Free Cash Flows

Rhodes Corporation's financial statements are shown below.

Rhodes Corporation: Income Statements for Year Ending December $31$

$($Millions of Dollars$)$

$20222021$

Sales $ $11,000$ $ $10,000$

Operating costs excluding depreciation $9,5588,682$

Depreciation and amortization $370330$

Earnings before interest and taxes $ $1,072$ $ $988$

Less interest $260200$

Pre$-$tax income $ $812$ $ $788$

Taxes $(25\%)203197$

Net income available to common stockholders $ $609$ $ $591$

Common dividends $ $204$ $ $200$

Rhodes Corporation: Balance Sheets as of December $31($Millions of Dollars$)$

$20222021$

Assets

Cash $ $550$ $ $500$

Short$-$term investments $220200$

Accounts receivable $2,7502,500$

Inventories $1,5501,300$

Total current assets $ $5,070$ $ $4,500$

Net plant and equipment $3,7503,500$

Total assets $ $8,820$ $ $8,000$

Liabilities and Equity

Accounts payable $ $1,100$ $ $1,000$

Accruals $550500$

Notes payable $364200$

Total current liabilities $ $2,014$ $ $1,700$

Long$-$term debt $1,1001,000$

Total liabilities $ $3,1142,700$

Common stock $4,1014,100$

Retained earnings $1,6051,200$

Total common equity $ $5,706$ $ $5,300$

Total liabilities and equity $ $8,820$ $ $8,000$

Suppose the federal$-$plus$-$state tax corporate tax is $25\%.$ Answer the following questions.

What is the net operating profit after taxes $($NOPAT$)$ for $2022?$ 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.

$2022$: $

million

$2021$: $

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.

$2022$: $

million

$2021$: $

million

What is the free cash flow for $2022?$ 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 $2022?$ 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