|
CSX
CORPORATION
|
|
AUDITED
FINANCIAL STATEMENTS AND SUPPLEMENTAL
SCHEDULE
|
|
1
|
|
2
|
|
3
|
|
4
|
|
16
|
17
|
CAPITAL
BUILDER PLAN
|
||
STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS
|
||
(Dollars
in Thousands)
|
||
December
31
|
||
2008
|
2007
|
|
ASSETS
|
||
Investments,
at fair value:
|
||
Investment
in Master Trust (Note 3)
|
$506,445
|
$678,486
|
Loans
to members
|
19,960
|
18,176
|
526,405
|
696,662
|
|
Receivables
|
||
Member
contributions
|
89
|
-
|
Employer
contributions
|
2
|
-
|
91
|
-
|
|
TOTAL
ASSETS
|
526,496
|
696,662
|
LIABILITIES
|
||
Accrued
expenses
|
180
|
40
|
NET
ASSETS AVAILABLE FOR BENEFITS, AT FAIR VALUE
|
526,316
|
696,622
|
Adjustment
from fair value to contract value for interest in Master
|
||
Trust
relating to fully benefit-responsive investment contracts (Note
4)
|
(2,195)
|
(3,903)
|
NET
ASSETS AVAILABLE FOR BENEFITS
|
$524,121
|
$692,719
|
CAPITAL
BUILDER PLAN
|
|
STATEMENT
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
|
|
FOR
THE YEAR ENDED DECEMBER 31, 2008
|
|
(Dollars
in Thousands)
|
|
ADDITIONS
|
|
Member
contributions
|
$38,658
|
Employer
contributions
|
8,362
|
Interest
from loans to members
|
1,426
|
48,446
|
|
DEDUCTIONS
|
|
Net
loss from investment in Master Trust (Note 3)
|
143,925
|
Distributions
to members
|
72,020
|
Fees
and expenses
|
1,099
|
217,044
|
|
NET
DECREASE
|
(168,598)
|
Net
Assets Available for Benefits at Beginning of Year
|
692,719
|
Net
Assets Available for Benefits at End of Year
|
$524,121
|
(Dollars
in Thousands)
|
Plan's
|
Plan's
|
||
December
31,
|
Percentage
|
December
31,
|
Percentage
|
|
2008
|
Interest(a)
|
2007
|
Interest(a)
|
|
Assets:
|
||||
CSX
Common Stock
|
$446,083
|
59%
|
$672,411
|
60%
|
Mutual
Funds
|
||||
Vanguard
Institutional Index Instl Plus
|
101,889
|
45%
|
166,063
|
43%
|
Fidelity
Equity Income Fund
|
47,078
|
22%
|
97,952
|
21%
|
Vanguard
Morgan Growth
|
41,749
|
35%
|
79,335
|
35%
|
Vanguard
Wellington Fund
|
71,524
|
41%
|
77,609
|
37%
|
Morgan
Stanley International Fund
|
47,396
|
35%
|
72,782
|
31%
|
T.
Rowe Price Retirement 2005 Fund
|
470
|
6%
|
645
|
2%
|
T.
Rowe Price Retirement 2010 Fund
|
5,325
|
16%
|
8,710
|
19%
|
T.
Rowe Price Retirement 2015 Fund
|
3,822
|
32%
|
6,551
|
27%
|
T.
Rowe Price Retirement 2020 Fund
|
3,190
|
36%
|
4,711
|
29%
|
T.
Rowe Price Retirement 2025 Fund
|
1,143
|
35%
|
1,494
|
23%
|
T.
Rowe Price Retirement 2030 Fund
|
1,338
|
45%
|
1,956
|
32%
|
T.
Rowe Price Retirement 2035 Fund
|
1,165
|
48%
|
1,393
|
49%
|
T.
Rowe Price Retirement 2040 Fund
|
1,167
|
37%
|
1,425
|
36%
|
T.
Rowe Price Retirement 2045 Fund
|
720
|
54%
|
1,233
|
30%
|
T.
Rowe Price Retirement 2050 Fund
|
204
|
58%
|
48
|
45%
|
T.
Rowe Price Retirement 2055 Fund
|
79
|
59%
|
80
|
82%
|
T.
Rowe Price Retirement Income Fund
|
1,225
|
34%
|
437
|
26%
|
Total
Mutual Funds
|
329,484
|
522,424
|
||
Common
Collective Trust Funds
|
1,356
|
59%
|
2,387
|
60%
|
(a) Represents
the Plan's percentage participation in each individual fund held by the
Master Trust.
|
(Dollars
in Thousands)
|
Plan's
|
Plan's
|
||
December
31,
|
Percentage
|
December
31,
|
Percentage
|
|
2008
|
Interest(a)
|
2007
|
Interest(a)
|
|
Separately
Managed Accounts
|
26%
|
23%
|
||
Government
securities, corporate bonds,
|
||||
mortgages
and other
|
192,587
|
166,896
|
||
Pooled
separate accounts and common collective trust funds
|
142,452
|
97,737
|
||
Cash
and cash equivalents
|
72,393
|
89,530
|
||
Common
stock
|
22,828
|
36,291
|
||
Common
stock - loaned
|
-
|
(18,622)
|
||
Mutual
funds
|
22,867
|
29,035
|
||
Synthetic
guaranteed investment
|
||||
contract
- wrappers
|
1,364
|
875
|
||
Government
securities, corporate bonds,
|
||||
mortgages
and other - loaned
|
-
|
(24,195)
|
||
Total
Separately Managed Accounts
|
454,491
|
377,547
|
||
Collateral
held under securities lending
|
||||
agreements
(excluding noncash collateral)
|
-
|
39,984
|
||
Securities
on loan
|
-
|
42,817
|
||
Total
Assets:
|
1,231,414
|
1,657,570
|
||
Liabilities:
|
||||
Obligations
under securities lending agreements
|
-
|
39,984
|
||
Accrued
expenses
|
431
|
478
|
||
Net
assets available for benefits, at fair value
|
1,230,983
|
1,617,108
|
||
Adjustment
from fair value to contract value for
|
||||
interest
in Master Trust relating to fully benefit-
|
||||
responsive
investment contracts
|
(8,557)
|
(17,352)
|
||
Net
assets
|
$1,222,426
|
$1,599,756
|
||
Plan’s
investment in the Master Trust’s net assets
|
$504,251
|
42%
|
$674,583
|
42%
|
(a) Represents
the Plan's percentage participation in each individual fund held by the
Master Trust.
|
(Dollars
in Thousands)
|
||
Net
losses from investments in Master Trust:
|
||
Mutual
funds (quoted market price)
|
$(195,184)
|
|
CSX
common stock (quoted market price)
|
(148,210)
|
|
Common
stock (quoted market price)
|
(9,363)
|
|
(352,757)
|
||
Interest
and dividend income
|
43,225
|
|
Investment
loss for the Master Trust
|
$(309,532)
|
(Dollars
in Thousands)
|
2008
|
2007
|
Securities
on loan
|
$ -
|
$42,817
|
Cash
collateral held by the Master Trust
|
-
|
39,984
|
Noncash
collateral held by the Master Trust
|
-
|
3,833
|
Income
earned through each year
|
310
|
142
|
Level
1
|
Inputs
to the valuation methodology are unadjusted quoted prices for identical
assets or liabilities in active markets that the Plan has the ability to
access.
|
Level
2
|
Inputs
to the valuation methodology include:
· Quoted
prices for similar assets or liabilities in active markets;
· Quoted
prices for identical or similar assets or liabilities in inactive
markets;
· Inputs
other than quoted prices that are observable for the asset or
liability;
· Inputs
that are derived principally from or corroborated by observable market
data by correlation or other means.
If
the asset or liability has a specified (contractual) term, the Level 2
input must be observable for substantially the full term of the
asset or liability.
|
Level
3
|
Inputs
to the valuation methodology are unobservable and significant to the fair
value
measurement.
|
Level
1
|
Level
2
|
Level
3
|
Total
|
|
CSX
common stock
|
$446,083
|
-
|
-
|
$446,083
|
Mutual
funds
|
352,351
|
-
|
-
|
352,351
|
Government
securities, corporate bonds,
|
||||
mortgages
and other
|
192,587
|
-
|
-
|
192,587
|
Pooled
separate accounts and common collective trust funds
|
-
|
143,808
|
-
|
143,808
|
Cash
and cash equivalents
|
72,393
|
-
|
-
|
72,393
|
Common
stock
|
22,828
|
-
|
-
|
22,828
|
Synthetic
guaranteed investment
|
||||
contract
- wrappers
|
-
|
-
|
1,364
|
1,364
|
Total
assets at fair value
|
$1,086,242
|
$143,808
|
$1,364
|
$1,231,414
|
Synthetic
guaranteed investment contract - wrappers (a)
|
Participant
loans
|
|
Balance,
beginning of year
|
$875
|
$18,176
|
Realized
gains/(losses)
|
-
|
1,468
|
Unrealized
gains/(losses) relating to instruments
|
||
still
held at the reporting date
|
489
|
-
|
Purchases,
sales, issuances and settlements (net)
|
-
|
316
|
Balance,
end of year
|
$1,364
|
$19,960
|
(a)
Represents amounts for the Master Trust, a portion of which is allocable
to the Plan.
|
CAPITAL
BUILDER PLAN
|
|||
EIN:
62-1051971 Plan Number: 004
|
|||
SCHEDULE
H, LINE 4i
|
|||
SCHEDULE
OF ASSETS (HELD AT END OF YEAR)
|
|||
December
31, 2008
|
|||
(a)
|
(b)
Identity
of Issue, Borrower, Lessor, or Similar Party
|
(c)
Description
of Investment Including Maturity Date, Rate of Interest, Collateral, Par
or Maturity Value
|
(d)
Current
Value
|
*
|
Members
|
Loans
with interest rates of 4.00% to 18.68%, maturing through
2033
|
$19,960,040
|
*Indicates
a party-in-interest to the Plan.
|
|||
Note:
Cost information has not been included, because all investments are member
directed.
|
|
INDEX
TO EXHIBITS OF CSX CORPORATION
|
|
AS
OF DECEMBER 31, 2008 AND 2007
|
|
AND
FOR THE YEAR ENDED DECEMBER 31,
2008
|