Here's the link to the CSX Q4 2020 analyst conference call - surprisingly to me, no mention of Pan Am was made by analysts or CSX:
https://seekingalpha.com/article/440029 ... transcript
There is this statement by Jim Foote re: planned 2021 capital expenses: :
We project full year CapEx of $1.7 billion to $1.8 billion. This spend reflects ongoing investments in our core infrastructure, combined with several high-return growth investments for technology and sales and marketing initiatives. We will continue to evaluate attractive growth investment opportunities as they arise. But from a network perspective, we still have ample line of road and terminal capacity.
Lastly, we remain committed to returning excess cash flow to shareholders. We will repurchase shares through our ongoing buyback program and we will look to be opportunistic with share repurchases as we utilize our roughly $6 billion of buyback authority.
I guess the rumored $700M purchase cost of Pan Am could be part of the 2020 to 2021 increase in Capex from $1.626B to $1.7B or higher. But I would have thought that given such a large outlay of funds, some analyst might have questioned the acquisition's impact on traffic, revenue, headcount, property upgrade expenses, anticipated headwinds from customers, competitors (esp NS), STB, etc.