Cash Flow Statement
Quarterly Data

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.

CSX Corp., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	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
Net earnings	987)	1,018)	1,111)	1,178)	859)	934)	968)	1,173)	706)	760)	736)	499)	770)	771)	856)	870)	834)	843)	894)	877)	695)
Depreciation and amortization	393)	393)	378)	369)	360)	360)	367)	348)	345)	347)	348)	344)	344)	344)	338)	337)	330)	345)	334)	329)	323)
Deferred income taxes	35)	(8)	19)	69)	37)	58)	43)	26)	40)	63)	56)	33)	28)	87)	89)	46)	51)	131)	50)	44)	54)
Gains on property dispositions	(8)	(55)	(27)	(129)	(27)	(24)	(60)	(367)	(3)	(2)	(4)	(11)	(18)	(22)	(65)	(37)	(27)	(32)	(53)	(37)	(32)
Cash payments for restructuring charge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1)	(1)	(1)	(12)
Other operating activities	(31)	35)	(38)	(18)	4)	2)	(18)	—)	28)	(2)	(5)	(25)	—)	12)	(20)	(28)	(33)	(25)	(22)	(51)	(19)
Accounts receivable	(63)	42)	55)	(67)	(131)	12)	(26)	(63)	(64)	71)	(108)	147)	(27)	84)	22)	(5)	(56)	51)	(50)	3)	(50)
Other current assets	(72)	10)	39)	(31)	(40)	(21)	—)	1)	(5)	(38)	(13)	(4)	(20)	(16)	43)	19)	22)	31)	56)	33)	(19)
Accounts payable	70)	(26)	105)	(21)	82)	(4)	59)	20)	53)	(14)	79)	(99)	14)	(54)	113)	(35)	74)	(36)	129)	(53)	64)
Income and other taxes payable	266)	(61)	(21)	(182)	225)	(102)	(7)	(11)	192)	(59)	(240)	111)	227)	(112)	25)	(61)	150)	(123)	43)	(151)	127)
Other current liabilities	(326)	16)	104)	63)	(70)	65)	94)	40)	(60)	9)	95)	11)	(140)	19)	69)	(12)	(172)	51)	17)	50)	(165)
Changes in operating assets and liabilities	(125)	(19)	282)	(238)	66)	(50)	120)	(13)	116)	(31)	(187)	166)	54)	(79)	272)	(94)	18)	(26)	195)	(118)	(43)
Adjustments to reconcile net earnings to net cash provided by operating activities	264)	346)	614)	53)	440)	346)	452)	(6)	526)	375)	208)	507)	408)	342)	614)	224)	339)	392)	503)	166)	271)
Net cash provided by operating activities	1,251)	1,364)	1,725)	1,231)	1,299)	1,280)	1,420)	1,167)	1,232)	1,135)	944)	1,006)	1,178)	1,113)	1,470)	1,094)	1,173)	1,235)	1,397)	1,043)	966)
Property additions	(443)	(696)	(626)	(480)	(331)	(571)	(466)	(448)	(306)	(417)	(408)	(420)	(381)	(466)	(422)	(416)	(353)	(505)	(417)	(455)	(368)
Purchase of short-term investments	(101)	(40)	—)	—)	(19)	(75)	—)	—)	—)	—)	—)	—)	(426)	(583)	(828)	(614)	(813)	(125)	(534)	(77)	—)
Proceeds from sales of short-term investments	53)	—)	—)	9)	—)	2)	2)	—)	1)	1)	202)	285)	936)	628)	670)	560)	250)	490)	3)	4)	8)
Proceeds and advances from property dispositions	8)	195)	22)	21)	8)	232)	70)	227)	—)	5)	6)	10)	35)	36)	72)	98)	48)	62)	116)	89)	52)
Business acquisition, net of cash acquired	(2)	(4)	(15)	(199)	(9)	2)	(543)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities	5)	58)	(6)	(2)	(17)	(4)	1)	(9)	8)	(45)	10)	(22)	(20)	12)	35)	(14)	(2)	(19)	—)	—)	(8)
Net cash (used in) provided by investing activities	(480)	(487)	(625)	(651)	(368)	(414)	(936)	(230)	(297)	(456)	(190)	(147)	144)	(373)	(473)	(386)	(870)	(97)	(832)	(439)	(316)
Long-term debt issued	—)	—)	2,000)	—)	—)	—)	—)	—)	—)	500)	—)	—)	500)	—)	1,000)	—)	1,000)	1,000)	—)	—)	2,000)
Long-term debt repaid	(142)	(8)	(85)	(87)	(6)	(36)	(30)	—)	(360)	(500)	(18)	(227)	—)	(500)	(18)	—)	—)	—)	(19)	—)	—)
Dividends paid	(226)	(207)	(212)	(215)	(218)	(206)	(208)	(212)	(213)	(198)	(199)	(199)	(201)	(186)	(189)	(193)	(195)	(181)	(186)	(190)	(194)
Shares repurchased	(1,067)	(1,021)	(1,195)	(1,499)	(1,016)	(570)	(1,064)	(701)	(551)	(203)	(48)	(39)	(577)	(606)	(1,111)	(860)	(796)	(1,855)	(1,006)	(974)	(836)
Accelerated share repurchase pending final settlement	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	100)	(10)	(90)	—)
Other financing activities	(3)	6)	(21)	9)	6)	6)	11)	7)	15)	(47)	18)	2)	(7)	(11)	(11)	10)	18)	(7)	(1)	(10)	(41)
Net cash provided by (used in) financing activities	(1,438)	(1,230)	487)	(1,792)	(1,234)	(806)	(1,291)	(906)	(1,109)	(448)	(247)	(463)	(285)	(1,303)	(329)	(1,043)	27)	(943)	(1,222)	(1,264)	929)
Net increase (decrease) in cash and cash equivalents	(667)	(353)	1,587)	(1,212)	(303)	60)	(807)	31)	(174)	231)	507)	396)	1,037)	(563)	668)	(335)	330)	195)	(657)	(660)	1,579)

The financial data over the analyzed periods reveals several notable trends and fluctuations across various aspects of the company's operations and financing activities.

Net Earnings: Net earnings demonstrate a generally cyclical pattern with significant volatility. After rising to a peak in the second quarter of 2021 at 1,173 million USD, earnings declined somewhat but remained strong through 2022 and early 2023, with the latest figure at 987 million USD. Notable dips occurred in mid-2020, coinciding with global economic disruptions.
Depreciation and Amortization: This expense remains relatively steady over time, gradually increasing from 323 million USD in early 2018 to 393 million USD at the start of 2023, indicating ongoing asset base expansion or changes in capital asset lifespans.
Deferred Income Taxes: The values fluctuate considerably with no clear upward or downward trend, reflecting variability in tax timing differences. The negative value reported in the third quarter of 2022 (-8 million USD) and further fluctuations suggest episodic adjustments in tax liabilities or assets.
Gains on Property Dispositions: Gains on property dispositions show high variability, with significant negative spikes, most notably a large negative adjustment in early 2021 (-367 million USD). This could reflect write-downs or losses on asset sales. Subsequent periods show ongoing negative values, indicating continued disposal at a loss or limited gains.
Operating Working Capital Components: Components such as accounts receivable, other current assets, accounts payable, income taxes payable, and other current liabilities exhibit substantial fluctuations, influencing changes in operating assets and liabilities. For example, accounts receivable swings from positive to negative changes period-over-period, correspondingly impacting cash flows. Income and other taxes payable vary widely, with large positive and negative changes, affecting operating cash adjustments. The changes collectively contribute to uneven patterns in cash flow from operations.
Cash Flows from Operating Activities: Net cash provided by operating activities ranges from a low of around 944 million USD in the third quarter of 2020 to a high near 1,725 million USD in the fourth quarter of 2022. The overall trend shows resilience in operational cash generation, despite intervening volatility in earnings and working capital components.
Investing Activities: Significant outflows are noted in property additions, typically averaging between approximately 300 to 700 million USD quarterly, suggesting substantial capital investment and asset maintenance or growth. Proceeds from property dispositions fluctuate and appear insufficient to offset these expenditures. Short-term investment activity is irregular, with intermittent purchases and sales indicating tactical liquidity management. Business acquisitions occur sporadically with notable spikes, such as a substantial net acquisition cost of 543 million USD in mid-2021, reflecting strategic investments or expansions. Overall, investing cash flows indicate a capital-intensive profile with occasional acquisition-related outlays.
Financing Activities: Financing cash flows are characterized by high volatility. Long-term debt issuances occur intermittently, peaking at 2,000 million USD in early 2018 and again in 2022. Repayments follow irregular patterns but generally show attempts at debt reduction or refinancing. Dividend payments exhibit a gradual increase over time, rising from 194 million USD in early 2018 to 226 million USD in early 2023, reflecting consistent shareholder returns. Shares repurchased represent a significant use of cash, with large repurchase programs evident throughout most periods, though the magnitude varies and decreases notably during economic downturns such as in 2020. Accelerated share repurchase activities show minor activity and periodic settlements. Other financing activities fluctuate minimally.
Overall Cash Position: Net changes in cash and cash equivalents fluctuate greatly, with sharp increases in early 2018 and 2020 followed by steep decreases in other quarters. This reflects the combined impact of fluctuating operating cash flows, substantial investing outflows, and volatile financing activities. Notably, there was a cash increase of 1,587 million USD at the end of 2022, contrasting with notable decreases in adjacent quarters, illustrating shifting liquidity positions.

In summary, the financial data reflect a company with strong but fluctuating profitability, sustained capital investment, active debt and equity management, and variable working capital dynamics. These elements together suggest a complex operating environment with strategic capital deployment and active balance sheet management impacting overall liquidity and financial results.

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CSX Corp. (NASDAQ:CSX)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data