Cash Flow Statement
Quarterly Data
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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Norfolk Southern Corp., consolidated cash flow statement (quarterly data)
US$ in millions
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).
- Net Income
- The net income exhibited fluctuations over the periods, peaking significantly in the fourth quarter of 2017. After this spike, it showed a generally stable pattern with modest variations, declining notably during the early 2020 quarters but recovering progressively through 2021 and early 2022.
- Depreciation
- Depreciation expenses remained relatively steady, with a gradual, slight increase over the full time span, indicating consistent usage and aging of capital assets.
- Deferred Income Taxes
- Deferred income taxes showed volatility with a sharp negative value in late 2017, followed by mostly positive small values with some fluctuations, suggesting variable timing differences in tax recognition throughout the periods.
- Gains and Losses on Properties
- This metric was mostly negative, with occasional positive spikes, indicating a general trend of losses on property transactions or impairments, punctuated by some gains.
- Loss on Asset Disposal
- A significant loss on asset disposal was reported in the third quarter of 2019, standing out as an isolated, large negative impact.
- Impairment of Investment
- Impairment was recorded only once during the examined period in the third quarter of 2020, suggesting a specific revaluation or write-down occurred at that time.
- Accounts Receivable
- Accounts receivable values fluctuated between positive and negative throughout the period, indicating changing collections or sales patterns with some quarters reflecting collections exceeding new receivables and vice versa.
- Materials and Supplies
- Values for materials and supplies showed variability without a clear trend, alternating between positive and negative values, reflecting inventory management adjustments or usage fluctuations.
- Other Current Assets
- Other current assets also fluctuated widely, particularly with notable negative values at the end of 2017 and scattered periods afterward, suggesting irregular changes in miscellaneous short-term assets.
- Current Liabilities Other Than Debt
- Current liabilities excluding debt varied greatly, with some quarters showing large increases and others decreases, indicating irregular changes in short-term obligations beyond debt financing.
- Changes in Assets and Liabilities Affecting Operations
- These changes oscillated between positive and negative values, reflecting the dynamic adjustments in working capital components that impact operating cash flow.
- Other, Net
- This category consistently carried negative values across nearly all periods, implying recurring expenses or losses not categorized elsewhere.
- Reconciliation of Net Income to Net Cash Provided by Operating Activities
- The reconciliation values mirrored the fluctuations in net income and other adjustments, showcasing a major negative outlier in late 2017, followed by positive values, indicating adjustments to reconcile accrual accounting to cash basis.
- Net Cash Provided by Operating Activities
- Operating cash flow remained robust and positive except for the end of 2017. It showed a generally upward trend with some variability, aligning to operational profitability and working capital management.
- Property Additions
- Property additions were consistently negative, reflecting continuous capital expenditures. Notable increases in capital spending occurred in the last quarters of 2018, followed by somewhat reduced outlays in 2020 and 2021.
- Property Sales and Other Transactions
- Proceeds from property sales were generally positive and variable, peaking in mid-2017 and early 2020, indicating periodic monetization of assets.
- Investment Purchases and Sales
- Investment purchases were generally small and sporadic, while sales fluctuated, including some significant sales in late 2017 and 2018, suggesting selective divestment activity.
- Net Cash Used in Investing Activities
- Investing cash flows were predominantly negative, indicating net cash outflows associated with capital and investment expenditures, with some moderation in magnitude observed around 2020.
- Dividends
- Dividend payments steadily increased over the period, reflecting a growing commitment to returning cash to shareholders.
- Common Stock Transactions
- Common stock issuances and related transactions showed modest positive flows interspersed with negative values in 2022, hinting at occasional stock buybacks or retirements with some issuances.
- Purchase and Retirement of Common Stock
- Stock repurchase activity was significant and persistent, peaking sharply in late 2017 and again in later years, reflecting an ongoing focus on shareholder value through buybacks.
- Proceeds from Borrowings and Debt Repayments
- Borrowings and debt repayments were irregular, with various spikes and lapses. Borrowings increased substantially in some quarters, notably in 2018 and 2021, while repayments were scattered throughout, suggesting active debt management.
- Net Cash Provided by (Used in) Financing Activities
- Financing activities generally resulted in net cash outflows, driven largely by stock repurchases, dividend payments, and debt repayments, except for an anomalous positive inflow in the second quarter of 2020 and early 2022.
- Net Increase (Decrease) in Cash and Cash Equivalents
- Cash balances fluctuated, with large negative movements predominantly in mid-2017 and in 2021, while strong positive increases occurred in early 2018, mid-2020, and early 2022, reflective of the net cash flows from operations, investing, and financing activities combined.