The company's financial position is excellent, and shareholders will receive continued payoffs in dividend growth and stock appreciation. Over the coming decade the expectation will be that CSX expands into the western U.S. with mergers or acquisitions of smaller regional railroads. In so doing the company will continue its delivery of shareholder value by capitalizing on the tremendous growth in coal exports, domestic consumer demand, and intermodal connectivity.
References
CNBC.com. (March 19, 2012). CSX Corporation Quote. CNBC.com. PP. 1. Retrieved
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CNBC.com. (November 3, 2009). CNBC Transcript: Warren Buffett Explains His
Railroad 'All-in Bet' on America. CNBC.com. PP. 1. Retrieved March 19, 2012 from http://www.cnbc.com/id/33603477/CNBC_Transcript_Warren_Buffett_Explains_His_Railroad_All_In_Bet_on_America
CNNMoney.com. (2011). Fortune 500. CSX. CNNMoney.com. PP. 1. Retrieved March
19, 2012 from http://money.cnn.com/magazines/fortune/fortune500/2011/snapshots/2069.html
CSX Corporation. (December 30, 2011). Annual SEC 10-K Filing. CSX Corporation. PP.
1-129. Retrieved March 19, 2012 from http://investors.csx.com/phoenix.zhtml?c=92932&p=irol-reportsannual
CSX Corporation. (2009). Annual Report. CSX Corporation. PP. 1-159. Retrieved March
19, 2012 from http://investors.csx.com/phoenix.zhtml?c=92932&p=irol-reportsannual
CSX Corporation. (2010). Annual Report. CSX Corporation. PP. 1-147. Retrieved March
19, 2012 from http://investors.csx.com/phoenix.zhtml?c=92932&p=irol-reportsannual
CSX.com. (2012). Mission Statement. CSX.com. PP. 1. Retrieved March 19, 2012 from http://www.csx.com/
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Appendix
Table of Contents
CSX CORPORATION
PART II
Item 8. Financial Statements and Supplementary Data
CONSOLIDATED INCOME STATEMENTS
(Dollars in Millions, Except Per Share Amounts)
Fiscal Years
2011
2010
2009
Revenue
11,743
10,636
9,041
Expense
Labor and Fringe
3,073
2,957
2,629
Materials, Supplies and Other
2,229
2,075
1,999
Fuel
1,668
1,212
Depreciation
Equipment and Other Rents
Total Expense
8,325
7,565
6,771
Operating Income
3,418
3,071
2,270
Interest Expense
(552)
(557)
(558)
Other Income - Net (Note 10)
22
32
34
Earnings From Continuing Operations
Before Income Taxes
2,888
2,546
1,746
Income Tax Expense (Note 12)
(1,066)
(983)
(618)
Earnings From Continuing Operations
1,822
1,563
1,128
Discontinued Operations (Note 14)
15
Net Earnings
1,822
1,563
1,143
Per Common Share (Note 2)
Net Earnings Per Share, Basic
Continuing Operations
1.68
1.37
0.96
Discontinued Operations
0.01
Net Earnings
1.68
1.37
0.97
Net Earnings Per Common Share, Assuming Dilution
Continuing Operations
1.67
1.35
0.95
Discontinued Operations
0.01
Net Earnings
1.67
1.35
0.96
Average Common Shares Outstanding (Millions)
1,083
1,143
1,176
Average Common Shares Outstanding,
Assuming Dilution (Millions)
1,089
1,154
1,187
Cash Dividends Paid Per Common Share
0.45
0.33
0.29
All share and per share data were retroactively restated to reflect the three-for-one stock split effective May 31, 2011.
See accompanying Notes to Consolidated Financial Statements
57
Table of Contents
CSX CORPORATION
PART II
Item 8. Financial Statements and Supplementary Data
CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
December December
2011
2010
ASSETS
Current Assets:
Cash and Cash Equivalents (Note 1)
1,292
Short-term Investments
54
Accounts Receivable - Net (Note 1)
1,129
Materials and Supplies
Deferred Income Taxes
Other Current Assets
78
Total Current Assets
2,935
2,855
Properties
33,704
32,065
Accumulated Depreciation
(8,730)
(8,266)
Properties - Net (Note 6)
24,974
23,799
Investment in Conrail (Note 13)
Affiliates and Other Companies
Other Long-term Assets (Note 11)
Total Assets
29,473
28,141
LIABILITIES and SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable
1,147
1,046
Labor and Fringe Benefits Payable
Casualty, Environmental and Other Reserves (Note 5)
Current Maturities of Long-term Debt (Note 9)
Income and Other Taxes Payable
85
Other Current Liabilities
97
Total Current Liabilities
2,687
2,537
Casualty,...
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