*****(all values in millions of dollars)****

a. What change in the book value of the company's equity took place at the end of 2015?

b. Is the company's market-to-book ratio meaningful? Is its book debt-equity ratio meaningful? Explain.

c. Find the company's other financial statements from that time online. What was the cause of the change to its book value of equity at the end of 2015?

d. Does the company's book value of equity in 2016 imply that it is unprofitable? Explain.

3/31/2016 12/31/2015 9/30/2015 6/30/2015 300 293 401 374 255 385 437 232 460 306 60 53 45 1,128 1,130 128 362 342 43 1,047 97 991 748 825 3,708 1,043 200 1,052 742 Balance Sheet: Assets Current Assets Cash and cash equivalents Net receivables Inventory Other current assets Total Current Assets Long-term investments Property, plant, and equipment Goodwill Other assets Total Assets Liabilities Current Liabilities Accounts payable Short/current long-term debt Other current liabilities Total Current Liabilities Long-term debt Other liabilities Total Liabilities Total Shareholder's Equity Total Liabilities and Shareholder's Equity 979 744 777 3,756 995 736 905 3,766 797 3,834 876 1,467 980 922 173 410 288 1,286 2,381 435 4,102 - 346 3,756 1,469 2,124 574 4,167 - 459 3,708 1,095 474 559 2,128 1,638 3,766 1,268 475 551 2,294 1,540 3,834 3/31/2016 12/31/2015 9/30/2015 6/30/2015 300 293 401 374 255 385 437 232 460 306 60 53 45 1,128 1,130 128 362 342 43 1,047 97 991 748 825 3,708 1,043 200 1,052 742 Balance Sheet: Assets Current Assets Cash and cash equivalents Net receivables Inventory Other current assets Total Current Assets Long-term investments Property, plant, and equipment Goodwill Other assets Total Assets Liabilities Current Liabilities Accounts payable Short/current long-term debt Other current liabilities Total Current Liabilities Long-term debt Other liabilities Total Liabilities Total Shareholder's Equity Total Liabilities and Shareholder's Equity 979 744 777 3,756 995 736 905 3,766 797 3,834 876 1,467 980 922 173 410 288 1,286 2,381 435 4,102 - 346 3,756 1,469 2,124 574 4,167 - 459 3,708 1,095 474 559 2,128 1,638 3,766 1,268 475 551 2,294 1,540 3,834