PAGE 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 1993
Commission file number 1-8022
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF
CSX CORPORATION
AND AFFILIATED COMPANIES
CSX CORPORATION
A Virginia Corporation
IRS Employer Identification Number 62-1051971
One James Center
901 East Cary Street
Richmond, Virginia 23219
Telephone (804) 782-1400
- 1 -
PAGE 2
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
INDEX TO FINANCIAL STATEMENTS
Audited Financial Statements Page No.
Report of Ernst & Young, Independent Auditors 3
Statement of Net Assets Available for Plan Benefits
- September 30, 1993 4
Statement of Net Assets Available for Plan Benefits
- September 30, 1992 5
Statement of Changes in Net Assets Available for Plan
Benefits - Fiscal Year Ended September 30, 1993 6
Statement of Changes in Net Assets Available for Plan
Benefits - Fiscal Year Ended September 30, 1992 7
Notes to Financial Statements 8-11
Supplemental Schedules
Assets Held for Investment - September 30, 1993 13-14
Transactions or Series of Transactions in
Excess of 5% of the Fair Value of
Plan Assets - Fiscal Year Ended September 30, 1993 15
Signature 16
- 2 -
PAGE 3
Report of Ernst & Young, Independent Auditors
---------------------------------------------
The Compensation and Pension Committee
Tax Savings Thrift Plan for Employees of CSX Corporation and Affiliated
Companies
CSX Corporation
Richmond, Virginia
We have audited the accompanying statements of net assets available for plan
benefits of the Tax Savings Thrift Plan for Employees of CSX Corporation and
Affiliated Companies (the "Plan") as of September 30, 1993 and 1992, and the
related statements of changes in net assets available for plan benefits for
the fiscal years then ended. These financial statements are the responsibility
of the Plan's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan
at September 30, 1993 and 1992, and the changes in its net assets available
for plan benefits for the fiscal years then ended, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental
schedules of assets held for investment as of September 30, 1993, and
transactions or series of transactions in excess of 5% of the fair value of
plan assets for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our audit
of the 1993 basic financial statements and, in our opinion, are fairly stated
in all material respects in relation to the 1993 basic financial statements
taken as a whole.
/s/ ERNST & YOUNG
-----------------
Ernst & Young
Richmond, Virginia
March 28, 1994
- 3 -
PAGE 4
<TABLE>
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
(Dollars in Thousands)
<CAPTION>
September 30, 1993
-----------------------------------------------------------------------------
Guaranteed Income S&P 500 Int'l CSX
Interest and Index Aggressive Vista Equity Stock
Fund Growth Fund Fund Growth Fund Fund Fund Fund Total
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments
Common stock - CSX Corporation
(1,588,340 shares; cost - $59,243) $ --- $ --- $ --- $ --- $ --- $ --- $123,295 $123,295
Mutual funds (cost - $82,889) --- 40,841 17,450 43,335 781 1,177 --- 103,584
Insurance company contracts (cost -
$142,917) 142,917 --- --- --- --- --- --- 142,917
Collective trust fund (cost -
$14,688) 14,688 --- --- --- --- --- --- 14,688
Loans to participants 10,267 4,912 2,892 4,708 457 853 1,461 25,550
Cash and cash equivalents 271 --- --- --- --- --- 23 294
-------- ------- ------- ------- ------ ------ -------- --------
168,143 45,753 20,342 48,043 1,238 2,030 124,779 410,328
Contributions receivable 1,139 436 301 480 14 18 974 3,362
-------- ------- ------- ------- ------ ------- -------- --------
TOTAL ASSETS 169,282 46,189 20,643 48,523 1,252 2,048 125,753 413,690
LIABILITIES
Distributions payable 75 16 4 12 --- --- 40 147
-------- ------- ------- ------- ------ ------ -------- --------
NET ASSETS AVAILABLE FOR PLAN BENEFITS$169,207 $46,173 $20,639 $48,511 $1,252 $2,048 $125,713 $413,543
======== ======= ======= ======= ====== ====== ======== ========
</TABLE>
See notes to financial statements.
- 4 -
PAGE 5
<TABLE>
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
(Dollars in Thousands)
<CAPTION>
September 30, 1992
--------------------------------------------------------------
Guaranteed Income S&P 500 CSX
Interest and Index Aggressive Stock
Fund Growth Fund Fund Growth Fund Fund Total
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments
Common stock - CSX Corporation
(1,479,730 shares; cost - $51,330) $ --- $ --- $ --- $ --- $87,304 $ 87,304
Mutual funds (cost - $67,540) --- 28,296 12,161 34,367 --- 74,824
Insurance company contracts (cost - $140,239) 140,239 --- --- --- --- 140,239
Loans to participants 11,446 3,097 1,796 4,817 555 21,711
Cash and cash equivalents 170 12 17 37 8 244
-------- ------- ------- ------- ------- --------
151,855 31,405 13,974 39,221 87,867 324,322
Contributions receivable 1,069 333 221 456 828 2,907
Accrued income 944 269 68 --- 1 1,282
-------- ------- ------- ------- ------- --------
TOTAL ASSETS 153,868 32,007 14,263 39,677 88,696 328,511
LIABILITIES
Distributions payable 1,444 171 153 193 573 2,534
-------- ------- ------- ------- ------- --------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $152,424 $31,836 $14,110 $39,484 $88,123 $325,977
======== ======= ======= ======= ======= ========
</TABLE>
See notes to financial statements.
- 5 -
PAGE 6
<TABLE>
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
(Dollars in Thousands)
<CAPTION>
Fiscal Year Ended September 30, 1993
-----------------------------------------------------------------------------
Guaranteed Income S&P 500 Int'l CSX
Interest and Index Aggressive Vista Equity Stock
Fund Growth Fund Fund Growth Fund Fund Fund Fund Total
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment income
Interest and dividends $ 12,713 $ 1,358 $ 494 $ 703 $ --- $ --- $ 2,399 $ 17,667
Employer contributions 1,991 381 195 431 --- --- 9,775 12,773
Employee contributions 13,911 4,848 3,332 5,894 14 18 1,065 29,082
Net realized and unrealized appreciation
(depreciation) of investments --- 6,489 1,372 7,236 44 (10) 28,420 43,551
-------- ------- ------- ------- ------ ------ -------- --------
28,615 13,076 5,393 14,264 58 8 41,659 103,073
DEDUCTIONS
Withdrawals by participants (7,321) (1,290) (514) (1,509) --- --- (4,435) (15,069)
Administrative expenses (233) (42) (20) (50) --- --- (93) (438)
-------- ------- ------- ------- ------ ------ -------- --------
(7,554) (1,332) (534) (1,559) --- --- (4,528) (15,507)
INTERFUND TRANSFERS (4,278) 2,593 1,670 (3,678) 1,194 2,040 459 ---
-------- ------- ------- ------- ------ ------ -------- --------
NET INCREASE IN NET ASSETS 16,783 14,337 6,529 9,027 1,252 2,048 37,590 87,566
Net assets available for plan benefits
at beginning of year 152,424 31,836 14,110 39,484 --- --- 88,123 325,977
-------- ------- ------- ------- ------ ------ -------- --------
NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT END OF YEAR $169,207 $46,173 $20,639 $48,511 $1,252 $2,048 $125,713 $413,543
======== ======= ======= ======= ====== ====== ======== ========
</TABLE>
See notes to financial statements.
- 6 -
PAGE 7
<TABLE>
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
(Dollars in Thousands)
<CAPTION>
Fiscal Year Ended September 30, 1992
--------------------------------------------------------------
Guaranteed Income S&P 500 CSX
Interest and Index Aggressive Stock
Fund Growth Fund Fund Growth Fund Fund Total
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment income
Interest and dividends $ 11,076 $ 1,100 $ 350 $ 1,866 $ 2,162 $ 16,554
Employer contributions 3,319 586 223 734 9,588 14,450
Employee contributions 13,262 4,190 3,180 6,395 832 27,859
Net realized and unrealized appreciation
(depreciation) of investments --- 1,919 640 (1,357) 8,701 9,903
-------- ------- ------- ------- ------- --------
27,657 7,795 4,393 7,638 21,283 68,766
DEDUCTIONS
Withdrawals by participants (8,105) (1,185) (593) (1,226) (3,473) (14,582)
Administrative expenses (188) (4) (1) (4) --- (197)
-------- ------- ------- ------- ------- --------
(8,293) (1,189) (594) (1,230) (3,473) (14,779)
INTERFUND TRANSFERS 934 (556) 1,189 (77) (1,490) ---
-------- ------- ------- ------- ------- --------
NET INCREASE IN NET ASSETS 20,298 6,050 4,988 6,331 16,320 53,987
Net assets available for plan benefits
at beginning of year 132,126 25,786 9,122 33,153 71,803 271,990
-------- ------- ------- ------- ------- --------
NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT END OF YEAR $152,424 $31,836 $14,110 $39,484 $88,123 $325,977
======== ======= ======= ======= ======= ========
</TABLE>
See notes to financial statements.
- 7 -
PAGE 8
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS
September 30, 1993
(Dollars in Thousands)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
The accounting records of the Plan are maintained on the accrual basis. All
security transactions are recorded as of the trade date.
Investments in insurance company contracts are reported at cost value plus
accrued income. Investments in mutual funds and CSX Corporation ("CSX")
common stock are valued at the last reported sales price on the last business
day of the Plan year. Investments in collective trust fund participation
units are determined by the fund manager and are based on the current market
values of the underlying assets of the fund. Investments in loans to
participants are carried at their outstanding principal balances. Such loans
bear interest at the prime rate.
Effective October 1, 1992, The Northern Trust Company became the trustee of
the Plan.
NOTE 2--DESCRIPTION OF THE PLAN
A complete description of Plan provisions, including those relating to
contributions, vesting, withdrawals, loans and distributions, is contained in
the Summary Plan Description and the Plan document. The prospectus relating
to the Plan, which includes the Summary Plan Description, was filed with the
Securities and Exchange Commission. Copies of these documents are available
from the CSX Benefits Department. The following summary should be read in
conjunction with the aforementioned documents.
General: The Plan is a defined contribution plan subject to the provisions of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
The Plan qualifies as a "cash or deferred" arrangement under Section 401(k) of
the Internal Revenue Code of 1986, as amended ("IRC"). Plan participation is
voluntary and is limited to certain salaried employees of CSX Corporation and
affiliated companies (the "Employer"). The total number of participants in
the Plan as of September 30, 1993 and 1992 was 10,299 and 10,310,
respectively.
Investment Alternatives: Participant contributions may be invested in one or
more of the following investment funds: (1) the Guaranteed Interest Fund,
consisting of guaranteed investment contracts with insurance companies and a
collective trust fund which primarily invests in guaranteed investment
contracts with insurance companies; (2) the Income and Growth Fund, consisting
of a mutual fund that invests in various securities selected primarily for
capital growth potential; (3) the S&P 500 Index Fund, consisting of a mutual
fund that invests in common and capital stocks selected primarily to duplicate
the performance of the stock market as a whole; (4) the Aggressive Growth
Fund, consisting of a mutual fund that invests in various securities selected
primarily for capital growth potential; (5) the CSX Stock Fund, consisting of
investments in CSX Corporation common stock; (6) the Vista Fund, consisting of
- 8 -
PAGE 9
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS
September 30, 1993
(Dollars in Thousands)
NOTE 2--DESCRIPTION OF THE PLAN--Continued
a mutual fund that invests in the common stock of small to medium-sized
companies selected primarily for growth in share price; and (7) the
International Equity Fund, consisting of a mutual fund that invests in the
stock of foreign companies selected primarily to achieve long-term growth by
participating in the growth of foreign companies around the world.
Amounts allocated to any of these funds may be temporarily retained as cash or
invested in cash equivalents to facilitate the investment or reinvestment of
Plan assets and the distribution of account balances to participants.
Participant Contributions: A participant may contribute from 1% to 15% of
their annual compensation in 1% multiples, to the Plan. In addition, the Plan
permits certain eligible participants to contribute other compensatory awards
to the Plan. All participant contributions may be made on a before or after-
tax basis within the limits imposed by the IRC and may be invested in any
combination of the seven investment alternatives. Investment direction may be
revised by participants as often as twelve times per year. A participant's
contributions are limited by the IRC.
Subject to certain limitations, a participant may also invest amounts received
from another qualified plan into this Plan.
Employer Contributions: The Employer contributes to the Plan an amount equal
to the lessor of 50% of each participating employee's contributions or 3% of
their annual compensation. The Employer may also make an annual contribution
of up to an additional 3% of each participating employee's compensation.
During the fiscal years ended September 30, 1993 and 1992, the Employer made
additional contributions of $3,063 and $4,909, respectively.
Employer matching contributions are made in the form of cash deposits to the
CSX Stock Fund. Any additional employer contributions are made by cash
deposits to one or more of the investment funds, as determined by the
individual employee's election. If no employee election is in effect,
additional employer contributions are made to the Guaranteed Interest Fund.
Vesting, Withdrawals, Loans and Distributions: All contributions made to
participants' accounts and the investments and income attributable thereto are
fully vested.
Withdrawals, loans and distributions are controlled in accordance with the
provisions of the Plan.
Participant Accounts: Each participant's account is credited with the
participant's contributions, the Employer's matching contributions, any
additional Employer contributions and an allocation of the Plan's earnings.
The benefit to which a participant is entitled is the benefit that can be
provided from the participant's account.
- 9 -
PAGE 10
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS
September 30, 1993
(Dollars in Thousands)
NOTE 2--DESCRIPTION OF THE PLAN--Continued
Plan Termination: Although it has not expressed any intent to do so, the
Employer has the right under the Plan to discontinue its contributions at any
time and to terminate the Plan subject to the provisions of ERISA. In case of
termination or partial termination, the total amount in each members' account
shall be distributed to the employee or continued in trust for the employees
benefit.
Administrative Expenses: The administrative expenses of the Plan are paid by
CSX or from Plan funds as the Plan Administrative Committee from time to time
directs. CSX paid a portion of the administrative expenses of the Plan in
fiscal years 1993 and 1992.
NOTE 3--INVESTMENTS
The Plan's investments are held by a bank administered trust fund. These
investments are more fully described below:
Guaranteed Investment Contracts: Substantially all of the assets held in the
Guaranteed Interest Fund are invested in guaranteed investment contracts with
various insurance companies. These contracts contain provisions which would
impose penalties for withdrawals before their scheduled maturity dates. In
addition, this Fund invests in the IDS Trust Income Fund, a collective trust
fund which invests primarily in guaranteed investment contracts with insurance
companies. The collective trust fund is managed by Investors Diversified
Services ("IDS"). At September 30, 1993 and 1992, there were no individual
investment contracts that represented 5% or more of the Plan's net assets.
Mutual Funds: Substantially all of the assets held in the Income and Growth
Fund at September 30, 1993 and 1992, are invested in the Fidelity
Equity-Income Fund, a mutual fund managed by Fidelity Management & Research
Company.
Substantially all of the assets held in the S&P 500 Index Fund at September
30, 1993 and 1992, are invested in the Vanguard Index Trust-500 Portfolio, a
mutual fund managed by the Vanguard Group.
Substantially all of the assets held in the Aggressive Growth Fund at
September 30, 1993 and 1992, are invested in the Twentieth Century Select
Fund, a mutual fund managed by Twentieth Century Investors, Inc.
Substantially all of the assets held in the Vista Fund at September 30, 1993,
are invested in the Twentieth Century Vista Fund, a mutual fund managed by
Twentieth Century Investors, Inc.
Substantially all of the assets held in the International Equity Fund at
September 30, 1993, are invested in the Morgan Stanley International Equity
Fund, a mutual fund managed by Morgan Stanley.
- 10 -
PAGE 11
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS
September 30, 1993
(Dollars in Thousands)
NOTE 3--INVESTMENTS--Continued
CSX Stock Fund: Substantially all of the assets held in this fund at
September 30, 1993 and 1992, are invested in CSX common stock.
NOTE 4--INCOME TAX STATUS
The Plan qualifies under Sections 401(a) and 401(k) of the Internal Revenue
Code ("IRC") and is therefore exempt from taxation under Section 501(a). Once
qualified, the Plan is required to operate in conformity with the IRC to
maintain its qualification. The Plan administrative committee is not aware of
any actions taken or series of events which have occurred that might adversely
affect the Plan's qualified status.
NOTE 5--RELATED PARTY TRANSACTIONS
CSX Corporation provides the Plan with certain management and accounting
services for which no fees are charged. During the fiscal years ended
September 30, 1993 and 1992, the Plan received $2,343 and $2,154,
respectively, representing cash dividends from CSX Corporation common stock.
The trustee routinely invests Plan assets in the Collective Short-Term
Investment Fund of The Northern Trust Company. For the fiscal year ended
September 30, 1993, transactions involving this account included 270 purchases
with a total cost of $82,624 and 284 sales with a fair value of $82,307.
During the fiscal year ended September 30, 1992, the previous trustee
routinely invested Plan assets in the Signet Investment Money Market Fund.
During that fiscal year, transactions involving this account included 226
purchases with a total cost of $50,966 and 195 sales with a fair value of
$50,846.
NOTE 6--SUBSEQUENT EVENTS
Effective January 1, 1994, the American Commercial Lines, Inc. Thrift Plan was
merged into the Plan. This merger resulted in a transfer of approximately
$34,000 of net assets into the Plan.
- 11 -
PAGE 12
SUPPLEMENTAL SCHEDULES
- 12 -
PAGE 13
<TABLE>
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
ASSETS HELD FOR INVESTMENT
September 30, 1993
(Dollars in Thousands)
<CAPTION>
Issuer Description Cost Value
- ------------------------------------ ------------ -------- --------
Guaranteed Investment Contracts
- -------------------------------
<S> <S> <C> <C>
Allstate Life Insurance Co. GA-5116 Guaranteed
Investment Contract $ 13,358 $ 13,358
CNA Life Insurance Co. GP-12458 Guaranteed
Investment Contract 8,178 8,178
Commonwealth Life Insurance Co. ADA-00213-FR Guaranteed
Investment Contract 3,211 3,211
Confederation Life Insurance Co. 61895 Guaranteed
Investment Contract 5,035 5,035
Confederation Life Insurance Co. 62210 Guaranteed
Investment Contract 5,114 5,114
Connecticut General Life 16247 Guaranteed
Insurance Co. Investment Contract 11,509 11,509
John Hancock Mutual Life 5711 Guaranteed
Insurance Co. Investment Contract 9,429 9,429
Hartford Life Insurance Co. GA-9445 Guaranteed
Investment Contract 1,886 1,886
Lincoln National Life Insurance Co. GA-9099 Guaranteed
Investment Contract 8,154 8,154
Manufacturers Life Insurance Co. GD #38327 Guaranteed
Investment Contract 4,091 4,091
Metropolitan Life Insurance Co. 12668 Guaranteed
Investment Contract 17,229 17,229
Nationwide Life Insurance Co. GA-P4142 Guaranteed
Investment Contract 8,177 8,177
Nationwide Life Insurance Co. GA-P4854 Guaranteed
Investment Contract 4,995 4,995
Nationwide Life Insurance Co. GA-P5065 Guaranteed
Investment Contract 3,694 3,694
New York Life Insurance Co. GA-05290 Guaranteed
Investment Contract 4,082 4,082
New York Life Insurance Co. GA-06365 Guaranteed
Investment Contract 3,665 3,665
New York Life Insurance Co. GA-06699 Guaranteed
Investment Contract 4,662 4,662
Provident Life Insurance Co. GC-627-05491-01A Guaranteed
Investment Contract 7,823 7,823
</TABLE>
- 13 -
PAGE 14
<TABLE>
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
ASSETS HELD FOR INVESTMENT--Continued
(Dollars in Thousands)
<CAPTION>
Fair
Issuer Description Cost Value
- ------------------------------------ ------------ -------- --------
<S> <S> <C> <C>
Prudential Life Insurance Co. GA #6497-500 Guaranteed
Investment Contract $ 5,220 $ 5,220
Prudential Life Insurance Co. GA #6497-501 Guaranteed
Investment Contract 6,045 6,045
Prudential Life Insurance Co. GA #6497-502 Guaranteed
Investment Contract 7,360 7,360
-------- --------
142,917 142,917
Mutual Funds
- ------------
Fidelity Equity-Income Fund 1,229,429 shares 33,192 40,841
Morgan Stanley Inst. Fund 88,513 shares 1,188 1,177
Twentieth Century Vista 62,292 shares 738 781
Twentieth Century Select Fund 961,729 shares 33,438 43,335
Vanguard Index Trust-500 Portfolio 403,022 shares 14,333 17,450
-------- --------
82,889 103,584
Common Stock
- ------------
CSX Corporation 1,588,340 shares 59,243 123,295
Collective Trust Fund
- ---------------------
IDS Trust Collective Income Fund 423,931 units 14,688 14,688
Loans to Participants
- ---------------------
Tax Savings Thrift Plan for Employees The Northern Trust Company,
of CSX Corporation interest rate at prime 25,550 25,550
Cash Equivalents
- ----------------
Collective Short-Term Investment Fund
of The Northern Trust Company 294,000 shares 294 294
-------- --------
$325,581 $410,328
======== ========
</TABLE>
- 14 -
PAGE 15
<TABLE>
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES OF CSX CORPORATION
AND AFFILIATED COMPANIES
TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5%
OF THE FAIR VALUE OF PLAN ASSETS
Fiscal Year Ended September 30, 1993
(Dollars in Thousands)
<CAPTION>
Purchases Sales
--------------------- -----------------------------------------
Value of Cost Net
Assets Sold on of Gain
Description of Asset Number Cost Number Transaction Date Asset (Loss)
-------------------- ------ ------ ------ ---------------- ----- ------
<S> <C> <C> <C> <C> <C> <C>
Category (iii) -- series of transactions in excess of 5% of plan assets
- -----------------------------------------------------------------------
Collective Short-Term Investment Fund
of The Northern Trust Company 270 $82,624 284 $82,307 $82,307 -
There were no category (i), (ii) or (iv) transactions during the fiscal year ended September 30, 1993.
</TABLE>
- 15 -
PAGE 16
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
administrative committee members have duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
TAX SAVINGS THRIFT PLAN FOR EMPLOYEES
OF CSX CORPORATION AND AFFILIATED
COMPANIES
By: /s/ GREGORY R. WEBER
--------------------
Gregory R. Weber
Vice President and Controller
CSX Corporation
(Plan Sponsor)
Date: March 31, 1994
- 16 -
PAGE 1
EXHIBIT 23
Consent of Ernst & Young, Independent Auditors
----------------------------------------------
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-41735) pertaining to the Tax Savings Thrift Plan
for Employees of CSX Corporation and Affiliated Companies of our report dated
March 28, 1994, with respect to the financial statements and schedules of the
Tax Savings Thrift Plan for Employees of CSX Corporation and Affiliated
Companies included in this Annual Report (Form 11-K) for the fiscal year ended
September 30, 1993.
/s/ ERNST & YOUNG
----------------------
Ernst & Young
Richmond, Virginia
March 28, 1994
- I-1 -
