CSX (CSX) 10-Q20 Jul 222022 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover	6 Months Ended
Cover	Jun. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-8022
Entity Registrant Name	CSX CORPORATION
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	62-1051971
Entity Address, Address Line One	500 Water Street
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	359-3200
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	CSX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	2,141,241,136
Entity Central Index Key	0000277948
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement
Revenue		$ 3,815	$ 2,990	$ 7,228	$ 5,803
Expense
Labor and Fringe		684	596	1,376	1,216
Purchased Services and Other	[1]	647	441	1,322	913
Fuel		446	194	777	384
Depreciation and Amortization		369	348	729	693
Equipment and Other Rents		95	87	195	175
Gains on Property Dispositions		(129)	(367)	(156)	(370)
Total Expense		2,112	1,299	4,243	3,011
Operating Income		1,703	1,691	2,985	2,792
Interest Expense		(171)	(181)	(350)	(365)
Other Income - Net		26	20	52	40
Earnings Before Income Taxes		1,558	1,530	2,687	2,467
Income Tax Expense		(380)	(357)	(650)	(588)
Net Earnings		$ 1,178	$ 1,173	$ 2,037	$ 1,879
Per Common Share
Net Earnings Per Share, Basic (in dollars per share)		$ 0.55	$ 0.52	$ 0.94	$ 0.83
Net Earnings Per Share, Assuming Dilution (in dollars per share)		$ 0.54	$ 0.52	$ 0.94	$ 0.82
Average Shares Outstanding (in shares)		2,158	2,270	2,173	2,276
Average Shares Outstanding, Assuming Dilution (in shares)		2,163	2,275	2,178	2,281

[1]Beginning third quarter 2021, the Company changed the name of Materials, Supplies and Other expense to Purchased Services and Other, which better describes the composition of this expense amount. This change in naming convention does not impact previously reported results.

CONDENSED CONSOLIDATED COMPREHE

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Total Comprehensive Earnings (Note 10)	$ 1,217	$ 890	$ 1,152	$ 774	$ 2,107	$ 1,926

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 724	$ 2,239
Short-term Investments	88	77
Accounts Receivable - Net (Note 8)	1,489	1,148
Materials and Supplies	379	339
Other Current Assets	104	70
Total Current Assets	2,784	3,873
Properties	47,446	46,505
Accumulated Depreciation	(13,802)	(13,490)
Properties - Net	33,644	33,015
Investment in Affiliates and Other Companies	2,252	2,099
Right-of-Use Lease Asset	489	501
Goodwill and Other Intangible Assets - Net	557	451
Other Long-term Assets	640	592
Total Assets	40,366	40,531
Current Liabilities:
Accounts Payable	1,055	963
Labor and Fringe Benefits Payable	615	630
Casualty, Environmental and Other Reserves (Note 4)	113	118
Current Maturities of Long-term Debt (Note 7)	236	181
Income and Other Taxes Payable	177	134
Other Current Liabilities	197	207
Total Current Liabilities	2,393	2,233
Casualty, Environmental and Other Reserves (Note 4)	290	250
Long-term Debt (Note 7)	15,974	16,185
Deferred Income Taxes - Net	7,592	7,383
Long-term Lease Liability	473	478
Other Long-term Liabilities	503	502
Total Liabilities	27,225	27,031
Shareholders' Equity:
Common Stock, $1 Par Value	2,141	2,202
Other Capital	534	66
Retained Earnings	10,794	11,630
Accumulated Other Comprehensive Loss (Note 10)	(338)	(408)
Non-controlling Minority Interest	10	10
Total Shareholders' Equity	13,141	13,500
Total Liabilities and Shareholders' Equity	$ 40,366	$ 40,531

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Shareholders' Equity:
Common stock, par value (in dollars per share)	$ 1	$ 1

CONSOLIDATED CASH FLOW STATEMEN

CONSOLIDATED CASH FLOW STATEMENTS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
OPERATING ACTIVITIES
Net Earnings	$ 2,037	$ 1,879
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization	729	693
Deferred Income Taxes	106	66
Gains on Property Dispositions	(156)	(370)
Other Operating Activities	(14)	28
Changes in Operating Assets and Liabilities:
Accounts Receivable	(198)	(127)
Other Current Assets	(71)	(4)
Accounts Payable	61	73
Income and Other Taxes Payable	43	181
Other Current Liabilities	(7)	(20)
Net Cash Provided by Operating Activities	2,530	2,399
INVESTING ACTIVITIES
Property Additions	(811)	(754)
Purchases of Short-term Investments	(19)	0
Proceeds from Sales of Short-term Investments	9	1
Proceeds and Advances from Property Dispositions	29	227
Business Acquisition, Net of Cash Acquired	(208)	0
Other Investing Activities	(19)	(1)
Net Cash Used In Investing Activities	(1,019)	(527)
FINANCING ACTIVITIES
Long-term Debt Repaid (Note 7)	(93)	(360)
Dividends Paid	(433)	(425)
Shares Repurchased	(2,515)	(1,252)
Other Financing Activities	15	22
Net Cash Used in Financing Activities	(3,026)	(2,015)
Net Decrease in Cash and Cash Equivalents	(1,515)	(143)
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period	2,239	3,129
Cash and Cash Equivalents at End of Period	724	2,986
SUPPLEMENTAL CASH FLOW INFORMATION
Issuance of common stock as consideration for acquisition	$ 422	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Shares Outstanding	Common Stock and Other Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)		Non-controlling Minority Interest
Beginning Balance (in shares) at Dec. 31, 2020		2,287,587
Beginning Balance at Dec. 31, 2020	$ 13,110		$ 2,440	$ 11,259	$ (598)	[1]	$ 9
Comprehensive Earnings:
Net Earnings	706			706
Other Comprehensive Income (Loss)	68				68	[1]
Total Comprehensive Earnings	774
Common stock dividends, per share	(213)			(213)
Share Repurchases (in shares)		(18,389)
Share Repurchases	(551)		(18)	(533)
Stock Option Exercises and Other (in shares)		3,003
Stock Option Exercises and Other	40		37	3
Ending balance (in shares) at Mar. 31, 2021		2,272,201
Ending Balance at Mar. 31, 2021	13,160		2,459	11,222	(530)	[1]	9
Beginning Balance (in shares) at Dec. 31, 2020		2,287,587
Beginning Balance at Dec. 31, 2020	13,110		2,440	11,259	(598)	[1]	9
Comprehensive Earnings:
Net Earnings	1,879
Total Comprehensive Earnings	$ 1,926
Share Repurchases (in shares)	(40,000)
Ending balance (in shares) at Jun. 30, 2021		2,254,496
Ending Balance at Jun. 30, 2021	$ 13,434		2,254	11,723	(551)	[1]	8
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					137
Beginning Balance (in shares) at Mar. 31, 2021		2,272,201
Beginning Balance at Mar. 31, 2021	13,160		2,459	11,222	(530)	[1]	9
Comprehensive Earnings:
Net Earnings	1,173			1,173
Other Comprehensive Income (Loss)	(21)				(21)	[1]
Total Comprehensive Earnings	1,152
Common stock dividends, per share	$ (212)			(212)
Share Repurchases (in shares)	(22,000)	(18,345)
Share Repurchases	$ (701)		(19)	(682)
Stock Option Exercises and Other (in shares)		640
Stock Option Exercises and Other	35		(186)	222			(1)
Ending balance (in shares) at Jun. 30, 2021		2,254,496
Ending Balance at Jun. 30, 2021	13,434		2,254	11,723	(551)	[1]	8
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					142
Beginning Balance (in shares) at Dec. 31, 2021		2,201,787
Beginning Balance at Dec. 31, 2021	13,500		2,268	11,630	(408)	[2]	10
Comprehensive Earnings:
Net Earnings	859			859
Other Comprehensive Income (Loss)	31				31	[2]
Total Comprehensive Earnings	890
Common stock dividends, per share	(218)			(218)
Share Repurchases (in shares)		(29,365)
Share Repurchases	(1,016)		(29)	(987)
Stock Option Exercises and Other (in shares)		1,831
Stock Option Exercises and Other	39		38				1
Ending balance (in shares) at Mar. 31, 2022		2,174,253
Ending Balance at Mar. 31, 2022	13,195		2,277	11,284	(377)	[2]	11
Beginning Balance (in shares) at Dec. 31, 2021		2,201,787
Beginning Balance at Dec. 31, 2021	13,500		2,268	11,630	(408)	[2]	10
Comprehensive Earnings:
Net Earnings	2,037
Other Comprehensive Income (Loss)	70
Total Comprehensive Earnings	$ 2,107
Share Repurchases (in shares)	(76,000)
Ending balance (in shares) at Jun. 30, 2022		2,141,232
Ending Balance at Jun. 30, 2022	$ 13,141		2,675	10,794	(338)	[2]	10
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					99
Beginning Balance (in shares) at Mar. 31, 2022		2,174,253
Beginning Balance at Mar. 31, 2022	13,195		2,277	11,284	(377)	[2]	11
Comprehensive Earnings:
Net Earnings	1,178			1,178
Other Comprehensive Income (Loss)	39				39	[2]
Total Comprehensive Earnings	1,217
Common stock dividends, per share	$ (215)			(215)
Share Repurchases (in shares)	(47,000)	(46,508)
Share Repurchases	$ (1,499)		(47)	(1,452)
Issuance of common stock for acquisition of Pan Am Systems, Inc. (in shares)		13,173
Issuance of common stock for acquisition of Pan Am Systems, Inc.	422		422
Stock Option Exercises and Other (in shares)		314
Stock Option Exercises and Other	21		23	(1)			(1)
Ending balance (in shares) at Jun. 30, 2022		2,141,232
Ending Balance at Jun. 30, 2022	$ 13,141		$ 2,675	$ 10,794	(338)	[2]	$ 10
Comprehensive Earnings:
Associated tax of accumulated other comprehensive loss balances					$ 88

[1]Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $137 million and $142 million as of first and second quarters 2021, respectively. For additional information, see Note 10, Other Comprehensive Income.[2]Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $99 million and $88 million as of first and second quarters 2022, respectively. For additional information, see Note 10, Other Comprehensive Income.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.093	$ 0.093

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	6 Months Ended
Nature of Operations and Significant Accounting Policies	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Significant Accounting Policies	Nature of Operations and Significant Accounting Policies Background CSX Corporation together with its subsidiaries ("CSX" or the “Company”), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based transportation services including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations. CSX's principal operating subsidiary, CSX Transportation, Inc. (“CSXT”), provides an important link to the transportation supply chain through its approximately 20,000 route mile rail network and serves major population centers in 26 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. The Company's intermodal business links customers to railroads via trucks and terminals. On June 1, 2022, CSX completed its acquisition of Pan Am Systems, Inc. (“Pan Am”) which is the parent company of Pan Am Railways, Inc. This acquisition expands CSXT’s reach in the Northeastern United States. CSXT is also responsible for the Company's real estate sales, leasing, acquisition and management and development activities. Substantially all of 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, from Quality Distribution, Inc. For further details, refer to Note 11, Business Combinations . CSX Intermodal Terminals owns and operates a system of intermodal terminals, predominantly in the eastern United States and also performs drayage services (the pickup and delivery of intermodal shipments) for certain customers. TDSI serves the automotive industry with distribution centers and storage locations. Transflo connects non-rail served customers to the many benefits of rail by transferring products from rail to trucks. The biggest Transflo markets are chemicals and agriculture, which includes shipments of plastics and ethanol. CSX Technology and other subsidiaries provide support services for the Company. Sale of Property Rights to the Commonwealth of Virginia On March 26, 2021, the Company entered into a comprehensive agreement to sell certain property rights in three CSX-owned line segments to the Commonwealth of Virginia (“Commonwealth”) over three phases for a total of $525 million. The timing and amount of gains recognized are based on the allocation of fair value to each conveyance, the timing of future conveyances and collectability. In April 2021, upon closing of the first phase of the agreement, the Company collected $200 million in proceeds and recognized a $349 million gain. In fourth quarter 2021, the Company collected additional proceeds of $200 million, a portion of which was attributable to the first phase with the remainder attributable to the second phase. The second phase closed in January 2022, which resulted in a $20 million gain in first quarter 2022. During June 2022, the final $125 million of proceeds was approved by the Commonwealth, which resulted in a $122 million gain in second quarter 2022 related to property rights previously conveyed. These proceeds are expected to be collected during fourth quarter 2022 upon closing of the third phase. As of June 30, 2022, the carrying values of the remaining assets subject to this transaction were not material. NOTE 1. Nature of Operations and Significant Accounting Policies, continued Basis of Presentation In the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the consolidated financial statements and accompanying notes. Where applicable, prior year information has been reclassified to conform to the current presentation. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted from these interim financial statements. CSX suggests that these financial statements be read in conjunction with the audited financial statements and the notes included in CSX's most recent annual report on Form 10-K and any subsequently filed current reports on Form 8-K. Fiscal Year The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to “second quarter(s)” or “six months” indicate CSX's fiscal periods ending June 30, 2022 and June 30, 2021, and references to "year-end" indicate the fiscal year ended December 31, 2021. 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") will no longer be available beginning July 2023, this standard update provides practical expedients for contract modifications made as part of the transition from LIBOR to alternative reference rates. CSX's revolving line of credit currently uses LIBOR as a reference rate. This standard update can be adopted prospectively through December 31, 2022. The Company continues to evaluate the impact of this standard update, but does not anticipate that adoption will have a material impact on the Company's results of operations or financial position. In November 2021, the FASB issued ASU 2021-10, Disclosure by Business Entities about Government Assistance . This standard update requires annual disclosure of the nature of any government assistance received, accounting policies related to such assistance and the effect of that assistance on the entity’s financial statements. The Company will adopt this guidance effective year end 2022 and the standard update will not impact the Company's results of operations or financial position as the update only impacts disclosures.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution. Second Quarters Six Months 2022 2021 2022 2021 Numerator (Dollars in millions) : Net Earnings $ 1,178 $ 1,173 $ 2,037 $ 1,879 Denominator (Units in millions) : Average Common Shares Outstanding 2,158 2,270 2,173 2,276 Other Potentially Dilutive Common Shares 5 5 5 5 Average Common Shares Outstanding, Assuming Dilution 2,163 2,275 2,178 2,281 Net Earnings Per Share, Basic $ 0.55 $ 0.52 $ 0.94 $ 0.83 Net Earnings Per Share, Assuming Dilution $ 0.54 $ 0.52 $ 0.94 $ 0.82 Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Earnings per share, assuming dilution, is based on the weighted-average number of shares of common stock outstanding and common stock equivalents adjusted for the effects of common stock that may be issued as a result of potentially dilutive instruments. CSX's potentially dilutive instruments are made up of equity awards including performance units and employee stock options. When calculating diluted earnings per share, the potential shares that would be outstanding if all outstanding stock options were exercised are included. This number is different from outstanding stock options because it is offset by shares CSX could repurchase using the proceeds from these hypothetical exercises to obtain the common stock equivalent. The total average outstanding stock options that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below. Second Quarters Six Months 2022 2021 2022 2021 Antidilutive Stock Options Excluded from Diluted EPS (Millions) 3 2 3 2 NOTE 2. Earnings Per Share, continued Share Repurchases The Company continues to repurchase shares under the $5 billion share repurchase program announced in October 2020. Total repurchase authority remaining was $488 million as of June 30, 2022. Previously, shares were repurchased under a program announced in January 2019 that was completed in June 2021. On July 19, 2022, a new incremental $5 billion share repurchase program was approved. During second quarters and six months ended 2022 and 2021, the Company engaged in the following repurchase activities: Second Quarters Six Months 2022 2021 2022 2021 Shares Repurchased (Millions) (a) 47 22 76 40 Cost of Shares (Dollars in millions) $ 1,499 $ 701 $ 2,515 $ 1,252 (a) For second quarter and six months 2021, shares repurchased includes 3 million shares that were purchased in June 2021, but were not retired until July 1st, 2021, due to timing of the stock split that occurred on June 28, 2021. These shares are reflected as outstanding as of June 30, 2021, on the consolidated statement of changes in shareholder's equity. Share repurchases may be made through a variety of methods including, but not limited to, open market purchases, purchases pursuant to Rule 10b5-1 plans, accelerated share repurchases and negotiated block purchases. The timing of share repurchases depends upon management's assessment of marketplace conditions and other factors, and the program remains subject to the discretion of the Board of Directors. Future share repurchases are expected to be funded by cash on hand, cash generated from operations and debt issuances. Shares are retired immediately upon repurchase. In accordance with the Equity Topic in the Accounting Standards Codification ("ASC"), the excess of repurchase price over par value is recorded in retained earnings. Dividend Increase

Stock Plans and Share-Based Com

Stock Plans and Share-Based Compensation	6 Months Ended
Stock Plans and Share-Based Compensation	Jun. 30, 2022
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 upon grant date to certain retirement-eligible employees whose agreements allow for continued vesting upon retirement. Forfeitures are recognized as they occur. Total pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards. Second Quarters Six Months (Dollars in millions) 2022 2021 2022 2021 Share-Based Compensation Expense: Performance Units $ 6 $ 20 $ 26 $ 38 Stock Options 3 4 10 10 Restricted Stock Units and Awards 3 2 9 7 Stock Awards for Directors — — 2 2 Employee Stock Purchase Plan 1 1 2 2 Total Share-Based Compensation Expense $ 13 $ 27 $ 49 $ 59 Income Tax Benefit $ 3 $ 6 $ 12 $ 15 NOTE 3. Stock Plans and Share-Based Compensation, continued Long-term Incentive Plan In February 2022, the Company granted 494 thousand performance units to certain employees under a new long-term incentive plan ("LTIP") for the years 2022 through 2024, which was adopted under the CSX 2019 Stock and Incentive Award Plan. Payouts of performance units for the cycle ending with fiscal year 2024 will be based on the achievement of goals related to both operating income growth and CSX Cash Earnings ("CCE"), in each case excluding non-recurring items as defined in the plan. The average annual operating income growth percentage and CCE measures over the plan period will each comprise 50% of the payout and will be measured independently of the other. As defined under the plan, CCE is a cash-flow based measure that incentivizes strategic investments earning more than the required return. CCE equals CSX’s gross cash earnings (after-tax EBITDA) minus the required return on gross operating assets. Grants were made in performance units, with each unit representing the right to receive one share of CSX common stock, and payouts will be made in CSX common stock. The payout range for participants will be between 0% and 200% of the target awards depending on Company performance against predetermined goals. Payouts for certain executive officers are subject to formulaic upward or downward adjustment by up to 25%, capped at an overall payout of 250%, based upon the Company's total shareholder return relative to specified comparable groups over the performance period. Participants will receive stock dividend equivalents declared over the performance period based on the number of performance units paid upon vesting. Other immaterial grants of performance units were made during second quarters 2022 and 2021. The fair values of the performance units awarded during the second quarters and six months 2022 and 2021 were primarily calculated using a Monte-Carlo simulation model with the following weighted-average assumptions: Second Quarters Six Months 2022 2021 2022 2021 Weighted-Average Assumptions Used: Risk-free Interest Rate 2.8 % 0.2 % 1.8 % 0.2 % Annualized Volatility 33.8 % 34.3 % 33.0 % 33.6 % Expected Life (in years) 2.7 2.6 2.9 2.9 Stock Options In February 2022, the Company granted approximately 1.6 million stock options along with the corresponding LTIP. The fair value of stock options was calculated using the Black-Scholes valuation model. These stock options were granted with ten-year terms and vest over three years in equal installments each year on the anniversary of the grant date. The exercise price for stock options granted equals the closing market price of the underlying stock on the date of grant. These awards are time-based and are not based upon attainment of performance goals. During second quarters 2022 and 2021, there were additional immaterial grants of stock options to certain members of management. NOTE 3. Stock Plans and Share-Based Compensation, continued The fair values of all stock option awards during the quarters and six months ended June 30, 2022 and June 30, 2021 were estimated at the grant date with the following weighted average assumptions: Second Quarters Six Months 2022 2021 2022 2021 Weighted-Average Grant Date Fair Value $ 10.65 $ 9.18 $ 10.13 $ 7.89 Weighted-Average Assumptions Used: Annual Dividend Yield 1.1 % 1.1 % 1.1 % 1.2 % Risk-Free Interest Rate 2.7 % 1.0 % 1.9 % 0.7 % Annualized Volatility 30.3 % 31.0 % 30.1 % 31.2 % Expected Life (in years) 6.1 6.0 6.0 6.0 Other Pricing Model Inputs: Weighted-Average Grant Date Market Price of CSX Stock (strike price) $ 35.07 $ 33.35 $ 35.15 $ 29.53 Restricted Stock Units In February 2022, the Company granted 452 thousand restricted stock units along with the corresponding LTIP. The restricted stock units vest three years after the date of grant. Participants will receive stock dividend equivalents on the vested shares upon vesting. These awards are time-based and are not based upon CSX's attainment of operational targets. Restricted stock units are paid out in CSX common stock on a one-for-one basis. During second quarters 2022 and 2021, there were additional immaterial grants of restricted stock units. For information related to the Company's outstanding long-term incentive compensation, see CSX's most recent annual report on Form 10-K. Employee Stock Purchase Plan In May 2018, shareholders approved the 2018 CSX Employee Stock Purchase Plan (“ESPP”) for the benefit of Company employees. The Company registered 12 million 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. Under this program, no shares were issued during second quarters 2022 and 2021. During the six months ended June 30, 2022 and June 30, 2021, the Company issued the following shares: Six Months 2022 2021 Shares issued (in thousands) 326 396 Weighted average purchase price per share $ 27.44 $ 19.33

Casualty, Environmental and Oth

Casualty, Environmental and Other Reserves	6 Months Ended
Casualty, Environmental and Other Reserves	Jun. 30, 2022
Casualty, Environmental and Other Reserves [Abstract]
Casualty, Environmental and Other Reserves	Casualty, Environmental and Other Reserves Personal injury and environmental reserves are considered critical accounting estimates due to the need for management judgment. Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below. June 30, 2022 December 31, 2021 (Dollars in millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $ 31 $ 95 $ 126 $ 37 $ 81 $ 118 Occupational 7 55 62 7 55 62 Total Casualty 38 150 188 44 136 180 Environmental 40 93 133 37 71 108 Other 35 47 82 37 43 80 Total $ 113 $ 290 $ 403 $ 118 $ 250 $ 368 These liabilities are accrued when probable and reasonably estimable in accordance with the Contingencies Topic in the ASC. Actual settlements and claims received could differ, and final outcomes of these matters cannot be predicted with certainty. Considering the legal defenses currently available, the liabilities that have been recorded and other factors, it is the opinion of management that none of these items individually, when finally resolved, will have a material adverse effect on the Company's financial condition, results of operations or liquidity. Should a number of these items occur in the same period, however, their combined effect could be material in that particular period. Casualty Casualty reserves of $188 million and $180 million as of June 30, 2022 and December 31, 2021, respectively, represent accruals for personal injury, occupational disease and occupational injury claims primarily related to railroad operations. Beginning June 1, 2021, the Company's self-insured retention amount for these claims increased from $75 million to $100 million per occurrence. Currently, no individual claim is expected to exceed the self-insured retention amount. In accordance with the Contingencies Topic in the ASC, to the extent the value of an individual claim exceeds the self-insured retention amount, the Company would present the liability on a gross basis with a corresponding receivable for insurance recoveries. These reserves fluctuate based upon the timing of payments as well as changes in estimate. Actual results may vary from estimates due to the number, type and severity of the injury, costs of medical treatments and uncertainties in litigation. Most of the Company's casualty claims relate to CSXT. Defense and processing costs, which historically have been insignificant and are anticipated to be insignificant in the future, are not included in the recorded liabilities. Personal Injury Personal injury reserves represent liabilities for employee work-related and third-party injuries. Work-related injuries for CSXT employees are primarily subject to the Federal Employers’ Liability Act (“FELA”). CSXT retains an independent actuary to assist management in assessing the value of personal injury claims. An analysis is performed by the actuary quarterly and is reviewed by management. This analysis did not result in a material adjustment to the personal injury reserve in the quarters and six months ended June 30, 2022 or June 30, 2021. The methodology used by the actuary includes a development factor to reflect growth or reduction in the value of these personal injury claims based largely on CSXT's historical claims and settlement experience. NOTE 4. Casualty, Environmental and Other Reserves, continued Occupational Occupational reserves represent liabilities arising from allegations of exposure to certain materials in the workplace (such as solvents, soaps, chemicals and diesel fumes), past exposure to asbestos or allegations of chronic physical injuries resulting from work conditions (such as repetitive stress injuries). The Company retains an independent actuary to analyze the Company’s historical claim filings, settlement amounts, and dismissal rates to assist in determining future anticipated claim filing rates and average settlement values. This analysis is performed by the actuary and reviewed by management quarterly. The analysis did not result in a material adjustment to the occupational reserve in the quarters and six months ended June 30, 2022 or June 30, 2021. Environmental Environmental reserves were $133 million and $108 million as of June 30, 2022 and December 31, 2021, respectively. The Company is a party to various proceedings related to environmental issues, including administrative and judicial proceedings involving private parties and regulatory agencies. The Company has been identified as a potentially responsible party at approximately 230 environmentally impaired sites. Many of these are, or may be, subject to remedial action under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), also known as the Superfund Law, or similar state statutes. Most of these proceedings arose from environmental conditions on properties used for ongoing or discontinued railroad operations. A number of these proceedings, however, are based on allegations that the Company, or its predecessors, sent hazardous substances to facilities owned or operated by others for treatment, recycling or disposal. In addition, some of the Company's land holdings were leased to others for commercial or industrial uses that may have resulted in releases of hazardous substances or other regulated materials onto the property and could give rise to proceedings against the Company. In any such proceedings, the Company is subject to environmental clean-up and enforcement actions under the Superfund Law, as well as similar state laws that may impose joint and several liability for clean-up and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. These costs could be substantial. In accordance with the Asset Retirement and Environmental Obligations Topic in the ASC, the Company reviews its role with respect to each site identified at least quarterly, giving consideration to a number of factors such as: • type of clean-up required; • nature of the Company's alleged connection to the location (e.g., generator of waste sent to the site or owner or operator of the site); • extent of the Company's alleged connection (e.g., volume of waste sent to the location and other relevant factors); and • number, connection and financial viability of other named and unnamed potentially responsible parties at the location. NOTE 4. Casualty, Environmental and Other Reserves, continued Based on management's review process, amounts have been recorded to cover contingent anticipated future environmental remediation costs with respect to each site to the extent such costs are reasonably estimable and probable. The recorded liabilities for estimated future environmental costs are undiscounted. The liability includes future costs for remediation and restoration of sites as well as any significant ongoing monitoring costs, but excludes any anticipated insurance recoveries. Payments related to these liabilities are expected to be made over the next several years. Environmental remediation costs are included in 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

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance The Company maintains insurance programs with substantial limits for property damage, including resulting business interruption, and third-party liability. A certain amount of risk is retained by the Company on each insurance program. Under its property insurance program, the Company retains all risk up to $100 million per occurrence for losses from floods and named windstorms and up to $75 million per occurrence for other property losses. For third-party liability claims, the Company retains all risk up to $100 million per occurrence. As CSX negotiates insurance coverage above its full self-retention amounts, it retains a percentage of risk at various layers of coverage. While the Company believes its insurance coverage is adequate, future claims could exceed existing insurance coverage or insurance may not continue to be available at commercially reasonable rates. NOTE 5. Commitments and Contingencies, continued Legal The Company is involved in litigation incidental to its business and is a party to a number of legal actions and claims, various governmental proceedings and private civil lawsuits, including, but not limited to, those related to fuel surcharge practices, tax matters, environmental and hazardous material exposure matters, FELA and labor claims by current or former employees, other personal injury or property claims and disputes and complaints involving certain transportation rates and charges. Some of the legal proceedings include claims for compensatory as well as punitive damages and others are, or are purported to be, class actions. While the final outcome of these matters cannot be predicted with certainty, considering, among other things, the legal defenses available and liabilities that have been recorded along with applicable insurance, it is currently the opinion of management that none of these pending items is likely to have a material adverse effect on the Company's financial condition, results of operations or liquidity. An unexpected adverse resolution of one or more of these items, however, could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period. The Company is able to estimate a range of possible loss for certain legal proceedings for which a loss is reasonably possible in excess of reserves established. The Company has estimated this range to be $2 million to $20 million in aggregate at June 30, 2022. This estimated aggregate range is based upon currently available information and is subject to significant judgment and a variety of assumptions. Accordingly, the Company's estimate will change from time to time, and actual losses may vary significantly from the current estimate. Fuel Surcharge Antitrust Litigation In May 2007, class action lawsuits were filed against CSXT and three other U.S.-based Class I railroads alleging that the defendants' fuel surcharge practices relating to contract and unregulated traffic resulted from an illegal conspiracy in violation of antitrust laws. The class action lawsuits were consolidated into one case in federal court in the District of Columbia. In 2017, the District Court issued its decision denying class certification. On August 16, 2019, the U.S. Court of Appeals for the D.C. Circuit affirmed the District Court’s ruling. The consolidated case is now moving forward without class certification. Although a class was not certified, shippers other than those who brought the original lawsuit in 2007 must decide whether to bring their own individual claim against one or more railroads. Individual shipper claims filed to date have been consolidated into a separate case. CSXT believes that its fuel surcharge practices were arrived at and applied lawfully and that the case is without merit. Accordingly, the Company intends to defend itself vigorously. However, penalties for violating antitrust laws can be severe, and resolution of these matters individually or when aggregated could have a material adverse effect on the Company's financial condition, results of operations or liquidity in that particular period. NOTE 5. Commitments and Contingencies, continued Environmental CSXT is indemnifying Pharmacia LLC, formerly known as Monsanto Company, ("Pharmacia") for certain liabilities associated with real estate located in Kearny, New Jersey along the Lower Passaic River (the “Property”). The Property, which was formerly owned by Pharmacia, is now owned by CSXT. CSXT's indemnification and defense duties arise with respect to several matters. The U.S. Environmental Protection Agency ("EPA"), using its CERCLA authority, seeks the investigation and cleanup of hazardous substances in the 17-mile Lower Passaic River Study Area (the "Study Area”). CSXT, on behalf of Pharmacia, and a significant number of other potentially responsible parties are together conducting a Remedial Investigation and Feasibility Study of the Study Area pursuant to an Administrative Settlement Agreement and Order on Consent with the EPA. Pharmacia’s share of responsibility, indemnified by CSXT, for the investigation and cleanup costs of the Study Area may be determined through various mechanisms including (a) an allocation and settlement with EPA; (b) litigation brought by EPA against non-settling parties; or (c) litigation among the responsible parties. For the lower 8 miles of the Study Area, EPA issued its Record of Decision detailing the agency’s mandated remedial process in March 2016. Approximately 80 parties, including Pharmacia, are participating in an EPA-directed allocation and settlement process to assign responsibility for the remedy selected for the lower 8 miles of the Study Area. CSXT is participating in the EPA-directed allocation and settlement process on behalf of Pharmacia. For the remainder of the Study Area, EPA has selected an interim remedy in a Record of Decision dated September 28, 2021. Settlement discussions are also ongoing for the selected interim remedy. On March 2, 2022, EPA issued a Notice Letter to Pharmacia, Occidental Chemical Corporation 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 Study Area. CSX, on behalf of Pharmacia, responded to the Notice Letter and submitted a good faith offer to EPA on June 27, 2022, following meetings with a mediator from EPA’s Conflict Prevention and Resolution Center. Negotiations with EPA and other parties to resolve this matter continue. CSXT is also defending and indemnifying Pharmacia with regard to the Property in litigation filed by Occidental Chemical Corporation, which is seeking to recover various costs. These costs include costs for the remedial design of the lower 8 miles of the Study Area, as well as anticipated costs associated with the future remediation of the entire Study Area. Alternatively, Occidental seeks to compel some, or all of the defendants to participate in the remediation of the Study Area. Pharmacia is one of approximately 110 defendants in this federal lawsuit filed by Occidental on June 30, 2018.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Jun. 30, 2022
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors defined benefit pension plans principally for salaried, management personnel. Beginning in 2020, the CSX Pension Plan was closed to new participants. CSX also sponsors a post-retirement medical plan and a life insurance plan that provide certain benefits to eligible employees hired prior to January 1, 2003. Beginning in 2019, both the life insurance benefit for eligible active management employees and health savings account contributions made by the Company to eligible retirees younger than 65 were eliminated for those retiring on or after January 1, 2019. Beginning in 2020, the employer-funded health reimbursement arrangements and life insurance benefit for eligible retirees 65 years or older were eliminated. Independent actuaries compute the amounts of liabilities and expenses relating to these plans subject to the assumptions that the Company determines are appropriate based on historical trends, current market rates and future projections. These amounts are reviewed by management. Only the service cost component of net periodic benefit costs is included in labor and fringe expense on the consolidated income statement. All other components of net periodic benefit cost are included in other income - net. Pension Benefits Cost Second Quarters Six Months (Dollars in millions) 2022 2021 2022 2021 Service Cost Included in Labor and Fringe $ 8 $ 9 $ 16 $ 18 Interest Cost 16 13 32 27 Expected Return on Plan Assets (47) (47) (94) (93) Amortization of Net Loss 13 19 25 37 Total Included in Other Income - Net (18) (15) (37) (29) Net Periodic Benefit Credit $ (10) $ (6) $ (21) $ (11) Other Post-retirement Benefits Cost Second Quarters Six Months (Dollars in millions) 2022 2021 2022 2021 Service Cost Included in Labor and Fringe $ — $ — $ — $ — Interest Cost 1 1 1 1 Amortization of Prior Service Credits (2) (3) (3) (4) Total Included in Other Income - Net (1) (2) (2) (3) Net Periodic Benefit Credit $ (1) $ (2) $ (2) $ (3)

Debt and Credit Agreements

Debt and Credit Agreements	6 Months Ended
Debt and Credit Agreements	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt and Credit Agreements	Debt and Credit Agreements Total activity related to long-term debt as of the end of second quarter 2022 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements . (Dollars in millions) Current Portion Long-term Portion Total Long-term Debt as of December 31, 2021 $ 181 $ 16,185 $ 16,366 2022 Activity: Long-term Debt Repaid (93) — (93) Reclassifications 147 (147) — Hedging, Discount, Premium and Other Activity 1 (64) (63) Long-term Debt as of June 30, 2022 $ 236 $ 15,974 $ 16,210 Interest Rate Derivatives In first quarter 2022, CSX entered into five separate fixed-to-floating interest rate swaps classified as fair value hedges. The swaps are designed to hedge 10 years of interest rate risk associated with market fluctuations attributable to the Secured Overnight Financing Rate on a cumulative $800 million of fixed rate outstanding notes which are due between 2036 and 2040. As of June 30, 2022, the fair value of these swaps was a $72 million liability, which is included in other long-term liabilities on the consolidated balance sheet. The associated cumulative adjustment to the hedged notes is included in long-term debt. Gains and losses resulting from changes in fair value of the interest rate swaps offset changes in the fair value of the hedged portion of the underlying debt so no gain or loss has been recognized due to hedge ineffectiveness. Differences on the fixed-to-floating legs of the derivatives are recognized in interest expense and were not material in second quarter or six months ended 2022. The swaps will expire in 2032. If settled early, the remaining liability or asset will be amortized over the remaining life of the associated notes. The amounts recorded in long-term debt on the consolidated balance sheet related to these fair value hedges is summarized in the table below. (Dollars in millions) June 30, 2022 Notional Value of Hedged Notes $ 800 Cumulative Fair Value Adjustment to Hedged Notes (72) Carrying Amount of Hedged Notes $ 728 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. As of June 30, 2022 and December 31, 2021, the asset value of the forward starting interest rate swaps was $162 million and $91 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. Unless settled early, the swaps will expire in 2027 and the unrealized gain or loss in AOCI will be recognized in earnings as an adjustment to interest expense over the same period during which the hedged transaction affects earnings. Unrealized amounts, recorded net of tax in other comprehensive income, related to the hedge were a gain of $33 million and a loss of $35 million for second quarters ended 2022 and 2021 and gains of $54 million and $21 million for the six months 2022 and 2021, respectively. NOTE 7. Debt and Credit Agreements , continued Credit Facility CSX has a $1.2 billion unsecured, revolving credit facility backed by a diverse syndicate of banks. This facility allows same-day borrowings at floating interest rates, based on LIBOR or an agreed-upon replacement reference rate, plus a spread that depends upon CSX's senior unsecured debt ratings. This facility expires in March 2024, and at June 30, 2022, the Company had no outstanding balances under this facility. Commitment fees and interest rates payable under the facility were similar to fees and rates available to comparably rated investment-grade borrowers. As of second quarter 2022, CSX was in compliance with all covenant requirements under this facility. Commercial Paper Under its commercial paper program, which is backed by the revolving credit facility, the Company may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $1.0 billion outstanding at any one time. Proceeds from issuances of the notes are expected to be used for general corporate purposes. At June 30, 2022, the Company had no outstanding debt under the commercial paper program.

Revenues

Revenues	6 Months Ended
Revenues	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Company’s revenues are primarily derived from the transportation of freight as performance obligations that arise from its contracts with customers are satisfied. The following table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: Second Quarters Six Months (Dollars in millions) 2022 2021 2022 2021 Chemicals $ 666 $ 606 $ 1,284 $ 1,186 Agricultural and Food Products 412 370 799 719 Automotive 268 216 495 452 Forest Products 251 233 479 453 Metals and Equipment 216 204 413 390 Minerals 170 152 314 277 Fertilizers 118 122 238 244 Total Merchandise 2,101 1,903 4,022 3,721 Intermodal 602 511 1,129 979 Coal 651 423 1,184 807 Trucking (a) 259 — 489 — Other 202 153 404 296 Total $ 3,815 $ 2,990 $ 7,228 $ 5,803 (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. NOTE 8. Revenues, continued 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. The average transit time to complete a rail shipment is between 2 to 8 days depending on market. Payments for transportation services are normally billed once a BOL is received and are generally due within 15 days after the invoice date. The Company recognizes revenue over transit time of freight as it moves from origin to destination. Revenue for services started but not completed at the reporting date is allocated based on the relative transit time in each reporting period, with the portion allocated for services subsequent to the reporting date considered remaining performance obligations. The certain key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: • revenue associated with shipments in transit, 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. This revenue is mostly comprised of truck shipments of chemicals and is recorded 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 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. NOTE 8. Revenues, continued During the second quarters and six months 2022 and 2021, revenue recognized from performance obligations related to prior periods (for example, due to changes in transaction price) was not material. Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date . This includes the unearned portion of billed and unbilled amounts for cancellable freight shipments in transit. The Company expects to recognize the unearned portion of revenue for freight services in transit within one week of the reporting date. As of June 30, 2022, 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 June 30, 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) June 30, December 31, Freight Receivables $ 1,142 $ 951 Freight Allowance for Credit Losses (14) (14) Freight Receivables, net 1,128 937 Non-Freight Receivables 375 225 Non-Freight Allowance for Credit Losses (14) (14) Non-Freight Receivables, net 361 211 Total Accounts Receivable, net $ 1,489 $ 1,148 Freight receivables include amounts earned, billed and unbilled , and currently due from customers for transportation-related services. Non-freight receivables include amounts billed and unbilled and currently due related to government reimbursement receivables and other non-revenue receivables. At June 30, 2022, non-freight receivables include a $124 million receivable related to the sale of property rights to the Commonwealth of Virginia. See Note 1, Nature of Operations and Significant Accounting Policies , for more details about this transaction. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary. Credit losses recognized on the Company’s accounts receivable were not material in the second quarters or six months 2022 and 2021.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Financial Instruments Topic in the ASC requires disclosures about fair value of financial instruments in annual reports as well as in quarterly reports. For CSX, this statement applies to certain investments, long-term debt and interest rate derivatives. Disclosure of the fair value of pension plan assets is only required annually. Also, this rule clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. Various inputs are considered when determining the value of the Company's investments, pension plan assets, long-term debt and interest rate derivatives. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. • Level 1 - observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.); and • Level 3 - significant unobservable inputs (including the Company's own assumptions about the assumptions market participants would use in determining the fair value of investments). The valuation methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Investments The Company's investment assets 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. The Company's investment assets are summarized in the following table. June 30, 2022 December 31, 2021 (Dollars in Millions) Level 1 Level 2 Total Level 1 Level 2 Total Fixed Income Mutual Funds $ 87 $ — $ 87 $ 75 $ — $ 75 Corporate Bonds — 52 52 — 63 63 Government Securities — 22 22 — 26 26 Total investments at fair value $ 87 $ 74 $ 161 $ 75 $ 89 $ 164 Total investments at amortized cost $ 163 $ 156 NOTE 9. Fair Value Measurements, continued These investments have the following maturities: (Dollars in millions) June 30, December 31, Less than 1 year $ 88 $ 77 1 - 5 years 25 28 5 - 10 years 10 12 Greater than 10 years 38 47 Total investments at fair value $ 161 $ 164 Long-term Debt Long-term debt is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs. The fair value of outstanding debt fluctuates with changes in a number of factors. Such factors include, but are not limited to, interest rates, market conditions, credit ratings, values of similar financial instruments, size of the transaction, cash flow projections and comparable trades. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued. The fair value of a company's debt is a measure of its current value under present market conditions. It does not impact the financial statements under current accounting rules. The fair value and carrying value of the Company's long-term debt is as follows: (Dollars in millions) June 30, December 31, Long-term Debt (Including Current Maturities): Fair Value $ 15,302 $ 19,439 Carrying Value 16,210 16,366 Interest Rate Derivatives The Company’s fixed-to-floating and forward starting interest rate swaps are carried at their respective fair values, which are determined with assistance from a third party based upon pricing models using inputs observed from actively quoted markets. All of the inputs used to determine the fair value of the swaps are Level 2 inputs. The fair value of the Company’s fixed-to-floating interest rate swaps was a liability of $72 million as of June 30, 2022. The fair value of the Company’s forward starting interest rate swap asset was $162 million and $91 million as of June 30, 2022 and December 31, 2021, respectively. See Note 7, Debt and Credit Agreements , for further information.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
Other Comprehensive Income (Loss)	Jun. 30, 2022
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 was $1.2 billion each for second quarters 2022 and 2021 and $2.1 billion and $1.9 billion for the six months 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. Changes in the AOCI balance by component are shown in the following table. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 6, Employee Benefit Plans , for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges. See Note 7, Debt and Credit Agreements , for further information. Other primarily represents CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in purchased services and other or equipment and other rents on the consolidated income statements. Pension and Other Post-Employment Benefits Interest Rate Derivatives Other Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Balance December 31, 2021, Net of Tax $ (431) $ 70 $ (47) $ (408) Other Comprehensive Income (Loss) Income Before Reclassifications — 71 — 71 Amounts Reclassified to Net Earnings 21 — (3) 18 Tax (Expense)/Benefit (5) (17) 3 (19) Total Other Comprehensive Income 16 54 — 70 Balance June 30, 2022, Net of Tax $ (415) $ 124 $ (47) $ (338)

Business Combinations

Business Combinations	6 Months Ended
Business Combinations	Jun. 30, 2022
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 allocation of the purchase price to assets acquired and liabilities assumed is based upon available information and is subject to change as preliminary values are reviewed. Any adjustments to the purchase price allocation will be made as soon as practicable but no later than one year from the date of acquisition. The closing price of $601 million was funded through a combination of common stock valued at $422 million and cash totaling $179 million, subject to certain customary purchase price adjustments. Total cash consideration paid to acquire the business includes a $30 million deposit paid in fourth quarter 2020. Cash payments made in second quarter 2022 are included in investing activities on the Company's consolidated cash flow statement. The preliminary 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 $ 23 Properties and Equipment 536 Goodwill 84 Investments in Affiliates 86 Other Assets 11 Total Assets Acquired $ 740 Liabilities Assumed: Accounts Payable and Accrued Liabilities $ 34 Deferred Tax Liability 83 Other Long-term Liabilities 22 Total Liabilities Assumed 139 Fair Value of Assets Acquired, Net of Liabilities Assumed: $ 601 Properties and equipment of $536 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 11. Business Combinations, continued The Company has incurred costs related to this acquisition of approximately $29 million, of which $18 million was incurred during second quarter 2022. 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 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, 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 $541 million in cash, 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. Goodwill recognized in the acquisition of $213 million was calculated as the excess of the consideration paid over the fair value of net assets assumed as of July 1, 2021 and relates primarily to the ability of CSX to extend the reach of its network and gain access to new products, markets, and regions through a unique and competitive multimodal solution that leverages the reach of truck transportation with the cost advantage of rail-based services. The goodwill recognized is deductible for tax purposes. Intangible assets acquired totaled $180 million and consisted of $150 million of customer relationships and $30 million of trade names amortized over a weighted-average period of 20 years and 15 years, respectively. The purchase price allocation was finalized as of December 31, 2021, and total measurement period adjustments to the preliminary allocation were immaterial. This acquisition is not material with respect to the Company’s financial statements when reviewed under the quantitative and qualitative considerations of Regulation S-X Article 11 and ASC Topic 805. As the acquisition is not material, CSX has not provided pro forma information relating to the pre-acquisition period. Other Acquisitions During the six months 2022, Quality Carriers completed several acquisitions of previous independent affiliates that were immaterial individually and in aggregate.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
Goodwill and Other Intangible Assets	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The following table presents activity related to goodwill and other intangible asset balances for the six months ended June 30, 2022. Goodwill Intangible Assets (Dollars in millions) Net Carrying Amount Cost Accumulated Amortization Net Carrying Amount Total Goodwill and Other Intangible Assets - Net Balance at December, 31, 2021 $ 276 $ 180 $ (5) $ 175 $ 451 Additions 101 10 — 10 111 Amortization — — (5) (5) (5) Balance at June, 30, 2022 $ 377 $ 190 $ (10) $ 180 $ 557 Additions to goodwill during the six months 2022 were comprised of $84 million in goodwill as a result of the Pan Am acquisition and $17 million in goodwill resulting from several acquisitions completed by Quality Carriers. Goodwill related to the Pan Am acquisition was calculated as the excess of the consideration paid over the fair value of net assets assumed as of June 1, 2022 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 the six months 2022, Quality Carriers completed several acquisitions that were immaterial individually and in aggregate that resulted in the addition of goodwill and other intangible assets.

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	In the opinion of management, the accompanying consolidated financial statements contain all normal, recurring adjustments necessary to fairly present the consolidated financial statements and accompanying notes. Where applicable, prior year information has been reclassified to conform to the current presentation. Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted from these interim financial statements. CSX suggests that these financial statements be read in conjunction with the audited financial statements and the notes included in CSX's most recent annual report on Form 10-K and any subsequently filed current reports on Form 8-K.
Fiscal Year	The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to “second quarter(s)” or “six months” indicate CSX's fiscal periods ending June 30, 2022 and June 30, 2021, and references to "year-end" indicate the fiscal year ended December 31, 2021.
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") will no longer be available beginning July 2023, this standard update provides practical expedients for contract modifications made as part of the transition from LIBOR to alternative reference rates. CSX's revolving line of credit currently uses LIBOR as a reference rate. This standard update can be adopted prospectively through December 31, 2022. The Company continues to evaluate the impact of this standard update, but does not anticipate that adoption will have a material impact on the Company's results of operations or financial position. In November 2021, the FASB issued ASU 2021-10, Disclosure by Business Entities about Government Assistance . This standard update requires annual disclosure of the nature of any government assistance received, accounting policies related to such assistance and the effect of that assistance on the entity’s financial statements. The Company will adopt this guidance effective year end 2022 and the standard update will not impact the Company's results of operations or financial position as the update only impacts disclosures.
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. The average transit time to complete a rail shipment is between 2 to 8 days depending on market. Payments for transportation services are normally billed once a BOL is received and are generally due within 15 days after the invoice date. The Company recognizes revenue over transit time of freight as it moves from origin to destination. Revenue for services started but not completed at the reporting date is allocated based on the relative transit time in each reporting period, with the portion allocated for services subsequent to the reporting date considered remaining performance obligations. The certain key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: • revenue associated with shipments in transit, 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. This revenue is mostly comprised of truck shipments of chemicals and is recorded 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 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. Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date . Freight receivables include amounts earned, billed and unbilled , and currently due from customers for transportation-related services. Non-freight receivables include amounts billed and unbilled and currently due related to government reimbursement receivables and other non-revenue receivables. At June 30, 2022, non-freight receivables include a $124 million receivable related to the sale of property rights to the Commonwealth of Virginia. See Note 1, Nature of Operations and Significant Accounting Policies , for more details about this transaction. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary.
Fair Value Measurements	The Financial Instruments Topic in the ASC requires disclosures about fair value of financial instruments in annual reports as well as in quarterly reports. For CSX, this statement applies to certain investments, long-term debt and interest rate derivatives. Disclosure of the fair value of pension plan assets is only required annually. Also, this rule clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. Various inputs are considered when determining the value of the Company's investments, pension plan assets, long-term debt and interest rate derivatives. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. • Level 1 - observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.); and • Level 3 - significant unobservable inputs (including the Company's own assumptions about the assumptions market participants would use in determining the fair value of investments). The valuation methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Investments The Company's investment assets 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. Long-term Debt Long-term debt is reported at carrying amount on the consolidated balance sheets and is the Company's only financial instrument with fair values significantly different from their carrying amounts. The majority of the Company's long-term debt is valued with assistance from a third party that utilizes closing transactions, market quotes or market values of comparable debt. For those instruments not valued by the third party, the fair value has been estimated by applying market rates of similar instruments to the scheduled contractual debt payments and maturities. These market rates are provided by the same third party. All of the inputs used to determine the fair value of the Company's long-term debt are Level 2 inputs.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic Earnings Per Share, Assuming Dilution	The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution. Second Quarters Six Months 2022 2021 2022 2021 Numerator (Dollars in millions) : Net Earnings $ 1,178 $ 1,173 $ 2,037 $ 1,879 Denominator (Units in millions) : Average Common Shares Outstanding 2,158 2,270 2,173 2,276 Other Potentially Dilutive Common Shares 5 5 5 5 Average Common Shares Outstanding, Assuming Dilution 2,163 2,275 2,178 2,281 Net Earnings Per Share, Basic $ 0.55 $ 0.52 $ 0.94 $ 0.83 Net Earnings Per Share, Assuming Dilution $ 0.54 $ 0.52 $ 0.94 $ 0.82
Schedule of Total Average Outstanding Stock Options Excluded from Diluted Earnings Per Share Calculation	The total average outstanding stock options that were excluded from the diluted earnings per share calculation because their effect was antidilutive is in the table below. Second Quarters Six Months 2022 2021 2022 2021 Antidilutive Stock Options Excluded from Diluted EPS (Millions) 3 2 3 2
Schedule of Share Repurchased by the Company	During second quarters and six months ended 2022 and 2021, the Company engaged in the following repurchase activities: Second Quarters Six Months 2022 2021 2022 2021 Shares Repurchased (Millions) (a) 47 22 76 40 Cost of Shares (Dollars in millions) $ 1,499 $ 701 $ 2,515 $ 1,252 (a) For second quarter and six months 2021, shares repurchased includes 3 million shares that were purchased in June 2021, but were not retired until July 1st, 2021, due to timing of the stock split that occurred on June 28, 2021. These shares are reflected as outstanding as of June 30, 2021, on the consolidated statement of changes in shareholder's equity.

Stock Plans and Share-Based C_2

Stock Plans and Share-Based Compensation (Tables)	6 Months Ended
Stock Plans and Share-Based Compensation (Tables)	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Pre-tax Expense and Income Tax Benefits Associated with Share-Based Compensation	Total pre-tax expense and income tax benefits associated with share-based compensation are shown in the table below. Income tax benefits include impacts from option exercises and the vesting of other equity awards. Second Quarters Six Months (Dollars in millions) 2022 2021 2022 2021 Share-Based Compensation Expense: Performance Units $ 6 $ 20 $ 26 $ 38 Stock Options 3 4 10 10 Restricted Stock Units and Awards 3 2 9 7 Stock Awards for Directors — — 2 2 Employee Stock Purchase Plan 1 1 2 2 Total Share-Based Compensation Expense $ 13 $ 27 $ 49 $ 59 Income Tax Benefit $ 3 $ 6 $ 12 $ 15
Schedule of Weighted Average Assumptions Used for Performance Units	The fair values of the performance units awarded during the second quarters and six months 2022 and 2021 were primarily calculated using a Monte-Carlo simulation model with the following weighted-average assumptions: Second Quarters Six Months 2022 2021 2022 2021 Weighted-Average Assumptions Used: Risk-free Interest Rate 2.8 % 0.2 % 1.8 % 0.2 % Annualized Volatility 33.8 % 34.3 % 33.0 % 33.6 % Expected Life (in years) 2.7 2.6 2.9 2.9
Schedule of Fair Value Assumptions Used for Stock Options	The fair values of all stock option awards during the quarters and six months ended June 30, 2022 and June 30, 2021 were estimated at the grant date with the following weighted average assumptions: Second Quarters Six Months 2022 2021 2022 2021 Weighted-Average Grant Date Fair Value $ 10.65 $ 9.18 $ 10.13 $ 7.89 Weighted-Average Assumptions Used: Annual Dividend Yield 1.1 % 1.1 % 1.1 % 1.2 % Risk-Free Interest Rate 2.7 % 1.0 % 1.9 % 0.7 % Annualized Volatility 30.3 % 31.0 % 30.1 % 31.2 % Expected Life (in years) 6.1 6.0 6.0 6.0 Other Pricing Model Inputs: Weighted-Average Grant Date Market Price of CSX Stock (strike price) $ 35.07 $ 33.35 $ 35.15 $ 29.53
Schedule of Shares Issued Under Employee Stock Purchase Plan	During the six months ended June 30, 2022 and June 30, 2021, the Company issued the following shares: Six Months 2022 2021 Shares issued (in thousands) 326 396 Weighted average purchase price per share $ 27.44 $ 19.33

Casualty, Environmental and O_2

Casualty, Environmental and Other Reserves (Tables)	6 Months Ended
Casualty, Environmental and Other Reserves (Tables)	Jun. 30, 2022
Casualty, Environmental and Other Reserves [Abstract]
Schedule of Casualty, Environmental and Other Reserves	Casualty, environmental and other reserves are provided for in the consolidated balance sheets as shown in the table below. June 30, 2022 December 31, 2021 (Dollars in millions) Current Long-term Total Current Long-term Total Casualty: Personal Injury $ 31 $ 95 $ 126 $ 37 $ 81 $ 118 Occupational 7 55 62 7 55 62 Total Casualty 38 150 188 44 136 180 Environmental 40 93 133 37 71 108 Other 35 47 82 37 43 80 Total $ 113 $ 290 $ 403 $ 118 $ 250 $ 368

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
Employee Benefit Plans (Tables)	Jun. 30, 2022
Retirement Benefits [Abstract]
Schedule of Components of Expense/(Income) Related to Net Benefit Expense	Pension Benefits Cost Second Quarters Six Months (Dollars in millions) 2022 2021 2022 2021 Service Cost Included in Labor and Fringe $ 8 $ 9 $ 16 $ 18 Interest Cost 16 13 32 27 Expected Return on Plan Assets (47) (47) (94) (93) Amortization of Net Loss 13 19 25 37 Total Included in Other Income - Net (18) (15) (37) (29) Net Periodic Benefit Credit $ (10) $ (6) $ (21) $ (11) Other Post-retirement Benefits Cost Second Quarters Six Months (Dollars in millions) 2022 2021 2022 2021 Service Cost Included in Labor and Fringe $ — $ — $ — $ — Interest Cost 1 1 1 1 Amortization of Prior Service Credits (2) (3) (3) (4) Total Included in Other Income - Net (1) (2) (2) (3) Net Periodic Benefit Credit $ (1) $ (2) $ (2) $ (3)

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	6 Months Ended
Debt and Credit Agreements (Tables)	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Activity Related to Long-Term Debt	Total activity related to long-term debt as of the end of second quarter 2022 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements . (Dollars in millions) Current Portion Long-term Portion Total Long-term Debt as of December 31, 2021 $ 181 $ 16,185 $ 16,366 2022 Activity: Long-term Debt Repaid (93) — (93) Reclassifications 147 (147) — Hedging, Discount, Premium and Other Activity 1 (64) (63) Long-term Debt as of June 30, 2022 $ 236 $ 15,974 $ 16,210
Schedule of Interest Rate Derivatives	The amounts recorded in long-term debt on the consolidated balance sheet related to these fair value hedges is summarized in the table below. (Dollars in millions) June 30, 2022 Notional Value of Hedged Notes $ 800 Cumulative Fair Value Adjustment to Hedged Notes (72) Carrying Amount of Hedged Notes $ 728

Revenues (Tables)

Revenues (Tables)	6 Months Ended
Revenues (Tables)	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Lines of Business	The following table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: Second Quarters Six Months (Dollars in millions) 2022 2021 2022 2021 Chemicals $ 666 $ 606 $ 1,284 $ 1,186 Agricultural and Food Products 412 370 799 719 Automotive 268 216 495 452 Forest Products 251 233 479 453 Metals and Equipment 216 204 413 390 Minerals 170 152 314 277 Fertilizers 118 122 238 244 Total Merchandise 2,101 1,903 4,022 3,721 Intermodal 602 511 1,129 979 Coal 651 423 1,184 807 Trucking (a) 259 — 489 — Other 202 153 404 296 Total $ 3,815 $ 2,990 $ 7,228 $ 5,803 (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) June 30, December 31, Freight Receivables $ 1,142 $ 951 Freight Allowance for Credit Losses (14) (14) Freight Receivables, net 1,128 937 Non-Freight Receivables 375 225 Non-Freight Allowance for Credit Losses (14) (14) Non-Freight Receivables, net 361 211 Total Accounts Receivable, net $ 1,489 $ 1,148

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Investment Assets	The Company's investment assets are summarized in the following table. June 30, 2022 December 31, 2021 (Dollars in Millions) Level 1 Level 2 Total Level 1 Level 2 Total Fixed Income Mutual Funds $ 87 $ — $ 87 $ 75 $ — $ 75 Corporate Bonds — 52 52 — 63 63 Government Securities — 22 22 — 26 26 Total investments at fair value $ 87 $ 74 $ 161 $ 75 $ 89 $ 164 Total investments at amortized cost $ 163 $ 156
Schedule of Investment Maturities	These investments have the following maturities: (Dollars in millions) June 30, December 31, Less than 1 year $ 88 $ 77 1 - 5 years 25 28 5 - 10 years 10 12 Greater than 10 years 38 47 Total investments at fair value $ 161 $ 164
Schedule of Fair Value and Carrying Value of Long-Term Debt	The fair value and carrying value of the Company's long-term debt is as follows: (Dollars in millions) June 30, December 31, Long-term Debt (Including Current Maturities): Fair Value $ 15,302 $ 19,439 Carrying Value 16,210 16,366

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
Other Comprehensive Income (Loss) (Tables)	Jun. 30, 2022
Equity [Abstract]
Schedule of Changes in AOCI balance by Component	Changes in the AOCI balance by component are shown in the following table. Amounts reclassified in pension and other post-employment benefits to net earnings relate to the amortization of actuarial losses and are included in other income - net on the consolidated income statements. See Note 6, Employee Benefit Plans , for further information. Interest rate derivatives consist of forward starting interest rate swaps classified as cash flow hedges. See Note 7, Debt and Credit Agreements , for further information. Other primarily represents CSX's share of AOCI of equity method investees. Amounts reclassified in other to net earnings are included in purchased services and other or equipment and other rents on the consolidated income statements. Pension and Other Post-Employment Benefits Interest Rate Derivatives Other Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Balance December 31, 2021, Net of Tax $ (431) $ 70 $ (47) $ (408) Other Comprehensive Income (Loss) Income Before Reclassifications — 71 — 71 Amounts Reclassified to Net Earnings 21 — (3) 18 Tax (Expense)/Benefit (5) (17) 3 (19) Total Other Comprehensive Income 16 54 — 70 Balance June 30, 2022, Net of Tax $ (415) $ 124 $ (47) $ (338)

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
Business Combinations (Tables)	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary Allocation of Total Consideration to Fair Value of Assets and Liabilities of Quality Carriers	The preliminary 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 $ 23 Properties and Equipment 536 Goodwill 84 Investments in Affiliates 86 Other Assets 11 Total Assets Acquired $ 740 Liabilities Assumed: Accounts Payable and Accrued Liabilities $ 34 Deferred Tax Liability 83 Other Long-term Liabilities 22 Total Liabilities Assumed 139 Fair Value of Assets Acquired, Net of Liabilities Assumed: $ 601

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
Goodwill and Other Intangible Assets (Tables)	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The following table presents activity related to goodwill and other intangible asset balances for the six months ended June 30, 2022. Goodwill Intangible Assets (Dollars in millions) Net Carrying Amount Cost Accumulated Amortization Net Carrying Amount Total Goodwill and Other Intangible Assets - Net Balance at December, 31, 2021 $ 276 $ 180 $ (5) $ 175 $ 451 Additions 101 10 — 10 111 Amortization — — (5) (5) (5) Balance at June, 30, 2022 $ 377 $ 190 $ (10) $ 180 $ 557

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies (Details) $ in Millions	1 Months Ended		3 Months Ended				6 Months Ended
	Jun. 30, 2022 USD ($) state mi	Apr. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) state mi	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) state mi	Jun. 30, 2021 USD ($)	Mar. 26, 2021 USD ($) phase property
Revenue from External Customer [Line Items]
Number of rail route miles \| mi	20,000		20,000				20,000
Number of states rail network serves \| state	26		26				26
Proceeds from property dispositions							$ 29	$ 227
Gain recognized on property dispositions			$ 129			$ 367	$ 156	$ 370
Virginia Line Segments
Revenue from External Customer [Line Items]
Number of property rights for sale \| property									3
Number of phases to complete property rights sale transaction \| phase									3
Total sale price									$ 525
Proceeds from property dispositions		$ 200			$ 200
Gain recognized on property dispositions		$ 349	$ 122	$ 20
Sale price, period approved amount	$ 125

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic Earnings Per Share, Assuming Dilution (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net Earnings	$ 1,178	$ 859	$ 1,173	$ 706	$ 2,037	$ 1,879
Denominator:
Average Common Shares Outstanding (in shares)	2,158		2,270		2,173	2,276
Other Potentially Dilutive Common Shares (in shares)	5		5		5	5
Average Common Shares Outstanding, Assuming Dilution (in shares)	2,163		2,275		2,178	2,281
Net Earnings Per Share, Basic (in dollars per share)	$ 0.55		$ 0.52		$ 0.94	$ 0.83
Net Earnings Per Share, Assuming Dilution (in dollars per share)	$ 0.54		$ 0.52		$ 0.94	$ 0.82

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Stock Options Excluded from Diluted Earnings Per Share Calculation (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Stock Options Excluded from Diluted EPS (in shares)	3	2	3	2

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
Earnings Per Share - Narrative (Details) - USD ($)	Feb. 28, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jul. 19, 2022	Oct. 21, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Remaining share repurchase authority amount		$ 488,000,000
Increase in quarterly dividend percentage	7%
Common stock dividends (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.093	$ 0.093
October 2020 program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized share repurchase program amount							$ 5,000,000,000
July 2022 program \| Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized share repurchase program amount						$ 5,000,000,000

Earnings Per Share - Share Repu

Earnings Per Share - Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Jul. 01, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Shares Repurchased (in shares)	3	47	22	76	40
Cost of Shares		$ 1,499	$ 701	$ 2,515	$ 1,252

Stock Plans and Share-Based C_3

Stock Plans and Share-Based Compensation - Pre-tax Expense and Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 13	$ 27	$ 49	$ 59
Income Tax Benefit	3	6	12	15
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	6	20	26	38
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	3	4	10	10
Restricted Stock Units and Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	3	2	9	7
Stock Awards for Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	0	0	2	2
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 1	$ 1	$ 2	$ 2

Stock Plans and Share-Based C_4

Stock Plans and Share-Based Compensation - Narrative (Details)		1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2018 USD ($) shares	Feb. 28, 2022 shares	Jun. 30, 2022 shares	Jun. 30, 2021 shares	Jun. 30, 2022 shares	Jun. 30, 2021 shares
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (split-adjusted) (in shares)		1,600,000
LTIP \| Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of grants with performance vesting, average annual operating income growth		0.50
Percentage of grants with performance vesting, cumulative free cash flow		50%
Number of equivalent shares of CSX common stock per unit of award (in shares)		1
LTIP \| Performance Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants		0%
LTIP \| Performance Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants		200%
LTIP \| Performance Units \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (split-adjusted) (in shares)		494,000
LTIP \| Performance Units \| Certain Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payout subject to upward or downward adjustment (up to)		0.25
LTIP \| Performance Units \| Certain Executive Officers \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage range for participants		250%
LTIP \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock options (in years)		10 years
Award vesting period (in years)		3 years
LTIP \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (split-adjusted) (in shares)		452,000
Number of equivalent shares of CSX common stock per unit of award (in shares)		1
Award vesting period (in years)		3 years
ESPP \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock registered for ESPP (in shares)	12,000,000
Minimum payroll deduction percentage	1%
Maximum payroll deduction percentage	10%
Maximum stock value available for purchase \| $	$ 25,000
Percentage of shares market price	85%
Share offering period	6 months
Shares issued (in shares)			0	0	326,000	396,000

Stock Plans and Share-Based C_5

Stock Plans and Share-Based Compensation - Weighted Average Assumptions Used for Performance Units (Details) - Performance Units	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Weighted-Average Assumptions Used:
Risk-free Interest Rate	2.80%	0.20%	1.80%	0.20%
Annualized Volatility	33.80%	34.30%	33%	33.60%
Expected Life (in years)	2 years 8 months 12 days	2 years 7 months 6 days	2 years 10 months 24 days	2 years 10 months 24 days

Stock Plans and Share-Based C_6

Stock Plans and Share-Based Compensation - Fair Value Assumptions Used for Stock Options (Details) - Stock Options - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value (in dollars per share)	$ 10.65	$ 9.18	$ 10.13	$ 7.89
Weighted-Average Assumptions Used:
Annual Dividend Yield	1.10%	1.10%	1.10%	1.20%
Risk-free Interest Rate	2.70%	1%	1.90%	0.70%
Annualized Volatility	30.30%	31%	30.10%	31.20%
Expected Life (in years)	6 years 1 month 6 days	6 years	6 years	6 years
Other Pricing Model Inputs:
Weighted-Average Grant Date Market Price of CSX Stock (strike price) (in dollars per share)	$ 35.07	$ 33.35	$ 35.15	$ 29.53

Stock Plans and Share-Based C_7

Stock Plans and Share-Based Compensation - Shares Issued Under Employee Stock Purchase Plan (Details) - ESPP - Employee Stock Purchase Plan - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	0	0	326	396
Weighted average purchase price per share (in dollars per share)			$ 27.44	$ 19.33

Casualty, Environmental and O_3

Casualty, Environmental and Other Reserves - Schedule of Casualty, Environmental and Other Reserves (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Current	$ 113	$ 118
Long-term	290	250
Total	403	368
Total Casualty
Loss Contingencies [Line Items]
Current	38	44
Long-term	150	136
Total	188	180
Personal Injury
Loss Contingencies [Line Items]
Current	31	37
Long-term	95	81
Total	126	118
Occupational
Loss Contingencies [Line Items]
Current	7	7
Long-term	55	55
Total	62	62
Environmental
Loss Contingencies [Line Items]
Current	40	37
Long-term	93	71
Total	133	108
Other
Loss Contingencies [Line Items]
Current	35	37
Long-term	47	43
Total	$ 82	$ 80

Casualty, Environmental and O_4

Casualty, Environmental and Other Reserves - Narrative (Details)			6 Months Ended
	Jun. 01, 2021 USD ($)	May 31, 2021 USD ($)	Jun. 30, 2022 USD ($) site claim	Dec. 31, 2021 USD ($)
All Contingencies Reserves [Line Items]
Total reserves			$ 403,000,000	$ 368,000,000
Casualty
All Contingencies Reserves [Line Items]
Total reserves			188,000,000	180,000,000
Self-insured retention amount, per occurrence	$ 100,000,000	$ 75,000,000	$ 100,000,000
Number of individual claims expected to exceed self insured retention amount \| claim			0
Environmental
All Contingencies Reserves [Line Items]
Total reserves			$ 133,000,000	108,000,000
Environmental impaired sites \| site			230
Other
All Contingencies Reserves [Line Items]
Total reserves			$ 82,000,000	$ 80,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details)			1 Months Ended			6 Months Ended
Commitments and Contingencies (Details)	Jun. 01, 2021 USD ($)	May 31, 2021 USD ($)	Jun. 30, 2018 defendant	Mar. 31, 2016 party mi	May 31, 2007 claim entity	Jun. 30, 2022 USD ($) mi
Loss Contingencies [Line Items]
Casualty and catastrophic property deductible						$ 100,000,000
Casualty and non catastrophic property deductible						$ 75,000,000
Environmental
Loss Contingencies [Line Items]
Number of miles subject to remediation \| mi				8
Number of parties participating in allocation process under study \| party				80
Number of parties \| defendant			110
Pending Litigation \| Fuel Surcharge Antitrust Litigation
Loss Contingencies [Line Items]
Class action lawsuits filed against U.S.-based Class I railroads, excluding CSXT (number of entities) \| entity					3
Number of consolidated class action lawsuits \| claim					1
Pending Litigation \| Environmental
Loss Contingencies [Line Items]
Number of miles pertaining to Passaic River tidal reach required to be studied by EPA \| mi						17
Minimum \| Pending Litigation
Loss Contingencies [Line Items]
Possible loss for certain legal proceedings						$ 2,000,000
Maximum \| Pending Litigation
Loss Contingencies [Line Items]
Possible loss for certain legal proceedings						20,000,000
Total Casualty
Loss Contingencies [Line Items]
Self-insured retention amount, per occurrence (up to)	$ 100,000,000	$ 75,000,000				$ 100,000,000

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($)	Jan. 01, 2020	Jan. 01, 2019	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Expected contributions to the Company's qualified pension plans in 2022			$ 0
Other Post-retirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Life insurance and contributions to the medical program for eligible retirees will be eliminated (younger than)		65 years
Life insurance and contributions to the medical program for eligible retirees will be eliminated (older than)	65 years

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension Benefits Cost
Components of expense/ (income) related to net benefit expense:
Service Cost Included in Labor and Fringe	$ 8	$ 9	$ 16	$ 18
Interest Cost	16	13	32	27
Expected Return on Plan Assets	(47)	(47)	(94)	(93)
Amortization of Net Loss	13	19	25	37
Total Included in Other Income - Net	(18)	(15)	(37)	(29)
Net Periodic Benefit Credit	(10)	(6)	(21)	(11)
Other Post-retirement Benefits Cost
Components of expense/ (income) related to net benefit expense:
Service Cost Included in Labor and Fringe	0	0	0	0
Interest Cost	1	1	1	1
Amortization of Prior Service Credits	(2)	(3)	(3)	(4)
Total Included in Other Income - Net	(1)	(2)	(2)	(3)
Net Periodic Benefit Credit	$ (1)	$ (2)	$ (2)	$ (3)

Debt and Credit Agreements - Ac

Debt and Credit Agreements - Activity Related to Long-Term Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Movement, Debt Instruments [Roll Forward]
Long-term Debt as of December 31, 2021, Current Portion	$ 181
Long-term Debt as of December 31, 2021, Long-term Portion	16,185
Long-term Debt as of December 31, 2021, Total	16,366
Long-term Debt Repaid	(93)	$ (360)
Reclassifications	0
Hedging, Discount, Premium and Other Activity	(63)
Long-term Debt as of June 30, 2022, Current Portion	236
Long-term Debt as of June 30, 2022, Long-term Portion	15,974
Long-term Debt as of June 30, 2022, Total	16,210
Current Portion
Movement, Debt Instruments [Roll Forward]
Long-term Debt as of December 31, 2021, Current Portion	181
Long-term Debt Repaid	(93)
Reclassifications	147
Hedging, Discount, Premium and Other Activity	1
Long-term Debt as of June 30, 2022, Current Portion	236
Long-term Portion
Movement, Debt Instruments [Roll Forward]
Long-term Debt as of December 31, 2021, Long-term Portion	16,185
Long-term Debt Repaid	0
Reclassifications	(147)
Hedging, Discount, Premium and Other Activity	(64)
Long-term Debt as of June 30, 2022, Long-term Portion	$ 15,974

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details)	3 Months Ended			6 Months Ended
Debt and Credit Agreements - Narrative (Details)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) swap	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 09, 2020 USD ($)
Commercial Paper
Line of Credit Facility
Maximum borrowing capacity of credit facility	$ 1,000,000,000			$ 1,000,000,000
Borrowings outstanding	0			0
Fixed Rate Notes Due Between 2036 and 2040
Line of Credit Facility
Debt issued	800,000,000	$ 800,000,000		800,000,000
3.25% Notes Due 2027
Line of Credit Facility
Debt issued							$ 850,000,000
Debt interest rate							3.25%
Unsecured Revolving Credit Facility Expiring March 2024 \| Credit Facility
Line of Credit Facility
Maximum borrowing capacity of credit facility	1,200,000,000			1,200,000,000
Borrowings outstanding	0			0
Fixed-to-Floating Interest Rate Swap \| Fair Value Hedging
Line of Credit Facility
Derivative, number of fair value hedges \| swap		5
Derivative, term of contract		10 years
Designated as Hedging Instrument \| Fixed-to-Floating Interest Rate Swap \| Fair Value Hedging
Line of Credit Facility
Fair value hedge derivative instrument liabilities at fair value	72,000,000			72,000,000
Designated as Hedging Instrument \| Forward Starting Interest Rate Swap \| Cash Flow Hedge
Line of Credit Facility
Aggregate notional value of interest forward interest rate swap	162,000,000			162,000,000		$ 91,000,000	$ 500,000,000
Cash flow hedge derivative instrument assets at fair value	162,000,000			162,000,000		$ 91,000,000
Unrealized gains (losses) recorded net of tax in other comprehensive income related to hedge	$ 33,000,000		$ (35,000,000)	$ 54,000,000	$ 21,000,000

Debt and Credit Agreements - Sc

Debt and Credit Agreements - Schedule of Interest Rate Derivatives (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Fixed-to-Floating Interest Rate Swap \| Fair Value Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Cumulative Fair Value Adjustment to Hedged Notes	$ (72,000,000)
Carrying Amount of Hedged Notes	728,000,000
Fixed Rate Notes Due Between 2036 and 2040
Derivative [Line Items]
Notional Value of Hedged Notes	$ 800,000,000	$ 800,000,000

Revenues - Revenues Disaggregat

Revenues - Revenues Disaggregated by Lines of Business (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 3,815	$ 2,990	$ 7,228	$ 5,803
Total Merchandise
Disaggregation of Revenue [Line Items]
Revenue	2,101	1,903	4,022	3,721
Chemicals
Disaggregation of Revenue [Line Items]
Revenue	666	606	1,284	1,186
Agricultural and Food Products
Disaggregation of Revenue [Line Items]
Revenue	412	370	799	719
Automotive
Disaggregation of Revenue [Line Items]
Revenue	268	216	495	452
Forest Products
Disaggregation of Revenue [Line Items]
Revenue	251	233	479	453
Metals and Equipment
Disaggregation of Revenue [Line Items]
Revenue	216	204	413	390
Minerals
Disaggregation of Revenue [Line Items]
Revenue	170	152	314	277
Fertilizers
Disaggregation of Revenue [Line Items]
Revenue	118	122	238	244
Intermodal
Disaggregation of Revenue [Line Items]
Revenue	602	511	1,129	979
Coal
Disaggregation of Revenue [Line Items]
Revenue	651	423	1,184	807
Trucking
Disaggregation of Revenue [Line Items]
Revenue	259	0	489	0
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 202	$ 153	$ 404	$ 296

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after invoice date	15 days
Expected period to recognized unearned portion of revenue for freight services in transit	The Company expects to recognize the unearned portion of revenue for freight services in transit within one week of the reporting date.
Non-Freight Receivables
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount related to conveyance of an easement included in non-freight receivables	$ 375	$ 225
Non-Freight Receivables \| Virginia Line Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount related to conveyance of an easement included in non-freight receivables	$ 124
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Average transit time to complete a rail shipment	2 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Average transit time to complete a rail shipment	8 days

Revenues - Accounts Receivable,

Revenues - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accounts Receivable, net	$ 1,489	$ 1,148
Freight Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, gross	1,142	951
Allowance for Credit Losses	(14)	(14)
Total Accounts Receivable, net	1,128	937
Non-Freight Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, gross	375	225
Allowance for Credit Losses	(14)	(14)
Total Accounts Receivable, net	$ 361	$ 211

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Investment Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	$ 161	$ 164
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at amortized cost	163		$ 156
Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	87		75
Level 1 \| Fair Value \| Fixed Income Mutual Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	87		75
Level 1 \| Fair Value \| Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	0		0
Level 1 \| Fair Value \| Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	0		0
Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	74		89
Level 2 \| Fair Value \| Fixed Income Mutual Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	0		0
Level 2 \| Fair Value \| Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	52		63
Level 2 \| Fair Value \| Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	22		26
Total \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	161		164
Total \| Fair Value \| Fixed Income Mutual Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	87		75
Total \| Fair Value \| Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	52		63
Total \| Fair Value \| Government Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial Paper	$ 22		$ 26

Fair Value Measurements - Inves

Fair Value Measurements - Investment Maturities (Details) - Fair Value - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Less than 1 year	$ 88	$ 77
1 - 5 years	25	28
5 - 10 years	10	12
Greater than 10 years	38	47
Total investments at fair value	$ 161	$ 164

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value and Carrying Value of Long-Term Debt (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt (Including Current Maturities)	$ 15,302	$ 19,439
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt (Including Current Maturities)	$ 16,210	$ 16,366

Fair Value Measurements - Inter

Fair Value Measurements - Interest Rate Derivatives (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jul. 09, 2020
Fixed-to-Floating Interest Rate Swap \| Fair Value Hedging
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liability value of fixed-to-floating interest rate swap	$ 72
Forward Starting Interest Rate Swap \| Cash Flow Hedge
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset value of the forward interest rate swap	$ 162	$ 91	$ 500

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Total comprehensive earnings, net of tax	$ 1,217	$ 890	$ 1,152	$ 774	$ 2,107	$ 1,926

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Changes in AOCI Balance by Component (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended
	Jun. 30, 2022		Mar. 31, 2022		Jun. 30, 2021		Mar. 31, 2021		Jun. 30, 2022
Other Comprehensive Income (Loss)
Income Before Reclassifications									$ 71
Amounts Reclassified to Net Earnings									18
Tax (Expense)/Benefit									(19)
Total Other Comprehensive Income	$ 39		$ 31		$ (21)		$ 68		70
Pension and Other Post-Employment Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2021, Net of Tax			(431)						(431)
Other Comprehensive Income (Loss)
Income Before Reclassifications									0
Amounts Reclassified to Net Earnings									21
Tax (Expense)/Benefit									(5)
Total Other Comprehensive Income									16
Balance June 30, 2022, Net of Tax	(415)								(415)
Interest Rate Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2021, Net of Tax			70						70
Other Comprehensive Income (Loss)
Income Before Reclassifications									71
Amounts Reclassified to Net Earnings									0
Tax (Expense)/Benefit									(17)
Total Other Comprehensive Income									54
Balance June 30, 2022, Net of Tax	124								124
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2021, Net of Tax			(47)						(47)
Other Comprehensive Income (Loss)
Income Before Reclassifications									0
Amounts Reclassified to Net Earnings									(3)
Tax (Expense)/Benefit									3
Total Other Comprehensive Income									0
Balance June 30, 2022, Net of Tax	(47)								(47)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance December 31, 2021, Net of Tax			(408)						(408)
Other Comprehensive Income (Loss)
Total Other Comprehensive Income	39	[1]	$ 31	[1]	$ (21)	[2]	$ 68	[2]
Balance June 30, 2022, Net of Tax	$ (338)								$ (338)

[1]Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $99 million and $88 million as of first and second quarters 2022, respectively. For additional information, see Note 10, Other Comprehensive Income.[2]Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $137 million and $142 million as of first and second quarters 2021, respectively. For additional information, see Note 10, Other Comprehensive Income.

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Millions			3 Months Ended		6 Months Ended	19 Months Ended
Business Combinations - Narrative (Details) $ in Millions	Jun. 01, 2022 USD ($) mi	Jul. 01, 2021 USD ($) terminalAndFacility	Jun. 30, 2022 USD ($) mi	Dec. 31, 2020 USD ($)	Jun. 30, 2022 USD ($) mi	Jun. 30, 2022 USD ($) mi	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Number of rail route miles \| mi			20,000		20,000	20,000
Goodwill			$ 377		$ 377	$ 377	$ 276
Intangible assets acquired					$ 10
Pan Am Systems, Inc.
Business Acquisition [Line Items]
Business combination, closing price	$ 601
Business combination, common stock issued	422
Purchase price in cash paid for acquisition	179
Payments for deposits				$ 30
Properties acquired	536
Acquisition related costs			$ 18			$ 29
Goodwill	$ 84
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]
Purchase price in cash paid for acquisition		$ 541
Cash and cash equivalents acquired		3
Goodwill		213
Intangible assets acquired		180
Quality Carriers, Inc. \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets acquired		$ 150
Amortization period of intangible assets acquired		20 years
Quality Carriers, Inc. \| Trade Names
Business Acquisition [Line Items]
Intangible assets acquired		$ 30
Amortization period of intangible assets acquired		15 years
Quality Carriers, Inc. \| Quality Carriers, Inc. \| United States, Canada and Mexico
Business Acquisition [Line Items]
Number of terminals and facilities (over) \| terminalAndFacility		100

Business Combinations - Prelimi

Business Combinations - Preliminary Allocation of Total Consideration to Fair Value of Assets and Liabilities of Quality Carriers (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 01, 2022	Dec. 31, 2021
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill	$ 377		$ 276
Pan Am Systems, Inc.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Accounts Receivable		$ 23
Properties and Equipment		536
Goodwill		84
Investments in Affiliates		86
Other Assets		11
Total Assets Acquired		740
Liabilities Assumed:
Accounts Payable and Accrued Liabilities		34
Deferred Tax Liability		83
Other Long-term Liabilities		22
Total Liabilities Assumed		139
Fair Value of Assets Acquired, Net of Liabilities Assumed:		$ 601

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Goodwill
Beginning Balance	$ 276
Additions	101
Ending Balance	377
Intangible Assets
Beginning Balance, Cost	180
Intangible assets acquired	10
Ending Balance, Cost	190
Beginning Balance, Accumulated Amortization	(5)
Amortization	(5)
Ending Balance, Accumulated Amortization	(10)
Net Carrying Amount	180	$ 175
Total Goodwill and Other Intangible Assets - Net
Beginning Balance	451
Additions	111
Amortization	(5)
Ending Balance	$ 557

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Line Items]
Goodwill, acquired during period	$ 101
Pan-Am
Goodwill [Line Items]
Goodwill, acquired during period	84
Series of Individually Immaterial Business Acquisitions \| Quality Carriers, Inc.
Goodwill [Line Items]
Goodwill, acquired during period	$ 17