Balance Sheet: Assets
Quarterly Data

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.

Norfolk Southern Corp., consolidated balance sheet: assets (quarterly data)

US$ in millions

	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
Cash and cash equivalents	1,571)	839)	1,465)	1,670)	998)	1,115)	1,359)	1,143)	608)	580)	452)	274)	411)	358)	729)	430)	1,072)	690)	724)	642)	955)
Accounts receivable, net	1,070)	976)	945)	941)	944)	848)	883)	822)	889)	920)	973)	1,039)	1,048)	1,009)	1,043)	1,035)	973)	955)	973)	926)	998)
Materials and supplies	264)	218)	235)	246)	241)	221)	247)	257)	265)	244)	266)	256)	228)	207)	267)	260)	245)	222)	245)	289)	281)
Other current assets	110)	134)	77)	155)	120)	134)	90)	128)	240)	337)	325)	345)	235)	288)	70)	179)	189)	282)	57)	79)	93)
Current assets	3,015)	2,167)	2,722)	3,012)	2,303)	2,318)	2,579)	2,350)	2,002)	2,081)	2,016)	1,914)	1,922)	1,862)	2,109)	1,904)	2,479)	2,149)	1,999)	1,936)	2,327)
Investments	3,697)	3,707)	3,684)	3,658)	3,604)	3,590)	3,566)	3,590)	3,470)	3,428)	3,376)	3,301)	3,198)	3,109)	3,109)	3,058)	3,020)	2,981)	2,888)	2,848)	2,809)
Properties less accumulated depreciation	31,657)	31,653)	31,429)	31,355)	31,312)	31,345)	31,239)	31,217)	31,179)	31,614)	31,394)	31,201)	31,158)	31,091)	30,712)	30,540)	30,396)	30,330)	30,163)	30,033)	29,927)
Other assets	992)	966)	769)	729)	718)	709)	795)	805)	787)	800)	714)	756)	784)	177)	392)	286)	267)	251)	103)	105)	82)
Non-current assets	36,346)	36,326)	35,882)	35,742)	35,634)	35,644)	35,600)	35,612)	35,436)	35,842)	35,484)	35,258)	35,140)	34,377)	34,213)	33,884)	33,683)	33,562)	33,154)	32,986)	32,818)
Total assets	39,361)	38,493)	38,604)	38,754)	37,937)	37,962)	38,179)	37,962)	37,438)	37,923)	37,500)	37,172)	37,062)	36,239)	36,322)	35,788)	36,162)	35,711)	35,153)	34,922)	35,145)

Total assets exhibited a gradual upward trajectory over the five-year period, increasing from 35,145 million USD in March 2017 to 39,361 million USD by March 2022. The growth was characterized by steady expansion through 2019, followed by a period of relative stabilization and a subsequent increase in liquidity during the 2020-2022 interval.

Liquidity and Current Asset Trends: Current assets demonstrated significant volatility, fluctuating between a low of 1,862 million USD in December 2018 and a peak of 3,015 million USD in March 2022. This volatility was primarily driven by cash and cash equivalents, which saw a marked increase starting in 2020. Cash balances rose from a low of 274 million USD in June 2019 to a high of 1,670 million USD in June 2021, suggesting a strategic shift toward higher liquidity preservation during the pandemic era. Accounts receivable remained relatively stable, generally fluctuating between 822 million USD and 1,070 million USD, while materials and supplies maintained a consistent range between 207 million USD and 289 million USD.
Non-Current Asset Expansion: Non-current assets represent the vast majority of the total asset base, growing from 32,818 million USD in March 2017 to 36,346 million USD in March 2022. Properties less accumulated depreciation showed a consistent long-term increase, rising from 29,927 million USD to 31,657 million USD, reflecting ongoing capital investment in infrastructure and rolling stock. Long-term investments also trended upward, moving from 2,809 million USD to 3,697 million USD over the analyzed period. A notable increase was observed in other assets, which grew from 82 million USD in early 2017 to 992 million USD by March 2022.
Asset Composition and Capital Intensity: The asset structure is characterized by high capital intensity, with net properties and equipment consistently accounting for approximately 80% to 85% of total assets. The stability of this ratio underscores the capital-heavy nature of the business model. While the overall asset base grew by approximately 12% over the period, the acceleration in cash holdings relative to other current assets indicates a strengthened short-term financial position toward the end of the series.

Norfolk Southern Corp. (NYSE:NSC)

Balance Sheet: Assets
Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Norfolk Southern Corp. (NYSE:NSC)

Balance Sheet: AssetsQuarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data