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: Liabilities and Stockholders’ Equity 

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

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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).

Current liabilities
Current liabilities exhibit a declining trend from 7.13% in 2017 to 5.69% in 2020, followed by a slight increase to 6.55% in 2021. Key components such as accounts payables decreased notably in 2020 to 2.68% from 3.77% in 2019, before rising again to 3.51% in 2021. Vacation liability also shows a gradual decrease over the period.
Long-term debt and related obligations
Long-term debt (excluding current maturities) increased steadily from 25.58% in 2017 to 34.52% in 2021, indicating a rising reliance on long-term borrowings. Current maturities of long-term debt fluctuated, peaking at 1.61% in 2018, dropping to 0.83% in 2019, then rising again to 1.44% in 2021.
Total liabilities
Total liabilities as a percentage of total liabilities and stockholders’ equity grew consistently each year, from 54.19% in 2017 to 64.56% in 2021. This increase is driven primarily by both the rise in long-term debt and a growing share of deferred income taxes, which increased slightly from 17.71% to 18.61% over the period.
Stockholders’ equity
Stockholders’ equity declined steadily from 45.81% in 2017 to 35.44% in 2021. This trend reflects decreases in components such as retained income, which dropped from 39.7% to 30.1%, and slight declines in common stock and additional paid-in capital percentages. The accumulated other comprehensive loss, while negative throughout, showed some volatility but generally remained below -1%.
Other liabilities and components
Other liabilities increased from 3.77% in 2017 to a peak of 5.23% in 2020 before declining slightly to 4.88% in 2021. Net pension benefit obligations showed a slight increasing trend until 2020, but decreased marginally in 2021. The net other postretirement benefit obligations decreased steadily over this period from 0.87% to 0.63%. Operating lease liabilities were accounted for from 2019 onwards, showing a decreasing trend into 2021 both in current and non-current categories.
Tax and interest obligations
Income and other taxes payable as a percentage of total liabilities and stockholders’ equity increased gradually from 0.59% in 2017 to 0.79% in 2021. Interest payable remained relatively stable around the 0.32%-0.39% range, indicating consistent interest-bearing obligations.
Claims and payables
Casualty and other claims decreased slightly over the period, both in current and non-current contexts. Accounts and wages payable showed a downward trend from 2.3% in 2017 to 1.45% in 2020 but increased again to 2.21% in 2021. Due to Conrail liabilities showed variability, peaking in 2019 at 0.7% then falling sharply in 2020 to 0.15%, slightly recovering in 2021.

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