NORFOLK SOUTHERN CORPNSC

NORFOLK SOUTHERN CORP Debt Disclosure

10-KFiled Feb 9, 20262 min read
Debt
 
Debt maturities are presented below:
 December 31,
 20252024
 ($ in millions)
Notes and debentures, with weighted-average interest rates as of December 31, 2025:  
4.19% maturing to 2030
$3,030 $3,580 
4.28% maturing 2031 to 2035
2,684 2,284 
4.28% maturing 2037 to 2064
10,847 10,847 
5.22% maturing 2097 to 2121
1,384 1,384 
Finance leases18 13 
Discounts, premiums, and debt issuance costs(876)(902)
Total debt17,087 17,206 
Less current maturities(607)(555)
Long-term debt excluding current maturities$16,480 $16,651 
Long-term debt maturities subsequent to 2026 are as follows: 
2027$625 
2028602 
2029611 
2030600 
2031 and subsequent years14,042 
  
Total$16,480 

Under the terms of the Merger Agreement, we are subject to certain restrictions on incurring additional indebtedness.

In May 2025, we issued $400 million of 5.10% senior notes due 2035.

In May 2025, we renewed our accounts receivable securitization program with a maximum borrowing capacity of $400 million. Amounts under our accounts receivable securitization program are borrowed and repaid from time to time in the ordinary course for general corporate and cash management purposes. The term of our accounts receivable securitization program expires in May 2026. Amounts received under this facility are accounted for as borrowings. We had no amounts outstanding under this program and our available borrowing capacity was approximately $397 million and $400 million at December 31, 2025 and December 31, 2024, respectively. Our accounts receivable securitization program was supported by $735 million and $790 million in receivables at December 31, 2025 and December 31, 2024, respectively, which are included in “Accounts receivable – net.”

In June 2024, we entered into an agreement that provides us the ability to issue up to $800 million of unsecured commercial paper and is backed by our credit agreement. The unsecured short-term commercial paper program provides for borrowing at prevailing rates and includes covenants. At December 31, 2025 and December 31, 2024, we had no outstanding commercial paper.
Credit Agreement and Debt Covenants

In January 2024, we renewed and amended our $800 million credit agreement. The amended agreement expires in January 2029, and provides for borrowings at prevailing rates and includes covenants. We had no amounts outstanding under this facility at either December 31, 2025 or December 31, 2024, and we are in compliance with all of its covenants.

Historical Timeline

Fiscal YearFiled
2025Feb 9, 2026Showing above
2024Feb 10, 2025
2023Feb 5, 2024
2022Feb 3, 2023
2021Feb 4, 2022
2020Feb 4, 2021
2019Feb 6, 2020
2018Feb 8, 2019
2017Feb 5, 2018
2016Feb 6, 2017
2015Feb 8, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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