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Use the following balance sheets and income statement to answer this question Ensco Corp ($ Million) 2019 2020 2019 2020 Cash and equivalents 364,246 96,095

Use the following balance sheets and income statement to answer this question

Ensco Corp ($ Million)

2019

2020

2019

2020

Cash and equivalents

364,246

96,095

Account payable

103,852

159,420

Account receivables

460,540

620,489

Accrued liabilities

192,898

176,615

Inventories

74,262

96,332

Deferred revenues

115,000

40,000

Prepaid expense

57,265

82,312

Notes payables

4,979

5,129

Total current assets

956,313

895,228

Total current liabilities

416,729

381,164

Long-term securities investments

347,924

451,144

Long-term debt

235,000

195,000

Net property plant

3,677,070

4,351,571

Other long-term financing

1,082,115

1,309,923

Other long-term operating assets

22,584

23,142

Common stock

10,724

10,760

Total assets

5,003,891

5,721,085

Paid in capital

210,909

236,240

Retained earnings

2,954,210

3,505,295

Other equity investment

98,908

166,807

Ensco Corp ($ Million)

2019

2020

Treasury stock

-4,704

-84,104

Total net sales

2,543,894

3,151,802

Total equity

3,270,047

3,834,998

Operating cost

1,432,602

1,750,510

Total liabilities and equity

5,003,891

5,721,085

Depreciation expense

315,468

387,549

Research and development expense

15,764

16,060

General admin expense

77,549

88,084

Operating income

702,511

909,599

Interest income

1,911

1,634

Interest expense

-17,355

-8,653

Income before income tax

687,067

902,580

Income tax provision

252,399

328,971

Net income

434,668

573,609

Dividend payments

21,402

22,524

Calculate the firms free-cash-flow (FCF) during 2020 and carefully explain the meaning of the free cash flow you have calculated to the firm's investors.

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