1 Free Cash Flows 2 (All dollar values are provided in millions.) 3 2018 4 Sales, ST Invest, Notes Pay, LT Debt factor increase 5 Operating costs as % of sales 6 Cash factor increase 7 Accts. Rec factor increase 8 Inventory factor increase 9 Net Plant & Equip factor increase 10 Accts Pay factor increase Accruals factor increase 12 13 Depreciation as % of Net Plant & Equip 14 Interest rate 15 Tax rate 16 Payout rate 17 1.10 77.50% 1.20 1.25 1.10 1.20 1.25 1.20 10.00% 10.00% 40.00% 90.00% 2017 Sales Cash as % of sales Accts Rec as % of sales Inventory as % of sales Net Plant & Equip as % of sales Accts Pay as % of sales Accruals as % of Sales $7,500 1.00% 14.00% 24.00% 23.00% 8.00% 3.00% Operating cost as % of sales Depreciation as % of Net Plant & Equip Interest rate Tax rate Payout rate Short-term investments as % of sales Notes payable as % of sales Long-term debt as % of sales Retained earnings multiple factor 85.00% 10.00% 10.00% 40.00% 80.00% 0.50% 2.00% 20.00% 1.50 Income Statements: 3 Sales # Operating costs excluding depreciation Depreciation and amortization 6 Earnings before interest and taxes 7 Less interest 8 Pre-tax income 19 Taxes 30 Net income available to common stockholders 31 Common dividends 32 33 Balance Sheets: 34 Assets 35 Cash 36 Short-term investments 37 Accounts receivable 38 Inventories 239 Total current assets 40 Net plant and equipment 41 Total assets 42 2018 $8,250.0 6,393.8 2070 $1,649.3 177.4 $1,471.9 588.8 $883.1 $794.8 2017 $7,500.0 6,375.0 172.5 $952.5 161.3 $791.3 316.5 $474.8 $379.8 2018 2017 $90.0 41.3 1,312.5 1,980.0 $3,423.8 2,070.0 $5,493.8 $75.0 37.5 1,050.0 1,800.0 $2,962.5 1,725.0 $4,687.5 $750.0 270.0 165.0 $1,185.0 1,650.0 $2,835.0 2,428.0 230.7 $2,658.8 $5.493.8 $600.0 225.0 150.0 $975.0 1,500.0 $2,475.0 2,070.1 142.4 $2,212.5 $4,687.5 3 Liabilities and Equity 4 Accounts payable 15 Accruals 16 Notes payable #7 Total current liabilities 8 Long-term debt 49 Total liabilities 50 Common stock 51 Retained earnings 52 Total common equity 53 Total liabilities and equity 54 55 56 NOPAT 2018 57 58 NOWC2018 59 NOWC2017 60 61 Total net operating capital2018 62 Total net operating capital2017 63 64 Free cash flow 2018 65 66 ROIC 2018 67 68 Uses of free cash flow. FORMULAS #N/A UNIA #N/A #N/A #N/A WIN/A #N/A co FORMULAS NOPAT 2018 #N/A NOWC 2018 NOWC 2017 #N/A #N/A Total net operating capital 2018 Total net operating capital 2017 #N/A #N/A Free cash flow 2018 #N/A ROIC 2018 #N/A Uses of free cash flow: After-tax interest payment Reduction (increase) in debt Payment of dividends Repurchase (issue) stock Purchase (sale) of short-term investments Total #N/A #N/A #N/A #N/A #N/A #N/A
