Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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 (quarterly data)

US$ in millions

	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	1,203)	1,130)	1,152)	1,055)	1,050)	963)	972)	879)	859)	809)	1,042)	960)	1,058)	1,043)	1,101)	989)	1,019)	949)	982)	852)	905)
Labor and fringe benefits payable	367)	707)	727)	615)	547)	630)	548)	447)	419)	482)	436)	352)	345)	489)	486)	412)	406)	550)	517)	486)	443)
Casualty, environmental and other reserves	151)	144)	113)	113)	118)	118)	117)	102)	89)	90)	104)	103)	99)	100)	110)	110)	112)	113)	110)	114)	106)
Current maturities of long-term debt	11)	151)	155)	236)	317)	181)	211)	122)	41)	401)	371)	378)	255)	245)	745)	245)	18)	18)	18)	19)	19)
Income and other taxes payable	361)	111)	156)	177)	359)	134)	238)	242)	237)	73)	140)	380)	269)	69)	155)	133)	193)	106)	166)	123)	274)
Other current liabilities	228)	228)	205)	197)	184)	207)	182)	159)	155)	164)	201)	174)	185)	205)	208)	164)	178)	179)	151)	138)	144)
Current liabilities	2,321)	2,471)	2,508)	2,393)	2,575)	2,233)	2,268)	1,951)	1,800)	2,019)	2,294)	2,347)	2,211)	2,151)	2,805)	2,053)	1,926)	1,915)	1,944)	1,732)	1,891)
Casualty, environmental and other reserves	287)	292)	317)	290)	267)	250)	252)	210)	229)	224)	205)	203)	210)	205)	195)	199)	207)	211)	231)	232)	258)
Long-term debt, excluding current portion	17,911)	17,896)	17,895)	15,974)	16,019)	16,185)	16,182)	16,229)	16,306)	16,304)	16,121)	16,128)	16,477)	15,993)	15,992)	15,522)	15,748)	14,739)	13,754)	13,769)	13,768)
Deferred income taxes, net	7,605)	7,569)	7,632)	7,592)	7,428)	7,383)	7,298)	7,248)	7,226)	7,168)	7,087)	7,028)	6,991)	6,961)	6,882)	6,791)	6,743)	6,690)	6,584)	6,532)	6,485)
Long-term operating lease liability	478)	488)	487)	473)	476)	478)	482)	450)	453)	455)	475)	481)	489)	493)	494)	501)	502)	—)	—)	—)	—)
Other long-term liabilities	542)	571)	520)	503)	492)	502)	475)	493)	518)	513)	534)	554)	568)	591)	548)	568)	583)	594)	613)	636)	646)
Long-term liabilities	26,823)	26,816)	26,851)	24,832)	24,682)	24,798)	24,689)	24,630)	24,732)	24,664)	24,422)	24,394)	24,735)	24,243)	24,111)	23,581)	23,783)	22,234)	21,182)	21,169)	21,157)
Total liabilities	29,144)	29,287)	29,359)	27,225)	27,257)	27,031)	26,957)	26,581)	26,532)	26,683)	26,716)	26,741)	26,946)	26,394)	26,916)	25,634)	25,709)	24,149)	23,126)	22,901)	23,048)
Common stock, $1 par value	2,033)	2,066)	2,102)	2,141)	2,174)	2,202)	2,218)	2,254)	757)	763)	765)	765)	765)	773)	782)	798)	809)	818)	844)	859)	875)
Other capital	587)	574)	555)	534)	103)	66)	24)	—)	448)	409)	400)	361)	366)	346)	314)	290)	267)	249)	129)	127)	215)
Retained earnings	10,092)	10,363)	10,537)	10,794)	11,284)	11,630)	11,455)	11,723)	12,476)	12,527)	12,166)	11,676)	11,412)	11,404)	11,416)	11,843)	12,011)	12,157)	13,320)	13,604)	13,873)
Accumulated other comprehensive loss	(386)	(388)	(320)	(338)	(377)	(408)	(534)	(551)	(530)	(598)	(618)	(652)	(672)	(675)	(648)	(655)	(659)	(661)	(574)	(581)	(585)
Shareholders’ equity, attributable to CSX	12,326)	12,615)	12,874)	13,131)	13,184)	13,490)	13,163)	13,426)	13,151)	13,101)	12,713)	12,150)	11,871)	11,848)	11,864)	12,276)	12,428)	12,563)	13,719)	14,009)	14,378)
Non-controlling minority interest	8)	10)	9)	10)	11)	10)	9)	8)	9)	9)	14)	13)	17)	15)	15)	14)	17)	17)	16)	14)	13)
Total shareholders’ equity	12,334)	12,625)	12,883)	13,141)	13,195)	13,500)	13,172)	13,434)	13,160)	13,110)	12,727)	12,163)	11,888)	11,863)	11,879)	12,290)	12,445)	12,580)	13,735)	14,023)	14,391)
Total liabilities and shareholders’ equity	41,478)	41,912)	42,242)	40,366)	40,452)	40,531)	40,129)	40,015)	39,692)	39,793)	39,443)	38,904)	38,834)	38,257)	38,795)	37,924)	38,154)	36,729)	36,861)	36,924)	37,439)

Current Liabilities: The overall current liabilities exhibit some fluctuations across the periods, with an increase from about $1.9 billion in early 2018 to a peak above $2.8 billion in late 2019, followed by some decreases and subsequent stabilization around the $2.3 to $2.5 billion range in 2022 and early 2023. Notably, accounts payable remain the largest portion of current liabilities, increasing overall from $905 million in Q1 2018 to $1.2 billion in Q1 2023, despite some volatility. Labor and fringe benefits payable show a volatile pattern, initially rising until Q4 2018, dipping through 2020, and then sharply increasing in 2021 and 2022 before falling back in early 2023. Current maturities of long-term debt display significant variability, with a large spike to $745 million in Q3 2019 from about $18-$19 million previously, then fluctuating widely thereafter, ultimately declining to a low of $11 million by Q1 2023. Income and other taxes payable are highly volatile, peaking at $380 million in Q2 2020 and again jumping to $361 million in Q1 2023 after lower values in between. Other current liabilities remain relatively stable with only minor fluctuations.
Long-Term Liabilities: Long-term debt excluding current portion grows steadily over the period, rising from approximately $13.8 billion in early 2018 to over $17.9 billion by late 2022 and early 2023. Casualty and environmental reserves show a gradual increase, rising from around $258 million to near $287 million. Deferred income taxes steadily increase from about $6.5 billion to over $7.6 billion, reflecting growing deferred tax liabilities consistent with company activity. Other long-term liabilities demonstrate a mild downward trend from $646 million in 2018 to the $540 million range in 2023, though with some intermittent upward movements. A new long-term operating lease liability category emerges starting mid-2019, remaining fairly stable around the $450 to $500 million level. Overall, long-term liabilities increase from about $21.2 billion in early 2018 to around $26.8 billion in recent periods, reflecting increased debt and deferred obligations.
Total Liabilities: Total liabilities gradually increase from about $23 billion in early 2018 to a peak near $29.4 billion in 2022 before slightly declining to approximately $29.1 billion by Q1 2023, indicating a general upward trend in company obligations over the period.
Shareholders’ Equity: Common stock shows a gradual decline from $875 million in Q1 2018 to roughly $2 billion in Q1 2023, with a notable increase in mid-2021 likely due to a stock reclassification or capital restructuring event. Retained earnings decline steadily from about $13.9 billion in early 2018 to approximately $10.1 billion by early 2023, highlighting consistent reductions in accumulated earnings over the period. Accumulated other comprehensive loss narrows somewhat from a loss of around -$585 million in early 2018 to approximately -$386 million in early 2023, indicating some reduction in net unrealized losses or other comprehensive items. Total shareholders’ equity fluctuates but shows an overall declining trend from approximately $14.4 billion in early 2018 to about $12.3 billion in early 2023, evidencing net decreases in book value attributable to CSX shareholders over the five-year period. Non-controlling minority interest remains small and relatively stable throughout.
Total Liabilities and Shareholders’ Equity: Total capitalization remains relatively stable ranging between $36.8 billion and $42.2 billion over the period, with the asset base expanding modestly despite declines in shareholders’ equity. This indicates leverage has increased somewhat due to increasing liabilities relative to equity.
Summary of Observations: The data suggest growing leverage over time with increasing long-term debt and overall liabilities outpacing declines in equity and retained earnings. The company appears exposed to fluctuations in current liabilities, especially current maturities of long-term debt and tax payables. The introduction and stabilization of long-term operating lease liabilities reflect changes in accounting or lease obligations starting mid-2019. The steady build-up of deferred income taxes and rising casualty and environmental reserves point to ongoing accruals for future obligations. Overall, financial risk appears to have increased moderately as liabilities grow and equity declines. Management may need to monitor liquidity given volatility in some current liabilities and consider strategies to stabilize retained earnings and equity levels.

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CSX Corp. (NASDAQ:CSX)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data