Stock Analysis on Net
Stock Analysis on Net

Norfolk Southern Corp. (NYSE:NSC)

This company has been moved to the archive! The financial data has not been updated since April 27, 2022.

Common-Size Balance Sheet: Assets

Norfolk Southern Corp., common-size consolidated balance sheet: assets

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 2.18 2.94 1.53 0.99 1.93
Accounts receivable, net 2.54 2.23 2.43 2.78 2.67
Materials and supplies 0.57 0.58 0.64 0.57 0.62
Other current assets 0.35 0.35 0.89 0.79 0.79
Current assets 5.63% 6.11% 5.49% 5.14% 6.02%
Equity method investments 7.27 7.01 6.98 6.99 6.79
COLI at net cash surrender value 2.30 2.38 2.02 1.53 1.48
Other investments 0.06 0.07 0.04 0.06 0.07
Long-term investments 9.63% 9.46% 9.04% 8.58% 8.35%
Properties less accumulated depreciation 82.23 82.57 83.36 85.79 84.93
Other assets 2.51 1.87 2.11 0.49 0.70
Non-current assets 94.37% 93.89% 94.51% 94.86% 93.98%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2017-12-31).

The asset structure of Norfolk Southern Corp. is characterized by a high concentration of non-current assets, which consistently represent over 93% of the total asset base from 2017 to 2021. This composition reflects the capital-intensive nature of the industry, where fixed infrastructure and long-term investments dominate the balance sheet.

Fixed Asset Trends
Properties less accumulated depreciation constitute the primary asset component. A gradual downward trend is observed, with the proportion decreasing from 84.93% of total assets in 2017 to 82.23% by 2021. This decline indicates a shift in the relative weight of fixed assets compared to other asset categories over the five-year period.
Investment Growth
Long-term investments have demonstrated a steady upward trajectory, increasing from 8.35% of total assets in 2017 to 9.63% in 2021. This growth is supported by a rise in equity method investments, moving from 6.79% to 7.27%, and a notable increase in Corporate Owned Life Insurance (COLI) at net cash surrender value, which grew from 1.48% to 2.30%.
Current Asset Stability and Liquidity
Current assets remained relatively stable, fluctuating within a narrow range between 5.14% and 6.11%. Cash and cash equivalents exhibited the most volatility within this group, dipping to 0.99% in 2018 and peaking at 2.94% in 2020 before settling at 2.18% in 2021. Accounts receivable, net, remained consistent, averaging approximately 2.5% of total assets, suggesting a stable collection cycle.
Other Asset Analysis
Other assets showed a general increase, rising from 0.70% in 2017 to 2.51% in 2021. While these represent a small fraction of the overall balance sheet, the upward trend contributes to the overall reduction in the relative weight of the company's core properties.

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