After-tax operating income [EBIT(1 - T)] for 2020 is expected to be $550 million.

The depreciation expense for 2020 is expected to be $60 million.

The capital expenditures for 2020 are expected to be $450 million.

No change is expected in net operating working capital.

The free cash flow is expected to grow at a constant rate of 3% per year.

The required return on equity is 15%.

The WACC is 9%.

The firm has $209 million of non-operating assets.

The market value of the company's debt is $2.651 billion.

310 million shares of stock are outstanding.