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 
Quarterly Data

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

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Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Accounts payable 3.00 3.51 3.10 2.88 2.75 2.68 3.33 3.34 3.43 3.77 3.75 3.79 3.60 4.15 3.84 3.70 3.37 3.92 3.66 3.50 3.45
Short-term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.93 0.00 0.67 0.00 0.00 0.00 0.14 0.28 0.00 0.00 0.00
Income and other taxes 1.13 0.79 0.70 0.78 0.95 0.69 0.67 0.63 0.53 0.60 0.54 0.73 0.91 0.70 0.63 0.75 0.60 0.59 0.59 0.77 1.08
Other current liabilities 0.94 0.81 0.99 0.85 0.91 0.80 1.01 0.90 0.94 0.86 1.07 1.00 1.02 0.68 0.87 0.73 0.84 0.65 0.91 0.72 0.86
Current maturities of long-term debt 2.93 1.44 1.45 2.70 1.32 1.53 0.23 0.22 1.07 0.83 1.07 1.08 1.58 1.61 1.38 1.40 1.66 1.68 1.71 1.72 1.56
Current liabilities 8.00% 6.55% 6.24% 7.21% 5.93% 5.69% 5.25% 5.10% 5.97% 6.06% 7.36% 6.59% 7.78% 7.15% 6.72% 6.57% 6.60% 7.13% 6.86% 6.71% 6.95%
Long-term debt, excluding current maturities 34.78 34.52 34.39 32.69 31.94 31.88 33.09 33.22 31.54 31.33 29.56 29.80 28.52 29.14 29.28 25.56 26.65 25.58 26.40 26.55 27.23
Other liabilities 4.69 4.88 5.04 5.00 5.15 5.23 4.46 4.43 4.50 4.60 4.61 4.68 4.75 3.49 3.58 3.68 3.74 3.77 3.89 3.97 4.00
Deferred income taxes 18.34 18.61 18.36 18.15 18.39 18.23 18.07 18.11 18.24 17.97 17.84 17.74 17.59 17.83 17.80 17.92 17.61 17.71 26.65 26.51 26.17
Non-current liabilities 57.81% 58.01% 57.78% 55.84% 55.47% 55.35% 55.61% 55.76% 54.27% 53.90% 52.00% 52.22% 50.85% 50.46% 50.66% 47.16% 48.00% 47.06% 56.93% 57.03% 57.41%
Total liabilities 65.80% 64.56% 64.03% 63.06% 61.40% 61.04% 60.87% 60.85% 60.24% 59.96% 59.37% 58.81% 58.63% 57.61% 57.38% 53.73% 54.60% 54.19% 63.80% 63.74% 64.36%
Common stock $1.00 per share par value, net of treasury shares 0.61 0.63 0.63 0.64 0.66 0.67 0.67 0.67 0.69 0.68 0.70 0.71 0.72 0.74 0.75 0.79 0.79 0.80 0.82 0.83 0.83
Additional paid-in capital 5.60 5.75 5.76 5.78 5.91 5.92 5.88 5.84 5.89 5.82 5.92 5.99 5.97 6.11 5.50 6.32 6.24 6.31 6.40 6.38 6.34
Accumulated other comprehensive loss -1.00 -1.04 -1.48 -1.49 -1.54 -1.56 -1.23 -1.25 -1.28 -1.29 -1.47 -1.50 -1.51 -1.55 -1.20 -1.23 -1.24 -1.00 -1.35 -1.37 -1.38
Retained income 28.99 30.10 31.06 32.01 33.57 33.94 33.82 33.88 34.46 34.83 35.49 35.99 36.19 37.09 37.57 40.39 39.62 39.70 30.34 30.42 29.86
Stockholders’ equity 34.20% 35.44% 35.97% 36.94% 38.60% 38.96% 39.13% 39.15% 39.76% 40.04% 40.63% 41.19% 41.37% 42.39% 42.62% 46.27% 45.40% 45.81% 36.20% 36.26% 35.64%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Accounts Payable
The accounts payable as a percentage of total liabilities and stockholders’ equity remained relatively stable, fluctuating within a narrow range from about 2.68% to 4.15% across the periods. There was a noticeable dip in 2020 Q4 reaching a low of 2.68%, followed by a gradual increase to 3.51% in 2021 Q4 before slightly declining to 3% in 2022 Q1.
Short-term Debt
Short-term debt appears sporadically in the dataset with small percentages, peaking at 0.93% in 2019 Q4 and 0.67% in 2019 Q2, indicating generally low reliance on short-term borrowing relative to the company’s total capital structure.
Income and Other Taxes
The proportion of income and other taxes consistently ranged from approximately 0.53% to 1.13%, showing a slight increasing trend from 2017 through early 2022, reaching the highest level at 1.13% in 2022 Q1. This suggests a growing tax obligation relative to total financing over the periods.
Other Current Liabilities
Other current liabilities exhibit moderate volatility but largely remained between 0.65% and 1.07%. There was a peak around 2019 Q3 at 1.07%, with a subsequent trend toward stabilization around 0.8% to 0.99% in later periods.
Current Maturities of Long-term Debt
This component showed variability, with a notable decline to as low as 0.22% in 2020 Q2, indicating reduced near-term debt obligations during that period. However, it rebounded to a high of 2.93% by 2022 Q1, reflecting an increasing proportion of long-term debt approaching maturity.
Current Liabilities Overall
The total current liabilities fluctuated between approximately 5.1% and 8%, with a peak at 8% in 2022 Q1. The trend shows a decrease during 2020, possibly linked to the pandemic period, with subsequent increases indicative of rising short-term obligations in the most recent quarters.
Long-term Debt (excluding current maturities)
Long-term debt steadily increased over the observed period. Beginning at 27.23% in 2017 Q1, it rose to around 34.78% by 2022 Q1. This suggests growing reliance on long-term financing, which progressively became a larger component of the company’s capital structure.
Other Liabilities
Other liabilities followed an upward trend from approximately 3.49% in late 2018 to a peak of 5.23% in 2020 Q4, then slightly decreased but remained elevated above 4.5% thereafter. This indicates increasing obligations under this category over time.
Deferred Income Taxes
There was a sharp decrease in deferred income taxes from around 26.17% in early 2017 to approximately 17.7% by late 2017, which then stabilized and fluctuated narrowly around 17.5% to 18.6% through to 2022 Q1. This implies an accounting or structural change around 2017 and consistent deferred tax balances subsequently.
Non-current Liabilities
Non-current liabilities dropped considerably from about 57.41% in early 2017 to around 47% by late 2017, followed by a recovery and steady increase, reaching approximately 57.8% in 2022 Q1. This reflects shifts in the balance of liabilities, with an eventual return to a higher long-term obligation level.
Total Liabilities
Total liabilities, as a percentage of total capital, declined sharply from near 64% in early 2017 to around 54% by late 2017. After that, they gradually increased, surpassing 65% by 2022 Q1, marking a growing total debt load relative to stockholders’ equity over the recent years.
Common Stock
The common stock representation saw a gradual decline from 0.83% in early 2017 to 0.61% by 2022 Q1, indicating a slight dilution or relative decrease of common stock value within the overall capital structure.
Additional Paid-in Capital
Additional paid-in capital showed a minor downward trend, starting at 6.34% in 2017 Q1, declining modestly to 5.6% in 2022 Q1, suggesting subtle changes in the equity financing composition.
Accumulated Other Comprehensive Loss
The accumulated other comprehensive loss, though negative, decreased in absolute size from approximately -1.38% in 2017 Q1 to around -1.0% in 2022 Q1. This points to a lessening impact of comprehensive losses on equity over time.
Retained Income
Retained income as a proportion of total capital declined steadily from nearly 30% in early 2017 to below 29% by 2022 Q1, indicating that earnings retained within the company became smaller relative to its financing base.
Stockholders’ Equity
Stockholders’ equity declined notably from above 36% in 2017 to about 34.2% by 2022 Q1. The decline in equity proportion alongside increasing liabilities suggests a capital structure shift toward greater leverage.
Overall Capital Structure
The total liabilities and stockholders’ equity fully sum to 100% as expected. The observed trends over time reveal a shift toward increased leverage, with total liabilities rising and equity components generally contracting as a percentage of total capital. The company exhibits increasing reliance on long-term debt and a slight rise in current liabilities in recent periods, which may imply strategic financing decisions or changing operational needs.