Combinations.

CSXT is also responsible for the Company's real estate sales, leasing, acquisition and management and development activities. Substantially all of these activities are focused on supporting railroad operations.

Other Entities
In addition to CSXT, the Company’s subsidiaries include Quality Carriers, Inc. ("Quality Carriers"), CSX Intermodal Terminals, Inc. (“CSX Intermodal Terminals”), Total Distribution Services, Inc. (“TDSI”), TRANSFLO Terminal Services, Inc. (“TRANSFLO”), CSX Technology, Inc. (“CSX Technology”) and other subsidiaries. Effective July 1, 2021, CSX acquired Quality Carriers, the largest provider of bulk liquid chemicals truck transportation in North America. For further details, refer to Note 17, Business Combinations. CSX Intermodal Terminals owns and operates a system of intermodal terminals, predominantly in the eastern United States, and also provides drayage services (the pickup and delivery of intermodal shipments) for certain customers. TDSI serves the automotive industry with distribution centers and storage locations. TRANSFLO connects non-rail served customers to the many benefits of rail by transferring products from rail to trucks. The biggest TRANSFLO markets are chemicals and agriculture, which include shipments of plastics and ethanol. CSX Technology and other subsidiaries provide support services for the Company.
NOTE 1.  Nature of Operations and Significant Accounting Policies, continued

Lines of Business
During 2023, the Company's services generated $14.7 billion of revenue and served four primary lines of business: merchandise, intermodal, coal and trucking.

•The merchandise business shipped 2.6 million carloads (43% of volume) and generated $8.7 billion in revenue (59% of revenue) in 2023. The Company’s merchandise business is comprised of shipments in the following diverse markets: chemicals, agricultural and food products, minerals, automotive, forest products, metals and equipment, and fertilizers.
•The intermodal business shipped 2.8 million units (45% of volume) and generated $2.1 billion in revenue (14% of revenue) in 2023. The intermodal business combines the superior economics of rail transportation with the flexibility of trucks and offers a cost and environmental advantage over long-haul trucking. Through a network of approximately 30 terminals, the intermodal business serves all major markets east of the Mississippi River and transports mainly manufactured consumer goods in containers, providing customers with truck-like service for longer shipments.
•The coal business shipped 755 thousand carloads (12% of volume) and generated $2.5 billion in revenue (17% of revenue) in 2023. The Company transports domestic coal, coke and iron ore to electricity-generating power plants, steel manufacturers and industrial plants as well as export coal to deep-water port facilities. Most of the export coal the Company transports is used for steelmaking, while the majority of domestic coal the Company ships is used for electricity generation.
•The trucking business generated $882 million, or 6%, of revenue in 2023. Trucking revenue includes revenue from the operations of Quality Carriers, which was acquired by CSX effective July 1, 2021.

Other revenue accounted for 4% of the Company’s total revenue in 2023. This category includes revenue from regional subsidiary railroads and incidental charges, including intermodal storage and equipment usage, demurrage and switching. Revenue from regional subsidiary railroads includes shipments by railroads that the Company does not directly operate. Intermodal storage represents charges for customer storage of containers at an intermodal terminal, ramp facility or offsite location beyond a specified period of time. Demurrage represents charges assessed when freight cars are held by a customer beyond a specified period of time. Switching represents charges assessed when a railroad switches cars for a customer or another railroad.

The Company has two operating segments: rail and trucking. Although the Company provides a breakdown of revenue by line of business, the overall financial and operational performance of the railroad is analyzed as one operating segment due to the integrated nature of the rail network. As the trucking segment is not material for separate disclosure, the results of all operations are included in one reportable segment.

Employees
The Company's number of employees was more than 23,000 as of December 2023, which includes approximately 17,700 union employees. Most of the Company’s employees provide or support transportation services.
NOTE 1.  Nature of Operations and Significant Accounting Policies, continued

Basis of Presentation
In the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the financial position of CSX and its subsidiaries at December 31, 2023 and December 31, 2022, and the consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for the years ended 2023, 2022 and 2021. In addition, management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to the date this annual report is filed on Form 10-K.

Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates in reporting the amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of certain revenues and expenses during the reporting period. Actual results may differ from those estimates. Critical accounting estimates using management judgment are made for the following areas:
•personal injury and environmental reserves (see Note 5, Casualty, Environmental and Other Reserves);
•pension plan accounting (see Note 9, Employee Benefit Plans); and
•depreciation policies for assets under the group-life method (see Note 6, Properties)

Fiscal Year
The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to full years indicate CSX’s fiscal years ended on December 31, 2023, December 31, 2022, and December 31, 2021.
    
Principles of Consolidation
The consolidated financial statements include results of operations of CSX and subsidiaries over which CSX has majority ownership or financial control. All significant intercompany accounts and transactions have been eliminated. Most investments in companies that were not majority-owned were carried at cost (if less than 20% owned and the Company has no significant influence) or were accounted for under the equity method (if the Company has significant influence but does not have control). These investments are reported within Investment in Affiliates and Other Companies on the consolidated balance sheets.
NOTE 1.  Nature of Operations and Significant Accounting Policies, continued

Cash and Cash Equivalents
On a daily basis, cash in excess of current operating requirements is invested in various highly liquid investments having a typical maturity date of three months or less at the date of acquisition. These investments are carried at cost, which approximates market value, and are classified as cash equivalents.

Investments
Investments in instruments with original maturities greater than three months that will mature in less than one year are classified as short-term investments. Investments with original maturities of one year or greater are initially classified within other long-term assets, and the classification is re-evaluated at each balance sheet date.

Materials and Supplies
Materials and supplies in the consolidated balance sheets are carried at average cost and consist primarily of parts used in the repair and maintenance of track structure, equipment, and CSXT’s freight car and locomotive fleets, as well as fuel.

New Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. As the London Interbank Offered Rate ("LIBOR") is no longer available as of July 2023, this standard update provides practical expedients for contract modifications made as part of the transition from LIBOR to alternative reference rates. The guidance was effective upon issuance and at present can generally be applied through December 31, 2024. The Company applied the practical expedient to its forward starting interest rate swaps effective June 30, 2023. See Note 10, Debt and Credit Agreements, for additional information. The Company does not have any other contracts that are affected by the transition from LIBOR.

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. This standard update requires additional interim and annual disclosures about a reportable segment’s expenses, even for companies with only one reportable segment. The Company is required to adopt the guidance for its 2024 annual report filed on Form 10-K, though early adoption is permitted. The Company is currently evaluating the impact of these amendments on its disclosures, but this standard update will not impact the Company's results of operations or financial position.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This standard update requires additional interim and annual disclosures about a company’s income taxes, including more detailed information around the annual rate reconciliation and income taxes paid. The Company is required to adopt the guidance for its 2025 annual report filed on Form 10-K, though early adoption is permitted. The Company is currently evaluating the impact of these amendments on its disclosures, but this standard update will not impact the Company's results of operations or financial position.
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution:
 Years Ended
 202320222021
Numerator (Dollars in Millions):
 
Net Earnings$3,715 $4,166 $3,781 
Denominator (Units in Millions):
Average Common Shares Outstanding2,008 2,136 2,250 
Other Potentially Dilutive Common Shares5 5 5 
Average Common Shares Outstanding, Assuming Dilution2,013 2,141 2,255 
Net Earnings Per Share, Basic$1.85 $1.95 $1.68 
Net Earnings Per Share, Assuming Dilution$1.85 $1.95 $1.68 

Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Earnings per share, assuming dilution, is based on the weighted-average number of shares of common stock outstanding and common stock equivalents adjusted for the effects of common stock that may be issued as a result of potentially dilutive instruments. CSX's potentially dilutive instruments are made up of equity awards including stock options, performance and restricted stock units.

When calculating diluted earnings per share, the potential shares that would be outstanding if all outstanding stock options were exercised are included. This number is different from outstanding stock options, which is included in Note 4, Stock Plans and Share-Based Compensation, because it is offset by shares CSX could repurchase using the proceeds from these hypothetical exercises to obtain the common stock equivalent. The total average outstanding equity awards that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below.

Years Ended
202320222021
Antidilutive Stock Options Excluded from Diluted EPS (Units in Millions)
3 3 2 

Share Repurchase Programs
During November 2023, the share repurchase program announced in July 2022 was completed and the Company began repurchasing shares under the $5 billion share repurchase program approved on October 17, 2023. Total repurchase authority remaining was $4.8 billion as of December 31, 2023. Previous share repurchase programs were announced in October 2020 and January 2019 and were completed in July 2022 and June 2021, respectively.
NOTE 2.  Earnings Per Share, continued

Share repurchases may be made through a variety of methods including, but not limited to, open market purchases, purchases pursuant to Rule 10b5-1 plans, accelerated share repurchases and negotiated block purchases. The timing of share repurchases depends upon management's assessment of marketplace conditions and other factors, and the program remains subject to the discretion of the Board of Directors. Future share repurchases are expected to be funded by cash on hand, cash generated from operations and debt issuances. Shares are retired immediately upon repurchase. In accordance with the Equity Topic in the Accounting Standards Codification ("ASC"), the excess of repurchase price over par value is recorded in retained earnings.

Share Repurchase Activity
During 2023, 2022 and 2021, CSX repurchased the following shares:
Years Ended
202320222021
Shares Repurchased (Units in Millions)
112 151 90 
Cost of Shares (Dollars in Millions)
$3,482 $4,731 $2,886 
Average Price Paid per Share$30.95 $31.25 $31.91 

The Inflation Reduction Act of 2022 imposes a nondeductible 1% excise tax on the net value of most share repurchases made after December 31, 2022. Excise tax commensurate with net share repurchases is reflected in equity and a corresponding liability for excise taxes payable is included in other current liabilities on the consolidated balance sheet. Amounts shown in the table above exclude the impact of this excise tax.

Structured Share Repurchases
Periodically, CSX enters into structured agreements for the repurchase of CSX shares. Upon execution of each agreement, the Company pays a fixed amount of cash in exchange for the right to receive either CSX stock or a predetermined amount of cash, including a premium. Shares acquired through these structured share repurchase agreements were recorded in common stock and retained earnings and are included in the share repurchases table above. There were no repurchases under a structured agreement in 2023 or 2022. In 2021, the Company paid a net total of approximately $378 million and received approximately 12 million shares as a result of entering into and settling structured share repurchase agreements. Premiums received were not material.

Dividend Increase
On February 14, 2024, the Company's Board of Directors authorized a 9% increase in the quarterly cash dividend to $0.12 per common share effective March 2024.
v3.24.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
Common and preferred stock consists of the following:
Common Stock, $1 Par Value
December 2023
 (Units in Millions)
Common Shares Authorized5,400 
Common Shares Issued and Outstanding1,958 
 
Preferred Stock
Preferred Shares Authorized25 
Preferred Shares Issued and Outstanding— 

Holders of common stock are entitled to one vote on all matters requiring a vote for each share held. Preferred stock is senior to common stock with respect to dividends and upon liquidation of CSX.

Common Stock Split
On June 4, 2021, CSX announced a three-for-one split of the Company’s common stock in the form of a stock dividend. Each shareholder of record on June 18, 2021, received two additional shares of common stock for each share held as of this record date. The new shares were distributed after close of trading on June 28, 2021. All prior period share and per share amounts, common stock, other capital, and retained earnings were retroactively adjusted to reflect the impact of the stock split. Proportional adjustments were also made to outstanding awards under the Company's stock-based compensation plans.

Other Capital
As a result of the stock split during second quarter 2021, CSX's common stock balance was increased and its other capital balance was reduced commensurately. Because this adjustment brought the other capital balance below zero, $1.0 billion was reclassified from retained earnings to other capital to bring the other capital balance to zero as of June 30, 2021.
v3.24.0.1
Stock Plans and Share-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Plans and Share-Based Compensation Stock Plans and Share-Based Compensation
Under CSX's share-based compensation plans, awards consist of performance units, stock options, restricted stock units and restricted stock awards for management and stock grants for directors. Awards granted under the various programs are determined and approved by the Compensation and Talent Management Committee of the Board of Directors. Awards to the Chief Executive Officer are approved by the full Board and awards to senior executives are approved by the Compensation and Talent Management Committee. In certain circumstances, the Chief Executive Officer or delegate approves awards to management employees other than senior executives. The Board of Directors approves awards granted to CSX's non-management directors upon recommendation of the Governance and Sustainability Committee.

Share-based compensation expense for awards under share-based compensation plans and purchases made as part of the employee stock purchase plan is measured using the fair value of the award on the grant date and is recognized on a straight-line basis over the service period of the respective award. Alternatively, expense is recognized upon death or over an accelerated service period for retirement-eligible employees whose agreements allow for continued vesting upon retirement. Forfeitures are recognized as they occur. Total pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards.
 Years Ended
(Dollars in Millions)202320222021
Share-Based Compensation Expense
Performance Units$20 $35 $71 
Restricted Stock Units and Awards19 15 12 
Stock Options12 17 18 
Employee Stock Purchase Plan7 5 4 
Stock Awards for Directors2 2 2 
Total Share-based Compensation Expense$60 $74 $107 
Income Tax Benefit$14 $17 $23 

Long-term Incentive Plans
The objective of the CSX Long-term Incentive Plans (“LTIP”) is to motivate and reward certain employees for achieving and exceeding certain financial goals. The 2023-2025, 2022-2024, and 2021-2023 LTIPs were adopted under the 2019 Stock and Incentive Award Plan. Grants were made in performance units, with each unit being equivalent to one share of CSX common stock, and payouts will be made in CSX common stock. The payout range for most participants will be between 0% and 200% of the target awards depending on Company performance against predetermined goals for each three-year cycle.
NOTE 4.  Stock Plans and Share-Based Compensation, continued

In 2023, 2022 and 2021, target performance units were granted to certain employees under three separate LTIP plans covering three-year cycles: the 2023-2025 ("2023-2025 LTIP"), the 2022-2024 ("2022-2024 LTIP"), and the 2021-2023 ("2021-2023 LTIP"). Payouts of performance units for the plans will be based on the achievement of certain goals, in each case excluding non-recurring items as disclosed in the Company’s financial statements.

•For the 2023-2025 and 2022-2024 LTIP plan, the average annual operating income growth percentage and Economic Profit (CSX Cash Earnings or CCE), in each case excluding non-recurring items as defined in the plan, will each comprise 50% of the payout and will be measured independently of the other. Participants will receive stock dividend equivalents declared over the performance period based on the number of performance units paid upon vesting. As defined under the plan, Economic Profit incentivizes strategic investments earning more than the required return and is calculated as CSX’s gross cash earnings (after-tax adjusted EBITDA) minus the long-term average cost of capital on gross operating assets.

•For the 2021-2023 LTIP plan, the average annual operating income growth percentage and cumulative free cash flow over the plan period will each comprise 50% of the payout and will be measured independently of the other. Participants will receive stock dividend equivalents declared over the performance period based on the number of performance units paid upon vesting.

For these plans, payouts for certain executive officers are subject to formulaic upward or downward adjustment by up to 25%, capped at an overall payout of 250%, based upon the Company’s total shareholder return relative to specified comparable groups over the performance period.

The fair values of the performance units awarded during the years ended December 2023, 2022 and 2021 were calculated primarily using a Monte-Carlo simulation model with the following weighted-average assumptions:

Years Ended
Weighted-Average Assumptions Used:202320222021
Risk-free Interest Rate4.4 %2.3 %0.2 %
Annualized Volatility33.2 %33.0 %33.6 %
Expected Life (in years)
2.82.72.9

The risk-free interest rate assumptions reflect the U.S. Treasury yield curve in effect at the time of grant. The annualized volatility is based on observed historical volatility of daily stock returns for the three-year period preceding the grant date. The expected life is calculated using the remainder of the performance period.
NOTE 4.  Stock Plans and Share-Based Compensation, continued

Performance unit grant and vesting information is summarized as follows:
 Years Ended
 202320222021
Weighted-Average Fair Value of Units Granted$31.57 $33.89 $30.11 
Fair Value of Units Vested (in Millions)
$16 $24 $19 

The performance unit activity related to the outstanding long-term incentive plans and corresponding fair value is summarized as follows:
 Performance Units Outstanding
(in Thousands)		Weighted-Average Fair Value at Grant Date
Unvested at December 31, 2022
1,254 $32.14 
Granted 755 31.57 
Forfeited (118)32.20 
Vested (570)30.23 
Unvested at December 31, 2023
1,321 $32.65 

As of December 2023, there was $20 million of total unrecognized compensation cost related to performance units that is expected to be recognized over a weighted-average period of approximately two years. 

Stock Options
    Stock options in 2023, 2022 and 2021 were primarily granted along with the corresponding LTIP plans. With these grants, an employee receives an award that provides the opportunity in the future to purchase CSX shares at the closing market price of the stock on the date the award is granted (the strike price). Options granted become exercisable in equal installments on the anniversary of the grant date over a vesting period (three-year graded). All options expire 10 years from the grant date if they are not exercised.

The fair value of stock options granted was estimated as of the dates of grant using the Black-Scholes option valuation model, which uses the following assumptions: dividend yield, risk-free interest rate, annualized volatility and expected life. The annual dividend yield is based on the most recent quarterly CSX dividend payment annualized. The risk-free interest rate is based on U.S. Treasury yield curve in effect at the time of grant. The annualized volatility is based on historical volatility of daily CSX stock price returns over a 6.0 year look-back period ending on the grant date. The expected life is calculated using the safe harbor approach due to lack of historical data on CSX options, which is the midpoint between the vesting schedule and contractual term (10 years).
NOTE 4.  Stock Plans and Share-Based Compensation, continued

Assumptions and inputs used to estimate fair value of stock options are summarized as follows:
Years Ended
 202320222021
Weighted-Average Fair Value of Units Granted$9.82$10.12$7.94
Stock Options Valuation Assumptions:
Annual Dividend Yield1.4 %1.1 %1.2 %
Risk-free Interest Rate3.8 %2.0 %0.7 %
Annualized Volatility29.6 %30.1 %31.2 %
Expected Life (in Years)6.06.06.0
Other Pricing Model Inputs:
Weighted-average Grant-date Market Price of CSX Stock (Strike Price)$31.54$35.12$29.65

The stock option activity is summarized as follows:
 Stock Options Outstanding
(in Thousands)		Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Life
(in Years)		Aggregate Intrinsic Value
(in Millions)
Outstanding at December 31, 202213,400 $24.03 
Granted 1,234 31.54 
Forfeited (189)32.68 
Exercised(2,351)22.06 
Outstanding at December 31, 202312,094 $25.04 6.0$117 
Exercisable at December 31, 20239,239 $22.73 5.3$111 

Unrecognized compensation expense related to stock options as of December 2023 was $12 million and is expected to be recognized over a weighted-average period of approximately two years. The Company issues new shares upon stock option exercises. Additional information on stock option exercises is summarized as follows:

Years Ended
(Dollars in Millions)202320222021
Intrinsic Value of Stock Options Exercised$27 $9 $32 
Cash Received from Option Exercises$52 $15 $31 
NOTE 4.  Stock Plans and Share-Based Compensation, continued

Restricted Stock Grants
Restricted stock grants consist of units and awards, each equivalent to one share of CSX stock. Restricted stock units are primarily issued along with corresponding LTIP plans and vest three years after the date of grant (three-year cliff) or on the annual anniversary of the grant date over a vesting period (three-year graded). Separately, restricted stock awards generally vest over an employment period of up to five years. These awards are time-based and not based upon CSX’s attainment of operational targets. Participants receive cash or stock dividend equivalents on these shares, depending on the grant. Restricted stock grant and vesting information is summarized as follows:

 Years Ended
 202320222021
Weighted-Average Fair Value of Units Granted$31.46 $34.55 $29.84 
Fair Value of Units and Awards Vested (in Millions)
$8 $5 $12 
    
The restricted stock activity related to the outstanding long-term incentive plans and other awards and corresponding fair value is summarized as follows:
 Restricted Stock Units and Awards Outstanding
(in Thousands)		Weighted-Average Fair Value at Grant Date
Unvested at December 31, 2022
1,552 $31.68 
Granted880 31.46 
Forfeited (100)31.92 
Vested (303)27.49 
Unvested at December 31, 2023
2,029 $31.70 
    
As of December 2023, unrecognized compensation expense for these restricted stock units and awards was approximately $28 million, which will be expensed over a weighted-average remaining period of two years.
NOTE 4.  Stock Plans and Share-Based Compensation, continued

Stock Awards for Directors
CSX’s non-management directors receive a base annual retainer of $130,000 to be paid quarterly in cash, unless the director chooses to defer the retainer in the form of cash or CSX common stock. Additionally, non-management directors receive an annual grant of common stock in the amount of approximately $180,000 and the independent non-executive Chairman also receives an annual grant of common stock in the amount of approximately $250,000. These awards are evaluated periodically by the Board of Directors.

Employee Stock Purchase Plan
In May 2018, shareholders approved the 2018 CSX Employee Stock Purchase Plan (“ESPP”) for the benefit of Company employees. The Company registered 12 million shares of common stock that may be issued pursuant to this plan. Under the ESPP, employees may contribute between 1% and 10% of base compensation, after-tax, to purchase up to $25,000 of market value CSX common stock per year at 85% of the closing market price on either the grant date or the last day of the six-month offering period, whichever is lower. During 2023, 2022 and 2021, the Company issued the following shares under this program.

 Years Ended
 202320222021
Shares Issued (in Thousands)
959 726 730 
Weighted Average Purchase Price Per Share$25.66 $25.93 $21.90 
v3.24.0.1
Casualty, Environmental and Other Reserves
 12 Months Ended
Dec. 31, 2023
Casualty, Environmental and Other Reserves [Abstract]  
Casualty, Environmental and Other Reserves Casualty, Environmental and Other Reserves
Activity related to casualty, environmental and other reserves is as follows:
 CasualtyEnvironmentalOther 
(Dollars in Millions)ReservesReservesReservesTotal
December 31, 2020$196 $76 $42 $314 
Assumed in Acquisition of Quality Carriers— 29 33 62 
Charged to Expense 55 26 49 130 
Payments(71)(23)(44)(138)
December 31, 2021180 108 80 368 
Assumed in Acquisition of Pan Am19 36 — 55 
Charged to Expense 45 47 51 143 
Payments(50)(30)(50)(130)
December 31, 2022194 161 81 436 
Charged to Expense69 29 67 165 
Payments(68)(36)(57)(161)
December 31, 2023$195 $154 $91 $440 

Personal injury and environmental reserves are considered critical accounting estimates due to the need for management judgment. In the table above, the impacts of changes in estimates are included in the charged to expense amount and were not material in 2023, 2022 and 2021. Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below.

 December 2023December 2022
(Dollars in Millions)CurrentLong-termTotalCurrentLong-termTotal
Casualty:      
Personal Injury$45 $83 $128 $40 $86 $126 
Occupational 7 60 67 10 58 68 
Total Casualty$52 $143 $195 $50 $144 $194 
Environmental 41 113 154 53 108 161 
Other51 40 91 41 40 81 
Total$144 $296 $440 $144 $292 $436 
    
NOTE 5.  Casualty, Environmental and Other Reserves, continued    

These liabilities are accrued when probable and reasonably estimable in accordance with the Contingencies Topic in the ASC. Actual settlements and claims received could differ and final outcomes of these matters cannot be predicted with certainty. Considering the legal defenses currently available, the liabilities that have been recorded and other factors, it is the opinion of management that none of these items individually, when finally resolved, will have a material adverse effect on the Company's financial condition, results of operations or liquidity. Should a number of these items occur in the same period, however, their combined effect could be material in that particular period.

Casualty
Casualty reserves represent accruals for personal injury, occupational disease and occupational injury claims primarily related to railroad operations. Casualty reserves include liabilities assumed as a result of the Company's acquisition of Pan Am in 2022. The Company's self-insured retention amount for casualty claims is $100 million per occurrence. Currently, no individual claim is expected to exceed the self-insured retention amount. Most of the Company's casualty claims relate to CSXT. In accordance with the Contingencies Topic in the ASC, to the extent the value of an individual claim exceeds the self-insured retention amount, the Company would present the liability on a gross basis with a corresponding receivable for insurance recoveries.

These reserves fluctuate based upon the timing of payments as well as changes in estimate. Actual results may vary from estimates due to the number, type and severity of the injury, costs of medical treatments and uncertainties in litigation. Defense and processing costs, which historically have been insignificant and are anticipated to be insignificant in the future, are not included in the recorded liabilities. Changes in casualty reserves are included in purchased services and other on the consolidated income statements.

Personal Injury
Personal injury reserves represent liabilities for employee work-related and third-party injuries. Work-related injuries for CSXT employees are primarily subject to the Federal Employers' Liability Act ("FELA"). CSXT retains an independent actuary to assist management in assessing the value of personal injury claims. An analysis is performed by the actuary quarterly and is reviewed by management. The methodology used by the actuary includes a development factor to reflect growth or reduction in the value of these personal injury claims based largely on CSXT's historical claims and settlement experience. These analyses did not result in a material adjustment to the personal injury reserve in 2023, 2022 or 2021.
NOTE 5.  Casualty, Environmental and Other Reserves, continued

Occupational
Occupational reserves represent liabilities arising from allegations of exposure to certain materials in the workplace (such as solvents, soaps, chemicals and diesel fumes), past exposure to asbestos or allegations of chronic physical injuries resulting from work conditions (such as repetitive stress injuries). The Company retains an independent actuary to analyze the Company’s historical claims, settlement amounts, and dismissal rates to assist in determining future anticipated claim filing rates and average settlement values. This analysis is performed by the actuary and reviewed by management quarterly. There were no material adjustments to the occupational reserve in 2023, 2022 or 2021.

Environmental
The Company is a party to various proceedings related to environmental issues, including administrative and judicial proceedings involving private parties and regulatory agencies. The Company has been identified as a potentially responsible party at approximately 230 environmentally impaired sites. Many of these are, or may be, subject to remedial action under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), also known as the Superfund Law, or similar state statutes. Most of these proceedings arose from environmental conditions on properties used for ongoing or discontinued railroad operations. A number of these proceedings, however, are based on allegations that the Company, or its predecessors, sent hazardous substances to facilities owned or operated by others for treatment, recycling or disposal. In addition, some of the Company’s land holdings were leased to others for commercial or industrial uses that may have resulted in releases of hazardous substances or other regulated materials onto the property and could give rise to proceedings against the Company. Environmental reserves include liabilities assumed as a result of the Company's acquisition of Pan Am in 2022 and Quality Carriers in 2021.

In any such proceedings, the Company is subject to environmental clean-up and enforcement actions under the Superfund Law, as well as similar state laws that may impose joint and several liability for clean-up and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. These costs could be substantial.
NOTE 5.  Casualty, Environmental and Other Reserves, continued

In accordance with the Asset Retirement and Environmental Obligations Topic in the ASC, the Company reviews its role with respect to each site identified at least quarterly, giving consideration to a number of factors such as:
•type of clean-up required;
•nature of the Company’s alleged connection to the location (e.g., generator of waste sent to the site or owner or operator of the site);
•extent of the Company’s alleged connection (e.g., volume of waste sent to the location and other relevant factors); and
•number, connection and financial viability of other named and unnamed potentially responsible parties at the location.

Based on management's review process, amounts have been recorded to cover contingent anticipated future environmental remediation costs with respect to each site to the extent such costs are reasonably estimable and probable. The recorded liabilities for estimated future environmental costs are undiscounted. The liability includes future costs for remediation and restoration of sites as well as any significant ongoing monitoring costs, but excludes any anticipated insurance recoveries. Payments related to these liabilities are expected to be made over the next several years. Environmental remediation costs are included in purchased services and other on the consolidated income statements.

Currently, the Company does not possess sufficient information to reasonably estimate the amounts of additional liabilities, if any, on some sites until completion of future environmental studies. In addition, conditions that are currently unknown could, at any given location, result in additional exposure, the amount and materiality of which cannot presently be reasonably estimated. Based upon information currently available, however, the Company believes its environmental reserves accurately reflect the estimated cost of remedial actions currently required.

Other
Other reserves include liabilities for various claims, such as automobile, property, general liability, workers' compensation and longshoremen disability claims. Other reserves include liabilities assumed as a result of the Company's acquisition of Pan Am in 2022 and Quality Carriers in 2021.
v3.24.0.1
Properties
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Properties Properties
Details of the Company’s net properties are as follows:
(Dollars in Millions) AccumulatedNet BookAnnual DepreciationEstimated Useful LifeDepreciation
December 2023CostDepreciationValueRate
(Avg. Years)
Method
Road 
 Rail and Other Track Material$9,537 $(1,978)$7,559 2.5%41Group Life
 Ties7,020 (2,131)4,889 3.5%28Group Life
 Grading2,796 (668)2,128 1.3%75Group Life
 Ballast3,424 (1,119)2,305 2.6%38Group Life
 Bridges, Trestles, and Culverts3,121 (525)2,596 1.7%60Group Life
 Signals and Interlockers3,376 (1,351)2,025 4.1%24Group Life
 Buildings1,530 (608)922 2.5%40
Group Life/ Straight Line (a)
 Other5,786 (2,546)3,240 4.1%25
Group Life/ Straight Line (a)
Total Road36,590 (10,926)25,664   
Equipment      
 Locomotive4,952 (1,981)2,971 3.8%26Group Life
 Freight Cars2,300 (378)1,922 3.1%32Group Life
 Work Equipment and Other3,391 (2,100)1,291 8.9%11
Group Life/ Straight Line (a)
Total Equipment10,643 (4,459)6,184   
Land 2,272 — 2,272 N/AN/AN/A
Construction In Progress815 — 815 N/AN/AN/A
Total Properties$50,320 $(15,385)$34,935    
(a) For depreciation method, certain asset categories contain intermodal terminals, trucking or technology-related assets, which are depreciated using the straight-line method.
NOTE 6.  Properties, continued

(Dollars in Millions) AccumulatedNet BookAnnual DepreciationEstimated Useful LifeDepreciation
December 2022CostDepreciationValueRate(Avg. Years)Method
Road 
 Rail and Other Track Material$8,660 $(1,405)$7,255 2.5%41Group Life
 Ties6,763 (2,010)4,753 3.5%28Group Life
 Grading2,741 (637)2,104 1.3%75Group Life
 Ballast3,383 (1,130)2,253 2.6%38Group Life
 Bridges, Trestles, and Culverts2,989 (454)2,535 1.7%60Group Life
 Signals and Interlockers3,299 (1,210)2,089 4.1%24Group Life
 Buildings1,416 (558)858 2.5%40
Group Life/ Straight Line (a)
 Other5,541 (2,323)3,218 4.1%25
Group Life/ Straight Line (a)
Total Road34,792 (9,727)25,065   
Equipment      
 Locomotive4,848 (1,856)2,992 3.8%26Group Life
 Freight Cars2,316 (369)1,947 3.1%32Group Life
 Work Equipment and Other3,132 (1,911)1,221 8.9%11
Group Life/ Straight Line (a)
Total Equipment10,296 (4,136)6,160   
Land 2,272 — 2,272 N/AN/AN/A
Construction In Progress745 — 745 N/AN/AN/A
Total Properties$48,105 $(13,863)$34,242    
(a) For depreciation method, certain asset categories contain intermodal terminals, trucking or technology-related assets, which are depreciated using the straight-line method.
NOTE 6.  Properties, continued

Capital Expenditures
The Company’s capital investment includes purchased and self-constructed assets and property additions that substantially extend the service life or increase the utility of those assets. Indirect costs that can be specifically traced to capital projects are also capitalized. The Company is committed to maintaining and improving its existing infrastructure and expanding its network capacity for long-term growth. Rail operations are capital intensive and CSX accounts for these costs in accordance with United States generally accepted accounting principles ("GAAP") and the Company’s capitalization policy. All properties are stated at historical cost less an allowance for accumulated depreciation.

The Company’s largest category of capital investment is the replacement of track assets, which is primarily completed by CSXT employees, as well as the acquisition or construction of new assets that enable CSX to enhance its operations or provide new capacity offerings to its customers. Costs for track asset replacement and capacity projects that are capitalized include:

•labor costs, because many of the assets are self-constructed;
•costs to purchase or construct new track or to prepare ground for the laying of track;
•welding (rail, field and plant), which are processes used to connect segments of rail;
•new ballast, which is gravel and crushed stone that holds track in line;
•fuels and lubricants associated with tie, rail and surfacing work, which is the process of raising track to a designated elevation over an extended distance;
•cross, switch and bridge ties, which are the braces that support the rails on a track;
•gauging, which is the process of standardizing the distance between rails;
•handling costs associated with installing rail, ties or ballast;
•usage charge of machinery and equipment utilized in construction or installation; and
•other track materials.

Labor is a significant cost in self-constructed track replacement work. CSXT engineering employees directly charge their labor to the track replacement project (the capitalized depreciable property). In replacing track, these employees concurrently perform deconstruction and installation of track material. Because of this concurrent process, CSX must estimate the amount of labor that is related to deconstruction versus installation. As a component of the depreciation study for road and track assets, management performs an analysis of labor costs related to the self-constructed track replacement work, which includes direct observation of track replacement processes. Through this analysis, CSX determined that approximately 20% of labor costs associated with track replacement is related to the deconstruction of old track, for which certain elements are expensed, and 80% is associated with the installation of new track, which is capitalized.

Capital investment related to locomotives and freight cars comprises the second largest category of the Company’s capital assets. This category includes purchases of locomotives and freight cars as well as costs to modify or rebuild these assets, which are capitalized if the investment incurred extends the asset’s service life or improves utilization. Improvement projects must meet specified dollar thresholds to be capitalized and are reviewed by management to determine proper accounting treatment. Routine repairs, overhauls and other maintenance costs, for all asset categories, are expensed as incurred.
NOTE 6.  Properties, continued

Depreciation Method
The depreciable assets of the Company are depreciated using either the group-life or straight-line method of accounting, which are both acceptable depreciation methods in accordance with GAAP. The Company depreciates its railroad assets, including main-line track, locomotives and freight cars, using the group-life method. Assets depreciated under the group-life method comprise 84% of total fixed assets of $50.3 billion on a gross basis as of December 2023. The remaining depreciable assets of the Company, including non-railroad assets and assets under finance leases, are depreciated using the straight-line method on a per asset basis. Land is not depreciated.

The group-life method aggregates assets with similar lives and characteristics into groups and depreciates each of these groups as a whole. When using the group-life method, an underlying assumption is that each group of assets, as a whole, is used and depreciated to the end of its group’s recoverable life. The Company currently utilizes different depreciable asset categories to account for depreciation expense for the railroad assets that are depreciated under the group-life method. By utilizing various depreciable categories, the Company can more accurately account for the use of its assets.  All assets of the Company are depreciated on a time or life basis.

The group-life method of depreciation closely approximates the straight-line method of depreciation. Additionally, due to the nature of most of its assets (e.g. track is one contiguous, connected asset), the Company believes that this is the most accurate and effective way to properly depreciate its assets.

Depreciation Studies
Management performs a review of depreciation expense and useful lives on a regular basis. Under the group-life method, the service lives and salvage values for each group of assets are determined by completing periodic depreciation studies and applying management’s methods to determine the service lives of its properties. A depreciation study is the periodic review of asset service lives, salvage values, accumulated depreciation, and other related factors for group assets conducted by a third-party specialist, analyzed by the Company’s management and approved by the Surface Transportation Board ("STB"), the regulatory board that has broad jurisdiction over railroad practices. The STB requires depreciation studies be performed every three years for equipment assets (e.g., locomotives and freight cars) and every six years for road and track assets (e.g., bridges, signals, rail, ties, and ballast). The Company believes the frequency of depreciation studies currently required by the STB, complemented by annual data reviews conducted by a third-party specialist and analyzed by the Company's management, provides adequate review of asset service lives and that a more frequent review would not result in a material change due to the long-lived nature of most of the assets.

The Company completed a depreciation study for its road and track assets in 2020 and for equipment assets in 2022, both of which resulted in changes to accumulated depreciation, service lives, salvage values, and other related factors for certain assets. The 2022 equipment study resulted in an increase in annual depreciation expense of approximately $80 million primarily due to deferred losses on assets depreciated using the group-life method. A depreciation study was not performed in 2023.
NOTE 6.  Properties, continued

Group-Life Assets Sales and Retirements
Since the rail network is one contiguous, connected network it is impractical to maintain specific identification records for these assets. For track assets (e.g., rail, ties, and ballast), CSX retires assets on a statistical curve relative to the age of the assets. Equipment assets (e.g., locomotives and freight cars) are specifically identified at retirement. When an equipment asset is retired that has been depreciated using the group-life method, the cost is reduced from the cost base and recorded in accumulated depreciation.

For sales or retirements of assets depreciated under the group-life method that occur in the ordinary course of business, the asset cost (net of salvage value or sales proceeds) is charged to accumulated depreciation and no gain or loss is immediately recognized. This practice is consistent with accounting treatment prescribed under the group-life method. As part of the depreciation study, an assessment of the recorded amount of accumulated depreciation is made to determine if it is deficient (or in excess) of the appropriate amount indicated by the study. Any such deficiency (or excess), including any deferred gains or losses, is amortized as a component of depreciation expense over the remaining service life of the asset group until the next required depreciation study. Since the overall assumption with the group-life method is that the assets within the group on average have the same service life and characteristics, it is therefore concluded that the deferred gains and losses offset over time.

For sales or retirements of assets depreciated under the group-life method that do not occur in the ordinary course of business, a gain or loss may be recognized if the sale or retirement meets each of the following three criteria: (i) it is unusual, (ii) it is material in amount, and (iii) it varies significantly from the retirement profile identified through depreciation studies. No material gains or losses were recognized on the sale of assets depreciated using the group-life method in 2023, 2022 or 2021, as no sales met the criteria described above.

Land and Straight-line Assets Sales and Retirements
When the Company sells or retires land, land-related easements or assets depreciated under the straight-line method, a gain or loss is recognized in purchased services and other on the consolidated statements of income. Primarily as a result of its initiative to monetize non-core properties, the Company recognized gains on the sale of properties of $34 million, $238 million, and $454 million in 2023, 2022 and 2021, respectively. Gains in 2022 and 2021 include amounts from the Virginia transaction discussed below.

Sale of Property Rights to the Commonwealth of Virginia
On March 26, 2021, the Company entered into a comprehensive agreement to sell certain property rights in three CSX-owned line segments to the Commonwealth of Virginia (“Commonwealth”) over three phases. The timing and amount of gains recognized were based on the allocation of fair value to each conveyance, the timing of future conveyances and collectability. Over the course of this transaction, which was completed in 2022, total proceeds of $525 million were collected and total gains of $493 million were recognized. Gains and proceeds related to this transaction are summarized in the following table.
Years Ended
(Dollars in Millions)202320222021
Gains$— $144 $349 
Proceeds— 125 400
NOTE 6.  Properties, continued

Impairment Review
Properties and other long-lived assets are reviewed for impairment whenever events or business conditions indicate the carrying amount of such assets may not be fully recoverable. Initial assessments of recoverability are based on estimates of undiscounted future net cash flows associated with an asset or a group of assets in accordance with the Property, Plant, and Equipment Topic in the ASC. Where impairment is indicated, the assets are evaluated and their carrying amount is reduced to fair value based on discounted net cash flows or other estimates of fair value. Impairment expense of $2 million in 2023, $4 million in 2022, and $2 million in 2021 was primarily due to the discontinuation of certain in-progress projects. Impairment expense is recorded in purchased services and other expense on the consolidated income statement.

Government Assistance
The Company is a party to contracts with recipients and subrecipients of awards from federal, state and local governmental agencies. These contracts meet the disclosure requirements under ASU 2021-10, Disclosure by Business Entities about Government Assistance, which the Company adopted effective year end 2022. These awards are typically in the form of cash for purposes of making improvements to the rail network as part of public safety, corridor expansion or economic revitalization initiatives. The awarding agency generally specifies how the awards are to be spent by the recipients and may include limited conditions requiring return of the assistance.
Government funding received or receivable related to a property asset is netted with the cost of the asset in properties on the consolidated balance sheet, and the net asset is subject to depreciation. Any amounts owed by the government entity are recorded within accounts receivable until reimbursed. For the years ended December 31, 2023, and December 31, 2022, the total amounts received under contracts with government entities to improve the rail network was $84 million and $49 million, respectively. Non-freight accounts receivable related to these government projects was $57 million and $34 million as of December 31, 2023, and December 31, 2022, respectively.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. Some of the Company’s lease arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., maintenance, labor charges, etc.). The Company generally accounts for each component separately based on the estimated standalone price of each component. For certain equipment leases, such as freight car, vehicles and work equipment, the Company accounts for the lease and non-lease components as a single lease component.

Certain of the Company’s lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating Leases
Operating leases are included in right-of-use lease assets, other current liabilities and long-term lease liabilities on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s secured incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the balance sheet.

The Company has various lease agreements with other parties with terms up to 50 years, including a significant operating lease with the State of Georgia for approximately 137 miles of right-of-way with integral equipment for a term of 50 years with an annual 2.5% increase. Non-cancelable, long-term leases may include provisions for maintenance, options to purchase and options to extend the terms. These options are included in the lease term when it is reasonably certain that the option will be exercised. Lease expense for operating leases, including leases with escalations over their terms, is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Lease expense is included in equipment and other rents on the consolidated income statements and is reported net of lease income. Lease income was not material to the results of operations for 2023, 2022 or 2021.
NOTE 7. Leases, continued

The following table presents information about the amount, timing and uncertainty of cash flows arising from all of the Company’s operating leases as of December 31, 2023.
(Dollars in Millions)December 2023
Maturity of Lease LiabilitiesLease Payments
2024$70 
202567 
202651 
202743 
202835 
Thereafter1,108 
Total Undiscounted Operating Lease Payments$1,374 
Less: Imputed Interest(815)
Present Value of Operating Lease Liabilities$559 

(Dollars in Millions)20232022
Balance Sheet Classification
Right of Use Asset$498 $505 
Current Lease Liabilities (Included in Other Current Liabilities)$68 $69 
Long-term Lease Liabilities491 488 
Total Operating Lease Liabilities$559 $557 
Other Information
Weighted-average Remaining Lease Term for Operating Leases30 years31 years
Weighted-average Discount Rate for Operating Leases5.1 %5.0 %

Cash Flows
As of December 2023 and 2022, the Company's right-of-use asset was valued at $498 million and $505 million, respectively. In 2023, right of use assets of $56 million were recognized as non-cash asset additions due to new operating lease liabilities. In 2022, right-of-use assets of $74 million were recognized as non-cash asset additions due to new operating lease liabilities. Cash paid for amounts included in the present value of operating lease liabilities was $78 million and $76 million during the years ended 2023 and 2022, respectively, and is included in operating cash flows.
NOTE 7. Leases, continued

Operating Lease Costs
These costs are primarily related to long-term operating leases, but also include immaterial amounts for variable leases and short-term leases with terms greater than 30 days. These amounts are shown in the table below.
 Years Ended
(Dollars in Millions)202320222021
Rent Expense on Operating Leases$109 $109 $89 

Finance Leases
Finance leases are included in properties - net and long-term debt on the consolidated balance sheets and were not material as of December 2023 or December 2022. The associated amortization expense and interest expense are included in depreciation and interest expense, respectively, on the consolidated income statements and were not material to the results of operations for 2023, 2022 or 2021.
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
CSXT's long-term locomotive maintenance program agreement with a third party contains commitments related to specific locomotive rebuilds and a long-term maintenance program that covers a portion of CSXT’s fleet of locomotives. The maintenance program costs are based on the maintenance cycle for each covered locomotive, which is determined by the asset's age and type. Expected future costs may change as required maintenance schedules are revised and locomotives are placed into or removed from service. Under CSXT’s current obligations, the agreement will expire no earlier than 2035.

The following table summarizes CSXT’s payments, including prepayments, for the long-term maintenance program which covers approximately 1,900 locomotives with payments based on active status during the period.
 
Years Ended (a)
(Dollars in Millions)202320222021
Amounts Paid$200 $168 $99 
(a) The 2022 amount has been updated to include prepayments of $40 million.
    
NOTE 8.  Commitments and Contingencies, continued

The total of annual payments under the agreement, including those related to locomotive rebuilds and the long-term locomotive maintenance program, are estimated in the table below.

Additionally, the Company has various other commitments to purchase technology, communications, track maintenance services and materials, and other services from various suppliers. Total annual payments under all of these purchase commitments are also estimated in the table below.
(Dollars in Millions)Locomotive Maintenance & Rebuild PaymentsOther
Commitments		Total
2024$342 $182 $524 
2025365 137 502 
2026397 37 434 
2027521 37 558 
2028402 33 435 
Thereafter1,223 56 1,279 
Total$3,250 $482 $3,732 

Insurance
The Company maintains insurance programs with substantial limits for property damage, including resulting business interruption, and third-party liability. A certain amount of risk is retained by the Company on each insurance program. Under its property insurance program, the Company retains all risk up to $100 million per occurrence for losses from floods and named windstorms and up to $75 million per occurrence for other property losses. For third-party liability claims, the Company retains all risk up to $100 million per occurrence. As CSX negotiates insurance coverage above its full self-retention amounts, it retains a percentage of risk at various layers of coverage. While the Company believes its insurance coverage is adequate, future claims could exceed existing insurance coverage or insurance may not continue to be available at commercially reasonable rates.

Legal
The Company is involved in litigation incidental to its business and is a party to a number of legal actions and claims, various governmental proceedings and private civil lawsuits, including, but not limited to, those related to fuel surcharge practices, tax matters, environmental and hazardous material exposure matters, FELA and labor claims by current or former employees, other personal injury or property claims and disputes and complaints involving certain transportation rates and charges. Some of the legal proceedings include claims for compensatory as well as punitive damages and others are, or are purported to be, class actions. While the final outcomes of these matters cannot be predicted with certainty, considering, among other things, the legal defenses available and liabilities that have been recorded along with applicable insurance, it is currently the opinion of management that none of these pending items is likely to have a material adverse effect on the Company's financial condition, results of operations or liquidity. An unexpected adverse resolution of one or more of these items, however, could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period.
    
NOTE 8.  Commitments and Contingencies, continued

The Company is able to estimate a range of possible loss for certain matters for which a loss is reasonably possible in excess of reserves established. The Company has estimated this range to be $3 million to $55 million in the aggregate as of December 31, 2023. This estimated aggregate range is based upon currently available information and is subject to significant judgment and a variety of assumptions. Accordingly, the Company's estimate will change from time to time, and actual losses may vary significantly from the current estimate.

Fuel Surcharge Antitrust Litigation
In May 2007, class action lawsuits were filed against CSXT and three other U.S.-based Class I railroads alleging that the defendants' fuel surcharge practices relating to contract and unregulated traffic resulted from an illegal conspiracy in violation of antitrust laws. The class action lawsuits were consolidated into one case in federal court in the District of Columbia. In 2017, the District Court issued its decision denying class certification. On August 16, 2019, the U.S. Court of Appeals for the D.C. Circuit affirmed the District Court’s ruling.

The consolidated case is now moving forward without class certification. Although the class was not certified, individual shippers have since brought claims against the railroads, which have been consolidated into a separate case.

CSXT believes that its fuel surcharge practices were arrived at and applied lawfully and that the case is without merit. Accordingly, the Company intends to defend itself vigorously. However, penalties for violating antitrust laws can be severe, and resolution of these matters individually or when aggregated could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period.

Environmental
CSXT is indemnifying Pharmacia LLC, formerly known as Monsanto Company, ("Pharmacia") for certain liabilities associated with real estate located in Kearny, New Jersey along the Lower Passaic River (the “Property”). The Property, which was formerly owned by Pharmacia, is now owned by CSXT. CSXT's indemnification and defense duties arise with respect to several matters. The U.S. Environmental Protection Agency ("EPA"), using its CERCLA authority, seeks the investigation and cleanup of hazardous substances in the 17-mile Lower Passaic River Study Area (the "Study Area”). CSXT, on behalf of Pharmacia, and a significant number of other potentially responsible parties are together conducting a Remedial Investigation and Feasibility Study of the Study Area pursuant to an Administrative Settlement Agreement and Order on Consent with the EPA. Pharmacia’s share of responsibility, indemnified by CSXT, for the investigation and cleanup costs of the Study Area may be determined through various mechanisms including (a) an allocation and settlement with EPA; (b) litigation brought by EPA against non-settling parties; or (c) litigation among the responsible parties. 
NOTE 8.  Commitments and Contingencies, continued

For the lower eight miles of the Study Area, EPA issued its Record of Decision detailing the agency’s mandated remedial process in March 2016. Occidental Chemical Corporation ("Occidental") is performing the remedial design for the lower eight-mile portion of the Study Area pursuant to a consent order with EPA.

For the remaining upper nine miles of the Study Area, EPA selected an interim remedy in a Record of Decision dated September 28, 2021. On March 2, 2023, EPA issued an administrative order requiring Occidental to design the interim remedy for the upper nine miles of the Study Area.

Potentially responsible parties, including Pharmacia, are participating in an EPA-directed allocation and settlement process to assign responsibility related to the lower river and the entire Study Area, respectively. CSXT participated in the EPA-directed allocation and settlement process on behalf of Pharmacia. On March 2, 2022, EPA issued a Notice Letter to Pharmacia, Occidental and eight other parties alleging they are liable under Section 107(a) of CERCLA for releases or threatened releases of hazardous substances and requesting each party, individually or collectively, submit good faith offers to EPA in connection with the entire Study Area. CSXT, on behalf of Pharmacia, responded to the Notice Letter and submitted a good faith offer to EPA on June 27, 2022, following meetings with a mediator from EPA’s Conflict Prevention and Resolution Center. On November 21, 2023, EPA notified the United States District Court for the District of New Jersey that it intended to move to enter a Consent Decree (“CD”) with a group of potentially responsible parties. On January 31, 2024, EPA filed a motion to enter a modified CD with 82 potentially responsible parties, requiring payment of $150 million to resolve their liability with respect to the entire Study Area. Pharmacia is not a participant in the CD settlement. Negotiations with EPA and other parties to resolve Pharmacia's liability continue.

CSXT is also defending and indemnifying Pharmacia with regard to the Property in litigation filed by Occidental, which is seeking to recover its past and future costs associated with the remediation of the entire Study Area. Alternatively, Occidental seeks to compel some, or all, of the defendants to participate in the remediation of the Study Area. Pharmacia is one of approximately 110 defendants in a federal lawsuit filed by Occidental on June 30, 2018, and one of 37 defendants in a federal lawsuit filed by Occidental on March 24, 2023. CSXT is also defending and indemnifying Pharmacia in a cooperative natural resource damages assessment process related to the Property.
Based on currently available information, the Company does not believe its share of remediation costs as determined by the EPA-directed allocation with respect to the Property and the Study Area would be material to the Company's financial condition, results of operations or liquidity.
v3.24.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company sponsors defined benefit pension plans principally for salaried, management personnel. For employees hired prior to 2003, the plans provide eligible employees with retirement benefits based predominantly on years of service and compensation rates near retirement. For employees hired between 2003 and 2019, benefits are determined based on a cash balance formula, which provides benefits by utilizing interest and pay credits based upon age, service and compensation. The CSX Pension Plan, the largest plan based on benefit obligation, was closed to new participants beginning in 2020.

The Company engages independent actuaries to compute the amounts of liabilities and expenses relating to these plans subject to the assumptions that the Company determines are appropriate based on historical trends, current market rates and future projections. These amounts are reviewed by management. In order to perform this valuation, the actuaries are provided with the details of the population covered at the beginning of the year, summarized in the table below, and projects that population forward to the end of the year.
As of
Pension Plan Participants:January 1, 2023
Active Employees2,479 
Retirees and Beneficiaries11,294 
Other(a)
3,504 
Total17,277 
(a) The Other category consists mostly of terminated but vested former employees.
 
NOTE 9.  Employee Benefit Plans, continued

The benefit obligation for these plans represents the liability of the Company for current and former employees and is affected primarily by the following:

•service cost (benefits attributed to employee service during the period);
•interest cost (interest on the liability due to the passage of time);
•actuarial gains/losses (experience during the year different from that assumed and changes in plan assumptions); and
•benefits paid to participants.

Cash Flows
Plan assets are amounts that have been segregated and restricted to provide qualified pension plan benefits and include amounts contributed by the Company and amounts earned from invested contributions, net of benefits paid. Qualified pension plan obligations are funded in accordance with regulatory requirements and with an objective of meeting or exceeding minimum funding requirements necessary to avoid restrictions on flexibility of plan operation and benefit payments. The Company funds the cost of nonqualified pension benefits on a pay-as-you-go basis. No qualified pension plan contributions were made during 2023, 2022 and 2021. No contributions to the Company's qualified pension plans are expected in 2024.

    Future expected benefit payments are as follows:
Expected Cash Flows (Dollars in Millions):
Pension Benefits
2024$190 
2025186 
2026183 
2027182 
2028181 
2029-2033870 
Total$1,792 

Plan Assets
The Company outsources investment management related to pension plan assets. The CSX Investment Committee (the “Investment Committee”), whose members are selected by the Executive Vice President and Chief Financial Officer, is responsible for setting policy and oversight of investment management. The Investment Committee and investment manager utilize an investment asset allocation strategy that is monitored on an ongoing basis and updated periodically in consideration of plan or employee changes, or changing market conditions. Periodic studies provide an extensive modeling of asset investment return in conjunction with projected plan liabilities and seek to evaluate how to maximize return within the constraints of acceptable risk. 
NOTE 9.  Employee Benefit Plans, continued

The current asset allocation targets 55% growth-oriented investments and 45% immunizing investments. The growth-oriented portfolio consists of return-seeking investments that are diversified across geography, market capitalization, and asset class. The immunizing portfolio is comprised of a customized mix of fixed income and cash investments designed to reduce liability risk. Allocations are evaluated for levels within 5% of targeted allocations and are adjusted quarterly as necessary. 

The distribution of pension plan assets as of the measurement date is shown in the table below, and these assets are reported net of pension liabilities on the balance sheet.

 December 2023December 2022
  Percent of Percent of
(Dollars in Millions)AmountTotal AssetsAmountTotal Assets
Equity$1,142 47 %$1,249 54 %
Fixed Income114 4 144 6 
Cash and Cash Equivalents15 1 41 2 
Growth-Oriented$1,271 52 %$1,434 62 %
Fixed Income911 38 777 33 
Cash and Cash Equivalents240 10 116 5 
Immunizing$1,151 48 %$893 38 %
Total$2,422 100 %$2,327 100 %

Under the supervision of the Investment Committee, the investment manager selects investments or fund managers in accordance with standards of prudence applicable to asset diversification and investment suitability. The Company also selects fund managers with differing investment styles and benchmarks their investment returns against appropriate indices. Fund investment performance is continuously monitored. Acceptable performance is determined in the context of the long-term return objectives of the fund and appropriate asset class benchmarks.

Within the Company's equity funds, domestic stock is diversified among large and small capitalization stocks. International stock is diversified in a similar manner as well as in developed versus emerging markets stocks. Guidelines established with individual managers can limit investment by industry sectors, individual stock issuer concentration and the use of derivatives and CSX securities.
Fixed income securities guidelines established with individual managers specify the types of allowable investments, such as government, corporate and asset-backed bonds, target certain allocation ranges for domestic and foreign investments and limit the use of certain derivatives. Additionally, guidelines stipulate minimum credit quality constraints and any prohibited securities. For detailed information regarding the fair value of pension assets, see Note 13, Fair Value Measurements.
NOTE 9.  Employee Benefit Plans, continued

Benefit Obligation, Plan Assets and Funded Status
Changes in benefit obligation and the fair value of plan assets for the 2023 and 2022 plan years are as follows:

 Pension Benefits
 Plan YearPlan Year
(Dollars in Millions)20232022
Actuarial Present Value of Benefit Obligation  
Accumulated Benefit Obligation$2,252 $2,285 
Projected Benefit Obligation2,343 2,368 
Change in Projected Benefit Obligation:  
Projected Benefit Obligation at Beginning of Plan Year
$2,368 $3,022 
Service Cost (a)
28 36 
Interest Cost111 64 
Actuarial Loss (Gain)20 (570)
Benefits Paid(184)(184)
Benefit Obligation at End of Plan Year$2,343 $2,368 
Change in Plan Assets:  
Fair Value of Plan Assets at Beginning of Plan Year$2,327 $3,016 
Actual Return (Loss) on Plan Assets259 (523)
Non-qualified Employer Contributions20 18 
Benefits Paid(184)(184)
Fair Value of Plan Assets at End of Plan Year$2,422 $2,327 
Funded Status at End of Plan Year$79 $(41)
(a)Service cost for 2023 and 2022 includes capitalized service costs of $4 million each year.

In 2023, the $20 million net actuarial loss for pension benefits was driven by a 20 basis point decrease in the weighted average discount rate, partially offset by changes to census data. The $570 million net actuarial gain for pension benefits in 2022 was driven by a 224 basis point increase in the weighted average discount rate.
NOTE 9.  Employee Benefit Plans, continued

For qualified plan funding purposes, assets and discounted liabilities are measured in accordance with the Employee Retirement Income Security Act ("ERISA"), as well as other related provisions of the Internal Revenue Code and related regulations. Under these funding provisions and the alternative measurements available thereunder, the Company estimates its unfunded obligation for qualified plans on an annual basis.
In accordance with Compensation-Retirement Benefits Topic in the ASC, an employer must recognize the funded status of a pension plan by recording a liability (underfunded plan) or asset (overfunded plan) for the difference between the projected benefit obligation and the fair value of plan assets at the plan measurement date. Amounts related to pension benefits recorded in other long-term assets, labor and fringe benefits payable and other long-term liabilities on the balance sheet are as follows:
 Pension Benefits
 DecemberDecember
(Dollars in Millions)20232022
Amounts Recorded in Consolidated 
Balance Sheets:  
Long-term Assets$277 $164 
Current Liabilities(16)(17)
Long-term Liabilities(182)(188)
Net Amount Recognized in Consolidated Balance Sheets$79 $(41)

Long-term assets as of December 2023 and 2022 in the preceding table relate to qualified pension plans where assets exceed projected benefit obligations. Current and long-term liabilities relate to plans where projected benefits obligations exceed assets. The following table shows the value of plan assets for only those plans with a net liability status.
Aggregate
(Dollars in Millions)Fair ValueAggregate
Benefit Obligations in Excess of Plan Assetsof Plan AssetsBenefit Obligation
Projected Benefit Obligation$— $(198)
Accumulated Benefit Obligation— (188)
NOTE 9.  Employee Benefit Plans, continued

Net Benefit Expense
Only the service cost component of net periodic benefit costs is included in labor and fringe expense on the consolidated income statement. All other components of net periodic benefit cost are included in other income - net. The following table describes the components of expense/(income) related to net benefit expense recorded on the income statement.

Pension Benefits
Years Ended
(Dollars in Millions)202320222021
Service Cost Included in Labor and Fringe$24 $32 $41 
Interest Cost111 64 55 
Expected Return on Plan Assets(164)(188)(186)
Amortization of Net Loss29 50 73 
Total Income Included in Other Income - Net$(24)$(74)$(58)
Net Periodic Benefit Cost (Credit)
$— $(42)$(17)
Settlement Loss— 1 — 
Total Periodic Benefit Cost (Credit)
$— $(41)$(17)

Pension Adjustments
The following table shows the pre-tax change in other comprehensive loss (income) attributable to certain components of net benefit expense and the change in benefit obligation for CSX for pension benefits.

(Dollars in Millions)Pension Benefits
Components of Other ComprehensiveYears Ended
Loss (Income)20232022
Recognized in the Balance Sheet  
(Gains) Losses$(75)$141 
Expense Recognized in the Income Statement
Amortization of Net Losses$29 $50 
Settlement Loss— 1 

As of December 2023, the balance to be amortized related to the Company's pension obligations is a pre-tax loss of $623 million. This amount is included in accumulated other comprehensive loss, a component of shareholders’ equity.
NOTE 9.  Employee Benefit Plans, continued

Assumptions
The expected long-term average rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for benefits included in the projected benefit obligation. In estimating that rate, the Company gives appropriate consideration to the returns being earned by the plan assets in the funds and the rates of return expected to be available for reinvestment as well as the current and projected asset mix of the funds. Management, with the assistance of the outsourced investment manager, balances market expectations obtained from various investment managers with both market and actual plan historical returns to develop a reasonable estimate of the expected long-term rate of return on assets. This assumption is reviewed annually and adjusted as deemed appropriate. 

The Company measures the service cost and interest cost components of the net pension benefits expense by using individual spot rates matched with separate cash flows for each future year. The weighted averages of assumptions used by the Company to value its pension obligations were as follows:
 Pension Benefits
 20232022
Expected Long-term Return on Plan Assets:  
Benefit Cost for Current Plan Year6.75 %6.75 %
Benefit Cost for Subsequent Plan Year6.75 %6.75 %
Discount Rates:  
Benefit Cost for Plan Year
Service Cost for Plan Year5.09 %2.98 %
Interest Cost for Plan Year4.90 %2.18 %
Benefit Obligation at End of Plan Year4.82 %5.02 %
Salary Scale Inflation4.80 %4.80 %
Cash Balance Plan Interest Credit Rate3.75 %3.75 %
NOTE 9.  Employee Benefit Plans, continued

Post-retirement Medical Plan
In addition to these plans, the Company sponsors a post-retirement medical plan and a life insurance plan that provide certain benefits to full-time, salaried, management employees hired prior to 2003 upon their retirement if certain eligibility requirements are met. The accumulated post-retirement benefit obligation related to this plan was $56 million and $61 million, respectively, as of December 31, 2023 and 2022. Through 2033, total future expected benefit payments related to this plan were $50 million. Expenses in 2023, 2022 and 2021 related to this plan were not material.

Other Plans
Under collective bargaining agreements, the Company participates in a multi-employer benefit plan, which provides certain post-retirement health care and life insurance benefits to eligible contract employees. Premiums under this plan are expensed as incurred and amounted to $11 million, $13 million and $21 million in 2023, 2022 and 2021, respectively.

The Company maintains savings plans for virtually all full-time salaried employees and certain employees covered by collective bargaining agreements. Expense associated with these plans was $35 million, $28 million and $29 million for 2023, 2022 and 2021, respectively, and is included in labor and fringe expense on the consolidated income statement.

Under the terms of collective bargaining agreements that cover union-represented employees, Quality Carriers contributes to two multi-employer pension plans. These plans provide defined benefits to retired participants. Both of these pension plans are in Pension Protection Act zone “red”, meaning they are at least 65% underfunded. Formal rehabilitation plans have been adopted. Based on information provided to the Company from the administrators of these plans, Quality Carriers’ portion of the contingent liability in the event of a full withdrawal or termination from these plans is estimated to be approximately $334 million. Of this amount, $328 million relates to the Central States Southeast and Southwest Areas Pension Plan and is based on information as of December 31, 2022, which is the latest information available at the date the financial statements were issued. The Company does not currently intend to withdraw from any of these multi-employer pension plans. Required monthly contributions to these plans are not material.
v3.24.0.1
Debt and Credit Agreements
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt and Credit Agreements Debt and Credit Agreements
Debt at December 2023 and December 2022 is shown in the table below. For information regarding the fair value of debt, see Note 13, Fair Value Measurements.
Maturity at
December		Average
Interest
Rates at
December		DecemberDecember
(Dollars in Millions)2023202320232022
Notes2024-20684.2%$18,514 $17,877 
Equipment Obligations(a)
2024-20274.4%2 141 
Finance Leases2024-20325.9%17 29 
Subtotal Long-term Debt (Including Current Portion) $18,533 $18,047 
Less Debt Due within One Year  (558)(151)
Long-term Debt (Excluding Current Portion)  $17,975 $17,896 
(a) Equipment obligations are secured by an interest in certain railroad equipment.

Debt Issuance & Early Redemption of Long-term Debt
On September 7, 2023, CSX issued $600 million of 5.20% notes due 2033. These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time, subject to payment of certain make-whole premiums.

In July 2022, CSX issued $950 million aggregate principal amount of 4.10% notes due 2032, $900 million aggregate principal amount of 4.50% notes due 2052 and $150 million aggregate principal amount of 4.65% notes due 2068. The 2068 notes are a reopening of existing notes originally issued in February 2018. These notes are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time, subject to payment of certain make-whole premiums.

In July 2021, finance lease obligations and debt totaling $68 million were assumed related to the Company's acquisition of Quality Carriers on July 1, 2021. No debt was issued in 2021.

The net proceeds from debt issuances will be used for general corporate purposes, which may include debt repayments, repurchases of CSX’s common stock, capital investment and working capital requirements. For more information regarding a non-cash debt transaction with a related party, see Note 15, Investment in Affiliates and Related-Party Transactions.
NOTE 10.  Debt and Credit Agreements, continued

Long-term Debt Maturities (Net of Discounts, Premiums and Issuance Costs)
(Dollars in Millions)
Maturities at
Years EndingDecember 2023
2024$558 
2025606 
2026704 
2027998 
20281,001 
Thereafter14,666 
Total Long-term Debt Maturities, including current portion$18,533 

Interest Rate Derivatives
Fair Value Hedges
In fourth quarter 2023, CSX entered into two separate fixed-to-floating interest rate swaps classified as fair value hedges. The swaps are designed to hedge 10 years of interest rate risk associated with market fluctuations attributable to the Secured Overnight Financing Rate ("SOFR") on a cumulative $250 million of fixed rate outstanding notes which are due in 2033. The cumulative fair value of these swaps, which is included in other long-term assets on the consolidated balance sheet, was an asset of $19 million as of December 31, 2023.

In first quarter 2022, CSX entered into five separate fixed-to-floating interest rate swaps classified as fair value hedges. The swaps are designed to hedge 10 years of interest rate risk associated with market fluctuations attributable to the SOFR on a cumulative $800 million of fixed rate outstanding notes which are due between 2036 and 2040. The cumulative fair value of these swaps which is included in other long-term liabilities on the consolidated balance sheet, was a liability of $107 million and $118 million as of December 31, 2023, and December 31, 2022, respectively.

The 2022 swaps will expire in 2032 and the 2023 swaps will expire in 2033. If settled early, the remaining cumulative fair value adjustment to the hedged notes will be amortized over the remaining life of the associated notes. The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table.

(Dollars in Millions)
December 31, 2023December 31, 2022
Notional Value of Hedged Notes
$1,050 $800 
Fair Value Asset Adjustment to Hedged Notes19 — 
Fair Value Liability Adjustment to Hedged Notes(107)(118)
Carrying Amount of Hedged Notes
$962 $682 
NOTE 10.  Debt and Credit Agreements, continued

Gains and losses resulting from changes in fair value of the interest rate swaps offset changes in the fair value of the hedged portion of the underlying debt with no gain or loss recognized due to hedge ineffectiveness. The difference in the net fixed-to-float interest settlement on the derivatives is recognized in interest expense and is summarized as follows.
(Dollars in Millions)
202320222021
Interest Expense Impact (Increase) Decrease$(28)$(1)N/A

Cash Flow Hedges
In 2020, the Company executed forward starting interest rate swaps, classified as cash flow hedges, with aggregate notional value of $500 million. These swaps were effected to hedge the benchmark interest rate associated with future interest payments related to the anticipated refinancing of $850 million of 3.25% notes due in 2027. In accordance with the Derivatives and Hedging Topic in the ASC, the Company has designated these swaps as cash flow hedges. Under the terms of the Adjustable Interest Rate (LIBOR) Act, the reference rate on the swaps were automatically replaced with daily compounded SOFR plus the fallback spread on July 1, 2023, the LIBOR replacement date.

In fourth quarter 2022, CSX settled a portion equal to $160 million notional value of the aggregate $500 million cash flow hedges, which resulted in CSX receiving a cash payment of $52 million included in other operating activities on the consolidated cash flow statement. In second quarter 2023, CSX executed a partial settlement equal to $113 million notional value of the cash flow hedges, which resulted in CSX receiving a cash payment of $44 million. In third quarter 2023, CSX partially settled an additional $113 million notional value of the cash flow hedges and received a cash payment of $51 million included in other operating activities on the consolidated cash flow statement. The unsettled aggregate notional value of these swaps was $114 million and $340 million as of December 31, 2023, and December 31, 2022, respectively.

As of December 31, 2023 and 2022, the asset value of the forward starting interest rate swaps was $48 million and $127 million, respectively, and was recorded in other long-term assets on the consolidated balance sheet. Unrealized gains or losses associated with changes in the fair value of the hedge are recorded net of tax in accumulated other comprehensive income (“AOCI”) on the consolidated balance sheet. The unrealized gain associated with the settled portion of the hedges will continue to be classified in AOCI until the associated debt instrument is issued in the future. Unless settled early, the remainder of the swaps will expire in 2027 and the unrealized gain or loss in AOCI will be recognized in earnings as an adjustment to interest expense over the same period during which the hedged transaction affects earnings. Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.

(Dollars in Millions)
202320222021
Unrealized Gain - Net$— $80 $8 

See Note 13, Fair Value Measurements, and Note 16, Other Comprehensive Income (Loss), for other information about the Company's hedges.
NOTE 10.  Debt and Credit Agreements, continued

Credit Facilities
In February 2023, CSX replaced its existing $1.2 billion unsecured revolving credit facility with a new $1.2 billion unsecured, revolving credit facility backed by a diverse syndicate of banks. This facility allows same-day borrowings at floating interest rates, based on SOFR or an agreed-upon replacement reference rate, plus a spread that depends upon CSX's senior unsecured debt ratings. This facility expires in February 2028. As of December 31, 2023, the Company had no outstanding balances under this facility.

Commitment fees and interest rates payable under the facility were similar to fees and rates available to comparably rated investment-grade borrowers. As of December 31, 2023, CSX was in compliance with all covenant requirements under the facility.

Commercial Paper
Under its commercial paper program, which is backed by the revolving credit facility, the Company may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $1.0 billion. Proceeds from issuances of the notes are expected to be used for general corporate purposes. At December 31, 2023, the Company had no commercial paper outstanding.
v3.24.0.1
Revenues
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The Company’s revenues are primarily derived from the transportation of freight as performance obligations that arise from its contracts with customers are satisfied. The following table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Years Ended
(Dollars in Millions)202320222021
Chemicals$2,599 $2,584 $2,421 
Agricultural and Food Products1,657 1,664 1,461 
Automotive1,219 1,054 886 
Forest Products1,012 996 918 
Metals and Equipment917 828 796 
Minerals733 658 587 
Fertilizers516 455 470 
Total Merchandise8,653 8,239 7,539 
Coal
2,484 2,434 1,790 
Intermodal
2,060 2,306 2,039 
Trucking(a)
882 966 410 
Other578 908 744 
Total$14,657 $14,853 $12,522 
(a) Effective third quarter 2021, Trucking revenue is comprised of revenue from the operations of Quality Carriers, which was acquired by CSX effective July 1, 2021.

Revenue Recognition
The Company generates revenue from rail freight billings under contracts with customers generally on a rate per carload, container or ton-basis based on length of haul and commodities carried. The Company’s performance obligation arises when it receives a bill of lading (“BOL”) to transport a customer's commodities at a negotiated price contained in a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received, a contract is formed whereby the parties are committed to perform, collectability of consideration is probable and the rights of the parties, shipping terms and conditions, and payment terms are identified. A customer may submit several BOLs for transportation services at various times throughout a service agreement term, but each shipment represents a distinct service that is a separately identified performance obligation.
NOTE 11. Revenues, continued

The average transit time to complete a rail shipment is between 2 to 7 days depending on market. Payments for transportation services are normally billed once a BOL is received and are generally due within 15 days after the invoice date. The Company recognizes revenue over transit time of freight as it moves from origin to destination. Revenue for services started but not completed at the reporting date is allocated based on the relative transit time in each reporting period, with the portion allocated for services subsequent to the reporting date considered remaining performance obligations.

The certain key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows:
•Revenue associated with shipments in transit, which is recognized ratably over transit time and is based on average cycle times to move commodities and products from their origin to their final destination or interchange;
•Adjustments to revenue for billing corrections and billing discounts;
•Adjustments to revenue for overcharge claims filed by customers, which are based on historical payments to customers for rate overcharges as a percentage of total billing; and
•Incentive-based refunds to customers, which are primarily volume-related, are recorded as a reduction to revenue on the basis of the projected liability (this estimate is based on historical activity, current volume levels and forecasted future volume).

Revenue related to interline transportation services that involve the services of another party, such as another railroad, is reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue.

Effective third quarter 2021, trucking revenue includes revenue from the operations of Quality Carriers and is mostly comprised of truck shipments of chemicals. A performance obligation arises when Quality Carriers receives a customer order to transport a commodity at a contracted rate. Revenue is recorded on a gross basis ratably over transit time.

Other revenue is recorded upon completion of the service and is comprised of revenue from regional subsidiary railroads and incidental charges, including demurrage, intermodal storage and equipment usage, and switching. Revenue from regional subsidiary railroads includes shipments by railroads that the Company does not directly operate. Demurrage represents charges assessed when freight cars are held by a customer beyond a specified period of time. Intermodal storage represents charges for customer storage of containers at an intermodal terminal, ramp facility or offsite location beyond a specified period of time. Switching represents charges assessed when a railroad switches cars for a customer or another railroad.

During 2023, 2022 and 2021, revenue recognized from performance obligations related to prior periods was not material.
NOTE 11. Revenues, continued

Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date. This includes the unearned portion of billed and unbilled amounts for cancellable freight shipments in transit. The Company expects to recognize the unearned portion of revenue for freight services in transit within one week of the reporting date. As of December 31, 2023, remaining performance obligations were not material.

Contract Balances and Accounts Receivable
The timing of revenue recognition, billings and cash collections results in accounts receivable and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Contract assets, contract liabilities and deferred contract costs recorded on the consolidated balance sheet as of December 31, 2023, and December 31, 2022, were not material.

The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses.
(Dollars in Millions)December 31,
2023		December 31,
2022
Freight Receivables $1,047 $1,067 
Freight Allowance for Credit Losses(18)(16)
Freight Receivables, net1,029 1,051 
Non-Freight Receivables 378 279 
Non-Freight Allowance for Credit Losses(14)(17)
Non-Freight Receivables, net 364 262 
Total Accounts Receivable, net$1,393 $1,313 

Freight receivables include amounts earned, billed and unbilled, and currently due from customers for transportation-related services. Non-freight receivables include amounts billed and unbilled and currently due related to government reimbursement receivables and other non-revenue receivables. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary. Credit losses recognized on the Company’s accounts receivable were not material in 2023 and 2022.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Earnings before income taxes of $4.9 billion, $5.4 billion and $5.0 billion for years ended 2023, 2022 and 2021, respectively, represent earnings from domestic operations. The breakdown of income tax expense between current and deferred is as follows:
Years Ended
(Dollars in Millions)202320222021
Current:
Federal$852 $928 $827 
State184 203 176 
Subtotal Current$1,036 $1,131 $1,003 
Deferred:   
Federal122 166 166 
State18 (49)1 
Subtotal Deferred$140 $117 $167 
Total Income Tax Expense$1,176 $1,248 $1,170 

The Company recorded a 2023 income tax benefit of $22 million primarily from a change in the valuation of deferred taxes as a result of filing the 2022 tax returns. In 2022, the Company recorded an income tax benefit of $78 million primarily as a result of state legislative changes and a change in the valuation of deferred taxes as a result of filing the 2021 tax returns. In 2021, the Company recorded an income tax benefit of $48 million primarily as a result of favorable state legislative changes, additional tax benefits associated with the vesting of share-based awards and adjustments to deferred taxes as a result of filing the 2020 state tax returns.

Income tax expense reconciled to the tax computed at statutory rates is presented in the following table. 
 Years Ended
(Dollars in Millions)
202320222021
Federal Income Taxes$1,027 21.0 %$1,137 21.0 %$1,040 21.0 %
State Income Taxes153 3.1 %121 2.2 %139 2.8 %
Other(4)(0.1)%(10)(0.1)%(9)(0.2)%
Income Tax Expense/ Rate$1,176 24.0 %$1,248 23.1 %$1,170 23.6 %
    
NOTE 12.  Income Taxes, continued

The primary factors in the change in year-end net deferred income tax liability balances include the annual provision for deferred income tax expense and accumulated other comprehensive income (loss). The significant components of deferred income tax assets and liabilities include:

 20232022
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Other Employee Benefit Plans$103 $— $105 $— 
Accelerated Depreciation— 7,678 — 7,600 
Other459 630 553 627 
Total$562 $8,308 $658 $8,227 
Net Deferred Income Tax Liabilities $7,746  $7,569 

The Company files a consolidated federal income tax return, which includes its principal domestic subsidiaries. CSX and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. CSX participated in a contemporaneous IRS audit of tax years 2023, 2022, and 2021. Federal examinations of original federal income tax returns for all years through 2020 are resolved.

As of December 2023 and 2022, the Company had approximately $19 million and $18 million, respectively, of total unrecognized tax benefits as a result of uncertain tax positions. Net tax benefits of $15 million and $14 million as of December 2023 and 2022, respectively, could favorably impact the effective income tax rate in each year. The Company does not expect that unrecognized tax benefits as of December 2023 for various state and federal income tax matters will significantly change over the next 12 months. The final outcome of these uncertain tax positions is not yet determinable. There were no material changes to the total gross unrecognized tax benefits and prior year audit resolutions of the Company during the year ended December 2023.
    
CSX’s continuing practice is to recognize net interest and penalties related to income tax matters in income tax expense. Accrued interest and penalties were not material as of December 2023 or 2022. Additionally, expenses from changes to the reserves for interest and penalties were not material in 2023, 2022 or 2021
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Financial Instruments Topic in the ASC requires disclosures about fair value of financial instruments in annual reports as well as in quarterly reports. For CSX, this statement applies to certain investments, pension plan assets, long-term debt and interest rate derivatives. Also, the Fair Value Measurements and Disclosures Topic in the ASC clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.   
Various inputs are considered when determining the value of the Company's investments, pension plan assets, long-term debt and interest rate derivatives. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below:
•Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets;
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.); and
•Level 3 – significant unobservable inputs (including the Company’s own assumptions about the assumptions market participants would use in determining the fair value of investments).

The valuation methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Investments
The Company's investment assets are carried at fair value on the consolidated balance sheet in accordance with the Fair Value Measurements and Disclosures Topic in the ASC. They are valued with assistance from a third-party trustee and consist of fixed income mutual funds, corporate bonds and government securities. The fixed income mutual funds are valued at the net asset value of shares held based on quoted market prices determined in an active market, which are Level 1 inputs. The corporate bonds and government securities are valued using broker quotes that utilize observable market inputs, which are Level 2 inputs. Unrealized losses as of December 31, 2023 and December 31, 2022 were not material. The Company believes any impairment of investments held with gross unrealized losses to be temporary and not the result of credit risk.
NOTE 13.  Fair Value Measurements, continued

The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table.
December 2023December 2022
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Fixed Income Mutual Funds$80 $— $80 $89 $— $89 
Corporate Bonds— 60 60 — 49 49 
Government Securities— 41 41 — 58 58 
Total Investments at Fair Value$80 $101 $181 $89 $107 $196 
Total Investments at Amortized Cost$184 $201 
    
These investments have the following maturities and are represented on the consolidated balance sheet within short-term investments for investments with maturities of less than one year, and other long-term assets for investments with maturities of one year and greater.
(Dollars in Millions)December 2023December 2022
Less than 1 year$83 $129 
1 - 5 years37 24 
5 - 10 years17 10 
Greater than 10 years44 33 
Total investments at fair value$181 $196 

Long-term Debt
Long-term debt, which includes finance leases, is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs.

The fair value of outstanding debt fluctuates with changes in a number of factors. Such factors include, but are not limited to, interest rates, market conditions, credit ratings, values of similar financial instruments, size of the instrument, cash flow projections and comparable trades. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued. The fair value of a company's debt is a measure of its current value under present market conditions. It does not impact the financial statements under current accounting rules.  
NOTE 13.  Fair Value Measurements, continued

The fair value and carrying value of the Company's long-term debt is as follows:
(Dollars in Millions)December 2023December 2022
Long-term Debt (Including Current Maturities):  
Fair Value$17,528 $16,135 
Carrying Value18,533 18,047 

Interest Rate Derivatives
The Company’s fixed-to-floating and forward starting interest rate swaps are carried at their respective fair values, which are determined with assistance from a third party based upon pricing models using inputs observed from actively quoted markets. All of the inputs used to determine the fair value of the swaps are Level 2 inputs. The fair value of the Company’s fixed-to-floating interest rate swaps was an asset of $19 million (for swaps entered in 2023) and a liability of $107 million (for swaps entered in 2022) at December 31, 2023. As of December 31, 2022, the fair value of the fixed-to-floating interest rate swaps was a liability of $118 million. The fair value of the Company’s forward starting interest rate swaps asset was $48 million and $127 million at December 31, 2023 and 2022, respectively. See Note 10, Debt and Credit Agreements, for further information.

Pension Plan Assets
    Pension plan assets are reported at fair value, net of pension liabilities, on the consolidated balance sheet. See Note 9, Employee Benefit Plans, for further information. There are several valuation methodologies used for those assets as described below.
Investments in the Fair Value Hierarchy
•Common stock (Level 1): Valued at the closing price reported on the active market on which the individual securities are traded on the last day of the year and classified in Level 1 of the fair value hierarchy.
•Mutual funds (Level 1): Valued at the net asset value of shares held at year end based on quoted market prices determined in an active market. These assets are classified in Level 1 of the fair value hierarchy.
•Cash and cash equivalents (Level 1):  Includes cash and short term investments with an original maturity of three months or less. The carrying value of cash and cash equivalents at year end approximates fair value. These assets are classified in Level 1 of the fair value hierarchy.
•Corporate bonds, government securities, asset-backed securities and derivatives (Level 2): Valued using price evaluations reflecting the bid and/or ask sides of the market for a similar investment at year end. Asset-backed securities include commercial mortgage-backed securities and collateralized mortgage obligations. These assets are classified in Level 2 of the fair value hierarchy.
NOTE 13.  Fair Value Measurements, continued

Investments Measured at Net Asset Value
•Partnerships: Net asset value of private equity is based on the fair market values associated with the underlying investments at year end. These funds have varying redemption restrictions, but most require advanced notice of at least 15 business days.
•Commingled and common collective trust funds: This class consists of private funds that invest in corporate equity and debt securities, government securities and various short-term debt instruments and are measured at net asset value to estimate the fair value of the investments. The net asset value of the investments is determined by reference to the fair value of the underlying securities, which are valued primarily through the use of directly or indirectly observable inputs. These funds have redemption restrictions that require advanced notice of up to 45 business days.

The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2023 and 2022 are shown in the table below. For additional information related to pension assets, see Note 9, Employee Benefit Plans.
 December 2023December 2022
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Common Stock$340 $— $340 $335 $— $335 
Mutual Funds32 — 32 29 — 29 
Cash and Cash Equivalents255 — 255 157 — 157 
Corporate Bonds— 646 646 — 647 647 
Government Securities— 126 126 — 88 88 
Asset-backed Securities, Derivatives and Other— 10 10 — 9 9 
Total Investments in the Fair Value Hierarchy$627 $782 $1,409 $521 $744 $1,265 
Investments Measured at Net Asset Value (a)
n/an/a$1,013 n/an/a$1,062 
Investments at Fair Value$627 $782 $2,422 $521 $744 $2,327 
(a) Investments measured at net asset value represent certain investments that have been measured at net asset value per share (or its equivalent) and thus are not classified in the fair value hierarchy. In accordance with ASC 820, Fair Value Measurements, the fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the pension assets disclosed in Note 9, Employee Benefit Plans.
v3.24.0.1
Other Income - Net
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Other Income - Net Other Income - Net
The Company derives income from items that are not considered operating activities. Income from these items is reported net of related expense. All components of net periodic pension and post-retirement benefit costs, excluding service cost, are included in other income - net on the consolidated income statement. Miscellaneous income (expense) may fluctuate due to timing and includes investment gains, losses and interest income as well as other non-operating activities. 

For discussion of the drivers of changes in net periodic pension and post-retirement benefit credit from 2022 to 2023 and from 2021 to 2022, refer to Note 9, Employee Benefit Plans. Interest income increased from 2022 to 2023 and from 2021 to 2022 primarily as a result of higher average interest rates. Other income – net consisted of the following:
 Years Ended
(Dollars in Millions)202320222021
Net Periodic Pension and Post-retirement Benefit Credit (a)
$29 $79 $64 
Interest Income79 42 7 
Miscellaneous Income31 12 8 
Total Other Income - Net$139 $133 $79 
(a) Excludes the service cost component of net periodic benefit cost.
v3.24.0.1
Investment in Affiliates and Related-Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Investment in Affiliates and Related-Party Transactions Investment in Affiliates and Related-Party Transactions
CSX's investments in affiliates are included on the consolidated balance sheet as investments in affiliates and other companies.
 DecemberDecember
(Dollars in Millions)20232022
Conrail$1,175 $1,124 
TTX961 914 
Other Equity Method and Cost Method Investments261 254 
Total$2,397 $2,292 

Conrail
Through a limited liability company, CSX and Norfolk Southern Corporation (“NS”) jointly own Conrail. CSX has a 42% economic interest and 50% voting interest in the jointly-owned entity, and NS has the remainder of the economic and voting interests. Pursuant to the Investments-Equity Method and Joint Venture Topic in the ASC, CSX applies the equity method of accounting to its investment in Conrail.

Conrail owns rail infrastructure and operates for the joint benefit of CSX and NS. This is known as the shared asset area. Conrail charges fees for right-of-way usage, equipment rentals and transportation, switching and terminal service charges in the shared asset area. These expenses are included in purchased services and other on the consolidated income statements. Future payments due to Conrail under the shared asset area agreements are shown in the table below.

(Dollars in Millions)Conrail Shared
YearsAsset Agreement
2024$32 
202532 
202632 
202732 
202832 
Thereafter13 
Total$173 

Also, included in equity earnings of affiliates are CSX’s 42% share of Conrail’s income and its amortization of the fair value write-up arising from the acquisition of Conrail and certain other adjustments. The amortization primarily represents the additional after-tax depreciation expense related to the write-up of Conrail’s fixed assets when the original purchase price, from the 1997 acquisition of Conrail, was allocated based on fair value. This write-up of fixed assets resulted in a difference between CSX's investment in Conrail and its share of Conrail's underlying net equity, which is $323 million as of December 2023.
NOTE 15.  Investment in Affiliates and Related-Party Transactions, continued

The following table discloses amounts related to Conrail. All amounts in the table below are included in purchased services and other expenses on the Company’s consolidated income statements.

 Years Ended
(Dollars in Millions)202320222021
Rents, Fees and Services$132 $130 $128 
Purchase Price Amortization and Other4 4 4 
Equity Earnings of Conrail(54)(44)(44)
Total Conrail Expense$82 $90 $88 

As required by the Related Party Disclosures Topic in the ASC, the Company has disclosed amounts below owed to Conrail, or its subsidiaries, representing liabilities under the operating, equipment and shared area agreements with Conrail. In 2014, the Company executed two promissory notes with a subsidiary of Conrail which were included in long-term debt on the consolidated balance sheets. In December 2020, the Company completed a non-cash conversion of $224 million of 2.89% notes due 2044 as well as its existing payable balance of approximately $217 million into new notes. The new notes for operation of the shared asset area are $441 million, 1.31% notes due 2050. Interest expense from these promissory notes was $6 million in each 2023, 2022 and 2021.

 DecemberDecember
(Dollars in Millions)20232022
Balance Sheet Information:  
CSX Accounts Payable to Conrail$154 $136 
Promissory Notes Payable to Conrail Subsidiary  
1.31% CSX Promissory Note due December 2050
73 73 
1.31% CSXT Promissory Note due December 2050
368 368 

TTX Company
TTX Company ("TTX") is a privately-held corporation engaged in the business of providing its owner-railroads with standardized fleets of intermodal, automotive and general use railcars at time and mileage rates. CSX owns about 20 percent of TTX's common stock, and the remaining is owned by the other leading North American railroads and their affiliates. Pursuant to the Investments - Equity Method Topic in the ASC, CSX applies the equity method of accounting to its investment in TTX. As part of the Pan Am acquisition in June 2022, CSX acquired an immaterial amount of TTX stock, which was subsequently repurchased by TTX in December 2022.
NOTE 15.  Investment in Affiliates and Related-Party Transactions, continued

As required by the Related Party Disclosures Topic in the ASC, the following table discloses amounts related to TTX. Car hire rents and equity earnings are included in equipment and other rents expense on the Company’s consolidated income statement.

 Years Ended
(Dollars in Millions)202320222021
Income Statement Information:
Car Hire Rents$249 $241 $221 
Equity Earnings of TTX(49)(51)(52)
Total TTX Expense$200 $190 $169 
Also included below is balance sheet information related to CSX's payable to TTX, which represents car rental liabilities.

(Dollars in Millions)DecemberDecember
Balance Sheet Information:20232022
CSX Payable to TTX$43 $38 
v3.24.0.1
Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)
    
CSX reports comprehensive earnings or loss in accordance with the Comprehensive Income Topic in the ASC in the consolidated comprehensive income statement. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders (e.g. issuance of equity securities and dividends). Generally, for CSX, total comprehensive earnings equal net earnings plus or minus adjustments for pension and other post-retirement liabilities as well as derivative activity and other adjustments. Total comprehensive earnings represent the activity for a period net of tax and were $3.8 billion, $4.2 billion and $4.0 billion for 2023, 2022 and 2021, respectively.

While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, AOCI represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For CSX, AOCI is primarily the cumulative balance related to pension and other post-retirement benefit adjustments, interest rate derivatives and CSX's share of AOCI of equity method investees.
NOTE 16. Other Comprehensive Income (Loss), continued

Changes in the AOCI balance by component are shown in the following table. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 9, Employee Benefit Plans, for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges. See Note 10, Debt and Credit Agreements, for further information. Items classified as other primarily represent CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in purchased services and other or equipment and other rents on the consolidated income statements.
Pension and Other Post-Employment BenefitsInterest Rate DerivativesOtherAccumulated Other Comprehensive (Loss) Income
(Dollars in Millions)
Balance December 31, 2020 - Net of Tax$(598)$62 $(62)$(598)
Other Comprehensive Income (Loss)
Income Before Reclassifications147 11 — 158 
Amounts Reclassified to Net Earnings66 — 15 81 
Tax Expense(46)(3)— (49)
Total Other Comprehensive Income$167 $8 $15 $190 
Balance December 31, 2021 - Net of Tax$(431)$70 $(47)$(408)
Other Comprehensive Income (Loss)
(Loss) Income Before Reclassifications(129)88 — (41)
Amounts Reclassified to Net Earnings44 — 2 46 
Tax Benefit (Expense)19 (8)4 15 
Total Other Comprehensive (Loss) Income $(66)$80 $6 $20 
Balance December 31, 2022 - Net of Tax$(497)$150 $(41)$(388)
Other Comprehensive Income (Loss)
Income Before Reclassifications75 16 — 91 
Amounts Reclassified to Net Earnings18 — 5 23 
Tax Expense(19)(16)(3)(38)
Total Other Comprehensive Income$74 $— $2 $76 
Balance December 31, 2023 - Net of Tax$(423)$150 $(39)$(312)
v3.24.0.1
Business Combinations
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Business Combinations Business Combinations
Acquisition of Pan Am Systems, Inc.
On June 1, 2022, CSX completed its acquisition of Pan Am Systems, Inc. (“Pan Am”), which is the parent company of Pan Am Railways, Inc. who jointly owns Pan Am Southern, LLC with a subsidiary of Norfolk Southern Corporation. Pan Am owns and operates a highly integrated, nearly 1,200-mile rail network and has a joint interest in the more than 600-mile Pan Am Southern system. This acquisition expands CSX’s reach in the Northeastern United States. The results of Pan Am's operations and its cash flows were consolidated prospectively.

The Company accounted for the transaction using the acquisition method in accordance with ASC Topic 805, Business Combinations. The purchase price allocation was finalized as of December 31, 2022, and total measurement period adjustments to the preliminary allocation were immaterial.

The closing price of $600 million was funded through a combination of common stock valued at $422 million and cash totaling $178 million. Cash payments are included in investing activities on the Company's consolidated cash flow statement. Total cash consideration paid to acquire the business includes a $30 million deposit paid in 2020.

The allocation of total consideration to the fair values of the acquired assets and liabilities of Pan Am is summarized in the table below.

(Dollars in Millions)
June 1, 2022
Assets Acquired:
Accounts Receivable, net
$46 
Properties and Equipment, net
600
Goodwill
17
Investments in Affiliates
90
Other Assets
11
Total Assets Acquired
$764 
Liabilities Assumed:
Accounts Payable and Accrued Liabilities
$32 
Deferred Tax Liabilities
75 
Other Long-term Liabilities
57 
Total Liabilities Assumed
$164 
Fair Value of Assets Acquired, Net of Liabilities Assumed:
$600 

Properties and equipment of $600 million include road and track assets, work equipment, land, buildings and other assets. The investments in affiliates includes the interest in Pan Am Southern, LLC acquired as part of the purchase as well as other investments.
NOTE 17. Business Combinations, continued

The Company incurred costs related to this acquisition of approximately $32 million, of which $22 million was incurred in 2022 and $10 million was incurred in 2021. All acquisition-related costs were expensed as incurred and have been recorded in labor and fringe or purchased services and other in the accompanying consolidated income statements.

This acquisition is not material or significant with respect to the Company’s financial statements when reviewed under the quantitative and qualitative considerations of Regulation S-X Article 11 and ASC Topic 805. As the acquisition is not material or significant, CSX has not provided pro forma information relating to the pre-acquisition period.

Acquisition of Quality Carriers, Inc.
On July 1, 2021, the Company completed its acquisition of Quality Carriers, the largest provider of bulk liquid chemicals truck transportation in North America, for $544 million in cash, which is presented on the statement of cash flows net of $3 million cash acquired. Through a network of over 100 company-owned and affiliate terminals and facilities in key locations throughout the United States, Canada and Mexico, Quality Carriers provides transportation services to many of the leading chemical producers and shippers in North America. The results of Quality Carriers' operations and its cash flows were consolidated prospectively.

The Company accounted for the transaction using the acquisition method in accordance with ASC Topic 805, Business Combinations. The purchase price allocation was finalized as of December 31, 2021, and total measurement period adjustments to the preliminary allocation were immaterial. The allocation of total consideration to the fair values of the acquired assets and liabilities of Quality Carriers is summarized in the table below.

(Dollars in Millions)July 1, 2021
Assets Acquired:
Cash and Cash Equivalents$3 
Accounts Receivable, net113 
Properties and Equipment, net225 
Goodwill213 
Intangible Assets180 
Other Assets9 
Total Assets Acquired$743 
Liabilities Assumed:
Accounts Payable and Accrued Liabilities$48 
Finance Lease Obligations and Notes Payable68 
Casualty, Environmental and Other Reserves62 
Other Long-term Liabilities21 
Total Liabilities Assumed$199 
Fair Value of Assets Acquired, Net of Liabilities Assumed:$544 
NOTE 17. Business Combinations, continued

Cash paid to acquire the business, net of acquired cash and cash equivalents of $3 million, is included in investing activities on the Company's consolidated statement of cash flows. Properties and equipment of $225 million include tractors and trailers, equipment, land, buildings and other assets. For information about goodwill and intangible assets, see Note 18, Goodwill and Other Intangible Assets.

In 2021, the Company incurred costs related to this acquisition of approximately $17 million. All acquisition-related costs were expensed as incurred and have been recorded in purchased services and other in the accompanying consolidated income statements.

This acquisition is not material or significant with respect to the Company’s financial statements when reviewed under the quantitative and qualitative considerations of Regulation S-X Article 11 and ASC Topic 805. As the acquisition is not material or significant, CSX has not provided pro forma information relating to the pre-acquisition period.

Other Acquisitions
During 2023 and 2022, Quality Carriers completed several acquisitions of previous independent affiliates that were immaterial individually and in the aggregate.
v3.24.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following table presents goodwill and other intangible asset balances and adjustments to those balances for the years ended December 31, 2023 and 2022:

GoodwillIntangible Assets
(Dollars in Millions)Net Carrying AmountCostAccumulated AmortizationNet Carrying AmountTotal Goodwill and Other Intangible Assets - Net
Balance at December 31, 2021$276 $180 $(5)$175 $451 
Additions43 18 — 18 61 
Amortization— — (10)(10)(10)
Balance at December, 31, 2022$319 $198 $(15)$183 $502 
Additions6 8 — 8 14 
Amortization— — (10)(10)(10)
Balance at December, 31, 2023$325 $206 $(25)$181 $506 

As a result of the acquisition of Pan Am on June 1, 2022, CSX recognized $17 million of goodwill. The goodwill was calculated as the excess of the consideration paid over the fair value of net assets assumed and relates primarily to the ability of CSX to extend the reach of its service to a wider customer base over an expanded territory, creating new market prospects and efficiencies. Goodwill recognized in this acquisition is not deductible for tax purposes.

During 2023 and 2022, Quality Carriers completed several acquisitions that were immaterial individually and in aggregate. The acquisitions resulted in the addition of $6 million and $26 million of goodwill in 2023 and 2022, respectively. Other intangible assets recognized as part of these acquisitions were $8 million and $18 million in 2023 and 2022, respectively.

The Company's intangible assets balance primarily relates to intangibles recognized as part of the acquisition of Quality Carriers in 2021. Intangible assets recognized from the acquisition of $180 million consist of $150 million of customer relationships and $30 million of trade names that will be amortized over a weighted-average period of 20 years and 15 years, respectively.

During the fourth quarter 2023, the Company changed the date of its annual assessment of Goodwill to October 1st for all reporting units. The change in testing date for goodwill is a change in accounting principle, which management believes is preferable as it will create consistency in the Company's goodwill impairment testing procedures across its reporting units. This change was not material to CSX's consolidated financial statements and it did not delay, accelerate, or avoid any potential goodwill impairment charges. No impairment was recorded as a result of the assessment.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net Earnings $ 3,715 $ 4,166 $ 3,781
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2023
shares
Dec. 31, 2023
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Nathan D. Goldman [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On November 10, 2023, Nathan D. Goldman, Executive Vice President, Chief Legal Officer and Corporate Secretary, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 83,000 shares of CSX common stock and 161,487 employee stock options to be exercised via same-day-sale on or after February 20, 2024, subject to certain conditions, to be in effect until November 8, 2024 unless otherwise terminated pursuant to the terms of the trading plan.
Name Nathan D. Goldman  
Title Executive Vice President, Chief Legal Officer and Corporate Secretary  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 10, 2023  
Arrangement Duration 364 days  
Nathan D. Goldman Trading Arrangement, Common Stock [Member] | Nathan D. Goldman [Member]    
Trading Arrangements, by Individual    
Aggregate Available 83,000 83,000
Nathan D. Goldman Trading Arrangement, Employee Stock Options [Member] | Nathan D. Goldman [Member]    
Trading Arrangements, by Individual    
Aggregate Available 161,487 161,487
v3.24.0.1
Nature of Operations and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
In the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the financial position of CSX and its subsidiaries at December 31, 2023 and December 31, 2022, and the consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for the years ended 2023, 2022 and 2021. In addition, management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to the date this annual report is filed on Form 10-K.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates in reporting the amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of certain revenues and expenses during the reporting period. Actual results may differ from those estimates. Critical accounting estimates using management judgment are made for the following areas:
•personal injury and environmental reserves (see Note 5, Casualty, Environmental and Other Reserves);
•pension plan accounting (see Note 9, Employee Benefit Plans); and
•depreciation policies for assets under the group-life method (see Note 6, Properties)
Fiscal Year
Fiscal Year
The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to full years indicate CSX’s fiscal years ended on December 31, 2023, December 31, 2022, and December 31, 2021.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include results of operations of CSX and subsidiaries over which CSX has majority ownership or financial control. All significant intercompany accounts and transactions have been eliminated. Most investments in companies that were not majority-owned were carried at cost (if less than 20% owned and the Company has no significant influence) or were accounted for under the equity method (if the Company has significant influence but does not have control). These investments are reported within Investment in Affiliates and Other Companies on the consolidated balance sheets.
Cash and Cash Equivalents
Cash and Cash Equivalents
On a daily basis, cash in excess of current operating requirements is invested in various highly liquid investments having a typical maturity date of three months or less at the date of acquisition. These investments are carried at cost, which approximates market value, and are classified as cash equivalents.
Investments
Investments
Investments in instruments with original maturities greater than three months that will mature in less than one year are classified as short-term investments. Investments with original maturities of one year or greater are initially classified within other long-term assets, and the classification is re-evaluated at each balance sheet date.
Materials and Supplies
Materials and Supplies
Materials and supplies in the consolidated balance sheets are carried at average cost and consist primarily of parts used in the repair and maintenance of track structure, equipment, and CSXT’s freight car and locomotive fleets, as well as fuel.
New Accounting Pronouncements
New Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. As the London Interbank Offered Rate ("LIBOR") is no longer available as of July 2023, this standard update provides practical expedients for contract modifications made as part of the transition from LIBOR to alternative reference rates. The guidance was effective upon issuance and at present can generally be applied through December 31, 2024. The Company applied the practical expedient to its forward starting interest rate swaps effective June 30, 2023. See Note 10, Debt and Credit Agreements, for additional information. The Company does not have any other contracts that are affected by the transition from LIBOR.

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. This standard update requires additional interim and annual disclosures about a reportable segment’s expenses, even for companies with only one reportable segment. The Company is required to adopt the guidance for its 2024 annual report filed on Form 10-K, though early adoption is permitted. The Company is currently evaluating the impact of these amendments on its disclosures, but this standard update will not impact the Company's results of operations or financial position.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This standard update requires additional interim and annual disclosures about a company’s income taxes, including more detailed information around the annual rate reconciliation and income taxes paid. The Company is required to adopt the guidance for its 2025 annual report filed on Form 10-K, though early adoption is permitted. The Company is currently evaluating the impact of these amendments on its disclosures, but this standard update will not impact the Company's results of operations or financial position.
Earnings Per Share
Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Earnings per share, assuming dilution, is based on the weighted-average number of shares of common stock outstanding and common stock equivalents adjusted for the effects of common stock that may be issued as a result of potentially dilutive instruments. CSX's potentially dilutive instruments are made up of equity awards including stock options, performance and restricted stock units.
When calculating diluted earnings per share, the potential shares that would be outstanding if all outstanding stock options were exercised are included. This number is different from outstanding stock options, which is included in Note 4, Stock Plans and Share-Based Compensation, because it is offset by shares CSX could repurchase using the proceeds from these hypothetical exercises to obtain the common stock equivalent.
Stock Plans and Share-Based Compensation
Under CSX's share-based compensation plans, awards consist of performance units, stock options, restricted stock units and restricted stock awards for management and stock grants for directors. Awards granted under the various programs are determined and approved by the Compensation and Talent Management Committee of the Board of Directors. Awards to the Chief Executive Officer are approved by the full Board and awards to senior executives are approved by the Compensation and Talent Management Committee. In certain circumstances, the Chief Executive Officer or delegate approves awards to management employees other than senior executives. The Board of Directors approves awards granted to CSX's non-management directors upon recommendation of the Governance and Sustainability Committee.
Share-based compensation expense for awards under share-based compensation plans and purchases made as part of the employee stock purchase plan is measured using the fair value of the award on the grant date and is recognized on a straight-line basis over the service period of the respective award. Alternatively, expense is recognized upon death or over an accelerated service period for retirement-eligible employees whose agreements allow for continued vesting upon retirement. Forfeitures are recognized as they occur.
Casualty Reserves In accordance with the Contingencies Topic in the ASC, to the extent the value of an individual claim exceeds the self-insured retention amount, the Company would present the liability on a gross basis with a corresponding receivable for insurance recoveries.
These reserves fluctuate based upon the timing of payments as well as changes in estimate. Actual results may vary from estimates due to the number, type and severity of the injury, costs of medical treatments and uncertainties in litigation. Defense and processing costs, which historically have been insignificant and are anticipated to be insignificant in the future, are not included in the recorded liabilities. Changes in casualty reserves are included in purchased services and other on the consolidated income statements.

Personal Injury
Personal injury reserves represent liabilities for employee work-related and third-party injuries. Work-related injuries for CSXT employees are primarily subject to the Federal Employers' Liability Act ("FELA"). CSXT retains an independent actuary to assist management in assessing the value of personal injury claims. An analysis is performed by the actuary quarterly and is reviewed by management. The methodology used by the actuary includes a development factor to reflect growth or reduction in the value of these personal injury claims based largely on CSXT's historical claims and settlement experience. These analyses did not result in a material adjustment to the personal injury reserve in 2023, 2022 or 2021.
NOTE 5.  Casualty, Environmental and Other Reserves, continued

Occupational
Occupational reserves represent liabilities arising from allegations of exposure to certain materials in the workplace (such as solvents, soaps, chemicals and diesel fumes), past exposure to asbestos or allegations of chronic physical injuries resulting from work conditions (such as repetitive stress injuries). The Company retains an independent actuary to analyze the Company’s historical claims, settlement amounts, and dismissal rates to assist in determining future anticipated claim filing rates and average settlement values. This analysis is performed by the actuary and reviewed by management quarterly. There were no material adjustments to the occupational reserve in 2023, 2022 or 2021.
Environmental Reserves
The Company is a party to various proceedings related to environmental issues, including administrative and judicial proceedings involving private parties and regulatory agencies. The Company has been identified as a potentially responsible party at approximately 230 environmentally impaired sites. Many of these are, or may be, subject to remedial action under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), also known as the Superfund Law, or similar state statutes. Most of these proceedings arose from environmental conditions on properties used for ongoing or discontinued railroad operations. A number of these proceedings, however, are based on allegations that the Company, or its predecessors, sent hazardous substances to facilities owned or operated by others for treatment, recycling or disposal. In addition, some of the Company’s land holdings were leased to others for commercial or industrial uses that may have resulted in releases of hazardous substances or other regulated materials onto the property and could give rise to proceedings against the Company. Environmental reserves include liabilities assumed as a result of the Company's acquisition of Pan Am in 2022 and Quality Carriers in 2021.

In any such proceedings, the Company is subject to environmental clean-up and enforcement actions under the Superfund Law, as well as similar state laws that may impose joint and several liability for clean-up and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. These costs could be substantial.
NOTE 5.  Casualty, Environmental and Other Reserves, continued

In accordance with the Asset Retirement and Environmental Obligations Topic in the ASC, the Company reviews its role with respect to each site identified at least quarterly, giving consideration to a number of factors such as:
•type of clean-up required;
•nature of the Company’s alleged connection to the location (e.g., generator of waste sent to the site or owner or operator of the site);
•extent of the Company’s alleged connection (e.g., volume of waste sent to the location and other relevant factors); and
•number, connection and financial viability of other named and unnamed potentially responsible parties at the location.

Based on management's review process, amounts have been recorded to cover contingent anticipated future environmental remediation costs with respect to each site to the extent such costs are reasonably estimable and probable. The recorded liabilities for estimated future environmental costs are undiscounted. The liability includes future costs for remediation and restoration of sites as well as any significant ongoing monitoring costs, but excludes any anticipated insurance recoveries. Payments related to these liabilities are expected to be made over the next several years. Environmental remediation costs are included in purchased services and other on the consolidated income statements.

Currently, the Company does not possess sufficient information to reasonably estimate the amounts of additional liabilities, if any, on some sites until completion of future environmental studies. In addition, conditions that are currently unknown could, at any given location, result in additional exposure, the amount and materiality of which cannot presently be reasonably estimated. Based upon information currently available, however, the Company believes its environmental reserves accurately reflect the estimated cost of remedial actions currently required.
Capital Expenditures
The Company’s capital investment includes purchased and self-constructed assets and property additions that substantially extend the service life or increase the utility of those assets. Indirect costs that can be specifically traced to capital projects are also capitalized. The Company is committed to maintaining and improving its existing infrastructure and expanding its network capacity for long-term growth. Rail operations are capital intensive and CSX accounts for these costs in accordance with United States generally accepted accounting principles ("GAAP") and the Company’s capitalization policy. All properties are stated at historical cost less an allowance for accumulated depreciation.

The Company’s largest category of capital investment is the replacement of track assets, which is primarily completed by CSXT employees, as well as the acquisition or construction of new assets that enable CSX to enhance its operations or provide new capacity offerings to its customers. Costs for track asset replacement and capacity projects that are capitalized include:

•labor costs, because many of the assets are self-constructed;
•costs to purchase or construct new track or to prepare ground for the laying of track;
•welding (rail, field and plant), which are processes used to connect segments of rail;
•new ballast, which is gravel and crushed stone that holds track in line;
•fuels and lubricants associated with tie, rail and surfacing work, which is the process of raising track to a designated elevation over an extended distance;
•cross, switch and bridge ties, which are the braces that support the rails on a track;
•gauging, which is the process of standardizing the distance between rails;
•handling costs associated with installing rail, ties or ballast;
•usage charge of machinery and equipment utilized in construction or installation; and
•other track materials.

Labor is a significant cost in self-constructed track replacement work. CSXT engineering employees directly charge their labor to the track replacement project (the capitalized depreciable property). In replacing track, these employees concurrently perform deconstruction and installation of track material. Because of this concurrent process, CSX must estimate the amount of labor that is related to deconstruction versus installation. As a component of the depreciation study for road and track assets, management performs an analysis of labor costs related to the self-constructed track replacement work, which includes direct observation of track replacement processes. Through this analysis, CSX determined that approximately 20% of labor costs associated with track replacement is related to the deconstruction of old track, for which certain elements are expensed, and 80% is associated with the installation of new track, which is capitalized.

Capital investment related to locomotives and freight cars comprises the second largest category of the Company’s capital assets. This category includes purchases of locomotives and freight cars as well as costs to modify or rebuild these assets, which are capitalized if the investment incurred extends the asset’s service life or improves utilization. Improvement projects must meet specified dollar thresholds to be capitalized and are reviewed by management to determine proper accounting treatment. Routine repairs, overhauls and other maintenance costs, for all asset categories, are expensed as incurred.
Group-Life Assets Sales and Retirements
Since the rail network is one contiguous, connected network it is impractical to maintain specific identification records for these assets. For track assets (e.g., rail, ties, and ballast), CSX retires assets on a statistical curve relative to the age of the assets. Equipment assets (e.g., locomotives and freight cars) are specifically identified at retirement. When an equipment asset is retired that has been depreciated using the group-life method, the cost is reduced from the cost base and recorded in accumulated depreciation.

For sales or retirements of assets depreciated under the group-life method that occur in the ordinary course of business, the asset cost (net of salvage value or sales proceeds) is charged to accumulated depreciation and no gain or loss is immediately recognized. This practice is consistent with accounting treatment prescribed under the group-life method. As part of the depreciation study, an assessment of the recorded amount of accumulated depreciation is made to determine if it is deficient (or in excess) of the appropriate amount indicated by the study. Any such deficiency (or excess), including any deferred gains or losses, is amortized as a component of depreciation expense over the remaining service life of the asset group until the next required depreciation study. Since the overall assumption with the group-life method is that the assets within the group on average have the same service life and characteristics, it is therefore concluded that the deferred gains and losses offset over time.

For sales or retirements of assets depreciated under the group-life method that do not occur in the ordinary course of business, a gain or loss may be recognized if the sale or retirement meets each of the following three criteria: (i) it is unusual, (ii) it is material in amount, and (iii) it varies significantly from the retirement profile identified through depreciation studies. No material gains or losses were recognized on the sale of assets depreciated using the group-life method in 2023, 2022 or 2021, as no sales met the criteria described above.

Land and Straight-line Assets Sales and Retirements
When the Company sells or retires land, land-related easements or assets depreciated under the straight-line method, a gain or loss is recognized in purchased services and other on the consolidated statements of income
Depreciation Method
The depreciable assets of the Company are depreciated using either the group-life or straight-line method of accounting, which are both acceptable depreciation methods in accordance with GAAP. The Company depreciates its railroad assets, including main-line track, locomotives and freight cars, using the group-life method. Assets depreciated under the group-life method comprise 84% of total fixed assets of $50.3 billion on a gross basis as of December 2023. The remaining depreciable assets of the Company, including non-railroad assets and assets under finance leases, are depreciated using the straight-line method on a per asset basis. Land is not depreciated.

The group-life method aggregates assets with similar lives and characteristics into groups and depreciates each of these groups as a whole. When using the group-life method, an underlying assumption is that each group of assets, as a whole, is used and depreciated to the end of its group’s recoverable life. The Company currently utilizes different depreciable asset categories to account for depreciation expense for the railroad assets that are depreciated under the group-life method. By utilizing various depreciable categories, the Company can more accurately account for the use of its assets.  All assets of the Company are depreciated on a time or life basis.

The group-life method of depreciation closely approximates the straight-line method of depreciation. Additionally, due to the nature of most of its assets (e.g. track is one contiguous, connected asset), the Company believes that this is the most accurate and effective way to properly depreciate its assets.

Depreciation Studies
Management performs a review of depreciation expense and useful lives on a regular basis. Under the group-life method, the service lives and salvage values for each group of assets are determined by completing periodic depreciation studies and applying management’s methods to determine the service lives of its properties. A depreciation study is the periodic review of asset service lives, salvage values, accumulated depreciation, and other related factors for group assets conducted by a third-party specialist, analyzed by the Company’s management and approved by the Surface Transportation Board ("STB"), the regulatory board that has broad jurisdiction over railroad practices. The STB requires depreciation studies be performed every three years for equipment assets (e.g., locomotives and freight cars) and every six years for road and track assets (e.g., bridges, signals, rail, ties, and ballast). The Company believes the frequency of depreciation studies currently required by the STB, complemented by annual data reviews conducted by a third-party specialist and analyzed by the Company's management, provides adequate review of asset service lives and that a more frequent review would not result in a material change due to the long-lived nature of most of the assets.
Impairment Review Properties and other long-lived assets are reviewed for impairment whenever events or business conditions indicate the carrying amount of such assets may not be fully recoverable. Initial assessments of recoverability are based on estimates of undiscounted future net cash flows associated with an asset or a group of assets in accordance with the Property, Plant, and Equipment Topic in the ASC. Where impairment is indicated, the assets are evaluated and their carrying amount is reduced to fair value based on discounted net cash flows or other estimates of fair value.Impairment expense is recorded in purchased services and other expense on the consolidated income statement.
Leases
At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. Some of the Company’s lease arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., maintenance, labor charges, etc.). The Company generally accounts for each component separately based on the estimated standalone price of each component. For certain equipment leases, such as freight car, vehicles and work equipment, the Company accounts for the lease and non-lease components as a single lease component.

Certain of the Company’s lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating Leases
Operating leases are included in right-of-use lease assets, other current liabilities and long-term lease liabilities on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s secured incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the balance sheet.

The Company has various lease agreements with other parties with terms up to 50 years, including a significant operating lease with the State of Georgia for approximately 137 miles of right-of-way with integral equipment for a term of 50 years with an annual 2.5% increase. Non-cancelable, long-term leases may include provisions for maintenance, options to purchase and options to extend the terms. These options are included in the lease term when it is reasonably certain that the option will be exercised. Lease expense for operating leases, including leases with escalations over their terms, is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Lease expense is included in equipment and other rents on the consolidated income statements and is reported net of lease income. Lease income was not material to the results of operations for 2023, 2022 or 2021.
Finance leases are included in properties - net and long-term debt on the consolidated balance sheets and were not material as of December 2023 or December 2022. The associated amortization expense and interest expense are included in depreciation and interest expense, respectively, on the consolidated income statements
Revenue Recognition
The Company’s revenues are primarily derived from the transportation of freight as performance obligations that arise from its contracts with customers are satisfied. The following table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
The Company generates revenue from rail freight billings under contracts with customers generally on a rate per carload, container or ton-basis based on length of haul and commodities carried. The Company’s performance obligation arises when it receives a bill of lading (“BOL”) to transport a customer's commodities at a negotiated price contained in a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received, a contract is formed whereby the parties are committed to perform, collectability of consideration is probable and the rights of the parties, shipping terms and conditions, and payment terms are identified. A customer may submit several BOLs for transportation services at various times throughout a service agreement term, but each shipment represents a distinct service that is a separately identified performance obligation.
NOTE 11. Revenues, continued

The average transit time to complete a rail shipment is between 2 to 7 days depending on market. Payments for transportation services are normally billed once a BOL is received and are generally due within 15 days after the invoice date. The Company recognizes revenue over transit time of freight as it moves from origin to destination. Revenue for services started but not completed at the reporting date is allocated based on the relative transit time in each reporting period, with the portion allocated for services subsequent to the reporting date considered remaining performance obligations.

The certain key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows:
•Revenue associated with shipments in transit, which is recognized ratably over transit time and is based on average cycle times to move commodities and products from their origin to their final destination or interchange;
•Adjustments to revenue for billing corrections and billing discounts;
•Adjustments to revenue for overcharge claims filed by customers, which are based on historical payments to customers for rate overcharges as a percentage of total billing; and
•Incentive-based refunds to customers, which are primarily volume-related, are recorded as a reduction to revenue on the basis of the projected liability (this estimate is based on historical activity, current volume levels and forecasted future volume).

Revenue related to interline transportation services that involve the services of another party, such as another railroad, is reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue.

Effective third quarter 2021, trucking revenue includes revenue from the operations of Quality Carriers and is mostly comprised of truck shipments of chemicals. A performance obligation arises when Quality Carriers receives a customer order to transport a commodity at a contracted rate. Revenue is recorded on a gross basis ratably over transit time.

Other revenue is recorded upon completion of the service and is comprised of revenue from regional subsidiary railroads and incidental charges, including demurrage, intermodal storage and equipment usage, and switching. Revenue from regional subsidiary railroads includes shipments by railroads that the Company does not directly operate. Demurrage represents charges assessed when freight cars are held by a customer beyond a specified period of time. Intermodal storage represents charges for customer storage of containers at an intermodal terminal, ramp facility or offsite location beyond a specified period of time. Switching represents charges assessed when a railroad switches cars for a customer or another railroad.

During 2023, 2022 and 2021, revenue recognized from performance obligations related to prior periods was not material.
NOTE 11. Revenues, continued

Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date. This includes the unearned portion of billed and unbilled amounts for cancellable freight shipments in transit. The Company expects to recognize the unearned portion of revenue for freight services in transit within one week of the reporting date. As of December 31, 2023, remaining performance obligations were not material.

Contract Balances and Accounts Receivable
The timing of revenue recognition, billings and cash collections results in accounts receivable and customer advances and deposits (contract liabilities) on the consolidated balance sheets.
Allowance for Credit Losses Freight receivables include amounts earned, billed and unbilled, and currently due from customers for transportation-related services. Non-freight receivables include amounts billed and unbilled and currently due related to government reimbursement receivables and other non-revenue receivables. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary.
Fair Value Measurements
The Financial Instruments Topic in the ASC requires disclosures about fair value of financial instruments in annual reports as well as in quarterly reports. For CSX, this statement applies to certain investments, pension plan assets, long-term debt and interest rate derivatives. Also, the Fair Value Measurements and Disclosures Topic in the ASC clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.   
Various inputs are considered when determining the value of the Company's investments, pension plan assets, long-term debt and interest rate derivatives. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below:
•Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets;
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.); and
•Level 3 – significant unobservable inputs (including the Company’s own assumptions about the assumptions market participants would use in determining the fair value of investments).

The valuation methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Investments
The Company's investment assets are carried at fair value on the consolidated balance sheet in accordance with the Fair Value Measurements and Disclosures Topic in the ASC. They are valued with assistance from a third-party trustee and consist of fixed income mutual funds, corporate bonds and government securities. The fixed income mutual funds are valued at the net asset value of shares held based on quoted market prices determined in an active market, which are Level 1 inputs. The corporate bonds and government securities are valued using broker quotes that utilize observable market inputs, which are Level 2 inputs. Unrealized losses as of December 31, 2023 and December 31, 2022 were not material. The Company believes any impairment of investments held with gross unrealized losses to be temporary and not the result of credit risk.
Long-term Debt
Long-term debt, which includes finance leases, is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs.

The fair value of outstanding debt fluctuates with changes in a number of factors. Such factors include, but are not limited to, interest rates, market conditions, credit ratings, values of similar financial instruments, size of the instrument, cash flow projections and comparable trades. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued. The fair value of a company's debt is a measure of its current value under present market conditions. It does not impact the financial statements under current accounting rules.  
Interest Rate Derivatives
The Company’s fixed-to-floating and forward starting interest rate swaps are carried at their respective fair values, which are determined with assistance from a third party based upon pricing models using inputs observed from actively quoted markets. All of the inputs used to determine the fair value of the swaps are Level 2 inputs. The fair value of the Company’s fixed-to-floating interest rate swaps was an asset of $19 million (for swaps entered in 2023) and a liability of $107 million (for swaps entered in 2022) at December 31, 2023. As of December 31, 2022, the fair value of the fixed-to-floating interest rate swaps was a liability of $118 million. The fair value of the Company’s forward starting interest rate swaps asset was $48 million and $127 million at December 31, 2023 and 2022, respectively. See Note 10, Debt and Credit Agreements, for further information.

Pension Plan Assets
    Pension plan assets are reported at fair value, net of pension liabilities, on the consolidated balance sheet. See Note 9, Employee Benefit Plans, for further information. There are several valuation methodologies used for those assets as described below.
Investments in the Fair Value Hierarchy
•Common stock (Level 1): Valued at the closing price reported on the active market on which the individual securities are traded on the last day of the year and classified in Level 1 of the fair value hierarchy.
•Mutual funds (Level 1): Valued at the net asset value of shares held at year end based on quoted market prices determined in an active market. These assets are classified in Level 1 of the fair value hierarchy.
•Cash and cash equivalents (Level 1):  Includes cash and short term investments with an original maturity of three months or less. The carrying value of cash and cash equivalents at year end approximates fair value. These assets are classified in Level 1 of the fair value hierarchy.
•Corporate bonds, government securities, asset-backed securities and derivatives (Level 2): Valued using price evaluations reflecting the bid and/or ask sides of the market for a similar investment at year end. Asset-backed securities include commercial mortgage-backed securities and collateralized mortgage obligations. These assets are classified in Level 2 of the fair value hierarchy.
NOTE 13.  Fair Value Measurements, continued

Investments Measured at Net Asset Value
•Partnerships: Net asset value of private equity is based on the fair market values associated with the underlying investments at year end. These funds have varying redemption restrictions, but most require advanced notice of at least 15 business days.
•Commingled and common collective trust funds: This class consists of private funds that invest in corporate equity and debt securities, government securities and various short-term debt instruments and are measured at net asset value to estimate the fair value of the investments. The net asset value of the investments is determined by reference to the fair value of the underlying securities, which are valued primarily through the use of directly or indirectly observable inputs. These funds have redemption restrictions that require advanced notice of up to 45 business days.
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings per Share
The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution:
 Years Ended
 202320222021
Numerator (Dollars in Millions):
 
Net Earnings$3,715 $4,166 $3,781 
Denominator (Units in Millions):
Average Common Shares Outstanding2,008 2,136 2,250 
Other Potentially Dilutive Common Shares5 5 5 
Average Common Shares Outstanding, Assuming Dilution2,013 2,141 2,255 
Net Earnings Per Share, Basic$1.85 $1.95 $1.68 
Net Earnings Per Share, Assuming Dilution$1.85 $1.95 $1.68 
Schedule of Average Outstanding Equity Awards Excluded from Diluted Earnings Per Share Calculation The total average outstanding equity awards that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below.
Years Ended
202320222021
Antidilutive Stock Options Excluded from Diluted EPS (Units in Millions)
3 3 2 
Schedule of Share Repurchase Activity
During 2023, 2022 and 2021, CSX repurchased the following shares:
Years Ended
202320222021
Shares Repurchased (Units in Millions)
112 151 90 
Cost of Shares (Dollars in Millions)
$3,482 $4,731 $2,886 
Average Price Paid per Share$30.95 $31.25 $31.91 
v3.24.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Common and Preferred Stock
Common and preferred stock consists of the following:
Common Stock, $1 Par Value
December 2023
 (Units in Millions)
Common Shares Authorized5,400 
Common Shares Issued and Outstanding1,958 
 
Preferred Stock
Preferred Shares Authorized25 
Preferred Shares Issued and Outstanding— 
v3.24.0.1
Stock Plans and Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation and Related Income Tax Benefit Total pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards.
 Years Ended
(Dollars in Millions)202320222021
Share-Based Compensation Expense
Performance Units$20 $35 $71 
Restricted Stock Units and Awards19 15 12 
Stock Options12 17 18 
Employee Stock Purchase Plan7 5 4 
Stock Awards for Directors2 2 2 
Total Share-based Compensation Expense$60 $74 $107 
Income Tax Benefit$14 $17 $23 
Schedule of Assumptions and Inputs Used to Estimate Fair Value of Performance Units
The fair values of the performance units awarded during the years ended December 2023, 2022 and 2021 were calculated primarily using a Monte-Carlo simulation model with the following weighted-average assumptions:

Years Ended
Weighted-Average Assumptions Used:202320222021
Risk-free Interest Rate4.4 %2.3 %0.2 %
Annualized Volatility33.2 %33.0 %33.6 %
Expected Life (in years)
2.82.72.9
Schedule of Performance Unit Grant and Vesting Information
Performance unit grant and vesting information is summarized as follows:
 Years Ended
 202320222021
Weighted-Average Fair Value of Units Granted$31.57 $33.89 $30.11 
Fair Value of Units Vested (in Millions)
$16 $24 $19 
Schedule of Performance Unit Activity Related to Outstanding Long-term Incentive Plans and Corresponding Fair Value
The performance unit activity related to the outstanding long-term incentive plans and corresponding fair value is summarized as follows:
 Performance Units Outstanding
(in Thousands)		Weighted-Average Fair Value at Grant Date
Unvested at December 31, 2022
1,254 $32.14 
Granted 755 31.57 
Forfeited (118)32.20 
Vested (570)30.23 
Unvested at December 31, 2023
1,321 $32.65 
Schedule of Assumptions and Inputs Used to Estimate Fair Value of Stock Options
Assumptions and inputs used to estimate fair value of stock options are summarized as follows:
Years Ended
 202320222021
Weighted-Average Fair Value of Units Granted$9.82$10.12$7.94
Stock Options Valuation Assumptions:
Annual Dividend Yield1.4 %1.1 %1.2 %
Risk-free Interest Rate3.8 %2.0 %0.7 %
Annualized Volatility29.6 %30.1 %31.2 %
Expected Life (in Years)6.06.06.0
Other Pricing Model Inputs:
Weighted-average Grant-date Market Price of CSX Stock (Strike Price)$31.54$35.12$29.65
Schedule of Stock Option Activity
The stock option activity is summarized as follows:
 Stock Options Outstanding
(in Thousands)		Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Life
(in Years)		Aggregate Intrinsic Value
(in Millions)
Outstanding at December 31, 202213,400 $24.03 
Granted 1,234 31.54 
Forfeited (189)32.68 
Exercised(2,351)22.06 
Outstanding at December 31, 202312,094 $25.04 6.0$117 
Exercisable at December 31, 20239,239 $22.73 5.3$111 
Schedule of Intrinsic Value and Cash Proceeds of Options Exercises Additional information on stock option exercises is summarized as follows:
Years Ended
(Dollars in Millions)202320222021
Intrinsic Value of Stock Options Exercised$27 $9 $32 
Cash Received from Option Exercises$52 $15 $31 
Schedule of Restricted Stock Grant and Vesting Information Restricted stock grant and vesting information is summarized as follows:
 Years Ended
 202320222021
Weighted-Average Fair Value of Units Granted$31.46 $34.55 $29.84 
Fair Value of Units and Awards Vested (in Millions)
$8 $5 $12 
Schedule of Outstanding Restricted Stock Units and Awards
The restricted stock activity related to the outstanding long-term incentive plans and other awards and corresponding fair value is summarized as follows:
 Restricted Stock Units and Awards Outstanding
(in Thousands)		Weighted-Average Fair Value at Grant Date
Unvested at December 31, 2022
1,552 $31.68 
Granted880 31.46 
Forfeited (100)31.92 
Vested (303)27.49 
Unvested at December 31, 2023
2,029 $31.70 
Schedule of Shares Issued under Employee Stock Purchase Plan During 2023, 2022 and 2021, the Company issued the following shares under this program.
 Years Ended
 202320222021
Shares Issued (in Thousands)
959 726 730 
Weighted Average Purchase Price Per Share$25.66 $25.93 $21.90 
v3.24.0.1
Casualty, Environmental and Other Reserves (Tables)
 12 Months Ended
Dec. 31, 2023
Casualty, Environmental and Other Reserves [Abstract]  
Schedule of Claims Activity
Activity related to casualty, environmental and other reserves is as follows:
 CasualtyEnvironmentalOther 
(Dollars in Millions)ReservesReservesReservesTotal
December 31, 2020$196 $76 $42 $314 
Assumed in Acquisition of Quality Carriers— 29 33 62 
Charged to Expense 55 26 49 130 
Payments(71)(23)(44)(138)
December 31, 2021180 108 80 368 
Assumed in Acquisition of Pan Am19 36 — 55 
Charged to Expense 45 47 51 143 
Payments(50)(30)(50)(130)
December 31, 2022194 161 81 436 
Charged to Expense69 29 67 165 
Payments(68)(36)(57)(161)
December 31, 2023$195 $154 $91 $440 
Schedule of Balance Sheet Presentation of Casualty, Environmental and Other Reserves Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below.
 December 2023December 2022
(Dollars in Millions)CurrentLong-termTotalCurrentLong-termTotal
Casualty:      
Personal Injury$45 $83 $128 $40 $86 $126 
Occupational 7 60 67 10 58 68 
Total Casualty$52 $143 $195 $50 $144 $194 
Environmental 41 113 154 53 108 161 
Other51 40 91 41 40 81 
Total$144 $296 $440 $144 $292 $436 
v3.24.0.1
Properties (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Net Properties
Details of the Company’s net properties are as follows:
(Dollars in Millions) AccumulatedNet BookAnnual DepreciationEstimated Useful LifeDepreciation
December 2023CostDepreciationValueRate
(Avg. Years)
Method
Road 
 Rail and Other Track Material$9,537 $(1,978)$7,559 2.5%41Group Life
 Ties7,020 (2,131)4,889 3.5%28Group Life
 Grading2,796 (668)2,128 1.3%75Group Life
 Ballast3,424 (1,119)2,305 2.6%38Group Life
 Bridges, Trestles, and Culverts3,121 (525)2,596 1.7%60Group Life
 Signals and Interlockers3,376 (1,351)2,025 4.1%24Group Life
 Buildings1,530 (608)922 2.5%40
Group Life/ Straight Line (a)
 Other5,786 (2,546)3,240 4.1%25
Group Life/ Straight Line (a)
Total Road36,590 (10,926)25,664   
Equipment      
 Locomotive4,952 (1,981)2,971 3.8%26Group Life
 Freight Cars2,300 (378)1,922 3.1%32Group Life
 Work Equipment and Other3,391 (2,100)1,291 8.9%11
Group Life/ Straight Line (a)
Total Equipment10,643 (4,459)6,184   
Land 2,272 — 2,272 N/AN/AN/A
Construction In Progress815 — 815 N/AN/AN/A
Total Properties$50,320 $(15,385)$34,935    
(a) For depreciation method, certain asset categories contain intermodal terminals, trucking or technology-related assets, which are depreciated using the straight-line method.
NOTE 6.  Properties, continued

(Dollars in Millions) AccumulatedNet BookAnnual DepreciationEstimated Useful LifeDepreciation
December 2022CostDepreciationValueRate(Avg. Years)Method
Road 
 Rail and Other Track Material$8,660 $(1,405)$7,255 2.5%41Group Life
 Ties6,763 (2,010)4,753 3.5%28Group Life
 Grading2,741 (637)2,104 1.3%75Group Life
 Ballast3,383 (1,130)2,253 2.6%38Group Life
 Bridges, Trestles, and Culverts2,989 (454)2,535 1.7%60Group Life
 Signals and Interlockers3,299 (1,210)2,089 4.1%24Group Life
 Buildings1,416 (558)858 2.5%40
Group Life/ Straight Line (a)
 Other5,541 (2,323)3,218 4.1%25
Group Life/ Straight Line (a)
Total Road34,792 (9,727)25,065   
Equipment      
 Locomotive4,848 (1,856)2,992 3.8%26Group Life
 Freight Cars2,316 (369)1,947 3.1%32Group Life
 Work Equipment and Other3,132 (1,911)1,221 8.9%11
Group Life/ Straight Line (a)
Total Equipment10,296 (4,136)6,160   
Land 2,272 — 2,272 N/AN/AN/A
Construction In Progress745 — 745 N/AN/AN/A
Total Properties$48,105 $(13,863)$34,242    
(a) For depreciation method, certain asset categories contain intermodal terminals, trucking or technology-related assets, which are depreciated using the straight-line method.
Disclosure of Long-Lived Assets Held-for-sale
Years Ended
(Dollars in Millions)202320222021
Gains$— $144 $349 
Proceeds— 125 400
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Amount, Timing and Uncertainty of Cash Flows of Company's Operating Leases
The following table presents information about the amount, timing and uncertainty of cash flows arising from all of the Company’s operating leases as of December 31, 2023.
(Dollars in Millions)December 2023
Maturity of Lease LiabilitiesLease Payments
2024$70 
202567 
202651 
202743 
202835 
Thereafter1,108 
Total Undiscounted Operating Lease Payments$1,374 
Less: Imputed Interest(815)
Present Value of Operating Lease Liabilities$559 
Future payments due to Conrail under the shared asset area agreements are shown in the table below.
(Dollars in Millions)Conrail Shared
YearsAsset Agreement
2024$32 
202532 
202632 
202732 
202832 
Thereafter13 
Total$173 
Schedule of Balance Sheet Classification and Other Information of Company's Operating Leases
(Dollars in Millions)20232022
Balance Sheet Classification
Right of Use Asset$498 $505 
Current Lease Liabilities (Included in Other Current Liabilities)$68 $69 
Long-term Lease Liabilities491 488 
Total Operating Lease Liabilities$559 $557 
Other Information
Weighted-average Remaining Lease Term for Operating Leases30 years31 years
Weighted-average Discount Rate for Operating Leases5.1 %5.0 %
Schedule of Operating Lease Costs These amounts are shown in the table below.
 Years Ended
(Dollars in Millions)202320222021
Rent Expense on Operating Leases$109 $109 $89 
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Number of Locomotives and Payments under Long-term Maintenance Program
The following table summarizes CSXT’s payments, including prepayments, for the long-term maintenance program which covers approximately 1,900 locomotives with payments based on active status during the period.
 
Years Ended (a)
(Dollars in Millions)202320222021
Amounts Paid$200 $168 $99 
(a) The 2022 amount has been updated to include prepayments of $40 million.
Schedule of Annual Payments under Long-term Maintenance Program Total annual payments under all of these purchase commitments are also estimated in the table below.
(Dollars in Millions)Locomotive Maintenance & Rebuild PaymentsOther
Commitments		Total
2024$342 $182 $524 
2025365 137 502 
2026397 37 434 
2027521 37 558 
2028402 33 435 
Thereafter1,223 56 1,279 
Total$3,250 $482 $3,732 
v3.24.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Summary of Participants In order to perform this valuation, the actuaries are provided with the details of the population covered at the beginning of the year, summarized in the table below, and projects that population forward to the end of the year.
As of
Pension Plan Participants:January 1, 2023
Active Employees2,479 
Retirees and Beneficiaries11,294 
Other(a)
3,504 
Total17,277 
(a) The Other category consists mostly of terminated but vested former employees.
Schedule of Future Expected Benefit Payments Future expected benefit payments are as follows:
Expected Cash Flows (Dollars in Millions):
Pension Benefits
2024$190 
2025186 
2026183 
2027182 
2028181 
2029-2033870 
Total$1,792 
Schedule of Allocation of Plan Assets
The distribution of pension plan assets as of the measurement date is shown in the table below, and these assets are reported net of pension liabilities on the balance sheet.

 December 2023December 2022
  Percent of Percent of
(Dollars in Millions)AmountTotal AssetsAmountTotal Assets
Equity$1,142 47 %$1,249 54 %
Fixed Income114 4 144 6 
Cash and Cash Equivalents15 1 41 2 
Growth-Oriented$1,271 52 %$1,434 62 %
Fixed Income911 38 777 33 
Cash and Cash Equivalents240 10 116 5 
Immunizing$1,151 48 %$893 38 %
Total$2,422 100 %$2,327 100 %
Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets
Changes in benefit obligation and the fair value of plan assets for the 2023 and 2022 plan years are as follows:

 Pension Benefits
 Plan YearPlan Year
(Dollars in Millions)20232022
Actuarial Present Value of Benefit Obligation  
Accumulated Benefit Obligation$2,252 $2,285 
Projected Benefit Obligation2,343 2,368 
Change in Projected Benefit Obligation:  
Projected Benefit Obligation at Beginning of Plan Year
$2,368 $3,022 
Service Cost (a)
28 36 
Interest Cost111 64 
Actuarial Loss (Gain)20 (570)
Benefits Paid(184)(184)
Benefit Obligation at End of Plan Year$2,343 $2,368 
Change in Plan Assets:  
Fair Value of Plan Assets at Beginning of Plan Year$2,327 $3,016 
Actual Return (Loss) on Plan Assets259 (523)
Non-qualified Employer Contributions20 18 
Benefits Paid(184)(184)
Fair Value of Plan Assets at End of Plan Year$2,422 $2,327 
Funded Status at End of Plan Year$79 $(41)
(a)Service cost for 2023 and 2022 includes capitalized service costs of $4 million each year.
Schedule of Amount Recognized in Balance Sheet Amounts related to pension benefits recorded in other long-term assets, labor and fringe benefits payable and other long-term liabilities on the balance sheet are as follows:
 Pension Benefits
 DecemberDecember
(Dollars in Millions)20232022
Amounts Recorded in Consolidated 
Balance Sheets:  
Long-term Assets$277 $164 
Current Liabilities(16)(17)
Long-term Liabilities(182)(188)
Net Amount Recognized in Consolidated Balance Sheets$79 $(41)
Schedule of Benefit Obligations in Excess of Plan Assets The following table shows the value of plan assets for only those plans with a net liability status.
Aggregate
(Dollars in Millions)Fair ValueAggregate
Benefit Obligations in Excess of Plan Assetsof Plan AssetsBenefit Obligation
Projected Benefit Obligation$— $(198)
Accumulated Benefit Obligation— (188)
Schedule of Net Benefit Expense Recorded on the Income Statement The following table describes the components of expense/(income) related to net benefit expense recorded on the income statement.
Pension Benefits
Years Ended
(Dollars in Millions)202320222021
Service Cost Included in Labor and Fringe$24 $32 $41 
Interest Cost111 64 55 
Expected Return on Plan Assets(164)(188)(186)
Amortization of Net Loss29 50 73 
Total Income Included in Other Income - Net$(24)$(74)$(58)
Net Periodic Benefit Cost (Credit)
$— $(42)$(17)
Settlement Loss— 1 — 
Total Periodic Benefit Cost (Credit)
$— $(41)$(17)
Schedule of Pre-tax Change in Other Comprehensive Loss (Income)
The following table shows the pre-tax change in other comprehensive loss (income) attributable to certain components of net benefit expense and the change in benefit obligation for CSX for pension benefits.

(Dollars in Millions)Pension Benefits
Components of Other ComprehensiveYears Ended
Loss (Income)20232022
Recognized in the Balance Sheet  
(Gains) Losses$(75)$141 
Expense Recognized in the Income Statement
Amortization of Net Losses$29 $50 
Settlement Loss— 1 
Schedule of Weighted-Average Assumptions Used The weighted averages of assumptions used by the Company to value its pension obligations were as follows:
 Pension Benefits
 20232022
Expected Long-term Return on Plan Assets:  
Benefit Cost for Current Plan Year6.75 %6.75 %
Benefit Cost for Subsequent Plan Year6.75 %6.75 %
Discount Rates:  
Benefit Cost for Plan Year
Service Cost for Plan Year5.09 %2.98 %
Interest Cost for Plan Year4.90 %2.18 %
Benefit Obligation at End of Plan Year4.82 %5.02 %
Salary Scale Inflation4.80 %4.80 %
Cash Balance Plan Interest Credit Rate3.75 %3.75 %
v3.24.0.1
Debt and Credit Agreements (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Debt at December 2023 and December 2022 is shown in the table below. For information regarding the fair value of debt, see Note 13, Fair Value Measurements.
Maturity at
December		Average
Interest
Rates at
December		DecemberDecember
(Dollars in Millions)2023202320232022
Notes2024-20684.2%$18,514 $17,877 
Equipment Obligations(a)
2024-20274.4%2 141 
Finance Leases2024-20325.9%17 29 
Subtotal Long-term Debt (Including Current Portion) $18,533 $18,047 
Less Debt Due within One Year  (558)(151)
Long-term Debt (Excluding Current Portion)  $17,975 $17,896 
(a) Equipment obligations are secured by an interest in certain railroad equipment.
Schedule of Long-term Debt Maturities
Long-term Debt Maturities (Net of Discounts, Premiums and Issuance Costs)
(Dollars in Millions)
Maturities at
Years EndingDecember 2023
2024$558 
2025606 
2026704 
2027998 
20281,001 
Thereafter14,666 
Total Long-term Debt Maturities, including current portion$18,533 
Schedule of Interest Rate Derivatives The cumulative adjustment to the hedged notes is included in long-term debt on the consolidated balance sheet as shown in the following table.
(Dollars in Millions)
December 31, 2023December 31, 2022
Notional Value of Hedged Notes
$1,050 $800 
Fair Value Asset Adjustment to Hedged Notes19 — 
Fair Value Liability Adjustment to Hedged Notes(107)(118)
Carrying Amount of Hedged Notes
$962 $682 
(Dollars in Millions)
202320222021
Interest Expense Impact (Increase) Decrease$(28)$(1)N/A
Derivative Instruments, Gain (Loss) Unrealized amounts related to the hedge, recorded net of tax in other comprehensive income, are summarized in the table below.
(Dollars in Millions)
202320222021
Unrealized Gain - Net$— $80 $8 
v3.24.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues Disaggregated by Lines of Business The following table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Years Ended
(Dollars in Millions)202320222021
Chemicals$2,599 $2,584 $2,421 
Agricultural and Food Products1,657 1,664 1,461 
Automotive1,219 1,054 886 
Forest Products1,012 996 918 
Metals and Equipment917 828 796 
Minerals733 658 587 
Fertilizers516 455 470 
Total Merchandise8,653 8,239 7,539 
Coal
2,484 2,434 1,790 
Intermodal
2,060 2,306 2,039 
Trucking(a)
882 966 410 
Other578 908 744 
Total$14,657 $14,853 $12,522 
(a) Effective third quarter 2021, Trucking revenue is comprised of revenue from the operations of Quality Carriers, which was acquired by CSX effective July 1, 2021.
Schedule of Accounts Receivable, Net
The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses.
(Dollars in Millions)December 31,
2023		December 31,
2022
Freight Receivables $1,047 $1,067 
Freight Allowance for Credit Losses(18)(16)
Freight Receivables, net1,029 1,051 
Non-Freight Receivables 378 279 
Non-Freight Allowance for Credit Losses(14)(17)
Non-Freight Receivables, net 364 262 
Total Accounts Receivable, net$1,393 $1,313 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Breakdown of Income Tax Expense Between Current and Deferred The breakdown of income tax expense between current and deferred is as follows:
Years Ended
(Dollars in Millions)202320222021
Current:
Federal$852 $928 $827 
State184 203 176 
Subtotal Current$1,036 $1,131 $1,003 
Deferred:   
Federal122 166 166 
State18 (49)1 
Subtotal Deferred$140 $117 $167 
Total Income Tax Expense$1,176 $1,248 $1,170 
Schedule of Income Tax Expense Reconciled to Tax Computed at Statutory Rates
Income tax expense reconciled to the tax computed at statutory rates is presented in the following table. 
 Years Ended
(Dollars in Millions)
202320222021
Federal Income Taxes$1,027 21.0 %$1,137 21.0 %$1,040 21.0 %
State Income Taxes153 3.1 %121 2.2 %139 2.8 %
Other(4)(0.1)%(10)(0.1)%(9)(0.2)%
Income Tax Expense/ Rate$1,176 24.0 %$1,248 23.1 %$1,170 23.6 %
Schedule of Significant Components of Deferred Income Tax Assets and Liabilities The significant components of deferred income tax assets and liabilities include:
 20232022
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Other Employee Benefit Plans$103 $— $105 $— 
Accelerated Depreciation— 7,678 — 7,600 
Other459 630 553 627 
Total$562 $8,308 $658 $8,227 
Net Deferred Income Tax Liabilities $7,746  $7,569 
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Investment Assets
The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table.
December 2023December 2022
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Fixed Income Mutual Funds$80 $— $80 $89 $— $89 
Corporate Bonds— 60 60 — 49 49 
Government Securities— 41 41 — 58 58 
Total Investments at Fair Value$80 $101 $181 $89 $107 $196 
Total Investments at Amortized Cost$184 $201 
Schedule of Investment Maturities
These investments have the following maturities and are represented on the consolidated balance sheet within short-term investments for investments with maturities of less than one year, and other long-term assets for investments with maturities of one year and greater.
(Dollars in Millions)December 2023December 2022
Less than 1 year$83 $129 
1 - 5 years37 24 
5 - 10 years17 10 
Greater than 10 years44 33 
Total investments at fair value$181 $196 
Schedule of Fair Value and Carrying Value of Long-term Debt
The fair value and carrying value of the Company's long-term debt is as follows:
(Dollars in Millions)December 2023December 2022
Long-term Debt (Including Current Maturities):  
Fair Value$17,528 $16,135 
Carrying Value18,533 18,047 
Schedule of Pension Plan Assets at Fair Value by Level
The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2023 and 2022 are shown in the table below. For additional information related to pension assets, see Note 9, Employee Benefit Plans.
 December 2023December 2022
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Common Stock$340 $— $340 $335 $— $335 
Mutual Funds32 — 32 29 — 29 
Cash and Cash Equivalents255 — 255 157 — 157 
Corporate Bonds— 646 646 — 647 647 
Government Securities— 126 126 — 88 88 
Asset-backed Securities, Derivatives and Other— 10 10 — 9 9 
Total Investments in the Fair Value Hierarchy$627 $782 $1,409 $521 $744 $1,265 
Investments Measured at Net Asset Value (a)
n/an/a$1,013 n/an/a$1,062 
Investments at Fair Value$627 $782 $2,422 $521 $744 $2,327 
(a) Investments measured at net asset value represent certain investments that have been measured at net asset value per share (or its equivalent) and thus are not classified in the fair value hierarchy. In accordance with ASC 820, Fair Value Measurements, the fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the pension assets disclosed in Note 9, Employee Benefit Plans.
v3.24.0.1
Other Income - Net (Tables)
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Schedule of Other Income - Net Other income – net consisted of the following:
 Years Ended
(Dollars in Millions)202320222021
Net Periodic Pension and Post-retirement Benefit Credit (a)
$29 $79 $64 
Interest Income79 42 7 
Miscellaneous Income31 12 8 
Total Other Income - Net$139 $133 $79 
(a) Excludes the service cost component of net periodic benefit cost.
v3.24.0.1
Investment in Affiliates and Related-Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Schedule of Equity-method Investments in Affiliates
CSX's investments in affiliates are included on the consolidated balance sheet as investments in affiliates and other companies.
 DecemberDecember
(Dollars in Millions)20232022
Conrail$1,175 $1,124 
TTX961 914 
Other Equity Method and Cost Method Investments261 254 
Total$2,397 $2,292 
Schedule of Future Payments Under Shared Asset Area Agreements
The following table presents information about the amount, timing and uncertainty of cash flows arising from all of the Company’s operating leases as of December 31, 2023.
(Dollars in Millions)December 2023
Maturity of Lease LiabilitiesLease Payments
2024$70 
202567 
202651 
202743 
202835 
Thereafter1,108 
Total Undiscounted Operating Lease Payments$1,374 
Less: Imputed Interest(815)
Present Value of Operating Lease Liabilities$559 
Future payments due to Conrail under the shared asset area agreements are shown in the table below.
(Dollars in Millions)Conrail Shared
YearsAsset Agreement
2024$32 
202532 
202632 
202732 
202832 
Thereafter13 
Total$173 
Schedule of Related Party Transactions
The following table discloses amounts related to Conrail. All amounts in the table below are included in purchased services and other expenses on the Company’s consolidated income statements.

 Years Ended
(Dollars in Millions)202320222021
Rents, Fees and Services$132 $130 $128 
Purchase Price Amortization and Other4 4 4 
Equity Earnings of Conrail(54)(44)(44)
Total Conrail Expense$82 $90 $88 
 DecemberDecember
(Dollars in Millions)20232022
Balance Sheet Information:  
CSX Accounts Payable to Conrail$154 $136 
Promissory Notes Payable to Conrail Subsidiary  
1.31% CSX Promissory Note due December 2050
73 73 
1.31% CSXT Promissory Note due December 2050
368 368 
As required by the Related Party Disclosures Topic in the ASC, the following table discloses amounts related to TTX. Car hire rents and equity earnings are included in equipment and other rents expense on the Company’s consolidated income statement.

 Years Ended
(Dollars in Millions)202320222021
Income Statement Information:
Car Hire Rents$249 $241 $221 
Equity Earnings of TTX(49)(51)(52)
Total TTX Expense$200 $190 $169 
Also included below is balance sheet information related to CSX's payable to TTX, which represents car rental liabilities.

(Dollars in Millions)DecemberDecember
Balance Sheet Information:20232022
CSX Payable to TTX$43 $38 
v3.24.0.1
Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Changes in the AOCI Balance by Component
Changes in the AOCI balance by component are shown in the following table. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 9, Employee Benefit Plans, for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges. See Note 10, Debt and Credit Agreements, for further information. Items classified as other primarily represent CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in purchased services and other or equipment and other rents on the consolidated income statements.
Pension and Other Post-Employment BenefitsInterest Rate DerivativesOtherAccumulated Other Comprehensive (Loss) Income
(Dollars in Millions)
Balance December 31, 2020 - Net of Tax$(598)$62 $(62)$(598)
Other Comprehensive Income (Loss)
Income Before Reclassifications147 11 — 158 
Amounts Reclassified to Net Earnings66 — 15 81 
Tax Expense(46)(3)— (49)
Total Other Comprehensive Income$167 $8 $15 $190 
Balance December 31, 2021 - Net of Tax$(431)$70 $(47)$(408)
Other Comprehensive Income (Loss)
(Loss) Income Before Reclassifications(129)88 — (41)
Amounts Reclassified to Net Earnings44 — 2 46 
Tax Benefit (Expense)19 (8)4 15 
Total Other Comprehensive (Loss) Income $(66)$80 $6 $20 
Balance December 31, 2022 - Net of Tax$(497)$150 $(41)$(388)
Other Comprehensive Income (Loss)
Income Before Reclassifications75 16 — 91 
Amounts Reclassified to Net Earnings18 — 5 23 
Tax Expense(19)(16)(3)(38)
Total Other Comprehensive Income$74 $— $2 $76 
Balance December 31, 2023 - Net of Tax$(423)$150 $(39)$(312)
v3.24.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Allocation of Total Consideration to Fair Value of Assets and Liabilities of Quality Carriers
The allocation of total consideration to the fair values of the acquired assets and liabilities of Pan Am is summarized in the table below.

(Dollars in Millions)
June 1, 2022
Assets Acquired:
Accounts Receivable, net
$46 
Properties and Equipment, net
600
Goodwill
17
Investments in Affiliates
90
Other Assets
11
Total Assets Acquired
$764 
Liabilities Assumed:
Accounts Payable and Accrued Liabilities
$32 
Deferred Tax Liabilities
75 
Other Long-term Liabilities
57 
Total Liabilities Assumed
$164 
Fair Value of Assets Acquired, Net of Liabilities Assumed:
$600 
The allocation of total consideration to the fair values of the acquired assets and liabilities of Quality Carriers is summarized in the table below.
(Dollars in Millions)July 1, 2021
Assets Acquired:
Cash and Cash Equivalents$3 
Accounts Receivable, net113 
Properties and Equipment, net225 
Goodwill213 
Intangible Assets180 
Other Assets9 
Total Assets Acquired$743 
Liabilities Assumed:
Accounts Payable and Accrued Liabilities$48 
Finance Lease Obligations and Notes Payable68 
Casualty, Environmental and Other Reserves62 
Other Long-term Liabilities21 
Total Liabilities Assumed$199 
Fair Value of Assets Acquired, Net of Liabilities Assumed:$544 
v3.24.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Other Intangible Asset Balances
The following table presents goodwill and other intangible asset balances and adjustments to those balances for the years ended December 31, 2023 and 2022:

GoodwillIntangible Assets
(Dollars in Millions)Net Carrying AmountCostAccumulated AmortizationNet Carrying AmountTotal Goodwill and Other Intangible Assets - Net
Balance at December 31, 2021$276 $180 $(5)$175 $451 
Additions43 18 — 18 61 
Amortization— — (10)(10)(10)
Balance at December, 31, 2022$319 $198 $(15)$183 $502 
Additions6 8 — 8 14 
Amortization— — (10)(10)(10)
Balance at December, 31, 2023$325 $206 $(25)$181 $506 
v3.24.0.1
Nature of Operations and Significant Accounting Policies - Narrative (Details)
carload in Thousands, $ in Millions
 12 Months Ended
Jun. 18, 2021
shares
Jun. 04, 2021
Dec. 31, 2023
USD ($)
employee
carload
line_of_business
state
site
terminal
operatingSegment
port_terminal
railroad
mi
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Revenue from External Customer [Line Items]          
Number of rail route miles | mi     20,000    
Rail network states number | state     26    
Number of ocean, river and lake ports serviced (over) | port_terminal     70    
Number of short-line and regional railroads served (more than) | railroad     240    
Revenue     $ 14,657 $ 14,853 $ 12,522
Number of primary lines of business | line_of_business     4    
Number of operating segments | operatingSegment     2    
Number of reportable segments | site     1    
Number of employees (more than) | employee     23,000    
Number of union employees | employee     17,700    
Stock split conversion ratio   3      
Number of additional shares of common stock received for each share held after stock split (in shares) | shares 2        
Cost method, maximum percentage     20.00%    
Merchandise business          
Revenue from External Customer [Line Items]          
Revenue     $ 8,653 8,239 7,539
Number of carloads | carload     2,600    
Percentage of total volume     43.00%    
Percentage of total revenue     59.00%    
Intermodal business          
Revenue from External Customer [Line Items]          
Revenue     $ 2,060 2,306 2,039
Number of carloads | carload     755    
Percentage of total volume     45.00%    
Percentage of total revenue     14.00%    
Number of terminals | terminal     30    
Coal business          
Revenue from External Customer [Line Items]          
Revenue     $ 2,484 2,434 1,790
Number of carloads | carload     2,800    
Percentage of total volume     12.00%    
Percentage of total revenue     17.00%    
Trucking business          
Revenue from External Customer [Line Items]          
Revenue     $ 882 966 410
Percentage of total revenue     6.00%    
Other          
Revenue from External Customer [Line Items]          
Revenue     $ 578 $ 908 $ 744
Percentage of total revenue     4.00%    
v3.24.0.1
Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator:      
Net Earnings $ 3,715 $ 4,166 $ 3,781
Denominator:      
Average Common Shares Outstanding (in shares) 2,008 2,136 2,250
Other Potentially Dilutive Common Shares (in shares) 5 5 5
Average Common Shares Outstanding, Assuming Dilution (in shares) 2,013 2,141 2,255
Net Earnings Per Share, Basic (in dollars per share) $ 1.85 $ 1.95 $ 1.68
Net Earnings Per Share, Assuming Dilution (in dollars per share) $ 1.85 $ 1.95 $ 1.68
v3.24.0.1
Earnings Per Share - Antidilutive Stock Options Excluded from Diluted Earnings Per Share Calculation (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Stock Options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 3 3 2
v3.24.0.1
Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Oct. 17, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Number of shares repurchased (in shares) 112,000,000 151,000,000 90,000,000  
Amount of shares repurchased $ 3,482 $ 4,731 $ 2,886  
Common stock dividends, per share (in dollars per share) $ 0.44 $ 0.40 $ 0.37  
Share Repurchase Program October 2023        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Share repurchase program authorized amount       $ 5,000
Share repurchase program, remaining amount $ 4,800      
Structured Share Repurchase Program        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Number of shares repurchased (in shares)     12,000,000  
Amount of shares repurchased     $ 378  
Share repurchase agreement outstanding 0 0    
v3.24.0.1
Earnings Per Share - Share Repurchase Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Stock repurchased (in shares) 112 151 90
Cost of shares $ 3,482 $ 4,731 $ 2,886
Average price paid per share (in dollars per share) $ 30.95 $ 31.25 $ 31.91
v3.24.0.1
Shareholders' Equity - Common and Preferred Stock (Details) - $ / shares
shares in Millions
Dec. 31, 2023
Dec. 31, 2022
Stockholders' Equity Note [Abstract]    
Common stock par value (in dollars per share) $ 1 $ 1
Common shares authorized (in shares) 5,400  
Common shares issued (in shares) 1,958  
Common shares outstanding (in shares) 1,958  
Preferred shares authorized (in shares) 25  
Preferred shares issued (in shares) 0  
Preferred shares outstanding (in shares) 0  
v3.24.0.1
Shareholders' Equity - Narrative (Details)
 12 Months Ended
Jun. 18, 2021
shares
Jun. 04, 2021
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
Jun. 30, 2021
USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]          
Common stock, number of votes per share | $ / shares     $ 1    
Stock split conversion ratio   3      
Number of additional shares of common stock received for each share held after stock split (in shares) | shares 2        
Reclassification to other capital     $ (9,790,000,000) $ (10,363,000,000)  
Reclassification from retained earnings     $ 691,000,000 $ 574,000,000 $ 0
Revision of Prior Period, Reclassification, Adjustment | Stock split reclassification adjustment          
Error Corrections and Prior Period Adjustments Restatement [Line Items]          
Reclassification to other capital         1,000,000,000
Reclassification from retained earnings         $ 1,000,000,000
v3.24.0.1
Stock Plans and Share-Based Compensation - Share-Based Compensation and Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense $ 60 $ 74 $ 107
Income Tax Benefit 14 17 23
Performance Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense 20 35 71
Restricted Stock Units and Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense 19 15 12
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense 12 17 18
Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense 7 5 4
Stock Awards for Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share-based Compensation Expense $ 2 $ 2 $ 2
v3.24.0.1
Stock Plans and Share-Based Compensation - Narrative (Details)
 8 Months Ended 12 Months Ended
Dec. 31, 2018
Dec. 31, 2023
USD ($)
plan
shares
Dec. 31, 2022
plan
Dec. 31, 2021
plan
May 31, 2018
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Period prior to grant date   3 years      
Performance Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation cost   $ 20,000,000      
Look-back period   2 years 9 months 18 days 2 years 8 months 12 days 2 years 10 months 24 days  
Expected weighted average period of recognition for unrecognized compensation cost (in years)   2 years      
Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation cost   $ 28,000,000      
Expected weighted average period of recognition for unrecognized compensation cost (in years)   2 years      
Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award performance period   3 years      
Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award performance period   5 years      
Restricted Stock | Share-Based Payment Arrangement, Cliff Vesting          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award performance period   3 years      
Restricted Stock | Share-Based Payment Arrangement, Graduated Vesting          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award performance period   3 years      
Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation cost   $ 12,000,000      
Look-back period   6 years 6 years 6 years  
Expected weighted average period of recognition for unrecognized compensation cost (in years)   2 years      
Non-management Directors          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Annual retainer to be paid to non-management directors, cash option   $ 130,000      
Annual retainer to be paid to non-management directors, common stock option   180,000      
Chairman          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Annual grant of common stock amount   $ 250,000      
LITP | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Payout range (as a percent)   0.00%      
LITP | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Payout range (as a percent)   200.00%      
LITP | Performance Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of equivalent shares of CSX common stock per unit of award (in shares) | shares   1      
Award performance period   3 years      
Number of long term incentive plans | plan   3 3 3  
LITP | Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of equivalent shares of CSX common stock per unit of award (in shares) | shares   1      
LITP | Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of equivalent shares of CSX common stock per unit of award (in shares) | shares   1      
LITP | Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award term   10 years      
LITP | Stock Options | Vesting on anniversary of the grant date (graded period)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award performance period   3 years      
LITP | Certain Executive Officers | Performance Units | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Percentage of payout subject to adjustment   25.00%      
LITP | Certain Executive Officers | Performance Units | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Percentage of payout subject to adjustment   250.00%      
2021-2023 LTIP | Performance Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award performance period   3 years 3 years 3 years  
Percentage payout on operating ratio   50.00%      
2020-2022 LTIP | Performance Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award performance period   3 years 3 years 3 years  
2019-2021 LTIP | Performance Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award performance period   3 years 3 years 3 years  
ESPP | Employee Stock Purchase Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of registered shares of common stock that my be issued pursuant to plan (in shares) | shares         12,000,000
Employee contribution percentage, minimum         1.00%
Employee contribution percentage, maximum         10.00%
Maximum value of stocks purchased by employee, after tax         $ 25,000
Percentage of share closing market price 85.00%        
Share offering period 6 months        
v3.24.0.1
Stock Plans and Share-Based Compensation - Assumptions Used to Estimate Fair Value of Performance Units (Details) - Performance Units
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free Interest Rate 4.40% 2.30% 0.20%
Annualized Volatility 33.20% 33.00% 33.60%
Expected Life (in years) 2 years 9 months 18 days 2 years 8 months 12 days 2 years 10 months 24 days
v3.24.0.1
Stock Plans and Share-Based Compensation - Performance Unit Grant and Vesting Information (Details) - Performance Units - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant date fair value (in dollars per share) $ 31.57 $ 33.89 $ 30.11
Fair Value of Units Vested (in Millions) $ 16 $ 24 $ 19
v3.24.0.1
Stock Plans and Share-Based Compensation - Performance Unit Activity Related to Outstanding Long-term Incentive Plans and Corresponding Fair Value (Details) - Performance Units
shares in Thousands
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Weighted-Average Fair Value at Grant Date  
Unvested at December 31, 2022 (in dollars per share) $ 33.89
Unvested at December 31, 2023 (in dollars per share) $ 31.57
Long-term Incentive Plans  
Units Outstanding  
Unvested at December 31, 2022 (in shares) | shares 1,254
Granted (in shares) | shares 755
Forfeited (in shares) | shares (118)
Vested (in shares) | shares (570)
Unvested at December 31, 2023 (in shares) | shares 1,321
Weighted-Average Fair Value at Grant Date  
Unvested at December 31, 2022 (in dollars per share) $ 32.14
Granted (in dollars per share) 31.57
Forfeited (in dollars per share) 32.20
Vested (in dollars per share) 30.23
Unvested at December 31, 2023 (in dollars per share) $ 32.65
v3.24.0.1
Stock Plans and Share-Based Compensation - Assumptions and Inputs Used to Estimate Fair Value of Stock Options (Details) - Stock Options - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant date fair value (in dollars per share) $ 9.82 $ 10.12 $ 7.94
Annual dividend yield 1.40% 1.10% 1.20%
Risk-free Interest Rate 3.80% 2.00% 0.70%
Annualized Volatility 29.60% 30.10% 31.20%
Expected Life (in years) 6 years 6 years 6 years
Weighted-average grant-date market price of CSX stock (strike price) (in dollars per share) $ 31.54 $ 35.12 $ 29.65
v3.24.0.1
Stock Plans and Share-Based Compensation - Stock Option Activity (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
shares
Stock Options Outstanding  
Outstanding at December 31, 2022 (in shares) | shares 13,400
Granted (in shares) | shares 1,234
Forfeited (in shares) | shares (189)
Exercised (in shares) | shares (2,351)
Outstanding at December 31, 2023 (in shares) | shares 12,094
Weighted-Average Exercise Price  
Outstanding at December 31, 2022 (in dollars per share) | $ / shares $ 24.03
Granted (in dollars per share) | $ / shares 31.54
Forfeited (in dollars per share) | $ / shares 32.68
Exercised (in dollars per share) | $ / shares 22.06
Outstanding at December 31, 2023 (in dollars per share) | $ / shares $ 25.04
Outstanding at December 31, 2023, Weighted-average Remaining Contractual Life (in Years) 6 years
Outstanding at December 31, 2023, Aggregate Intrinsic Value | $ $ 117
Exercisable at December 31, 2023 (in shares) | shares 9,239
Exercisable at December 31, 2023, Weighted-Average Exercise Price (in dollars per share) | $ / shares $ 22.73
Exercisable at December 31, 2023, Weighted-Average Remaining Contractual Life (in Years) 5 years 3 months 18 days
Exercisable at December 31, 2023, Aggregate Intrinsic Value | $ $ 111
v3.24.0.1
Stock Plans and Share-Based Compensation - Intrinsic Value and Cash Received on Exercises (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Intrinsic Value of Stock Options Exercised $ 27 $ 9 $ 32
Cash Received from Option Exercises $ 52 $ 15 $ 31
v3.24.0.1
Stock Plans and Share-Based Compensation - Restricted Stock Grant and Vesting Information (Details) - Stock Options - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant date fair value (in dollars per share) $ 31.46 $ 34.55 $ 29.84
Fair Value of Units Vested (in Millions) $ 8 $ 5 $ 12
v3.24.0.1
Stock Plans and Share-Based Compensation - Outstanding Restricted Stock Units and Award (Details) - Stock Options
shares in Thousands
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Units Outstanding  
Unvested at December 31, 2022 (in shares) | shares 1,552
Granted (in shares) | shares 880
Forfeited (in shares) | shares (100)
Vested (in shares) | shares (303)
Unvested at December 31, 2023 (in shares) | shares 2,029
Weighted-Average Fair Value at Grant Date  
Unvested at December 31, 2022 (in dollars per share) | $ / shares $ 31.68
Granted (in dollars per share) | $ / shares 31.46
Forfeited (in dollars per share) | $ / shares 31.92
Vested (in dollars per share) | $ / shares 27.49
Unvested at December 31, 2023 (in dollars per share) | $ / shares $ 31.70
v3.24.0.1
Stock Plans and Share-Based Compensation - Shares Issued Under Employee Stock Purchase Plan (Details) - ESPP - Employee Stock Purchase Plan - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares issued (in shares) 959 726 730
Weighted average purchase price per share (in dollars per share) $ 25.66 $ 25.93 $ 21.90
v3.24.0.1
Casualty, Environmental and Other Reserves - Schedule of Claims Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Loss Contingency Accrual [Roll Forward]      
Balance at beginning of period $ 436 $ 368 $ 314
Charged to Expense 165 143 130
Payments (161) (130) (138)
Balance end of period 440 436 368
Quality Carriers, Inc.      
Loss Contingency Accrual [Roll Forward]      
Assumed in Acquisition     62
Pan-Am      
Loss Contingency Accrual [Roll Forward]      
Assumed in Acquisition   55  
Casualty Reserves      
Loss Contingency Accrual [Roll Forward]      
Balance at beginning of period 194 180 196
Charged to Expense 69 45 55
Payments (68) (50) (71)
Balance end of period 195 194 180
Casualty Reserves | Quality Carriers, Inc.      
Loss Contingency Accrual [Roll Forward]      
Assumed in Acquisition     0
Casualty Reserves | Pan-Am      
Loss Contingency Accrual [Roll Forward]      
Assumed in Acquisition   19  
Environmental Reserves      
Loss Contingency Accrual [Roll Forward]      
Balance at beginning of period 161 108 76
Charged to Expense 29 47 26
Payments (36) (30) (23)
Balance end of period 154 161 108
Environmental Reserves | Quality Carriers, Inc.      
Loss Contingency Accrual [Roll Forward]      
Assumed in Acquisition     29
Environmental Reserves | Pan-Am      
Loss Contingency Accrual [Roll Forward]      
Assumed in Acquisition   36  
Other Reserves      
Loss Contingency Accrual [Roll Forward]      
Balance at beginning of period 81 80 42
Charged to Expense 67 51 49
Payments (57) (50) (44)
Balance end of period $ 91 81 80
Other Reserves | Quality Carriers, Inc.      
Loss Contingency Accrual [Roll Forward]      
Assumed in Acquisition     $ 33
Other Reserves | Pan-Am      
Loss Contingency Accrual [Roll Forward]      
Assumed in Acquisition   $ 0  
v3.24.0.1
Casualty, Environmental and Other Reserves - Balance Sheet Presentation (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Contingencies [Line Items]        
Current $ 144 $ 144    
Long-term 296 292    
Total 440 436 $ 368 $ 314
Casualty        
Contingencies [Line Items]        
Current 52 50    
Long-term 143 144    
Total 195 194 180 196
Personal Injury        
Contingencies [Line Items]        
Current 45 40    
Long-term 83 86    
Total 128 126    
Occupational        
Contingencies [Line Items]        
Current 7 10    
Long-term 60 58    
Total 67 68    
Environmental        
Contingencies [Line Items]        
Current 41 53    
Long-term 113 108    
Total 154 161 108 76
Other        
Contingencies [Line Items]        
Current 51 41    
Long-term 40 40    
Total $ 91 $ 81 $ 80 $ 42
v3.24.0.1
Casualty, Environmental and Other Reserves - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
claim
site
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Loss Contingencies [Line Items]        
Reserves $ 440,000,000 $ 436,000,000 $ 368,000,000 $ 314,000,000
Casualty Reserves        
Loss Contingencies [Line Items]        
Reserves 195,000,000 194,000,000 180,000,000 196,000,000
Self-insured retention amount per injury $ 100,000,000      
Individual claims expected to exceed self-insured retention amount | claim 0      
Environmental        
Loss Contingencies [Line Items]        
Reserves $ 154,000,000 161,000,000 108,000,000 76,000,000
Number of environmentally impaired sites | site 230      
Other        
Loss Contingencies [Line Items]        
Reserves $ 91,000,000 $ 81,000,000 $ 80,000,000 $ 42,000,000
v3.24.0.1
Properties - Schedule of Net Properties (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 50,320 $ 48,105
Accumulated depreciation (15,385) (13,863)
Net book value 34,935 34,242
Total Road    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost 36,590 34,792
Accumulated depreciation (10,926) (9,727)
Net book value 25,664 25,065
Rail and Other Track Material    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost 9,537 8,660
Accumulated depreciation (1,978) (1,405)
Net book value $ 7,559 $ 7,255
Annual depreciation rate 2.50% 2.50%
Estimated useful life (avg. years) 41 years 41 years
Ties    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 7,020 $ 6,763
Accumulated depreciation (2,131) (2,010)
Net book value $ 4,889 $ 4,753
Annual depreciation rate 3.50% 3.50%
Estimated useful life (avg. years) 28 years 28 years
Grading    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 2,796 $ 2,741
Accumulated depreciation (668) (637)
Net book value $ 2,128 $ 2,104
Annual depreciation rate 1.30% 1.30%
Estimated useful life (avg. years) 75 years 75 years
Ballast    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 3,424 $ 3,383
Accumulated depreciation (1,119) (1,130)
Net book value $ 2,305 $ 2,253
Annual depreciation rate 2.60% 2.60%
Estimated useful life (avg. years) 38 years 38 years
Bridges, Trestles, and Culverts    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 3,121 $ 2,989
Accumulated depreciation (525) (454)
Net book value $ 2,596 $ 2,535
Annual depreciation rate 1.70% 1.70%
Estimated useful life (avg. years) 60 years 60 years
Signals and Interlockers    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 3,376 $ 3,299
Accumulated depreciation (1,351) (1,210)
Net book value $ 2,025 $ 2,089
Annual depreciation rate 4.10% 4.10%
Estimated useful life (avg. years) 24 years 24 years
Buildings    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 1,530 $ 1,416
Accumulated depreciation (608) (558)
Net book value $ 922 $ 858
Annual depreciation rate 2.50% 2.50%
Estimated useful life (avg. years) 40 years 40 years
Other    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 5,786 $ 5,541
Accumulated depreciation (2,546) (2,323)
Net book value $ 3,240 $ 3,218
Annual depreciation rate 4.10% 4.10%
Estimated useful life (avg. years) 25 years 25 years
Total Equipment    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 10,643 $ 10,296
Accumulated depreciation (4,459) (4,136)
Net book value 6,184 6,160
Locomotive    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost 4,952 4,848
Accumulated depreciation (1,981) (1,856)
Net book value $ 2,971 $ 2,992
Annual depreciation rate 3.80% 3.80%
Estimated useful life (avg. years) 26 years 26 years
Freight Cars    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 2,300 $ 2,316
Accumulated depreciation (378) (369)
Net book value $ 1,922 $ 1,947
Annual depreciation rate 3.10% 3.10%
Estimated useful life (avg. years) 32 years 32 years
Work Equipment and Other    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 3,391 $ 3,132
Accumulated depreciation (2,100) (1,911)
Net book value $ 1,291 $ 1,221
Annual depreciation rate 8.90% 8.90%
Estimated useful life (avg. years) 11 years 11 years
Land    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost $ 2,272 $ 2,272
Net book value 2,272 2,272
Construction In Progress    
Property, Plant and Equipment, Net, by Type [Abstract]    
Cost 815 745
Net book value $ 815 $ 745
v3.24.0.1
Properties - Narrative (Details)
$ in Millions
 12 Months Ended 21 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Mar. 26, 2021
property
phase
Property, Plant and Equipment [Line Items]          
Percentage of labor costs relating to the deconstruction of old track 20.00%        
Percentage of labor costs relating to the installation of new track 80.00%        
Percentage of assets depreciated under the group-life method 84.00%        
Properties $ 50,320 $ 48,105   $ 48,105  
Gains on sale of properties 34 238 $ 454    
Proceeds from property sale transaction 52 246 529    
Gains 34 238 454    
Impairment expense $ 2 $ 4 2    
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] Properties Properties      
Government assistance received $ 84 $ 49      
Non-freight accounts receivable 57 34      
Equipment assets          
Property, Plant and Equipment [Line Items]          
Properties $ 10,643 10,296   10,296  
Life studies, frequency period 3 years        
Equipment assets | Service Life, Salvage Value And Other          
Property, Plant and Equipment [Line Items]          
Depreciation expense   80      
Road and track assets          
Property, Plant and Equipment [Line Items]          
Properties $ 36,590 34,792   34,792  
Life studies, frequency period 6 years        
Virginia Line Segments          
Property, Plant and Equipment [Line Items]          
Number of property rights for sale | property         3
Number phases to complete property right sale transaction | phase         3
Proceeds from property sale transaction $ 0 125 400 525  
Gains $ 0 $ 144 $ 349 $ 493  
v3.24.0.1
Properties - Gain (Loss) on Sale of Property Rights (Details) - USD ($)
$ in Millions
 12 Months Ended 21 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Property, Plant and Equipment [Line Items]        
Gains $ 34 $ 238 $ 454  
Proceeds and Advances from Property Dispositions 52 246 529  
Virginia Line Segments        
Property, Plant and Equipment [Line Items]        
Gains 0 144 349 $ 493
Proceeds and Advances from Property Dispositions $ 0 $ 125 $ 400 $ 525
v3.24.0.1
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
mi
Dec. 31, 2022
USD ($)
Lessee, Lease, Description [Line Items]    
Right of Use Asset $ 498 $ 505
Right-of-use asset recognized as non-cash asset addition 56 74
Cash paid for amounts included in measurement of operating lease liabilities $ 78 $ 76
State of Georgia    
Lessee, Lease, Description [Line Items]    
Term of lease agreement 50 years  
Number of miles of right-of-way with integral equipment leased | mi 137  
Percentage of annual increase in operating lease 2.50%  
Maximum | Other parties    
Lessee, Lease, Description [Line Items]    
Term of lease agreement 50 years  
v3.24.0.1
Leases - Schedule of Information About Company's Operating Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Maturity of Lease Liabilities    
2024 $ 70  
2025 67  
2026 51  
2027 43  
2028 35  
Thereafter 1,108  
Total 1,374  
Less: Imputed Interest (815)  
Present Value of Operating Lease Liabilities $ 559 $ 557
v3.24.0.1
Leases - Balance Sheet Classification and Other Information (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Balance Sheet Classification    
Right of Use Asset $ 498 $ 505
Current Lease Liabilities (Included in Other Current Liabilities) 68 69
Long-term Lease Liabilities 491 488
Total Operating Lease Liabilities $ 559 $ 557
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Current Liabilities Other Current Liabilities
Other Information    
Weighted-average Remaining Lease Term for Operating Leases 30 years 31 years
Weighted-average Discount Rate for Operating Leases 5.10% 5.00%
v3.24.0.1
Leases - Operating Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Rent Expense on Operating Leases $ 109 $ 109 $ 89
v3.24.0.1
Commitments and Contingencies - Schedule of Number of Locomotives and Payments under Long-term Maintenance Program (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]      
Amounts Paid $ 200 $ 168 $ 99
Cost, maintenance prepayments   $ 40  
v3.24.0.1
Commitments and Contingencies - Schedule of Annual Payments under Long-term Maintenance Program (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Unrecorded Unconditional Purchase Obligation [Abstract]  
2024 $ 524
2025 502
2026 434
2027 558
2028 435
Thereafter 1,279
Total 3,732
Locomotive Maintenance & Rebuild Payments  
Unrecorded Unconditional Purchase Obligation [Abstract]  
2024 342
2025 365
2026 397
2027 521
2028 402
Thereafter 1,223
Total 3,250
Other Commitments  
Unrecorded Unconditional Purchase Obligation [Abstract]  
2024 182
2025 137
2026 37
2027 37
2028 33
Thereafter 56
Total $ 482
v3.24.0.1
Commitments and Contingencies - Narrative (Details)
 1 Months Ended 12 Months Ended
Jan. 31, 2024
USD ($)
party
Mar. 24, 2023
defendant
Mar. 02, 2023
mi
Jun. 30, 2018
defendant
Mar. 31, 2016
mi
May 31, 2007
entity
claim
Dec. 31, 2023
USD ($)
locomotive
mi
Mar. 02, 2022
party
Operating Leased Assets [Line Items]                
Number of locomotives under the long term maintenance plan | locomotive             1,900  
Non-catastrophic property deductible (up to)             $ 100,000,000  
Casualty and catastrophic property deductible (up to)             $ 75,000,000  
Fuel Surcharge Antitrust Litigation                
Operating Leased Assets [Line Items]                
Number of other U.S.-based entities mentioned in class action lawsuit | entity           3    
Number of consolidated class action lawsuits | claim           1    
Environmental Litigation                
Operating Leased Assets [Line Items]                
Number of miles pertaining to Passaic River tidal reach required to be studied by EPA | mi             17  
Number of miles under study | mi         8      
Site contingency, number of upper miles under study | mi     9          
Site contingency, number of parties liable | party               8
Number of defendants | defendant   37   110        
Environmental Litigation | Subsequent Event                
Operating Leased Assets [Line Items]                
Number of parties participating in modified CD | party 82              
Environmental Litigation | Other Defendants | Subsequent Event                
Operating Leased Assets [Line Items]                
Litigation settlement, amount awarded to other party $ 150,000,000              
Minimum | Pending Litigation                
Operating Leased Assets [Line Items]                
Range of possible loss from legal proceedings             $ 3,000,000  
Maximum | Pending Litigation                
Operating Leased Assets [Line Items]                
Range of possible loss from legal proceedings             55,000,000  
Casualty                
Operating Leased Assets [Line Items]                
Self-insured retention amount per occurrence (up to)             $ 100,000,000  
v3.24.0.1
Employee Benefit Plans - Narrative (Details)
 12 Months Ended
Feb. 14, 2024
$ / shares
Dec. 31, 2023
USD ($)
plan
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Defined Benefit Plan Disclosure [Line Items]        
Employer contributions   $ 0 $ 0 $ 0
Expected contributions expected in the next fiscal year   $ 0    
Percentage within which the planned allocation is managed   5.00%    
Investments at Fair Value   $ 2,422,000,000 $ 2,327,000,000  
Common stock dividends, per share (in dollars per share) | $ / shares   $ 0.44 $ 0.40 $ 0.37
Subsequent Event        
Defined Benefit Plan Disclosure [Line Items]        
Increase in quarterly cash dividend percentage 9.00%      
Common stock dividends, per share (in dollars per share) | $ / shares $ 0.12      
Growth-Oriented        
Defined Benefit Plan Disclosure [Line Items]        
Target allocation percentage of pension plan assets   55.00%    
Investments at Fair Value   $ 1,271,000,000 $ 1,434,000,000  
Immunizing        
Defined Benefit Plan Disclosure [Line Items]        
Target allocation percentage of pension plan assets   45.00%    
Investments at Fair Value   $ 1,151,000,000 893,000,000  
Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Employer contributions   20,000,000 18,000,000  
Net actuarial gain (loss)   $ (20,000,000) $ 570,000,000  
Increase (decrease) in weighted average discount rate   0.20% (2.24%)  
Investments at Fair Value   $ 2,422,000,000 $ 2,327,000,000 $ 3,016,000,000
Pre-tax (loss) gain to be amortized related to post-retirement obligations   (623,000,000)    
Plan benefit accruals   2,343,000,000 2,368,000,000 3,022,000,000
Defined benefit plan, service cost   24,000,000 32,000,000 41,000,000
Accumulated Benefit Obligation   $ 2,252,000,000 2,285,000,000  
Pension Plan | Quality Carriers, Inc. | Multiemployer Plan, Union-represented Employees        
Defined Benefit Plan Disclosure [Line Items]        
Number of multi-employer pension plans | plan   2    
Contingent liability for full withdrawal or termination of multi-employer plan   $ 334,000,000    
Pension Plan | Quality Carriers, Inc. | Multiemployer Plan, Union-represented Employees, Central Southeast and Southwest Areas Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Contingent liability for full withdrawal or termination of multi-employer plan   328,000,000    
Postretirement Health Coverage        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, expected future benefit payments   50,000,000    
Accumulated Benefit Obligation   56,000,000 61,000,000  
Other Postretirement Benefits Plan        
Defined Benefit Plan Disclosure [Line Items]        
Premium expense incurred under the plan   11,000,000 13,000,000 21,000,000
Savings Plan        
Defined Benefit Plan Disclosure [Line Items]        
Expense associated with savings plans   $ 35,000,000 $ 28,000,000 $ 29,000,000
v3.24.0.1
Employee Benefit Plans - Summary of Participants (Details) - Pension Plan
Jan. 01, 2023
employee
Defined Benefit Plan Disclosure [Line Items]  
Active Employees 2,479
Retirees and Beneficiaries 11,294
Other 3,504
Total 17,277
v3.24.0.1
Employee Benefit Plans - Schedule of Future Expected Benefit Payments (Details) - Pension Benefits
$ in Millions
Dec. 31, 2023
USD ($)
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]  
2024 $ 190
2025 186
2026 183
2027 182
2028 181
2029-2033 870
Total $ 1,792
v3.24.0.1
Employee Benefit Plans - Schedule of Allocation of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Amount $ 2,422 $ 2,327
Percent of total assets 100.00% 100.00%
Growth-Oriented    
Defined Benefit Plan Disclosure [Line Items]    
Amount $ 1,271 $ 1,434
Percent of total assets 52.00% 62.00%
Equity    
Defined Benefit Plan Disclosure [Line Items]    
Amount $ 1,142 $ 1,249
Percent of total assets 47.00% 54.00%
Fixed Income    
Defined Benefit Plan Disclosure [Line Items]    
Amount $ 114 $ 144
Percent of total assets 4.00% 6.00%
Cash and Cash Equivalents    
Defined Benefit Plan Disclosure [Line Items]    
Amount $ 15 $ 41
Percent of total assets 1.00% 2.00%
Immunizing    
Defined Benefit Plan Disclosure [Line Items]    
Amount $ 1,151 $ 893
Percent of total assets 48.00% 38.00%
Fixed Income    
Defined Benefit Plan Disclosure [Line Items]    
Amount $ 911 $ 777
Percent of total assets 38.00% 33.00%
Cash and Cash Equivalents    
Defined Benefit Plan Disclosure [Line Items]    
Amount $ 240 $ 116
Percent of total assets 10.00% 5.00%
v3.24.0.1
Employee Benefit Plans - Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Change in Plan Assets:      
Fair Value of Plan Assets at Beginning of Plan Year $ 2,327,000,000    
Non-qualified Employer Contributions 0 $ 0 $ 0
Fair Value of Plan Assets at End of Plan Year 2,422,000,000 2,327,000,000  
Capitalized service costs 4,000,000 4,000,000  
Pension Benefits      
Actuarial Present Value of Benefit Obligation      
Accumulated Benefit Obligation 2,252,000,000 2,285,000,000  
Projected Benefit Obligation 2,343,000,000 2,368,000,000 3,022,000,000
Change in Projected Benefit Obligation:      
Projected Benefit Obligation at Beginning of Plan Year 2,368,000,000 3,022,000,000  
Service Cost 28,000,000 36,000,000  
Interest Cost 111,000,000 64,000,000 55,000,000
Actuarial Loss (Gain) 20,000,000 (570,000,000)  
Benefits Paid (184,000,000) (184,000,000)  
Benefit Obligation at End of Plan Year 2,343,000,000 2,368,000,000 3,022,000,000
Change in Plan Assets:      
Fair Value of Plan Assets at Beginning of Plan Year 2,327,000,000 3,016,000,000  
Actual Return (Loss) on Plan Assets 259,000,000 (523,000,000)  
Non-qualified Employer Contributions 20,000,000 18,000,000  
Benefits Paid (184,000,000) (184,000,000)  
Fair Value of Plan Assets at End of Plan Year 2,422,000,000 2,327,000,000 $ 3,016,000,000
Funded Status at End of Plan Year $ 79,000,000 $ (41,000,000)  
v3.24.0.1
Employee Benefit Plans - Schedule of Amount Recognized in Balance Sheet (Details) - Pension Benefits - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Amounts Recorded in Consolidated Balance Sheets [Abstract]    
Long-term Assets $ 277 $ 164
Current Liabilities (16) (17)
Long-term Liabilities (182) (188)
Net Amount Recognized in Consolidated Balance Sheets $ 79 $ (41)
v3.24.0.1
Employee Benefit Plans - Benefit Obligations in Excess of Plan Assets (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Projected Benefit Obligation  
Aggregate fair value of plan assets $ 0
Aggregate benefit obligation (198)
Accumulated Benefit Obligation  
Aggregate fair value of plan assets 0
Aggregate benefit obligation $ (188)
v3.24.0.1
Employee Benefit Plans - Net Benefit Expense Recorded on the Income Statement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Components of expense/ (income) related to net benefit expense [Abstract]      
Total Income Included in Other Income - Net $ (29) $ (79) $ (64)
Pension Benefits      
Components of expense/ (income) related to net benefit expense [Abstract]      
Service Cost Included in Labor and Fringe 24 32 41
Interest Cost 111 64 55
Expected Return on Plan Assets (164) (188) (186)
Amortization of Net Loss 29 50 73
Total Income Included in Other Income - Net (24) (74) (58)
Net Periodic Benefit Cost (Credit) 0 (42) (17)
Settlement Loss 0 1 0
Total Periodic Benefit Cost (Credit) $ 0 $ (41) $ (17)
v3.24.0.1
Employee Benefit Plans - Schedule of Pre-tax Change in Other Comprehensive Loss (Income) (Details) - Pension Benefits - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Recognized in the Balance Sheet      
(Gains) Losses $ (75) $ 141  
Expense Recognized in the Income Statement      
Amortization of Net Loss 29 50 $ 73
Settlement Loss $ 0 $ 1 $ 0
v3.24.0.1
Employee Benefit Plans - Schedule of Weighted-Average Assumptions Used (Details) - Pension Benefits
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Benefit Cost for Current Plan Year 6.75% 6.75%
Benefit Cost for Subsequent Plan Year 6.75% 6.75%
Discount Rates:    
Service Cost for Plan Year 5.09% 2.98%
Interest Cost for Plan Year 4.90% 2.18%
Benefit Obligation at End of Plan Year 4.82% 5.02%
Salary Scale Inflation 4.80% 4.80%
Cash Balance Plan Interest Credit Rate 3.75% 3.75%
v3.24.0.1
Debt and Credit Agreements - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Finance Leases Average Interest Rate 5.90%  
Subtotal Long-term Debt (Including Current Portion) $ 18,533 $ 18,047
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Long-term Debt (Excluding Current Portion) Long-term Debt (Excluding Current Portion)
Finance Leases $ 17 $ 29
Less Debt Due within One Year (558) (151)
Long-term Debt (Excluding Current Portion) $ 17,975 17,896
Notes    
Debt Instrument [Line Items]    
Debt Average Interest Rates 4.20%  
Subtotal Long-term Debt (Including Current Portion) $ 18,514 17,877
Equipment Obligations    
Debt Instrument [Line Items]    
Debt Average Interest Rates 4.40%  
Subtotal Long-term Debt (Including Current Portion) $ 2 $ 141
v3.24.0.1
Debt and Credit Agreements - Narrative (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
swap
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Mar. 31, 2022
USD ($)
swap
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 07, 2023
USD ($)
Jul. 28, 2022
USD ($)
Jul. 01, 2021
USD ($)
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]                        
Notional Value of Hedged Notes               $ 0        
Other Operating Activities           $ (5,000,000) $ (17,000,000) $ 12,000,000        
Quality Carriers, Inc.                        
Debt Instrument [Line Items]                        
Finance lease obligations and debt assumed                     $ 68,000,000  
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument                        
Debt Instrument [Line Items]                        
Interest rate fair value hedge asset at fair value $ 48,000,000     $ 127,000,000   48,000,000 127,000,000          
Derivative asset, notional value 114,000,000     340,000,000   114,000,000 340,000,000         $ 500,000,000
Cash flow hedge derivative instrument assets at fair value $ 48,000,000     127,000,000   48,000,000 127,000,000          
Notional amount settled   $ 113,000,000 $ 113,000,000 160,000,000                
Derivative, cash received on hedge       52,000,000                
Other Operating Activities   $ 51,000,000 $ 44,000,000                  
2023 Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging                        
Debt Instrument [Line Items]                        
Derivative, number of fair value hedges | swap 2                      
Derivative, term of contract 10 years                      
2023 Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument                        
Debt Instrument [Line Items]                        
Interest rate fair value hedge asset at fair value $ 19,000,000         19,000,000            
2022 Fixed-to-Floating Interest Rate Swap | Fair Value Hedging                        
Debt Instrument [Line Items]                        
Derivative, number of fair value hedges | swap         5              
Derivative, term of contract         10 years              
2022 Fixed-to-Floating Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument                        
Debt Instrument [Line Items]                        
Interest rate fair value hedge liability at fair value 107,000,000     118,000,000   107,000,000 118,000,000          
Commercial Paper                        
Debt Instrument [Line Items]                        
Line of credit facility capacity 1,000,000,000         1,000,000,000            
Line of credit amount outstanding 0         0            
3.25% Notes Due 2027                        
Debt Instrument [Line Items]                        
Notional Value of Hedged Notes $ 850,000,000         $ 850,000,000            
Interest rate 3.25%         3.25%            
Unsecured Revolving Credit Facility Expiring March 2024 | Revolving Credit Facility                        
Debt Instrument [Line Items]                        
Line of credit facility capacity       1,200,000,000     1,200,000,000          
Line of credit facility, amount outstanding $ 0         $ 0            
4.1% Notes Due 2032                        
Debt Instrument [Line Items]                        
Notional Value of Hedged Notes                   $ 950,000,000    
Interest rate                   4.10%    
4.5% Notes Due 2052                        
Debt Instrument [Line Items]                        
Notional Value of Hedged Notes                   $ 900,000,000    
Interest rate                   4.50%    
4.65% Notes Due 2068                        
Debt Instrument [Line Items]                        
Notional Value of Hedged Notes                   $ 150,000,000    
Interest rate                   4.65%    
Fixed Rate Notes Due Between 2036 and 2040                        
Debt Instrument [Line Items]                        
Notional Value of Hedged Notes 1,050,000,000     $ 800,000,000 $ 800,000,000 1,050,000,000 $ 800,000,000          
Fixed Rate Notes Due 2033                        
Debt Instrument [Line Items]                        
Notional Value of Hedged Notes 250,000,000         250,000,000            
5.2% Notes Due 2033                        
Debt Instrument [Line Items]                        
Notional Value of Hedged Notes                 $ 600,000,000      
Interest rate                 5.20%      
Unsecured Revolving Credit Facility Due 2028 | Revolving Credit Facility                        
Debt Instrument [Line Items]                        
Line of credit facility capacity $ 1,200,000,000         $ 1,200,000,000            
v3.24.0.1
Debt and Credit Agreements - Schedule of Long-term Debt Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Maturities of Long-term Debt [Abstract]    
2024 $ 558  
2025 606  
2026 704  
2027 998  
2028 1,001  
Thereafter 14,666  
Subtotal Long-term Debt (Including Current Portion) $ 18,533 $ 18,047
v3.24.0.1
Debt and Credit Agreements - Schedule of Interest Rate Derivatives (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]        
Notional Value of Hedged Notes       $ 0
Fixed-to-Floating Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument        
Debt Instrument [Line Items]        
Fair Value Asset Adjustment to Hedged Notes $ 19,000,000 $ 0    
Fair Value Liability Adjustment to Hedged Notes (107,000,000) (118,000,000)    
Carrying Amount of Hedged Notes 962,000,000 682,000,000    
Fixed Rate Notes Due Between 2036 and 2040        
Debt Instrument [Line Items]        
Notional Value of Hedged Notes $ 1,050,000,000 $ 800,000,000 $ 800,000,000  
v3.24.0.1
Debt and Credit Agreements - Interest Expense Impact (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fixed-to-Floating Interest Rate Swaps    
Derivative [Line Items]    
Interest Expense Impact (Increase) Decrease $ (28) $ (1)
v3.24.0.1
Debt and Credit Agreements - Unrealized Amounts Related to Cash Flow Hedges (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flow Hedging      
Derivative [Line Items]      
Unrealized Gain - Net $ 0 $ 80 $ 8
v3.24.0.1
Revenues - Disaggregated by Lines of Business (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Revenue $ 14,657 $ 14,853 $ 12,522
Total Merchandise      
Disaggregation of Revenue [Line Items]      
Revenue 8,653 8,239 7,539
Chemicals      
Disaggregation of Revenue [Line Items]      
Revenue 2,599 2,584 2,421
Agricultural and Food Products      
Disaggregation of Revenue [Line Items]      
Revenue 1,657 1,664 1,461
Automotive      
Disaggregation of Revenue [Line Items]      
Revenue 1,219 1,054 886
Forest Products      
Disaggregation of Revenue [Line Items]      
Revenue 1,012 996 918
Metals and Equipment      
Disaggregation of Revenue [Line Items]      
Revenue 917 828 796
Minerals      
Disaggregation of Revenue [Line Items]      
Revenue 733 658 587
Fertilizers      
Disaggregation of Revenue [Line Items]      
Revenue 516 455 470
Coal      
Disaggregation of Revenue [Line Items]      
Revenue 2,484 2,434 1,790
Intermodal      
Disaggregation of Revenue [Line Items]      
Revenue 2,060 2,306 2,039
Trucking      
Disaggregation of Revenue [Line Items]      
Revenue 882 966 410
Other      
Disaggregation of Revenue [Line Items]      
Revenue $ 578 $ 908 $ 744
v3.24.0.1
Revenues - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
Concentration Risk [Line Items]  
Payment period after invoice date 15 days
Minimum  
Concentration Risk [Line Items]  
Average transit time to complete a rail shipment 2 days
Maximum  
Concentration Risk [Line Items]  
Average transit time to complete a rail shipment 7 days
v3.24.0.1
Revenues - Accounts Receivables, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Accounts Receivable, net $ 1,393 $ 1,313
Freight Receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivables, gross 1,047 1,067
Allowance for Credit Losses (18) (16)
Total Accounts Receivable, net 1,029 1,051
Non-Freight Receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts Receivables, gross 378 279
Allowance for Credit Losses (14) (17)
Total Accounts Receivable, net $ 364 $ 262
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Earnings before income taxes $ 4,891 $ 5,414 $ 4,951
Additional income tax benefit 22 78 $ 48
Unrecognized tax benefits 19 18  
Amount of unrecognized tax benefits that could favorably impact effective income tax rate $ 15 $ 14  
v3.24.0.1
Income Taxes - Breakdown of Income Tax Expense Between Current and Deferred (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:      
Federal $ 852 $ 928 $ 827
State 184 203 176
Subtotal Current 1,036 1,131 1,003
Deferred:      
Federal 122 166 166
State 18 (49) 1
Subtotal Deferred 140 117 167
Total Income Tax Expense $ 1,176 $ 1,248 $ 1,170
v3.24.0.1
Income Taxes - Income Tax Expense Reconciled to Tax Computed at Statutory Rates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Expense      
Federal Income Taxes $ 1,027 $ 1,137 $ 1,040
State Income Taxes 153 121 139
Other (4) (10) (9)
Total Income Tax Expense $ 1,176 $ 1,248 $ 1,170
Rate      
Federal Income Taxes 21.00% 21.00% 21.00%
State Income Taxes 3.10% 2.20% 2.80%
Other (0.10%) (0.10%) (0.20%)
Income Tax Rate 24.00% 23.10% 23.60%
v3.24.0.1
Income Taxes - Schedule of Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets    
Other Employee Benefit Plans $ 103 $ 105
Other 459 553
Total 562 658
Liabilities    
Accelerated Depreciation 7,678 7,600
Other 630 627
Total 8,308 8,227
Net Deferred Income Tax Liabilities $ 7,746 $ 7,569
v3.24.0.1
Fair Value Measurements - Schedule of Fair Value of Investment Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities $ 181 $ 196
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Amortized Cost 184 201
Level 1 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 80 89
Level 1 | Fair Value | Fixed Income Mutual Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities 80 89
Level 1 | Fair Value | Corporate Bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities 0 0
Level 1 | Fair Value | Government Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities 0 0
Level 2 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 101 107
Level 2 | Fair Value | Fixed Income Mutual Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities 0 0
Level 2 | Fair Value | Corporate Bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities 60 49
Level 2 | Fair Value | Government Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities 41 58
Total | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Investments at Fair Value 181 196
Total | Fair Value | Fixed Income Mutual Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities 80 89
Total | Fair Value | Corporate Bonds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities 60 49
Total | Fair Value | Government Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities $ 41 $ 58
v3.24.0.1
Fair Value Measurements - Schedule of Investment Maturities (Details) - Fair Value - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Less than 1 year $ 83 $ 129
1 - 5 years 37 24
5 - 10 years 17 10
Greater than 10 years 44 33
Total investments at fair value $ 181 $ 196
v3.24.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate fair value hedge asset at fair value $ 48 $ 127
Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate fair value hedge liability at fair value 107 $ 118
2023 Fixed-to-Floating Interest Rate Swaps | Fair Value Hedging | Designated as Hedging Instrument    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate fair value hedge asset at fair value $ 19  
Partnerships    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Net asset value, redemption restriction period 15 days  
Commingled and Common Collective Trust Funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Net asset value, redemption restriction period 45 days  
v3.24.0.1
Fair Value Measurements - Schedule of Fair Value and Carrying Value of Long-term Debt (Details) - Level 2 - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt (Including Current Maturities): $ 17,528 $ 16,135
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt (Including Current Maturities): $ 18,533 $ 18,047
v3.24.0.1
Fair Value Measurements - Schedule of Pension Plan Assets at Fair Value by Level (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value $ 2,422 $ 2,327  
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 2,422 2,327 $ 3,016
Pension Plan | Total      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 1,409 1,265  
Pension Plan | Total | Common Stock      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 340 335  
Pension Plan | Total | Mutual Funds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 32 29  
Pension Plan | Total | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 255 157  
Pension Plan | Total | Corporate Bonds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 646 647  
Pension Plan | Total | Government Securities      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 126 88  
Pension Plan | Total | Asset-backed Securities, Derivatives and Other      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 10 9  
Pension Plan | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 627 521  
Pension Plan | Level 1 | Common Stock      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 340 335  
Pension Plan | Level 1 | Mutual Funds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 32 29  
Pension Plan | Level 1 | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 255 157  
Pension Plan | Level 1 | Corporate Bonds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 1 | Government Securities      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 1 | Asset-backed Securities, Derivatives and Other      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 782 744  
Pension Plan | Level 2 | Common Stock      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 2 | Mutual Funds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 2 | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 0 0  
Pension Plan | Level 2 | Corporate Bonds      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 646 647  
Pension Plan | Level 2 | Government Securities      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 126 88  
Pension Plan | Level 2 | Asset-backed Securities, Derivatives and Other      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value 10 9  
Pension Plan | Investments measured at net asset value      
Defined Benefit Plan Disclosure [Line Items]      
Investments at Fair Value $ 1,013 $ 1,062  
v3.24.0.1
Other Income - Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other Income and Expenses [Abstract]      
Net Periodic Pension and Post-retirement Benefit Credit $ 29 $ 79 $ 64
Interest Income 79 42 7
Miscellaneous Income 31 12 8
Total Other Income - Net $ 139 $ 133 $ 79
v3.24.0.1
Investment in Affiliates and Related-Party Transactions - Equity-method Investments in Affiliates (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]    
Total $ 2,397 $ 2,292
Corporate Joint Venture | Conrail    
Related Party Transaction [Line Items]    
Total 1,175 1,124
Affiliated Entity    
Related Party Transaction [Line Items]    
Total 2,397 2,292
Affiliated Entity | TTX    
Related Party Transaction [Line Items]    
Total 961 914
Affiliated Entity | Oher Equity Method and Cost Method Investments    
Related Party Transaction [Line Items]    
Total $ 261 $ 254
v3.24.0.1
Investment in Affiliates and Related-Party Transactions - Narrative (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2014
note
Corporate Joint Venture | Conrail            
Related Party Transaction [Line Items]            
Ownership percentage   42.00%        
Voting interest percentage   50.00%        
Difference between carrying amount and underlying equity   $ 323        
Promissory notes executed | note           2
Previous notes converted in non-cash transaction $ 217          
Interest expense   $ 6 $ 6 $ 6    
Corporate Joint Venture | Conrail | Long-term Debt | 1.31% Promissory Note Due December 2050            
Related Party Transaction [Line Items]            
Note interest rate         1.31%  
New notes issued in non-cash transaction         $ 441  
Corporate Joint Venture | Conrail | Long-term Debt | 2.89% Promissory Note Due October 2044            
Related Party Transaction [Line Items]            
Previous notes converted in non-cash transaction $ 224          
Converted instrument, rate 2.89%          
Related Party | TTX            
Related Party Transaction [Line Items]            
Ownership percentage   20.00%        
v3.24.0.1
Investment in Affiliates and Related-Party Transactions - Schedule of Future Payments Due under Operating Leases (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Related Party Transaction [Line Items]  
2024 $ 70
2025 67
2026 51
2027 43
2028 35
Thereafter 1,108
Total 1,374
Corporate Joint Venture | Conrail  
Related Party Transaction [Line Items]  
2024 32
2025 32
2026 32
2027 32
2028 32
Thereafter 13
Total $ 173
v3.24.0.1
Investment in Affiliates and Related-Party Transactions - Schedule of Related Party in the Consolidated Income Statement Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Related Party Amounts Consolidated Income Statements [Abstract]      
Total Expense $ 9,096 $ 8,830 $ 6,928
Corporate Joint Venture | Conrail      
Related Party Amounts Consolidated Income Statements [Abstract]      
Rents, Fees and Services 132 130 128
Purchase Price Amortization and Other 4 4 4
Equity Earnings in Affiliates (54) (44) (44)
Total Expense 82 90 88
Related Party | TTX      
Related Party Amounts Consolidated Income Statements [Abstract]      
Equity Earnings in Affiliates (49) (51) (52)
Car Hire Rents 249 241 221
Total Expense $ 200 $ 190 $ 169
v3.24.0.1
Investment in Affiliates and Related-Party Transactions - Schedule of Related Party Consolidated Balance Sheet Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Corporate Joint Venture | Conrail    
Related Party Transaction [Line Items]    
Accounts payable $ 154 $ 136
Corporate Joint Venture | Conrail | 1.31% CSX Promissory Note due December 2050    
Related Party Transaction [Line Items]    
Notes payable $ 73 $ 73
Promissory note interest rate 1.31% 1.31%
Corporate Joint Venture | Conrail | 1.31% CSXT Promissory Note due December 2050    
Related Party Transaction [Line Items]    
Notes payable $ 368 $ 368
Promissory note interest rate 1.31% 1.31%
Related Party | TTX    
Related Party Transaction [Line Items]    
Accounts payable $ 43 $ 38
v3.24.0.1
Other Comprehensive Income (Loss) - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity [Abstract]      
Comprehensive earnings $ 3,791 $ 4,186 $ 3,971
v3.24.0.1
Other Comprehensive Income (Loss) - Changes in AOCI Balance by Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other Comprehensive Income (Loss):      
Income Before Reclassifications $ 91 $ (41) $ 158
Amounts Reclassified to Net Earnings 23 46 81
Tax Benefit (Expense) (38) 15 (49)
Total Other Comprehensive Income (Note 16) 76 20 190
Pension and Other Post-Employment Benefits      
Other Comprehensive Income (Loss):      
Beginning Balance (497) (431) (598)
Income Before Reclassifications 75 (129) 147
Amounts Reclassified to Net Earnings 18 44 66
Tax Benefit (Expense) (19) 19 (46)
Total Other Comprehensive Income (Note 16) 74 (66) 167
Ending Balance (423) (497) (431)
Interest Rate Derivatives      
Other Comprehensive Income (Loss):      
Beginning Balance 150 70 62
Income Before Reclassifications 16 88 11
Amounts Reclassified to Net Earnings 0 0 0
Tax Benefit (Expense) (16) (8) (3)
Total Other Comprehensive Income (Note 16) 0 80 8
Ending Balance 150 150 70
Other      
Other Comprehensive Income (Loss):      
Beginning Balance (41) (47) (62)
Income Before Reclassifications 0 0 0
Amounts Reclassified to Net Earnings 5 2 15
Tax Benefit (Expense) (3) 4 0
Total Other Comprehensive Income (Note 16) 2 6 15
Ending Balance (39) (41) (47)
Accumulated Other Comprehensive (Loss) Income      
Other Comprehensive Income (Loss):      
Beginning Balance (388) (408) (598)
Total Other Comprehensive Income (Note 16) [1] 76 20 190
Ending Balance $ (312) $ (388) $ (408)
[1] Accumulated Other Comprehensive Loss year-end balances shown above are net of tax. The associated taxes were $84 million, $122 million, and $107 million for 2023, 2022 and 2021, respectively. For additional information see Note 16, Other Comprehensive Income (Loss).
v3.24.0.1
Business Combinations - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended 22 Months Ended
Jun. 01, 2022
USD ($)
mi
Jul. 01, 2021
USD ($)
terminalAndFacility
Dec. 31, 2020
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2023
mi
Business Acquisition [Line Items]              
Number of rail route miles | mi             20,000
Pan Am Systems, Inc.              
Business Acquisition [Line Items]              
Business combination, consideration transferred $ 600            
Business combination, consideration transferred, equity interests issued and issuable 422            
Cash paid for acquisition 178            
Deposit paid to acquire business classified as other investing activities     $ 30        
Properties acquired $ 600            
Acquisition related costs       $ 22 $ 10 $ 32  
Pan Am Systems, Inc. | Pan Am Systems, Inc.              
Business Acquisition [Line Items]              
Number of rail route miles | mi 1,200            
Number of partial interests in rail route miles (more than) | mi 600            
Quality Carriers, Inc.              
Business Acquisition [Line Items]              
Cash paid for acquisition   $ 544          
Cash and cash equivalents acquired   3          
Properties acquired   225          
Acquisition related costs   $ 17          
Quality Carriers, Inc. | Quality Carriers, Inc. | United States, Canada and Mexico              
Business Acquisition [Line Items]              
Number of terminals and facilities (over) | terminalAndFacility   100          
v3.24.0.1
Business Combinations - Allocation of Total Consideration to Fair Value of Assets and Liabilities of Quality Carriers (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Jun. 01, 2022
Dec. 31, 2021
Jul. 01, 2021
Assets Acquired:          
Goodwill $ 325 $ 319   $ 276  
Pan-Am          
Assets Acquired:          
Accounts Receivable, net     $ 46    
Properties and Equipment, net     600    
Goodwill     17    
Intangible Assets     90    
Other Assets     11    
Total Assets Acquired     764    
Liabilities Assumed:          
Accounts Payable and Accrued Liabilities     32    
Deferred Tax Liabilities     75    
Other Long-term Liabilities     57    
Total Liabilities Assumed     164    
Fair Value of Assets Acquired, Net of Liabilities Assumed:     $ 600    
Quality Carriers          
Assets Acquired:          
Cash and Cash Equivalents         $ 3
Accounts Receivable, net         113
Properties and Equipment, net         225
Goodwill         213
Intangible Assets         180
Other Assets         9
Total Assets Acquired         743
Liabilities Assumed:          
Accounts Payable and Accrued Liabilities         48
Finance Lease Obligations and Notes Payable         68
Casualty, Environmental and Other Reserves         62
Other Long-term Liabilities         21
Total Liabilities Assumed         199
Fair Value of Assets Acquired, Net of Liabilities Assumed:         $ 544
v3.24.0.1
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Asset Balances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill      
Beginning balance $ 319 $ 276  
Additions 6 43  
Ending balance 325 319  
Intangible Assets      
Beginning balance, cost 198 180  
Additions 8 18  
Ending balance, cost 206 198  
Beginning balance, accumulated amortization (15) (5)  
Amortization (10) (10)  
Ending balance, accumulated amortization (25) (15)  
Net Carrying Amount 181 183 $ 175
Total Goodwill and Other Intangible Assets - Net      
Beginning balance 502 451  
Additions 14 61  
Amortization (10) (10)  
Ending balance $ 506 $ 502  
v3.24.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 01, 2022
Jul. 01, 2021
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]            
Additions       $ 6,000,000 $ 43,000,000  
Goodwill     $ 325,000,000 325,000,000 319,000,000 $ 276,000,000
Intangible assets acquired       8,000,000 18,000,000  
Quality Carriers, Inc.            
Finite-Lived Intangible Assets [Line Items]            
Goodwill   $ 213,000,000        
Intangible assets acquired   180,000,000        
Goodwill impairment     $ 0      
Quality Carriers, Inc. | Customer Relationships            
Finite-Lived Intangible Assets [Line Items]            
Intangible assets acquired   $ 150,000,000        
Amortization period of intangible assets acquired   20 years        
Quality Carriers, Inc. | Trade Names            
Finite-Lived Intangible Assets [Line Items]            
Intangible assets acquired   $ 30,000,000        
Amortization period of intangible assets acquired   15 years        
Pan-Am            
Finite-Lived Intangible Assets [Line Items]            
Additions $ 17,000,000          
Goodwill $ 17,000,000          
Several Acquisitions | Quality Carriers, Inc.            
Finite-Lived Intangible Assets [Line Items]            
Additions       6,000,000 26,000,000  
Intangible assets acquired       $ 8,000,000 $ 18,000,000