Name: Norfolk Southern Corp. (NYSE:NSC) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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Norfolk Southern Corp., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	3,005)	2,013)	2,722)	2,666)	5,404)
Pension and other postretirement benefits	170)	(105)	76)	(111)	114)
Other comprehensive income (loss) of equity investees	22)	2)	(4)	(8)	17)
Other comprehensive income (loss), net of tax	192)	(103)	72)	(119)	131)
Comprehensive income	3,197)	1,910)	2,794)	2,547)	5,535)

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 results from 2017 through 2021 exhibit a period of significant volatility, characterized by a sharp decline in profitability following 2017 and a partial recovery by the end of the period.

Net Income Analysis: Net income demonstrated a substantial decrease between 2017 and 2018, dropping from US$ 5,404 million to US$ 2,666 million. This downward trajectory continued to a five-year trough of US$ 2,013 million in 2020. A recovery phase began in 2021, with net income rising to US$ 3,005 million, although this remains significantly below 2017 levels.
Other Comprehensive Income (OCI) and Pension Impact: Other comprehensive income, net of tax, shows a cyclical pattern of fluctuations, alternating between gains and losses. This volatility is primarily attributed to pension and other postretirement benefits, which served as the dominant driver of OCI. Pension benefits contributed gains in 2017, 2019, and 2021, while incurring losses in 2018 and 2020. The most significant positive adjustment occurred in 2021, contributing US$ 170 million.
Comprehensive Income Trends: Comprehensive income mirrored the volatility of net income, modified by the inconsistent swings in OCI. The highest comprehensive income was recorded in 2017 at US$ 5,535 million, followed by a sharp decline to US$ 2,547 million in 2018. The lowest point was reached in 2020 at US$ 1,910 million. By 2021, comprehensive income improved to US$ 3,197 million, supported by both the recovery in net income and positive adjustments in postretirement benefits and equity investees.

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