subtract the total reinvestment into the company (the capital expenditure plus the change in working capital) from the operating cash flows. This is your Free Cash Flows to the firm and is the target of this project.

CHANGE IN CAP-1.93

2018 2019 CVS-in millions Revenues Products Premiums Services Total Revenue 185,236 255,765 63,122 8,184 7,407 1.825 255,765 193,919 Operating expenses Cost of products sold 158,719 156,447 Benefit costs Operating expenses Total operating expenses 52,5296,594 33,541 21,368 244,789 184,409 revenues/expenses tax rate of 21% 2,304.96 1,997.10 After-tax operating income 8,671.04 7,512.90 Depreciation and amortization Operating cash flows 4,371 1304.04 2,718 10230.9 Reinvest 2854 43,410 Working capital Current assets Current liabilites Total Working capital Change in working capital 2019 3847 5346 ($1,499) 2018 2295 2805 ($510) 2017 1793 2043 $250) Total reinvestment