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Selected balance sheet and income statement information from Illinois Tool Works follows. S millions 2019 2018 2017 Net operating profit after tax (NOPAT) $2.480 $2,575

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Selected balance sheet and income statement information from Illinois Tool Works follows. S millions 2019 2018 2017 Net operating profit after tax (NOPAT) $2.480 $2,575 Net income 2,395 2.435 Total assets 13.561 13.383 $15,102 Equity 2.723 2.929 2.929 Net operating profit after tax (NOA) 7,982 8,516 9,080 Treasury stock 18,033 16,668 14,784 a. Compute profitability measures: RNOA, ROA and ROE for 2019 and 2018 using the numbers as reported by the comp Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). Metric 2019 2018 RNOA ROA ROE %6 b. Adjust equity and total assets for the amount of treasury stock Smillions 2019 2018 2017 Assets, restated $ Equity, restated Using these restated numbers, recompute RNOA, ROA and ROE for both years. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). Metric 2019 2018 RNOA ROA ROE 96 C. Which profitability measures (from part a or part b) better reflect the company's profit levels during the two years? of the three measures, which one is least influenced by the company's stock repurchase activity

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