Problem 3-17 Free Cash Flow

Financial information for Powell Panther Corporation is shown below:

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

?	2014	2013
Sales	$2,760.0	$2,400.0
Operating costs excluding depreciation and amortization	2,070.0	2,040.0
EBITDA	$690.0	$360.0
Depreciation and amortization	81.0	62.0
Earnings before interest and taxes	$609.0	$298.0
Interest	61.0	53.0
Earnings before taxes	$548.0	$245.0
Taxes (40%)	219.2	98.0
Net income	$328.8	$147.0
Common dividends	$296.0	$118.0

Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars)

?	2014	2013
Assets
Cash and equivalents	$39.0	$31.0
Accounts receivable	343.0	312.0
Inventories	449.0	408.0
Total current assets	$831.0	$751.0
Net plant and equipment	811.0	624.0
Total assets	$1,642.0	$1,375.0
Liabilities and Equity
Accounts payable	$173.0	$144.0
Notes payable	55.0	48.0
Accruals	202.0	168.0
Total current liabilities	$430.0	$360.0
Long-term bonds	552.0	480.0
Total debt	$982.0	$840.0
Common stock	583.2	491.0
Retained earnings	76.8	44.0
Common equity	$660.0	$535.0
Total liabilities and equity	$1,642.0	$1,375.0

Write out your answers completely. For example, 25 million should be entered as 25,000,000.

What was net operating working capital for 2013 and 2014? 2013: $ 2014: $

What was the 2014 free cash flow? $