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Published: 2023-01-25 00:00:00 ET
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Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

   Fourth Quarter   Years Ended
December 31,		 
   2022   2021   2022   2021 
   (in millions, except per share amounts) 
                 
Railway operating revenues                    
Merchandise  $1,876   $1,671   $7,331   $6,669 
Intermodal   913    831    3,681    3,163 
Coal   448    350    1,733    1,310 
Total railway operating revenues   3,237    2,852    12,745    11,142 
                     
Railway operating expenses                    
Compensation and benefits   653    598    2,621    2,442 
Purchased services and rents   520    472    1,922    1,726 
Fuel   367    226    1,459    799 
Depreciation   309    298    1,221    1,181 
Materials and other   207    129    713    547 
Total railway operating expenses   2,056    1,723    7,936    6,695 
                     
Income from railway operations   1,181    1,129    4,809    4,447 
                     
Other income – net   34    21    13    77 
Interest expense on debt   177    165    692    646 
                     
Income before income taxes   1,038    985    4,130    3,878 
                     
Income taxes                    
Current   188    199    777    689 
Deferred   60    26    83    184 
Total income taxes   248    225    860    873 
                     
Net income  $790   $760   $3,270   $3,005 
                     
Earnings per share – diluted  $3.42   $3.12   $13.88   $12.11 
                     
Weighted average shares outstanding – diluted   230.7    243.5    235.6    248.1 

 

See accompanying notes to consolidated financial statements.

 
 

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

   At December 31, 
   2022   2021 
   ($ in millions) 
Assets          
Current assets:          
Cash and cash equivalents  $456   $839 
Accounts receivable – net   1,148    976 
Materials and supplies   253    218 
Other current assets   150    134 
Total current assets   2,007    2,167 
           
Investments   3,694    3,707 
Properties less accumulated depreciation of $12,592 and $12,031, respectively   32,156    31,653 
Other assets   1,028    966 
           
Total assets  $38,885   $38,493 
           
Liabilities and stockholders’ equity          
Current liabilities:          
Accounts payable  $1,293   $1,351 
Short-term debt   100    — 
Income and other taxes   312    305 
Other current liabilities   341    312 
Current maturities of long-term debt   603    553 
Total current liabilities   2,649    2,521 
           
Long-term debt   14,479    13,287 
Other liabilities   1,759    1,879 
Deferred income taxes   7,265    7,165 
           
Total liabilities   26,152    24,852 
           
Stockholders’ equity:          
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 228,076,415 and 240,162,790 shares, respectively, net of treasury shares   230    242 
Additional paid-in capital   2,157    2,215 
Accumulated other comprehensive loss   (351)   (402)
Retained income   10,697    11,586 
           
Total stockholders’ equity   12,733    13,641 
           
Total liabilities and stockholders’ equity  $38,885   $38,493 

 

See accompanying notes to consolidated financial statements.

 
 

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

   Years Ended December 31, 
   2022   2021 
   ($ in millions) 
Cash flows from operating activities          
Net income  $3,270   $3,005 
Reconciliation of net income to net cash provided by operating activities:          
Depreciation   1,221    1,181 
Deferred income taxes   83    184 
Gains and losses on properties   (82)   (86)
Changes in assets and liabilities affecting operations:          
Accounts receivable   (171)   (133)
Materials and supplies   (35)   3 
Other current assets   (18)   (6)
Current liabilities other than debt   23    283 
Other – net   (69)   (176)
           
Net cash provided by operating activities   4,222    4,255 
           
Cash flows from investing activities          
Property additions   (1,948)   (1,470)
Property sales and other transactions   263    159 
Investment purchases   (12)   (10)
Investment sales and other transactions   94    99 
           
Net cash used in investing activities   (1,603)   (1,222)
           
Cash flows from financing activities          
Dividends   (1,167)   (1,028)
Common stock transactions   (4)   17 
Purchase and retirement of common stock   (3,110)   (3,390)
Proceeds from borrowings   1,832    1,676 
Debt repayments   (553)   (584)
           
Net cash used in financing activities   (3,002)   (3,309)
           
Net decrease in cash and cash equivalents   (383)   (276)
           
Cash and cash equivalents          
At beginning of year   839    1,115 
           
At end of year  $456   $839 
           
Supplemental disclosures of cash flow information          
Cash paid during the year for:          
Interest (net of amounts capitalized)  $619   $579 
Income taxes (net of refunds)   750    654 

 

See accompanying notes to consolidated financial statements.

 
 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS:

 

1. Stock Repurchase Program

 

We repurchased and retired 12.6 million and 12.7 million shares of common stock under our stock repurchase programs in 2022 and 2021, respectively, at a cost of $3.1 billion and $3.4 billion, respectively.