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NSC Stock Price Correlated With Norfolk Southern Financials
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Income Statement
Cash Flow
Balance Sheet
NSC Income Statement
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Revenue, Net:
Cost of Goods & Services Sold:
Gross Profit:
Selling, General & Admin Expense:
Research & Development Expense:
Total Operating Expenses:
Operating Income:
Income Taxes:
Net Income:
NSC Cash Flow
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Operating Activities Net Income:
Depreciation, Depletion & Amortization:
Change in Accounts Receiveable:
Net Cash from Operations:
Repurchases/Buybacks Common Stock:
Issuance of Long-term Debt:
Cash Dividends Paid:
Net Cash from Financing Activities:
Property, Plant & Equipment Purchases:
Purchases of Businesses, Net of Cash:
Net Cash from Investing Activities:
Net Change in Cash & Equivalents:
NSC Balance Sheet
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Cash and Cash Equivalents:
Short-Term Investments:
Accounts Receivable, Net:
Inventories:
Total Current Assets:
Property, Plant & Equipment, Net:
Total Assets:
Accounts Payable:
Current Portion of Long-Term Debt:
Total Short-Term Liabilities:
Long Term Debt, Non-Current Portion:
Total Long-Term Liabilities:
Total Liabilities:
COMPANY PROFILE
1. Summary of Significant Accounting Policies
Description of Business
Norfolk Southern Corporation is a Virginia-based holding company engaged principally in the rail transportation business, operating approximately 20,000 route miles primarily in the East and Midwest. These consolidated financial statements include Norfolk Southern Corporation (Norfolk Southern) and its majority-owned and controlled subsidiaries (collectively, NS). Norfolk Southern's major subsidiary is Norfolk Southern Railway Company (NSR). All significant intercompany balances and transactions have been eliminated in consolidation.
NSR and its railroad subsidiaries transport raw materials, intermediate products and finished goods classified in the following market groups (percent of total railway operating revenues in 2010): coal ( 28 %); intermodal ( 19 %); agriculture/consumer products/government ( 14 %); chemicals ( 14 %); metals/construction ( 11 %); paper/clay/forest products ( 7 %); and, automotive ( 7 %). Although most of NS' customers are domestic, ultimate points of origination or destination for some of the products transported (particularly coal bound for export and some intermodal containers) may be outside the U.S. More than 80 % of NS' railroad employees are covered by collective bargaining agreements with various labor unions.
Use of Estimates
The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management periodically reviews its estimates, including those related to the recoverability and useful lives of assets, as well as liabilities for litigation, environmental remediation, casualty claims, income taxes and pension and other postretirement benefits. Changes in facts and circumstances may result in revised estimates.
Revenue Recognition
Transportation revenue is recognized proportionally as a shipment moves from origin to destination and related expenses are recognized as incurred. Refunds (which are primarily volume-based incentives) are recorded as a reduction to revenues on the basis of management's best estimate of projected liability, which is based on historical activity, current traffic counts and the expectation of future activity. NS regularly monitors its contract refund liability and, historically, the estimates have not differed significantly from the amounts ultimately refunded. Switching, demurrage and other incidental service revenues are recognized when the services are performed.
Derivatives
NS does not engage in the trading of derivatives. NS uses derivative financial instruments in the management of its mix of fixed- and floating-rate debt. Management has determined that these derivative instruments qualify as fair-value hedges, having values that highly correlate with the underlying hedged exposures, and has designated such instruments as hedging transactions. Income and expense related to the derivative financial instruments are recorded in the same category as generated by the underlying asset or liability. Credit risk related to the derivative financial instruments is considered to be minimal and is managed by requiring high credit standards for counterparties and periodic settlements (see Note 16).
Cash Equivalents "Cash equivalents" are highly liquid investments purchased three months or less from maturity.
Allowance for Doubtful Accounts
NS' allowance for doubtful accounts was $ 5 million at both December 31, 2010 and 2009. To determine its allowance for doubtful accounts, NS evaluates historical loss experience (which has not been significant), the characteristics of current accounts, and general economic conditions and trends.
Materials and Supplies
Description of Business
Norfolk Southern Corporation is a Virginia-based holding company engaged principally in the rail transportation business, operating approximately 20,000 route miles primarily in the East and Midwest. These consolidated financial statements include Norfolk Southern Corporation (Norfolk Southern) and its majority-owned and controlled subsidiaries (collectively, NS). Norfolk Southern's major subsidiary is Norfolk Southern Railway Company (NSR). All significant intercompany balances and transactions have been eliminated in consolidation.
NSR and its railroad subsidiaries transport raw materials, intermediate products and finished goods classified in the following market groups (percent of total railway operating revenues in 2010): coal ( 28 %); intermodal ( 19 %); agriculture/consumer products/government ( 14 %); chemicals ( 14 %); metals/construction ( 11 %); paper/clay/forest products ( 7 %); and, automotive ( 7 %). Although most of NS' customers are domestic, ultimate points of origination or destination for some of the products transported (particularly coal bound for export and some intermodal containers) may be outside the U.S. More than 80 % of NS' railroad employees are covered by collective bargaining agreements with various labor unions.
Use of Estimates
The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management periodically reviews its estimates, including those related to the recoverability and useful lives of assets, as well as liabilities for litigation, environmental remediation, casualty claims, income taxes and pension and other postretirement benefits. Changes in facts and circumstances may result in revised estimates.
Revenue Recognition
Transportation revenue is recognized proportionally as a shipment moves from origin to destination and related expenses are recognized as incurred. Refunds (which are primarily volume-based incentives) are recorded as a reduction to revenues on the basis of management's best estimate of projected liability, which is based on historical activity, current traffic counts and the expectation of future activity. NS regularly monitors its contract refund liability and, historically, the estimates have not differed significantly from the amounts ultimately refunded. Switching, demurrage and other incidental service revenues are recognized when the services are performed.
Derivatives
NS does not engage in the trading of derivatives. NS uses derivative financial instruments in the management of its mix of fixed- and floating-rate debt. Management has determined that these derivative instruments qualify as fair-value hedges, having values that highly correlate with the underlying hedged exposures, and has designated such instruments as hedging transactions. Income and expense related to the derivative financial instruments are recorded in the same category as generated by the underlying asset or liability. Credit risk related to the derivative financial instruments is considered to be minimal and is managed by requiring high credit standards for counterparties and periodic settlements (see Note 16).
Cash Equivalents "Cash equivalents" are highly liquid investments purchased three months or less from maturity.
Allowance for Doubtful Accounts
NS' allowance for doubtful accounts was $ 5 million at both December 31, 2010 and 2009. To determine its allowance for doubtful accounts, NS evaluates historical loss experience (which has not been significant), the characteristics of current accounts, and general economic conditions and trends.
Materials and Supplies
Free historical financial statements for Norfolk Southern Corp. See how revenue, income, cash flow, and balance sheet financials have changed over 56 quarters since 2010. Compare with NSC stock chart to see long term trends.
Data imported from Norfolk Southern Corp SEC filings. Check original filings before making any investment decision.