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).

The capital structure of the organization has undergone a notable shift between March 2018 and March 2023, characterized by an increasing reliance on debt financing and a corresponding reduction in the proportion of equity. Total liabilities rose from 61.56% of total liabilities and shareholders’ equity to 70.26% over the analyzed period, while total shareholders’ equity declined from 38.44% to 29.74%.

Long-Term Debt and Liability Trends
Long-term debt, excluding the current portion, represents the most significant component of the balance sheet. This item increased from 36.77% in March 2018 to 43.18% by March 2023. This growth was the primary driver behind the overall increase in total liabilities. Deferred income taxes remained relatively stable, fluctuating within a narrow range between 17.32% and 18.81% throughout the period. Long-term operating lease liabilities appeared in the reporting from March 2019 onward, maintaining a consistent presence between 1.12% and 1.32%.
Shareholders' Equity Erosion
A consistent downward trend is observed in the equity component of the balance sheet. Retained earnings experienced a substantial decline, falling from 37.05% in March 2018 to 24.33% in March 2023. This suggests a reduction in the proportion of cumulative earnings held within the company relative to total assets. Conversely, common stock remained stable at approximately 2% until June 2021, at which point it increased to a range between 4.90% and 5.63%, indicating a capital injection or structural change in equity during that period.
Current Liabilities and Short-Term Obligations
Current liabilities remained relatively stable, generally fluctuating between 4.5% and 7.2%. Accounts payable stayed within a consistent range of 2.03% to 2.90%. Labor and fringe benefits payable showed more volatility, peaking at 1.72% in September 2022 before dropping sharply to 0.88% in March 2023. Current maturities of long-term debt remained negligible for most of the period, with temporary spikes reaching as high as 1.92% in September 2019, before returning to lower levels.
Other Comprehensive Loss and Minority Interests
Accumulated other comprehensive loss showed a gradual improvement, moving from a peak negative impact of -1.80% in December 2018 to -0.93% by March 2023. Non-controlling minority interests remained statistically insignificant, consistently staying between 0.02% and 0.05% of the total capital structure.

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