Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

CSX Corp. (NASDAQ:CSX)

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Analysis of Income Taxes

Advanced level

Income Tax Expense (Benefit)

CSX Corp., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 30, 2016
Federal
State
Current
Federal
State
Deferred
Income tax expense (benefit)

Based on: 10-K (filing date: 2021-02-10), 10-K (filing date: 2020-02-12), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. CSX Corp.’s current decreased from 2018 to 2019 and from 2019 to 2020.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. CSX Corp.’s deferred decreased from 2018 to 2019 and from 2019 to 2020.
Income tax expense (benefit) Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. CSX Corp.’s income tax expense (benefit) decreased from 2018 to 2019 and from 2019 to 2020.

Effective Income Tax Rate (EITR)

CSX Corp., effective income tax rate (EITR) reconciliation

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 30, 2016
Federal income tax rate
State income taxes
Other
Effective income tax rate, before deferred tax rate change
Deferred tax rate change
Effective income tax rate

Based on: 10-K (filing date: 2021-02-10), 10-K (filing date: 2020-02-12), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14).

Item Description The company
Effective income tax rate, before deferred tax rate change Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. CSX Corp.’s effective income tax rate, before deferred tax rate change decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Components of Deferred Tax Assets and Liabilities

CSX Corp., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 30, 2016
Pension plans
Other employee benefit plans
Other
Deferred income tax assets
Accelerated depreciation
Other
Deferred income tax liabilities
Net deferred income tax assets (liabilities)

Based on: 10-K (filing date: 2021-02-10), 10-K (filing date: 2020-02-12), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14).

Item Description The company
Deferred income tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. CSX Corp.’s deferred income tax assets decreased from 2018 to 2019 and from 2019 to 2020.
Net deferred income tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. CSX Corp.’s net deferred income tax assets (liabilities) decreased from 2018 to 2019 and from 2019 to 2020.

Deferred Tax Assets and Liabilities, Classification

CSX Corp., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 30, 2016
Deferred income tax assets
Deferred income tax liabilities

Based on: 10-K (filing date: 2021-02-10), 10-K (filing date: 2020-02-12), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14).

Item Description The company
Deferred income tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.
Deferred income tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. CSX Corp.’s deferred income tax liabilities increased from 2018 to 2019 and from 2019 to 2020.

Adjustments to Financial Statements: Removal of Deferred Taxes

CSX Corp., adjustments to financial statements

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 30, 2016
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Shareholders’ Equity, Attributable To CSX
Shareholders’ equity, attributable to CSX (as reported)
Less: Net deferred tax assets (liabilities)
Shareholders’ equity, attributable to CSX (adjusted)
Adjustment to Net Earnings
Net earnings (as reported)
Add: Deferred income tax expense (benefit)
Net earnings (adjusted)

Based on: 10-K (filing date: 2021-02-10), 10-K (filing date: 2020-02-12), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14).

CSX Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

CSX Corp., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 30, 2016
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2021-02-10), 10-K (filing date: 2020-02-12), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. CSX Corp.’s adjusted net profit margin ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 CSX Corp.’s adjusted financial leverage ratio increased from 2018 to 2019 but then slightly decreased from 2019 to 2020 not reaching 2018 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. CSX Corp.’s adjusted ROE improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. CSX Corp.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.

CSX Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 30, 2016
As Reported
Selected Financial Data (US$ in millions)
Net earnings
Revenue
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings
Revenue
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2021-02-10), 10-K (filing date: 2020-02-12), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14).

2020 Calculations

1 Net profit margin = 100 × Net earnings ÷ Revenue
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net earnings ÷ Revenue
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. CSX Corp.’s adjusted net profit margin ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 30, 2016
As Reported
Selected Financial Data (US$ in millions)
Total assets
Shareholders’ equity, attributable to CSX
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Total assets
Adjusted shareholders’ equity, attributable to CSX
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (filing date: 2021-02-10), 10-K (filing date: 2020-02-12), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14).

2020 Calculations

1 Financial leverage = Total assets ÷ Shareholders’ equity, attributable to CSX
= ÷ =

2 Adjusted financial leverage = Total assets ÷ Adjusted shareholders’ equity, attributable to CSX
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 CSX Corp.’s adjusted financial leverage ratio increased from 2018 to 2019 but then slightly decreased from 2019 to 2020 not reaching 2018 level.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 30, 2016
As Reported
Selected Financial Data (US$ in millions)
Net earnings
Shareholders’ equity, attributable to CSX
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings
Adjusted shareholders’ equity, attributable to CSX
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2021-02-10), 10-K (filing date: 2020-02-12), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14).

2020 Calculations

1 ROE = 100 × Net earnings ÷ Shareholders’ equity, attributable to CSX
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted shareholders’ equity, attributable to CSX
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. CSX Corp.’s adjusted ROE improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 30, 2016
As Reported
Selected Financial Data (US$ in millions)
Net earnings
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings
Total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2021-02-10), 10-K (filing date: 2020-02-12), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14).

2020 Calculations

1 ROA = 100 × Net earnings ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net earnings ÷ Total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. CSX Corp.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.