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Published: 2022-10-26 00:00:00 ET
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Exhibit 99.2 

 

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

   Third Quarter   First Nine Months 
   2022   2021   2022   2021 
   (in millions, except per share amounts) 
                 
Railway operating revenues                    
Merchandise  $1,930   $1,710   $5,455   $4,998 
Intermodal   942    812    2,768    2,332 
Coal   471    330    1,285    960 
Total railway operating revenues   3,343    2,852    9,508    8,290 
                     
Railway operating expenses                    
Compensation and benefits   735    609    1,968    1,844 
Purchased services and rents   484    432    1,402    1,254 
Fuel   383    208    1,092    573 
Depreciation   306    297    912    883 
Materials and other   163    170    506    418 
Total railway operating expenses   2,071    1,716    5,880    4,972 
                     
Income from railway operations   1,272    1,136    3,628    3,318 
                     
Other income (expense) – net   (2)   14    (21)   56 
Interest expense on debt   177    164    515    481 
                     
Income before income taxes   1,093    986    3,092    2,893 
                     
Income tax expense (benefit)                    
Current   223    182    589    490 
Deferred   (88)   51    23    158 
Total income tax expense (benefit)   135    233    612    648 
                     
Net income  $958   $753   $2,480   $2,245 
                     
Earnings per share – diluted  $4.10   $3.06   $10.45   $8.99 
                     
Weighted average shares outstanding – diluted   234.0    246.4    237.2    249.7 

 

See accompanying notes to consolidated financial statements.

 

 

Norfolk Southern Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

   September 30,   December 31, 
   2022   2021 
   ($ in millions) 
Assets          
Current assets:          
Cash and cash equivalents  $1,214   $839 
Accounts receivable – net   1,151    976 
Materials and supplies   276    218 
Other current assets   74    134 
Total current assets   2,715    2,167 
           
Investments   3,686    3,707 
Properties less accumulated depreciation of $12,445  and $12,031, respectively   31,838    31,653 
Other assets   1,067    966 
           
Total assets  $39,306   $38,493 
           
Liabilities and stockholders’ equity          
Current liabilities:          
Accounts payable  $1,486   $1,351 
Income and other taxes   299    305 
Other current liabilities   408    312 
Current maturities of long-term debt   605    553 
Total current liabilities   2,798    2,521 
           
Long-term debt   14,463    13,287 
Other liabilities   1,828    1,879 
Deferred income taxes   7,193    7,165 
           
Total liabilities   26,282    24,852 
           
Stockholders’ equity:          
Common stock $1.00 per share par value, 1,350,000,000 shares authorized; outstanding 231,514,213 and 240,162,790 shares, respectively, net of treasury shares   233    242 
Additional paid-in capital   2,181    2,215 
Accumulated other comprehensive loss   (377)   (402)
Retained income   10,987    11,586 
           
Total stockholders’ equity   13,024    13,641 
           
Total liabilities and stockholders’ equity  $39,306   $38,493 

 

See accompanying notes to consolidated financial statements.

 

 

Norfolk Southern Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

   First Nine Months 
   2022   2021 
   ($ in millions) 
Cash flows from operating activities          
Net income  $2,480   $2,245 
Reconciliation of net income to net cash provided by operating activities:          
Depreciation   912    883 
Deferred income taxes   23    158 
Gains and losses on properties   (54)   (80)
Changes in assets and liabilities affecting operations:          
Accounts receivable   (174)   (102)
Materials and supplies   (58)   (14)
Other current assets   57    57 
Current liabilities other than debt   273    294 
Other – net   (35)   (128)
Net cash provided by operating activities   3,424    3,313 
           
Cash flows from investing activities          
Property additions   (1,282)   (1,025)
Property sales and other transactions   193    135 
Investment purchases   (8)   (5)
Investment sales and other transactions   37    48 
Net cash used in investing activities   (1,060)   (847)
           
Cash flows from financing activities          
Dividends   (881)   (764)
Common stock transactions   (5)   8 
Purchase and retirement of common stock   (2,284)   (2,460)
Proceeds from borrowings   1,732    1,676 
Debt repayments   (551)   (576)
Net cash used in financing activities   (1,989)   (2,116)
           
Net increase in cash and cash equivalents   375    350 
           
Cash and cash equivalents          
At beginning of year   839    1,115 
At end of period  $1,214   $1,465 
           
Supplemental disclosures of cash flow information          
Cash paid during the period for:          
Interest (net of amounts capitalized)  $425   $391 
Income taxes (net of refunds)   578    468 

 

See accompanying notes to consolidated financial statements.

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Stock Repurchase Program

We repurchased and retired 9.2 million and 9.4 million shares of common stock under our stock repurchase program at a cost of $2.3 billion and $2.5 billion during the first nine months of 2022 and 2021, respectively.