Forecast Year	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027
	Sales growth rate	9.39%	8.31%	8.42%	7.60%	6.80%	6.00%	5.30%	4.50%	3.80%	3.00%
	NOPAT margin	9.89%	10.49%	11.09%	10.50%	9.90%	9.30%	8.70%	8.10%	7.60%	7.00%
	Beginning net operating working/sales	10.60%	9.60%	8.60%	8.60%	8.60%	8.60%	8.60%	8.60%	8.60%	8.60%
	Beginning net operating long-term assets/sales	58.10%	57.00%	55.70%	55.70%	55.70%	55.70%	55.70%	55.70%	55.70%	55.70%
	Beginning net debt to captial ratio	57.20%	57.20%	57.20%	57.20%	57.20%	57.20%	57.20%	57.20%	57.20%	57.20%
	After-tax cost of debt	1.50%	1.70%	1.90%	2.10%	2.30%	2.50%	2.50%	2.50%	2.50%	2.50%
(6 Points)	Beginning Balance Sheet
	Beg net working capital	23191.95
	+ Beg net long term assets	127118.15
	= net operating assets	150310.10