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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: Liabilities and Stockholders’ Equity

Norfolk Southern Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Accounts and wages payable 2.21 1.45 1.87 2.28 2.30
Casualty and other claims 0.43 0.48 0.56 0.59 0.52
Vacation liability 0.31 0.32 0.36 0.39 0.37
Due to Conrail 0.29 0.15 0.70 0.56 0.41
Other 0.27 0.28 0.28 0.34 0.32
Accounts payable 3.51% 2.68% 3.77% 4.15% 3.92%
Short-term debt 0.00 0.00 0.00 0.00 0.28
Income and other taxes 0.79 0.69 0.60 0.70 0.59
Interest payable 0.39 0.37 0.39 0.38 0.32
Current operating lease liability 0.21 0.23 0.26 0.00 0.00
Pension benefit obligations 0.05 0.05 0.05 0.05 0.05
Other 0.16 0.14 0.17 0.25 0.28
Other current liabilities 0.81% 0.80% 0.86% 0.68% 0.65%
Current maturities of long-term debt 1.44 1.53 0.83 1.61 1.68
Current liabilities 6.55% 5.69% 6.06% 7.15% 7.13%
Long-term debt, excluding current maturities 34.52 31.88 31.33 29.14 25.58
Long-term advances from Conrail 1.39 1.41 0.74 0.77 0.78
Net pension benefit obligations 0.88 0.90 0.80 0.77 0.83
Non-current operating lease liability 0.86 0.91 1.16 0.00 0.00
Net other postretirement benefit obligations 0.63 0.81 0.76 0.85 0.87
Casualty and other claims 0.44 0.45 0.45 0.44 0.50
Deferred compensation 0.28 0.28 0.27 0.29 0.32
Other 0.40 0.49 0.42 0.38 0.48
Other liabilities 4.88% 5.23% 4.60% 3.49% 3.77%
Deferred income taxes 18.61 18.23 17.97 17.83 17.71
Non-current liabilities 58.01% 55.35% 53.90% 50.46% 47.06%
Total liabilities 64.56% 61.04% 59.96% 57.61% 54.19%
Common Stock $1.00 per share par value, net of treasury shares 0.63 0.67 0.68 0.74 0.80
Additional paid-in capital 5.75 5.92 5.82 6.11 6.31
Accumulated other comprehensive loss -1.04 -1.56 -1.29 -1.55 -1.00
Retained income 30.10 33.94 34.83 37.09 39.70
Stockholders’ equity 35.44% 38.96% 40.04% 42.39% 45.81%
Total liabilities and stockholders’ equity 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 overall capital structure exhibits a sustained shift toward increased leverage from 2017 to 2021. Total liabilities as a percentage of total liabilities and stockholders’ equity increased steadily from 54.19% to 64.56%, while total stockholders’ equity experienced a corresponding decline from 45.81% to 35.44% over the same period.

Liability Composition and Debt Trends
A significant increase is observed in long-term debt, excluding current maturities, which rose from 25.58% in 2017 to 34.52% in 2021. This represents the primary driver of the overall increase in total liabilities. Non-current liabilities as a whole expanded from 47.06% to 58.01% during the five-year window.
Deferred income taxes remained a substantial and relatively stable component of the balance sheet, though a slight upward trend is evident, moving from 17.71% in 2017 to 18.61% in 2021.
Current liabilities remained relatively stable, fluctuating between a high of 7.15% in 2018 and a low of 5.69% in 2020, ending the period at 6.55% in 2021.
Stockholders’ Equity Analysis
The contraction in total stockholders’ equity is primarily attributed to a decline in retained income, which fell from 39.70% in 2017 to 30.10% in 2021. This downward trend suggests a reduction in the proportion of earnings retained within the company relative to its total capital base.
Additional paid-in capital remained relatively consistent, with a slight decrease from 6.31% to 5.75% over the analyzed period.
Accumulated other comprehensive loss showed volatility, peaking at -1.56% in 2020 before improving to -1.04% by the end of 2021.
Operational Liability Observations
Accounts payable fluctuated between 2.68% and 4.15%, ending at 3.51% in 2021. Pension benefit obligations and net pension benefit obligations remained remarkably stable, with the latter hovering between 0.77% and 0.90% throughout the period.
Operating lease liabilities were introduced into the common-size reporting in 2019, with non-current operating lease liabilities appearing at 1.16% in 2019 and slightly decreasing to 0.86% by 2021.

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