Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Analyst Adjustments: Removal of Deferred Taxes
Adjusted Ratios: Removal of Deferred Taxes (Summary)
Adjusted Current Ratio
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

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

USD $ in millions

	12 months ended	Dec 31, 2017		Dec 30, 2016		Dec 25, 2015		Dec 26, 2014		Dec 27, 2013
	Federal
	State
	Current
	Federal
	State
	Deferred
	Income tax expense (benefit)

Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	CSX Corp.’s current declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	CSX Corp.’s deferred declined from 2015 to 2016 and from 2016 to 2017.
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) declined from 2015 to 2016 and from 2016 to 2017.

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

		Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014	Dec 27, 2013
	Federal income tax rate
	State income taxes
	Deferred tax rate change
	Other
	Effective income tax rate

Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	CSX Corp.’s effective income tax rate increased from 2015 to 2016 but then declined significantly from 2016 to 2017.

CSX Corp., components of deferred tax assets and liabilities

USD $ in millions

		Dec 31, 2017		Dec 30, 2016		Dec 25, 2015		Dec 26, 2014		Dec 27, 2013
	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: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

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 declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.
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) declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.

CSX Corp., deferred tax assets and liabilities, classification

USD $ in millions

		Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014	Dec 27, 2013
	Deferred income tax assets
	Deferred income tax liabilities

Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

Item	Description	The company
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 2015 to 2016 but then declined significantly from 2016 to 2017.

CSX Corp., adjustments to financial data

USD $ in millions

		Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014	Dec 27, 2013
	Adjustment to Current Assets
	Current assets (as reported)
	Less: Current deferred tax assets, net
	Current assets (adjusted)
	Adjustment to Total Assets
	Total assets (as reported)
	Less: Current deferred tax assets, net
	Total assets (adjusted)
	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: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

CSX Corp., Financial Data: Reported vs. Adjusted

CSX Corp., adjusted ratios

		Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014	Dec 27, 2013
	Current Ratio
	Reported current ratio
	Adjusted current ratio
	Net Profit Margin
	Reported net profit margin
	Adjusted net profit margin
	Total Asset Turnover
	Reported total asset turnover
	Adjusted total asset turnover
	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: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	CSX Corp.’s adjusted current ratio deteriorated from 2015 to 2016 and from 2016 to 2017.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	CSX Corp.’s adjusted net profit margin deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	CSX Corp.’s adjusted total asset turnover deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.
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 declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	CSX Corp.’s adjusted ROE deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	CSX Corp.’s adjusted ROA deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

CSX Corp., Ratios: Reported vs. Adjusted

		Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014	Dec 27, 2013
	As Reported
	Selected Financial Data (USD $ in millions)
	Current assets
	Current liabilities
	Ratio
	Current ratio¹
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Adjusted current assets
	Current liabilities
	Ratio
	Adjusted current ratio²

Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

2017 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= hidden ÷ hidden = hidden

² Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= hidden ÷ hidden = hidden

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	CSX Corp.’s adjusted current ratio deteriorated from 2015 to 2016 and from 2016 to 2017.

		Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014	Dec 27, 2013
	As Reported
	Selected Financial Data (USD $ in millions)
	Net earnings
	Revenue
	Ratio
	Net profit margin¹
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Adjusted net earnings
	Revenue
	Ratio
	Adjusted net profit margin²

Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

2017 Calculations

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

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

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 deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

		Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014	Dec 27, 2013
	As Reported
	Selected Financial Data (USD $ in millions)
	Revenue
	Total assets
	Ratio
	Total asset turnover¹
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Revenue
	Adjusted total assets
	Ratio
	Adjusted total asset turnover²

Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

2017 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= hidden ÷ hidden = hidden

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= hidden ÷ hidden = hidden

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	CSX Corp.’s adjusted total asset turnover deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

		Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014	Dec 27, 2013
	As Reported
	Selected Financial Data (USD $ in millions)
	Total assets
	Shareholders’ equity, attributable to CSX
	Ratio
	Financial leverage¹
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Adjusted total assets
	Adjusted shareholders’ equity, attributable to CSX
	Ratio
	Adjusted financial leverage²

Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

2017 Calculations

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

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

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 declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.

		Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014	Dec 27, 2013
	As Reported
	Selected Financial Data (USD $ in millions)
	Net earnings
	Shareholders’ equity, attributable to CSX
	Ratio
	ROE¹
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Adjusted net earnings
	Adjusted shareholders’ equity, attributable to CSX
	Ratio
	Adjusted ROE²

Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

2017 Calculations

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

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

Ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	CSX Corp.’s adjusted ROE deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

		Dec 31, 2017	Dec 30, 2016	Dec 25, 2015	Dec 26, 2014	Dec 27, 2013
	As Reported
	Selected Financial Data (USD $ in millions)
	Net earnings
	Total assets
	Ratio
	ROA¹
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Adjusted net earnings
	Adjusted total assets
	Ratio
	Adjusted ROA²

Based on: 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11), 10-K (filing date: 2014-02-12).

2017 Calculations

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

² Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × hidden ÷ hidden = hidden

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 2015 to 2016 but then slightly improved from 2016 to 2017.

	CSX Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
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Financial Statements
Common-Size Financial Statements
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Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

CSX Corp. (CSX)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Analyst Adjustments: Removal of Deferred Taxes

CSX Corp., Financial Data: Reported vs. Adjusted

Adjusted Ratios: Removal of Deferred Taxes (Summary)

CSX Corp., Ratios: Reported vs. Adjusted

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)