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Microsoft Excel LibreOffice Calc

CSX Corp. (CSX)


Analysis of Operating Leases

Advanced level

An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.


Present Value of Future Operating Lease Payments (before Adoption of FASB Topic 842)

CSX Corp., future operating lease payments (before adoption of FASB Topic 842)

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 30, 2016 Dec 25, 2015 Dec 26, 2014
Total undiscounted future operating lease payments hidden hidden hidden hidden hidden
Discount rate1 hidden hidden hidden hidden hidden
 
Total present value of future operating lease payments hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-06), 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).

1 Capital leases average interest rates

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2019 hidden 2019 hidden hidden
2020 hidden 2020 hidden hidden
2021 hidden 2021 hidden hidden
2022 hidden 2022 hidden hidden
2023 hidden 2023 hidden hidden
2024 and thereafter hidden 2024 hidden hidden
2025 hidden hidden
2026 hidden hidden
2027 hidden hidden
2028 hidden hidden
2029 hidden hidden
2030 hidden hidden
2031 hidden hidden
2032 hidden hidden
2033 hidden hidden
2034 hidden hidden
2035 hidden hidden
2036 hidden hidden
2037 hidden hidden
2038 hidden hidden
2039 hidden hidden
2040 hidden hidden
2041 hidden hidden
2042 hidden hidden
2043 hidden hidden
2044 hidden hidden
2045 hidden hidden
2046 hidden hidden
2047 hidden hidden
2048 hidden hidden
2049 hidden hidden
2050 hidden hidden
2051 hidden hidden
2052 hidden hidden
2053 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2019-02-06).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2018 hidden 2018 hidden hidden
2019 hidden 2019 hidden hidden
2020 hidden 2020 hidden hidden
2021 hidden 2021 hidden hidden
2022 hidden 2022 hidden hidden
2023 and thereafter hidden 2023 hidden hidden
2024 hidden hidden
2025 hidden hidden
2026 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2018-02-07).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2017 hidden 2017 hidden hidden
2018 hidden 2018 hidden hidden
2019 hidden 2019 hidden hidden
2020 hidden 2020 hidden hidden
2021 hidden 2021 hidden hidden
2022 and thereafter hidden 2022 hidden hidden
2023 hidden hidden
2024 hidden hidden
2025 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2017-02-14).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2016 hidden 2016 hidden hidden
2017 hidden 2017 hidden hidden
2018 hidden 2018 hidden hidden
2019 hidden 2019 hidden hidden
2020 hidden 2020 hidden hidden
2021 and thereafter hidden 2021 hidden hidden
2022 hidden hidden
2023 hidden hidden
2024 hidden hidden
2025 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2016-02-10).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at hidden
2015 hidden 2015 hidden hidden
2016 hidden 2016 hidden hidden
2017 hidden 2017 hidden hidden
2018 hidden 2018 hidden hidden
2019 hidden 2019 hidden hidden
2020 and thereafter hidden 2020 hidden hidden
2021 hidden hidden
2022 hidden hidden
2023 hidden hidden
2024 hidden hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2015-02-11).


Adjustments to Financial Statements for Operating Leases

CSX Corp., adjustments to financial statements

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 30, 2016 Dec 25, 2015 Dec 26, 2014
Adjustment to Total Assets
Total assets (as reported) hidden hidden hidden hidden hidden
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 hidden hidden hidden hidden hidden
Total assets (adjusted) hidden hidden hidden hidden hidden
Adjustment to Total Debt
Total debt (as reported) hidden hidden hidden hidden hidden
Add: Operating lease liability (before adoption of FASB Topic 842)2 hidden hidden hidden hidden hidden
Total debt (adjusted) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-06), 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).

1, 2 Equal to total present value of future operating lease payments.


CSX Corp., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios for Operating Leases (Summary)

CSX Corp., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 30, 2016 Dec 25, 2015 Dec 26, 2014
Total Asset Turnover1
Reported total asset turnover hidden hidden hidden hidden hidden
Adjusted total asset turnover hidden hidden hidden hidden hidden
Debt to Equity2
Reported debt to equity hidden hidden hidden hidden hidden
Adjusted debt to equity hidden hidden hidden hidden hidden
Return on Assets3 (ROA)
Reported ROA hidden hidden hidden hidden hidden
Adjusted ROA hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-06), 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).

Financial 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 ratio improved from 2016 to 2017 and from 2017 to 2018.
Adjusted debt to equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. CSX Corp.’s adjusted debt to equity ratio improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. CSX Corp.’s adjusted ROA improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018 not reaching 2016 level.

CSX Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 30, 2016 Dec 25, 2015 Dec 26, 2014
As Reported
Selected Financial Data (US$ in millions)
Revenue hidden hidden hidden hidden hidden
Total assets hidden hidden hidden hidden hidden
Activity Ratio
Total asset turnover1 hidden hidden hidden hidden hidden
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Revenue hidden hidden hidden hidden hidden
Adjusted total assets hidden hidden hidden hidden hidden
Activity Ratio
Adjusted total asset turnover2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-06), 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).

2018 Calculations

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

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

Activity 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 ratio improved from 2016 to 2017 and from 2017 to 2018.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 30, 2016 Dec 25, 2015 Dec 26, 2014
As Reported
Selected Financial Data (US$ in millions)
Total debt hidden hidden hidden hidden hidden
Shareholders’ equity, attributable to CSX hidden hidden hidden hidden hidden
Solvency Ratio
Debt to equity1 hidden hidden hidden hidden hidden
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt hidden hidden hidden hidden hidden
Shareholders’ equity, attributable to CSX hidden hidden hidden hidden hidden
Solvency Ratio
Adjusted debt to equity2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-06), 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).

2018 Calculations

1 Debt to equity = Total debt ÷ Shareholders’ equity, attributable to CSX
= hidden ÷ hidden = hidden

2 Adjusted debt to equity = Adjusted total debt ÷ Shareholders’ equity, attributable to CSX
= hidden ÷ hidden = hidden

Solvency ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. CSX Corp.’s adjusted debt-to-equity ratio improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 30, 2016 Dec 25, 2015 Dec 26, 2014
As Reported
Selected Financial Data (US$ in millions)
Net earnings hidden hidden hidden hidden hidden
Total assets hidden hidden hidden hidden hidden
Profitability Ratio
ROA1 hidden hidden hidden hidden hidden
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net earnings hidden hidden hidden hidden hidden
Adjusted total assets hidden hidden hidden hidden hidden
Profitability Ratio
Adjusted ROA2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-06), 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).

2018 Calculations

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

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

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. CSX Corp.’s adjusted ROA improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018 not reaching 2016 level.