Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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Norfolk Southern Corp., consolidated balance sheet: assets

US$ in millions

		Dec 31, 2021		Dec 31, 2020		Dec 31, 2019		Dec 31, 2018		Dec 31, 2017
	Cash and cash equivalents
	Accounts receivable, net
	Materials and supplies
	Other current assets
	Current assets
	Equity method investments
	COLI at net cash surrender value
	Other investments
	Long-term investments
	Properties less accumulated depreciation
	Other assets
	Non-current assets
	Total assets

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 financial data reveals several notable trends in asset composition over the five-year period ending December 31, 2021.

Cash and Cash Equivalents: Cash holdings fluctuated, beginning at $690 million in 2017 and declining to $358 million in 2018. Subsequently, there was a recovery reaching a peak of $1,115 million in 2020, followed by a moderate decrease to $839 million in 2021. This indicates a significant increase in liquidity in 2020, possibly reflecting strategic cash management or changes in working capital.
Accounts Receivable, Net: Accounts receivable experienced a slight increase from $955 million in 2017 to $1,009 million in 2018, before declining steadily to $848 million in 2020. In 2021, there was a rebound to $976 million. This pattern suggests variability in sales on credit or collection efficiency across the years, with some recovery noted in the latest period.
Materials and Supplies: Inventories remained relatively stable, fluctuating moderately around the $220 million mark throughout the time frame. The highest value was $244 million in 2019, indicating consistent inventory management with no significant buildup or depletion.
Other Current Assets: Other current assets showed a declining trend from $282 million in 2017 to $134 million by 2020, maintaining that level in 2021. This decline suggests a reduction or reclassification of certain current asset components or possibly improved efficiency in asset utilization.
Current Assets: Total current assets decreased from $2,149 million in 2017 to $1,862 million in 2018, but rebounded to a peak of $2,318 million in 2020 before a slight decrease to $2,167 million in 2021. This reflects the aggregate effects of movements in cash, receivables, inventories, and other current assets, showing overall stability with peak concentrations in 2020.
Equity Method Investments: Equity investments increased steadily year-over-year from $2,425 million in 2017 to $2,797 million in 2021. The consistent growth suggests ongoing investments and/or earnings from affiliated companies contributing positively to long-term value.
COLI at Net Cash Surrender Value: The value of Company-Owned Life Insurance (COLI) policies also steadily increased from $530 million in 2017 to $902 million in 2020, then slightly declined to $885 million in 2021. This indicates a growing cash value in these policies, serving as a supplementary long-term asset.
Other Investments: Other investments remained minimal and showed small fluctuations, ranging from $15 million to $26 million, indicating immaterial levels relative to the total investment portfolio.
Long-Term Investments: Long-term investments exhibited a consistent upward trend from $2,981 million in 2017 to $3,707 million in 2021, reflecting an increasing allocation of resources into longer-duration assets or securities, enhancing the asset base.
Properties Less Accumulated Depreciation: Property assets net of depreciation showed moderate growth, rising from $30,330 million in 2017 to $31,653 million in 2021. The slight dip in 2020 followed by a recovery suggests planned capital expenditures and asset maintenance balanced by depreciation charges.
Other Assets: Other assets demonstrate pronounced volatility, starting at $251 million in 2017, dropping to $177 million in 2018, sharply rising to $800 million in 2019, then declining to $709 million in 2020, and increasing again to $966 million in 2021. This variability indicates the presence of nonrecurring or miscellaneous asset components affecting this category.
Non-Current Assets: The aggregate of non-current assets increased from $33,562 million in 2017 to $36,326 million in 2021, reflecting a general growth in long-term holdings notwithstanding minor fluctuations, signifying ongoing investment in fixed and financial assets.
Total Assets: Total assets rose steadily from $35,711 million in 2017 to $38,493 million in 2021. This consistent increase over the period demonstrates an overall asset base expansion, indicative of growth and possibly asset reinvestment or appreciation.

In summary, the data reveals an expanding asset base driven by increases in equity method investments, long-term investments, and property net values. While current assets showed more variability, liquidity levels improved notably with increased cash holdings in recent years. The fluctuation in other assets reflects some volatility in less-defined asset categories. Overall, the trends point to a strategic emphasis on long-term asset growth and stable current asset management.

Assets: Selected Items

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Current Assets: Selected Items