Name: Norfolk Southern Corp. (NYSE:NSC) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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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Norfolk Southern Corp., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	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
Net income	703)	760)	753)	819)	673)	671)	569)	392)	381)	666)	657)	722)	677)	702)	702)	710)	552)	3,968)	506)	497)	433)
Depreciation	302)	298)	297)	294)	292)	287)	293)	282)	292)	285)	287)	284)	283)	282)	276)	274)	272)	268)	266)	265)	260)
Deferred income taxes	48)	26)	51)	55)	52)	64)	22)	45)	11)	105)	92)	76)	57)	35)	49)	44)	45)	(3,078)	105)	58)	56)
Gains and losses on properties	(6)	(6)	(5)	(67)	(8)	(25)	(3)	(3)	(8)	(38)	3)	11)	(18)	(145)	(12)	(6)	(8)	(30)	(42)	(11)	(9)
Loss on asset disposal	—)	—)	—)	—)	—)	—)	—)	—)	385)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairment of investment	—)	—)	—)	—)	—)	—)	99)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts receivable	(94)	(31)	(6)	(1)	(95)	35)	(62)	66)	32)	53)	64)	9)	(39)	32)	(10)	(66)	(26)	18)	(47)	41)	(53)
Materials and supplies	(46)	17)	11)	(5)	(20)	26)	10)	8)	(21)	22)	(10)	(28)	(21)	60)	(7)	(15)	(23)	23)	44)	(8)	(24)
Other current assets	21)	(63)	27)	21)	9)	(52)	25)	63)	(33)	(44)	(15)	43)	12)	(91)	26)	6)	13)	(139)	20)	17)	31)
Current liabilities other than debt	83)	(11)	124)	12)	158)	(70)	104)	40)	(40)	(113)	(42)	(3)	(27)	50)	39)	122)	12)	(30)	72)	(95)	188)
Changes in assets and liabilities affecting operations	(36)	(88)	156)	27)	52)	(61)	77)	177)	(62)	(82)	(3)	21)	(75)	51)	48)	47)	(24)	(128)	89)	(45)	142)
Other, net	(17)	(48)	(36)	(46)	(46)	(66)	(48)	(90)	(44)	(41)	9)	(43)	(43)	(83)	(5)	(59)	(21)	(212)	(35)	(34)	(36)
Reconciliation of net income to net cash provided by operating activities	291)	182)	463)	263)	342)	199)	440)	411)	574)	229)	388)	349)	204)	140)	356)	300)	264)	(3,180)	383)	233)	413)
Net cash provided by operating activities	994)	942)	1,216)	1,082)	1,015)	870)	1,009)	803)	955)	895)	1,045)	1,071)	881)	842)	1,058)	1,010)	816)	788)	889)	730)	846)
Property additions	(389)	(445)	(398)	(362)	(265)	(441)	(318)	(369)	(366)	(525)	(515)	(512)	(467)	(625)	(490)	(453)	(383)	(408)	(432)	(445)	(438)
Property sales and other transactions	36)	24)	69)	29)	37)	42)	33)	100)	158)	95)	68)	62)	152)	111)	45)	35)	13)	65)	77)	25)	35)
Investment purchases	(1)	(5)	—)	(5)	—)	(7)	(1)	(5)	—)	(6)	—)	(10)	(2)	(6)	—)	(2)	(2)	(3)	—)	(2)	(2)
Investment sales and other transactions	19)	51)	11)	11)	26)	49)	8)	(33)	(25)	(5)	(24)	(42)	(33)	3)	90)	5)	1)	39)	5)	2)	1)
Net cash used in investing activities	(335)	(375)	(318)	(327)	(202)	(357)	(278)	(307)	(233)	(441)	(471)	(502)	(350)	(517)	(355)	(415)	(371)	(307)	(350)	(420)	(404)
Dividends	(297)	(264)	(268)	(247)	(249)	(238)	(240)	(240)	(242)	(244)	(247)	(228)	(230)	(217)	(219)	(203)	(205)	(174)	(175)	(177)	(177)
Common stock transactions	(18)	9)	2)	12)	(6)	16)	27)	12)	14)	6)	3)	16)	2)	2)	23)	16)	(1)	14)	33)	8)	34)
Purchase and retirement of common stock	(600)	(930)	(935)	(934)	(591)	(479)	(291)	(203)	(466)	(549)	(500)	(550)	(500)	(481)	(1,600)	(400)	(300)	(300)	(310)	(202)	(200)
Proceeds from borrowings	989)	—)	589)	1,087)	—)	—)	—)	784)	—)	788)	350)	804)	250)	—)	1,480)	—)	543)	(3)	(5)	298)	—)
Debt repayments	(1)	(8)	(491)	(1)	(84)	(56)	(11)	(314)	—)	(438)	—)	(750)	—)	—)	—)	(650)	(100)	(52)	—)	(550)	(100)
Other	—)	—)	—)	—)	—)	—)	—)	—)	—)	23)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	73)	(1,193)	(1,103)	(83)	(930)	(757)	(515)	39)	(694)	(414)	(394)	(708)	(478)	(696)	(316)	(1,237)	(63)	(515)	(457)	(623)	(443)
Net increase (decrease) in cash and cash equivalents	732)	(626)	(205)	672)	(117)	(244)	216)	535)	28)	40)	180)	(139)	53)	(371)	387)	(642)	382)	(34)	82)	(313)	(1)

Operating cash flow demonstrates consistent strength and stability throughout the analyzed period, generally ranging between 700 million and 1.2 billion US dollars per quarter. A significant non-recurring event is observed in the fourth quarter of 2017, where a substantial spike in net income was largely offset by a corresponding negative adjustment in deferred income taxes, indicating a one-time tax-related impact. Despite this volatility in reported earnings, the net cash provided by operating activities remained resilient, peaking at 1.216 billion US dollars in the third quarter of 2021.

Operating Cash Flow Trends: Depreciation expenses show a steady upward trajectory, increasing from 260 million US dollars in March 2017 to 302 million US dollars by March 2022, reflecting a growing asset base. The reconciliation of net income to operating cash flow consistently shows that non-cash charges and changes in working capital support a cash position that frequently exceeds reported net income.
Investment and Capital Expenditure: Cash outflows for property additions are persistent, typically ranging from 300 million to 500 million US dollars per quarter, with a peak expenditure of 625 million US dollars in December 2018. These outflows are partially mitigated by property sales and other transactions, which provided a consistent inflow, notably peaking at 158 million US dollars in March 2020.
Financing and Shareholder Returns: A strong commitment to shareholder distributions is evident through both dividends and share repurchases. Quarterly dividend payments grew incrementally from 177 million US dollars in early 2017 to 297 million US dollars by March 2022. Share repurchases have been aggressive and volatile, with a notable peak of 1.6 billion US dollars in September 2018 and sustained outflows exceeding 900 million US dollars per quarter in late 2021.
Debt and Liquidity Management: Financing activities reflect a cyclic approach to debt management, characterized by periodic large-scale borrowings followed by repayments. For instance, significant proceeds from borrowings in June 2018 and September 2018 were utilized to fund the aforementioned share repurchases and other corporate activities. The net increase or decrease in cash and cash equivalents fluctuates significantly, driven primarily by the timing of these financing maneuvers rather than operational volatility.

Overall, the financial data indicates a business model capable of generating robust operating cash flows that comfortably cover both the capital requirements of the industry and a progressive shareholder return policy. The reliance on debt markets to augment share buybacks suggests a strategic preference for optimizing capital structure through leverage to enhance shareholder value.

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Norfolk Southern Corp. (NYSE:NSC)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data