2017 Q4 Form 10-K Financial Statement

#000027794818000009 Filed on February 07, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017
Revenue $2.863B $2.743B $11.41B
YoY Change -5.73% 1.22% 3.06%
Cost Of Revenue $783.0M $721.0M $2.977B
YoY Change 10.28% 5.87% 6.13%
Gross Profit $2.080B $2.022B $8.431B
YoY Change -10.61% -0.34% 2.02%
Gross Profit Margin 72.65% 73.71% 73.9%
Selling, General & Admin $844.0M $814.0M $3.375B
YoY Change -13.44% -6.11% -6.25%
% of Gross Profit 40.58% 40.26% 40.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $337.0M $331.0M $1.315B
YoY Change -3.16% 3.12% 1.08%
% of Gross Profit 16.2% 16.37% 15.6%
Operating Expenses $1.181B $1.875B $7.688B
YoY Change -10.73% 0.32% 0.42%
Operating Profit $1.126B $868.0M $3.720B
YoY Change 12.15% 3.21% 9.0%
Interest Expense $79.00M $132.0M $546.0M
YoY Change -150.64% -5.04% -5.7%
% of Operating Profit 7.02% 15.21% 14.68%
Other Income/Expense, Net $34.00M $14.00M $53.00M
YoY Change 88.89% 7.69% 140.91%
Pretax Income $983.0M $750.0M $3.142B
YoY Change 30.89% 4.9% 14.63%
Income Tax $349.0M $291.0M -$2.329B
% Of Pretax Income 35.5% 38.8% -74.12%
Net Earnings $4.140B $459.0M $5.471B
YoY Change 803.93% 0.88% 219.19%
Net Earnings / Revenue 144.6% 16.73% 47.96%
Basic Earnings Per Share $4.63 $0.51 $6.01
Diluted Earnings Per Share $4.62 $0.51 $5.99
COMMON SHARES
Basic Shares Outstanding 902.0M shares 911.0M shares
Diluted Shares Outstanding 906.0M shares 914.0M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $419.0M $704.0M $419.0M
YoY Change -58.92% -6.75% -58.92%
Cash & Equivalents $401.0M $591.0M $401.0M
Short-Term Investments $18.00M $113.0M $18.00M
Other Short-Term Assets $154.0M $95.00M $154.0M
YoY Change 26.23% 10.47% 26.23%
Inventory $372.0M $392.0M $372.0M
Prepaid Expenses
Receivables $970.0M $981.0M $970.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.915B $2.172B $1.915B
YoY Change -23.0% 0.42% -23.0%
LONG-TERM ASSETS
Property, Plant & Equipment $31.76B $31.58B $31.76B
YoY Change 1.97% 2.59% 1.97%
Goodwill $63.00M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $1.686B $1.506B $1.686B
YoY Change 15.56% 5.09% 15.56%
Other Assets $374.0M $316.0M $374.0M
YoY Change 17.61% 4.29% 17.61%
Total Long-Term Assets $33.82B $33.40B $33.82B
YoY Change 2.72% 2.72% 2.72%
TOTAL ASSETS
Total Short-Term Assets $1.915B $2.172B $1.915B
Total Long-Term Assets $33.82B $33.40B $33.82B
Total Assets $35.74B $35.57B $35.74B
YoY Change 0.92% 2.57% 0.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $847.0M $905.0M $847.0M
YoY Change 5.09% 5.36% 5.09%
Accrued Expenses $602.0M $601.0M $602.0M
YoY Change 10.46% 33.56% 10.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $19.00M $19.00M $19.00M
YoY Change -94.26% -96.99% -94.26%
Total Short-Term Liabilities $1.894B $2.075B $1.894B
YoY Change -7.16% -8.31% -7.16%
LONG-TERM LIABILITIES
Long-Term Debt $11.79B $11.79B $11.79B
YoY Change 7.55% 19.22% 7.55%
Other Long-Term Liabilities $650.0M $766.0M $916.0M
YoY Change -24.68% -30.68% -18.36%
Total Long-Term Liabilities $650.0M $766.0M $12.71B
YoY Change -24.68% -30.68% 5.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.894B $2.075B $1.894B
Total Long-Term Liabilities $650.0M $766.0M $12.71B
Total Liabilities $21.02B $24.67B $21.03B
YoY Change -11.39% 7.21% -11.38%
SHAREHOLDERS EQUITY
Retained Earnings $14.08B $10.33B
YoY Change 25.16% -8.07%
Common Stock $1.107B $1.121B
YoY Change 3.85% 5.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.71B $10.89B $14.71B
YoY Change
Total Liabilities & Shareholders Equity $35.74B $35.57B $35.74B
YoY Change 0.92% 2.57% 0.92%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017
OPERATING ACTIVITIES
Net Income $4.140B $459.0M $5.471B
YoY Change 803.93% 0.88% 219.19%
Depreciation, Depletion And Amortization $337.0M $331.0M $1.315B
YoY Change -3.16% 3.12% 1.08%
Cash From Operating Activities $611.0M $1.295B $3.472B
YoY Change 10.49% 44.53% 14.17%
INVESTING ACTIVITIES
Capital Expenditures -$578.0M -$507.0M $2.040B
YoY Change -28.47% -3.24% -14.93%
Acquisitions
YoY Change
Other Investing Activities $162.0M $395.0M -$37.00M
YoY Change -267.01% 252.68% 311.11%
Cash From Investing Activities -$416.0M -$112.0M -$1.495B
YoY Change -54.03% -72.82% -16.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000B $1.970B
YoY Change 280.23% 86.55%
Debt Paid & Issued, Net $333.0M
YoY Change -76.53%
Cash From Financing Activities -385.0M -1.212B -$2.179B
YoY Change -209.38% 171.14% 71.85%
NET CHANGE
Cash From Operating Activities 611.0M 1.295B $3.472B
Cash From Investing Activities -416.0M -112.0M -$1.495B
Cash From Financing Activities -385.0M -1.212B -$2.179B
Net Change In Cash -190.0M -29.00M -$202.0M
YoY Change -178.38% 708.0%
FREE CASH FLOW
Cash From Operating Activities $611.0M $1.295B $3.472B
Capital Expenditures -$578.0M -$507.0M $2.040B
Free Cash Flow $1.189B $1.802B $1.432B
YoY Change -12.64% 26.9% 122.71%

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CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
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680000000 USD
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CY2017Q4 us-gaap Due From Affiliate Current
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CY2016Q4 us-gaap Due To Affiliate Current
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CY2017Q4 us-gaap Due To Affiliate Current
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0.47
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0.48
us-gaap Earnings Per Share Basic
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1.81
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0.39
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0.51
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2.00
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0.37
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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0.39
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0.55
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4.62
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5.99
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0.373
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0.375
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-0.742
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0.35
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0.0000
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0.0000
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-1.116
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-0.004
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0.027
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0.030
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.032
CY2016Q4 us-gaap Employee Related Liabilities Current
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602000000 USD
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EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4000000 USD
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EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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34000000 USD
CY2015 us-gaap Fuel Costs
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110000000 USD
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14000000 USD
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CY2017 us-gaap Gain Loss On Repurchase Of Debt Instrument
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CY2015 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
90000000 USD
CY2016 us-gaap Gain Loss On Sale Of Property Plant Equipment
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128000000 USD
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CY2016 us-gaap Gains Losses On Extinguishment Of Debt
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CY2016Q4 us-gaap Goodwill
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2741000000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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3142000000 USD
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IncomeLossFromEquityMethodInvestments
40000000 USD
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IncomeLossFromEquityMethodInvestments
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CY2017 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2015 us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
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CY2016 us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
0 USD
CY2017 us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
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CY2015Q4 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
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3000000 USD
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4000000 USD
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6000000 USD
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IncomeTaxExaminationPenaltiesAndInterestAccrued
6000000 USD
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IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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CY2015 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
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CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
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CY2017Q4 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
3600000000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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1100000000 USD
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IncomeTaxReconciliationOtherReconcilingItems
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IncomeTaxReconciliationStateAndLocalIncomeTaxes
86000000 USD
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IncomeTaxReconciliationStateAndLocalIncomeTaxes
83000000 USD
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IncomeTaxReconciliationStateAndLocalIncomeTaxes
102000000 USD
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580000000 USD
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40000000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable
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41000000 USD
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70000000 USD
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20000000 USD
CY2015 us-gaap Increase Decrease In Other Current Assets
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84000000 USD
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35000000 USD
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InterestExpense
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LaborAndRelatedExpense
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CY2017Q4 us-gaap Liabilities
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CY2016Q4 us-gaap Liabilities And Stockholders Equity
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2040000000 USD
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1894000000 USD
CY2016Q4 us-gaap Long Term Debt And Capital Lease Obligations
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331000000 USD
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19000000 USD
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162000000 USD
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371000000 USD
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18000000 USD
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115000000 USD
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108000000 USD
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259000000 USD
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266000000 USD
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114000000 USD
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142000000 USD
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128000000 USD
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114000000 USD
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407000000 USD
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372000000 USD
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32000000 USD
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35000000 USD
CY2017 us-gaap Multiemployer Plan Contributions By Employer
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40000000 USD
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3370000000 USD
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3041000000 USD
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455000000 USD
us-gaap Net Income Loss
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458000000 USD
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CY2017Q1 us-gaap Net Income Loss
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CY2017Q2 us-gaap Net Income Loss
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510000000 USD
CY2017Q3 us-gaap Net Income Loss
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459000000 USD
CY2017Q4 us-gaap Net Income Loss
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4140000000 USD
CY2017 us-gaap Net Income Loss
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1967000000 USD
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1713000000 USD
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5470000000 USD
CY2015 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
307000000 USD
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NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
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CY2017 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
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CY2015 us-gaap Nonoperating Income Expense
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46000000 USD
CY2017 us-gaap Nonoperating Income Expense
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21000000 USD
CY2017Q4 us-gaap Number Of States In Which Entity Operates
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OperatingExpenses
7680000000 USD
CY2017 us-gaap Operating Expenses
OperatingExpenses
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OperatingIncomeLoss
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CY2016Q1 us-gaap Operating Income Loss
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840000000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
841000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1004000000 USD
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
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CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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396000000 USD
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41000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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50000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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64000000 USD
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3000000 USD
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3000000 USD
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3000000 USD
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CY2016Q4 us-gaap Other Assets Current
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CY2017Q4 us-gaap Other Assets Current
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CY2016Q4 us-gaap Other Assets Noncurrent
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374000000 USD
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161000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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1000000 USD
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25000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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154000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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7000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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13000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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65000000 USD
CY2015 us-gaap Other Cost And Expense Operating
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2356000000 USD
CY2016 us-gaap Other Cost And Expense Operating
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2092000000 USD
CY2017 us-gaap Other Cost And Expense Operating
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2113000000 USD
CY2016Q4 us-gaap Other Liabilities Current
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114000000 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
161000000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
863000000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
650000000 USD
CY2015 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
9000000 USD
CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
9000000 USD
CY2017 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2016Q4 us-gaap Short Term Investments
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CY2017 us-gaap Fiscal Period
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Through the second quarter 2017, CSX followed a 52/53 week fiscal reporting calendar with the last day of each reporting period ending on a Friday. The 52/53 week calendar allowed for every quarter and year to be of equal duration, 13 weeks and 52 weeks, respectively. To maintain this calendar, every fifth or sixth year, an extra week was added to the fourth quarter and year, making the reporting periods 14 weeks and 53 weeks, respectively. In 2016, the fourth quarter and fiscal year included this extra week. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">On July 7, 2017, the Board of Directors of CSX approved a change in the fiscal reporting calendar from a 52/53 week year ending on the last Friday of December to a calendar year ending on December 31 each year, effective beginning with fiscal third quarter 2017. 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Accordingly, the change to a calendar fiscal year was made on a prospective basis and operating results for prior periods have not been adjusted. The Company is not required to file a transition report because this change is not deemed a change in fiscal year for purposes of reporting subject to Rule 13a-10 or Rule 15d-10 of the Securities Exchange Act of 1934 as the new fiscal year commenced with the end of the prior fiscal year end and within seven days of the prior fiscal year end. Except as otherwise specified, references to full years indicate CSX&#8217;s fiscal years ended on December 31, 2017 and December 30, 2016.</font></div></div>
CY2017 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates in reporting the amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of certain revenues and expenses during the reporting period.&#160;Actual results may differ from those estimates.&#160;Critical accounting estimates using management judgment are made for the following areas:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">personal injury, environmental and legal reserves (see Note 5, </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Casualty, Environmental and Other Reserves</font><font style="font-family:Arial;font-size:11pt;">);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">pension and post-retirement medical plan accounting (see Note 8, </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Employee Benefit Plans</font><font style="font-family:Arial;font-size:11pt;">);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">depreciation policies for assets under the group-life method (see Note 6, </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Properties</font><font style="font-family:Arial;font-size:11pt;">); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">income taxes (see Note 11, </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Income Taxes</font><font style="font-family:Arial;font-size:11pt;">).</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br clear="none"/></font></div></div>

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