Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Norfolk Southern Corp., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Norfolk Southern Corp. debt to equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Norfolk Southern Corp. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Norfolk Southern Corp. debt to capital ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Norfolk Southern Corp. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Norfolk Southern Corp. debt to assets ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Norfolk Southern Corp. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Norfolk Southern Corp. financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Norfolk Southern Corp. interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Norfolk Southern Corp. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Debt to Equity
Norfolk Southern Corp., debt to equity calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | —) | —) | —) | —) | 100) | |
| Current maturities of long-term debt | 553) | 579) | 316) | 585) | 600) | |
| Long-term debt, excluding current maturities | 13,287) | 12,102) | 11,880) | 10,560) | 9,136) | |
| Total debt | 13,840) | 12,681) | 12,196) | 11,145) | 9,836) | |
| Stockholders’ equity | 13,641) | 14,791) | 15,184) | 15,362) | 16,359) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 1.01 | 0.86 | 0.80 | 0.73 | 0.60 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| FedEx Corp. | 0.86 | 1.20 | 0.99 | — | — | |
| Uber Technologies Inc. | 0.66 | 0.64 | 0.43 | — | — | |
| Union Pacific Corp. | 2.10 | 1.58 | 1.39 | — | — | |
| United Parcel Service Inc. | 1.54 | 37.53 | 7.73 | — | — | |
| Debt to Equity, Sector | ||||||
| Transportation | 1.22 | 1.69 | 1.39 | — | — | |
| Debt to Equity, Industry | ||||||
| Industrials | 1.25 | 1.73 | 1.86 | — | — | |
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).
1 2021 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 13,840 ÷ 13,641 = 1.01
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Norfolk Southern Corp. debt to equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Debt to Equity (including Operating Lease Liability)
Norfolk Southern Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | —) | —) | —) | —) | 100) | |
| Current maturities of long-term debt | 553) | 579) | 316) | 585) | 600) | |
| Long-term debt, excluding current maturities | 13,287) | 12,102) | 11,880) | 10,560) | 9,136) | |
| Total debt | 13,840) | 12,681) | 12,196) | 11,145) | 9,836) | |
| Current operating lease liability | 82) | 89) | 97) | —) | —) | |
| Non-current operating lease liability | 331) | 344) | 441) | —) | —) | |
| Total debt (including operating lease liability) | 14,253) | 13,114) | 12,734) | 11,145) | 9,836) | |
| Stockholders’ equity | 13,641) | 14,791) | 15,184) | 15,362) | 16,359) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 1.04 | 0.89 | 0.84 | 0.73 | 0.60 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| FedEx Corp. | 1.51 | 1.97 | 0.99 | — | — | |
| Uber Technologies Inc. | 0.79 | 0.78 | 0.55 | — | — | |
| Union Pacific Corp. | 2.22 | 1.67 | 1.49 | — | — | |
| United Parcel Service Inc. | 1.79 | 42.24 | 8.62 | — | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Transportation | 1.56 | 2.11 | 1.51 | — | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Industrials | 1.39 | 1.89 | 1.96 | — | — | |
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).
1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 14,253 ÷ 13,641 = 1.04
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Norfolk Southern Corp. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
Debt to Capital
Norfolk Southern Corp., debt to capital calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | —) | —) | —) | —) | 100) | |
| Current maturities of long-term debt | 553) | 579) | 316) | 585) | 600) | |
| Long-term debt, excluding current maturities | 13,287) | 12,102) | 11,880) | 10,560) | 9,136) | |
| Total debt | 13,840) | 12,681) | 12,196) | 11,145) | 9,836) | |
| Stockholders’ equity | 13,641) | 14,791) | 15,184) | 15,362) | 16,359) | |
| Total capital | 27,481) | 27,472) | 27,380) | 26,507) | 26,195) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.50 | 0.46 | 0.45 | 0.42 | 0.38 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| FedEx Corp. | 0.46 | 0.55 | 0.50 | — | — | |
| Uber Technologies Inc. | 0.40 | 0.39 | 0.30 | — | — | |
| Union Pacific Corp. | 0.68 | 0.61 | 0.58 | — | — | |
| United Parcel Service Inc. | 0.61 | 0.97 | 0.89 | — | — | |
| Debt to Capital, Sector | ||||||
| Transportation | 0.55 | 0.63 | 0.58 | — | — | |
| Debt to Capital, Industry | ||||||
| Industrials | 0.56 | 0.63 | 0.65 | — | — | |
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).
1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 13,840 ÷ 27,481 = 0.50
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Norfolk Southern Corp. debt to capital ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Debt to Capital (including Operating Lease Liability)
Norfolk Southern Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | —) | —) | —) | —) | 100) | |
| Current maturities of long-term debt | 553) | 579) | 316) | 585) | 600) | |
| Long-term debt, excluding current maturities | 13,287) | 12,102) | 11,880) | 10,560) | 9,136) | |
| Total debt | 13,840) | 12,681) | 12,196) | 11,145) | 9,836) | |
| Current operating lease liability | 82) | 89) | 97) | —) | —) | |
| Non-current operating lease liability | 331) | 344) | 441) | —) | —) | |
| Total debt (including operating lease liability) | 14,253) | 13,114) | 12,734) | 11,145) | 9,836) | |
| Stockholders’ equity | 13,641) | 14,791) | 15,184) | 15,362) | 16,359) | |
| Total capital (including operating lease liability) | 27,894) | 27,905) | 27,918) | 26,507) | 26,195) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.51 | 0.47 | 0.46 | 0.42 | 0.38 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| FedEx Corp. | 0.60 | 0.66 | 0.50 | — | — | |
| Uber Technologies Inc. | 0.44 | 0.44 | 0.35 | — | — | |
| Union Pacific Corp. | 0.69 | 0.63 | 0.60 | — | — | |
| United Parcel Service Inc. | 0.64 | 0.98 | 0.90 | — | — | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Transportation | 0.61 | 0.68 | 0.60 | — | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Industrials | 0.58 | 0.65 | 0.66 | — | — | |
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).
1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 14,253 ÷ 27,894 = 0.51
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Norfolk Southern Corp. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
Debt to Assets
Norfolk Southern Corp., debt to assets calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | —) | —) | —) | —) | 100) | |
| Current maturities of long-term debt | 553) | 579) | 316) | 585) | 600) | |
| Long-term debt, excluding current maturities | 13,287) | 12,102) | 11,880) | 10,560) | 9,136) | |
| Total debt | 13,840) | 12,681) | 12,196) | 11,145) | 9,836) | |
| Total assets | 38,493) | 37,962) | 37,923) | 36,239) | 35,711) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.36 | 0.33 | 0.32 | 0.31 | 0.28 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| FedEx Corp. | 0.25 | 0.30 | 0.32 | — | — | |
| Uber Technologies Inc. | 0.25 | 0.24 | 0.19 | — | — | |
| Union Pacific Corp. | 0.47 | 0.43 | 0.41 | — | — | |
| United Parcel Service Inc. | 0.32 | 0.40 | 0.44 | — | — | |
| Debt to Assets, Sector | ||||||
| Transportation | 0.32 | 0.35 | 0.36 | — | — | |
| Debt to Assets, Industry | ||||||
| Industrials | 0.29 | 0.32 | 0.32 | — | — | |
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).
1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 13,840 ÷ 38,493 = 0.36
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Norfolk Southern Corp. debt to assets ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Debt to Assets (including Operating Lease Liability)
Norfolk Southern Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | —) | —) | —) | —) | 100) | |
| Current maturities of long-term debt | 553) | 579) | 316) | 585) | 600) | |
| Long-term debt, excluding current maturities | 13,287) | 12,102) | 11,880) | 10,560) | 9,136) | |
| Total debt | 13,840) | 12,681) | 12,196) | 11,145) | 9,836) | |
| Current operating lease liability | 82) | 89) | 97) | —) | —) | |
| Non-current operating lease liability | 331) | 344) | 441) | —) | —) | |
| Total debt (including operating lease liability) | 14,253) | 13,114) | 12,734) | 11,145) | 9,836) | |
| Total assets | 38,493) | 37,962) | 37,923) | 36,239) | 35,711) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.37 | 0.35 | 0.34 | 0.31 | 0.28 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| FedEx Corp. | 0.44 | 0.49 | 0.32 | — | — | |
| Uber Technologies Inc. | 0.29 | 0.29 | 0.24 | — | — | |
| Union Pacific Corp. | 0.50 | 0.45 | 0.44 | — | — | |
| United Parcel Service Inc. | 0.37 | 0.44 | 0.49 | — | — | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Transportation | 0.41 | 0.44 | 0.39 | — | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Industrials | 0.32 | 0.35 | 0.34 | — | — | |
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).
1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 14,253 ÷ 38,493 = 0.37
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Norfolk Southern Corp. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
Financial Leverage
Norfolk Southern Corp., financial leverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 38,493) | 37,962) | 37,923) | 36,239) | 35,711) | |
| Stockholders’ equity | 13,641) | 14,791) | 15,184) | 15,362) | 16,359) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 2.82 | 2.57 | 2.50 | 2.36 | 2.18 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| FedEx Corp. | 3.43 | 4.02 | 3.06 | — | — | |
| Uber Technologies Inc. | 2.68 | 2.71 | 2.24 | — | — | |
| Union Pacific Corp. | 4.49 | 3.68 | 3.40 | — | — | |
| United Parcel Service Inc. | 4.87 | 94.99 | 17.71 | — | — | |
| Financial Leverage, Sector | ||||||
| Transportation | 3.80 | 4.81 | 3.86 | — | — | |
| Financial Leverage, Industry | ||||||
| Industrials | 4.33 | 5.35 | 5.76 | — | — | |
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).
1 2021 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 38,493 ÷ 13,641 = 2.82
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Norfolk Southern Corp. financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021. |
Interest Coverage
Norfolk Southern Corp., interest coverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income | 3,005) | 2,013) | 2,722) | 2,666) | 5,404) | |
| Add: Income tax expense | 873) | 517) | 769) | 803) | (2,276) | |
| Add: Interest expense on debt | 646) | 625) | 604) | 557) | 550) | |
| Earnings before interest and tax (EBIT) | 4,524) | 3,155) | 4,095) | 4,026) | 3,678) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 7.00 | 5.05 | 6.78 | 7.23 | 6.69 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| FedEx Corp. | 9.42 | 3.48 | 2.11 | — | — | |
| Uber Technologies Inc. | -1.20 | -14.24 | -14.15 | — | — | |
| Union Pacific Corp. | 8.33 | 7.12 | 8.38 | — | — | |
| United Parcel Service Inc. | 24.91 | 3.63 | 9.66 | — | — | |
| Interest Coverage, Sector | ||||||
| Transportation | 10.81 | 2.18 | 2.96 | — | — | |
| Interest Coverage, Industry | ||||||
| Industrials | 6.00 | 2.04 | 4.37 | — | — | |
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).
1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 4,524 ÷ 646 = 7.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Norfolk Southern Corp. interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Fixed Charge Coverage
Norfolk Southern Corp., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income | 3,005) | 2,013) | 2,722) | 2,666) | 5,404) | |
| Add: Income tax expense | 873) | 517) | 769) | 803) | (2,276) | |
| Add: Interest expense on debt | 646) | 625) | 604) | 557) | 550) | |
| Earnings before interest and tax (EBIT) | 4,524) | 3,155) | 4,095) | 4,026) | 3,678) | |
| Add: Operating lease expense | 159) | 160) | 176) | 204) | 169) | |
| Earnings before fixed charges and tax | 4,683) | 3,315) | 4,271) | 4,230) | 3,847) | |
| Interest expense on debt | 646) | 625) | 604) | 557) | 550) | |
| Operating lease expense | 159) | 160) | 176) | 204) | 169) | |
| Fixed charges | 805) | 785) | 780) | 761) | 719) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 5.82 | 4.22 | 5.48 | 5.56 | 5.35 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| FedEx Corp. | 2.83 | 1.50 | 1.19 | — | — | |
| Uber Technologies Inc. | -0.36 | -6.43 | -8.62 | — | — | |
| Union Pacific Corp. | 6.81 | 5.79 | 6.62 | — | — | |
| United Parcel Service Inc. | 12.66 | 2.31 | 5.36 | — | — | |
| Fixed Charge Coverage, Sector | ||||||
| Transportation | 5.20 | 1.49 | 1.80 | — | — | |
| Fixed Charge Coverage, Industry | ||||||
| Industrials | 3.93 | 1.59 | 2.96 | — | — | |
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).
1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 4,683 ÷ 805 = 5.82
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Norfolk Southern Corp. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |