NAVIGANT CONSULTING, INC. 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 popul

"Summary Report" sheet. 

4. Dark blue-tabbed sheets provide graphical information summarizing the scenario. On the she

the pink button to populate the graph tables given the chosen scenarios. Note, on some compu

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-pro

industry analyzed. After selecting the desired scenario in the "Scenario (INPUT)" sheet, click on 

"Employment" sheet to populate the tables and graphs.

Instructions

Welcome to the Government Regulatory Impact Model (GRIM) fo

Residential Clothes Washer Rulemaking

User Instructions

1. The orange-tabbed sheets pertain to overview information. The light blue-tabbed sheets refe

The purple-tabbed sheets represent calculations. The green-tabbed sheets contain numerical o

sheets contain graphical output.

2. Use the "Scenario" sheet to choose the desired scenario. Check boxes to select the desired p

the drop down menu in cell F5 to examine effects at a particular trial standard level (TSL) for the 

F7, F9, and F11 are used to select the markup, shipment, and learning scenarios respectively.
he "Scenario" sheet to populate the INPV tables located in the 

zing the scenario. On the sheet "Data for Graphs", click on 

arios. Note, on some computers, the workbook may need to 

letely update.

ts on production and non-production employment for the 

ario (INPUT)" sheet, click on the pink button in the 

Navigation

ory Impact Model (GRIM) for the 

sher Rulemaking

light blue-tabbed sheets refer to input information. 

d sheets contain numerical output and the dark blue -tabbed 

 boxes to select the desired product classes for analysis. Use 

l standard level (TSL) for the selected product class(es). Cells 

ing scenarios respectively.
Information Tabs Input Tabs Calculation Tabs

Employment

Navigation

Intro

Instructions

Navigation

Glossary of Terms

INPV Calculation

Scenario

Financials

EL and TSL Setup

Markups

MPC Breakdown

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 

Manufacturer Impact Analysis (MIA)

Manufacturer Markup

Manufacturer Selling Price

Manufacturing Production Cost

Material Costs 

Net Operating Profit After Taxes (NOPAT)

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 

Non-capital conversion costs incurred prior to the energy 

design costs, marketing, and preparation for testing.

The mix of product efficiencies sold by a company or indu

PPE are fixed assets, or long-lived assets, including build

ROIC is equal to NOPAT / (PPE, net working capital). W

The result of applying the Manufacturer Markup to the Fu

Includes direct labor, direct material, factory overhead, an

Cost of Goods Sold in the discounted cash flow analysis.

The portion of COGS that includes all materials and scra

EBIT less taxes.

Federal Register notice detailing analyses conducted by 

The GRIM and associated Manufacturer Impact Analysis 

The effective tax rate assessed on a company's earnings 

The discounted sum of industry free cash flows plus a dis

The portion of COGS that includes direct labor, commiss

assembly labor up-time.

The analysis of potential impacts on manufacturers resul

standards that are proposed in the NOPR. The MIA will 

The markup that converts Full Production Cost to a Manu

Amortization of fixed assets (such as PPE) to allocate the 

Depreciation does not reduce free cash flow, but it does 

Weighted average cost of capital

Revenue less COGS and SG&A expenses (including R&

EBIT equals earnings before taxes (EBT) in the "income 

Cash not required for operations or for reinvestment.

The industry cash flow model used by DOE to assess im

The "no standard" case. The industry valuation is condu

One-time investments in plant, property, and equipment r

Outlay of money to acquire or improve capital assets suc

Conversion costs include Product Conversion Costs and 

The cost of buying raw materials and producing finished 
Return on Sales

Revenue

Selling, General, and Administrative Expenses 

(SG&A)

Shipment Model

Standard Case

Standard Year Tier-1

Standard Year Tier-2

Technical Support Document (TSD)

Trial Standard Level (TSL)

Weighted Average Cost of Capital (WACC)

(Net) Working Capital (NWC) Current assets less current liabilities. The change in wor

year.

The case where energy conservation standards are imple

The year the new standard is implemented. The standard 

Similmar to Standard Year Tier-1 except the standard siz

Consensus Agreement.

TSD's are published by the DOE as companion documen

NOPR TSD includes the discussion of the Manufacturer 

A proposed energy conservation standard evaluated by 

Return on Sales is equal to EBIT / revenue.

Net sales.

A major component of the manufacturer selling price, acc

A sub-model used in the National Impact Analysis that pr

The weighted average cost of debt and equity capital, ba

by debt-financing.
 includes indirect labor, indirect material, maintenance, depreciation, property taxes, and insurance related to assets.

osts incurred prior to the energy conservation standard's effective date. Product conversion expenses include engineering 

and preparation for testing.

ncies sold by a company or industry.

ong-lived assets, including building, machinery, and equipment. PPE, net is PPE less accumulated depreciation.

/ (PPE, net working capital). When ROIC is greater than WACC, a company or industry is creating value.

 Manufacturer Markup to the Full Production Cost. 

ct material, factory overhead, and depreciation. This includes the same cost categories that comprise 

 discounted cash flow analysis.

 includes all materials and scrap.

etailing analyses conducted by the DOE to establish proposed energy conservation standards. 

d Manufacturer Impact Analysis (MIA) will be incorporated in the NOPR and the NOPR TSD.

essed on a company's earnings before taxes (EBT).

dustry free cash flows plus a discounted terminal value.

 includes direct labor, commissions, dismissal pay, bonuses, vacation, sick leave, social security contributions, fringe, and 

mpacts on manufacturers resulting from various trial standard levels (TSLs). The MIA influences the energy conservation 

ed in the NOPR. The MIA will be published in the TSD that accompanies the NOPR.

 Full Production Cost to a Manufacturer Selling Price. The manufacturer markup includes SG&A, R&D, interest, and profit.

ets (such as PPE) to allocate the cost over their depreciable life. 

duce free cash flow, but it does reduce taxable income.

 SG&A expenses (including R&D, product conversion expenses, and annual compliance costs). 

ore taxes (EBT) in the "income statement" portion of the GRIM.

rations or for reinvestment.

odel used by DOE to assess impacts on manufacturers due to proposed energy conservation standards.

The industry valuation is conducted assuming that an energy conservation standard is not implemented.

plant, property, and equipment resulting from an energy conservation standard's implementation.

re or improve capital assets such as plant, property, and equipment.

 Product Conversion Costs and Capital Conversion Costs. 

aterials and producing finished goods. COGS includes materials, labor, overhead, and depreciation.
nt liabilities. The change in working capital is the difference in required working capital between a given year and the previous 

onservation standards are implemented. Compare to base case.

d 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 

e DOE as companion documents to Federal Register notices. The TSD's include technical detail that supports the notices. The 

discussion of the Manufacturer Impact Analysis (MIA)

ervation standard evaluated by the DOE during the NOPR phase analyses.

to EBIT / revenue.

e manufacturer selling price, accounted for in the GRIM as part of the Non-Production Cost markup. 

National Impact Analysis that provides base case and standard case shipment projections.

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

 taxes, and insurance related to assets.

uct conversion expenses include engineering 

PPE less accumulated depreciation.

 or industry is creating value.

categories that comprise 

vation standards. 

he NOPR TSD.

ave, social security contributions, fringe, and 

The MIA influences the energy conservation 

kup includes SG&A, R&D, interest, and profit.

compliance costs). 

gy conservation standards.

andard is not implemented.

d's implementation.

head, and depreciation.
ng capital between a given year and the previous 

ffective date in 2018 to match the proposal in the 

ude technical detail that supports the notices. The 

oduction Cost markup. See Product Costs.

t projections.

debt includes the impact of the tax shield provided 
INPV Calculation
Navigation
Trial Standard Level Selected:

Markup Scenario:

Shipments Scenario:

Learning Curve:

##

Scenario for Analysis
Navigation

TSL 4

Pres. of OP

Reference Case - Elasticity

Yes

'Click' 

to populate the INPV table 

given the selected 

product class(es),

markup scenario , 

shipments scenario, 

and learning curve

(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 Calibr

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 Calibr

EL 2 EL 3 EL 4 EL 5 TSL 1

TSL 2

TSL 3

1.238 TSL 4
vation of Operating Profit Calibration

OP Ratio Multiplier

1.000 1.000

1.000 0.999

1.000 0.994

1.000 0.994

vation 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 0.006
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 0.000 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 0.011
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 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 0.011
2020 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 0.005
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

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 0.011
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

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 0.011
2028 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 0.005
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

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 0.010
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

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 0.010
2036 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 0.005
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

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 0.010
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

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 0.010
2044 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 0.005
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

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 0.010
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

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)

TOTAL SELECTED CCCs

EL 1 $5.3

EL 2 $7.2
TOTAL SELECTED PCCs $76.7 TOTAL SELECTED SAs

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 Assets (SAs

Standard DWs

EL 1 $3.3 EL 1

EL 2 $4.2 EL 2
ECTED SAs $0.0

SAs Selected 

$0.0 $0.0

$0.0

$0.0

$0.0

$0.0

$0.0

SAs Selected 

$0.0 $0.0

$0.0

Compact DWs

randed Assets (SAs) (2010$ millions)

Standard DWs

$0.0

$0.0
std yr-8 std yr-7 std yr-6 std yr-5

1

2

3

4

5 0%

6 0% 0%

7 0% 0% 0%

8 0% 0% 0% 0%

98%

std yr-8 std yr-7 std yr-6 std yr-5

1

2

3

4

5 0%

6 0% 0%

7 0% 0% 0%

8 0% 0% 0% 0%

Ancmt Yr

2010 2011 2012 2013

TSL 4 0.0 0.0 0.0 0.0

Conversion Costs Timing

Capital Conversion Cost A

Production Hold Factor

Capital Conversion Cost 

Product Conversion Cost 

Years between 

Announcement 

and Effective 

Date of 

Standards

Years between 

Announcement 

and Effective 

Date of 

Standards
Ancmt Yr

2010 2011 2012 2013

TSL 4 0.0 0.0 0.0 0.0

Product Conversion Cost A
std yr-4 std yr-3 std yr-2 std yr-1 std yr TOTAL

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 yr-4 std yr-3 std yr-2 std yr-1 std yr TOTAL

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

pital Conversion Cost Allocations

Capital Conversion Cost Allocations Table

roduct Conversion Cost Allocations Table
Std Yr

2014 2015 2016 2017 2018

1.5 12.8 27.0 33.8 1.5

duct Conversion Cost Allocations



Employment

Census Data for NAICS 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 

Domestic Labor Expenditure ($MM) at Selected TSL

TSL 4

Domestic Labor Expenditure ($MM)
Baseline

TSL 1

TSL 2

TSL 3

TSL 4

Production Employment (#)

Baseline

TSL 1

TSL 2

TSL 3

TSL 4

Total Employment (#)

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%

mum possible increase in employment without sourcing changes

Ancmt 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 5,719

s Fringe Benefits ($ / hour) $ 27.03 

Annual Time (hours / year) 2,003 

penditures for 2018 ($MM) $ 261.78

penditures for 2015 ($MM) $ 273.53

uction Workers Base Case 4,835 

 Workers Standards Case 4,835 

Calculate 

Employment 

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

Costs (per unit) Base Case TSL 4

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

TOTALS 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

TOTALS 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 2.564
$ 542.9 $ 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 2.740
$ 628.3 $ 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 2.899
$ 622.1 $ 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 3.039
$ 616.3 $ 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 3.204
$ 610.2 $ 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 3.367
$ 609.1 $ 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 3.524
$ 607.4 $ 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

TOTALS 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

TOTALS 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 2.564
$ 542.9 $ 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

Ancmt 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 (NOPAT) $ 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 
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%

n unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an I
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%

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

Ancmt 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 (NOPAT) $ 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 
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%

n unit sales, revenues and COGS, and initial financial inputs (parameters as a % of revenue). It also computes an I
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%

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

Ancmt 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

Ancmt Yr

Click to populate 'Data for Graphs' table

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 8.124
7.332 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 8.875
8.215 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 9.513
8.946 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 10.208
9.601 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 10.787
10.305 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 2014 2015 2016 2017 2018 2019 2020

Domestic Production Employment (#)

Base Case TSL 1 TSL 2 TSL 3 TSL 4
2012 2013 2014 2015 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)
6.000 

2012 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)
$0.0 

2012 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 PC102
103 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 PC157
158 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

Max

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

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

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

TSL 

Selection List

Count

4 Markup Scenario List

Base Case

TSL 1 Flat Markup

TSL 2 Pres. of OP

TSL 3

TSL 4




Shipments Scenario

Reference Case - Elasticity