Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Accounts payable	1,130)	963)	809)	1,043)	949)
Labor and fringe benefits payable	707)	630)	482)	489)	550)
Personal injury	40)	37)	38)	42)	40)
Occupational	10)	7)	11)	6)	10)
Casualty reserves	50)	44)	49)	48)	50)
Environmental reserves	53)	37)	23)	31)	39)
Other reserves	41)	37)	18)	21)	24)
Casualty, environmental and other reserves	144)	118)	90)	100)	113)
Current maturities of long-term debt	151)	181)	401)	245)	18)
Income and other taxes payable	111)	134)	73)	69)	106)
Other current liabilities	228)	207)	164)	205)	179)
Current liabilities	2,471)	2,233)	2,019)	2,151)	1,915)
Personal injury	86)	81)	93)	87)	103)
Occupational	58)	55)	54)	52)	46)
Casualty reserves	144)	136)	147)	139)	149)
Environmental reserves	108)	71)	53)	43)	41)
Other reserves	40)	43)	24)	23)	21)
Casualty, environmental and other reserves	292)	250)	224)	205)	211)
Long-term debt, excluding current portion	17,896)	16,185)	16,304)	15,993)	14,739)
Deferred income taxes, net	7,569)	7,383)	7,168)	6,961)	6,690)
Long-term operating lease liability	488)	478)	455)	493)	—)
Other long-term liabilities	571)	502)	513)	591)	594)
Long-term liabilities	26,816)	24,798)	24,664)	24,243)	22,234)
Total liabilities	29,287)	27,031)	26,683)	26,394)	24,149)
Common stock, $1 par value	2,066)	2,202)	763)	773)	818)
Other capital	574)	66)	409)	346)	249)
Retained earnings	10,363)	11,630)	12,527)	11,404)	12,157)
Accumulated other comprehensive loss	(388)	(408)	(598)	(675)	(661)
Shareholders’ equity, attributable to CSX	12,615)	13,490)	13,101)	11,848)	12,563)
Non-controlling minority interest	10)	10)	9)	15)	17)
Total shareholders’ equity	12,625)	13,500)	13,110)	11,863)	12,580)
Total liabilities and shareholders’ equity	41,912)	40,531)	39,793)	38,257)	36,729)

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).

Total liabilities and shareholders’ equity exhibited a steady upward trajectory from 2018 to 2022, increasing from 36,729 million US$ to 41,912 million US$. This growth was primarily driven by a significant expansion in total liabilities, which rose from 24,149 million US$ to 29,287 million US$ over the five-year period, while total shareholders' equity remained relatively stagnant, ending at 12,625 million US$ in 2022 compared to 12,580 million US$ in 2018.

Current Liabilities Trends: Current liabilities increased from 1,915 million US$ in 2018 to 2,471 million US$ in 2022. This growth is attributed to increases in accounts payable, which rose from 949 million US$ to 1,130 million US$, and labor and fringe benefits payable, which increased from 550 million US$ to 707 million US$. Current maturities of long-term debt showed volatility, peaking at 401 million US$ in 2020 before declining to 151 million US$ by 2022.
Long-Term Debt and Obligations: Long-term liabilities grew from 22,234 million US$ in 2018 to 26,816 million US$ in 2022. The primary driver was long-term debt, excluding the current portion, which increased from 14,739 million US$ to 17,896 million US$. Deferred income taxes, net, also showed a consistent annual increase, rising from 6,690 million US$ in 2018 to 7,569 million US$ in 2022.
Reserve Obligations: A notable increase is observed in environmental reserves across both current and long-term categories. Long-term environmental reserves grew from 41 million US$ in 2018 to 108 million US$ in 2022, while current environmental reserves rose from 39 million US$ to 53 million US$ in the same period. Casualty reserves remained relatively stable, with long-term casualty reserves ending at 144 million US$ in 2022, nearly identical to the 149 million US$ reported in 2018.
Stockholders’ Equity Composition: Total shareholders' equity fluctuated throughout the period, peaking at 13,500 million US$ in 2021 before declining to 12,625 million US$ in 2022. Retained earnings showed a general downward trend, decreasing from 12,157 million US$ in 2018 to 10,363 million US$ in 2022. This was partially offset by a significant increase in common stock in 2021, which jumped to 2,202 million US$ from 763 million US$ in 2020. Accumulated other comprehensive loss improved over the period, narrowing from -661 million US$ in 2018 to -388 million US$ in 2022.

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CSX Corp. (NASDAQ:CSX)

Balance Sheet: Liabilities and Stockholders’ Equity