The following information is from these companies" notes as of March 31, 2006:

(1) JDS conducts a majority of its operations from leased premises. Future minimum lease payments (MLP) on non cancellable operating leases follow ($ millions):

MLP
2007	$259
2008	213
2009	183
2010	160
2011	155
2012 and later	706
Total MLP	$1,676
Less interest	(676)
Present value of MLP	$1,000
Interest rate	10%

(2) MLS owns all of its property and stores.

(3) During the fiscal year ended March 31, 2006, JDS sold $800 million of its accounts receivable with recourse, all of which was outstanding at year-end.

(4) Substantially all of JDS"s employees are enrolled in company-sponsored defined contribution plans. MLS sponsors a defined benefits plan for its employees. The MLS pension plan assets" fair value is $3,400 million. No pension cost is accrued on its balance sheet as of March 31, 2006 (note that MLS accounts for its pension plans under SFAS 87). The details of MLS"s pension obligations follow:

($ millions)	ABO	PBO
Vested	$1,550	$1,590
Non vested	40	210
Total	$1,590	$1,800

Compute all three ratios in part (a) after making necessary adjustments using the note information. Again, select the company that better meets Westfield"s criteria. Comment on your decision in part (b) relative to the analysis here.

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