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: Liabilities and Stockholders’ Equity 
Quarterly Data

CSX Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 2.90 2.70 2.73 2.61 2.60 2.38 2.42 2.20 2.16 2.03 2.64 2.47 2.72 2.73 2.84 2.61 2.67 2.58 2.66 2.31 2.42
Labor and fringe benefits payable 0.88 1.69 1.72 1.52 1.35 1.55 1.37 1.12 1.06 1.21 1.11 0.90 0.89 1.28 1.25 1.09 1.06 1.50 1.40 1.32 1.18
Casualty, environmental and other reserves 0.36 0.34 0.27 0.28 0.29 0.29 0.29 0.25 0.22 0.23 0.26 0.26 0.25 0.26 0.28 0.29 0.29 0.31 0.30 0.31 0.28
Current maturities of long-term debt 0.03 0.36 0.37 0.58 0.78 0.45 0.53 0.30 0.10 1.01 0.94 0.97 0.66 0.64 1.92 0.65 0.05 0.05 0.05 0.05 0.05
Income and other taxes payable 0.87 0.26 0.37 0.44 0.89 0.33 0.59 0.60 0.60 0.18 0.35 0.98 0.69 0.18 0.40 0.35 0.51 0.29 0.45 0.33 0.73
Other current liabilities 0.55 0.54 0.49 0.49 0.45 0.51 0.45 0.40 0.39 0.41 0.51 0.45 0.48 0.54 0.54 0.43 0.47 0.49 0.41 0.37 0.38
Current liabilities 5.60% 5.90% 5.94% 5.93% 6.37% 5.51% 5.65% 4.88% 4.53% 5.07% 5.82% 6.03% 5.69% 5.62% 7.23% 5.41% 5.05% 5.21% 5.27% 4.69% 5.05%
Casualty, environmental and other reserves 0.69 0.70 0.75 0.72 0.66 0.62 0.63 0.52 0.58 0.56 0.52 0.52 0.54 0.54 0.50 0.52 0.54 0.57 0.63 0.63 0.69
Long-term debt, excluding current portion 43.18 42.70 42.36 39.57 39.60 39.93 40.32 40.56 41.08 40.97 40.87 41.46 42.43 41.80 41.22 40.93 41.27 40.13 37.31 37.29 36.77
Deferred income taxes, net 18.34 18.06 18.07 18.81 18.36 18.22 18.19 18.11 18.21 18.01 17.97 18.06 18.00 18.20 17.74 17.91 17.67 18.21 17.86 17.69 17.32
Long-term operating lease liability 1.15 1.16 1.15 1.17 1.18 1.18 1.20 1.12 1.14 1.14 1.20 1.24 1.26 1.29 1.27 1.32 1.32 0.00 0.00 0.00 0.00
Other long-term liabilities 1.31 1.36 1.23 1.25 1.22 1.24 1.18 1.23 1.31 1.29 1.35 1.42 1.46 1.54 1.41 1.50 1.53 1.62 1.66 1.72 1.73
Long-term liabilities 64.67% 63.98% 63.56% 61.52% 61.02% 61.18% 61.52% 61.55% 62.31% 61.98% 61.92% 62.70% 63.69% 63.37% 62.15% 62.18% 62.33% 60.54% 57.46% 57.33% 56.51%
Total liabilities 70.26% 69.88% 69.50% 67.45% 67.38% 66.69% 67.18% 66.43% 66.84% 67.05% 67.73% 68.74% 69.39% 68.99% 69.38% 67.59% 67.38% 65.75% 62.74% 62.02% 61.56%
Common stock, $1 par value 4.90 4.93 4.98 5.30 5.37 5.43 5.53 5.63 1.91 1.92 1.94 1.97 1.97 2.02 2.02 2.10 2.12 2.23 2.29 2.33 2.34
Other capital 1.42 1.37 1.31 1.32 0.25 0.16 0.06 0.00 1.13 1.03 1.01 0.93 0.94 0.90 0.81 0.76 0.70 0.68 0.35 0.34 0.57
Retained earnings 24.33 24.73 24.94 26.74 27.89 28.69 28.55 29.30 31.43 31.48 30.84 30.01 29.39 29.81 29.43 31.23 31.48 33.10 36.14 36.84 37.05
Accumulated other comprehensive loss -0.93 -0.93 -0.76 -0.84 -0.93 -1.01 -1.33 -1.38 -1.34 -1.50 -1.57 -1.68 -1.73 -1.76 -1.67 -1.73 -1.73 -1.80 -1.56 -1.57 -1.56
Shareholders’ equity, attributable to CSX 29.72% 30.10% 30.48% 32.53% 32.59% 33.28% 32.80% 33.55% 33.13% 32.92% 32.23% 31.23% 30.57% 30.97% 30.58% 32.37% 32.57% 34.20% 37.22% 37.94% 38.40%
Non-controlling minority interest 0.02 0.02 0.02 0.02 0.03 0.02 0.02 0.02 0.02 0.02 0.04 0.03 0.04 0.04 0.04 0.04 0.04 0.05 0.04 0.04 0.03
Total shareholders’ equity 29.74% 30.12% 30.50% 32.55% 32.62% 33.31% 32.82% 33.57% 33.16% 32.95% 32.27% 31.26% 30.61% 31.01% 30.62% 32.41% 32.62% 34.25% 37.26% 37.98% 38.44%
Total liabilities and shareholders’ equity 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).

Accounts Payable
Accounts payable as a percentage of total liabilities and shareholders’ equity showed relative stability with minor fluctuations, generally ranging between 2.16% and 2.9%. A mild upward trend is observed toward the end of the period, peaking at 2.9% in March 2023.
Labor and Fringe Benefits Payable
This liability fluctuated significantly over the periods, reaching a low of 0.88% in March 2023 after peaking around 1.72% in September 2022. The data indicates considerable variability, with a downward trend evident in the last quarter.
Casualty, Environmental, and Other Reserves (Current)
The current portion of these reserves remained relatively steady, mostly hovering around 0.25% to 0.34%, with a slight increase toward March 2023, indicating modest growth in these reserves.
Current Maturities of Long-Term Debt
This item showed heightened volatility, spiking at 1.92% in September 2018 and falling back to as low as 0.03% by March 2023. An intermittent pattern of sharp increases followed by decreases suggests potential refinancing activities or debt repayments.
Income and Other Taxes Payable
Income and other taxes payable presented high variability, with percentages ranging from 0.18% to 0.98%, showing intermittent spikes. The latest value of 0.87% indicates a resurgence compared to the previous quarters which may reflect changes in tax liabilities or accrual practices.
Other Current Liabilities
Other current liabilities were fairly consistent, fluctuating gently between 0.37% and 0.55%, reflecting stable levels within the company’s current obligations.
Current Liabilities (Aggregate)
The aggregate current liabilities fluctuated between 4.53% and 7.23%, with a peak in September 2019, but generally remained in a narrow band around 5-6%, showing no major structural changes in short-term obligations over the periods.
Casualty, Environmental, and Other Reserves (Long-Term)
The long-term reserves in this category demonstrated a gradual upward trend from approximately 0.5% to a peak near 0.75%, prior to slightly retreating but remaining elevated compared to earlier periods, indicating increasing long-term contingency accruals.
Long-Term Debt Excluding Current Portion
Long-term debt remained the largest component of liabilities, representing over 36% to above 43% throughout the period. A gradual increase is notable from 36.77% in March 2018 to 43.18% in March 2023, signaling incremental leverage or capital structure adjustments over time.
Deferred Income Taxes, Net
Deferred income taxes were relatively stable, consistently around 17% to 18.8%, indicating a consistent proportion of deferred tax liabilities relative to total capital structure.
Long-Term Operating Lease Liability
Introduced in mid-2019, the long-term operating lease liability remained fairly steady around 1.12% to 1.32%, reflecting stable lease obligations once accounted for in liabilities.
Other Long-Term Liabilities
This category showed a mild decline from 1.73% to around 1.18%, followed by a gradual recovery reaching 1.36% by late 2022 before settling near 1.31%, suggesting modest changes in other long-term liability obligations.
Long-Term Liabilities (Aggregate)
A steady increase overall in long-term liabilities is evident, moving from approximately 56.5% to over 64%, consistent with the rise in long-term debt and lease liabilities, indicating a structural shift favoring longer maturities in total obligations.
Total Liabilities
Total liabilities increased gradually from about 61.5% up to over 70% by March 2023, reinforcing the trend of growing leverage on the company's balance sheet with a larger proportion of capital structure financed via liabilities.
Common Stock, $1 Par Value
Common stock portion as a percent of total capital decreased from above 2.3% to below 2% initially, then sharply rose to exceed 5% during 2021, possibly reflecting a stock issuance or reclassification, followed by a mild decline toward 4.9% by March 2023.
Other Capital
Other capital maintained low values generally below 1%, with a notable increase beginning mid-2022 and continuing upwards to around 1.4% by March 2023, indicating possible accumulation in additional paid-in capital or related equity components.
Retained Earnings
Retained earnings consistently declined from over 37% to about 24.3%, reflecting either dividend distributions, share repurchases, or losses unaccompanied by sufficient earnings retention, marking a significant reduction in accumulated profits within equity.
Accumulated Other Comprehensive Loss
The accumulated other comprehensive loss gradually declined (improved) from about -1.8% to approximately -0.76%, before slightly worsening to -0.93%, indicating some volatility but an overall reduction in unrealized losses or negative equity adjustments over the period.
Shareholders’ Equity Attributable to CSX
Equity attributable to shareholders decreased from roughly 38.4% down to just under 30% by March 2023, consistent with the observed decline in retained earnings and relative increase in liabilities, evidencing a shrinking equity base relative to total capital.
Non-Controlling Minority Interest
Minority interest remained negligible and stable throughout the periods, consistently below 0.05%, indicating limited external ownership influence.
Total Shareholders’ Equity
Total shareholders’ equity correspondingly declined from near 38.4% to about 29.7%, mirroring the reduction in the controlling shareholder equity component and highlighting a shifting capital structure with increased leverage.