Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Aggregate Accruals
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CSX Corp., consolidated cash flow statement
US$ in millions
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).
- Net Earnings
- Net earnings showed fluctuations over the period, beginning at $3,309 million in 2018, experiencing a slight increase in 2019, followed by a decline in 2020. Subsequently, earnings rose significantly in 2021 and continued to increase in 2022, reaching $4,166 million.
- Depreciation and Amortization
- Depreciation and amortization expenses have steadily increased each year from $1,331 million in 2018 to $1,500 million in 2022, indicating continual investment in plant, property, and equipment or intangible assets.
- Deferred Income Taxes
- Deferred income taxes decreased consistently from $279 million in 2018 to $117 million in 2022, which could reflect changes in tax timing differences or utilization of deferred tax assets.
- Gain on Property Dispositions
- Gains on property dispositions remained negative throughout the years, with notably larger losses in 2021 and 2022 compared to earlier years, suggesting potential losses realized on asset sales or disposition activities.
- Cash Payments for Restructuring Charge
- Cash payments for restructuring were only significant in 2018 at -$15 million and appear absent in subsequent years, implying the conclusion of restructuring activities post-2018.
- Other Operating Activities
- Other operating activities fluctuated, starting with negative values in 2018-2020, turning positive in 2021, and slightly negative again in 2022, indicating sporadic and small-scale adjustments in operational cash flows.
- Changes in Working Capital Items
- Accounts receivable showed instability with positive adjustments in 2019 and 2020 but negative impacts in 2021 and 2022, suggesting variability in collections. Other current assets also fluctuated, being positive in 2018, but negative except for minor improvements in 2021 and 2022. Accounts payable remained mostly positive, rising notably in 2021 and 2022, indicating increased payables. Income and other taxes payable increased positively until 2021, turning negative in 2022. Other current liabilities also showed a shift from negative values in earlier years to strong positive changes in 2021 and 2022. Overall changes in operating assets and liabilities increased significantly in 2021 before moderating in 2022.
- Net Cash Provided by Operating Activities
- This cash flow metric saw growth from $4,641 million in 2018 to $5,619 million in 2022, despite a dip in 2020, reflecting strong and improving operational cash generation over the period.
- Investing Activities
- Property additions increased each year, from -$1,745 million in 2018 to -$2,133 million in 2022, indicating ongoing investment in capital assets. Purchases and proceeds from short-term investments showed wide variation, with large purchases in 2019 and 2020 followed by minimal activity thereafter. Proceeds from property dispositions peaked in 2021 at $529 million but decreased subsequently. Business acquisitions took place in 2020 and 2021 with cash outflows of -$541 million and -$227 million respectively. Overall net cash used in investing activities declined sharply in 2020 but increased again in subsequent years, reaching -$2,131 million in 2022, representing significant cash outflows for capital expenditures and acquisitions.
- Financing Activities
- Shares repurchased showcased considerable investments in buybacks, peaking again in 2022 at -$4,731 million after a low in 2020. Dividends paid steadily increased from -$751 million in 2018 to -$852 million in 2022, signifying growing shareholder returns. Debt repayments were prominent in 2019 and 2020 but diminished in later years. Debt issuance was notable in 2018 and 2019, diminished by 2021, and resumed in 2022. Net cash used in financing activities peaked negatively in 2021 at -$4,112 million before slightly improving in 2022, reflecting sustained significant outflows for buybacks and dividends, partially offset by debt issuance.
- Cash and Cash Equivalents
- Cash and cash equivalents generally increased from 2018 through 2020, reaching a high of $3,129 million. However, they declined in 2021 and 2022, ending at $1,958 million. Correspondingly, net changes in cash highlighted positive increases early on, a sharp rise in 2020, and decreases in the last two years reflecting heavy investing and financing cash outflows.