Compute NOPAT

The income statement for TJX Companies follows.

THE TJX COMPANIES, INC. Consolidated Statements of Income
Fiscal Year Ended ($ thousands)	February 2, 2019
Net sales	$38,973,337
Cost of sales, including buying and occupancy costs	27,831,580
Selling, general and administrative expenses	6,923,967
Pension settlement charge	36,525
Interest expense, net	9,263
Income before provision for income taxes	4,172,002
Provision for income taxes	1,113,816
Net income	$3,058,186

Assume that the combined federal and state statutory tax rate is 22%.

a. Compute NOPAT using the formula: NOPAT = Net income + NNE.

	Net income	NNE	NOPAT
	Answer	Answer

b. Compute NOPAT using the formula: NOPAT = NOPBT Tax on operating profit.

	NOPBT	Tax on operating profit	NOPAT
	Answer	Answer