Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Norfolk Southern Corp., consolidated cash flow statement
US$ in millions
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).
- Net Income
- Net income exhibited a significant decline from 2017 to 2018, falling from 5,404 million USD to 2,666 million USD, followed by a slight increase in 2019 to 2,722 million USD. A subsequent decline occurred in 2020 to 2,013 million USD before rebounding to 3,005 million USD in 2021, illustrating volatility with a partial recovery in the latest period.
- Depreciation
- Depreciation expenses showed a steady upward trend over the analyzed years, increasing incrementally from 1,059 million USD in 2017 to 1,181 million USD in 2021, reflecting ongoing capital asset utilization or additions.
- Deferred Income Taxes
- Deferred income taxes shifted from a negative 2,859 million USD in 2017 to a positive but fluctuating range between 142 and 330 million USD from 2018 onwards, suggesting changes in timing differences or tax strategies impacting the deferred tax position.
- Gains and Losses on Properties
- Losses related to properties remained consistently negative across all periods, with values ranging between -39 and -171 million USD, indicating ongoing property-related costs or disposals resulting in losses.
- Loss on Asset Disposal and Impairment of Investment
- These items were absent until 2020, when notable losses appeared: a 385 million USD loss on asset disposal and a 99 million USD impairment of investment, indicating one-time charges or asset revaluations during that year.
- Working Capital Components
- Accounts receivable demonstrated variability, with negative values in some years (2017, 2018, 2021) and positive in others, suggesting fluctuating credit sales or collections efficiency. Materials and supplies showed minor fluctuations around zero, with occasional negative values. Other current assets and current liabilities (other than debt) displayed inconsistency, with values oscillating between positives and negatives, reflecting variable short-term operational asset and liability management.
- Changes in Assets and Liabilities Affecting Operations
- This category fluctuated across the years but remained generally positive after 2018, indicating a net increase in operational cash inflows from working capital changes.
- Other, Net
- Other net items showed consistent negative values, ranging from -176 million USD to -317 million USD, reflecting persistent outflows or adjustments not classified elsewhere.
- Reconciliation of Net Income to Net Cash Provided by Operating Activities
- The reconciliation line underwent a sharp turnaround from a large negative value of -2,151 million USD in 2017 to positive values in subsequent years, stabilizing between 1,170 million USD and 1,624 million USD, indicating changes in non-cash adjustments or working capital affecting operating cash flows.
- Net Cash Provided by Operating Activities
- Operating cash flows revealed an overall upward trajectory, increasing from 3,253 million USD in 2017 to a peak of 4,255 million USD in 2021, suggesting strong operational cash generation despite fluctuations in net income.
- Property Additions and Sales
- Capital expenditure on property additions remained substantial and relatively steady, ranging from 1,470 to 2,019 million USD annually, indicating ongoing investment in fixed assets. Property sales and other transactions showed moderate inflows, with amounts varying between 159 and 377 million USD, contributing to cash inflows intermittently.
- Investments
- Investment purchases were relatively modest and stable, while investment sales exhibited variability, including a negative figure in 2019, indicating occasional divestments or acquisitions affecting investment portfolios.
- Net Cash Used in Investing Activities
- Cash outflows for investing activities remained consistently negative throughout the period, fluctuating between -1,222 million USD and -1,764 million USD, reflecting ongoing capital expenditures and investment activities exceeding inflows from sales.
- Dividends
- Dividend payments steadily increased from 703 million USD in 2017 to 1,028 million USD in 2021, indicating a gradual enhancement in shareholder returns and consistent dividend policy.
- Common Stock Transactions and Purchase and Retirement of Common Stock
- Common stock transactions were relatively small and fluctuated without a clear trend. The purchase and retirement of common stock showed a declining trend after a peak at 2,781 million USD in 2018, decreasing sharply to 3,390 million USD in 2021, indicating substantial share buyback activity, particularly in the latest year.
- Borrowings and Debt Repayments
- Proceeds from borrowings fluctuated, peaking at 2,192 million USD in 2019 and decreasing to 1,676 million USD in 2021. Debt repayments generally declined over time, falling from 702 million USD in 2017 to 584 million USD in 2021, reflecting a net increase in debt financing.
- Net Cash Used in Financing Activities
- Financing cash flows consistently showed net outflows, with a notable increase in cash used in 2021 (-3,309 million USD), mainly due to increased share repurchases and dividend payments exceeding borrowings and other inflows.
- Cash and Cash Equivalents
- Cash balances at year-end exhibited volatility, dropping from 956 million USD in 2017 to 446 million USD in 2018, then rising to a peak of 1,115 million USD in 2020 before declining again to 839 million USD in 2021. The net change in cash varied accordingly, with positive inflows in 2019 and 2020, contrasted with declines in other years.