Name: CSX Corp. (NASDAQ:CSX) | Common-Size Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

CSX Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Accounts payable	2.70%	2.38%	2.03%	2.73%	2.58%
Labor and fringe benefits payable	1.69%	1.55%	1.21%	1.28%	1.50%
Personal injury	0.10%	0.09%	0.10%	0.11%	0.11%
Occupational	0.02%	0.02%	0.03%	0.02%	0.03%
Casualty reserves	0.12%	0.11%	0.12%	0.13%	0.14%
Environmental reserves	0.13%	0.09%	0.06%	0.08%	0.11%
Other reserves	0.10%	0.09%	0.05%	0.05%	0.07%
Casualty, environmental and other reserves	0.34%	0.29%	0.23%	0.26%	0.31%
Current maturities of long-term debt	0.36%	0.45%	1.01%	0.64%	0.05%
Income and other taxes payable	0.26%	0.33%	0.18%	0.18%	0.29%
Other current liabilities	0.54%	0.51%	0.41%	0.54%	0.49%
Current liabilities	5.90%	5.51%	5.07%	5.62%	5.21%
Personal injury	0.21%	0.20%	0.23%	0.23%	0.28%
Occupational	0.14%	0.14%	0.14%	0.14%	0.13%
Casualty reserves	0.34%	0.34%	0.37%	0.36%	0.41%
Environmental reserves	0.26%	0.18%	0.13%	0.11%	0.11%
Other reserves	0.10%	0.11%	0.06%	0.06%	0.06%
Casualty, environmental and other reserves	0.70%	0.62%	0.56%	0.54%	0.57%
Long-term debt, excluding current portion	42.70%	39.93%	40.97%	41.80%	40.13%
Deferred income taxes, net	18.06%	18.22%	18.01%	18.20%	18.21%
Long-term operating lease liability	1.16%	1.18%	1.14%	1.29%	0.00%
Other long-term liabilities	1.36%	1.24%	1.29%	1.54%	1.62%
Long-term liabilities	63.98%	61.18%	61.98%	63.37%	60.54%
Total liabilities	69.88%	66.69%	67.05%	68.99%	65.75%
Common stock, $1 par value	4.93%	5.43%	1.92%	2.02%	2.23%
Other capital	1.37%	0.16%	1.03%	0.90%	0.68%
Retained earnings	24.73%	28.69%	31.48%	29.81%	33.10%
Accumulated other comprehensive loss	-0.93%	-1.01%	-1.50%	-1.76%	-1.80%
Shareholders’ equity, attributable to CSX	30.10%	33.28%	32.92%	30.97%	34.20%
Non-controlling minority interest	0.02%	0.02%	0.02%	0.04%	0.05%
Total shareholders’ equity	30.12%	33.31%	32.95%	31.01%	34.25%
Total liabilities and shareholders’ equity	100.00%	100.00%	100.00%	100.00%	100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The capital structure exhibits a consistent reliance on long-term liabilities, which have trended upward over the five-year period. Total liabilities increased from 65.75% of total liabilities and shareholders’ equity in 2018 to 69.88% by 2022, indicating a higher proportion of debt-based financing relative to equity.

Liability Composition and Trends: Long-term debt represents the most significant component of the balance sheet, maintaining a range between 39.93% and 42.70%. A peak in long-term debt concentration occurred in 2022, coinciding with the overall increase in total liabilities. Deferred income taxes remained remarkably stable, consistently accounting for approximately 18% of the total structure throughout the analysis period.; Current liabilities remained relatively stable, fluctuating between 5.07% and 5.90%. Within this segment, accounts payable showed minor volatility, ending 2022 at 2.70%, nearly returning to its 2018 level of 2.58%.; Environmental reserves demonstrated a steady increase in the long-term category, rising from 0.11% in 2018 to 0.26% in 2022, suggesting a growing allocation for long-term environmental obligations.
Shareholders’ Equity Analysis: Total shareholders’ equity experienced a general decline, falling from 34.25% in 2018 to 30.12% in 2022. This contraction is primarily driven by a significant reduction in retained earnings, which dropped from 33.10% in 2018 to 24.73% in 2022.; A notable shift in equity composition occurred in 2021, where common stock increased to 5.43% from previous levels of approximately 2%. This suggests a capital injection or issuance of shares that partially offset the decline in retained earnings.; Accumulated other comprehensive losses showed a gradual improvement, narrowing from -1.80% in 2018 to -0.93% by 2022.

Overall, the financial position is characterized by a shift toward increased leverage. The simultaneous rise in long-term debt and the decrease in the proportion of retained earnings indicate a transition toward a more debt-heavy capital structure over the observed period.

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