NAVIGANT CONSULTI NG, I NC. **Government** 1200 Nineteenth Street NW, Suite 700 **Regulatory Impact** Washington DC 20005 **Model (GRIM)**

Because software is inherently complex and may

not be completely

free of errors, you are advised to verify your work.**In no event will Navigant Consulting be liable for direct, indirect, special, incidental, or**  **consequential damages arising out of the use of or inability to use the software or documentation,**  even if advised of the possibility of such damages. **Introduction Navigation** 

**Residential Dishwasher Rulemaking May 2012** **Navigation**3. After selecting the desired scenarios, click on the red button in the "Scenario" sheet to populate the INPV tables located in the

"Summary Report" sheet. 4. Dark blue-tabbed sheets provide graphical information summarizing the scenario. On the sheet "Data for Graphs", click on the pink button to populate the graph tables given the chosen scenarios. Note, on some computers, the workbook may need to be closed and re-opened before the graphical information will completely update. 5. The "Employment" sheet provides the calculations for the impacts on production and non-production employment for the industry analyzed. After selecting the desired scenario in the "Scenario (INPUT)" sheet, click on the pink button in the "Employment" sheet to populate the tables and graphs. **Instructions Welcome to the Government Regulatory**  **Impact Model (GRIM) for the Residential Clothes Washer Rulemaking** 

**User Instructions** 1. The orange-tabbed sheets pertain to overview information. The light blue-tabbed sheets refer to input information. The purple-tabbed sheets represent calculations. The green-tabbed sheets contain numerical output and the dark blue -tabbed sheets contain graphical output. 2. Use the "Scenario" sheet to choose the desired scenario. Check boxes to select the desired product classes for analysis. Use the drop down menu in cell F5 to examine effects at a particular trial standard level (TSL) for the selected product class(es). Cells F7, F9, and F11 are used to select the markup, shipment, and learning scenarios respectively.3. After selecting the desired scenarios, click on the red button in the "Scenario" sheet to populate the INPV tables located in the 4. Dark blue-tabbed sheets provide graphical information summarizing the scenario. On the sheet "Data for Graphs", click on the pink button to populate the graph tables given the chosen scenarios. Note, on some computers, the workbook may need to be closed and re-opened before the graphical information will completely update. 5. The "Employment" sheet provides the calculations for the impacts on production and non-production employment for the industry analyzed. After selecting the desired scenario in the "Scenario (INPUT)" sheet, click on the pink button in the**Navigation Welcome to the Government Regulatory**  **Impact Model (GRIM) for the Residential Clothes Washer Rulemaking**  1. The orange-tabbed sheets pertain to overview information. The light blue-tabbed sheets refer to input information. The purple-tabbed sheets represent calculations. The green-tabbed sheets contain numerical output and the dark blue -tabbed 2. Use the "Scenario" sheet to choose the desired scenario. Check boxes to select the desired product classes for analysis. Use the drop down menu in cell F5 to examine effects at a particular trial standard level (TSL) for the selected product class(es). Cells F7, F9, and F11 are used to select the markup, shipment, and learning scenarios respectively.**Information Tabs Input Tabs**  **Calculation Tabs**

**Employ ment** **Navigation**

**Intro Instructions**  **Navigation Glossary** 

**of Terms INPV Calculation**  **Scenario Financials**  **EL and TSL Setup Markups**  **MPC Breakdow n**  **Learning Shipments**  **Conversion Costs Conversion Cost**  **Timing MSP** 

**Base Revenue & Cost**  **Standards Revenue & Cost** **Output Tabs**

**Data for Graphs Dashboard**  **Base Case DCF Standards Case**  **DCF Summary** 

**Report Glossary**  **Base Case Capital Conversion Costs**  **Capital Expenditures Conversion Costs**  **Cost of Goods Sold (COGS)**

**Depreciation Discount Rate**  **Earnings Before Interest and Taxes (EBIT) Free Cash Flow**  **Governmental Regulatory Impact Model (GRIM) (Income) Tax Rate**  **Industry Net Present Value (INPV) Labor Costs**  **Ma nufacturer Impact A** **nalysis (MIA )** 

**Ma nufacturer Markup**  **Ma nufacturer Selling Price**  **Ma nufacturing Production Cost** 

**Ma terial Costs**  **Net Operating Profit A fter Taxes (NOPA** 

**T) Notice of Proposed Rulemaking (NOPR)** 

**Overhead (factory overhead) Product Conversion Expenses** 

**Product Mix Property, Plant, & Equipment, net (PPE, net)** 

**Return on Invested Capital (ROIC)**The portion of COGS that includes indirect labor, indirect material, maintenance, depreciation, property taxes, and insurance related to assets. Non-capital conversion costs incurred prior to the energy conservation standard's effective date. Product conversion expenses include engineering design costs, marketing, and preparation for testing. The mix of product efficiencies sold by a company

or industry. PPE are fixed assets, or long-lived assets, including building, machinery, and equipment. PPE, net is PPE less accumulated depreciation. ROIC is equal to NOPAT / (PPE, net working capital). When ROIC is greater than WACC, a company or industry

is creating value. The result of applying the Manufacturer Markup to the Full Production Cost. Includes direct labor, direct material, factory overhead, and depreciation. This includes the same cost categories that comprise Cost of Goods Sold in the discounted cash flow analysis. The portion of COGS that includes all materials and scrap. EBIT less taxes. Federal Register notice detailing analyses conducted by the DOE to establish proposed energy conservation standards. The GRIM and associated Manufacturer Impact Analysis (MIA) will be incorporated in the NOPR and the NOPR TSD. The effective tax rate assessed on a company's earnings before taxes (EBT). The discounted sum of industry free cash flows plus a discounted terminal value. The portion of COGS that includes direct labor, commissions, dismissal pay, bonuses, vacation, sick leave, social security contributions, fringe, and assembly

labor up-time. The analysis of potential impacts on manufacturers resulting from various trial standard levels (TSLs). The MIA influences the energy conservation standards that are proposed in the NOPR. The MIA will be published in the TSD that accompanies the NOPR. The markup that converts Full Production Cost to a Manufacturer Selling Price. The manufacturer markup includes SG&A, R&D, interest, and profit. Amortization of fixed assets (such as PPE) to allocate the cost over their depreciable life. Depreciation does not reduce free cash flow, but it does reduce taxable income. Weighted average cost of capital Revenue less COGS and SG&A expenses (including R&D, product conversion expenses, and annual compliance costs). EBIT equals earnings before taxes (EBT) in the "income statement" portion of the GRIM. Cash not required for operations or for reinvestment. The industry

cash flow model used by DOE to assess impacts on manufacturers due to proposed energy conservation standards. The "no standard" case. The industry valuation is conducted assuming that an energy conservation standard is not implemented. One-time investments in plant, property, and equipment resulting from an energy conservation standard's implementation. Outlay of money

to acquire or improve capital assets such as plant, property, and equipment. Conversion costs include Product Conversion Costs and Capital Conversion Costs. The cost of buying raw materials and producing finished goods. COGS includes materials, labor, overhead, and depreciation.**Return on Sales Revenue**  **Selling, General, and A dministrative Expenses**  **(SG&A )**  **Shipment Model Standard Case**  **Standard Year Tier-1 Standard Year Tier-2**  **Technical Support Document (TSD)**

**Trial Standard Level (TSL) Weighted A** 

**verage Cost of Capital (WA CC)**  **(Net) Working Capital (NWC)**Current assets less current liabilities. The change in working capital is the difference in required working capital between a given year and the previous year. The case where energy conservation standards are implemented. The year the new standard is implemented. The standard year is 2015 for most analyzed efficiency levels. Similmar toStandard Year Tier-1except the standard size top-loading RCWs have a more stringent effective date in 2018 to match the proposal in the Consensus Agreement. TSD's are published by the DOE as companion documents to Federal Register notices. The TSD's include technical detail that supports the notices. The NOPR TSD includes the discussion of the Manufacturer Impact Analysis (MIA) A proposed energy

conservation standard evaluated by the DOE during the NOPR phase analyses. Return on Sales is equal to EBIT / revenue. Net sales. A major component of the manufacturer selling price, accounted for in the GRIM as part of the Non-Production Cost markup. A sub-model used in the National Impact Analysis that provides base case and standard case shipment projections.

The weighted average cost of debt and equity capital, based on industry capital structure. The cost of debt includes the impact of the tax shield provided by debt-financing.The portion of COGS that includes indirect labor, indirect material, maintenance, depreciation, property taxes, and insurance related to assets. Non-capital conversion costs incurred prior to the energy conservation standard's effective date. Product conversion expenses include engineering design costs, marketing, and preparation for testing. The mix of product efficiencies sold by a company

or industry. PPE are fixed assets, or long-lived assets, including building, machinery, and equipment. PPE, net is PPE less accumulated depreciation. ROIC is equal to NOPAT / (PPE, net working capital). When ROIC is greater than WACC, a company or industry

is creating value. The result of applying the Manufacturer Markup to the Full Production Cost. Includes direct labor, direct material, factory overhead, and depreciation. This includes the same cost categories that comprise Cost of Goods Sold in the discounted cash flow analysis. The portion of COGS that includes all materials and scrap. Federal Register notice detailing analyses conducted by the DOE to establish proposed energy conservation standards. The GRIM and associated Manufacturer Impact Analysis (MIA) will be incorporated in the NOPR and the NOPR TSD. The effective tax rate assessed on a company's earnings before taxes (EBT). The discounted sum of industry free cash flows plus a discounted terminal value. The portion of COGS that includes direct labor, commissions, dismissal pay, bonuses, vacation, sick leave, social security contributions, fringe, and The analysis of potential impacts on manufacturers resulting from various trial standard levels (TSLs). The MIA influences the energy conservation standards that are proposed in the NOPR. The MIA will be published in the TSD that accompanies the NOPR. The markup that converts Full Production Cost to a Manufacturer Selling Price. The manufacturer markup includes SG&A, R&D, interest, and profit. Amortization of fixed assets (such as PPE) to allocate the cost over their depreciable life. Depreciation does not reduce free cash flow, but it does reduce taxable income. Revenue less COGS and SG&A expenses (including R&D, product conversion expenses, and annual compliance costs). EBIT equals earnings before taxes (EBT) in the "income statement" portion of the GRIM. Cash not required for operations or for reinvestment. The industry

cash flow model used by DOE to assess impacts on manufacturers due to proposed energy conservation standards. The "no standard" case. The industry valuation is conducted assuming that an energy conservation standard is not implemented. One-time investments in plant, property, and equipment resulting from an energy conservation standard's implementation. Outlay of money

to acquire or improve capital assets such as plant, property, and equipment. Conversion costs include Product Conversion Costs and Capital Conversion Costs. The cost of buying raw materials and producing finished goods. COGS includes materials, labor, overhead, and depreciation.Current assets less current liabilities. The change in working capital is the difference in required working capital between a given year and the previous The case where energy conservation standards are implemented.Compare to base case. The year the new standard is implemented. The standard year is 2015 for most analyzed efficiency levels. except the standard size top-loading RCWs have a more stringent effective date in 2018 to match the proposal in the TSD's are published by the DOE as companion documents to Federal Register notices. The TSD's include technical detail that supports the notices. The NOPR TSD includes the discussion of the Manufacturer Impact Analysis (MIA) A proposed energy

conservation standard evaluated by the DOE during the NOPR phase analyses. Return on Sales is equal to EBIT / revenue. A major component of the manufacturer selling price, accounted for in the GRIM as part of the Non-Production Cost markup. A sub-model used in the National Impact Analysis that provides base case and standard case shipment projections.

The weighted average cost of debt and equity capital, based on industry capital structure. The cost of debt includes the impact of the tax shield provided**Navigation**

The portion of COGS that includes indirect labor, indirect material, maintenance, depreciation, property taxes, and insurance related to assets. Non-capital conversion costs incurred prior to the energy conservation standard's effective date. Product conversion expenses include engineering PPE are fixed assets, or long-lived assets, including building, machinery, and equipment. PPE, net is PPE less accumulated depreciation. ROIC is equal to NOPAT / (PPE, net working capital). When ROIC is greater than WACC, a company or industry

is creating value. Includes direct labor, direct material, factory overhead, and depreciation. This includes the same cost categories that comprise Federal Register notice detailing analyses conducted by the DOE to establish proposed energy conservation standards. The GRIM and associated Manufacturer Impact Analysis (MIA) will be incorporated in the NOPR and the NOPR TSD. The portion of COGS that includes direct labor, commissions, dismissal pay, bonuses, vacation, sick leave, social security contributions, fringe, and The analysis of potential impacts on manufacturers resulting from various trial standard levels (TSLs). The MIA influences the energy conservation The markup that converts Full Production Cost to a Manufacturer Selling Price. The manufacturer markup includes SG&A, R&D, interest, and profit. Revenue less COGS and SG&A expenses (including R&D, product conversion expenses, and annual compliance costs). The industry

cash flow model used by DOE to assess impacts on manufacturers due to proposed energy conservation standards. The "no standard" case. The industry valuation is conducted assuming that an energy conservation standard is not implemented. One-time investments in plant, property, and equipment resulting from an energy conservation standard's implementation. The cost of buying raw materials and producing finished goods. COGS includes materials, labor, overhead, and depreciation.Current assets less current liabilities. The change in working capital is the difference in required working capital between a given year and the previous except the standard size top-loading RCWs have a more stringent effective date in 2018 to match the proposal in the TSD's are published by the DOE as companion documents to Federal Register notices. The TSD's include technical detail that supports the notices. The A major component of the manufacturer selling price, accounted for in the GRIM as part of the Non-Production Cost markup.See Product Costs. A sub-model used in the National Impact Analysis that provides base case and standard case shipment projections.

The weighted average cost of debt and equity capital, based on industry capital structure. The cost of debt includes the impact of the tax shield provided**INPV Calculation Navigation** **Trial Standard Level Selected: Markup Scenario:**  **Shipments Scenario: Learning Curve:** 
## **Scenario for A naly** **sis Navigation**  **TSL 4 Pres. of OP**  **Reference Case - Elasticity**

**Yes** 

## 'Click' **to populate the INPV table**  **giv en** **the selected product class(es),**  **markup scenario**, **shipments scenario,**  **and learning curv** **e (See Summary Report Tab)** **Selected Product Classes**

**PC1 - Standard DWs PC2 - Compact DWs** **Financial Parameters Navigation**  **Industry Financials**  Base Year 2012 Announcement Year 2012 Standard Year - TSL 2 2013 Standard Year - TSL 1, TSL 3, and TSL 4 2018 Terminal Year 2047 Tax Rate 34.0% Discount Rate for NPV (real) 8.5%

Working Capital 7.0% Net Property, Plant & Equipment 16.7%

Standard SG&A 13.3% Research and Development 2.3%

Depreciation 5.0% Capital Expenditures 5.0% Terminal growth rate 1.00%% of EBT

% of Revenue % of Revenue % of Revenue % of Revenue % of Revenue % of Revenue**EL and TSL Setup Navigation**  **PC1 Standard DWs**  EAEU WU **Baseline** 355 6.50 **EL 1** 324 5.80 **EL 2** 307 5.00 **EL 3** 295 4.25 **EL 4** 234 3.80 **EL 5** 180 1.60 **PC2 Compact DWs**  EAEU WU **Baseline** 260 4.50 **EL 1** 222 3.50 **EL 2** 154 2.10 **Efficiency Factors at each EL Efficiency Factors at each EL** **PC1 at Selected TSL Base Case**  **TSL 1 TSL 2**  **EL 5** Baseline EL 1 EL 2 EAEU 180 355 324 307 WU 1.60 6.50 5.80 5.00

**PC2 at Selected TSL Base Case**  **TSL 1 TSL 2**  **EL 2** Baseline EL 1 EL 1 EAEU 154 260 222 222 WU 2.10 4.50 3.50 3.50**TSL 3 TSL 4** 

EL 4 EL 5 234 180 3.80 1.60

**TSL 3 TSL 4**  EL 2 EL 2 154 154 2.10 2.10**Markups Baseline Markup**  **PC1** 1.24 **Flat Markup Standard DWs**  **Selected Markup Baseline**  **EL 1 Baseline**  **0.00** 1.240 **EL 1 0.00**  1.240 1.240 **EL 2 0.00**  1.240 1.240 **EL 3 0.00**  1.240 1.240 **EL 4 0.00**  1.240 1.240 **EL 5 1.23**  1.240 1.240

**Baseline Markup PC2**  1.24 **Flat Markup Compact DWs**  **Selected Markup Baseline**  **EL 1 Baseline**  **0.00** 1.240 **EL 1 0.00**  1.240 1.240 **EL 2 1.24**  1.240 1.240 **Navigation Pres. of OP** 

**EL 2 EL 3**  **EL 4 EL 5**  **Baseline EL 1**  1.240 1.240 1.239 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240 1.240

**Pres. of OP EL 2**  **EL 3 EL 4**  **EL 5 Baseline**  **EL 1** 1.240 1.240 1.238 1.240 1.240 1.240**Preservation of Operating Profit Calibration**

**EL 2 EL 3**  **EL 4 EL 5**  **TSL 1** 1.238 **TSL 2** 1.240 1.240 **TSL 3** 1.240 1.240 1.233 **TSL 4** 1.240 1.240 1.240 1.232 **Preservation of Operating Profit Calibration EL 2**  **EL 3 EL 4**  **EL 5 TSL 1**  **TSL 2 TSL 3**  1.238 **TSL 4 Preservation of Operating Profit Calibration** 

**OP Ratio Multiplier**  1.000 1.000 1.000 0.999 1.000 0.994 1.000 0.994 **Preservation of Operating Profit Calibration**

**OP Ratio Multiplier**  1.000 1.000 1.000 1.000 1.000 0.999 1.000 0.999**PC1**

**Standard DWs MPC**  **Materials Labor**  **Baseline** $190.98 62.8% 17.9% **EL 1** $209.25 64.7% 17.3% **EL 2** $222.80 64.6% 17.3% **EL 3** $260.21 69.3% 14.3% **EL 4** $266.16 69.0% 14.4% **EL 5** $273.93 68.6% 14.5%
**PC2 Compact DWs**  **MPC Materials**  **Labor Baseline**  $185.72 69.5% 14.7% **EL 1** $186.72 69.8% 14.5% **EL 2** $197.83 70.9% 13.6% **Manufacturing Production Costs (MPCs) Navigation** 

**Depreciation Overhead**  6.2% 13.1% 6.2% 11.8% 6.2% 11.9% 6.2% 10.2% 6.2% 10.3% 6.2% 10.7%

**Depreciation Overhead**  6.2% 9.6% 6.2% 9.4% 6.2% 9.3%**Navigation Year**  **Constant Price Learning**  **Selection** 2011 1.000 0.983 **0.983** 2012 1.000 0.965 **0.965** 2013 1.000 0.948 **0.948** 2014 1.000 0.933 **0.933** 2015 1.000 0.918 **0.918** 2016 1.000 0.903 **0.903** 2017 1.000 0.889 **0.889** 2018 1.000 0.876 **0.876** 2019 1.000 0.863 **0.863** 2020 1.000 0.850 **0.850** 2021 1.000 0.838 **0.838** 2022 1.000 0.826 **0.826** 2023 1.000 0.815 **0.815** 2024 1.000 0.804 **0.804** 2025 1.000 0.793 **0.793** 2026 1.000 0.783 **0.783** 2027 1.000 0.773 **0.773** 2028 1.000 0.763 **0.763** 2029 1.000 0.754 **0.754** 2030 1.000 0.745 **0.745** 2031 1.000 0.736 **0.736** 2032 1.000 0.728 **0.728** 2033 1.000 0.719 **0.719** 2034 1.000 0.711 **0.711** 2035 1.000 0.703 **0.703** 2036 1.000 0.696 **0.696** 2037 1.000 0.688 **0.688** 2038 1.000 0.681 **0.681** 2039 1.000 0.674 **0.674** 2040 1.000 0.667 **0.667** 2041 1.000 0.660 **0.660** 2042 1.000 0.653 **0.653** 2043 1.000 0.647 **0.647** 2044 1.000 0.641 **0.641 Multipliers for Price Projections** 2045 1.000 0.634 **0.634** 2046 1.000 0.628 **0.628** 2047 1.000 0.623 **0.623 Shipments - INPUT** 

**TSL Product Class**  **EL Reference Case - Elasticity**  **Base Case PC1**  2011 **Standard DWs Baseline**  0.265 **EL 1** 2.252 **EL 2** 1.952 **EL 3** 1.146 **EL 4** 0.965 **EL 5** 0.392 **Total** 6.971 **PC2** 2011 **Compact DWs Baseline**  0.003 **EL 1** 0.003 **EL 2** 0.006 **EL 3 EL 4**  **EL 5 Navigation** 

**Total** 0.012

**TSL 1 PC1**  2011

**Standard DWs Baseline**  0.265 **EL 1** 2.252 **EL 2** 1.952 **EL 3** 1.146 **EL 4** 0.965 **EL 5** 0.392 **Total** 6.971 **PC2** 2011 **Compact DWs Baseline**  0.003 **EL 1** 0.003 **EL 2** 0.006 **EL 3 EL 4**  **EL 5 Total**  0.012

**TSL 2 PC1**  2011

**Standard DWs Baseline**  0.265 **EL 1** 2.252 **EL 2** 1.952 **EL 3** 1.146 **EL 4** 0.965 **EL 5** 0.392 **Total** 6.971 **PC2** 2011 **Compact DWs Baseline**  0.003 **EL 1** 0.003 **EL 2** 0.006 **EL 3 EL 4**  **EL 5 Total**  0.012

**TSL 3 PC1**  2011

**Standard DWs Baseline**  0.265 **EL 1** 2.252 **EL 2** 1.952 **EL 3** 1.146 **EL 4** 0.965 **EL 5** 0.392 **Total** 6.971 **PC2** 2011 **Compact DWs Baseline**  0.003 **EL 1** 0.003 **EL 2** 0.006 **EL 3 EL 4** **EL 5 Total**  0.012

**TSL 4 PC1**  2011

**Standard DWs Baseline**  0.265 **EL 1** 2.252 **EL 2** 1.952 **EL 3** 1.146 **EL 4** 0.965 **EL 5** 0.392 **Total** 6.971 **PC2** 2011 **Compact DWs Baseline**  0.003 **EL 1** 0.003 **EL 2** 0.006 **EL 3 EL 4**  **EL 5 Total**  0.012**Reference Case - Elasticity**

2012 2013 2014 2015 2016 2017 2018 2019 0.289 0.281 0.278 0.289 0.294 0.298 0.302 0.305 2.461 2.391 2.151 2.009 2.016 2.008 2.001 2.025 2.133 2.072 2.222 2.483 2.532 2.564 2.597 2.628 1.253 1.217 1.281 1.408 1.436 1.454 1.473 1.491 1.054 1.025 0.884 0.783 0.811 0.834 0.858 0.868 0.428 0.416 0.505 0.621 0.653 0.682 0.711 0.720 7.618 7.403 7.321 7.594 7.742 7.841 7.942 8.037 2012 2013 2014 2015 2016 2017 2018 2019 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.006 0.006 0.005 0.006 0.006 0.006 0.006 0.006 **Navigation**

0.012 0.011 0.011 0.011 0.011 0.011 0.011 0.011

2012 2013 2014 2015 2016 2017 2018 2019 0.289 0.281 0.278 0.289 0.294 0.298 0.000 0.000 2.461 2.391 2.151 2.009 2.016 2.008 2.302 2.330 2.133 2.072 2.222 2.483 2.532 2.564 2.597 2.628 1.253 1.217 1.281 1.408 1.436 1.454 1.473 1.490 1.054 1.025 0.884 0.783 0.811 0.834 0.858 0.868 0.428 0.416 0.505 0.621 0.653 0.682 0.711 0.720 7.618 7.403 7.321 7.594 7.742 7.841 7.940 8.036 2012 2013 2014 2015 2016 2017 2018 2019 0.003 0.003 0.003 0.003 0.003 0.003 0.000 0.000 0.003 0.003 0.003 0.003 0.003 0.003 0.006 0.006 0.006 0.006 0.005 0.006 0.006 0.006 0.006 0.0060.012 0.011 0.011 0.011 0.011 0.011 0.011 0.011

2012 2013 2014 2015 2016 2017 2018 2019 0.289 0.000 0.000 0.000 0.000 0.000 0.000 0.000 2.461 0.000 0.000 0.000 0.000 0.000 0.000 0.000 2.133 4.745 4.643 4.775 4.869 4.933 4.997 5.057 1.253 1.217 1.279 1.407 1.434 1.453 1.472 1.490 1.054 1.025 0.883 0.782 0.798 0.808 0.818 0.828 0.428 0.416 0.504 0.620 0.632 0.641 0.649 0.657 7.618 7.403 7.308 7.584 7.733 7.834 7.937 8.032 2012 2013 2014 2015 2016 2017 2018 2019 0.003 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.003 0.006 0.005 0.006 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.006 0.006 0.006 0.006 0.006 0.012 0.011 0.011 0.011 0.011 0.011 0.011 0.011

2012 2013 2014 2015 2016 2017 2018 2019 0.289 0.281 0.278 0.289 0.294 0.298 0.000 0.000 2.461 2.391 2.151 2.009 2.016 2.008 0.000 0.000 2.133 2.072 2.222 2.483 2.532 2.564 0.000 0.000 1.253 1.217 1.281 1.408 1.436 1.454 0.000 0.000 1.054 1.025 0.884 0.783 0.811 0.834 7.151 7.256 0.428 0.416 0.505 0.621 0.653 0.682 0.704 0.714 7.618 7.403 7.321 7.594 7.742 7.841 7.854 7.969 2012 2013 2014 2015 2016 2017 2018 2019 0.003 0.003 0.003 0.003 0.003 0.003 0.000 0.000 0.003 0.003 0.003 0.003 0.003 0.003 0.000 0.000 0.006 0.006 0.005 0.006 0.006 0.006 0.011 0.0110.012 0.011 0.011 0.011 0.011 0.011 0.011 0.011

2012 2013 2014 2015 2016 2017 2018 2019 0.289 0.281 0.278 0.289 0.294 0.298 0.000 0.000 2.461 2.391 2.151 2.009 2.016 2.008 0.000 0.000 2.133 2.072 2.222 2.483 2.532 2.564 0.000 0.000 1.253 1.217 1.281 1.408 1.436 1.454 0.000 0.000 1.054 1.025 0.884 0.783 0.811 0.834 0.000 0.000 0.428 0.416 0.505 0.621 0.653 0.682 7.878 7.989 7.618 7.403 7.321 7.594 7.742 7.841 7.878 7.989 2012 2013 2014 2015 2016 2017 2018 2019 0.003 0.003 0.003 0.003 0.003 0.003 0.000 0.000 0.003 0.003 0.003 0.003 0.003 0.003 0.000 0.000 0.006 0.006 0.005 0.006 0.006 0.006 0.011 0.011 0.012 0.011 0.011 0.011 0.011 0.011 0.011 0.0112020 2021 2022 2023 2024 2025 2026 2027

0.308 0.312 0.318 0.321 0.325 0.330 0.334 0.337 2.044 2.067 2.111 2.129 2.153 2.191 2.217 2.233 2.653 2.683 2.740 2.763 2.795 2.844 2.878 2.899 1.505 1.522 1.554 1.567 1.585 1.613 1.633 1.644 0.876 0.886 0.905 0.912 0.923 0.939 0.951 0.957 0.727 0.735 0.750 0.757 0.766 0.779 0.788 0.794 8.113 8.205 8.378 8.449 8.547 8.697 8.802 8.864 2020 2021 2022 2023 2024 2025 2026 2027 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.005 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011

2020 2021 2022 2023 2024 2025 2026 2027 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 2.352 2.378 2.429 2.449 2.478 2.521 2.552 2.570 2.653 2.683 2.740 2.763 2.795 2.844 2.878 2.899 1.504 1.522 1.554 1.567 1.585 1.613 1.632 1.644 0.876 0.886 0.905 0.912 0.923 0.939 0.950 0.957 0.727 0.735 0.750 0.757 0.766 0.779 0.788 0.794 8.111 8.204 8.377 8.449 8.547 8.696 8.801 8.864 2020 2021 2022 2023 2024 2025 2026 2027 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.005 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.0050.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011

2020 2021 2022 2023 2024 2025 2026 2027 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 5.104 5.163 5.272 5.317 5.379 5.473 5.539 5.578 1.504 1.521 1.553 1.566 1.585 1.612 1.632 1.643 0.836 0.846 0.864 0.871 0.881 0.896 0.907 0.914 0.663 0.671 0.685 0.691 0.699 0.711 0.719 0.725 8.107 8.200 8.374 8.445 8.543 8.692 8.798 8.860 2020 2021 2022 2023 2024 2025 2026 2027 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.005 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.005 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011

2020 2021 2022 2023 2024 2025 2026 2027 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 7.337 7.428 7.593 7.659 7.751 7.889 7.986 8.045 0.722 0.731 0.747 0.754 0.763 0.776 0.786 0.791 8.059 8.159 8.340 8.413 8.513 8.665 8.772 8.837 2020 2021 2022 2023 2024 2025 2026 2027 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.0110.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011

2020 2021 2022 2023 2024 2025 2026 2027 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 8.076 8.174 8.354 8.427 8.528 8.679 8.786 8.851 8.076 8.174 8.354 8.427 8.528 8.679 8.786 8.851 2020 2021 2022 2023 2024 2025 2026 2027 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.0112028 2029 2030 2031 2032 2033 2034 2035

0.340 0.343 0.348 0.351 0.353 0.357 0.361 0.364 2.251 2.274 2.307 2.327 2.341 2.365 2.394 2.416 2.922 2.953 2.994 3.020 3.039 3.071 3.108 3.137 1.657 1.675 1.698 1.713 1.724 1.741 1.763 1.779 0.965 0.975 0.989 0.997 1.004 1.014 1.026 1.036 0.800 0.809 0.820 0.827 0.832 0.841 0.851 0.859 8.935 9.028 9.156 9.236 9.294 9.389 9.503 9.591 2028 2029 2030 2031 2032 2033 2034 2035 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.011 0.011 0.011 0.011 0.011 0.011 0.010 0.010

2028 2029 2030 2031 2032 2033 2034 2035 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 2.590 2.617 2.654 2.677 2.694 2.722 2.755 2.781 2.922 2.952 2.994 3.020 3.039 3.070 3.107 3.136 1.657 1.674 1.698 1.713 1.724 1.741 1.762 1.779 0.965 0.975 0.989 0.997 1.004 1.014 1.026 1.036 0.800 0.809 0.820 0.827 0.832 0.841 0.851 0.859 8.935 9.028 9.155 9.235 9.293 9.389 9.502 9.591 2028 2029 2030 2031 2032 2033 2034 2035 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.0050.011 0.011 0.011 0.011 0.011 0.011 0.011 0.010

2028 2029 2030 2031 2032 2033 2034 2035 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 5.623 5.682 5.762 5.812 5.849 5.909 5.981 6.036 1.657 1.674 1.697 1.712 1.723 1.741 1.762 1.778 0.921 0.931 0.944 0.952 0.958 0.968 0.980 0.989 0.730 0.738 0.748 0.755 0.760 0.768 0.777 0.784 8.931 9.024 9.152 9.232 9.290 9.385 9.499 9.588 2028 2029 2030 2031 2032 2033 2034 2035 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.010

2028 2029 2030 2031 2032 2033 2034 2035 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 8.111 8.196 8.312 8.385 8.439 8.526 8.630 8.712 0.798 0.806 0.818 0.825 0.830 0.839 0.849 0.857 8.909 9.002 9.130 9.210 9.269 9.365 9.479 9.569 2028 2029 2030 2031 2032 2033 2034 2035 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.0100.011 0.011 0.011 0.011 0.011 0.011 0.011 0.010

2028 2029 2030 2031 2032 2033 2034 2035 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 8.923 9.017 9.146 9.227 9.286 9.382 9.497 9.587 8.923 9.017 9.146 9.227 9.286 9.382 9.497 9.587 2028 2029 2030 2031 2032 2033 2034 2035 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.010 0.011 0.011 0.011 0.011 0.011 0.011 0.011 0.0102036 2037 2038 2039 2040 2041 2042 2043

0.368 0.372 0.376 0.380 0.384 0.388 0.391 0.395 2.443 2.468 2.494 2.520 2.544 2.569 2.594 2.618 3.171 3.204 3.238 3.271 3.303 3.335 3.367 3.399 1.798 1.817 1.836 1.855 1.873 1.891 1.910 1.928 1.047 1.058 1.069 1.080 1.091 1.101 1.112 1.122 0.869 0.878 0.887 0.896 0.905 0.913 0.922 0.931 9.696 9.798 9.901 10.001 10.099 10.198 10.295 10.392 2036 2037 2038 2039 2040 2041 2042 2043 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

2036 2037 2038 2039 2040 2041 2042 2043 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 2.811 2.841 2.870 2.899 2.928 2.956 2.985 3.013 3.171 3.204 3.238 3.270 3.303 3.335 3.367 3.398 1.798 1.817 1.836 1.855 1.873 1.891 1.909 1.927 1.047 1.058 1.069 1.080 1.091 1.101 1.112 1.122 0.868 0.878 0.887 0.896 0.905 0.913 0.922 0.931 9.696 9.797 9.900 10.001 10.099 10.197 10.295 10.392 2036 2037 2038 2039 2040 2041 2042 2043 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.0050.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

2036 2037 2038 2039 2040 2041 2042 2043 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 6.103 6.167 6.231 6.295 6.356 6.418 6.480 6.541 1.798 1.817 1.836 1.854 1.873 1.891 1.909 1.927 1.000 1.010 1.021 1.031 1.041 1.051 1.061 1.071 0.793 0.801 0.809 0.818 0.826 0.834 0.842 0.850 9.693 9.794 9.897 9.998 10.096 10.194 10.292 10.389 2036 2037 2038 2039 2040 2041 2042 2043 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

2036 2037 2038 2039 2040 2041 2042 2043 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 8.808 8.901 8.995 9.087 9.176 9.267 9.356 9.445 0.867 0.876 0.885 0.894 0.903 0.912 0.920 0.929 9.674 9.776 9.880 9.980 10.079 10.178 10.276 10.374 2036 2037 2038 2039 2040 2041 2042 2043 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.0100.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010

2036 2037 2038 2039 2040 2041 2042 2043 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 9.694 9.796 9.900 10.002 10.101 10.201 10.300 10.398 9.694 9.796 9.900 10.002 10.101 10.201 10.300 10.398 2036 2037 2038 2039 2040 2041 2042 2043 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.0102044 2045 2046 2047

0.399 0.402 0.406 0.410 2.642 2.667 2.691 2.715 3.430 3.462 3.493 3.524 1.945 1.963 1.981 1.999 1.133 1.143 1.153 1.164 0.939 0.948 0.957 0.965 10.489 10.585 10.681 10.777 2044 2045 2046 2047 0.003 0.003 0.002 0.002 0.003 0.003 0.002 0.002 0.005 0.005 0.005 0.005 0.010 0.010 0.010 0.010

2044 2045 2046 2047 0.000 0.000 0.000 0.000 3.041 3.069 3.097 3.124 3.430 3.461 3.493 3.524 1.945 1.963 1.981 1.999 1.133 1.143 1.153 1.164 0.939 0.948 0.957 0.965 10.488 10.584 10.681 10.777 2044 2045 2046 2047 0.000 0.000 0.000 0.000 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.0050.010 0.010 0.010 0.010

2044 2045 2046 2047 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 6.602 6.662 6.723 6.783 1.945 1.963 1.981 1.998 1.081 1.091 1.101 1.111 0.858 0.865 0.873 0.881 10.486 10.582 10.678 10.774 2044 2045 2046 2047 0.000 0.000 0.000 0.000 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.010 0.010 0.010 0.010

2044 2045 2046 2047 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 9.533 9.621 9.709 9.797 0.938 0.947 0.955 0.964 10.471 10.567 10.664 10.761 2044 2045 2046 2047 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.010 0.010 0.010 0.0100.010 0.010 0.010 0.010

2044 2045 2046 2047 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 10.496 10.594 10.691 10.789 10.496 10.594 10.691 10.789 2044 2045 2046 2047 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010**Conversion Costs Navigation**  **$226.3 PC1**  **CCCs Selected**  **Baseline** $0.0 **$219.1 EL 1**  $40.1 **EL 2** $53.7 **EL 3** $102.5 **EL 4** $188.3 **EL 5** $219.1 **PC2 CCCs**  **Selected Baseline**  $0.0 **$7.2 EL 1**  $5.3**Compact DWs Standard DWs**  **Capital Conversion Costs (CCCs) (2010$ millions) TOTA** **L SELECTED CCCs**

**EL 1** $5.3 **EL 2** $7.2**TOTA L SELECTED PCCs**  **$76.7 TOTA** **L SELECTED SA s**  **PC1 PC1** 

**PCCs Selected**  **Baseline** $0.0 **$72.4 Baseline**  **EL 1** $24.5 **EL 1 EL 2**  $31.6 **EL 2 EL 3**  $52.0 **EL 3 EL 4**  $62.2 **EL 4 EL 5**  $72.4 **EL 5 PC2**  **PC2**

**PCCs Selected**  **Baseline** $0.0 **$4.2 Baseline**  **EL 1** $3.3 **EL 1 Compact DWs**  **Product Conversion Costs (PCCs) (2010$ millions) Stranded A**  **ssets (SA**

**s) (2010$ millions)**

**Standard DWs**

**EL 1** $3.3 **EL 1 EL 2**  $4.2 **EL 2 TOTA** **L SELECTED SA**

**s $0.0** 

**SA s**  **Selected** $0.0 **$0.0** $0.0 $0.0 $0.0 $0.0 $0.0

**SA s**  **Selected** $0.0 **$0.0** $0.0**Compact DWs Stranded A** 

**ssets (SA**

**s) (2010$ millions)**

**Standard DWs**

$0.0 $0.0**std y r-8** **std y r-7** **std y r-6** **std y r-5**  **1 2**  **3 4**  **5** 0% **6** 0% 0% **7** 0% 0% 0% **8** 0% 0% 0% 0%

98% **std y r-8** **std y r-7** **std y r-6** **std y r-5**  **1 2**  **3 4**  **5** 0% **6** 0% 0% **7** 0% 0% 0% **8** 0% 0% 0% 0%

**An cmt Yr**  2010 2011 2012 2013 **TSL 4 0.0**  **0.0 0.0**  **0.0 Conversion Costs Timing** 

**Capital Conversion Cost A llocations**  **Production Hold Factor Capital Conversion Cost A** **llocations Table**

**Product Conversion Cost A llocations Table**  **Years betw een**  **An nouncement**  **and Effective Date of**  **Standards**

**Years betw een**  **An nouncement**  **and Effective Date of**  **Standards An** **cmt Yr** 2010 2011 2012 2013 **TSL 4 0.0**  **0.0 0.0**  **0.0 Product Conversion Cost A** **llocations std y** **r-4 std y** **r-3 std y** **r-2 std y** **r-1 std y** **r TOTA** **L** 100% 0% 100% 55% 45% 0% 100% 20% 35% 45% 0% 100% 2% 17% 36% 45% 0% 100% 2% 17% 36% 45% 0% 100% 2% 17% 36% 45% 0% 100% 2% 17% 36% 45% 0% 100% 2% 17% 36% 45% 0% 100%

**std y r-4** **std y r-3** **std y r-2** **std y r-1**  **std y r**  **TOTA L**  98% 2% 100% 54% 44% 2% 100% 20% 34% 44% 2% 100% 2% 17% 35% 44% 2% 100% 2% 17% 35% 44% 2% 100% 2% 17% 35% 44% 2% 100% 2% 17% 35% 44% 2% 100% 2% 17% 35% 44% 2% 100%

**Std Yr** 2014 2015 2016 2017 2018 **4.5 38.5**  **81.5 101.8**  **0.0 Navigation** 

**Capital Conversion Cost A llocations**  **Capital Conversion Cost A llocations Table** 

**Product Conversion Cost A llocations Table** **Std Yr**

2014 2015 2016 2017 2018 **1.5 12.8**  **27.0 33.8**  **1.5 Product Conversion Cost A** **llocations Employ** **ment**

**Census Data for NA ICS 335224 available at census.gov**  Year Number of employees Prod workers avg per year Annual payroll ($1,000) Total fringe benefits ($1,000) Production workers, nonleased employees wages ($1,000) Prod workers hours (1,000) Total cost of materials ($1,000) Total value of shps ($1,000) US Labor Percentage Production Labor Expenditures (PLE) in 2018* ($MM)

Change in PLE from Base Case ($MM) Conversion of change in PLE to Number of Domestic Production Employees (#) Domestic Production Employment in 2018 (#) Non production employment in 2018 (#)

Total Employment (#) Change in Employment in 2018 (%) * The employment calculations in this table and the graph below calcuate the maximum possible increase in employment without sourcing changes **Domestic Labor Expenditure ($MM) at Selected TSL** TSL 4 **Domestic Labor Expenditure ($MM)**Baseline TSL 1 TSL 2 TSL 3 TSL 4 **Production Employ ment (#)** 

Baseline TSL 1 TSL 2 TSL 3 TSL 4 **Total Employ ment (#)** 

Baseline TSL 1 TSL 2 TSL 3 TSL 4**Navigation**

2009 9516 Production Worker Hourly Wage plus Fringe Benefits ($ / hour) 7651 Production Worker Annual Time (hours / year) $ 404,845 Base Case Industry Labor Expenditures for 2018 ($MM) $ 157,438 Standards Case Labor Expenditures for 2015 ($MM) $ 287,711 15327 GRIM Total Industry Production Workers Base Case $ 1,846,530 GRIM Total Industry Production Workers Standards Case $ 3,990,223 95%

**Baseline TSL 1**  **TSL 2 TSL 3**  **TSL 4** 248.7 $ 249.1

$ 253.3

$ 252.2

$ 259.9

$

- 0.4

$ 4.7

$ 3.5

$ 11.2

$ $ $ $ $

- 8 86 65 206 4,593 4,601 4,679 4,658 4,799 1,120 1,121 1,140 1,135 1,170 5,713 5,722 5,819 5,793 5,969

- 0.2% 1.9% 1.4% 4.5% * The employment calculations in this table and the graph below calcuate the maximum possible increase in employment without sourcing changes

**An cmt Yr**  **2011 2012**  **2013 2014**  **2015 $ 256.7** **$ 275.3 $ 263.0** **$ 256.4 $ 262.1**  **2011 2012**  **2013 2014**  **2015**$ 256.7$ 275.3$ 263.0$ 256.4$ 262.1

$ 256.7$ 275.3$ 263.0$ 256.4$ 262.1 $ 256.7$ 275.3$ 269.4$ 261.6$ 267.1 $ 256.7$ 275.3$ 263.0$ 256.4$ 262.1 $ 256.7$ 275.3$ 263.0$ 256.4$ 262.1 **2011 2012**  **2013 2014**  **2015** 4,503 4,831 4,614 4,498 4,598 4,503 4,831 4,614 4,498 4,598 4,503 4,831 4,726 4,590 4,686 4,503 4,831 4,614 4,498 4,598 4,503 4,831 4,614 4,498 4,598 **2011 2012**  **2013 2014**  **2015** 5,601 6,008 5,739 5,594 5,719 5,601 6,008 5,739 5,594 5,719 5,601 6,008 5,878 5,709 5,828 5,601 6,008 5,739 5,594 5,719 5,601 6,008 5,739 5,594 5,719Production Worker Hourly Wage plus Fringe Benefits ($ / hour)$ 27.03 Production Worker Annual Time (hours / year) 2,003 Base Case Industry Labor Expenditures for 2018 ($MM) 261.78 $ Standards Case Labor Expenditures for 2015 ($MM) 273.53 $ GRIM Total Industry Production Workers Base Case 4,835 GRIM Total Industry Production Workers Standards Case 4,835 **Calculate Employ** **ment Table** 

**Std Yr 2016**  **2017 2018**  **2019 2020**  **$ 263.0 $ 262.3** **$ 273.5 $ 273.3** **$ 272.2 2016**  **2017 2018**  **2019 2020** $ 263.0$ 262.3$ 261.8$ 261.0$ 259.6

$ 263.0$ 262.3$ 262.2$ 261.4$ 260.1 $ 268.0$ 267.3$ 266.7$ 265.9$ 264.5 $ 263.0$ 262.3$ 265.5$ 265.4$ 264.5 $ 263.0$ 262.3$ 273.5$ 273.3$ 272.2 **2016 2017**  **2018 2019**  **2020** 4,614 4,602 4,593 4,578 4,554 4,614 4,602 4,601 4,586 4,562 4,702 4,690 4,679 4,664 4,640 4,614 4,602 4,658 4,656 4,640 4,614 4,602 4,799 4,794 4,776 **2016 2017**  **2018 2019**  **2020** 5,739 5,724 5,712 5,694 5,664 5,739 5,724 5,722 5,704 5,675 5,849 5,833 5,819 5,801 5,771 5,739 5,724 5,793 5,791 5,771 5,739 5,724 5,969 5,963 5,940**2021 2022**  **2023 2024**  **2025**

**$ 271.6 $ 273.7** **$ 272.3 $ 271.9** **$ 273.0 2021**  **2022 2023**  **2024 2025** $ 258.8$ 260.6$ 259.2$ 258.7$ 259.7

$ 259.3$ 261.1$ 259.7$ 259.1$ 260.2 $ 263.7$ 265.5$ 264.1$ 263.6$ 264.6 $ 263.9$ 266.0$ 264.7$ 264.2$ 265.3 $ 271.6$ 273.7$ 272.3$ 271.9$ 273.0 **2021 2022**  **2023 2024**  **2025** 4,541 4,572 4,547 4,538 4,556 4,549 4,580 4,555 4,546 4,564 4,626 4,658 4,633 4,624 4,642 4,631 4,667 4,643 4,635 4,655 4,766 4,802 4,778 4,770 4,790 **2021 2022**  **2023 2024**  **2025** 5,648 5,686 5,656 5,644 5,667 5,658 5,696 5,666 5,655 5,677 5,754 5,793 5,763 5,751 5,774 5,759 5,804 5,775 5,765 5,790 5,927 5,972 5,942 5,932 5,957**2026 2027**  **2028 2029**  **2030**

**$ 272.8 $ 271.3** **$ 270.1 $ 269.6** **$ 270.1 2026**  **2027 2028**  **2029 2030** $ 259.4$ 257.9$ 256.7$ 256.2$ 256.7

$ 259.9$ 258.4$ 257.2$ 256.7$ 257.2 $ 264.3$ 262.8$ 261.6$ 261.1$ 261.6 $ 265.1$ 263.7$ 262.5$ 262.0$ 262.5 $ 272.8$ 271.3$ 270.1$ 269.6$ 270.1 **2026 2027**  **2028 2029**  **2030** 4,551 4,525 4,504 4,495 4,504 4,559 4,533 4,513 4,504 4,512 4,637 4,611 4,590 4,581 4,590 4,651 4,626 4,605 4,597 4,606 4,786 4,760 4,739 4,730 4,739 **2026 2027**  **2028 2029**  **2030** 5,660 5,628 5,602 5,591 5,602 5,671 5,638 5,613 5,602 5,612 5,768 5,735 5,709 5,697 5,708 5,785 5,754 5,728 5,717 5,728 5,952 5,920 5,894 5,883 5,895**2031 2032**  **2033 2034**  **2035**

**$ 269.3 $ 267.9** **$ 267.6 $ 267.8** **$ 267.3 2031**  **2032 2033**  **2034 2035** $ 255.9$ 254.5$ 254.2$ 254.3$ 253.9

$ 256.4$ 255.0$ 254.7$ 254.8$ 254.4 $ 260.7$ 259.3$ 259.0$ 259.2$ 258.7 $ 261.7$ 260.3$ 260.0$ 260.2$ 259.7 $ 269.3$ 267.9$ 267.6$ 267.8$ 267.3 **2031 2032**  **2033 2034**  **2035** 4,489 4,465 4,459 4,462 4,454 4,498 4,473 4,468 4,471 4,462 4,575 4,550 4,544 4,547 4,539 4,591 4,567 4,561 4,565 4,557 4,725 4,700 4,694 4,698 4,690 **2031 2032**  **2033 2034**  **2035** 5,583 5,553 5,546 5,550 5,540 5,594 5,564 5,557 5,560 5,550 5,690 5,659 5,652 5,656 5,645 5,710 5,680 5,673 5,678 5,668 5,876 5,845 5,839 5,843 5,833**2036 2037**  **2038 2039**  **2040**

**$ 267.3 $ 267.3** **$ 267.2 $ 267.2** **$ 267.0 2036**  **2037 2038**  **2039 2040** $ 253.9$ 253.7$ 253.7$ 253.6$ 253.4

$ 254.3$ 254.2$ 254.2$ 254.1$ 253.9 $ 258.7$ 258.6$ 258.5$ 258.4$ 258.3 $ 259.7$ 259.7$ 259.6$ 259.5$ 259.4 $ 267.3$ 267.3$ 267.2$ 267.2$ 267.0 **2036 2037**  **2038 2039**  **2040** 4,454 4,452 4,451 4,449 4,446 4,462 4,460 4,459 4,457 4,454 4,539 4,537 4,536 4,534 4,531 4,557 4,555 4,555 4,553 4,550 4,690 4,689 4,688 4,687 4,685 **2036 2037**  **2038 2039**  **2040** 5,539 5,537 5,536 5,533 5,530 5,550 5,547 5,546 5,544 5,540 5,645 5,643 5,641 5,639 5,636 5,668 5,666 5,665 5,663 5,660 5,834 5,832 5,831 5,830 5,827**2041 2042**  **2043 2044**  **2045**

**$ 266.9 $ 266.8** **$ 266.7 $ 266.6** **$ 266.4 2041**  **2042 2043**  **2044 2045** $ 253.3$ 253.1$ 253.0$ 252.8$ 252.7

$ 253.8$ 253.6$ 253.5$ 253.3$ 253.2 $ 258.1$ 258.0$ 257.8$ 257.7$ 257.6 $ 259.3$ 259.1$ 259.0$ 258.9$ 258.7 $ 266.9$ 266.8$ 266.7$ 266.6$ 266.4 **2041 2042**  **2043 2044**  **2045** 4,444 4,441 4,439 4,436 4,433 4,452 4,450 4,447 4,444 4,442 4,529 4,526 4,524 4,521 4,519 4,548 4,546 4,544 4,542 4,539 4,683 4,681 4,679 4,677 4,674 **2041 2042**  **2043 2044**  **2045** 5,527 5,524 5,521 5,517 5,514 5,537 5,534 5,531 5,528 5,525 5,633 5,629 5,626 5,623 5,620 5,657 5,654 5,651 5,649 5,646 5,824 5,822 5,819 5,817 5,814**Term Yr**

**2046 2047**  **$ 266.3 $ 266.2**  **2046 2047** $ 252.6$ 252.4

$ 253.1$ 252.9 $ 257.4$ 257.3 $ 258.6$ 258.5 $ 266.3$ 266.2 **2046 2047**  4,431 4,429 4,440 4,437 4,516 4,514 4,537 4,535 4,673 4,671 **2046 2047**  5,511 5,509 5,522 5,519 5,617 5,614 5,643 5,641 5,812 5,809**PC1 Materials**  **Labor Depreciation**  **Baseline** $119.92 $34.24 $11.84 **EL 1** $135.44 $36.16 $12.97 **EL 2** $144.01 $38.47 $13.81 **EL 3** $180.29 $37.25 $16.13 **EL 4** $183.76 $38.46 $16.50 **EL 5** $188.04 $39.62 $16.98

**PC2 Materials**  **Labor Depreciation**  **Baseline** $129.07 $27.30 $11.51 **EL 1** $130.37 $27.16 $11.58 **EL 2** $140.22 $26.93 $12.27 **Manufacturing Selling Price**

**Production Costs (per unit)**

**Production Costs (per unit) Navigation** 

**Overhead MPC**  **Markup MSP**  **Markup** $24.99 $190.98 1.24 $236.82 0.00 $24.68 $209.25 1.24 $259.47 0.00 $26.51 $222.80 1.24 $276.27 0.00 $26.54 $260.21 1.24 $322.66 0.00 $27.44 $266.16 1.24 $330.04 0.00 $29.29 $273.93 1.24 $339.68 1.23

**Overhead MPC**  **Markup MSP**  **Markup** $17.83 $185.72 1.24 $230.29 0.00 $17.61 $186.72 1.24 $231.53 0.00 $18.41 $197.83 1.24 $245.31 1.24 **Production Costs (per unit) Base Case**  **TSL 4**

**Production Costs (per unit) Base Case**  **TSL 4 MSP** 

$0.00 $0.00 $0.00 $0.00 $0.00 $337.57

**MSP** $0.00 $0.00 $244.96 **TSL 4**

**TSL 4 Navigation** 

**INDUSTRY TOTAL FOR SELECTED PRODUCT CLASSES 2011**  **2012 Industry Total Unit Sales (MM)**  **6.983 7.630**  **Industry Total Revenues (MM) 1,975.4**  **$ 2,119.0** 

**$ Industry Total Materials**  **1,058.3 $**  **1,135.2**

**$ Industry Total Labor**  **256.7 $**  **275.3**

**$ Industry Total Depreciation**  **98.8 $**  **105.9**

**$ Industry Total Overhead**  **179.3 $**  **192.4**

**$**

**Base Case Ancmt Yr**  **PC1 2011**  **2012 Baseline**  Unit Price 232.70 $ 228.45

$ Unit Sales (MM) 0.265 0.289 Revenues (MM) 61.6 $ 66.1

$ Materials 31.2 $ 33.5

$ Labor 8.9 $ 9.6

$ Depreciation 3.1 $ 3.3

$ Overhead 6.5 $ 7.0

$ **EL 1** Unit Price 254.96 $ 250.31

$ Unit Sales (MM) 2.252 2.461 Revenues (MM) 574.1 $ 615.9

$ Materials 299.6 $ 321.5

$ Labor 80.0 $ 85.8

$ Depreciation 28.7 $ 30.8

$ Overhead 54.6 $ 58.6

$ **EL 2** Unit Price 271.46 $ 266.51

$ Unit Sales (MM) 1.952 2.133 **Base Case Revenue & Cost**Revenues (MM) 529.8 $ 568.4

$ Materials 276.2 $ 296.3

$ Labor 73.8 $ 79.1

$ Depreciation 26.5 $ 28.4

$ Overhead 50.8 $ 54.5

$ **EL 3** Unit Price 317.05 $ 311.27

$ Unit Sales (MM) 1.146 1.253 Revenues (MM) 363.5 $ 389.9

$ Materials 203.1 $ 217.9

$ Labor 42.0 $ 45.0

$ Depreciation 18.2 $ 19.5

$ Overhead 29.9 $ 32.1

$ **EL 4** Unit Price 324.30 $ 318.38

$ Unit Sales (MM) 0.965 1.054 Revenues (MM) 312.9 $ 335.7

$ Materials 174.2 $ 186.9

$ Labor 36.5 $ 39.1

$ Depreciation 15.6 $ 16.8

$ Overhead 26.0 $ 27.9

$ **EL 5** Unit Price 333.77 $ 327.68

$ Unit Sales (MM) 0.392 0.428 Revenues (MM) 130.7 $ 140.2

$ Materials 72.4 $ 77.6

$ Labor 15.2 $ 16.4

$ Depreciation 6.5 $ 7.0

$ Overhead 11.3 $ 12.1

$ **TOTA LS**  **2011 2012**  Total Unit Sales (MM) 6.971 7.618 Total Revenues (MM) 1,972.5 $ 2,116.3

$ Total Materials 1,056.7 $ 1,133.7

$ Total Labor 256.4 $ 275.0

$Total Depreciation 98.6 $ 105.8

$ Total Overhead 179.1 $ 192.2

$ **Base Case Ancmt Yr**  **PC2 2011**  **2012 Baseline**  Unit Price 226.28 $ 222.16

$ Unit Sales (MM) 0.003 0.003 Revenues (MM) 0.7 $ 0.7

$ Materials 0.4 $ 0.4

$ Labor 0.1 $ 0.1

$ Depreciation 0.0 $ 0.0

$ Overhead 0.1 $ 0.1

$ **EL 1** Unit Price 227.50 $ 223.35

$ Unit Sales (MM) 0.003 0.003 Revenues (MM) 0.7 $ 0.7

$ Materials 0.4 $ 0.4

$ Labor 0.1 $ 0.1

$ Depreciation 0.0 $ 0.0

$ Overhead 0.1 $ 0.1

$ **EL 2** Unit Price 241.04 $ 236.64

$ Unit Sales (MM) 0.006 0.006 Revenues (MM) 1.5 $ 1.4

$ Materials 0.8 $ 0.8

$ Labor 0.2 $ 0.2

$ Depreciation 0.1 $ 0.1

$ Overhead 0.1 $ 0.1

$ **TOTA LS**  **2011 2012**  Total Unit Sales (MM) 0.012 0.012 Total Revenues (MM) 2.9 $ 2.7

$ Total Materials 1.6 $ 1.5

$Total Labor 0.3 $ 0.3

$ Total Depreciation 0.1 $ 0.1

$ Total Overhead 0.2 $ 0.2

$**2013 2014**  **2015 2016**  **2017**

**7.414 7.332**  **7.605 7.753**  **7.852 2,024.0**  **$ 1,974.9** 

**$ 2,021.2** 

**$ 2,030.0** 

**$ 2,026.3** 

**$ 1,084.3**  **$ 1,058.3** 

**$ 1,083.4** 

**$ 1,088.4** 

**$ 1,086.7** 

**$ 263.0**  **$ 256.4** 

**$ 262.1** 

**$ 263.0** 

**$ 262.3** 

**$ 101.2**  **$ 98.7** 

**$ 101.1** 

**$ 101.5** 

**$ 101.3** 

**$ 183.7**  **$ 179.3** 

**$ 183.4** 

**$ 184.2** 

**$ 183.7** 

**$**

**2013 2014**  **2015 2016**  **2017** 224.56 $ 220.92

$ 217.34

$ 213.89

$ 210.56

$ 0.281 0.278 0.289 0.294 0.298 63.2 $ 61.5

$ 62.7

$ 62.9

$ 62.7

$ 32.0 $ 31.1

$ 31.8

$ 31.9

$ 31.8

$ 9.1 $ 8.9

$ 9.1

$ 9.1

$ 9.1

$ 3.2 $ 3.1

$ 3.1

$ 3.1

$ 3.1

$ 6.7 $ 6.5

$ 6.6

$ 6.6

$ 6.6

$ 246.05 $ 242.06

$ 238.14

$ 234.35

$ 230.71

$ 2.391 2.151 2.009 2.016 2.008 588.3 $ 520.6

$ 478.4

$ 472.4

$ 463.3

$ 307.1 $ 271.7

$ 249.7

$ 246.6

$ 241.9

$ 82.0 $ 72.6

$ 66.7

$ 65.8

$ 64.6

$ 29.4 $ 26.0

$ 23.9

$ 23.6

$ 23.2

$ 56.0 $ 49.5

$ 45.5

$ 44.9

$ 44.1

$ 261.97 $ 257.73

$ 253.55

$ 249.52

$ 245.64

$ 2.072 2.222 2.483 2.532 2.564542.9

$ 572.6

$ 629.7

$ 631.7

$ 629.9

$ 283.0 $ 298.5

$ 328.2

$ 329.3

$ 328.3

$ 75.6 $ 79.7

$ 87.7

$ 88.0

$ 87.7

$ 27.1 $ 28.6

$ 31.5

$ 31.6

$ 31.5

$ 52.1 $ 54.9

$ 60.4

$ 60.6

$ 60.4

$ 305.97 $ 301.01

$ 296.13

$ 291.42

$ 286.89

$ 1.217 1.281 1.408 1.436 1.454 372.5 $ 385.6

$ 417.1

$ 418.4

$ 417.2

$ 208.1 $ 215.4

$ 233.0

$ 233.8

$ 233.1

$ 43.0 $ 44.5

$ 48.2

$ 48.3

$ 48.2

$ 18.6 $ 19.3

$ 20.9

$ 20.9

$ 20.9

$ 30.6 $ 31.7

$ 34.3

$ 34.4

$ 34.3

$ 312.96 $ 307.89

$ 302.90

$ 298.08

$ 293.45

$ 1.025 0.884 0.783 0.811 0.834 320.7 $ 272.2

$ 237.2

$ 241.7

$ 244.8

$ 178.5 $ 151.6

$ 132.1

$ 134.6

$ 136.3

$ 37.4 $ 31.7

$ 27.6

$ 28.2

$ 28.5

$ 16.0 $ 13.6

$ 11.9

$ 12.1

$ 12.2

$ 26.7 $ 22.6

$ 19.7

$ 20.1

$ 20.3

$ 322.10 $ 316.88

$ 311.75

$ 306.79

$ 302.02

$ 0.416 0.505 0.621 0.653 0.682 133.9 $ 160.0

$ 193.6

$ 200.4

$ 206.0

$ 74.2 $ 88.6

$ 107.2

$ 110.9

$ 114.0

$ 15.6 $ 18.7

$ 22.6

$ 23.4

$ 24.0

$ 6.7 $ 8.0

$ 9.7

$ 10.0

$ 10.3

$ 11.6 $ 13.8

$ 16.7

$ 17.3

$ 17.8

$ **2013 2014**  **2015 2016**  **2017** 7.403 7.321 7.594 7.742 7.841 2,021.5 $ 1,972.5

$ 2,018.7

$ 2,027.6

$ 2,023.9

$ 1,082.9 $ 1,056.9

$ 1,082.0

$ 1,087.0

$ 1,085.4

$ 262.7 $ 256.1

$ 261.8

$ 262.7

$ 262.1

$101.1

$ 98.6

$ 100.9

$ 101.4

$ 101.2

$ 183.6 $ 179.1

$ 183.3

$ 184.0

$ 183.5

$

**2013 2014**  **2015 2016**  **2017** 218.38 $ 214.84

$ 211.36

$ 207.99

$ 204.76

$ 0.003 0.003 0.003 0.003 0.003 0.6 $ 0.6

$ 0.6

$ 0.6

$ 0.6

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 219.55 $ 215.99

$ 212.49

$ 209.11

$ 205.86

$ 0.003 0.003 0.003 0.003 0.003 0.6 $ 0.6

$ 0.6

$ 0.6

$ 0.6

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 232.61 $ 228.84

$ 225.14

$ 221.56

$ 218.11

$ 0.006 0.005 0.006 0.006 0.006 1.3 $ 1.2

$ 1.3

$ 1.2

$ 1.2

$ 0.7 $ 0.7

$ 0.7

$ 0.7

$ 0.7

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2013 2014**  **2015 2016**  **2017** 0.011 0.011 0.011 0.011 0.011 2.5 $ 2.4

$ 2.4

$ 2.4

$ 2.4

$ 1.4 $ 1.4

$ 1.4

$ 1.4

$ 1.3

$0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$**2018 2019**  **2020 2021**  **2022**

**7.954 8.048**  **8.124 8.216**  **8.390 2,023.6**  **$ 2,017.2** 

**$ 2,006.6** 

**$ 2,000.6** 

**$ 2,014.2** 

**$ 1,085.6**  **$ 1,082.1** 

**$ 1,076.5** 

**$ 1,073.2** 

**$ 1,080.5** 

**$ 261.8**  **$ 261.0** 

**$ 259.6** 

**$ 258.8** 

**$ 260.6** 

**$ 101.2**  **$ 100.9** 

**$ 100.3** 

**$ 100.0** 

**$ 100.7** 

**$ 183.4**  **$ 182.8** 

**$ 181.9** 

**$ 181.3** 

**$ 182.5** 

**$**

**Std Yr 2018**  **2019 2020**  **2021 2022**  207.36 $ 204.28

$ 201.32

$ 198.46

$ 195.68

$ 0.302 0.305 0.308 0.312 0.318 62.6 $ 62.4

$ 62.1

$ 61.9

$ 62.3

$ 31.7 $ 31.6

$ 31.4

$ 31.3

$ 31.5

$ 9.0 $ 9.0

$ 9.0

$ 8.9

$ 9.0

$ 3.1 $ 3.1

$ 3.1

$ 3.1

$ 3.1

$ 6.6 $ 6.6

$ 6.5

$ 6.5

$ 6.6

$ 227.20 $ 223.82

$ 220.58

$ 217.45

$ 214.40

$ 2.001 2.025 2.044 2.067 2.111 454.6 $ 453.2

$ 450.8

$ 449.5

$ 452.5

$ 237.3 $ 236.6

$ 235.3

$ 234.6

$ 236.2

$ 63.4 $ 63.2

$ 62.8

$ 62.6

$ 63.1

$ 22.7 $ 22.7

$ 22.5

$ 22.5

$ 22.6

$ 43.2 $ 43.1

$ 42.9

$ 42.8

$ 43.0

$ 241.91 $ 238.31

$ 234.86

$ 231.53

$ 228.28

$ 2.597 2.628 2.653 2.683 2.740628.3

$ 626.4

$ 623.1

$ 621.2

$ 625.5

$ 327.5 $ 326.5

$ 324.8

$ 323.8

$ 326.0

$ 87.5 $ 87.2

$ 86.8

$ 86.5

$ 87.1

$ 31.4 $ 31.3

$ 31.2

$ 31.1

$ 31.3

$ 60.3 $ 60.1

$ 59.8

$ 59.6

$ 60.0

$ 282.53 $ 278.33

$ 274.30

$ 270.41

$ 266.61

$ 1.473 1.491 1.505 1.522 1.554 416.2 $ 414.9

$ 412.7

$ 411.5

$ 414.3

$ 232.6 $ 231.8

$ 230.6

$ 229.9

$ 231.5

$ 48.1 $ 47.9

$ 47.7

$ 47.5

$ 47.8

$ 20.8 $ 20.7

$ 20.6

$ 20.6

$ 20.7

$ 34.2 $ 34.1

$ 33.9

$ 33.8

$ 34.1

$ 288.99 $ 284.70

$ 280.57

$ 276.59

$ 272.71

$ 0.858 0.868 0.876 0.886 0.905 247.9 $ 247.1

$ 245.8

$ 245.1

$ 246.8

$ 138.0 $ 137.6

$ 136.9

$ 136.5

$ 137.4

$ 28.9 $ 28.8

$ 28.6

$ 28.6

$ 28.8

$ 12.4 $ 12.4

$ 12.3

$ 12.3

$ 12.3

$ 20.6 $ 20.5

$ 20.4

$ 20.4

$ 20.5

$ 297.43 $ 293.01

$ 288.76

$ 284.66

$ 280.67

$ 0.711 0.720 0.727 0.735 0.750 211.6 $ 210.9

$ 209.8

$ 209.2

$ 210.6

$ 117.1 $ 116.8

$ 116.2

$ 115.8

$ 116.6

$ 24.7 $ 24.6

$ 24.5

$ 24.4

$ 24.6

$ 10.6 $ 10.5

$ 10.5

$ 10.5

$ 10.5

$ 18.2 $ 18.2

$ 18.1

$ 18.0

$ 18.2

$ **2018 2019**  **2020 2021**  **2022** 7.942 8.037 8.113 8.205 8.378 2,021.2 $ 2,014.9

$ 2,004.3

$ 1,998.4

$ 2,012.0

$ 1,084.2 $ 1,080.8

$ 1,075.2

$ 1,072.0

$ 1,079.3

$ 261.5 $ 260.7

$ 259.3

$ 258.6

$ 260.3

$101.1

$ 100.7

$ 100.2

$ 99.9

$ 100.6

$ 183.2 $ 182.6

$ 181.7

$ 181.1

$ 182.4

$

**Std Yr 2018**  **2019 2020**  **2021 2022**  201.65 $ 198.65

$ 195.77

$ 192.99

$ 190.29

$ 0.003 0.003 0.003 0.003 0.003 0.6 $ 0.6

$ 0.5

$ 0.5

$ 0.5

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 202.73 $ 199.72

$ 196.83

$ 194.03

$ 191.31

$ 0.003 0.003 0.003 0.003 0.003 0.6 $ 0.6

$ 0.6

$ 0.5

$ 0.5

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 214.80 $ 211.61

$ 208.54

$ 205.58

$ 202.70

$ 0.006 0.006 0.006 0.006 0.006 1.2 $ 1.2

$ 1.2

$ 1.2

$ 1.1

$ 0.7 $ 0.7

$ 0.7

$ 0.7

$ 0.6

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2018 2019**  **2020 2021**  **2022** 0.011 0.011 0.011 0.011 0.011 2.3 $ 2.3

$ 2.3

$ 2.2

$ 2.2

$ 1.3 $ 1.3

$ 1.3

$ 1.3

$ 1.3

$0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$**2023 2024**  **2025 2026**  **2027**

**8.460 8.558**  **8.708 8.813**  **8.875 2,003.4**  **$ 1,999.4** 

**$ 2,007.3** 

**$ 2,005.1** 

**$ 1,993.6** 

**$ 1,074.7**  **$ 1,072.6** 

**$ 1,076.8** 

**$ 1,075.7** 

**$ 1,069.5** 

**$ 259.2**  **$ 258.7** 

**$ 259.7** 

**$ 259.4** 

**$ 257.9** 

**$ 100.2**  **$ 100.0** 

**$ 100.4** 

**$ 100.3** 

**$ 99.7** 

**$ 181.6**  **$ 181.2** 

**$ 181.9** 

**$ 181.7** 

**$ 180.7** 

**$**

**2023 2024**  **2025 2026**  **2027** 193.00 $ 190.41

$ 187.88

$ 185.44

$ 183.08

$ 0.321 0.325 0.330 0.334 0.337 62.0 $ 61.8

$ 62.1

$ 62.0

$ 61.7

$ 31.4 $ 31.3

$ 31.4

$ 31.4

$ 31.2

$ 9.0 $ 8.9

$ 9.0

$ 9.0

$ 8.9

$ 3.1 $ 3.1

$ 3.1

$ 3.1

$ 3.1

$ 6.5 $ 6.5

$ 6.6

$ 6.5

$ 6.5

$ 211.46 $ 208.62

$ 205.86

$ 203.18

$ 200.59

$ 2.129 2.153 2.191 2.217 2.233 450.1 $ 449.2

$ 451.0

$ 450.5

$ 447.9

$ 235.0 $ 234.5

$ 235.4

$ 235.2

$ 233.8

$ 62.7 $ 62.6

$ 62.9

$ 62.8

$ 62.4

$ 22.5 $ 22.5

$ 22.6

$ 22.5

$ 22.4

$ 42.8 $ 42.7

$ 42.9

$ 42.9

$ 42.6

$ 225.15 $ 222.13

$ 219.18

$ 216.33

$ 213.58

$ 2.763 2.795 2.844 2.878 2.899622.1

$ 620.9

$ 623.4

$ 622.7

$ 619.1

$ 324.3 $ 323.7

$ 324.9

$ 324.6

$ 322.7

$ 86.6 $ 86.5

$ 86.8

$ 86.7

$ 86.2

$ 31.1 $ 31.0

$ 31.2

$ 31.1

$ 31.0

$ 59.7 $ 59.6

$ 59.8

$ 59.7

$ 59.4

$ 262.96 $ 259.43

$ 255.99

$ 252.66

$ 249.44

$ 1.567 1.585 1.613 1.633 1.644 412.1 $ 411.3

$ 412.9

$ 412.5

$ 410.1

$ 230.3 $ 229.8

$ 230.7

$ 230.5

$ 229.1

$ 47.6 $ 47.5

$ 47.7

$ 47.6

$ 47.4

$ 20.6 $ 20.6

$ 20.6

$ 20.6

$ 20.5

$ 33.9 $ 33.8

$ 34.0

$ 33.9

$ 33.7

$ 268.98 $ 265.36

$ 261.84

$ 258.44

$ 255.15

$ 0.912 0.923 0.939 0.951 0.957 245.4 $ 244.9

$ 245.9

$ 245.7

$ 244.2

$ 136.7 $ 136.4

$ 136.9

$ 136.8

$ 136.0

$ 28.6 $ 28.5

$ 28.7

$ 28.6

$ 28.5

$ 12.3 $ 12.2

$ 12.3

$ 12.3

$ 12.2

$ 20.4 $ 20.4

$ 20.4

$ 20.4

$ 20.3

$ 276.83 $ 273.11

$ 269.49

$ 265.98

$ 262.60

$ 0.757 0.766 0.779 0.788 0.794 209.5 $ 209.1

$ 209.9

$ 209.7

$ 208.5

$ 116.0 $ 115.7

$ 116.2

$ 116.1

$ 115.4

$ 24.4 $ 24.4

$ 24.5

$ 24.5

$ 24.3

$ 10.5 $ 10.5

$ 10.5

$ 10.5

$ 10.4

$ 18.1 $ 18.0

$ 18.1

$ 18.1

$ 18.0

$ **2023 2024**  **2025 2026**  **2027** 8.449 8.547 8.697 8.802 8.864 2,001.3 $ 1,997.3

$ 2,005.2

$ 2,003.1

$ 1,991.6

$ 1,073.5 $ 1,071.4

$ 1,075.6

$ 1,074.5

$ 1,068.3

$ 258.9 $ 258.4

$ 259.4

$ 259.2

$ 257.7

$100.1

$ 99.9

$ 100.3

$ 100.2

$ 99.6

$ 181.4 $ 181.0

$ 181.8

$ 181.6

$ 180.5

$

**2023 2024**  **2025 2026**  **2027** 187.68 $ 185.16

$ 182.71

$ 180.33

$ 178.03

$ 0.003 0.003 0.003 0.003 0.003 0.5 $ 0.5

$ 0.5

$ 0.5

$ 0.5

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 188.69 $ 186.16

$ 183.69

$ 181.30

$ 178.99

$ 0.003 0.003 0.003 0.003 0.003 0.5 $ 0.5

$ 0.5

$ 0.5

$ 0.5

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 199.92 $ 197.23

$ 194.62

$ 192.09

$ 189.64

$ 0.006 0.006 0.006 0.005 0.005 1.1 $ 1.1

$ 1.1

$ 1.1

$ 1.0

$ 0.6 $ 0.6

$ 0.6

$ 0.6

$ 0.6

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2023 2024**  **2025 2026**  **2027** 0.011 0.011 0.011 0.011 0.011 2.2 $ 2.1

$ 2.1

$ 2.0

$ 2.0

$ 1.2 $ 1.2

$ 1.2

$ 1.2

$ 1.1

$0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$**2028 2029**  **2030 2031**  **2032**

**8.946 9.039**  **9.167 9.246**  **9.304 1,984.5**  **$ 1,980.6** 

**$ 1,984.3** 

**$ 1,977.9** 

**$ 1,967.2** 

**$ 1,064.6**  **$ 1,062.5** 

**$ 1,064.5** 

**$ 1,061.0** 

**$ 1,055.3** 

**$ 256.7**  **$ 256.2** 

**$ 256.7** 

**$ 255.9** 

**$ 254.5** 

**$ 99.2**  **$ 99.0** 

**$ 99.2** 

**$ 98.9** 

**$ 98.4** 

**$ 179.9**  **$ 179.5** 

**$ 179.8** 

**$ 179.3** 

**$ 178.3** 

**$**

**2028 2029**  **2030 2031**  **2032** 180.80 $ 178.58

$ 176.43

$ 174.34

$ 172.32

$ 0.340 0.343 0.348 0.351 0.353 61.4 $ 61.3

$ 61.4

$ 61.2

$ 60.9

$ 31.1 $ 31.0

$ 31.1

$ 31.0

$ 30.8

$ 8.9 $ 8.9

$ 8.9

$ 8.8

$ 8.8

$ 3.1 $ 3.1

$ 3.1

$ 3.1

$ 3.0

$ 6.5 $ 6.5

$ 6.5

$ 6.5

$ 6.4

$ 198.09 $ 195.67

$ 193.31

$ 191.02

$ 188.80

$ 2.251 2.274 2.307 2.327 2.341 445.9 $ 445.0

$ 445.9

$ 444.4

$ 442.0

$ 232.8 $ 232.3

$ 232.7

$ 232.0

$ 230.7

$ 62.1 $ 62.0

$ 62.1

$ 61.9

$ 61.6

$ 22.3 $ 22.3

$ 22.3

$ 22.2

$ 22.1

$ 42.4 $ 42.3

$ 42.4

$ 42.3

$ 42.0

$ 210.92 $ 208.33

$ 205.82

$ 203.38

$ 201.02

$ 2.922 2.953 2.994 3.020 3.039616.3

$ 615.1

$ 616.3

$ 614.3

$ 611.0

$ 321.3 $ 320.6

$ 321.2

$ 320.2

$ 318.5

$ 85.8 $ 85.7

$ 85.8

$ 85.5

$ 85.1

$ 30.8 $ 30.8

$ 30.8

$ 30.7

$ 30.5

$ 59.1 $ 59.0

$ 59.1

$ 58.9

$ 58.6

$ 246.33 $ 243.32

$ 240.38

$ 237.54

$ 234.78

$ 1.657 1.675 1.698 1.713 1.724 408.3 $ 407.5

$ 408.2

$ 406.9

$ 404.7

$ 228.1 $ 227.7

$ 228.1

$ 227.4

$ 226.1

$ 47.1 $ 47.0

$ 47.1

$ 47.0

$ 46.7

$ 20.4 $ 20.4

$ 20.4

$ 20.3

$ 20.2

$ 33.6 $ 33.5

$ 33.6

$ 33.5

$ 33.3

$ 251.97 $ 248.88

$ 245.88

$ 242.97

$ 240.15

$ 0.965 0.975 0.989 0.997 1.004 243.1 $ 242.7

$ 243.1

$ 242.3

$ 241.0

$ 135.4 $ 135.1

$ 135.4

$ 134.9

$ 134.2

$ 28.3 $ 28.3

$ 28.3

$ 28.2

$ 28.1

$ 12.2 $ 12.1

$ 12.2

$ 12.1

$ 12.1

$ 20.2 $ 20.2

$ 20.2

$ 20.1

$ 20.0

$ 259.32 $ 256.15

$ 253.06

$ 250.06

$ 247.16

$ 0.800 0.809 0.820 0.827 0.832 207.5 $ 207.1

$ 207.5

$ 206.9

$ 205.7

$ 114.9 $ 114.7

$ 114.9

$ 114.5

$ 113.9

$ 24.2 $ 24.2

$ 24.2

$ 24.1

$ 24.0

$ 10.4 $ 10.4

$ 10.4

$ 10.3

$ 10.3

$ 17.9 $ 17.9

$ 17.9

$ 17.8

$ 17.7

$ **2028 2029**  **2030 2031**  **2032** 8.935 9.028 9.156 9.236 9.294 1,982.6 $ 1,978.7

$ 1,982.4

$ 1,976.0

$ 1,965.3

$ 1,063.5 $ 1,061.4

$ 1,063.4

$ 1,060.0

$ 1,054.2

$ 256.5 $ 256.0

$ 256.5

$ 255.7

$ 254.3

$99.1

$ 98.9

$ 99.1

$ 98.8

$ 98.3

$ 179.7 $ 179.4

$ 179.7

$ 179.1

$ 178.1

$

**2028 2029**  **2030 2031**  **2032** 175.81 $ 173.66

$ 171.57

$ 169.54

$ 167.57

$ 0.003 0.003 0.003 0.003 0.003 0.5 $ 0.5

$ 0.5

$ 0.5

$ 0.4

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 176.76 $ 174.60

$ 172.49

$ 170.45

$ 168.47

$ 0.003 0.003 0.003 0.003 0.003 0.5 $ 0.5

$ 0.5

$ 0.5

$ 0.4

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 187.28 $ 184.99

$ 182.75

$ 180.59

$ 178.49

$ 0.005 0.005 0.005 0.005 0.005 1.0 $ 1.0

$ 1.0

$ 1.0

$ 0.9

$ 0.6 $ 0.6

$ 0.6

$ 0.5

$ 0.5

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2028 2029**  **2030 2031**  **2032** 0.011 0.011 0.011 0.011 0.011 2.0 $ 1.9

$ 1.9

$ 1.9

$ 1.8

$ 1.1 $ 1.1

$ 1.1

$ 1.1

$ 1.0

$0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$**2033 2034**  **2035 2036**  **2037**

**9.400 9.513**  **9.602 9.707**  **9.808 1,964.7**  **$ 1,966.0** 

**$ 1,962.4** 

**$ 1,962.2** 

**$ 1,961.4** 

**$ 1,053.9**  **$ 1,054.7** 

**$ 1,052.7** 

**$ 1,052.6** 

**$ 1,052.2** 

**$ 254.2**  **$ 254.3** 

**$ 253.9** 

**$ 253.9** 

**$ 253.7** 

**$ 98.2**  **$ 98.3** 

**$ 98.1** 

**$ 98.1** 

**$ 98.1** 

**$ 178.1**  **$ 178.2** 

**$ 177.9** 

**$ 177.8** 

**$ 177.8** 

**$**

**2033 2034**  **2035 2036**  **2037** 170.35 $ 168.43

$ 166.57

$ 164.75

$ 162.98

$ 0.357 0.361 0.364 0.368 0.372 60.8 $ 60.8

$ 60.7

$ 60.7

$ 60.7

$ 30.8 $ 30.8

$ 30.7

$ 30.7

$ 30.7

$ 8.8 $ 8.8

$ 8.8

$ 8.8

$ 8.8

$ 3.0 $ 3.0

$ 3.0

$ 3.0

$ 3.0

$ 6.4 $ 6.4

$ 6.4

$ 6.4

$ 6.4

$ 186.65 $ 184.54

$ 182.50

$ 180.51

$ 178.57

$ 2.365 2.394 2.416 2.443 2.468 441.5 $ 441.8

$ 441.0

$ 440.9

$ 440.8

$ 230.4 $ 230.6

$ 230.2

$ 230.2

$ 230.1

$ 61.5 $ 61.6

$ 61.5

$ 61.5

$ 61.4

$ 22.1 $ 22.1

$ 22.0

$ 22.0

$ 22.0

$ 42.0 $ 42.0

$ 41.9

$ 41.9

$ 41.9

$ 198.73 $ 196.49

$ 194.32

$ 192.19

$ 190.13

$ 3.071 3.108 3.137 3.171 3.204610.2

$ 610.6

$ 609.5

$ 609.5

$ 609.2

$ 318.1 $ 318.3

$ 317.7

$ 317.7

$ 317.6

$ 85.0 $ 85.0

$ 84.9

$ 84.9

$ 84.8

$ 30.5 $ 30.5

$ 30.5

$ 30.5

$ 30.5

$ 58.5 $ 58.6

$ 58.5

$ 58.5

$ 58.5

$ 232.10 $ 229.49

$ 226.95

$ 224.47

$ 222.05

$ 1.741 1.763 1.779 1.798 1.817 404.2 $ 404.5

$ 403.7

$ 403.7

$ 403.5

$ 225.8 $ 226.0

$ 225.6

$ 225.6

$ 225.5

$ 46.7 $ 46.7

$ 46.6

$ 46.6

$ 46.6

$ 20.2 $ 20.2

$ 20.2

$ 20.2

$ 20.2

$ 33.2 $ 33.3

$ 33.2

$ 33.2

$ 33.2

$ 237.41 $ 234.74

$ 232.14

$ 229.60

$ 227.13

$ 1.014 1.026 1.036 1.047 1.058 240.7 $ 240.9

$ 240.4

$ 240.4

$ 240.3

$ 134.0 $ 134.1

$ 133.9

$ 133.9

$ 133.8

$ 28.1 $ 28.1

$ 28.0

$ 28.0

$ 28.0

$ 12.0 $ 12.0

$ 12.0

$ 12.0

$ 12.0

$ 20.0 $ 20.0

$ 20.0

$ 20.0

$ 20.0

$ 244.34 $ 241.59

$ 238.91

$ 236.30

$ 233.76

$ 0.841 0.851 0.859 0.869 0.878 205.5 $ 205.6

$ 205.2

$ 205.2

$ 205.1

$ 113.8 $ 113.8

$ 113.6

$ 113.6

$ 113.6

$ 24.0 $ 24.0

$ 23.9

$ 23.9

$ 23.9

$ 10.3 $ 10.3

$ 10.3

$ 10.3

$ 10.3

$ 17.7 $ 17.7

$ 17.7

$ 17.7

$ 17.7

$ **2033 2034**  **2035 2036**  **2037** 9.389 9.503 9.591 9.696 9.798 1,962.9 $ 1,964.2

$ 1,960.6

$ 1,960.5

$ 1,959.7

$ 1,052.9 $ 1,053.7

$ 1,051.7

$ 1,051.6

$ 1,051.2

$ 254.0 $ 254.1

$ 253.7

$ 253.7

$ 253.6

$98.1

$ 98.2

$ 98.0

$ 98.0

$ 98.0

$ 177.9 $ 178.0

$ 177.7

$ 177.7

$ 177.6

$

**2033 2034**  **2035 2036**  **2037** 165.66 $ 163.79

$ 161.98

$ 160.21

$ 158.49

$ 0.003 0.003 0.003 0.003 0.003 0.4 $ 0.4

$ 0.4

$ 0.4

$ 0.4

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 166.55 $ 164.67

$ 162.85

$ 161.07

$ 159.34

$ 0.003 0.003 0.003 0.003 0.003 0.4 $ 0.4

$ 0.4

$ 0.4

$ 0.4

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 176.46 $ 174.47

$ 172.54

$ 170.66

$ 168.82

$ 0.005 0.005 0.005 0.005 0.005 0.9 $ 0.9

$ 0.9

$ 0.9

$ 0.9

$ 0.5 $ 0.5

$ 0.5

$ 0.5

$ 0.5

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2033 2034**  **2035 2036**  **2037** 0.011 0.010 0.010 0.010 0.010 1.8 $ 1.8

$ 1.7

$ 1.7

$ 1.7

$ 1.0 $ 1.0

$ 1.0

$ 1.0

$ 1.0

$0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$**2038 2039**  **2040 2041**  **2042**

**9.911 10.011**  **10.109 10.208**  **10.305 1,960.9**  **$ 1,960.0** 

**$ 1,958.8** 

**$ 1,957.8** 

**$ 1,956.7** 

**$ 1,051.9**  **$ 1,051.5** 

**$ 1,050.8** 

**$ 1,050.3** 

**$ 1,049.6** 

**$ 253.7**  **$ 253.6** 

**$ 253.4** 

**$ 253.3** 

**$ 253.1** 

**$ 98.0**  **$ 98.0** 

**$ 97.9** 

**$ 97.9** 

**$ 97.8** 

**$ 177.7**  **$ 177.6** 

**$ 177.5** 

**$ 177.4** 

**$ 177.3** 

**$**

**2038 2039**  **2040 2041**  **2042** 161.25 $ 159.56

$ 157.91

$ 156.31

$ 154.74

$ 0.376 0.380 0.384 0.388 0.391 60.7 $ 60.6

$ 60.6

$ 60.6

$ 60.5

$ 30.7 $ 30.7

$ 30.7

$ 30.7

$ 30.7

$ 8.8 $ 8.8

$ 8.8

$ 8.8

$ 8.8

$ 3.0 $ 3.0

$ 3.0

$ 3.0

$ 3.0

$ 6.4 $ 6.4

$ 6.4

$ 6.4

$ 6.4

$ 176.67 $ 174.83

$ 173.02

$ 171.26

$ 169.55

$ 2.494 2.520 2.544 2.569 2.594 440.7 $ 440.5

$ 440.2

$ 440.0

$ 439.7

$ 230.0 $ 229.9

$ 229.8

$ 229.7

$ 229.5

$ 61.4 $ 61.4

$ 61.4

$ 61.3

$ 61.3

$ 22.0 $ 22.0

$ 22.0

$ 22.0

$ 22.0

$ 41.9 $ 41.9

$ 41.9

$ 41.8

$ 41.8

$ 188.11 $ 186.14

$ 184.22

$ 182.35

$ 180.52

$ 3.238 3.271 3.303 3.335 3.367609.1

$ 608.8

$ 608.4

$ 608.1

$ 607.8

$ 317.5 $ 317.3

$ 317.2

$ 317.0

$ 316.8

$ 84.8 $ 84.8

$ 84.7

$ 84.7

$ 84.6

$ 30.5 $ 30.4

$ 30.4

$ 30.4

$ 30.4

$ 58.4 $ 58.4

$ 58.4

$ 58.3

$ 58.3

$ 219.70 $ 217.40

$ 215.16

$ 212.97

$ 210.83

$ 1.836 1.855 1.873 1.891 1.910 403.4 $ 403.3

$ 403.0

$ 402.8

$ 402.6

$ 225.4 $ 225.3

$ 225.2

$ 225.1

$ 224.9

$ 46.6 $ 46.6

$ 46.5

$ 46.5

$ 46.5

$ 20.2 $ 20.2

$ 20.2

$ 20.1

$ 20.1

$ 33.2 $ 33.2

$ 33.1

$ 33.1

$ 33.1

$ 224.72 $ 222.37

$ 220.08

$ 217.84

$ 215.66

$ 1.069 1.080 1.091 1.101 1.112 240.3 $ 240.2

$ 240.0

$ 239.9

$ 239.8

$ 133.8 $ 133.7

$ 133.6

$ 133.6

$ 133.5

$ 28.0 $ 28.0

$ 28.0

$ 28.0

$ 27.9

$ 12.0 $ 12.0

$ 12.0

$ 12.0

$ 12.0

$ 20.0 $ 20.0

$ 20.0

$ 19.9

$ 19.9

$ 231.28 $ 228.86

$ 226.50

$ 224.20

$ 221.95

$ 0.887 0.896 0.905 0.913 0.922 205.1 $ 205.0

$ 204.9

$ 204.8

$ 204.7

$ 113.5 $ 113.5

$ 113.4

$ 113.4

$ 113.3

$ 23.9 $ 23.9

$ 23.9

$ 23.9

$ 23.9

$ 10.3 $ 10.3

$ 10.2

$ 10.2

$ 10.2

$ 17.7 $ 17.7

$ 17.7

$ 17.7

$ 17.6

$ **2038 2039**  **2040 2041**  **2042** 9.901 10.001 10.099 10.198 10.295 1,959.2 $ 1,958.4

$ 1,957.2

$ 1,956.2

$ 1,955.1

$ 1,051.0 $ 1,050.5

$ 1,049.9

$ 1,049.3

$ 1,048.8

$ 253.5 $ 253.4

$ 253.2

$ 253.1

$ 253.0

$98.0

$ 97.9

$ 97.9

$ 97.8

$ 97.8

$ 177.6 $ 177.5

$ 177.4

$ 177.3

$ 177.2

$

**2038 2039**  **2040 2041**  **2042** 156.80 $ 155.16

$ 153.56

$ 152.00

$ 150.48

$ 0.003 0.003 0.003 0.003 0.003 0.4 $ 0.4

$ 0.4

$ 0.4

$ 0.4

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 157.65 $ 156.00

$ 154.39

$ 152.82

$ 151.29

$ 0.003 0.003 0.003 0.003 0.003 0.4 $ 0.4

$ 0.4

$ 0.4

$ 0.4

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 167.03 $ 165.28

$ 163.58

$ 161.91

$ 160.29

$ 0.005 0.005 0.005 0.005 0.005 0.9 $ 0.8

$ 0.8

$ 0.8

$ 0.8

$ 0.5 $ 0.5

$ 0.5

$ 0.5

$ 0.5

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2038 2039**  **2040 2041**  **2042** 0.010 0.010 0.010 0.010 0.010 1.7 $ 1.6

$ 1.6

$ 1.6

$ 1.6

$ 0.9 $ 0.9

$ 0.9

$ 0.9

$ 0.9

$0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$**2043 2044**  **2045 2046**  **2047**

**10.402 10.499**  **10.595 10.691**  **10.787 1,955.6**  **$ 1,954.4** 

**$ 1,953.3** 

**$ 1,952.3** 

**$ 1,951.3** 

**$ 1,049.0**  **$ 1,048.4** 

**$ 1,047.8** 

**$ 1,047.3** 

**$ 1,046.8** 

**$ 253.0**  **$ 252.8** 

**$ 252.7** 

**$ 252.6** 

**$ 252.4** 

**$ 97.8**  **$ 97.7** 

**$ 97.7** 

**$ 97.6** 

**$ 97.6** 

**$ 177.2**  **$ 177.1** 

**$ 177.0** 

**$ 176.9** 

**$ 176.9** 

**$**

**Term Yr 2043**  **2044 2045**  **2046 2047**  153.21 $ 151.71

$ 150.25

$ 148.82

$ 147.42

$ 0.395 0.399 0.402 0.406 0.410 60.5 $ 60.5

$ 60.4

$ 60.4

$ 60.4

$ 30.6 $ 30.6

$ 30.6

$ 30.6

$ 30.6

$ 8.7 $ 8.7

$ 8.7

$ 8.7

$ 8.7

$ 3.0 $ 3.0

$ 3.0

$ 3.0

$ 3.0

$ 6.4 $ 6.4

$ 6.4

$ 6.4

$ 6.4

$ 167.87 $ 166.23

$ 164.63

$ 163.06

$ 161.53

$ 2.618 2.642 2.667 2.691 2.715 439.5 $ 439.2

$ 439.0

$ 438.8

$ 438.6

$ 229.4 $ 229.3

$ 229.1

$ 229.0

$ 228.9

$ 61.3 $ 61.2

$ 61.2

$ 61.1

$ 61.1

$ 22.0 $ 22.0

$ 21.9

$ 21.9

$ 21.9

$ 41.8 $ 41.8

$ 41.8

$ 41.7

$ 41.7

$ 178.73 $ 176.99

$ 175.28

$ 173.61

$ 171.98

$ 3.399 3.430 3.462 3.493 3.524607.4

$ 607.1

$ 606.8

$ 606.4

$ 606.1

$ 316.6 $ 316.5

$ 316.3

$ 316.1

$ 316.0

$ 84.6 $ 84.5

$ 84.5

$ 84.4

$ 84.4

$ 30.4 $ 30.4

$ 30.3

$ 30.3

$ 30.3

$ 58.3 $ 58.2

$ 58.2

$ 58.2

$ 58.2

$ 208.75 $ 206.71

$ 204.72

$ 202.77

$ 200.86

$ 1.928 1.945 1.963 1.981 1.999 402.4 $ 402.1

$ 401.9

$ 401.7

$ 401.5

$ 224.8 $ 224.7

$ 224.6

$ 224.5

$ 224.3

$ 46.5 $ 46.4

$ 46.4

$ 46.4

$ 46.4

$ 20.1 $ 20.1

$ 20.1

$ 20.1

$ 20.1

$ 33.1 $ 33.1

$ 33.1

$ 33.0

$ 33.0

$ 213.52 $ 211.44

$ 209.40

$ 207.41

$ 205.46

$ 1.122 1.133 1.143 1.153 1.164 239.6 $ 239.5

$ 239.4

$ 239.2

$ 239.1

$ 133.4 $ 133.4

$ 133.3

$ 133.2

$ 133.1

$ 27.9 $ 27.9

$ 27.9

$ 27.9

$ 27.9

$ 12.0 $ 12.0

$ 12.0

$ 12.0

$ 12.0

$ 19.9 $ 19.9

$ 19.9

$ 19.9

$ 19.9

$ 219.76 $ 217.61

$ 215.51

$ 213.46

$ 211.46

$ 0.931 0.939 0.948 0.957 0.965 204.6 $ 204.4

$ 204.3

$ 204.2

$ 204.1

$ 113.2 $ 113.2

$ 113.1

$ 113.1

$ 113.0

$ 23.9 $ 23.8

$ 23.8

$ 23.8

$ 23.8

$ 10.2 $ 10.2

$ 10.2

$ 10.2

$ 10.2

$ 17.6 $ 17.6

$ 17.6

$ 17.6

$ 17.6

$ **2043 2044**  **2045 2046**  **2047** 10.392 10.489 10.585 10.681 10.777 1,954.0 $ 1,952.9

$ 1,951.8

$ 1,950.8

$ 1,949.8

$ 1,048.2 $ 1,047.6

$ 1,047.0

$ 1,046.4

$ 1,045.9

$ 252.8 $ 252.7

$ 252.5

$ 252.4

$ 252.3

$97.7

$ 97.6

$ 97.6

$ 97.5

$ 97.5

$ 177.1 $ 177.0

$ 176.9

$ 176.8

$ 176.7

$

**Term Yr 2043**  **2044 2045**  **2046 2047**  148.99 $ 147.53

$ 146.11

$ 144.72

$ 143.36

$ 0.003 0.003 0.003 0.002 0.002 0.4 $ 0.4

$ 0.4

$ 0.4

$ 0.4

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 149.79 $ 148.33

$ 146.90

$ 145.50

$ 144.13

$ 0.003 0.003 0.003 0.002 0.002 0.4 $ 0.4

$ 0.4

$ 0.4

$ 0.4

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 158.70 $ 157.15

$ 155.64

$ 154.16

$ 152.71

$ 0.005 0.005 0.005 0.005 0.005 0.8 $ 0.8

$ 0.8

$ 0.8

$ 0.8

$ 0.5 $ 0.5

$ 0.4

$ 0.4

$ 0.4

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2043 2044**  **2045 2046**  **2047** 0.010 0.010 0.010 0.010 0.010 1.6 $ 1.5

$ 1.5

$ 1.5

$ 1.5

$ 0.9 $ 0.9

$ 0.9

$ 0.8

$ 0.8

$0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$**Navigation**

**INDUSTRY TOTAL FOR SELECTED PRODUCT CLASSES 2011**  **2012 Industry Total Unit Sales (MM)**  **6.983 7.630**  **Industry Total Revenues (MM) 1,975.4**  **$ 2,119.0** 

**$ Industry Total Materials**  **1,058.3 $**  **1,135.2**

**$ Industry Total Labor**  **256.7 $**  **275.3**

**$ Industry Total Depreciation**  **98.8 $**  **105.9**

**$ Industry Total Overhead**  **179.3 $**  **192.4**

**$**

**TSL 4 Ancmt Yr**  **PC1 2011**  **2012 Baseline**  Unit Price 232.70 $ 228.45

$ Unit Sales (MM) 0.265 0.289 Revenues (MM) 61.6 $ 66.1

$ Materials 31.2 $ 33.5

$ Labor 8.9 $ 9.6

$ Depreciation 3.1 $ 3.3

$ Overhead 6.5 $ 7.0

$ **EL 1** Unit Price 254.96 $ 250.31

$ Unit Sales (MM) 2.252 2.461 Revenues (MM) 574.1 $ 615.9

$ Materials 299.6 $ 321.5

$ Labor 80.0 $ 85.8

$ Depreciation 28.7 $ 30.8

$ Overhead 54.6 $ 58.6

$ **EL 2** Unit Price 271.46 $ 266.51

$ Unit Sales (MM) 1.952 2.133 **Standards Case Revenue & Cost**Revenues (MM) 529.8 $ 568.4

$ Materials 276.2 $ 296.3

$ Labor 73.8 $ 79.1

$ Depreciation 26.5 $ 28.4

$ Overhead 50.8 $ 54.5

$ **EL 3** Unit Price 317.05 $ 311.27

$ Unit Sales (MM) 1.146 1.253 Revenues (MM) 363.5 $ 389.9

$ Materials 203.1 $ 217.9

$ Labor 42.0 $ 45.0

$ Depreciation 18.2 $ 19.5

$ Overhead 29.9 $ 32.1

$ **EL 4** Unit Price 324.30 $ 318.38

$ Unit Sales (MM) 0.965 1.054 Revenues (MM) 312.9 $ 335.7

$ Materials 174.2 $ 186.9

$ Labor 36.5 $ 39.1

$ Depreciation 15.6 $ 16.8

$ Overhead 26.0 $ 27.9

$ **EL 5** Unit Price 333.77 $ 327.68

$ Unit Sales (MM) 0.392 0.428 Revenues (MM) 130.7 $ 140.2

$ Materials 72.4 $ 77.6

$ Labor 15.2 $ 16.4

$ Depreciation 6.5 $ 7.0

$ Overhead 11.3 $ 12.1

$ **TOTA LS**  **2011 2012**  Total Unit Sales (MM) 6.971 7.618 Total Revenues (MM) 1,972.5 $ 2,116.3

$ Total Materials 1,056.7 $ 1,133.7

$ Total Labor 256.4 $ 275.0

$Total Depreciation 98.6 $ 105.8

$ Total Overhead 179.1 $ 192.2

$ **TSL 4 Ancmt Yr**  **PC2 2011**  **2012 Baseline**  Unit Price 226.28 $ 222.16

$ Unit Sales (MM) 0.003 0.003 Revenues (MM) 0.7 $ 0.7

$ Materials 0.4 $ 0.4

$ Labor 0.1 $ 0.1

$ Depreciation 0.0 $ 0.0

$ Overhead 0.1 $ 0.1

$ **EL 1** Unit Price 227.50 $ 223.35

$ Unit Sales (MM) 0.003 0.003 Revenues (MM) 0.7 $ 0.7

$ Materials 0.4 $ 0.4

$ Labor 0.1 $ 0.1

$ Depreciation 0.0 $ 0.0

$ Overhead 0.1 $ 0.1

$ **EL 2** Unit Price 241.04 $ 236.64

$ Unit Sales (MM) 0.006 0.006 Revenues (MM) 1.5 $ 1.4

$ Materials 0.8 $ 0.8

$ Labor 0.2 $ 0.2

$ Depreciation 0.1 $ 0.1

$ Overhead 0.1 $ 0.1

$ **TOTA LS**  **2011 2012**  Total Unit Sales (MM) 0.012 0.012 Total Revenues (MM) 2.9 $ 2.7

$ Total Materials 1.6 $ 1.5

$Total Labor 0.3 $ 0.3

$ Total Depreciation 0.1 $ 0.1

$ Total Overhead 0.2 $ 0.2

$**2013 2014**  **2015 2016**  **2017**

**7.414 7.332**  **7.605 7.753**  **7.852 2,024.0**  **$ 1,974.9** 

**$ 2,021.2** 

**$ 2,030.0** 

**$ 2,026.3** 

**$ 1,084.3**  **$ 1,058.3** 

**$ 1,083.4** 

**$ 1,088.4** 

**$ 1,086.7** 

**$ 263.0**  **$ 256.4** 

**$ 262.1** 

**$ 263.0** 

**$ 262.3** 

**$ 101.2**  **$ 98.7** 

**$ 101.1** 

**$ 101.5** 

**$ 101.3** 

**$ 183.7**  **$ 179.3** 

**$ 183.4** 

**$ 184.2** 

**$ 183.7** 

**$**

**2013 2014**  **2015 2016**  **2017** 224.56 $ 220.92

$ 217.34

$ 213.89

$ 210.56

$ 0.281 0.278 0.289 0.294 0.298 63.2 $ 61.5

$ 62.7

$ 62.9

$ 62.7

$ 32.0 $ 31.1

$ 31.8

$ 31.9

$ 31.8

$ 9.1 $ 8.9

$ 9.1

$ 9.1

$ 9.1

$ 3.2 $ 3.1

$ 3.1

$ 3.1

$ 3.1

$ 6.7 $ 6.5

$ 6.6

$ 6.6

$ 6.6

$ 246.05 $ 242.06

$ 238.14

$ 234.35

$ 230.71

$ 2.391 2.151 2.009 2.016 2.008 588.3 $ 520.6

$ 478.4

$ 472.4

$ 463.3

$ 307.1 $ 271.7

$ 249.7

$ 246.6

$ 241.9

$ 82.0 $ 72.6

$ 66.7

$ 65.8

$ 64.6

$ 29.4 $ 26.0

$ 23.9

$ 23.6

$ 23.2

$ 56.0 $ 49.5

$ 45.5

$ 44.9

$ 44.1

$ 261.97 $ 257.73

$ 253.55

$ 249.52

$ 245.64

$ 2.072 2.222 2.483 2.532 2.564542.9

$ 572.6

$ 629.7

$ 631.7

$ 629.9

$ 283.0 $ 298.5

$ 328.2

$ 329.3

$ 328.3

$ 75.6 $ 79.7

$ 87.7

$ 88.0

$ 87.7

$ 27.1 $ 28.6

$ 31.5

$ 31.6

$ 31.5

$ 52.1 $ 54.9

$ 60.4

$ 60.6

$ 60.4

$ 305.97 $ 301.01

$ 296.13

$ 291.42

$ 286.89

$ 1.217 1.281 1.408 1.436 1.454 372.5 $ 385.6

$ 417.1

$ 418.4

$ 417.2

$ 208.1 $ 215.4

$ 233.0

$ 233.8

$ 233.1

$ 43.0 $ 44.5

$ 48.2

$ 48.3

$ 48.2

$ 18.6 $ 19.3

$ 20.9

$ 20.9

$ 20.9

$ 30.6 $ 31.7

$ 34.3

$ 34.4

$ 34.3

$ 312.96 $ 307.89

$ 302.90

$ 298.08

$ 293.45

$ 1.025 0.884 0.783 0.811 0.834 320.7 $ 272.2

$ 237.2

$ 241.7

$ 244.8

$ 178.5 $ 151.6

$ 132.1

$ 134.6

$ 136.3

$ 37.4 $ 31.7

$ 27.6

$ 28.2

$ 28.5

$ 16.0 $ 13.6

$ 11.9

$ 12.1

$ 12.2

$ 26.7 $ 22.6

$ 19.7

$ 20.1

$ 20.3

$ 322.10 $ 316.88

$ 311.75

$ 306.79

$ 302.02

$ 0.416 0.505 0.621 0.653 0.682 133.9 $ 160.0

$ 193.6

$ 200.4

$ 206.0

$ 74.2 $ 88.6

$ 107.2

$ 110.9

$ 114.0

$ 15.6 $ 18.7

$ 22.6

$ 23.4

$ 24.0

$ 6.7 $ 8.0

$ 9.7

$ 10.0

$ 10.3

$ 11.6 $ 13.8

$ 16.7

$ 17.3

$ 17.8

$ **2013 2014**  **2015 2016**  **2017** 7.403 7.321 7.594 7.742 7.841 2,021.5 $ 1,972.5

$ 2,018.7

$ 2,027.6

$ 2,023.9

$ 1,082.9 $ 1,056.9

$ 1,082.0

$ 1,087.0

$ 1,085.4

$ 262.7 $ 256.1

$ 261.8

$ 262.7

$ 262.1

$101.1

$ 98.6

$ 100.9

$ 101.4

$ 101.2

$ 183.6 $ 179.1

$ 183.3

$ 184.0

$ 183.5

$

**2013 2014**  **2015 2016**  **2017** 218.38 $ 214.84

$ 211.36

$ 207.99

$ 204.76

$ 0.003 0.003 0.003 0.003 0.003 0.6 $ 0.6

$ 0.6

$ 0.6

$ 0.6

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 219.55 $ 215.99

$ 212.49

$ 209.11

$ 205.86

$ 0.003 0.003 0.003 0.003 0.003 0.6 $ 0.6

$ 0.6

$ 0.6

$ 0.6

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 0.0 $ 0.0

$ 0.0

$ 0.0

$ 0.0

$ 232.61 $ 228.84

$ 225.14

$ 221.56

$ 218.11

$ 0.006 0.005 0.006 0.006 0.006 1.3 $ 1.2

$ 1.3

$ 1.2

$ 1.2

$ 0.7 $ 0.7

$ 0.7

$ 0.7

$ 0.7

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2013 2014**  **2015 2016**  **2017** 0.011 0.011 0.011 0.011 0.011 2.5 $ 2.4

$ 2.4

$ 2.4

$ 2.4

$ 1.4 $ 1.4

$ 1.4

$ 1.4

$ 1.3

$0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$**2018 2019**  **2020 2021**  **2022**

**7.889 8.000**  **8.087 8.186**  **8.365 2,330.9**  **$ 2,328.7** 

**$ 2,319.8** 

**$ 2,314.8** 

**$ 2,332.4** 

**$ 1,298.5**  **$ 1,297.2** 

**$ 1,292.3** 

**$ 1,289.5** 

**$ 1,299.3** 

**$ 273.5**  **$ 273.3** 

**$ 272.2** 

**$ 271.6** 

**$ 273.7** 

**$ 117.3**  **$ 117.2** 

**$ 116.7** 

**$ 116.5** 

**$ 117.3** 

**$ 202.2**  **$ 202.0** 

**$ 201.3** 

**$ 200.8** 

**$ 202.4** 

**$**

**Std Yr 2018**  **2019 2020**  **2021 2022** 

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - --

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 295.59 $ 291.19

$ 286.97

$ 282.90

$ 278.93

$ 7.878 7.989 8.076 8.174 8.354 2,328.5 $ 2,326.3

$ 2,317.5

$ 2,312.5

$ 2,330.1

$ 1,297.1 $ 1,295.8

$ 1,290.9

$ 1,288.2

$ 1,298.0

$ 273.3 $ 273.0

$ 272.0

$ 271.4

$ 273.4

$ 117.2 $ 117.0

$ 116.6

$ 116.3

$ 117.2

$ 202.0 $ 201.9

$ 201.1

$ 200.7

$ 202.2

$ **2018 2019**  **2020 2021**  **2022** 7.878 7.989 8.076 8.174 8.354 2,328.5 $ 2,326.3

$ 2,317.5

$ 2,312.5

$ 2,330.1

$ 1,297.1 $ 1,295.8

$ 1,290.9

$ 1,288.2

$ 1,298.0

$ 273.3 $ 273.0

$ 272.0

$ 271.4

$ 273.4

$117.2

$ 117.0

$ 116.6

$ 116.3

$ 117.2

$ 202.0 $ 201.9

$ 201.1

$ 200.7

$ 202.2

$

**Std Yr 2018**  **2019 2020**  **2021 2022** 

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 214.49 $ 211.31

$ 208.24

$ 205.29

$ 202.41

$ 0.011 0.011 0.011 0.011 0.011 2.4 $ 2.4

$ 2.3

$ 2.3

$ 2.3

$ 1.4 $ 1.4

$ 1.3

$ 1.3

$ 1.3

$ 0.3 $ 0.3

$ 0.3

$ 0.3

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ **2018 2019**  **2020 2021**  **2022** 0.011 0.011 0.011 0.011 0.011 2.4 $ 2.4

$ 2.3

$ 2.3

$ 2.3

$ 1.4 $ 1.4

$ 1.3

$ 1.3

$ 1.3

$0.3

$ 0.3

$ 0.3

$ 0.3

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$**2023 2024**  **2025 2026**  **2027**

**8.438 8.539**  **8.690 8.797**  **8.862 2,320.6**  **$ 2,316.7** 

**$ 2,326.5** 

**$ 2,324.6** 

**$ 2,311.8** 

**$ 1,292.7**  **$ 1,290.5** 

**$ 1,296.0** 

**$ 1,294.9** 

**$ 1,287.8** 

**$ 272.3**  **$ 271.9** 

**$ 273.0** 

**$ 272.8** 

**$ 271.3** 

**$ 116.8**  **$ 116.6** 

**$ 117.1** 

**$ 117.0** 

**$ 116.3** 

**$ 201.3**  **$ 201.0** 

**$ 201.9** 

**$ 201.7** 

**$ 200.6** 

**$**

**2023 2024**  **2025 2026**  **2027**

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - --

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 275.11 $ 271.42

$ 267.82

$ 264.33

$ 260.97

$ 8.427 8.528 8.679 8.786 8.851 2,318.4 $ 2,314.5

$ 2,324.4

$ 2,322.5

$ 2,309.8

$ 1,291.4 $ 1,289.3

$ 1,294.8

$ 1,293.7

$ 1,286.6

$ 272.1 $ 271.6

$ 272.8

$ 272.6

$ 271.1

$ 116.6 $ 116.4

$ 116.9

$ 116.8

$ 116.2

$ 201.2 $ 200.8

$ 201.7

$ 201.5

$ 200.4

$ **2023 2024**  **2025 2026**  **2027** 8.427 8.528 8.679 8.786 8.851 2,318.4 $ 2,314.5

$ 2,324.4

$ 2,322.5

$ 2,309.8

$ 1,291.4 $ 1,289.3

$ 1,294.8

$ 1,293.7

$ 1,286.6

$ 272.1 $ 271.6

$ 272.8

$ 272.6

$ 271.1

$116.6

$ 116.4

$ 116.9

$ 116.8

$ 116.2

$ 201.2 $ 200.8

$ 201.7

$ 201.5

$ 200.4

$

**2023 2024**  **2025 2026**  **2027**

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 199.64 $ 196.95

$ 194.34

$ 191.81

$ 189.37

$ 0.011 0.011 0.011 0.011 0.011 2.2 $ 2.2

$ 2.1

$ 2.1

$ 2.1

$ 1.3 $ 1.2

$ 1.2

$ 1.2

$ 1.2

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ **2023 2024**  **2025 2026**  **2027** 0.011 0.011 0.011 0.011 0.011 2.2 $ 2.2

$ 2.1

$ 2.1

$ 2.1

$ 1.3 $ 1.2

$ 1.2

$ 1.2

$ 1.2

$0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$**2028 2029**  **2030 2031**  **2032**

**8.934 9.028**  **9.156 9.237**  **9.296 2,301.6**  **$ 2,297.4** 

**$ 2,302.0** 

**$ 2,294.8** 

**$ 2,282.7** 

**$ 1,282.1**  **$ 1,279.8** 

**$ 1,282.3** 

**$ 1,278.3** 

**$ 1,271.6** 

**$ 270.1**  **$ 269.6** 

**$ 270.1** 

**$ 269.3** 

**$ 267.9** 

**$ 115.8**  **$ 115.6** 

**$ 115.8** 

**$ 115.5** 

**$ 114.8** 

**$ 199.7**  **$ 199.3** 

**$ 199.7** 

**$ 199.1** 

**$ 198.1** 

**$**

**2028 2029**  **2030 2031**  **2032**

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - --

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 257.72 $ 254.56

$ 251.49

$ 248.51

$ 245.63

$ 8.923 9.017 9.146 9.227 9.286 2,299.6 $ 2,295.4

$ 2,300.1

$ 2,292.9

$ 2,280.8

$ 1,281.0 $ 1,278.6

$ 1,281.2

$ 1,277.2

$ 1,270.5

$ 269.9 $ 269.4

$ 269.9

$ 269.1

$ 267.7

$ 115.7 $ 115.5

$ 115.7

$ 115.4

$ 114.8

$ 199.5 $ 199.2

$ 199.6

$ 199.0

$ 197.9

$ **2028 2029**  **2030 2031**  **2032** 8.923 9.017 9.146 9.227 9.286 2,299.6 $ 2,295.4

$ 2,300.1

$ 2,292.9

$ 2,280.8

$ 1,281.0 $ 1,278.6

$ 1,281.2

$ 1,277.2

$ 1,270.5

$ 269.9 $ 269.4

$ 269.9

$ 269.1

$ 267.7

$115.7

$ 115.5

$ 115.7

$ 115.4

$ 114.8

$ 199.5 $ 199.2

$ 199.6

$ 199.0

$ 197.9

$

**2028 2029**  **2030 2031**  **2032**

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 187.01 $ 184.73

$ 182.50

$ 180.33

$ 178.24

$ 0.011 0.011 0.011 0.011 0.011 2.0 $ 2.0

$ 2.0

$ 1.9

$ 1.9

$ 1.2 $ 1.1

$ 1.1

$ 1.1

$ 1.1

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.2 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2028 2029**  **2030 2031**  **2032** 0.011 0.011 0.011 0.011 0.011 2.0 $ 2.0

$ 2.0

$ 1.9

$ 1.9

$ 1.2 $ 1.1

$ 1.1

$ 1.1

$ 1.1

$0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.2 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$**2033 2034**  **2035 2036**  **2037**

**9.393 9.508**  **9.598 9.704**  **9.807 2,280.2**  **$ 2,282.0** 

**$ 2,278.1** 

**$ 2,278.2** 

**$ 2,277.6** 

**$ 1,270.2**  **$ 1,271.2** 

**$ 1,269.0** 

**$ 1,269.1** 

**$ 1,268.7** 

**$ 267.6**  **$ 267.8** 

**$ 267.3** 

**$ 267.3** 

**$ 267.3** 

**$ 114.7**  **$ 114.8** 

**$ 114.6** 

**$ 114.6** 

**$ 114.6** 

**$ 197.8**  **$ 198.0** 

**$ 197.7** 

**$ 197.7** 

**$ 197.6** 

**$**

**2033 2034**  **2035 2036**  **2037**

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - --

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 242.82 $ 240.09

$ 237.43

$ 234.84

$ 232.31

$ 9.382 9.497 9.587 9.694 9.796 2,278.3 $ 2,280.2

$ 2,276.3

$ 2,276.5

$ 2,275.8

$ 1,269.1 $ 1,270.2

$ 1,268.0

$ 1,268.1

$ 1,267.7

$ 267.4 $ 267.6

$ 267.1

$ 267.2

$ 267.1

$ 114.6 $ 114.7

$ 114.5

$ 114.5

$ 114.5

$ 197.7 $ 197.9

$ 197.5

$ 197.5

$ 197.5

$ **2033 2034**  **2035 2036**  **2037** 9.382 9.497 9.587 9.694 9.796 2,278.3 $ 2,280.2

$ 2,276.3

$ 2,276.5

$ 2,275.8

$ 1,269.1 $ 1,270.2

$ 1,268.0

$ 1,268.1

$ 1,267.7

$ 267.4 $ 267.6

$ 267.1

$ 267.2

$ 267.1

$114.6

$ 114.7

$ 114.5

$ 114.5

$ 114.5

$ 197.7 $ 197.9

$ 197.5

$ 197.5

$ 197.5

$

**2033 2034**  **2035 2036**  **2037**

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 176.21 $ 174.22

$ 172.29

$ 170.41

$ 168.58

$ 0.011 0.011 0.010 0.010 0.010 1.9 $ 1.8

$ 1.8

$ 1.8

$ 1.8

$ 1.1 $ 1.0

$ 1.0

$ 1.0

$ 1.0

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2033 2034**  **2035 2036**  **2037** 0.011 0.011 0.010 0.010 0.010 1.9 $ 1.8

$ 1.8

$ 1.8

$ 1.8

$ 1.1 $ 1.0

$ 1.0

$ 1.0

$ 1.0

$0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$**2038 2039**  **2040 2041**  **2042**

**9.911 10.012**  **10.112 10.211**  **10.310 2,277.3**  **$ 2,276.6** 

**$ 2,275.5** 

**$ 2,274.6** 

**$ 2,273.6** 

**$ 1,268.6**  **$ 1,268.2** 

**$ 1,267.6** 

**$ 1,267.1** 

**$ 1,266.5** 

**$ 267.2**  **$ 267.2** 

**$ 267.0** 

**$ 266.9** 

**$ 266.8** 

**$ 114.6**  **$ 114.5** 

**$ 114.5** 

**$ 114.4** 

**$ 114.4** 

**$ 197.6**  **$ 197.5** 

**$ 197.4** 

**$ 197.4** 

**$ 197.3** 

**$**

**2038 2039**  **2040 2041**  **2042**

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - --

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 229.85 $ 227.45

$ 225.10

$ 222.81

$ 220.58

$ 9.900 10.002 10.101 10.201 10.300 2,275.6 $ 2,274.9

$ 2,273.8

$ 2,272.9

$ 2,271.9

$ 1,267.6 $ 1,267.2

$ 1,266.6

$ 1,266.1

$ 1,265.6

$ 267.0 $ 267.0

$ 266.8

$ 266.7

$ 266.6

$ 114.5 $ 114.5

$ 114.4

$ 114.4

$ 114.3

$ 197.5 $ 197.4

$ 197.3

$ 197.2

$ 197.1

$ **2038 2039**  **2040 2041**  **2042** 9.900 10.002 10.101 10.201 10.300 2,275.6 $ 2,274.9

$ 2,273.8

$ 2,272.9

$ 2,271.9

$ 1,267.6 $ 1,267.2

$ 1,266.6

$ 1,266.1

$ 1,265.6

$ 267.0 $ 267.0

$ 266.8

$ 266.7

$ 266.6

$114.5

$ 114.5

$ 114.4

$ 114.4

$ 114.3

$ 197.5 $ 197.4

$ 197.3

$ 197.2

$ 197.1

$

**2038 2039**  **2040 2041**  **2042**

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 166.79 $ 165.05

$ 163.35

$ 161.68

$ 160.06

$ 0.010 0.010 0.010 0.010 0.010 1.7 $ 1.7

$ 1.7

$ 1.7

$ 1.6

$ 1.0 $ 1.0

$ 1.0

$ 0.9

$ 0.9

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2038 2039**  **2040 2041**  **2042** 0.010 0.010 0.010 0.010 0.010 1.7 $ 1.7

$ 1.7

$ 1.7

$ 1.6

$ 1.0 $ 1.0

$ 1.0

$ 0.9

$ 0.9

$0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$**2043 2044**  **2045 2046**  **2047**

**10.409 10.506**  **10.604 10.701**  **10.799 2,272.6**  **$ 2,271.5** 

**$ 2,270.5** 

**$ 2,269.6** 

**$ 2,268.7** 

**$ 1,265.9**  **$ 1,265.3** 

**$ 1,264.8** 

**$ 1,264.3** 

**$ 1,263.8** 

**$ 266.7**  **$ 266.6** 

**$ 266.4** 

**$ 266.3** 

**$ 266.2** 

**$ 114.3**  **$ 114.3** 

**$ 114.2** 

**$ 114.2** 

**$ 114.1** 

**$ 197.2**  **$ 197.1** 

**$ 197.0** 

**$ 196.9** 

**$ 196.8** 

**$**

**Term Yr 2043**  **2044 2045**  **2046 2047** 

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - --

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 218.39 $ 216.26

$ 214.18

$ 212.14

$ 210.15

$ 10.398 10.496 10.594 10.691 10.789 2,270.9 $ 2,269.9

$ 2,268.9

$ 2,268.0

$ 2,267.2

$ 1,265.0 $ 1,264.4

$ 1,263.9

$ 1,263.4

$ 1,262.9

$ 266.5 $ 266.4

$ 266.3

$ 266.2

$ 266.1

$ 114.3 $ 114.2

$ 114.2

$ 114.1

$ 114.1

$ 197.1 $ 197.0

$ 196.9

$ 196.8

$ 196.7

$ **2043 2044**  **2045 2046**  **2047** 10.398 10.496 10.594 10.691 10.789 2,270.9 $ 2,269.9

$ 2,268.9

$ 2,268.0

$ 2,267.2

$ 1,265.0 $ 1,264.4

$ 1,263.9

$ 1,263.4

$ 1,262.9

$ 266.5 $ 266.4

$ 266.3

$ 266.2

$ 266.1

$114.3

$ 114.2

$ 114.2

$ 114.1

$ 114.1

$ 197.1 $ 197.0

$ 196.9

$ 196.8

$ 196.7

$

**Term Yr 2043**  **2044 2045**  **2046 2047** 

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- - - - -

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 158.48 $ 156.93

$ 155.42

$ 153.94

$ 152.49

$ 0.010 0.010 0.010 0.010 0.010 1.6 $ 1.6

$ 1.6

$ 1.5

$ 1.5

$ 0.9 $ 0.9

$ 0.9

$ 0.9

$ 0.9

$ 0.2 $ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ **2043 2044**  **2045 2046**  **2047** 0.010 0.010 0.010 0.010 0.010 1.6 $ 1.6

$ 1.6

$ 1.5

$ 1.5

$ 0.9 $ 0.9

$ 0.9

$ 0.9

$ 0.9

$0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.2

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$**Navigation An** **cmt Yr 2011**  **2012** Revenues 1,975.4 $ 2,119.0

$ - Materials 1,058.3 $ 1,135.2

$ - Labor 256.7 $ 275.3

$ - Depreciation 98.8 $ 105.9

$ - Overhead 179.3 $ 192.4

$ - Standard SG&A 262.7 $ 281.8

$ - R&D 45.4 $ 48.7

$ - Product Conversion Costs - $ -

$ - Stranded Assets - $ -

$ Earnings Before Interest and Taxes (EBIT) 74.2 $ 79.6

$ EBIT/Revenues 3.8% 3.8% - Taxes 25.2 $ 27.1

$ **Net Operating Profit after Taxes (NOPA T)**  **49.0**

**$ 52.5** 

**$** NOPAT 49.0 $ 52.5

$ + Depreciation 98.8 $ 105.9

$ + Change in Working Capital (138.3) $ (10.1)

$ Cash Flows from Operations 9.4 $ 148.4

$ - Ordinary Capital Expenditures 98.8 $ 105.9

$ - Capital Conversion Costs - $ -

$ **Free Cash Flow (89.3)**  **$ 42.5** 

**$** Free Cash Flow (89.3) $ 42.5

$ Terminal Value - $ -

$ Present Value Factor 0.000 1.000 Discounted Cash Flow **- $**  **42.46**

**$ INPV at Baseline**  **637.5 $**  Net PPE 329.9 $ 329.9

$ Net PPE as % of Sales 16.7% 15.6% Net Working Capital 138.3 $ 148.3

$ **Discounted Cash Flow Base Case DCF**  **Industry Income Statement** 

**Cash Flow Statement** Return on Invested Capital (ROIC) 10.46% 10.98%

Weighted Average Cost of Capital (WACC) 8.50% 8.50% Return on Sales (EBIT/Sales) 3.75% 3.75% This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.**Std Yr**

**2013 2014**  **2015 2016**  **2017 2018**  2,024.0 $ 1,974.9

$ 2,021.2

$ 2,030.0

$ 2,026.3

$ 2,023.6

$ 1,084.3 $ 1,058.3

$ 1,083.4

$ 1,088.4

$ 1,086.7

$ 1,085.6

$ 263.0 $ 256.4

$ 262.1

$ 263.0

$ 262.3

$ 261.8

$ 101.2 $ 98.7

$ 101.1

$ 101.5

$ 101.3

$ 101.2

$ 183.7 $ 179.3

$ 183.4

$ 184.2

$ 183.7

$ 183.4

$ 269.2 $ 262.7

$ 268.8

$ 270.0

$ 269.5

$ 269.1

$ 46.6 $ 45.4

$ 46.5

$ 46.7

$ 46.6

$ 46.5

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 76.0 $ 74.2

$ 75.9

$ 76.2

$ 76.1

$ 76.0

$ 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 25.8 $ 25.2

$ 25.8

$ 25.9

$ 25.9

$ 25.8

$ **50.2 $**  **48.9**

**$ 50.1** 

**$ 50.3** 

**$ 50.2** 

**$ 50.1** 

**$** 50.2 $ 48.9

$ 50.1

$ 50.3

$ 50.2

$ 50.1

$ 101.2 $ 98.7

$ 101.1

$ 101.5

$ 101.3

$ 101.2

$ 6.6 $ 3.4

$ (3.2)

$ (0.6)

$ 0.3

$ 0.2

$ 158.0 $ 151.1

$ 147.9

$ 151.2

$ 151.8

$ 151.5

$ 101.2 $ 98.7

$ 101.1

$ 101.5

$ 101.3

$ 101.2

$

- $ -

$ -

$ -

$ -

$ -

$ **56.8 $**  **52.4**

**$ 46.9** 

**$ 49.7** 

**$ 50.5** 

**$ 50.3** 

**$** 56.8 $ 52.4

$ 46.9

$ 49.7

$ 50.5

$ 50.3

$

- $ -

$ -

$ -

$ -

$ -

$ 0.922 0.849 0.783 0.722 0.665 0.613 **52.4 $**  **44.5**

**$ 36.7** 

**$ 35.9** 

**$ 33.6** 

**$ 30.9** 

**$**

329.9 $ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 16.3% 16.7% 16.3% 16.3% 16.3% 16.3% 141.7 $ 138.2

$ 141.5

$ 142.1

$ 141.8

$ 141.6

$10.64% 10.45% 10.63% 10.66% 10.64% 10.63%

8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.**2019 2020**  **2021 2022**  **2023 2024** 

2,017.2 $ 2,006.6

$ 2,000.6

$ 2,014.2

$ 2,003.4

$ 1,999.4

$ 1,082.1 $ 1,076.5

$ 1,073.2

$ 1,080.5

$ 1,074.7

$ 1,072.6

$ 261.0 $ 259.6

$ 258.8

$ 260.6

$ 259.2

$ 258.7

$ 100.9 $ 100.3

$ 100.0

$ 100.7

$ 100.2

$ 100.0

$ 182.8 $ 181.9

$ 181.3

$ 182.5

$ 181.6

$ 181.2

$ 268.3 $ 266.9

$ 266.1

$ 267.9

$ 266.5

$ 265.9

$ 46.4 $ 46.2

$ 46.0

$ 46.3

$ 46.1

$ 46.0

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 75.7 $ 75.3

$ 75.1

$ 75.6

$ 75.2

$ 75.1

$ 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 25.8 $ 25.6

$ 25.5

$ 25.7

$ 25.6

$ 25.5

$ **50.0 $**  **49.7**

**$ 49.6** 

**$ 49.9** 

**$ 49.6** 

**$ 49.5** 

**$** 50.0 $ 49.7

$ 49.6

$ 49.9

$ 49.6

$ 49.5

$ 100.9 $ 100.3

$ 100.0

$ 100.7

$ 100.2

$ 100.0

$ 0.4 $ 0.7

$ 0.4

$ (1.0)

$ 0.8

$ 0.3

$ 151.3 $ 150.8

$ 150.0

$ 149.7

$ 150.6

$ 149.8

$ 100.9 $ 100.3

$ 100.0

$ 100.7

$ 100.2

$ 100.0

$

- $ -

$ -

$ -

$ -

$ -

$ **50.4 $**  **50.5**

**$ 50.0** 

**$ 49.0** 

**$ 50.4** 

**$ 49.8** 

**$** 50.4 $ 50.5

$ 50.0

$ 49.0

$ 50.4

$ 49.8

$

- $ -

$ -

$ -

$ -

$ -

$ 0.565 0.521 0.480 0.442 0.408 0.376 **28.5 $**  **26.3**

**$ 24.0** 

**$ 21.7** 

**$ 20.5** 

**$ 18.7** 

**$**

329.9 $ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 16.4% 16.4% 16.5% 16.4% 16.5% 16.5% 141.2 $ 140.5

$ 140.0

$ 141.0

$ 140.2

$ 140.0

$10.61% 10.57% 10.55% 10.60% 10.56% 10.55%

8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.**2025 2026**  **2027 2028**  **2029 2030** 

2,007.3 $ 2,005.1

$ 1,993.6

$ 1,984.5

$ 1,980.6

$ 1,984.3

$ 1,076.8 $ 1,075.7

$ 1,069.5

$ 1,064.6

$ 1,062.5

$ 1,064.5

$ 259.7 $ 259.4

$ 257.9

$ 256.7

$ 256.2

$ 256.7

$ 100.4 $ 100.3

$ 99.7

$ 99.2

$ 99.0

$ 99.2

$ 181.9 $ 181.7

$ 180.7

$ 179.9

$ 179.5

$ 179.8

$ 267.0 $ 266.7

$ 265.1

$ 263.9

$ 263.4

$ 263.9

$ 46.2 $ 46.1

$ 45.9

$ 45.6

$ 45.6

$ 45.6

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 75.4 $ 75.3

$ 74.9

$ 74.5

$ 74.4

$ 74.5

$ 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 25.6 $ 25.6

$ 25.5

$ 25.3

$ 25.3

$ 25.3

$ **49.7 $**  **49.7**

**$ 49.4** 

**$ 49.2** 

**$ 49.1** 

**$ 49.2** 

**$** 49.7 $ 49.7

$ 49.4

$ 49.2

$ 49.1

$ 49.2

$ 100.4 $ 100.3

$ 99.7

$ 99.2

$ 99.0

$ 99.2

$ (0.6) $ 0.2

$ 0.8

$ 0.6

$ 0.3

$ (0.3)

$ 149.6 $ 150.1

$ 149.9

$ 149.0

$ 148.4

$ 148.1

$ 100.4 $ 100.3

$ 99.7

$ 99.2

$ 99.0

$ 99.2

$

- $ -

$ -

$ -

$ -

$ -

$ **49.2 $**  **49.8**

**$ 50.2** 

**$ 49.8** 

**$ 49.4** 

**$ 48.9** 

**$** 49.2 $ 49.8

$ 50.2

$ 49.8

$ 49.4

$ 48.9

$

- $ -

$ -

$ -

$ -

$ -

$ 0.346 0.319 0.294 0.271 0.250 0.230 **17.0 $**  **15.9**

**$ 14.8** 

**$ 13.5** 

**$ 12.3** 

**$ 11.3** 

**$**

329.9 $ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 16.4% 16.5% 16.5% 16.6% 16.7% 16.6% 140.5 $ 140.4

$ 139.6

$ 138.9

$ 138.6

$ 138.9

$10.57% 10.57% 10.52% 10.49% 10.48% 10.49%

8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%**2031 2032**  **2033 2034**  **2035 2036** 

1,977.9 $ 1,967.2

$ 1,964.7

$ 1,966.0

$ 1,962.4

$ 1,962.2

$ 1,061.0 $ 1,055.3

$ 1,053.9

$ 1,054.7

$ 1,052.7

$ 1,052.6

$ 255.9 $ 254.5

$ 254.2

$ 254.3

$ 253.9

$ 253.9

$ 98.9 $ 98.4

$ 98.2

$ 98.3

$ 98.1

$ 98.1

$ 179.3 $ 178.3

$ 178.1

$ 178.2

$ 177.9

$ 177.8

$ 263.1 $ 261.6

$ 261.3

$ 261.5

$ 261.0

$ 261.0

$ 45.5 $ 45.2

$ 45.2

$ 45.2

$ 45.1

$ 45.1

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 74.3 $ 73.9

$ 73.8

$ 73.8

$ 73.7

$ 73.7

$ 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 25.3 $ 25.1

$ 25.1

$ 25.1

$ 25.1

$ 25.1

$ **49.0 $**  **48.7**

**$ 48.7** 

**$ 48.7** 

**$ 48.6** 

**$ 48.6** 

**$** 49.0 $ 48.7

$ 48.7

$ 48.7

$ 48.6

$ 48.6

$ 98.9 $ 98.4

$ 98.2

$ 98.3

$ 98.1

$ 98.1

$ 0.5 $ 0.7

$ 0.2

$ (0.1)

$ 0.3

$ 0.0

$ 148.4 $ 147.9

$ 147.1

$ 146.9

$ 147.0

$ 146.7

$ 98.9 $ 98.4

$ 98.2

$ 98.3

$ 98.1

$ 98.1

$

- $ -

$ -

$ -

$ -

$ -

$ **49.5 $**  **49.5**

**$ 48.9** 

**$ 48.6** 

**$ 48.9** 

**$ 48.6** 

**$** 49.5 $ 49.5

$ 48.9

$ 48.6

$ 48.9

$ 48.6

$

- $ -

$ -

$ -

$ -

$ -

$ 0.212 0.196 0.180 0.166 0.153 0.141 **10.5 $**  **9.7**

**$ 8.8** 

**$ 8.1** 

**$ 7.5** 

**$ 6.9** 

**$**

329.9 $ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 16.7% 16.8% 16.8% 16.8% 16.8% 16.8% 138.4 $ 137.7

$ 137.5

$ 137.6

$ 137.4

$ 137.4

$10.47% 10.43% 10.42% 10.42% 10.41% 10.41%

8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%**2037 2038**  **2039 2040**  **2041 2042** 

1,961.4 $ 1,960.9

$ 1,960.0

$ 1,958.8

$ 1,957.8

$ 1,956.7

$ 1,052.2 $ 1,051.9

$ 1,051.5

$ 1,050.8

$ 1,050.3

$ 1,049.6

$ 253.7 $ 253.7

$ 253.6

$ 253.4

$ 253.3

$ 253.1

$ 98.1 $ 98.0

$ 98.0

$ 97.9

$ 97.9

$ 97.8

$ 177.8 $ 177.7

$ 177.6

$ 177.5

$ 177.4

$ 177.3

$ 260.9 $ 260.8

$ 260.7

$ 260.5

$ 260.4

$ 260.2

$ 45.1 $ 45.1

$ 45.1

$ 45.1

$ 45.0

$ 45.0

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 73.6 $ 73.6

$ 73.6

$ 73.6

$ 73.5

$ 73.5

$ 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 25.0 $ 25.0

$ 25.0

$ 25.0

$ 25.0

$ 25.0

$ **48.6 $**  **48.6**

**$ 48.6** 

**$ 48.5** 

**$ 48.5** 

**$ 48.5** 

**$** 48.6 $ 48.6

$ 48.6

$ 48.5

$ 48.5

$ 48.5

$ 98.1 $ 98.0

$ 98.0

$ 97.9

$ 97.9

$ 97.8

$ 0.1 $ 0.0

$ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 146.7 $ 146.7

$ 146.6

$ 146.6

$ 146.5

$ 146.4

$ 98.1 $ 98.0

$ 98.0

$ 97.9

$ 97.9

$ 97.8

$

- $ -

$ -

$ -

$ -

$ -

$ **48.7 $**  **48.6**

**$ 48.6** 

**$ 48.6** 

**$ 48.6** 

**$ 48.6** 

**$** 48.7 $ 48.6

$ 48.6

$ 48.6

$ 48.6

$ 48.6

$

- $ -

$ -

$ -

$ -

$ -

$ 0.130 0.120 0.111 0.102 0.094 0.087 **6.3 $**  **5.8**

**$ 5.4** 

**$ 5.0** 

**$ 4.6** 

**$ 4.2** 

**$**

329.9 $ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 16.8% 16.8% 16.8% 16.8% 16.9% 16.9% 137.3 $ 137.3

$ 137.2

$ 137.1

$ 137.0

$ 137.0

$10.40% 10.40% 10.40% 10.39% 10.39% 10.39%

8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%**Term Yr**

**2043 2044**  **2045 2046**  **2047** 1,955.6 $ 1,954.4

$ 1,953.3

$ 1,952.3

$ 1,951.3

$ 1,049.0 $ 1,048.4

$ 1,047.8

$ 1,047.3

$ 1,046.8

$ 253.0 $ 252.8

$ 252.7

$ 252.6

$ 252.4

$ 97.8 $ 97.7

$ 97.7

$ 97.6

$ 97.6

$ 177.2 $ 177.1

$ 177.0

$ 176.9

$ 176.9

$ 260.1 $ 259.9

$ 259.8

$ 259.7

$ 259.5

$ 45.0 $ 45.0

$ 44.9

$ 44.9

$ 44.9

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 73.4 $ 73.4

$ 73.3

$ 73.3

$ 73.3

$ 3.8% 3.8% 3.8% 3.8% 3.8% 25.0 $ 25.0

$ 24.9

$ 24.9

$ 24.9

$ **48.5 $**  **48.4**

**$ 48.4** 

**$ 48.4** 

**$ 48.4** 

**$** 48.5 $ 48.4

$ 48.4

$ 48.4

$ 48.4

$ 97.8 $ 97.7

$ 97.7

$ 97.6

$ 97.6

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 146.3 $ 146.2

$ 146.1

$ 146.1

$ 146.0

$ 97.8 $ 97.7

$ 97.7

$ 97.6

$ 97.6

$

- $ -

$ -

$ -

$ -

$ **48.5 $**  **48.5**

**$ 48.5** 

**$ 48.5** 

**$ 48.4** 

**$** 48.5 $ 48.5

$ 48.5

$ 48.5

$ 48.4

$

- $ -

$ -

$ -

$ 652.1

$ 0.080 0.073 0.068 0.062 0.058 **3.9 $**  **3.6**

**$ 3.3** 

**$ 3.0** 

**$ 40.31** 

**$**

329.9 $ 329.9

$ 329.9

$ 329.9

$ 329.9

$ 16.9% 16.9% 16.9% 16.9% 16.9% 136.9 $ 136.8

$ 136.7

$ 136.7

$ 136.6

$10.38% 10.38% 10.37% 10.37% 10.37%

8.50% 8.50% 8.50% 8.50% 8.50% 3.75% 3.75% 3.75% 3.75% 3.75%**Navigation An** **cmt Yr 2011**  **2012** Revenues 1,975.4 $ 2,119.0

$ - Materials 1,058.3 $ 1,135.2

$ - Labor 256.7 $ 275.3

$ - Depreciation 98.8 $ 105.9

$ - Overhead 179.3 $ 192.4

$ - Standard SG&A 262.7 $ 281.8

$ - R&D 45.4 $ 48.7

$ - Product Conversion Costs - $ -

$ - Stranded Assets - $ -

$ Earnings Before Interest and Taxes (EBIT) 74.2 $ 79.6

$ EBIT/Revenues 3.8% 3.8% - Taxes 25.2 $ 27.1

$ **Net Operating Profit after Taxes (NOPA T)**  **49.0**

**$ 52.5** 

**$** NOPAT 49.0 $ 52.5

$ + Depreciation 98.8 $ 105.9

$ + Change in Working Capital (138.3) $ (10.1)

$ Cash Flows from Operations 9.4 $ 148.4

$ - Ordinary Capital Expenditures 98.8 $ 105.9

$ - Capital Conversion Costs - $ -

$ **Free Cash Flow (89.3)**  **$ 42.5** 

**$** Free Cash Flow (89.3) $ 42.5

$ Terminal Value - $ -

$ Present Value Factor 0.000 1.000 Discounted Cash Flow **- $**  **42.5**

**$ INPV at TSL 4**  **434.8 $**  Net PPE 329.9 $ 329.9

$ Net PPE as % of Sales 16.7% 15.6% Net Working Capital 138.3 $ 148.3

$ **Standard Case DCF Industry**  **Income Statement**

**Cash Flow Statement** 

**Discounted Cash Flow**Return on Invested Capital (ROIC) 10.5% 11.0%

Weighted Average Cost of Capital (WACC) 8.5% 8.5% Return on Sales (EBIT/Sales) 3.8% 3.8% This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.**Std Yr**

**2013 2014**  **2015 2016**  **2017 2018**  2,024.0 $ 1,974.9

$ 2,021.2

$ 2,030.0

$ 2,026.3

$ 2,330.9

$ 1,084.3 $ 1,058.3

$ 1,083.4

$ 1,088.4

$ 1,086.7

$ 1,298.5

$ 263.0 $ 256.4

$ 262.1

$ 263.0

$ 262.3

$ 273.5

$ 101.2 $ 98.7

$ 101.1

$ 101.5

$ 101.3

$ 117.3

$ 183.7 $ 179.3

$ 183.4

$ 184.2

$ 183.7

$ 202.2

$ 269.2 $ 262.7

$ 268.8

$ 270.0

$ 269.5

$ 310.0

$ 46.6 $ 45.4

$ 46.5

$ 46.7

$ 46.6

$ 53.6

$

- $ 1.5

$ 12.8

$ 27.0

$ 33.8

$ 1.5

$

- $ -

$ -

$ -

$ -

$ -

$ 76.0 $ 72.7

$ 63.1

$ 49.2

$ 42.3

$ 74.3

$ 3.8% 3.7% 3.1% 2.4% 2.1% 3.2% 25.8 $ 24.7

$ 21.5

$ 16.7

$ 14.4

$ 25.3

$ **50.2 $**  **48.0**

**$ 41.7** 

**$ 32.5** 

**$ 27.9** 

**$ 49.0** 

**$** 50.2 $ 48.0

$ 41.7

$ 32.5

$ 27.9

$ 49.0

$ 101.2 $ 98.7

$ 101.1

$ 101.5

$ 101.3

$ 117.3

$ 6.6 $ 3.4

$ (3.2)

$ (0.6)

$ 0.3

$ (21.3)

$ 158.0 $ 150.1

$ 139.5

$ 133.3

$ 129.5

$ 145.0

$ 101.2 $ 98.7

$ 101.1

$ 101.5

$ 101.3

$ 116.5

$

- $ 4.5

$ 38.5

$ 81.5

$ 101.8

$ -

$ **56.8 $**  **46.9**

**$ (0.0)** 

**$ (49.6)** 

**$ (73.7)** 

**$ 28.4** 

**$** 56.8 $ 46.9

$ (0.0)

$ (49.6)

$ (73.7)

$ 28.4

$

- $ -

$ -

$ -

$ -

$ -

$ 0.922 0.849 0.783 0.722 0.665 0.613 **52.4 $**  **39.8**

**$ (0.0)** 

**$ (35.8)** 

**$ (49.0)** 

**$ 17.4** 

**$**

329.9 $ 334.4

$ 372.9

$ 454.4

$ 556.2

$ 555.5

$ 16.3% 16.9% 18.4% 22.4% 27.4% 23.8% 141.7 $ 138.2

$ 141.5

$ 142.1

$ 141.8

$ 163.2

$10.6% 10.1% 8.1% 5.4% 4.0% 6.8%

8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 3.8% 3.7% 3.1% 2.4% 2.1% 3.2% This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.**2019 2020**  **2021 2022**  **2023 2024** 

2,328.7 $ 2,319.8

$ 2,314.8

$ 2,332.4

$ 2,320.6

$ 2,316.7

$ 1,297.2 $ 1,292.3

$ 1,289.5

$ 1,299.3

$ 1,292.7

$ 1,290.5

$ 273.3 $ 272.2

$ 271.6

$ 273.7

$ 272.3

$ 271.9

$ 117.2 $ 116.7

$ 116.5

$ 117.3

$ 116.8

$ 116.6

$ 202.0 $ 201.3

$ 200.8

$ 202.4

$ 201.3

$ 201.0

$ 309.7 $ 308.5

$ 307.9

$ 310.2

$ 308.6

$ 308.1

$ 53.6 $ 53.4

$ 53.2

$ 53.6

$ 53.4

$ 53.3

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 75.7 $ 75.5

$ 75.3

$ 75.9

$ 75.5

$ 75.4

$ 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 25.8 $ 25.7

$ 25.6

$ 25.8

$ 25.7

$ 25.6

$ **50.0 $**  **49.8**

**$ 49.7** 

**$ 50.1** 

**$ 49.8** 

**$ 49.7** 

**$** 50.0 $ 49.8

$ 49.7

$ 50.1

$ 49.8

$ 49.7

$ 117.2 $ 116.7

$ 116.5

$ 117.3

$ 116.8

$ 116.6

$ 0.2 $ 0.6

$ 0.4

$ (1.2)

$ 0.8

$ 0.3

$ 167.3 $ 167.1

$ 166.5

$ 166.2

$ 167.4

$ 166.6

$ 116.4 $ 116.0

$ 115.7

$ 116.6

$ 116.0

$ 115.8

$

- $ -

$ -

$ -

$ -

$ -

$ **50.9 $**  **51.1**

**$ 50.8** 

**$ 49.6** 

**$ 51.4** 

**$ 50.7** 

**$** 50.9 $ 51.1

$ 50.8

$ 49.6

$ 51.4

$ 50.7

$

- $ -

$ -

$ -

$ -

$ -

$ 0.565 0.521 0.480 0.442 0.408 0.376 **28.7 $**  **26.6**

**$ 24.4** 

**$ 21.9** 

**$ 20.9** 

**$ 19.1** 

**$**

554.7 $ 554.0

$ 553.3

$ 552.6

$ 551.8

$ 551.1

$ 23.8% 23.9% 23.9% 23.7% 23.8% 23.8% 163.0 $ 162.4

$ 162.0

$ 163.3

$ 162.4

$ 162.2

$7.0% 7.0% 6.9% 7.0% 7.0% 7.0%

8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.**2025 2026**  **2027 2028**  **2029 2030** 

2,326.5 $ 2,324.6

$ 2,311.8

$ 2,301.6

$ 2,297.4

$ 2,302.0

$ 1,296.0 $ 1,294.9

$ 1,287.8

$ 1,282.1

$ 1,279.8

$ 1,282.3

$ 273.0 $ 272.8

$ 271.3

$ 270.1

$ 269.6

$ 270.1

$ 117.1 $ 117.0

$ 116.3

$ 115.8

$ 115.6

$ 115.8

$ 201.9 $ 201.7

$ 200.6

$ 199.7

$ 199.3

$ 199.7

$ 309.4 $ 309.2

$ 307.5

$ 306.1

$ 305.6

$ 306.2

$ 53.5 $ 53.5

$ 53.2

$ 52.9

$ 52.8

$ 52.9

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 75.7 $ 75.6

$ 75.2

$ 74.9

$ 74.7

$ 74.9

$ 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 25.7 $ 25.7

$ 25.6

$ 25.5

$ 25.4

$ 25.5

$ **49.9 $**  **49.9**

**$ 49.6** 

**$ 49.4** 

**$ 49.3** 

**$ 49.4** 

**$** 49.9 $ 49.9

$ 49.6

$ 49.4

$ 49.3

$ 49.4

$ 117.1 $ 117.0

$ 116.3

$ 115.8

$ 115.6

$ 115.8

$ (0.7) $ 0.1

$ 0.9

$ 0.7

$ 0.3

$ (0.3)

$ 166.3 $ 167.0

$ 166.8

$ 165.9

$ 165.2

$ 164.9

$ 116.3 $ 116.2

$ 115.6

$ 115.1

$ 114.9

$ 115.1

$

- $ -

$ -

$ -

$ -

$ -

$ **50.0 $**  **50.8**

**$ 51.2** 

**$ 50.8** 

**$ 50.3** 

**$ 49.8** 

**$** 50.0 $ 50.8

$ 51.2

$ 50.8

$ 50.3

$ 49.8

$

- $ -

$ -

$ -

$ -

$ -

$ 0.346 0.319 0.294 0.271 0.250 0.230 **17.3 $**  **16.2**

**$ 15.1** 

**$ 13.8** 

**$ 12.6** 

**$ 11.5** 

**$**

550.4 $ 549.7

$ 549.0

$ 548.2

$ 547.5

$ 546.8

$ 23.7% 23.6% 23.7% 23.8% 23.8% 23.8% 162.9 $ 162.7

$ 161.8

$ 161.1

$ 160.8

$ 161.1

$7.0% 7.0% 7.0% 7.0% 7.0% 7.0%

8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3%**2031 2032**  **2033 2034**  **2035 2036** 

2,294.8 $ 2,282.7

$ 2,280.2

$ 2,282.0

$ 2,278.1

$ 2,278.2

$ 1,278.3 $ 1,271.6

$ 1,270.2

$ 1,271.2

$ 1,269.0

$ 1,269.1

$ 269.3 $ 267.9

$ 267.6

$ 267.8

$ 267.3

$ 267.3

$ 115.5 $ 114.8

$ 114.7

$ 114.8

$ 114.6

$ 114.6

$ 199.1 $ 198.1

$ 197.8

$ 198.0

$ 197.7

$ 197.7

$ 305.2 $ 303.6

$ 303.3

$ 303.5

$ 303.0

$ 303.0

$ 52.8 $ 52.5

$ 52.4

$ 52.5

$ 52.4

$ 52.4

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 74.6 $ 74.2

$ 74.2

$ 74.2

$ 74.1

$ 74.1

$ 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 25.4 $ 25.2

$ 25.2

$ 25.2

$ 25.2

$ 25.2

$ **49.3 $**  **49.0**

**$ 48.9** 

**$ 49.0** 

**$ 48.9** 

**$ 48.9** 

**$** 49.3 $ 49.0

$ 48.9

$ 49.0

$ 48.9

$ 48.9

$ 115.5 $ 114.8

$ 114.7

$ 114.8

$ 114.6

$ 114.6

$ 0.5 $ 0.8

$ 0.2

$ (0.1)

$ 0.3

$ (0.0)

$ 165.2 $ 164.7

$ 163.8

$ 163.7

$ 163.8

$ 163.5

$ 114.7 $ 114.1

$ 114.0

$ 114.1

$ 113.9

$ 113.9

$

- $ -

$ -

$ -

$ -

$ -

$ **50.5 $**  **50.6**

**$ 49.8** 

**$ 49.6** 

**$ 49.9** 

**$ 49.6** 

**$** 50.5 $ 50.6

$ 49.8

$ 49.6

$ 49.9

$ 49.6

$

- $ -

$ -

$ -

$ -

$ -

$ 0.212 0.196 0.180 0.166 0.153 0.141 **10.7 $**  **9.9**

**$ 9.0** 

**$ 8.2** 

**$ 7.6** 

**$ 7.0** 

**$**

546.1 $ 545.4

$ 544.7

$ 544.0

$ 543.3

$ 542.5

$ 23.8% 23.9% 23.9% 23.8% 23.8% 23.8% 160.6 $ 159.8

$ 159.6

$ 159.7

$ 159.5

$ 159.5

$7.0% 6.9% 7.0% 7.0% 7.0% 7.0%

8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3%**2037 2038**  **2039 2040**  **2041 2042** 

2,277.6 $ 2,277.3

$ 2,276.6

$ 2,275.5

$ 2,274.6

$ 2,273.6

$ 1,268.7 $ 1,268.6

$ 1,268.2

$ 1,267.6

$ 1,267.1

$ 1,266.5

$ 267.3 $ 267.2

$ 267.2

$ 267.0

$ 266.9

$ 266.8

$ 114.6 $ 114.6

$ 114.5

$ 114.5

$ 114.4

$ 114.4

$ 197.6 $ 197.6

$ 197.5

$ 197.4

$ 197.4

$ 197.3

$ 302.9 $ 302.9

$ 302.8

$ 302.6

$ 302.5

$ 302.4

$ 52.4 $ 52.4

$ 52.4

$ 52.3

$ 52.3

$ 52.3

$

- $ -

$ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ -

$ 74.1 $ 74.1

$ 74.0

$ 74.0

$ 74.0

$ 73.9

$ 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 25.2 $ 25.2

$ 25.2

$ 25.2

$ 25.2

$ 25.1

$ **48.9 $**  **48.9**

**$ 48.9** 

**$ 48.8** 

**$ 48.8** 

**$ 48.8** 

**$** 48.9 $ 48.9

$ 48.9

$ 48.8

$ 48.8

$ 48.8

$ 114.6 $ 114.6

$ 114.5

$ 114.5

$ 114.4

$ 114.4

$ 0.0 $ 0.0

$ 0.0

$ 0.1

$ 0.1

$ 0.1

$ 163.5 $ 163.5

$ 163.5

$ 163.4

$ 163.3

$ 163.3

$ 113.9 $ 113.9

$ 113.8

$ 113.8

$ 113.7

$ 113.7

$

- $ -

$ -

$ -

$ -

$ -

$ **49.6 $**  **49.6**

**$ 49.6** 

**$ 49.6** 

**$ 49.6** 

**$ 49.6** 

**$** 49.6 $ 49.6

$ 49.6

$ 49.6

$ 49.6

$ 49.6

$

- $ -

$ -

$ -

$ -

$ -

$ 0.130 0.120 0.111 0.102 0.094 0.087 **6.5 $**  **5.9**

**$ 5.5** 

**$ 5.1** 

**$ 4.7** 

**$ 4.3** 

**$**

541.8 $ 541.1

$ 540.4

$ 539.7

$ 539.0

$ 538.3

$ 23.8% 23.8% 23.7% 23.7% 23.7% 23.7% 159.4 $ 159.4

$ 159.4

$ 159.3

$ 159.2

$ 159.1

$7.0% 7.0% 7.0% 7.0% 7.0% 7.0%

8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3%**Term Yr**

**2043 2044**  **2045 2046**  **2047** 2,272.6 $ 2,271.5

$ 2,270.5

$ 2,269.6

$ 2,268.7

$ 1,265.9 $ 1,265.3

$ 1,264.8

$ 1,264.3

$ 1,263.8

$ 266.7 $ 266.6

$ 266.4

$ 266.3

$ 266.2

$ 114.3 $ 114.3

$ 114.2

$ 114.2

$ 114.1

$ 197.2 $ 197.1

$ 197.0

$ 196.9

$ 196.8

$ 302.2 $ 302.1

$ 302.0

$ 301.9

$ 301.7

$ 52.3 $ 52.2

$ 52.2

$ 52.2

$ 52.2

$

- $ -

$ -

$ -

$ -

$

- $ -

$ -

$ -

$ -

$ 73.9 $ 73.9

$ 73.8

$ 73.8

$ 73.8

$ 3.3% 3.3% 3.3% 3.3% 3.3% 25.1 $ 25.1

$ 25.1

$ 25.1

$ 25.1

$ **48.8 $**  **48.8**

**$ 48.7** 

**$ 48.7** 

**$ 48.7** 

**$** 48.8 $ 48.8

$ 48.7

$ 48.7

$ 48.7

$ 114.3 $ 114.3

$ 114.2

$ 114.2

$ 114.1

$ 0.1 $ 0.1

$ 0.1

$ 0.1

$ 0.1

$ 163.2 $ 163.1

$ 163.0

$ 163.0

$ 162.9

$ 113.6 $ 113.6

$ 113.5

$ 113.5

$ 113.4

$

- $ -

$ -

$ -

$ -

$ **49.6 $**  **49.5**

**$ 49.5** 

**$ 49.5** 

**$ 49.5** 

**$** 49.6 $ 49.5

$ 49.5

$ 49.5

$ 49.5

$

- $ -

$ -

$ -

$ 666.2

$ 0.080 0.073 0.068 0.062 0.058 **4.0 $**  **3.6**

**$ 3.4** 

**$ 3.1** 

**$ 41.2** 

**$**

537.6 $ 536.9

$ 536.2

$ 535.5

$ 534.8

$ 23.7% 23.6% 23.6% 23.6% 23.6% 159.1 $ 159.0

$ 158.9

$ 158.9

$ 158.8

$7.0% 7.0% 7.0% 7.0% 7.0%

8.5% 8.5% 8.5% 8.5% 8.5% 3.3% 3.3% 3.3% 3.3% 3.3%**Scenario Summary Report**  **Navigation TSL 4**  **2019 - Year After Standards Go Into Effect Base Case**  **TSL 1 TSL 2**  **TSL 3 TSL 4**  **8.000 Unit Shipments**  MM 8.048 8.047 7.319 7.981 8.000 **$291.08 Price per unit (weighted avg.)**  $ $250.64 $251.35 $275.11 $283.89 $291.08 **2,328.7 $**  **Total Revenues** $ MM 2,017.2 $ 2,022.6

$ 2,013.5

$ 2,265.6

$ 2,328.7

$ **75.7 $**  **EBIT** $ MM 75.7 $ 75.7

$ 74.2

$ 75.7

$ 75.7

$ **50.0 $**  **Net Operating Profit After Tax** $ MM 50.0 $ 50.0

$ 48.9

$ 50.0

$ 50.0

$ **50.9 $**  **Free Cash Flow** $ MM 50.4 $ 50.4

$ 53.0

$ 50.6

$ 50.9

$ **TSL 4 Full Analysis Period (2012 - 2047)**  **Base Case TSL 1**  **TSL 2 TSL 3**  **TSL 4 434.8**  **$ INPV**  $ MM 637.5 $ 592.2

$ 552.9

$ 463.1

$ 434.8

$ **(202.7) $**  **Change in INPV ($)** $ MM - (45.3) $ (84.6)

$ (174.4)

$ (202.7)

$ **-31.8% Change in INPV (%)**  **%** - -7.1% -13.3% -27.4% -31.8% **76.7 $**  **Product Conversion Costs** $ MM - 27.8 $ 34.9

$ 66.5

$ 76.7

$ **226.3 $**  **Capital Conversion Costs** $ MM - 45.5 $ 59.1

$ 195.4

$ 226.3

$ **303.0 $**  **Total Investment Required** $ MM - 73.2 $ 94.0

$ 261.9

$ 303.0

$**Data for Graphs Navigation** 

**Current Scenario GRIM Results for Graphs An** **cmt Yr**

**Base Case 2011**  **2012 2013** 

**FCF ($MM)**($89.3) $42.5 $56.8 **Revenues ($MM)**$1,975.4 $2,119.0 $2,024.0 **Shipments (MM)** 6.983 7.630 7.414 **Investments ($MM)** $98.8 $105.9 $101.2 **Standards Case - TSL 4 FCF ($MM)** **($89.3) $42.5**  **$56.8 Revenues ($MM)** **$1,975.4 $2,119.0**  **$2,024.0 Shipments (MM)**  **6.983 7.630**  **7.414 Investments ($MM)**  **$98.8 $105.9**  **$101.2**

**An cmt Yr**  **Click to populate 'Data for Graphs' tables for each TSL (See Below** **) FCF ($MM)**  **2011 2012**  **2013**

**Base Case**($89.3) $42.5 $56.8 **TSL 1** ($89.3) $42.5 $56.8 **TSL 2**($89.3) ($39.2) $53.3 **TSL 3**($89.3) $42.5 $56.8 **TSL 4**($89.3) $42.5 $56.8 **Revenues ($MM) 2011**  **2012 2013** 

**Base Case**$1,975.4 $2,119.0 $2,024.0 **TSL 1**$1,975.4 $2,119.0 $2,024.0 **TSL 2**$1,975.4 $2,119.0 $2,070.7 **TSL 3**$1,975.4 $2,119.0 $2,024.0 **TSL 4**$1,975.4 $2,119.0 $2,024.0 **Shipments (MM) 2011**  **2012 2013** 

**Base Case** 6.983 7.630 7.414**TSL 1** 6.983 7.630 7.414 **TSL 2** 6.983 7.630 7.414 **TSL 3** 6.983 7.630 7.414 **TSL 4** 6.983 7.630 7.414 **Investments ($MM) 2011**  **2012 2013** 

**Base Case** $98.8 $105.9 $101.2 **TSL 1** $98.8 $105.9 $101.2 **TSL 2** $98.8 $165.0 $103.5 **TSL 3** $98.8 $105.9 $101.2 **TSL 4** $98.8 $105.9 $101.2**Std Yr**

**2014 2015**  **2016 2017**  **2018 2019**  **2020** $52.4 $46.9 $49.7 $50.5 $50.3 $50.4 $50.5 $1,974.9 $2,021.2 $2,030.0 $2,026.3 $2,023.6 $2,017.2 $2,006.6 7.332 7.605 7.753 7.852 7.954 8.048 8.124 $98.7 $101.1 $101.5 $101.3 $101.2 $100.9 $100.3 **$46.9 ($0.0)**  **($49.6) ($73.7)**  **$28.4 $50.9**  **$51.1 $1,974.9**  **$2,021.2 $2,030.0**  **$2,026.3 $2,330.9**  **$2,328.7 $2,319.8**  **7.332 7.605**  **7.753 7.852**  **7.889 8.000**  **8.087 $103.3**  **$139.5 $183.0**  **$203.1 $116.5**  **$116.4 $116.0** 

**Std Yr for Graphs' tables for each TSL (See Below** **)**

**2014 2015**  **2016 2017**  **2018 2019**  **2020** $52.4 $46.9 $49.7 $50.5 $50.3 $50.4 $50.5 $51.1 $36.1 $26.9 $21.9 $49.6 $50.4 $50.5 $53.0 $47.0 $49.8 $50.6 $50.4 $50.3 $50.4 $47.6 $6.3 ($36.1) ($56.8) $32.9 $50.6 $50.9 $46.9 ($0.0) ($49.6) ($73.7) $28.4 $50.9 $51.1 **2014 2015**  **2016 2017**  **2018 2019**  **2020** $1,974.9 $2,021.2 $2,030.0 $2,026.3 $2,023.6 $2,017.2 $2,006.6 $1,974.9 $2,021.2 $2,030.0 $2,026.3 $2,028.8 $2,022.6 $2,012.0 $2,013.5 $2,058.1 $2,065.3 $2,059.7 $2,054.8 $2,048.5 $2,037.8 $1,974.9 $2,021.2 $2,030.0 $2,026.3 $2,266.6 $2,265.6 $2,257.8 $1,974.9 $2,021.2 $2,030.0 $2,026.3 $2,330.9 $2,328.7 $2,319.8 **2014 2015**  **2016 2017**  **2018 2019**  **2020** 7.332 7.605 7.753 7.852 7.954 8.048 8.1247.332 7.605 7.753 7.852 7.952 8.047 8.123

7.319 7.595 7.745 7.846 7.948 8.043 8.119 7.332 7.605 7.753 7.852 7.866 7.981 8.070 7.332 7.605 7.753 7.852 7.889 8.000 8.087 **2014 2015**  **2016 2017**  **2018 2019**  **2020** $98.7 $101.1 $101.5 $101.3 $101.2 $100.9 $100.3 $99.7 $108.8 $117.9 $121.8 $101.4 $101.1 $100.6 $100.7 $102.9 $103.3 $103.0 $102.7 $102.4 $101.9 $102.7 $134.3 $171.9 $189.3 $113.3 $113.3 $112.9 $103.3 $139.5 $183.0 $203.1 $116.5 $116.4 $116.0**2021 2022**  **2023 2024**  **2025 2026**  **2027**

$50.0 $49.0 $50.4 $49.8 $49.2 $49.8 $50.2 $2,000.6 $2,014.2 $2,003.4 $1,999.4 $2,007.3 $2,005.1 $1,993.6 8.216 8.390 8.460 8.558 8.708 8.813 8.875 $100.0 $100.7 $100.2 $100.0 $100.4 $100.3 $99.7 **$50.8 $49.6**  **$51.4 $50.7**  **$50.0 $50.8**  **$51.2 $2,314.8**  **$2,332.4 $2,320.6**  **$2,316.7 $2,326.5**  **$2,324.6 $2,311.8**  **8.186 8.365**  **8.438 8.539**  **8.690 8.797**  **8.862 $115.7**  **$116.6 $116.0**  **$115.8 $116.3**  **$116.2 $115.6** 

**2021 2022**  **2023 2024**  **2025 2026**  **2027** $50.0 $49.0 $50.4 $49.8 $49.2 $49.8 $50.2 $50.0 $49.0 $50.4 $49.8 $49.2 $49.9 $50.2 $49.9 $48.9 $50.3 $49.7 $49.1 $49.8 $50.1 $50.6 $49.5 $51.2 $50.6 $49.9 $50.6 $51.1 $50.8 $49.6 $51.4 $50.7 $50.0 $50.8 $51.2 **2021 2022**  **2023 2024**  **2025 2026**  **2027** $2,000.6 $2,014.2 $2,003.4 $1,999.4 $2,007.3 $2,005.1 $1,993.6 $2,006.0 $2,019.7 $2,008.9 $2,004.9 $2,012.8 $2,010.7 $1,999.1 $2,031.8 $2,045.7 $2,034.8 $2,030.8 $2,038.8 $2,036.6 $2,024.9 $2,253.4 $2,270.9 $2,259.5 $2,255.7 $2,265.3 $2,263.5 $2,251.1 $2,314.8 $2,332.4 $2,320.6 $2,316.7 $2,326.5 $2,324.6 $2,311.8 **2021 2022**  **2023 2024**  **2025 2026**  **2027** 8.216 8.390 8.460 8.558 8.708 8.813 8.8758.215 8.389 8.460 8.558 8.707 8.812 8.874

8.211 8.385 8.456 8.554 8.703 8.808 8.871 8.170 8.351 8.424 8.524 8.676 8.783 8.848 8.186 8.365 8.438 8.539 8.690 8.797 8.862 **2021 2022**  **2023 2024**  **2025 2026**  **2027** $100.0 $100.7 $100.2 $100.0 $100.4 $100.3 $99.7 $100.3 $101.0 $100.4 $100.2 $100.6 $100.5 $100.0 $101.6 $102.3 $101.7 $101.5 $101.9 $101.8 $101.2 $112.7 $113.5 $113.0 $112.8 $113.3 $113.2 $112.6 $115.7 $116.6 $116.0 $115.8 $116.3 $116.2 $115.6**2028 2029**  **2030 2031**  **2032 2033**  **2034**

$49.8 $49.4 $48.9 $49.5 $49.5 $48.9 $48.6 $1,984.5 $1,980.6 $1,984.3 $1,977.9 $1,967.2 $1,964.7 $1,966.0 8.946 9.039 9.167 9.246 9.304 9.400 9.513 $99.2 $99.0 $99.2 $98.9 $98.4 $98.2 $98.3 **$50.8 $50.3**  **$49.8 $50.5**  **$50.6 $49.8**  **$49.6 $2,301.6**  **$2,297.4 $2,302.0**  **$2,294.8 $2,282.7**  **$2,280.2 $2,282.0**  **8.934 9.028**  **9.156 9.237**  **9.296 9.393**  **9.508 $115.1**  **$114.9 $115.1**  **$114.7 $114.1**  **$114.0 $114.1** 

**2028 2029**  **2030 2031**  **2032 2033**  **2034** $49.8 $49.4 $48.9 $49.5 $49.5 $48.9 $48.6 $49.8 $49.4 $48.9 $49.5 $49.5 $48.9 $48.6 $49.7 $49.3 $48.8 $49.4 $49.4 $48.8 $48.5 $50.7 $50.2 $49.7 $50.4 $50.4 $49.7 $49.5 $50.8 $50.3 $49.8 $50.5 $50.6 $49.8 $49.6 **2028 2029**  **2030 2031**  **2032 2033**  **2034** $1,984.5 $1,980.6 $1,984.3 $1,977.9 $1,967.2 $1,964.7 $1,966.0 $1,990.0 $1,986.1 $1,989.8 $1,983.3 $1,972.6 $1,970.1 $1,971.5 $2,015.8 $2,011.8 $2,015.6 $2,009.1 $1,998.2 $1,995.7 $1,997.1 $2,241.1 $2,236.9 $2,241.3 $2,234.2 $2,222.3 $2,219.7 $2,221.4 $2,301.6 $2,297.4 $2,302.0 $2,294.8 $2,282.7 $2,280.2 $2,282.0 **2028 2029**  **2030 2031**  **2032 2033**  **2034** 8.946 9.039 9.167 9.246 9.304 9.400 9.5138.946 9.038 9.166 9.246 9.304 9.399 9.513

8.942 9.035 9.163 9.242 9.300 9.396 9.509 8.919 9.013 9.141 9.221 9.280 9.376 9.490 8.934 9.028 9.156 9.237 9.296 9.393 9.508 **2028 2029**  **2030 2031**  **2032 2033**  **2034** $99.2 $99.0 $99.2 $98.9 $98.4 $98.2 $98.3 $99.5 $99.3 $99.5 $99.2 $98.6 $98.5 $98.6 $100.8 $100.6 $100.8 $100.5 $99.9 $99.8 $99.9 $112.1 $111.8 $112.1 $111.7 $111.1 $111.0 $111.1 $115.1 $114.9 $115.1 $114.7 $114.1 $114.0 $114.1**2035 2036**  **2037 2038**  **2039 2040**  **2041**

$48.9 $48.6 $48.7 $48.6 $48.6 $48.6 $48.6 $1,962.4 $1,962.2 $1,961.4 $1,960.9 $1,960.0 $1,958.8 $1,957.8 9.602 9.707 9.808 9.911 10.011 10.109 10.208 $98.1 $98.1 $98.1 $98.0 $98.0 $97.9 $97.9 **$49.9 $49.6**  **$49.6 $49.6**  **$49.6 $49.6**  **$49.6 $2,278.1**  **$2,278.2 $2,277.6**  **$2,277.3 $2,276.6**  **$2,275.5 $2,274.6**  **9.598 9.704**  **9.807 9.911**  **10.012 10.112**  **10.211 $113.9**  **$113.9 $113.9**  **$113.9 $113.8**  **$113.8 $113.7** 

**2035 2036**  **2037 2038**  **2039 2040**  **2041** $48.9 $48.6 $48.7 $48.6 $48.6 $48.6 $48.6 $48.9 $48.7 $48.7 $48.6 $48.7 $48.6 $48.6 $48.8 $48.6 $48.6 $48.5 $48.6 $48.6 $48.5 $49.8 $49.5 $49.5 $49.5 $49.5 $49.5 $49.5 $49.9 $49.6 $49.6 $49.6 $49.6 $49.6 $49.6 **2035 2036**  **2037 2038**  **2039 2040**  **2041** $1,962.4 $1,962.2 $1,961.4 $1,960.9 $1,960.0 $1,958.8 $1,957.8 $1,967.8 $1,967.7 $1,966.8 $1,966.3 $1,965.5 $1,964.3 $1,963.3 $1,993.4 $1,993.3 $1,992.4 $1,991.9 $1,991.1 $1,989.9 $1,988.9 $2,217.5 $2,217.5 $2,216.8 $2,216.4 $2,215.6 $2,214.4 $2,213.4 $2,278.1 $2,278.2 $2,277.6 $2,277.3 $2,276.6 $2,275.5 $2,274.6 **2035 2036**  **2037 2038**  **2039 2040**  **2041** 9.602 9.707 9.808 9.911 10.011 10.109 10.2089.601 9.706 9.808 9.910 10.011 10.109 10.207

9.598 9.703 9.805 9.907 10.008 10.106 10.205 9.579 9.685 9.787 9.890 9.991 10.089 10.188 9.598 9.704 9.807 9.911 10.012 10.112 10.211 **2035 2036**  **2037 2038**  **2039 2040**  **2041** $98.1 $98.1 $98.1 $98.0 $98.0 $97.9 $97.9 $98.4 $98.4 $98.3 $98.3 $98.3 $98.2 $98.2 $99.7 $99.7 $99.6 $99.6 $99.6 $99.5 $99.4 $110.9 $110.9 $110.8 $110.8 $110.8 $110.7 $110.7 $113.9 $113.9 $113.9 $113.9 $113.8 $113.8 $113.7**Term Yr**

**2042 2043**  **2044 2045**  **2046 2047**  $48.6 $48.5 $48.5 $48.5 $48.5 $48.4 $1,956.7 $1,955.6 $1,954.4 $1,953.3 $1,952.3 $1,951.3 10.305 10.402 10.499 10.595 10.691 10.787 $97.8 $97.8 $97.7 $97.7 $97.6 $97.6 **$49.6 $49.6**  **$49.5 $49.5**  **$49.5 $49.5**  **$2,273.6 $2,272.6**  **$2,271.5 $2,270.5**  **$2,269.6 $2,268.7**  **10.310 10.409**  **10.506 10.604**  **10.701 10.799**  **$113.7 $113.6**  **$113.6 $113.5**  **$113.5 $113.4** 

**Term Yr 2042**  **2043 2044**  **2045 2046**  **2047** $48.6 $48.5 $48.5 $48.5 $48.5 $48.4 $48.6 $48.6 $48.5 $48.5 $48.5 $48.4 $48.5 $48.5 $48.4 $48.4 $48.4 $48.4 $49.5 $49.4 $49.4 $49.4 $49.3 $49.3 $49.6 $49.6 $49.5 $49.5 $49.5 $49.5 **2042 2043**  **2044 2045**  **2046 2047**  $1,956.7 $1,955.6 $1,954.4 $1,953.3 $1,952.3 $1,951.3 $1,962.1 $1,961.0 $1,959.9 $1,958.8 $1,957.7 $1,956.8 $1,987.8 $1,986.6 $1,985.5 $1,984.4 $1,983.4 $1,982.4 $2,212.3 $2,211.1 $2,210.0 $2,208.9 $2,207.9 $2,206.9 $2,273.6 $2,272.6 $2,271.5 $2,270.5 $2,269.6 $2,268.7 **2042 2043**  **2044 2045**  **2046 2047**  10.305 10.402 10.499 10.595 10.691 10.78710.305 10.402 10.498 10.594 10.691 10.787

10.302 10.399 10.496 10.592 10.688 10.784 10.286 10.384 10.481 10.578 10.674 10.771 10.310 10.409 10.506 10.604 10.701 10.799 **2042 2043**  **2044 2045**  **2046 2047**  $97.8 $97.8 $97.7 $97.7 $97.6 $97.6 $98.1 $98.1 $98.0 $97.9 $97.9 $97.8 $99.4 $99.3 $99.3 $99.2 $99.2 $99.1 $110.6 $110.6 $110.5 $110.4 $110.4 $110.3 $113.7 $113.6 $113.6 $113.5 $113.5 $113.4**Dashboard**

Insert INPV Bar Graph Here

$- $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 

## INPV ($MM)

Base Case TSL 1 TSL 2 TSL 3 TSL 4

Insert Employment Chart Here

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

2012 2013 20142015 2016 2017 2018 2019 2020 

## Domes**tic Pr** **oduction Employment (#)**  Base Case TSL 1 TSL 2 TSL 3 TSL 42012 2013 20142015 2016 2017 2018 2019 2020 Baseline TSL 1 TSL 2 TSL 3 TSL 4**Scenario**

Insert FCF Chart Here

($100.0) ($80.0) ($60.0) ($40.0) ($20.0) $0.0 $20.0 $40.0 $60.0 $80.0 $100.0

2012 2017 2022 2027 2032 2037 2042 2047



## FCF ($MM)

Base Case TSL 1 TSL 2 TSL 3 TSL 4

Insert Shipments Chart Here Base Case TSL 1 TSL 2 TSL 3 TSL 4

7.000 8.000 9.000 10.000 11.000 12.000 

## Shipments**(thousands)**6.0002012 2017 2022 2027 2032 2037 2042 2047 Base Case TSL 1 TSL 2 TSL 3 TSL 4**Navigation**

Insert Revenue Chart Here

$0.0 $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0

2012 2017 2022 2027 2032 2037 2042 2047



## Revenues**($MM)**

Base Case TSL 1 TSL 2 TSL 3 TSL 4

Insert Investements Chart Here Base Case TSL 1 TSL 2 TSL 3 TSL 4

$50.0 $100.0 $150.0 $200.0 $250.0 

## Investments**($MM)**$0.02012 2017 2022 2027 2032 2037 2042 2047 Base Case TSL 1 TSL 2 TSL 3 TSL 4**Shipments_TSL_Offset Count - 1**  21 1 **Sequential Numbers Product Class**  **# Insert Product/Equipment Class** 

**Name Below** 1 PC1 Standard DWs 2 PC2 Compact DWs 3 PC3 4 PC4 5 PC5 6 PC6 7 PC7 8 PC8 9 PC9 10 PC10 11 PC11 12 PC12 13 PC13 14 PC14 15 PC15 16 PC16 17 PC17 18 PC18 19 PC19 20 PC20 21 PC21 22 PC22 23 PC23 24 PC24 25 PC25 26 PC26 27 PC27 28 PC28 29 PC29 30 PC30 31 PC31 32 PC32 33 PC33 34 PC34 35 PC35 36 PC36 37 PC37 38 PC38 39 PC39 40 PC40 41 PC41 42 PC42 43 PC43 44 PC44 45 PC45 46 PC46 47 PC47 **Product Class List**48 PC48 49 PC49 50 PC50 51 PC51 52 PC52 53 PC53 54 PC54 55 PC55 56 PC56 57 PC57 58 PC58 59 PC59 60 PC60 61 PC61 62 PC62 63 PC63 64 PC64 65 PC65 66 PC66 67 PC67 68 PC68 69 PC69 70 PC70 71 PC71 72 PC72 73 PC73 74 PC74 75 PC75 76 PC76 77 PC77 78 PC78 79 PC79 80 PC80 81 PC81 82 PC82 83 PC83 84 PC84 85 PC85 86 PC86 87 PC87 88 PC88 89 PC89 90 PC90 91 PC91 92 PC92 93 PC93 94 PC94 95 PC95 96 PC96 97 PC97 98 PC98 99 PC99 100 PC100 101 PC101 102 PC102103 PC103 104 PC104 105 PC105 106 PC106 107 PC107 108 PC108 109 PC109 110 PC110 111 PC111 112 PC112 113 PC113 114 PC114 115 PC115 116 PC116 117 PC117 118 PC118 119 PC119 120 PC120 121 PC121 122 PC122 123 PC123 124 PC124 125 PC125 126 PC126 127 PC127 128 PC128 129 PC129 130 PC130 131 PC131 132 PC132 133 PC133 134 PC134 135 PC135 136 PC136 137 PC137 138 PC138 139 PC139 140 PC140 141 PC141 142 PC142 143 PC143 144 PC144 145 PC145 146 PC146 147 PC147 148 PC148 149 PC149 150 PC150 151 PC151 152 PC152 153 PC153 154 PC154 155 PC155 156 PC156 157 PC157158 PC158 159 PC159 160 PC160 161 PC161 162 PC162 163 PC163 164 PC164 165 PC165 166 PC166 167 PC167 168 PC168 169 PC169 170 PC170 171 PC171 172 PC172 173 PC173 174 PC174 175 PC175 176 PC176 177 PC177 178 PC178 179 PC179 180 PC180 181 PC181 182 PC182 183 PC183 184 PC184 185 PC185 186 PC186 187 PC187 188 PC188 189 PC189 190 PC190 191 PC191 192 PC192 193 PC193 194 PC194 195 PC195 196 PC196 197 PC197 198 PC198 199 PC199 200 PC200**Ma x**  5 **EL List Number of Efficiency Levels**  **Product Class Test** Baseline

5 TRUE EL 1 2 TRUE EL 2 TRUE EL 3 TRUE EL 4 TRUE EL 5 TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE **Product Class List**TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUETRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUETRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE**TSL**

**Selection List Count**  4 **Ma rkup Scenario List**  Base Case TSL 1 Flat Markup TSL 2 Pres. of OP TSL 3 TSL 4**Shipments Scenario**

Reference Case - Elasticity