NORFOLK SOUTHERN CORP
For the period ended Dec 31, 2024. Filed Feb 10, 2025.
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FY2024 · Filed Feb 10, 2025
NSC$327.93+0.6%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows Years ended December 31,
| Years ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| ($ in millions) | |||
| Cash flows from operating activities | |||
| Net income | $2,622 | $1,827 | $3,270 |
| Reconciliation of net income to net cash provided by operating activities: | |||
| Depreciation | 1,353 | 1,298 | 1,221 |
| Deferred income taxes | 176 | (49) | 83 |
| Gains and losses on properties | (490) | (49) | (82) |
| Changes in assets and liabilities affecting operations: | |||
| Accounts receivable | 85 | (2) | (171) |
| Materials and supplies | (13) | (11) | (35) |
| Other current assets | 5 | (54) | (18) |
| Current liabilities other than debt | 548 | 435 | 23 |
| Other – net | (234) | (216) | (69) |
| Net cash provided by operating activities | 4,052 | 3,179 | 4,222 |
| Cash flows from investing activities | |||
| Property additions | (2,381) | (2,327) | (1,948) |
| Acquisition of assets of CSR | (1,643) | (22) | — |
| Property sales and other transactions | 558 | 86 | 263 |
| Investment purchases | (319) | (124) | (12) |
| Investment sales and other transactions | 1,005 | 205 | 94 |
| Net cash used in investing activities | (2,780) | (2,182) | (1,603) |
| Cash flows from financing activities | |||
| Dividends | (1,221) | (1,225) | (1,167) |
| Common Stock transactions | 26 | 3 | (4) |
| Purchase and retirement of Common Stock | — | (622) | (3,110) |
| Proceeds from borrowings | 1,051 | 3,293 | 1,832 |
| Debt repayments | (1,055) | (1,334) | (553) |
| Net cash provided by (used in) financing activities | (1,199) | 115 | (3,002) |
| Net increase (decrease) in cash and cash equivalents | 73 | 1,112 | (383) |
| Cash and cash equivalents | |||
| At beginning of year | 1,568 | 456 | 839 |
| At end of year | $1,641 | $1,568 | $456 |
| Supplemental disclosures of cash flow information | |||
| Cash paid during the year for: | |||
| Interest (net of amounts capitalized) | $764 | $653 | $619 |
| Income taxes (net of refunds) | 305 | 681 | 750 |
K49
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