Stock Analysis on Net
Stock Analysis on Net

CSX Corp. (NASDAQ:CSX)

This company has been moved to the archive! The financial data has not been updated since April 20, 2023.

Common-Size Balance Sheet: Assets
Quarterly Data

CSX Corp., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 3.11 4.67 5.47 1.79 4.79 5.52 5.43 7.46 7.44 7.86 7.35 6.15 5.14 2.50 3.92 2.25 3.11 2.34 1.80 3.57 5.29
Short-term investments 0.43 0.31 0.21 0.22 0.24 0.19 0.00 0.01 0.01 0.01 0.00 0.52 1.25 2.60 2.67 2.32 2.15 0.69 1.67 0.22 0.03
Accounts receivable, net 3.32 3.13 3.47 3.69 3.16 2.83 3.30 2.98 2.41 2.29 2.48 2.21 2.60 2.58 2.84 2.93 2.90 2.75 2.96 2.81 2.79
Materials and supplies 0.95 0.81 0.86 0.94 0.87 0.84 0.76 0.72 0.75 0.76 0.64 0.63 0.66 0.68 0.61 0.59 0.63 0.72 0.77 0.88 0.99
Other current assets 0.28 0.26 0.19 0.26 0.24 0.17 0.22 0.25 0.23 0.24 0.24 0.23 0.19 0.20 0.17 0.32 0.32 0.49 0.36 0.31 0.37
Current assets 8.09% 9.18% 10.20% 6.90% 9.29% 9.56% 9.71% 11.43% 10.85% 11.16% 10.72% 9.74% 9.84% 8.57% 10.21% 8.40% 9.12% 6.98% 7.55% 7.80% 9.46%
Properties 116.79 114.78 113.00 117.54 115.19 114.74 115.19 114.24 114.87 114.42 115.13 116.51 116.05 117.89 116.03 118.01 117.49 121.99 120.68 119.99 117.80
Accumulated depreciation -34.11 -33.08 -32.62 -34.19 -33.65 -33.28 -33.42 -33.06 -33.23 -32.89 -33.03 -33.59 -33.16 -33.80 -33.34 -33.59 -33.65 -34.87 -34.22 -33.74 -33.00
Properties, net 82.68% 81.70% 80.38% 83.35% 81.54% 81.46% 81.77% 81.18% 81.64% 81.53% 82.10% 82.92% 82.89% 84.08% 82.69% 84.43% 83.84% 87.12% 86.46% 86.25% 84.80%
Investment in affiliates and other companies 5.58 5.47 5.42 5.58 5.30 5.18 5.13 5.08 5.06 4.99 4.94 4.94 4.90 4.91 4.77 4.80 4.70 4.84 4.79 4.72 4.58
Right-of-use operating lease asset 1.18 1.20 1.20 1.21 1.23 1.24 1.27 1.15 1.18 1.19 1.27 1.32 1.35 1.39 1.39 1.45 1.44 0.00 0.00 0.00 0.00
Goodwill and other intangible assets, net 1.21 1.20 1.27 1.38 1.12 1.11 1.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other long-term assets 1.27 1.25 1.52 1.59 1.53 1.46 1.00 1.15 1.28 1.13 0.98 1.08 1.03 1.05 0.95 0.91 0.90 1.05 1.20 1.23 1.16
Long-term assets 91.91% 90.82% 89.80% 93.10% 90.71% 90.44% 90.29% 88.57% 89.15% 88.84% 89.28% 90.26% 90.16% 91.43% 89.79% 91.60% 90.88% 93.02% 92.45% 92.20% 90.54%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The asset composition is characterized by a heavy concentration in long-term fixed assets, reflecting the capital-intensive nature of the business. Throughout the analyzed period, total assets are dominated by net properties, although there is a discernible shift in the distribution of liquidity and the introduction of new asset classes over time.

Liquidity and Current Asset Trends
Current assets as a percentage of total assets exhibit moderate volatility, fluctuating between a low of 6.90% in June 2022 and a peak of 11.43% in June 2021. This movement is primarily driven by cash and cash equivalents, which saw a significant increase during 2020, peaking at 7.86% in December 2020. This suggests a strategic buildup of liquidity during the pandemic period, followed by a normalization and a sharp temporary decline in mid-2022. Accounts receivable have remained relatively stable, generally oscillating between 2.2% and 3.7% of total assets.
Fixed Asset and Property Analysis
Properties, net, represent the largest component of the balance sheet. A gradual downward trend in the relative weight of net properties is observed, moving from a peak of 87.12% in December 2018 to a range between 80.38% and 82.68% from 2021 through early 2023. Accumulated depreciation has remained consistent as a percentage of total assets, typically ranging from -32.6% to -34.9%, indicating a steady rate of asset aging relative to the total asset base.
Long-Term Strategic Assets
Investments in affiliates and other companies have shown a steady upward trajectory, increasing from 4.58% in March 2018 to 5.58% by March 2023. This indicates a gradual increase in strategic external investments. Additionally, the introduction of right-of-use operating lease assets in early 2019, which have since stabilized around 1.2%, and the appearance of goodwill and other intangible assets in late 2021, hovering around 1.2%, suggest changes in accounting standards and potential acquisition activity.
Overall Asset Structure Shift
The balance sheet demonstrates a transition from an extremely high reliance on net properties (above 84% in 2018) toward a slightly more diversified asset base. While long-term assets still comprise approximately 90% to 93% of the total, the growth in affiliate investments and the inclusion of lease and intangible assets have marginally diversified the long-term profile.

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