Rendering

Component: (Network and Table)
Network
2308301 - Disclosure - Employee Benefit Plans (Tables)
(http://www.csx.com/role/EmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]Period [Axis]
2015-12-26 - 2016-12-30
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
 
Summary of Participants
In order to perform this valuation, the actuaries are provided with the details of the population covered at the beginning of the year, summarized in the table below, and projects that population forward to the end of the year.
 
Summary of Participants as of
 
January 1, 2016
 
Pension Plans
 
Post-retirement Medical Plan
Active Employees
4,823

 
1,139

Retirees and Beneficiaries
12,018

 
11,893

Other(a)
3,853

 
54

Total
20,694

 
13,086


(a) For pension plans, the other category consists mostly of terminated but vested former employees.  For post-retirement plans, the other category consists of employees on long-term disability that have not yet retired.
 
 
Schedule of Future Expected Benefit Payments
Future expected benefit payments are as follows:
 
Expected Cash Flows
(Dollars in Millions)
Pension Benefits
 
Post-retirement Benefits
2017
$
183

 
$
39

2018
185

 
28

2019
184

 
26

2020
182

 
24

2021
182

 
22

2022-2026
904

 
86

Total
$
1,820

 
$
225

 
 
Schedule of Allocation of Plan Assets
The distribution of pension plan assets as of the measurement date is shown in the table below, and these assets are netted against the pension liabilities on the balance sheet.
 
December 2016
 
December 2015
 
 
 
Percent of
 
 
 
Percent of
(Dollars in Millions)
Amount
 
Total Assets
 
Amount
 
Total Assets
Equity
$
1,806

 
71
%
 
$
1,626

 
70
%
Fixed Income
665

 
26

 
641

 
28

Cash and Cash Equivalents
68

 
3

 
42

 
2

Total
$
2,539

 
100
%
 
$
2,309

 
100
%
 
 
Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets
Changes in benefit obligation and the fair value of plan assets for the 2016 and 2015 calendar plan years are as follows:

 
Pension Benefits
 
Post-retirement Benefits
 
Plan Year
 
Plan Year
 
Plan Year
 
Plan Year
(Dollars in Millions)
2016
 
2015
 
2016
 
2015
Actuarial Present Value of Benefit Obligation
 
 
 
 
 
 
 
Accumulated Benefit Obligation
$
2,717

 
$
2,672

 
N/A

 
N/A

Projected Benefit Obligation
2,871

 
2,860

 
$
274

 
$
314

 
 
 
 
 
 
 
 
Change in Projected Benefit Obligation:
 

 
 

 
 

 
 

Projected Benefit Obligation at Beginning of Plan Year
$
2,860

 
$
3,002

 
$
314

 
$
340

Service Cost
48

 
45

 
2

 
2

Interest Cost
119

 
116

 
12

 
12

Plan Participants' Contributions

 

 
6

 
7

Workforce Reduction Program/Curtailment

 
7

 

 

Actuarial Loss (Gain)
20

 
(110
)
 
(22
)
 
(7
)
Benefits Paid
(176
)
 
(200
)
 
(38
)
 
(40
)
Benefit Obligation at End of Plan Year
$
2,871

 
$
2,860

 
$
274

 
$
314

 
 
 
 
 
 
 
 
Change in Plan Assets:
 

 
 

 
 

 
 

Fair Value of Plan Assets at Beginning of Plan Year
$
2,309

 
$
2,504

 
$

 
$

Actual Return on Plan Assets
139

 
(9
)
 

 

Qualified Employer Contributions
250

 

 

 

Non-qualified Employer Contributions
17

 
14

 
32

 
33

Plan Participants' Contributions

 

 
6

 
7

Benefits Paid
(176
)
 
(200
)
 
(38
)
 
(40
)
Fair Value of Plan Assets at End of Plan Year
2,539

 
2,309

 

 

Funded Status at End of Plan Year
$
(332
)
 
$
(551
)
 
$
(274
)
 
$
(314
)
 
 
Schedule of Amount Recognized in Balance Sheet
Amounts related to pension and post-retirement benefits recorded in other long-term assets, labor and fringe benefits payable and other long-term liabilities on the balance sheet are as follows:

 
Pension Benefits
 
Post-retirement Benefits
 
December
 
December
 
December
 
December
(Dollars in Millions)
2016
 
2015
 
2016
 
2015
Amounts Recorded in Consolidated
 
 
 
 
 
 
 
Balance Sheets:
 
 
 
 
 
 
 
Long-term Assets (a)
$
9

 
$
9

 
$

 
$

Current Liabilities
(15
)
 
(15
)
 
(39
)
 
(36
)
Long-term Liabilities
(326
)
 
(545
)
 
(235
)
 
(278
)
Net Amount Recognized in
 

 
 

 
 

 
 

Consolidated Balance Sheets
$
(332
)
 
$
(551
)
 
$
(274
)
 
$
(314
)


(a)
Long-term assets as of December 2016 and 2015 relate to one of the qualified pension plans whose assets exceed projected benefit obligations.

 
 
Benefit Obligations in Excess of Plan Assets
At December 2016, the status of CSX plans only with a net liability is disclosed below. The total fair value of all plans as of December 2016 was $2.5 billion, which includes the qualified pension plans with net assets.

 
Aggregate
 
(Dollars in Millions)
Fair Value
Aggregate
Benefit Obligations in Excess of Plan Assets
of Plan Assets
Benefit Obligation
Projected Benefit Obligation
$
2,506

$
(2,847
)
Accumulated Benefit Obligation
2,506

(2,692
)
 
 
Schedule of Net Benefit Expense
The following table describes the components of expense/(income) related to net benefit expense recorded in labor and fringe on the income statement.
 
Pension Benefits
Fiscal Years
 
Post-retirement Benefits
Fiscal Years
(Dollars in Millions)
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service Cost
$
48

 
$
45

 
$
44

 
$
2

 
$
2

 
$
3

Interest Cost
119

 
116

 
123

 
12

 
12

 
13

Expected Return on Plan Assets
(157
)
 
(162
)
 
(166
)
 

 

 

Amortization of Net Loss
48

 
70

 
57

 
3

 
4

 
5

Amortization of Prior Service Cost

 

 

 

 
(1
)
 
(1
)
Net Periodic Benefit Expense
58

 
69

 
58

 
17

 
17

 
20

Special Termination Benefits - Workforce Reduction Program/Curtailment(a)

 
7

 
27

 

 

 
8

Settlement Gain(b)
(1
)
 
(2
)
 
(1
)
 

 

 

Total Expense
$
57

 
$
74

 
$
84

 
$
17

 
$
17

 
$
28


(a)
Special termination benefits are charges in 2015 and 2014 that resulted from a management workforce reduction program initiated in 2014. For further information regarding the program, see Note 1. Nature of Operations and Significant Accounting Policies.
(b)
Settlement gains were recognized as one of the pension plan's lump-sum payments to retirees with insignificant balances exceeded the sum of the service cost and interest cost recognized.  The gain is the recognition of a portion of its accumulated other comprehensive income related to that plan
 
 
Schedule of Pre-tax Change in Other Comprehensive Loss (Income)
The following table shows the pre-tax change in other comprehensive loss (income) attributable to the components of net expense and the change in benefit obligation for CSX for pension and other post-employment benefits.
(Dollars in Millions)
Pension Benefits
 
Post-retirement Benefits
Components of Other Comprehensive
December
 
December
 
December
 
December
Loss (Income)
2016
 
2015
 
2016
 
2015
Recognized in the balance sheet
 
 
 
 
 
 
 
Losses (Gains)
$
38

 
$
60

 
$
(22
)
 
$
(7
)
Expense (Income) recognized in the income statement
 

 
 

 
 

 
 

Amortization of net losses (a)
$
48

 
$
70

 
$
3

 
$
4

Settlement gain
(1
)
 
(2
)
 

 

Amortization of prior service costs

 

 

 
(1
)

(a)
Amortization of net losses estimated to be expensed for 2017 is approximately $43 million for pension benefits.
 
 
Schedule of Pre-tax Amounts to be Amortized that are Included in Accumulated Other Comprehensive Loss
As of December 2016, the balances of pre-tax amounts to be amortized that are included in accumulated other comprehensive loss (a component of shareholders’ equity) are as follows:
 
Pension
Benefits
 
Post-retirement
Benefits
Losses
$
891

 
$
24

Prior Service Costs (Credits)

 

Total
$
891

 
$
24

 
 
Schedule of Weighted-Average Assumptions Used
eighted averages of assumptions used by the Company to value its pension and post-retirement obligations were as follows:

 
Pension Benefits
 
Post-retirement Benefits
 
2016
 
2015
 
2016
 
2015
Expected Long-term Return on Plan Assets:
 
 
 
 
 
 
 
Benefit Cost for Current Plan Year
7.00
%
 
7.25
%
 
N/A

 
N/A

Benefit Cost for Subsequent Plan Year
6.75
%
 
7.00
%
 
N/A

 
N/A

 
 
 
 
 
 
 
 
Discount Rates:
 
 
 
 
 
 
 
Benefit Cost for Plan Year
4.30
%
 
4.00
%
 
3.85
%
 
3.60
%
Benefit Obligation at End of Plan Year
4.08
%
(a) 
4.30
%
 
3.71
%
 
3.85
%
 
 
 
 
 
 
 
 
Salary Scale Inflation
4.60
%
 
4.60
%
 
N/A

 
N/A