2017 Q1 Form 10-Q Financial Statement

#000027794817000019 Filed on April 20, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $2.869B $2.618B
YoY Change 9.59% -13.51%
Cost Of Revenue $789.0M $700.0M
YoY Change 12.71% -21.96%
Gross Profit $2.080B $1.918B
YoY Change 8.45% -9.95%
Gross Profit Margin 72.5% 73.26%
Selling, General & Admin $894.0M $901.0M
YoY Change -0.78% -9.17%
% of Gross Profit 42.98% 46.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $320.0M $313.0M
YoY Change 2.24% 6.1%
% of Gross Profit 15.38% 16.32%
Operating Expenses $2.100B $1.914B
YoY Change 9.72% -12.36%
Operating Profit $769.0M $704.0M
YoY Change 9.23% -16.49%
Interest Expense $137.0M $143.0M
YoY Change -4.2% 6.72%
% of Operating Profit 17.82% 20.31%
Other Income/Expense, Net $13.00M $7.000M
YoY Change 85.71% 250.0%
Pretax Income $582.0M $568.0M
YoY Change 2.46% -20.11%
Income Tax $220.0M $212.0M
% Of Pretax Income 37.8% 37.32%
Net Earnings $362.0M $356.0M
YoY Change 1.69% -19.46%
Net Earnings / Revenue 12.62% 13.6%
Basic Earnings Per Share $0.39 $0.37
Diluted Earnings Per Share $0.39 $0.37
COMMON SHARES
Basic Shares Outstanding 927.0M shares 962.0M shares
Diluted Shares Outstanding 929.0M shares 963.0M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.217B $1.106B
YoY Change 10.04% 35.21%
Cash & Equivalents $930.0M $731.0M
Short-Term Investments $287.0M $375.0M
Other Short-Term Assets $85.00M $83.00M
YoY Change 2.41% -16.16%
Inventory $415.0M $370.0M
Prepaid Expenses
Receivables $943.0M $917.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.660B $2.608B
YoY Change 1.99% 6.15%
LONG-TERM ASSETS
Property, Plant & Equipment $31.26B $30.29B
YoY Change 3.19% 4.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.469B $1.402B
YoY Change 4.78% 3.62%
Other Assets $324.0M $307.0M
YoY Change 5.54% -35.91%
Total Long-Term Assets $33.05B $32.00B
YoY Change 3.28% 4.23%
TOTAL ASSETS
Total Short-Term Assets $2.660B $2.608B
Total Long-Term Assets $33.05B $32.00B
Total Assets $35.71B $34.61B
YoY Change 3.18% 4.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $898.0M $815.0M
YoY Change 10.18% -5.01%
Accrued Expenses $445.0M $398.0M
YoY Change 11.81% -2.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $331.0M $20.00M
YoY Change 1555.0% -91.23%
Total Short-Term Liabilities $2.277B $1.692B
YoY Change 34.57% -16.98%
LONG-TERM LIABILITIES
Long-Term Debt $10.96B $10.52B
YoY Change 4.25% 10.54%
Other Long-Term Liabilities $903.0M $1.145B
YoY Change -21.14% 4.09%
Total Long-Term Liabilities $903.0M $1.145B
YoY Change -21.14% 4.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.277B $1.692B
Total Long-Term Liabilities $903.0M $1.145B
Total Liabilities $24.04B $23.00B
YoY Change 4.52% 5.41%
SHAREHOLDERS EQUITY
Retained Earnings $11.20B $11.18B
YoY Change 0.13% 2.64%
Common Stock $1.093B $1.068B
YoY Change 2.34% -1.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.66B $11.59B
YoY Change
Total Liabilities & Shareholders Equity $35.71B $34.61B
YoY Change 3.18% 4.37%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $362.0M $356.0M
YoY Change 1.69% -19.46%
Depreciation, Depletion And Amortization $320.0M $313.0M
YoY Change 2.24% 6.1%
Cash From Operating Activities $1.043B $754.0M
YoY Change 38.33% 9.28%
INVESTING ACTIVITIES
Capital Expenditures $441.0M $425.0M
YoY Change 3.76% -28.93%
Acquisitions
YoY Change
Other Investing Activities -$12.00M -$31.00M
YoY Change -61.29% -50.79%
Cash From Investing Activities -$286.0M $41.00M
YoY Change -797.56% -108.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $258.0M $249.0M
YoY Change 3.61% 96.06%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$430.0M -$692.0M
YoY Change -37.86% 132.21%
NET CHANGE
Cash From Operating Activities $1.043B $754.0M
Cash From Investing Activities -$286.0M $41.00M
Cash From Financing Activities -$430.0M -$692.0M
Net Change In Cash $327.0M $103.0M
YoY Change 217.48% -195.37%
FREE CASH FLOW
Cash From Operating Activities $1.043B $754.0M
Capital Expenditures $441.0M $425.0M
Free Cash Flow $602.0M $329.0M
YoY Change 82.98% 257.61%

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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.68
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.83
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y6M
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2017Q1 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">CSX follows a 52/53 week fiscal reporting calendar with the last day of each reporting period ending on a Friday:</font><font style="font-family:Arial;font-size:8pt;"> </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:Arial;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">The </font><font style="font-family:Arial;font-size:11pt;">first</font><font style="font-family:Arial;font-size:11pt;"> fiscal quarters of </font><font style="font-family:Arial;font-size:11pt;">2017</font><font style="font-family:Arial;font-size:11pt;"> and </font><font style="font-family:Arial;font-size:11pt;">2016</font><font style="font-family:Arial;font-size:11pt;"> consisted of </font><font style="font-family:Arial;font-size:11pt;">13</font><font style="font-family:Arial;font-size:11pt;"> weeks ending on </font><font style="font-family:Arial;font-size:11pt;">March&#160;31, 2017</font><font style="font-family:Arial;font-size:11pt;"> and </font><font style="font-family:Arial;font-size:11pt;">March&#160;25, 2016</font><font style="font-family:Arial;font-size:11pt;">, respectively.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:Arial;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Fiscal year </font><font style="font-family:Arial;font-size:11pt;">2017</font><font style="font-family:Arial;font-size:11pt;"> will consist of </font><font style="font-family:Arial;font-size:11pt;">52</font><font style="font-family:Arial;font-size:11pt;"> weeks ending on </font><font style="font-family:Arial;font-size:11pt;">December&#160;29, 2017</font><font style="font-family:Arial;font-size:11pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:60px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:Arial;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Fiscal year </font><font style="font-family:Arial;font-size:11pt;">2016</font><font style="font-family:Arial;font-size:11pt;"> consisted of </font><font style="font-family:Arial;font-size:11pt;">53</font><font style="font-family:Arial;font-size:11pt;"> weeks ending on </font><font style="font-family:Arial;font-size:11pt;">December&#160;30, 2016</font><font style="font-family:Arial;font-size:11pt;">.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Except as otherwise specified, references to &#8220;</font><font style="font-family:Arial;font-size:11pt;color:#000000;text-decoration:none;">first</font><font style="font-family:Arial;font-size:11pt;"> quarter(s)&#8221; or &#8220;</font><font style="font-family:Arial;font-size:11pt;color:#000000;text-decoration:none;">three</font><font style="font-family:Arial;font-size:11pt;"> months&#8221; indicate CSX's fiscal periods ending </font><font style="font-family:Arial;font-size:11pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:Arial;font-size:11pt;"> and </font><font style="font-family:Arial;font-size:11pt;color:#000000;text-decoration:none;">March&#160;25, 2016</font><font style="font-family:Arial;font-size:11pt;">, and references to "year-end" indicate the fiscal year ended </font><font style="font-family:Arial;font-size:11pt;color:#000000;text-decoration:none;">December&#160;30, 2016</font><font style="font-family:Arial;font-size:11pt;">.</font></div></div>
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
417000000 USD
CY2017Q1 us-gaap Short Term Investments
ShortTermInvestments
287000000 USD
CY2015Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
2000000000 USD
CY2016Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
10000000 shares
CY2017Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
6000000 shares
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11694000000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11669000000 USD
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
129000000 USD
CY2017Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
302000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0 USD
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
963000000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
929000000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
962000000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
927000000 shares

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