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ChapterOutline2.1TheBalanceSheet2.2TheIncomeStatement2.3NetWorkingCapital2.4FinancialCashFlow2.5SummaryandConclusionsChapterOutline2.1TheBalanceSourcesofInformationAnnualreportsWallStreetJournalInternetNYSE()Nasdaq()Text(/cj)SECEDGAR10K&10QreportsSourcesofInformationAnnualr2.1TheBalanceSheetAnaccountant’ssnapshotofthefirm’saccountingvalueasofaparticulardate.TheBalanceSheetIdentityis:Whenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:accountingliquidity,debtversusequity,andvalueversuscost.2.1TheBalanceSheetAnaccounTheBalanceSheetoftheU.S.CompositeCorporation(in$millions)20X2and20X1BalanceSheetU.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:
Cashandequivalents$140$107
Accountspayable$213$197
Accountsreceivable294270
Notespayable5053
Inventories269280
Accruedexpenses223205
Other5850
Totalcurrentliabilities$486$455
Totalcurrentassets$761$707Long-termliabilities:Fixedassets:
Deferredtaxes$117$104
Property,plant,andequipment$1,423$1,274
Long-termdebt471458
Lessaccumulateddepreciation-550-460
Totallong-termliabilities$588$562
Netproperty,plant,andequipment873814
Intangibleassetsandother245221Stockholder'sequity:
Totalfixedassets$1,118$1,035
Preferredstock$39$39
Commonstock($1pervalue)5532
Capitalsurplus347327
Accumulatedretainedearnings390347
Lesstreasurystock-26-20
Totalequity$805$725Totalassets$1,879$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742Theassetsarelistedinorderbythelengthoftimeitnormallywouldtakeafirmwithongoingoperationstoconvertthemintocash.Clearly,cashismuchmoreliquidthanproperty,plantandequipment.TheBalanceSheetoftheU.S.BalanceSheetAnalysisWhenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:AccountingliquidityDebtversusequityValueversuscostBalanceSheetAnalysisWhenanaAccountingLiquidityReferstotheeaseandquicknesswithwhichassetscanbeconvertedtocash.Currentassetsarethemostliquid.Somefixedassetsareintangible.Themoreliquidafirm’sassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.AccountingLiquidityReferstoDebtversusEquityGenerally,whenafirmborrowsitgivesthebondholdersfirstclaimonthefirm’scashflow.Thusshareholder’sequityistheresidualdifferencebetweenassetsandliabilities.DebtversusEquityGenerally,wValueversusCostUnderGAAPauditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.Marketvalueisacompletelydifferentconcept.ValueversusCostUnderGAAPau2.2TheIncomeStatementTheincomestatementmeasuresperformanceoveraspecificperiodoftime.Theaccountingdefinitionofincomeis2.2TheIncomeStatementTheinU.S.C.C.IncomeStatement(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Theoperationssectionoftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipaloperations$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenues$2,262Costofgoodssold-1,655Selling,general,andadministrativeexpenses-327Depreciation-90Operatingincome$190Otherincome29Earningsbeforeinterestandtaxes$219Interestexpense-49Pretaxincome$170Taxes-84
Current:$71
Deferred:$13Netincome$86
Retainedearnings:$43
Dividends:$43Thenon-operatingsectionoftheincomestatementincludesallfinancingcosts,suchasinterestexpense.U.S.C.C.IncomeStatement(in$millions)20X2IncomeStat(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Usuallyaseparatesectionreportsasaseparateitemtheamountoftaxesleviedonincome.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in$millions)20X2IncomeStat(in$millions)20x2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Netincomeisthe“bottomline”.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in$millions)20x2IncomeStatIncomeStatementAnalysisTherearethreethingstokeepinmindwhenanalyzinganincomestatement:GAAPNonCashItemsTimeandCostsIncomeStatementAnalysisThereGenerallyAcceptedAccountingPrinciplesGAAP ThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurredGenerallyAcceptedAccountingIncomeStatementAnalysisNonCashItemsDepreciationisthemostapparent.Nofirmeverwritesacheckfor“depreciation”.Anothernoncashitemisdeferredtaxes,whichdoesnotrepresentacashflow.IncomeStatementAnalysisNonCIncomeStatementAnalysisTimeandCostsIntheshortrun,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelongrun,allinputsofproduction(andhencecosts)arevariable.Financialaccountantsdonotdistinguishbetweenvariablecostsandfixedcosts.Instead,accountingcostsusuallyfitintoaclassificationthatdistinguishesproductcostsfromperiodcosts.IncomeStatementAnalysisTime2.3NetWorkingCapitalNWCisusuallygrowingwiththefirm.2.3NetWorkingCapitalNWCisTheBalanceSheetoftheU.S.C.C.(in$millions)20X2and20X1BalanceSheetU.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:
Cashandequivalents$140$107
Accountspayable$213$197
Accountsreceivable294270
Notespayable5053
Inventories269280
Accruedexpenses223205
Other5850
Totalcurrentliabilities$486$455
Totalcurrentassets$761$707Long-termliabilities:Fixedassets:
Deferredtaxes$117$104
Property,plant,andequipment$1,423$1,274
Long-termdebt471458
Lessaccumulateddepreciation-550-460
Totallong-termliabilities$588$562
Netproperty,plant,andequipment873814
Intangibleassetsandother245221Stockholder'sequity:
Totalfixedassets$1,118$1,035
Preferredstock$39$39
Commonstock($1parvalue)5532
Capitalsurplus347327
Accumulatedretainedearnings390347
Lesstreasurystock-26-20
Totalequity$805$725Totalassets$1,879$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742HereweseeNWCgrowto$275millionin20X2from$252millionin20X1.Thisincreaseof$23millionisaninvestmentofthefirm.$23million$275m=$761m-$486m$252m=$707-$455TheBalanceSheetoftheU.S.C2.4FinancialCashFlowInfinance,themostimportantitemthatcanbeextractedfromfinancialstatementsistheactualcashflowofthefirm.Sincethereisnomagicinfinance,itmustbethecasethatthecashfromreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders.2.4FinancialCashFlowInfinaFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42OperatingCashFlow:EBIT $219Depreciation $90CurrentTaxes ($71)OCF $238FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42CapitalSpendingPurchaseoffixedassets $198Salesoffixedassets (25)CapitalSpending $173FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42NWCgrewfrom$275millionin20X2from$252millionin20X1.Thisincreaseof$23millionistheadditiontoNWC.FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42CashFlowtoCreditorsInterest $49Retirementofdebt73 Debtservice 122Proceedsfromnewdebtsales (86)Total 36FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42CashFlowtoStockholdersDividends $43Repurchaseofstock6 CashtoStockholders49Proceedsfromnewstockissue (43)Total $6FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42Thecashfromreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders:FinancialCashFlowoftheU.S2.5SummaryandConclusionsFinancialstatementsprovideimportantinformationregardingthevalueofthefirm.Youshouldkeepinmind:Measuresofprofitabilitydonottakeriskortimingofcashflowsintoaccount.Financialratiosarelinkedtooneanother.2.5SummaryandConclusionsFin態(tài)度決定一切細節(jié)影響成敗謝謝您的關注！態(tài)度決定一切ChapterOutline2.1TheBalanceSheet2.2TheIncomeStatement2.3NetWorkingCapital2.4FinancialCashFlow2.5SummaryandConclusionsChapterOutline2.1TheBalanceSourcesofInformationAnnualreportsWallStreetJournalInternetNYSE()Nasdaq()Text(/cj)SECEDGAR10K&10QreportsSourcesofInformationAnnualr2.1TheBalanceSheetAnaccountant’ssnapshotofthefirm’saccountingvalueasofaparticulardate.TheBalanceSheetIdentityis:Whenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:accountingliquidity,debtversusequity,andvalueversuscost.2.1TheBalanceSheetAnaccounTheBalanceSheetoftheU.S.CompositeCorporation(in$millions)20X2and20X1BalanceSheetU.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:
Cashandequivalents$140$107
Accountspayable$213$197
Accountsreceivable294270
Notespayable5053
Inventories269280
Accruedexpenses223205
Other5850
Totalcurrentliabilities$486$455
Totalcurrentassets$761$707Long-termliabilities:Fixedassets:
Deferredtaxes$117$104
Property,plant,andequipment$1,423$1,274
Long-termdebt471458
Lessaccumulateddepreciation-550-460
Totallong-termliabilities$588$562
Netproperty,plant,andequipment873814
Intangibleassetsandother245221Stockholder'sequity:
Totalfixedassets$1,118$1,035
Preferredstock$39$39
Commonstock($1pervalue)5532
Capitalsurplus347327
Accumulatedretainedearnings390347
Lesstreasurystock-26-20
Totalequity$805$725Totalassets$1,879$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742Theassetsarelistedinorderbythelengthoftimeitnormallywouldtakeafirmwithongoingoperationstoconvertthemintocash.Clearly,cashismuchmoreliquidthanproperty,plantandequipment.TheBalanceSheetoftheU.S.BalanceSheetAnalysisWhenanalyzingabalancesheet,thefinancialmanagershouldbeawareofthreeconcerns:AccountingliquidityDebtversusequityValueversuscostBalanceSheetAnalysisWhenanaAccountingLiquidityReferstotheeaseandquicknesswithwhichassetscanbeconvertedtocash.Currentassetsarethemostliquid.Somefixedassetsareintangible.Themoreliquidafirm’sassets,thelesslikelythefirmistoexperienceproblemsmeetingshort-termobligations.Liquidassetsfrequentlyhavelowerratesofreturnthanfixedassets.AccountingLiquidityReferstoDebtversusEquityGenerally,whenafirmborrowsitgivesthebondholdersfirstclaimonthefirm’scashflow.Thusshareholder’sequityistheresidualdifferencebetweenassetsandliabilities.DebtversusEquityGenerally,wValueversusCostUnderGAAPauditedfinancialstatementsoffirmsintheU.S.carryassetsatcost.Marketvalueisacompletelydifferentconcept.ValueversusCostUnderGAAPau2.2TheIncomeStatementTheincomestatementmeasuresperformanceoveraspecificperiodoftime.Theaccountingdefinitionofincomeis2.2TheIncomeStatementTheinU.S.C.C.IncomeStatement(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Theoperationssectionoftheincomestatementreportsthefirm’srevenuesandexpensesfromprincipaloperations$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenues$2,262Costofgoodssold-1,655Selling,general,andadministrativeexpenses-327Depreciation-90Operatingincome$190Otherincome29Earningsbeforeinterestandtaxes$219Interestexpense-49Pretaxincome$170Taxes-84
Current:$71
Deferred:$13Netincome$86
Retainedearnings:$43
Dividends:$43Thenon-operatingsectionoftheincomestatementincludesallfinancingcosts,suchasinterestexpense.U.S.C.C.IncomeStatement(in$millions)20X2IncomeStat(in$millions)20X2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Usuallyaseparatesectionreportsasaseparateitemtheamountoftaxesleviedonincome.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in$millions)20X2IncomeStat(in$millions)20x2IncomeStatementU.S.COMPOSITECORPORATIONTotaloperatingrevenuesCostofgoodssoldSelling,general,andadministrativeexpensesDepreciationOperatingincomeOtherincomeEarningsbeforeinterestandtaxesInterestexpensePretaxincomeTaxes
Current:$71
Deferred:$13Netincome
Retainedearnings:$43
Dividends:$43Netincomeisthe“bottomline”.$2,262-1,655-327-90$19029$219-49$170-84$86U.S.C.C.IncomeStatement(in$millions)20x2IncomeStatIncomeStatementAnalysisTherearethreethingstokeepinmindwhenanalyzinganincomestatement:GAAPNonCashItemsTimeandCostsIncomeStatementAnalysisThereGenerallyAcceptedAccountingPrinciplesGAAP ThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.Thus,incomeisreportedwhenitisearned,eventhoughnocashflowmayhaveoccurredGenerallyAcceptedAccountingIncomeStatementAnalysisNonCashItemsDepreciationisthemostapparent.Nofirmeverwritesacheckfor“depreciation”.Anothernoncashitemisdeferredtaxes,whichdoesnotrepresentacashflow.IncomeStatementAnalysisNonCIncomeStatementAnalysisTimeandCostsIntheshortrun,certainequipment,resources,andcommitmentsofthefirmarefixed,butthefirmcanvarysuchinputsaslaborandrawmaterials.Inthelongrun,allinputsofproduction(andhencecosts)arevariable.Financialaccountantsdonotdistinguishbetweenvariablecostsandfixedcosts.Instead,accountingcostsusuallyfitintoaclassificationthatdistinguishesproductcostsfromperiodcosts.IncomeStatementAnalysisTime2.3NetWorkingCapitalNWCisusuallygrowingwiththefirm.2.3NetWorkingCapitalNWCisTheBalanceSheetoftheU.S.C.C.(in$millions)20X2and20X1BalanceSheetU.S.COMPOSITECORPORATIONLiabilities(Debt)Assets20X220X1andStockholder'sEquity20X220X1Currentassets:CurrentLiabilities:
Cashandequivalents$140$107
Accountspayable$213$197
Accountsreceivable294270
Notespayable5053
Inventories269280
Accruedexpenses223205
Other5850
Totalcurrentliabilities$486$455
Totalcurrentassets$761$707Long-termliabilities:Fixedassets:
Deferredtaxes$117$104
Property,plant,andequipment$1,423$1,274
Long-termdebt471458
Lessaccumulateddepreciation-550-460
Totallong-termliabilities$588$562
Netproperty,plant,andequipment873814
Intangibleassetsandother245221Stockholder'sequity:
Totalfixedassets$1,118$1,035
Preferredstock$39$39
Commonstock($1parvalue)5532
Capitalsurplus347327
Accumulatedretainedearnings390347
Lesstreasurystock-26-20
Totalequity$805$725Totalassets$1,879$1,742Totalliabilitiesandstockholder'sequity$1,879$1,742HereweseeNWCgrowto$275millionin20X2from$252millionin20X1.Thisincreaseof$23millionisaninvestmentofthefirm.$23million$275m=$761m-$486m$252m=$707-$455TheBalanceSheetoftheU.S.C2.4FinancialCashFlowInfinance,themostimportantitemthatcanbeextractedfromfinancialstatementsistheactualcashflowofthefirm.Sincethereisnomagicinfinance,itmustbethecasethatthecashfromreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders.2.4FinancialCashFlowInfinaFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42OperatingCashFlow:EBIT $219Depreciation $90CurrentTaxes ($71)OCF $238FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42CapitalSpendingPurchaseoffixedassets $198Salesoffixedassets (25)CapitalSpending $173FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDebt$36(Interestplusretirementofdebt
minuslong-termdebtfinancing)Equity6(Dividendsplusrepurchaseof
equityminusnewequityfinancing)
Total$42NWCgrewfrom$275millionin20X2from$252millionin20X1.Thisincreaseof$23millionistheadditiontoNWC.FinancialCashFlowoftheU.SFinancialCashFlowoftheU.S.C.C.(in$millions)20X2FinancialCashFlowU.S.COMPOSITECORPORATIONCashFlowoftheFirmOperatingcashflow$238(Earningsbeforeinterestandtaxes
plusdepreciationminustaxes)Capitalspending-173(Acquisitionsoffixedassets
minussalesoffixedassets)Additionstonetworkingcapital-23
Total$42CashFlowofInvestorsintheFirmDe
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