Free Cash Flow

Arlington Corporation's financial statements (dollars and shares are in millions) are provided here.

Balance Sheets as of December 31
	2016		2015
Assets
Cash and equivalents	$ 15,000		$ 14,000
Accounts receivable	35,000		30,000
Inventories	32,490		29,000
Total current assets	$ 82,490		$ 73,000
Net plant and equipment	51,000		47,000
Total assets	$133,490		$120,000
Liabilities and Equity
Accounts payable	$ 10,100		$ 9,000
Accruals	7,600		7,000
Notes payable	6,400		5,500
Total current liabilities	$ 24,100		$ 21,500
Long-term bonds	10,000		10,000
Total liabilities	$ 34,100		$ 31,500
Common stock (4,000 shares)	50,000		50,000
Retained earnings	49,390		38,500
Common equity	$ 99,390		$ 88,500
Total liabilities and equity	$133,490		$120,000

Income Statement for Year Ending December 31, 2016
Sales	$248,000
Operating costs excluding depreciation and amortization	200,000
EBITDA	$ 48,000
Depreciation & amortization	4,000
EBIT	$ 44,000
Interest	5,750
EBT	$ 38,250
Taxes (40%)	15,300
Net income	$ 22,950
Dividends paid	12,060

Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000.

What was net operating working capital for 2015 and 2016?

2015	$ million
2016	$ million

What was Arlington's 2016 free cash flow? $ million

Construct Arlington's 2016 statement of stockholders' equity.

	Common Stock		Retained Earnings	Total Stockholders' Equity
	Shares	Amount
Balances, 12/31/15	million	$ million	$ million	$ million
2016 Net Income			million
Cash Dividends			million
Addition to retained earnings				million
Balances, 12/31/16	million	$ million	$ million	$ million

What was Arlington's 2016 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to two decimal places. $ million

What was Arlington's MVA at year-end 2016? Assume that its stock price at December 31, 2016 was $25. $ million