I ' m trying to find NOPAT for 2 0 1 8 Assume that the combined federal and state statutory tax rate is 2 2 I keep coming up with $ 4 , 0 2 0 9 0 , but that is apparently not correct Balance sheets and income statements for 3 M Company follow 3 M COMPANY Consolidated Statements of Income For Years ended December 3 1 ( $ millions ) 2 0 1 8 2 0 1 7 Net sales $ 2 4 , 8 3 6 $ 2 3 , 9 9 6 Operating expenses Cost of sales 1 2 , 6 4 5 1 2 , 1 7 0 Selling, general and administrative expenses 5 , 7 6 2 5 , 0 2 3 Research, development and related expenses 1 , 8 2 1 1 , 8 7 0 Gain on sale of businesses ( 5 4 7 ) ( 5 8 6 ) Total operating expenses 1 9 , 6 8 1 1 8 , 4 7 7 Operating income 5 , 1 5 5 5 , 5 1 9 Other expense, net 1 5 7 1 0 9 Income before income taxes 4 , 9 9 8 5 , 4 1 0 Provision for income taxes 1 , 2 4 1 2 , 0 3 1 Net income including noncontrolling interest 3 , 7 5 7 3 , 3 7 9 Less Net income attributable to noncontrolling interest 1 4 1 1 Net income attributable to 3 M $ 3 , 7 4 3 $ 3 , 3 6 8 Interest expense, gross $ 3 5 0 $ 3 2 2 3 M COMPANY Consolidated Balance Sheets At December 3 1 ( $ millions, except per share amount ) 2 0 1 8 2 0 1 7 Current Assets Cash and cash equivalents $ 2 , 1 6 3 $ 2 , 3 1 4 Marketable securities 3 8 0 1 , 0 7 6 Accounts receivable 3 , 8 0 5 3 , 7 2 3 Total inventories 3 , 3 0 9 3 , 0 5 8 Prepaids 7 4 1 9 3 7 Other current assets 3 4 9 2 6 6 Total current assets 1 0 , 7 4 7 1 1 , 3 7 4 Property, plant and equipment net 6 , 6 2 3 6 , 7 2 0 Goodwill 7 , 6 1 9 7 , 9 6 9 Intangible assets net 2 , 0 1 4 2 , 2 2 5 Other assets 1 , 3 4 5 1 , 3 9 5 Total assets $ 2 8 , 3 4 8 $ 2 9 , 6 8 3 Current liabilities Short term borrowings and current portion of long term debt $ 9 1 8 $ 1 , 4 0 5 Accounts payable 1 , 7 1 8 1 , 4 7 4 Accrued payroll 7 4 9 8 7 0 Accrued income taxes 2 4 3 3 1 0 Other current liabilities 2 , 1 0 3 2 , 0 5 3 Total current liabilities 5 , 7 3 1 6 , 1 1 2 Long term debt 1 0 , 1 6 6 9 , 1 6 9 Pension and postretirement benefits 2 , 2 6 4 2 , 7 4 4 Other liabilities 3 , 0 1 0 2 , 9 6 2 Total liabilities 2 1 , 1 7 1 2 0 , 9 8 7 3 M Company shareholders' equity Common stock, par value 9 9 Additional paid in capital 3 , 9 7 5 3 , 9 2 7 Retained earnings 3 0 , 8 0 2 2 9 , 6 4 9 Treasury stock ( 2 2 , 4 5 7 ) ( 1 9 , 6 2 2 ) Accumulated other comprehensive income ( loss ) ( 5 , 2 0 4 ) ( 5 , 3 2 6 ) Total 3 M Company shareholders' equity 7 , 1 2 5 8 , 6 3 7 Noncontrolling interest 5 2 5 9 Total equity 7 , 1 7 7 8 , 6 9 6 Total liabilities and equity $ 2 8 , 3 4 8 $ 2 9 , 6 8 3 Combined federal and state statutory tax rate 2 2

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I ' m trying to find NOPAT for 2 0 1 8   Assume that the combined federal and state statutory tax rate is 2 2     I keep coming up with $ 4 , 0 2 0   9 0 , but that is apparently not correct  Balance sheets and income statements for 3 M Company follow  3 M COMPANY Consolidated Statements of Income For Years ended December 3 1 ( $ millions ) 2 0 1 8 2 0 1 7 Net sales $ 2 4 , 8 3 6 $ 2 3 , 9 9 6 Operating expenses Cost of sales 1 2 , 6 4 5 1 2 , 1 7 0 Selling, general and administrative expenses 5 , 7 6 2 5 , 0 2 3 Research, development and related expenses 1 , 8 2 1 1 , 8 7 0 Gain on sale of businesses ( 5 4 7 ) ( 5 8 6 ) Total operating expenses 1 9 , 6 8 1 1 8 , 4 7 7 Operating income 5 , 1 5 5 5 , 5 1 9 Other expense, net   1 5 7 1 0 9 Income before income taxes 4 , 9 9 8 5 , 4 1 0 Provision for income taxes 1 , 2 4 1 2 , 0 3 1 Net income including noncontrolling interest 3 , 7 5 7 3 , 3 7 9 Less  Net income attributable to noncontrolling interest 1 4 1 1 Net income attributable to 3 M $ 3 , 7 4 3 $ 3 , 3 6 8   Interest expense, gross $ 3 5 0 $ 3 2 2 3 M COMPANY Consolidated Balance Sheets At December 3 1 ( $ millions, except per share amount ) 2 0 1 8 2 0 1 7 Current Assets Cash and cash equivalents $ 2 , 1 6 3 $ 2 , 3 1 4 Marketable securities 3 8 0 1 , 0 7 6 Accounts receivable 3 , 8 0 5 3 , 7 2 3 Total inventories 3 , 3 0 9 3 , 0 5 8 Prepaids 7 4 1 9 3 7 Other current assets 3 4 9 2 6 6 Total current assets 1 0 , 7 4 7 1 1 , 3 7 4 Property, plant and equipment   net 6 , 6 2 3 6 , 7 2 0 Goodwill 7 , 6 1 9 7 , 9 6 9 Intangible assets   net 2 , 0 1 4 2 , 2 2 5 Other assets 1 , 3 4 5 1 , 3 9 5 Total assets $ 2 8 , 3 4 8 $ 2 9 , 6 8 3 Current liabilities Short   term borrowings and current portion of long   term debt $ 9 1 8 $ 1 , 4 0 5 Accounts payable 1 , 7 1 8 1 , 4 7 4 Accrued payroll 7 4 9 8 7 0 Accrued income taxes 2 4 3 3 1 0 Other current liabilities 2 , 1 0 3 2 , 0 5 3 Total current liabilities 5 , 7 3 1 6 , 1 1 2 Long   term debt 1 0 , 1 6 6 9 , 1 6 9 Pension and postretirement benefits 2 , 2 6 4 2 , 7 4 4 Other liabilities 3 , 0 1 0 2 , 9 6 2 Total liabilities 2 1 , 1 7 1 2 0 , 9 8 7 3 M Company shareholders' equity Common stock, par value 9 9 Additional paid   in capital 3 , 9 7 5 3 , 9 2 7 Retained earnings 3 0 , 8 0 2 2 9 , 6 4 9 Treasury stock ( 2 2 , 4 5 7 ) ( 1 9 , 6 2 2 ) Accumulated other comprehensive income ( loss ) ( 5 , 2 0 4 ) ( 5 , 3 2 6 ) Total 3 M Company shareholders' equity 7 , 1 2 5 8 , 6 3 7 Noncontrolling interest 5 2 5 9 Total equity 7 , 1 7 7 8 , 6 9 6 Total liabilities and equity $ 2 8 , 3 4 8 $ 2 9 , 6 8 3 Combined federal and state statutory tax rate 2 2

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I ' m trying to find NOPAT for 2 0 1 8 . Assume that the combined federal and state statutory tax rate is 2

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