Company Quick10K Filing
CSX
Price68.87 EPS4
Shares805 P/E16
MCap55,440 P/FCF15
Net Debt14,471 EBIT4,178
TEV69,911 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-23
10-Q 2020-03-31 Filed 2020-04-23
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-10-17
10-Q 2019-06-30 Filed 2019-07-17
10-Q 2019-03-31 Filed 2019-04-17
10-K 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-10-17
10-Q 2018-06-30 Filed 2018-07-18
10-Q 2018-03-31 Filed 2018-04-18
10-K 2017-12-31 Filed 2018-02-07
10-Q 2017-09-30 Filed 2017-10-18
10-Q 2017-06-30 Filed 2017-07-19
10-Q 2017-03-31 Filed 2017-04-20
10-K 2016-12-30 Filed 2017-02-14
10-Q 2016-09-23 Filed 2016-10-12
10-Q 2016-06-24 Filed 2016-07-14
10-Q 2016-03-25 Filed 2016-04-13
10-K 2015-12-25 Filed 2016-02-10
10-Q 2015-09-25 Filed 2015-10-14
10-Q 2015-06-26 Filed 2015-07-15
10-Q 2015-03-27 Filed 2015-04-15
10-K 2014-12-26 Filed 2015-02-11
10-Q 2014-09-26 Filed 2014-10-15
10-Q 2014-06-27 Filed 2014-07-15
10-Q 2014-03-28 Filed 2014-04-16
10-K 2013-12-27 Filed 2014-02-12
10-Q 2013-09-27 Filed 2013-10-16
10-Q 2013-06-28 Filed 2013-07-17
10-Q 2013-03-29 Filed 2013-04-16
10-K 2012-12-28 Filed 2013-02-19
10-Q 2012-09-28 Filed 2012-10-16
10-Q 2012-06-29 Filed 2012-07-19
10-Q 2012-03-30 Filed 2012-04-19
10-Q 2011-09-30 Filed 2011-10-26
10-Q 2011-07-01 Filed 2011-07-21
10-Q 2011-04-01 Filed 2011-04-20
10-K 2010-12-31 Filed 2011-02-18
10-Q 2010-09-24 Filed 2010-10-15
10-Q 2010-06-25 Filed 2010-07-15
10-Q 2010-03-26 Filed 2010-04-19
10-K 2009-12-25 Filed 2010-02-19
8-K 2020-07-22 Earnings, Exhibits
8-K 2020-07-08 Officers, Exhibits
8-K 2020-06-11
8-K 2020-05-22
8-K 2020-05-06
8-K 2020-05-05
8-K 2020-04-22
8-K 2020-03-26
8-K 2020-03-26
8-K 2020-02-18
8-K 2020-01-16
8-K 2019-12-19
8-K 2019-12-04
8-K 2019-10-17
8-K 2019-10-16
8-K 2019-10-02
8-K 2019-09-12
8-K 2019-09-03
8-K 2019-07-16
8-K 2019-05-28
8-K 2019-05-03
8-K 2019-04-16
8-K 2019-03-29
8-K 2019-02-21
8-K 2019-02-06
8-K 2019-01-16
8-K 2018-12-16
8-K 2018-10-16
8-K 2018-10-03
8-K 2018-09-14
8-K 2018-08-02
8-K 2018-07-19
8-K 2018-07-17
8-K 2018-05-18
8-K 2018-04-17
8-K 2018-03-19
8-K 2018-02-22
8-K 2018-02-15
8-K 2018-02-12
8-K 2018-02-06
8-K 2018-01-16
8-K 2018-01-08
8-K 2017-11-07

CSX 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1.Nature of Operations and Significant Accounting Policies
Note 2. Earnings per Share
Note 3. Stock Plans and Share - Based Compensation
Note 4. Casualty, Environmental and Other Reserves
Note 5. Commitments and Contingencies
Note 6. Employee Benefit Plans
Note 7. Debt and Credit Agreements
Note 8. Revenues
Note 9. Income Taxes
Note 10. Fair Value Measurements
Note 11. Other Comprehensive Income (Loss)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Csx Purchases of Equity Securities
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Part II
Item 6. Exhibits
EX-22.1 csx063020ex221.htm
EX-31 csx063020ex31.htm
EX-32 csx063020ex32.htm

CSX Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
40322416802012201420172020
Assets, Equity
4.23.42.51.70.80.02012201420172020
Rev, G Profit, Net Income
1.91.20.5-0.3-1.0-1.72012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
() QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
() TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from __________ to __________
Commission File Number 1-8022
csx-20200630_g1.jpg
CSX CORPORATION
(Exact name of registrant as specified in its charter)
Virginia62-1051971
(I.R.S. Employer Identification No.)
500 Water Street15th FloorJacksonvilleFL32202904359-3200
(Address of principal executive offices)(Zip Code)(Telephone number, including area code)
No Change
(Former name, former address and former fiscal year, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common Stock, $1 Par ValueCSXNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes (X) No ( )
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes (X) No ( )
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company (as defined in Exchange Act Rule 12b-2).
Large Accelerated Filer (X)  Accelerated Filer ( ) Non-accelerated Filer ( ) Smaller Reporting Company () Emerging growth company ()

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ( )

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes () No (X)
There were 765,052,549 shares of common stock outstanding on June 30, 2020 (the latest practicable date that is closest to the filing date).
CSX Q2 2020 Form 10-Q p.1

Table of Contents

CSX CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
INDEX
Page
PART I.FINANCIAL INFORMATION
Item 1.
Quarters and Six Months Ended June 30, 2020 and June 30, 2019
Quarters and Six Months Ended June 30, 2020 and June 30, 2019
At June 30, 2020 (Unaudited) and December 31, 2019
Six Months Ended June 30, 2020 and June 30, 2019
Quarters and Six Months Ended June 30, 2020 and June 30, 2019
Item 2.
Item 3.
Item 4.
PART II.OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Defaults upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits
CSX Q2 2020 Form 10-Q p.2

Table of Contents
CSX CORPORATION

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENTS (Unaudited)
(Dollars in millions, except per share amounts)
Second QuartersSix Months
2020201920202019
Revenue$2,255  $3,061  $5,110  $6,074  
Expense
Labor and Fringe507  648  1,113  1,320  
Materials, Supplies and Other407  445  861  916  
Depreciation344  337  688  667  
Fuel91  234  283  467  
Equipment and Other Rents78  92  159  180  
Total Expense1,427  1,756  3,104  3,550  
Operating Income828  1,305  2,006  2,524  
Interest Expense(191) (184) (378) (362) 
Other Income - Net15  25  37  48  
Earnings Before Income Taxes652  1,146  1,665  2,210  
Income Tax Expense(153) (276) (396) (506) 
Net Earnings$499  $870  $1,269  $1,704  
Per Common Share (Note 2)
Net Earnings Per Share, Basic$0.65  $1.08  $1.65  $2.10  
Net Earnings Per Share, Assuming Dilution$0.65  $1.08  $1.65  $2.10  
Average Shares Outstanding (In millions)
766  805  769  810  
Average Shares Outstanding, Assuming Dilution (In millions)
767  807  770  812  
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited)
(Dollars in millions)
Second QuartersSix Months
2020201920202019
Total Comprehensive Earnings (Note 11)$519  $874  $1,292  $1,710  

Certain prior year data has been reclassified to conform to the current presentation.

See accompanying notes to consolidated financial statements.

CSX Q2 2020 Form 10-Q p.3

Table of Contents
CSX CORPORATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(Unaudited)
June 30,
2020
December 31,
2019
ASSETS
Current Assets:
Cash and Cash Equivalents$2,391  $958  
Short-term Investments203  996  
Accounts Receivable - Net (Note 8)860  986  
Materials and Supplies246  261  
Other Current Assets91  77  
  Total Current Assets3,791  3,278  
Properties45,327  45,100  
Accumulated Depreciation(13,066) (12,932) 
  Properties - Net32,261  32,168  
Investment in Conrail1,001  982  
Affiliates and Other Companies920  897  
Right-of-Use Lease Asset 512  532  
Other Long-term Assets419  400  
  Total Assets$38,904  $38,257  
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable$960  $1,043  
Labor and Fringe Benefits Payable352  489  
Casualty, Environmental and Other Reserves (Note 4)103  100  
Current Maturities of Long-term Debt (Note 7)378  245  
Income and Other Taxes Payable380  69  
Other Current Liabilities174  205  
  Total Current Liabilities2,347  2,151  
Casualty, Environmental and Other Reserves (Note 4)203  205  
Long-term Debt (Note 7)16,128  15,993  
Deferred Income Taxes - Net7,028  6,961  
Long-term Lease Liability 481  493  
Other Long-term Liabilities 554  591  
  Total Liabilities26,741  26,394  
Shareholders' Equity:
Common Stock, $1 Par Value
765  773  
Other Capital361  346  
Retained Earnings11,676  11,404  
Accumulated Other Comprehensive Loss (Note 11)(652) (675) 
Noncontrolling Interest13  15  
Total Shareholders' Equity12,163  11,863  
Total Liabilities and Shareholders' Equity$38,904  $38,257  

See accompanying notes to consolidated financial statements.
CSX Q2 2020 Form 10-Q p.4

Table of Contents
CSX CORPORATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)
(Dollars in millions)
Six Months
20202019
OPERATING ACTIVITIES
Net Earnings$1,269  $1,704  
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation688  667  
Deferred Income Taxes61  97  
Gain on Property Dispositions(29) (64) 
Other Operating Activities(25) (61) 
Changes in Operating Assets and Liabilities:
Accounts Receivable120  (61) 
Other Current Assets(24) 41  
Accounts Payable(85) 39  
Income and Other Taxes Payable338  89  
Other Current Liabilities(129) (184) 
Net Cash Provided by Operating Activities2,184  2,267  
INVESTING ACTIVITIES
Property Additions(801) (769) 
Proceeds from Property Dispositions45  146  
Purchases of Short-term Investments(426) (1,427) 
Proceeds from Sales of Short-term Investments1,221  810  
Other Investing Activities(42) (16) 
Net Cash Used In Investing Activities(3) (1,256) 
FINANCING ACTIVITIES
Long-term Debt Issued (Note 7)500  1,000  
Long-term Debt Repaid (Note 7)(227)   
Dividends Paid(400) (388) 
Shares Repurchased(616) (1,656) 
Other Financing Activities(5) 28  
Net Cash Used in Financing Activities(748) (1,016) 
Net Increase (Decrease) in Cash and Cash Equivalents1,433  (5) 
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents at Beginning of Period958  858  
Cash and Cash Equivalents at End of Period$2,391  $853  
Certain prior year data has been reclassified to conform to the current presentation.

See accompanying notes to consolidated financial statements.
CSX Q2 2020 Form 10-Q p.5

Table of Contents
CSX CORPORATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS' EQUITY
(Dollars in Millions)
Six Months 2020
Common Shares Outstanding
(Thousands)
Common Stock and Other CapitalRetained Earnings
Accumulated
Other
Comprehensive Income (Loss)(a)
Non-controlling InterestTotal Shareholders' Equity
Balance December 31, 2019773,471  $1,119  $11,404  $(675) $15  $11,863  
Comprehensive Earnings:
Net Earnings—  —  770  —  —  770  
Other Comprehensive Income (Note 11)—  —  —  3  —  3  
Total Comprehensive Earnings773  
Common stock dividends, $0.26 per share
—  —  (201) —  —  (201) 
Share Repurchases(8,906) (9) (568) —  —  (577) 
Stock Option Exercises and Other894  21  7  —  2  30  
Balance March 31, 2020765,459  $1,131  $11,412  $(672) $17  $11,888  
Comprehensive Earnings:
Net Earnings—  —  499  —  —  499  
Other Comprehensive Income (Note 11)—  —  —  20  —  20  
Total Comprehensive Earnings519  
Common stock dividends, $0.26 per share
—  —  (199) —  —  (199) 
Share Repurchases(580) (1) (38) —  —  (39) 
Stock Option Exercises and Other174  (4) 2  —  (4) (6) 
Balance June 30, 2020765,053  $1,126  $11,676  $(652) $13  $12,163  
a) Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $183 million and $178 million as of first and second quarters 2020, respectively. For additional information, see Note 11, Other Comprehensive Income.
See accompanying notes to consolidated financial statements.
CSX Q2 2020 Form 10-Q p.6

Table of Contents
CSX CORPORATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS' EQUITY
(Dollars in Millions)

Six Months 2019
Common Shares Outstanding (Thousands)
Common Stock and Other CapitalRetained Earnings
Accumulated Other Comprehensive Income (Loss)(a)
Non-controlling InterestTotal Shareholders' Equity
Balance December 31, 2018818,180  $1,067  $12,157  $(661) $17  12,580  
Comprehensive Earnings:
Net Earnings—  —  834  —  —  834  
Other Comprehensive Income (Note 11)—  —  —  2  —  2  
Total Comprehensive Earnings836  
Common stock dividends, $0.24 per share
—  —  (195) —  —  (195) 
Share Repurchases(11,540) (12) (784) —  —  (796) 
Stock Option Exercises and Other2,524  21  (1) —  —  20  
Balance March 31, 2019809,164  1,076  12,011  (659) 17  12,445  
Comprehensive Earnings:
Net Earnings—  —  870  —  —  870  
Other Comprehensive Income (Note 11)—  —  —  4  —  4  
Total Comprehensive Earnings874  
Common stock dividends, $0.24 per share
—  —  (193) —  —  (193) 
Share Repurchases(11,266) (11) (849) —  —  (860) 
Stock Option Exercises and Other278  23  4  —  (3) 24  
Balance June 30, 2019798,176  $1,088  $11,843  $(655) $14  $12,290  

a) Accumulated Other Comprehensive Loss balances shown above are net of tax. The associated taxes were $179 million and $177 million as of first and second quarters 2019, respectively. For additional information, see Note 11, Other Comprehensive Income.
See accompanying notes to consolidated financial statements.
CSX Q2 2020 Form 10-Q p.7

Table of Contents
CSX CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1.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, which serves major population centers in 23 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.

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 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. 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 and trucking dispatch operations. 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.
        
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, 2020 and June 30, 2019, and references to "year-end" indicate the fiscal year ended December 31, 2019.


CSX Q2 2020 Form 10-Q p.8

Table of Contents
CSX CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1.Nature of Operations and Significant Accounting Policies, continued

New Accounting Pronouncements
In June 2016, the FASB issued ASU Measurement of Credit Losses on Financial Instruments, which replaces current methods for evaluating impairment of financial instruments not measured at fair value, including trade accounts receivable and certain debt securities, with a current expected credit loss model. CSX adopted this new standard update effective January 1, 2020, and it did not have a material effect on the Company's results of operations.

In August 2018, the FASB issued ASU Changes to the Disclosure Requirements for Defined Benefit Plans as part of its disclosure effectiveness initiative, which modifies the disclosure requirements for employer-sponsored defined benefit pension and other postretirement plans. This update is effective for the Company beginning January 1, 2021 and adoption of the standard is not expected to significantly impact the Company's disclosures.

NOTE 2. Earnings Per Share

        The following table sets forth the computation of basic earnings per share and earnings per share, assuming dilution:
Second QuartersSix Months
2020201920202019
Numerator (Dollars in millions):
Net Earnings
$499  $870  $1,269  $1,704  
Denominator (Units in millions):
Average Common Shares Outstanding
766  805  769  810  
Other Potentially Dilutive Common Shares
1  2  1  2  
Average Common Shares Outstanding, Assuming Dilution
767  807  770  812  
Net Earnings Per Share, Basic
$0.65  $1.08  $1.65  $2.10  
Net Earnings Per Share, Assuming Dilution
$0.65  $1.08  $1.65  $2.10  
        
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.


CSX Q2 2020 Form 10-Q p.9

Table of Contents
CSX CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 2. Earnings Per Share, continued

        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. Approximately 2.4 million and 900 thousand of total average outstanding stock options for the quarters ended June 30, 2020 and June 30, 2019, respectively, and 1.8 million and 800 thousand for the six months ended June 30, 2020 and June 30, 2019, respectively, were excluded from the diluted earnings per share calculation because their effect was antidilutive.

Share Repurchases 
 In January 2019, the Company announced a $5 billion share repurchase program. At June 30, 2020, approximately $1.1 billion of authority remained under this program. During the second quarter and six months ended 2020 and 2019, the Company engaged in the following repurchase activities:

Second QuartersSix Months
2020201920202019
Shares Repurchased (Millions)
1111023
Cost of Shares (Dollars in millions)
$39  $860  $616  $1,656  

        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
In February 2020, the Company's Board of Directors authorized an 8% increase in the quarterly cash dividend to $0.26 per common share.


CSX Q2 2020 Form 10-Q p.10

Table of Contents
CSX CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 3.  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 or, in certain circumstances, by the full Board for awards to the Chief Executive Officer and by the Chief Executive Officer for 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 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 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. The credit to share-based compensation expense for performance units in second quarter and six months ended 2020 is due to lower expected payouts on existing plans.

Second QuartersSix Months
(Dollars in millions)2020201920202019
Share-Based Compensation Expense:
Performance Units$(17) $9  (8) $15  
Stock Options3  5  13  7  
Restricted Stock Units and Awards1  2  3  4  
Employee Stock Purchase Plan1  1  2  2  
Stock Awards for Directors    2  2  
Total Share-Based Compensation (Benefit) Expense$(12) $17  $12  $30  
Income Tax Benefit$2  $7  $11  $35