Excel!

Calculate the components of the DuPont formula for each year.

Calculate ROE for each year using the components of the DuPont Formula

Calculate plowback ratio and sustainable growth rate for each year.

	In millions except per share data
	2020		2021
Income Statement
Revenue	$ 4,750		$ 5,140
Cost of Goods Sold	2,400		2,540
SG&A Expenses	1,400		1,550
Depreciation	180		210
Amortization of Goodwill	10		10
Interest Expense	760		830
Income Tax	265		25
Balance Sheet
Cash	400		400
Accounts Receivable	680		700
Inventories	570		600
Net Property, Plant, and Equipment	800		870
Intangibles	500		530
Current Liabilities	550		600
Long-Term Debt	300		300
Stockholder's Equity	2,100		2,200
Dividend Information
Shares Outstanding		265		260
Dividends Per Share	$ 0.55		$ 0.60