NORFOLK SOUTHERN CORP
For the period ended Dec 31, 2023. Filed Feb 5, 2024.
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FY2023 · Filed Feb 5, 2024
NSC$327.93+0.6%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows Years ended December 31,
| Years ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| ($ in millions) | |||
| Cash flows from operating activities | |||
| Net income | $1,827 | $3,270 | $3,005 |
| Reconciliation of net income to net cash provided by operating activities: | |||
| Depreciation | 1,298 | 1,221 | 1,181 |
| Deferred income taxes | (49) | 83 | 184 |
| Gains and losses on properties | (49) | (82) | (86) |
| Changes in assets and liabilities affecting operations: | |||
| Accounts receivable | (2) | (171) | (133) |
| Materials and supplies | (11) | (35) | 3 |
| Other current assets | (54) | (18) | (6) |
| Current liabilities other than debt | 435 | 23 | 283 |
| Other – net | (216) | (69) | (176) |
| Net cash provided by operating activities | 3,179 | 4,222 | 4,255 |
| Cash flows from investing activities | |||
| Property additions | (2,349) | (1,948) | (1,470) |
| Property sales and other transactions | 86 | 263 | 159 |
| Investment purchases | (124) | (12) | (10) |
| Investment sales and other transactions | 205 | 94 | 99 |
| Net cash used in investing activities | (2,182) | (1,603) | (1,222) |
| Cash flows from financing activities | |||
| Dividends | (1,225) | (1,167) | (1,028) |
| Common Stock transactions | 3 | (4) | 17 |
| Purchase and retirement of Common Stock | (622) | (3,110) | (3,390) |
| Proceeds from borrowings | 3,293 | 1,832 | 1,676 |
| Debt repayments | (1,334) | (553) | (584) |
| Net cash provided by (used in) financing activities | 115 | (3,002) | (3,309) |
| Net increase (decrease) in cash and cash equivalents | 1,112 | (383) | (276) |
| Cash and cash equivalents | |||
| At beginning of year | 456 | 839 | 1,115 |
| At end of year | $1,568 | $456 | $839 |
| Supplemental disclosures of cash flow information | |||
| Cash paid during the year for: | |||
| Interest (net of amounts capitalized) | $653 | $619 | $579 |
| Income taxes (net of refunds) | 681 | 750 | 654 |
K48
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