Question

	Reoganize the following financial statements in order to calculate NOPLAT and Invested Capital Below
	Income Statement	2015	2016	2017			Balance Sheet
	Revenues	42,680	44,287	45,567			Assets	2015	2016	2017
	Compensation and Benefits	(16,133)	(16,547)	(16,688)			Operating Cash	854	886	911
	Purchased Transportation	(6,335)	(7,272)	(8,011)			Excess Cash and Marketable Securities	1,989	4,031	1,997
	Fuel	(4,956)	(4,746)	(4,557)			Accounts Recievable	4,704	5,044	5,460
	Depreciation	(2,095)	(2,359)	(2,564)			Deferred Income Tax Assets	533	533	522
	Amortization	-	-	-			Other Current Assets	976	780	793
	Other Expenses	(8,751)	(9,109)	(9,300)			Total Current Assets	9,056	11,274	9,683
	EBITA	4,410	4,254	4,447
							Net PP&E	17,248	18,484	19,550
	Amortization, acquired Intangibles	(18)	(27)	(23)			Goodwill	2,387	2,755	2,790
	Severance and other restructuring charges	(134)	(660)	-			Other Intangible Assets, acquired	34	72	57
	Gains (losses) on Asset Sales	-	-	-			Deferred Income Tax Assets	-	-	80
	Pension adjustments	34	(23)	133			Other noncurrent Assets	1,178	982	910
	Operating Lease Interest	(1,126)	(1,017)	(1,132)			Total Assets	29,903	33,567	33,070
	Amortization of past sale/leaseback gains	20	24	21
	Operating Profit	3,186	2,551	3,446			Liabilities and Equity	2015	2016	2017
							Short-term Debt	417	251	1
	Interest Expense	(52)	(82)	(160)			Accounts Payable	1,613	1,879	1,971
	Investment Income	13	21	18			Accrued wages and Witholdings	1,635	1,688	1,277
	Other Income (Expenses)	(6)	(35)	(15)			Self-insurance reserves	678	796	811
	Earnings before Taxes	3,141	2,455	3,289			Other current Liabilities	1,031	1,136	1,252
							Total Current Liabilities	5,374	5,750	5,312
	Income Tax Expense	(1,109)	(894)	(1,192)
	Net Income	2,032	1,561	2,097			Long-term Debt	1,250	2,739	4,736
							Self-Insurance Reserves	963	987	1,038
							Deferred income tax Liabilities	836	1,652	2,114
							Postretirement Benefit Obligations	5,582	3,916	3,484
							Deferred gains	252	227	206
							Other noncurrent Liabilities	920	898	903
							Total Liabilities	15,177	16,169	17,793
							Comon Stock and Paid in Capital	2,627	2,700	2,675
							Retained Earnings	17,134	18,519	20,429
							Accumulated other comprehensive loss	(4,953)	(3,820)	(3,694)
							Deferred Compensation Less Treasury Stock	(81)	(1)	(4,133)
							Noncontrolling Interests	-	-	-
							Shareholders Equity	14,727	17,398	15,277
							Liabilities and Shareholders Equity	29,904	33,567	33,070
	Reorganized Financial Statements	Operating Tax Rate		21%
							Invested Capital	2015	2016	2017
	NOPLAT	2015	2016	2017
							Operating Current Assets
	EBITA
							Operating Current Liabilities
	Operating Cash Taxes
	NOPLAT						Operating Working Capital
							Net PP&E
							Other Noncurrent Operating Assets
							Less Other Noncurrent Operating Liabitlies
							Less Noncurrent Self-insurance reserves
							Invested Capital (excluding goodwill)

Answer 1

Income Statement		2015	2016	2017		Balance Sheet		2015	2016	2017
	Revenues	42,680.00	44,287.00	45,567.00			Assets
	Compensation and Benefits	(16,133.00)	(16,547.00)	(16,688.00)			Operating Cash	854.00	886.00	911.00
	Purchased Transportation	(6,335.00)	(7,272.00)	(8,011.00)			Excess Cash and Marketable Securities	1,989.00	4,031.00	1,997.00
	Fuel	(4,956.00)	(4,746.00)	(4,557.00)			Accounts Recievable	4,704.00	5,044.00	5,460.00
	Depreciation	(2,095.00)	(2,359.00)	(2,564.00)			Deferred Income Tax Assets	533.00	533.00	522.00
	Amortization	-	-	-			Other Current Assets	976.00	780.00	793.00
	Other Expenses	(8,751.00)	(9,109.00)	(9,300.00)			Total Current Assets	9,056.00	11,274.00	9,683.00
	EBITA	4,410.00	4,254.00	4,447.00
							Net PP&E	17,248.00	18,484.00	19,550.00
	Amortization, acquired Intangibles	(18.00)	(27.00)	(23.00)			Goodwill	2,387.00	2,755.00	2,790.00
	Severance and other restructuring charges	(134.00)	(660.00)	-			Other Intangible Assets, acquired	34.00	72.00	57.00
	Gains (losses) on Asset Sales	-	-	-			Deferred Income Tax Assets	-	-	80.00
	Pension adjustments	34.00	(23.00)	133.00			Other noncurrent Assets	1,178.00	982.00	910.00
	Operating Lease Interest	(1,126.00)	(1,017.00)	(1,132.00)			Total Assets	29,903.00	33,567.00	33,070.00
	Amortization of past sale/leaseback gains	20.00	24.00	21.00
	Operating Profit	3,186.00	2,551.00	3,446.00			Liabilities and Equity	2015	2016	2017
							Short-term Debt	417.00	251.00	1.00
	Interest Expense	(52.00)	(82.00)	(160.00)			Accounts Payable	1,613.00	1,879.00	1,971.00
	Investment Income	13.00	21.00	18.00			Accrued wages and Witholdings	1,635.00	1,688.00	1,277.00
	Other Income (Expenses)	(6.00)	(35.00)	(15.00)			Self-insurance reserves	678.00	796.00	811.00
	Earnings before Taxes	3,141.00	2,455.00	3,289.00			Other current Liabilities	1,031.00	1,136.00	1,252.00
							Total Current Liabilities	5,374.00	5,750.00	5,312.00
	Income Tax Expense	(1,109.00)	(894.00)	(1,192.00)
	Net Income	2,032.00	1,561.00	2,097.00			Long-term Debt	1,250.00	2,739.00	4,736.00
							Self-Insurance Reserves	963.00	987.00	1,038.00
							Deferred income tax Liabilities	836.00	1,652.00	2,114.00
							Postretirement Benefit Obligations	5,582.00	3,916.00	3,484.00
							Deferred gains	252.00	227.00	206.00
							Other noncurrent Liabilities	920.00	898.00	903.00
							Total Liabilities	15,177.00	16,169.00	17,793.00
							Comon Stock and Paid in Capital	2,627.00	2,700.00	2,675.00
							Retained Earnings	17,134.00	18,519.00	20,429.00
							Accumulated other comprehensive loss	(4,953.00)	(3,820.00)	(3,694.00)
							Deferred Compensation Less Treasury Stock	(81.00)	(1.00)	(4,133.00)
							Noncontrolling Interests	-	-	-
							Shareholders Equity	14,727.00	17,398.00	15,277.00
							Liabilities and Shareholders Equity	29,904.00	33,567.00	33,070.00
	Reorganized Financial Statements	Operating Tax Rate		21%
							Invested Capital	2015	2016	2017
	NOPLAT	2015	2016	2017
							Operating Current Assets	9,056.00	11,274.00	9,683.00
	EBITA	4,410.00	4,254.00	4,447.00
							Operating Current Liabilities	5,374.00	5,750.00	5,312.00
	Operating Cash Taxes	926.10	893.34	933.87
	NOPLAT	3,483.90	3,360.66	3,513.13			Operating Working Capital	3,682.00	5,524.00	4,371.00
							Net PP&E	17,248.00	18,484.00	19,550.00
							Other Noncurrent Operating Assets	1,178.00	982.00	910.00
							Less Other Noncurrent Operating Liabitlies	(920.00)	(898.00)	(903.00)
							Less Noncurrent Self-insurance reserves	(963.00)	(987.00)	(1,038.00)
							Invested Capital (excluding goodwill)	20,225.00	23,105.00	22,890.00