Free Cash Flows

Rhodes Corporations financial statements are shown below.

Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)

2020 2019 Sales $ 12,000 $ 11,000 Operating costs excluding depreciation 10,480 9,650 Depreciation and amortization 420 370 Earnings before interest and taxes $ 1,100 $ 980 Less interest 240 200 Pre-tax income $ 860 $ 780 Taxes (25%) 215 195 Net income available to common stockholders $ 645 $ 585 Common dividends $ 205 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)

2020 2019 Assets Cash $ 450 $ 400 Short-term investments 220 200 Accounts receivable 2,750 2,500 Inventories 1,350 1,300 Total current assets $ 4,770 $ 4,400 Net plant and equipment 3,650 3,500 Total assets $ 8,420 $ 7,900 Liabilities and Equity Accounts payable $ 900 $ 800 Accruals 450 400 Notes payable 376 200 Total current liabilities $ 1,726 $ 1,400 Long-term debt 900 800 Total liabilities $ 2,626 2,200 Common stock 4,054 4,400 Retained earnings 1,740 1,300 Total common equity $ 5,794 $ 5,700 Total liabilities and equity $ 8,420 $ 7,900 Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions.

What is the net operating profit after taxes (NOPAT) for 2020? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to the nearest whole number. $ million

What are the amounts of net operating working capital for both years? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number. 2020: $ million

2019: $ million

What are the amounts of total net operating capital for both years? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number. 2020: $ million

2019: $ million

What is the free cash flow for 2020? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Cash outflow, if any, should be indicated by a minus sign. Round your answer to the nearest whole number. $ million

What is the ROIC for 2020? Round your answer to two decimal places. %

How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number. After-tax interest payment $ million Reduction (increase) in debt $ million Payment of dividends $ million Repurchase (Issue) stock $ million Purchase (Sale) of short-term investments $ million