The  table contains the After-tax Operating Return on Assets Analysis of Molson Coors.

  

Use the values and its changes to explain R*t and its changes from 2016 to 2020.  Then discuss any trends, major causes or general conclusions.

R*t = EBIT/Sales* Sales/TA* (1-Tax Rate) R*t % Change EBIT/Sales % Change Sales/TA % Change 1- Tax Rate % Change Implied Tax Rate % Change 2016 5.89% 50.41% 0.22 52% 48% Fiscal year ended on December 31st 2020 2017 2018 6.59% 4.59% 11.76% -30.28% 12.86% 12.49% -74.49% -2.88% 0.45 0.44 98.08% -0.54% 115% 83% 121.15% -15% -27.83% 17% 2019 1.34% -1.99% -70.72% -247.74% -3.15% -153.86% 5.85% -53.18% 0.45 1.76% 51% -38.55% 49% 131.25% 213.33% 188.24% 0.43 -4.84% 147% 188.24% -47% -195.92% Average % Change -84.25% -71.10 % 23.62% 60.75% -88.07% Overall % Change -133.70% -106.25% 90.77% 182.69% -197.92%