Norfolk Southern Corp., adjusted current assets

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Current assets	2,167)	2,318)	2,081)	1,862)	2,149)
Adjustments
Add: Allowance for doubtful accounts	8)	6)	9)	7)	7)
After Adjustment
Adjusted current assets	2,175)	2,324)	2,090)	1,869)	2,156)

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Norfolk Southern Corp., adjusted total assets

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total assets	38,493)	37,962)	37,923)	36,239)	35,711)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	567)	500)
Add: Allowance for doubtful accounts	8)	6)	9)	7)	7)
After Adjustment
Adjusted total assets	38,501)	37,968)	37,932)	36,813)	36,218)

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

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Norfolk Southern Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total liabilities	24,852)	23,171)	22,739)	20,877)	19,352)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	567)	500)
Less: Net deferred tax liabilities²	7,165)	6,922)	6,815)	6,460)	6,324)
After Adjustment
Adjusted total liabilities	17,687)	16,249)	15,924)	14,984)	13,528)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Net deferred tax liabilities. See details »

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Norfolk Southern Corp., adjusted stockholders’ equity

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Stockholders’ equity	13,641)	14,791)	15,184)	15,362)	16,359)
Adjustments
Less: Deferred income taxes¹	(7,165)	(6,922)	(6,815)	(6,460)	(6,324)
Add: Allowance for doubtful accounts	8)	6)	9)	7)	7)
After Adjustment
Adjusted stockholders’ equity	20,814)	21,719)	22,008)	21,829)	22,690)

¹ Deferred income taxes. See details »

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Norfolk Southern Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Short-term debt	—)	—)	—)	—)	100)
Current maturities of long-term debt	553)	579)	316)	585)	600)
Long-term debt, excluding current maturities	13,287)	12,102)	11,880)	10,560)	9,136)
Total reported debt	13,840)	12,681)	12,196)	11,145)	9,836)
Stockholders’ equity	13,641)	14,791)	15,184)	15,362)	16,359)
Total reported capital	27,481)	27,472)	27,380)	26,507)	26,195)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	567)	500)
Add: Current operating lease liability²	82)	89)	97)	—)	—)
Add: Non-current operating lease liability³	331)	344)	441)	—)	—)
Adjusted total debt	14,253)	13,114)	12,734)	11,712)	10,336)
Adjustments to Equity
Less: Deferred income taxes⁴	(7,165)	(6,922)	(6,815)	(6,460)	(6,324)
Add: Allowance for doubtful accounts	8)	6)	9)	7)	7)
Adjusted stockholders’ equity	20,814)	21,719)	22,008)	21,829)	22,690)
After Adjustment
Adjusted total capital	35,067)	34,833)	34,742)	33,541)	33,026)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liability. See details »

³ Non-current operating lease liability. See details »

⁴ Deferred income taxes. See details »

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Norfolk Southern Corp., adjusted net income

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Net income	3,005)	2,013)	2,722)	2,666)	5,404)
Adjustments
Add: Deferred income tax expense (benefit)¹	184)	142)	330)	173)	(2,859)
Add: Increase (decrease) in allowance for doubtful accounts	2)	(3)	2)	—)	3)
Add: Other comprehensive income (loss), net of tax	192)	(103)	72)	(119)	131)
After Adjustment
Adjusted net income	3,383)	2,049)	3,126)	2,720)	2,679)

¹ Deferred income tax expense (benefit). See details »

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Norfolk Southern Corp. (NYSE:NSC)

Adjustments to Financial Statements