Outstanding debt redeemed

CSX CORPORATION  
PART IIItem 8. Financial Statements and Supplementary DataNOTE 10.  Debt and Credit Agreements  
    Debt at December 2021 and December 2020 is shown in the table below. For information regarding the fair value of debt, see Note 13, Fair Value Measurements.

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Maturity at December | AverageInterestRates atDecember | December | December |
| (Dollars in Millions) | 2021 | 2021 | 2021 | 2020 |
| Notes | 2022-2068 | 4.2% | $ | 16,166  |  | $ | 16,542  |  |
| Equipment Obligations(a) | 2022-2024 | 6.2% | 153  |  | 160  |  |
| Finance Leases | 2022-2032 | 6.1% | 47  |  | 3  |  |
|  |  |  |  |  |
| Subtotal Long-term Debt (including current portion) |  |   | $ | 16,366  |  | $ | 16,705  |  |
| Less Debt Due within One Year |   |   | (181) |  | (401) |  |
| Long-term Debt (excluding current portion) |   |   | $ | 16,185  |  | $ | 16,304  |  |

(a) Equipment obligations are secured by an interest in certain railroad equipment.  
Debt Issuance & Early Redemption of Long-term Debt    No debt was issued in 2021. CSX issued the following notes in 2020, which are included in the consolidated balance sheets under long-term debt and may be redeemed by the Company at any time, subject to payment of certain make-whole premiums: •On December 1, 2020, issued $500 million of 2.50% notes due 2051. On December 30, 2020, the proceeds of the offering were used to fully redeem CSX’s outstanding $500 million of 3.70% notes that otherwise would have matured on November 1, 2023.•On March 30, 2020, issued $500 million of 3.8% notes due 2050.  
    The net proceeds from debt issuances will be used for general corporate purposes, which may include debt repayments, repurchases of CSX's common stock, capital investment, working capital requirements, improvements in productivity and other cost reductions. For more information regarding a non-cash debt transaction with a related party, see Note 15, Investment in Affiliates and Related-Party Transactions.  
In July 2021, finance lease obligations and debt totaling $68 million were assumed related to the Company's acquisition of Quality Carriers on July 1, 2021. See Note 17, Business Combinations.  
CSX 2021 Form 10-K p.91
