Extensive route network in the eastern U.S., with a fairly diverse traffic base related to commodities transported and customers Large exposure to coal shipments, which had been declining, but have stabilized more recently We expect ongoing margin improvement as the company focuses on cost reduction efforts We expect debt-to-EBITDA to remain around current levels due to the capital intensive nature of the business We expect ongoing significant shareholder returns, but financial policy supports current ratings The outlook on Norfolk Southern Corp. is stable. We expect continued modest improvement in overall carloads and pricing, along with cost reduction efforts, to aid the company's operating performance over the next two years. Although we expect the company to maintain a significant share repurchase
