NAVIGANT CONSULTING, INC. Government

1801 K Street NW, Suite 500 Regulatory Impact

Washington DC 20006 Model (GRIM)

February 2012

AHAM - Microwave Oven Standby Power - Rulemaking

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.
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)

Return on Sales

Revenue

Selling, General, and Administrative Expenses (SG&A)

Shipment Model

Standard Case

Glossary of Terms
Technical Support Document (TSD)

Trial Standard Level (TSL)

Weighted Average Cost of Capital (WACC)

(Net) Working Capital (NWC)
The "no standard" case. The industry valuation is conducted assuming that an energy conservation standard is not 

implemented.

One-time investments in plant, property, and equipment resulting from an energy conservation standard's implementation.

Outlay of money to acquire or improve capital assets such as plant, property, and equipment.

Conversion costs include Product Conversion Costs and Capital Conversion Costs. 

The cost of buying raw materials and producing finished goods. COGS includes materials, labor, overhead, and 

depreciation.

Amortization of fixed assets (such as PPE) to allocate the cost over their depreciable life. Depreciation does not reduce free 

cash flow, but it does reduce taxable income.

Weighted average cost of capital

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

EBIT equals earnings before taxes (EBT) in the "income statement" portion of the GRIM.

Cash not required for operations or for reinvestment.

The industry cash flow model used by DOE to assess impacts on manufacturers due to proposed energy conservation 

standards.

The effective tax rate assessed on a company's earnings before taxes (EBT).

The discounted sum of industry free cash flows plus a discounted terminal value.

The portion of COGS that includes direct labor, commissions, dismissal pay, bonuses, vacation, sick leave, social security 

contributions, fringe, and assembly labor up-time.

The analysis of potential impacts on manufacturers resulting from various trial standard levels (TSLs). The MIA influences 

the energy conservation standards that are proposed in the NOPR. The MIA will be published in the TSD that accompanies 

the NOPR.

The markup that converts Full Production Cost to a Manufacturer Selling Price. The manufacturer markup includes SG&A, 

R&D, interest, and profit.

The result of applying the Manufacturer Markup to the Full Production Cost. 

Includes direct labor, direct material, factory overhead, and depreciation. This includes the same cost categories that 

comprise Cost of Goods Sold in the discounted cash flow analysis.

The portion of COGS that includes all materials and scrap.

EBIT less taxes.

Federal Register notice detailing analyses conducted by the DOE to establish proposed energy conservation standards. The 

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

The portion of COGS that includes indirect labor, indirect material, maintenance, depreciation, property taxes, and insurance 

related to assets.

Non-capital conversion costs incurred prior to the energy conservation standard's effective date. Product conversion 

expenses include engineering design costs, marketing, and preparation for testing.

The mix of product efficiencies sold by a company or industry.

PPE are fixed assets, or long-lived assets, including building, machinery, and equipment. PPE, net is PPE less accumulated 

depreciation.

ROIC is equal to NOPAT / (PPE, net working capital). When ROIC is greater than WACC, a company or industry is 

creating value.

Return on Sales is equal to EBIT / revenue.

Net sales.

A major component of the manufacturer selling price, accounted for in the GRIM as part of the Non-Production Cost 

markup. See Product Costs.

A sub-model used in the National Impact Analysis that provides base case and standard case shipment projections.

The case where energy conservation standards are implemented. Compare to base case.
TSD's are published by the DOE as companion documents to Federal Register notices. The TSD's include technical detail 

that supports the notices. The NOPR TSD includes the discussion of the Manufacturer Impact Analysis (MIA)

A proposed energy conservation standard evaluated by the DOE during the NOPR phase analyses.

The weighted average cost of debt and equity capital, based on industry capital structure. The cost of debt includes the 

impact of the tax shield provided by debt-financing.

Current assets less current liabilities. The change in working capital is the difference in required working capital between a 

given year and the previous year.



Welcome to the Government Regulatory Impact Model (GRIM) for the 

Microwave Oven Standby Power Rulemaking

User Instructions

1. The yellow-tabbed sheets pertain to overview information. The orange-tabbed sheets refer to input 

information. The purple and light blue-tabbed sheets represent calculations. The blue-tabbed and green-tabbed 

sheets contain numerical and graphical output.

2. Use the "Scenario (INPUT)" sheet to choose the desired scenario. Check boxes in Cells I7-I8 are used to 

select the product classes for analysis. Cell I11 is used to choose the trial standard level (TSL) for the selected 

product class(es). Cells I14 and I16 are used to select the shipment scenario. Cell H19 is used to select the 

markup scenario for the analysis (Preservation of Gross Margin as a Percentage or Preservation of Gross Margin 

in Absolute Dollars).

3. After selecting the desired scenarios in the "Scenario (INPUT)" sheet, click on the blue box also located in 

"Scenario (INPUT)" sheet to populate the INPV tables located in the blue-tabbed sheet entitled "Summary

Report." 

4. Other blue-tabbed sheets provide graphical information summarizing the scenario. On the blue-tabbed sheet 

"Data for Graphs", click on the blue arrow to populate the graph tables given the chosen scenarios. Use the dropdown menue to select the product class for graphical display of results. Note, on some computers, the 

workbook may need to be closed and re-opened before the graphical inforamtion will completely update.

5. The white-tabbed sheet "Employment" provides the calculations for the impacts on production and nonproduction employment for the analysis industries. After selecting the desired scenario in the "Scenario (INPUT)" 

sheet, click on the blue arrows in the "Employment" sheet to populate the tables and graphs.



User Input

Base Year 2011

Announcement Year 2011

Standard Year 2014

Terminal Year 2043

Tax Rate 33.9% % of EBT

Discount Rate for NPV (real) 7.2%

Working Capital 2.9% % of Revenue

Net Property, Plant & Equipment 19.9% % of Revenue

Standard SG&A 12.5% % of Revenue

Research and Development 2.2% % of Revenue

Depreciation 3.4% % of Revenue

Capital Expenditures 3.5% % of Revenue

Terminal growth rate 1.00%

Trial Standard Levels

Trial Standard Levels

Product Class Baseline TSL 1 TSL 2

PC 1 Efficiency Levels (Watts/H) 4.00 2.00 1.50

PC 2 Efficiency Levels (Watts/H) 4.50 3.70 2.70

Manufacturer Production Cost Breakdown

Assumptions and Inputs

Financial Parameters
Product Class

PC 1 8.83% 84.16% 2.73%

PC 2 8.83% 84.16% 2.73%

Product Class Baseline TSL 1 TSL 2

PC 1 46.2% 34.6% 19.2%

PC 2 100.0% 0.0% 0.0%

Multipliers for Price Projections

Year Selected Multiplier Constant Price

2007 1.000 1.000

2008 1.000 1.000

2009 1.000 1.000

2010 1.000 1.000

2011 0.981 1.000

2012 0.963 1.000

2013 0.946 1.000

2014 0.930 1.000

2015 0.914 1.000

2016 0.900 1.000

2017 0.886 1.000

2018 0.873 1.000

2019 0.861 1.000

2020 0.848 1.000

2021 0.836 1.000

2022 0.823 1.000

2023 0.812 1.000

2024 0.800 1.000

2025 0.790 1.000

2026 0.779 1.000

2027 0.770 1.000

2028 0.760 1.000

2029 0.751 1.000

Labor % of 

Total

Materials %

of Total

Overhead %

of Total

Shipment Weighted Market Share by Product Class
2030 0.742 1.000

2031 0.733 1.000

2032 0.725 1.000

2033 0.716 1.000

2034 0.708 1.000

2035 0.700 1.000

2036 0.692 1.000

2037 0.685 1.000

2038 0.678 1.000

2039 0.670 1.000

2040 0.663 1.000

2041 0.657 1.000

2042 0.650 1.000

2043 0.643 1.000


Yes

Yes

TSL 4

Reference

Learning Curve? Yes

TSL 3 TSL 4

1.00 0.02 0.02

2.20 0.04 0.04

Product Hold Factor

capital conversion 

Scenario Description

TrialStandard Level Selected

Markup Scenario

PC 2

PC 1

Economic Growth Scenario

RP Elasticity 0.34

EF for 

Selected TSL

Preservation of Gross Margin Percentage

Shipment Elasticity Scenario

Click to calculate and populate the 

INPV table given the selected product class(es) and markup scenario 

(See Summary Report Tab)
4.28% Prod Hold Factor

4.28%

TSL 3 TSL 4 Total

0.0% 0.0% 100.0%

0.0% 0.0% 100.0%

Learning

1.000

1.000

1.000

1.000

0.981

0.963

0.946

0.930

0.914

0.900

0.886

0.873

0.861

0.848

0.836

0.823

0.812

0.800

0.790

0.779

0.770

0.760

0.751

Depreciation 

% of Total
0.742

0.733

0.725

0.716

0.708

0.700

0.692

0.685

0.678

0.670

0.663

0.657

0.650

0.643


Capital Conversion Costs

(2010$ millions)

Baseline

TSL 1

TSL 2

TSL 3

TSL 4

Product Conversion Costs

(2010$ millions)

Baseline

TSL 1

TSL 2

TSL 3

TSL 4

Stranded Assets

(2010$ millions)

Baseline

Trial Standard Level

Trial Standard Level

Trial Standard Level

RP Elasticity 0.34

ross Margin Percentage

Total Industry Capital 

Conversion Costs

Total Industry Product 

Conversion Costs

and populate the 

uct class(es) and markup scenario 

 Report Tab)
TSL 1

TSL 2

0.98 TSL 3

TSL 4

(2010$)

Baseline

TSL 1

TSL 2

TSL 3

TSL 4

Baseline

TSL 1

TSL 2

TSL 3

TSL 4

Preservation of Gross Margin Percentage

Markup 1.2600

Preservation of Gross Margin (Absolute Dollars)

Manufacturer Markups

Full Cost of Production

Trial Standard Level

Total Industry Stranded 

Assets

Trial Standard Level
Baseline

TSL 1

TSL 2

TSL 3

TSL 4

Baseline

TSL 1

TSL 2

TSL 3

TSL 4

Selected Shipment Projection

PC 1 Shipments No Market Im

Year

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

TSL

TSL
2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

PC 2 Shipments - No Market Im

Year

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023
2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043
Reference

High

$0.0 $0.0 Low

$3.9 $0.0

$4.3 $0.0 Yes

$4.7 $0.0 No

$7.8 $0.1

7.83 0.08 of Gross 

of Gross 

None

0.34

$0.0 $0.0

$39.2 $0.4

$70.5 $0.7

$89.1 $0.9

$172.3 $1.7

172.29 1.74

$0.0 $0.0

PC 1

PC 1

PC 2

7.91

PC 1

PC 2

174.03

PC 2
$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

$0.0 $0.0

0.00 0.00

- $120.35

$0.27 $120.62

$0.60 $120.95

$1.31 $121.66

$4.58 $124.92

- $259.90

$0.00 $259.90

$2.29 $262.19

$9.44 $269.34

$5.18 $265.09

Absolute Dollars)

PC 1 Markups - No Market Imp

PC 1 Full Cost of 

Production

0.00

PC 1 Incremental Cost

PC 2 Incremental Cost PC 2 Full Cost of 

Production
Baseline 1.2600 1.2600

0.0000 TSL 1 1.2597

0.0000 TSL 2

0.0000 TSL 3

0.0000 TSL 4

1.2526

Baseline 1.2600 1.2600

0.0000 TSL 1 1.2600

0.0000 TSL 2

0.0000 TSL 3

0.0000 TSL 4

1.2559

PC 1 Shipments No Market Impact Scenario

Reference High Low Reference High

 11,732,490 11,732,490 11,732,490 11,732,490 11,732,490

 11,226,600 11,226,600 11,226,600 11,226,600 11,226,600

 9,529,740 9,529,740 9,529,740 9,529,740 9,529,740

 13,887,850 13,887,850 13,887,850 13,887,850 13,887,850

 14,521,792 14,991,091 14,093,296 14,521,792 14,991,091

 14,909,185 15,216,876 14,589,298 14,909,185 15,216,876

 15,053,553 15,371,412 14,760,290 15,053,553 15,371,412

 15,003,956 15,326,576 14,705,992 15,000,207 15,322,762

 14,762,612 15,156,687 14,425,817 14,759,766 15,153,785

 14,228,027 14,609,708 13,826,708 14,225,820 14,607,453

 13,634,666 14,005,975 13,256,889 13,632,827 14,004,093

 13,430,166 13,863,423 13,033,671 13,428,625 13,861,842

 13,751,646 14,226,780 13,266,201 13,750,107 14,225,198

 14,463,142 15,040,358 13,928,067 14,461,501 15,038,667

 15,186,637 15,846,234 14,572,661 15,184,775 15,844,312

 15,726,732 16,467,512 15,043,268 15,724,505 16,465,215

Baseline TSL 1

Trial 

Standard 

Markup For Analysis Level

TSL 1

PC 2 Markups - No Market Imp

Trial 

Standard 

Level

Baseline TSL 1

Markup For Analysis
 15,913,687 16,692,416 15,175,505 15,910,974 16,689,622

 15,849,503 16,647,569 15,071,095 15,846,247 16,644,221

 15,663,642 16,511,339 14,844,538 15,660,099 16,507,695

 15,376,442 16,291,125 14,521,148 15,372,973 16,287,552

 15,138,686 16,078,186 14,233,091 15,135,469 16,074,863

 15,078,848 16,056,007 14,144,895 15,075,811 16,052,863

 15,298,926 16,346,228 14,302,904 15,295,904 16,343,091

 15,729,443 16,843,557 14,651,696 15,726,276 16,840,266

 16,121,186 17,286,775 14,972,228 16,117,757 17,283,210

 16,407,533 17,617,575 15,206,437 16,403,777 17,613,669

 16,592,691 17,840,736 15,318,255 16,588,598 17,836,479

 16,618,141 17,906,661 15,281,782 16,613,768 17,902,114

 16,513,409 17,849,397 15,122,056 16,508,877 17,844,682

 16,386,743 17,766,755 14,949,377 16,382,182 17,762,003

 16,321,711 17,749,558 14,837,768 16,317,198 17,744,847

 16,366,802 17,844,564 14,831,050 16,362,327 17,839,883

 16,534,675 18,065,255 14,940,633 16,530,156 18,060,520

 16,787,795 18,372,476 15,129,908 16,783,129 18,367,584

 17,056,429 18,692,723 15,332,640 17,051,535 18,687,589

 17,274,216 18,957,769 15,486,050 17,269,059 18,952,359

 17,405,791 19,133,583 15,556,075 17,400,383 19,127,910

 2 Shipments - No Market Impact Scenario 

Reference High Low Reference High

 118,510 118,510 118,510 118,510 118,510

 113,400 113,400 113,400 113,400 113,400

 96,260 96,260 96,260 96,260 96,260

 140,281 140,281 140,281 140,281 140,281

 146,685 151,425 142,357 146,685 151,425

 150,598 153,706 147,367 150,598 153,706

 152,056 155,267 149,094 152,056 155,267

 151,555 154,814 148,547 151,557 154,816

 149,117 153,098 145,717 149,119 153,100

 143,717 147,573 139,665 143,719 147,574

 137,724 141,474 133,909 137,725 141,476

 135,658 140,035 131,654 135,659 140,036

 138,906 143,705 134,003 138,906 143,706

 146,092 151,923 140,689 146,093 151,924

 153,400 160,063 147,200 153,402 160,064

 158,856 166,339 151,954 158,857 166,340

 160,744 168,610 153,290 160,746 168,612

TSL 1
 160,096 168,157 152,235 160,098 168,160

 158,219 166,781 149,947 158,221 166,784

 155,318 164,557 146,680 155,320 164,559

 152,916 162,406 143,771 152,918 162,408

 152,312 162,182 142,880 152,314 162,184

 154,535 165,113 144,476 154,537 165,116

 158,883 170,137 147,999 158,886 170,139

 162,840 174,614 151,237 162,843 174,617

 165,733 177,955 153,603 165,735 177,958

 167,603 180,209 154,733 167,606 180,213

 167,860 180,875 154,364 167,863 180,879

 166,802 180,297 152,751 166,805 180,301

 165,523 179,462 151,007 165,526 179,466

 164,866 179,288 149,879 164,869 179,292

 165,321 180,248 149,812 165,325 180,252

 167,017 182,477 150,919 167,020 182,481

 169,574 185,581 152,831 169,577 185,585

 172,287 188,815 154,879 172,291 188,820

 174,487 191,493 156,428 174,491 191,497

 175,816 193,269 157,136 175,820 193,273

PC 1 Markups - No Market Impact Reference Economic Scenario
1.2600 1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2600 1.2600 1.2597 1.2600

1.2591 1.2600 1.2600 1.2593

1.2576 1.2600

1.2506

1.2600 1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2600 1.2600 1.2600 1.2600

1.2576 1.2600 1.2600 1.2581

1.2506 1.2600

1.2547

Low Reference High Low Reference High

 11,732,490 11,732,490 11,732,490 11,732,490 11,732,490 11,732,490

 11,226,600 11,226,600 11,226,600 11,226,600 11,226,600 11,226,600

 9,529,740 9,529,740 9,529,740 9,529,740 9,529,740 9,529,740

 13,887,850 13,887,850 13,887,850 13,887,850 13,887,850 13,887,850

 14,093,296 14,521,792 14,991,091 14,093,296 14,521,792 14,991,091

 14,589,298 14,909,185 15,216,876 14,589,298 14,909,185 15,216,876

 14,760,290 15,053,553 15,371,412 14,760,290 15,053,553 15,371,412

 14,702,301 14,991,194 15,313,574 14,693,452 14,966,735 15,288,634

 14,423,021 14,752,915 15,146,778 14,416,307 14,734,317 15,127,753

 13,824,546 14,220,490 14,601,992 13,819,344 14,206,018 14,587,157

 13,255,090 13,628,376 13,999,525 13,250,755 13,616,288 13,987,114

 13,032,167 13,424,889 13,857,994 13,028,535 13,414,738 13,847,537

 13,264,704 13,746,371 14,221,342 13,261,087 13,736,222 14,210,859

 13,926,473 14,457,511 15,034,536 13,922,617 14,446,668 15,023,304

 14,570,853 15,180,241 15,839,613 14,566,475 15,167,923 15,826,837

 15,041,105 15,719,088 16,459,602 15,035,868 15,704,369 16,444,346

TSL 2 TSL 2

PC 1 Shipments - RP Elasticity-0.34 

Baseline

TSL 2 TSL 3

TSL 3 TSL 4 TSL 1

PC 2 Markups - No Market Impact Reference Economic Scenario

TSL 2 TSL 3 TSL 4 Baseline TSL 1 TSL 2
 15,172,866 15,904,383 16,682,807 15,166,484 15,886,478 16,664,285

 15,067,928 15,838,338 16,636,053 15,060,265 15,816,857 16,613,856

 14,841,096 15,651,488 16,498,797 14,832,762 15,628,101 16,474,615

 14,517,785 15,364,527 16,278,802 14,509,630 15,341,582 16,255,017

 14,229,980 15,127,614 16,066,699 14,222,424 15,106,267 16,044,494

 14,141,967 15,068,376 16,045,110 14,134,841 15,048,165 16,024,015

 14,299,995 15,288,486 16,335,333 14,292,904 15,268,315 16,314,218

 14,648,651 15,718,489 16,832,109 14,641,218 15,697,310 16,809,902

 14,968,932 16,109,319 17,274,368 14,960,882 16,086,370 17,250,296

 15,202,825 16,394,529 17,603,980 15,194,001 16,369,378 17,577,608

 15,314,320 16,578,522 17,825,928 15,304,706 16,551,119 17,797,210

 15,277,581 16,602,998 17,890,836 15,267,310 16,573,709 17,860,138

 15,117,707 16,497,703 17,832,969 15,107,067 16,467,313 17,801,085

 14,945,008 16,370,917 17,750,172 14,934,303 16,340,271 17,717,955

 14,833,454 16,306,024 17,733,082 14,822,867 16,275,620 17,701,036

 14,826,781 16,351,217 17,828,155 14,816,284 16,320,978 17,796,197

 14,936,329 16,518,911 18,048,625 14,925,729 16,488,296 18,016,203

 15,125,468 16,771,497 18,355,265 15,114,519 16,739,825 18,321,682

 15,327,985 17,039,321 18,674,648 15,316,497 17,006,060 18,639,364

 15,481,146 17,256,178 18,938,708 15,469,035 17,221,097 18,901,489

 15,550,935 17,386,866 19,113,583 15,538,234 17,350,052 19,074,518

Low Reference High Low Reference High

 118,510 118,510 118,510 118,510 118,510 118,510

 113,400 113,400 113,400 113,400 113,400 113,400

 96,260 96,260 96,260 96,260 96,260 96,260

 140,281 140,281 140,281 140,281 140,281 140,281

 142,357 146,685 151,425 142,357 146,685 151,425

 147,367 150,598 153,706 147,367 150,598 153,706

 149,094 152,056 155,267 149,094 152,056 155,267

 148,547 151,188 154,439 148,185 150,028 153,257

 145,717 148,838 152,812 145,442 147,956 151,910

 139,665 143,500 147,350 139,452 142,814 146,646

 133,909 137,542 141,288 133,731 136,969 140,699

 131,654 135,506 139,878 131,505 135,024 139,381

 134,003 138,753 143,547 133,855 138,272 143,050

 140,688 145,930 151,754 140,530 145,415 151,221

 147,200 153,215 159,871 147,020 152,631 159,265

 151,953 158,635 166,109 151,739 157,937 165,386

 153,289 160,475 168,332 153,028 159,627 167,454

PC 2 Shipments - RP Elasticity-0.34 

TSL 2 TSL 3
 152,235 159,773 167,824 151,921 158,756 166,772

 149,947 157,867 166,418 149,605 156,759 165,272

 146,680 154,973 164,200 146,346 153,886 163,072

 143,770 152,595 162,072 143,460 151,584 161,020

 142,879 152,008 161,865 142,587 151,050 160,864

 144,475 154,232 164,796 144,184 153,275 163,795

 147,999 158,565 169,804 147,694 157,561 168,750

 151,236 162,496 174,252 150,906 161,408 173,111

 153,602 165,355 177,559 153,240 164,163 176,309

 154,732 167,191 179,778 154,338 165,893 178,417

 154,364 167,420 180,414 153,942 166,033 178,959

 152,750 166,346 179,818 152,314 164,906 178,307

 151,295 165,062 178,978 150,567 163,611 177,451

 150,167 164,409 178,807 149,444 162,969 177,288

 150,099 164,867 179,768 149,380 163,434 178,253

 151,206 166,557 181,991 150,483 165,106 180,453

 153,119 169,098 185,076 152,380 167,597 183,483

 155,170 171,788 188,286 154,406 170,212 186,612

 156,729 173,960 190,934 155,930 172,298 189,169

 157,457 175,263 192,682 156,613 173,519 190,830

PC 1 Markups - Market Impact Scenario (RP Elasticity .34 Selected)

Economic Scenario High Economic Scenario
1.2600 1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2600 1.2597 1.2600 1.2600

1.2600 1.2600 1.2593 1.2600

1.2581 1.2600 1.2581

1.2526

1.2600 1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2600 1.2581 1.2600

1.2526 1.2600 1.2526

1.2559

Low Reference High Low

 11,732,490 11,732,490 11,732,490 11,732,490

 11,226,600 11,226,600 11,226,600 11,226,600

 9,529,740 9,529,740 9,529,740 9,529,740

 13,887,850 13,887,850 13,887,850 13,887,850

 14,093,296 14,521,792 14,991,091 14,093,296

 14,589,298 14,909,185 15,216,876 14,589,298

 14,760,290 15,053,553 15,371,412 14,760,290

 14,669,445 14,854,079 15,173,742 14,558,883

 14,398,090 14,648,645 15,040,102 14,314,185

 13,805,225 14,139,342 14,518,798 13,740,185

 13,238,986 13,560,586 13,929,913 13,184,769

 13,018,674 13,367,960 13,799,341 12,973,246

 13,251,265 13,689,452 14,162,540 13,206,019

 13,912,145 14,396,711 14,971,537 13,863,911

 14,554,587 15,111,182 15,767,973 14,499,843

 15,021,649 15,636,603 16,374,092 14,956,203

TSL 3 Baseline TSL 1 TSL 2 TSL 3

TSL 4

TSL 4

Baseline TSL 1

PC 2 Markups - Market Impact Scenario (RP Elasticity .34 Selected)

Economic Scenario High Economic Scenario

TSL 3 TSL 4 TSL 2 TSL 3
 15,149,157 15,804,083 16,579,029 15,069,442

 15,039,463 15,718,030 16,511,711 14,943,786

 14,810,136 15,520,514 16,363,337 14,706,076

 14,487,489 15,236,021 16,145,550 14,385,651

 14,201,903 15,008,036 15,942,279 14,107,503

 14,115,481 14,955,149 15,926,888 14,026,414

 14,273,635 15,175,474 16,216,991 14,184,986

 14,621,021 15,599,844 16,707,660 14,528,118

 14,939,010 15,980,779 17,139,488 14,838,422

 15,170,025 16,253,690 17,456,249 15,059,796

 15,278,584 16,425,110 17,665,091 15,158,518

 15,239,405 16,439,047 17,718,938 15,111,169

 15,078,155 16,327,603 17,654,436 14,945,305

 14,905,211 16,199,379 17,569,766 14,771,530

 14,794,086 16,135,825 17,553,610 14,661,831

 14,787,743 16,181,925 17,649,159 14,656,582

 14,896,902 16,347,512 17,867,018 14,764,430

 15,084,742 16,594,188 18,167,163 14,947,918

 15,285,252 16,853,145 18,477,043 15,141,710

 15,436,098 17,059,845 18,730,299 15,284,810

 15,503,691 17,180,862 18,894,864 15,345,057

Low Reference High Low

 118,510 118,510 118,510 118,510

 113,400 113,400 113,400 113,400

 96,260 96,260 96,260 96,260

 140,281 140,281 140,281 140,281

 142,357 146,685 151,425 142,357

 147,367 150,598 153,706 147,367

 149,094 152,056 155,267 149,094

 147,047 150,725 153,968 147,731

 144,578 148,486 152,452 145,097

 138,782 143,226 147,069 139,185

 133,173 137,314 141,053 133,509

 131,037 135,314 139,680 131,319

 133,389 138,561 143,349 133,669

 140,034 145,725 151,542 140,332

 146,456 152,983 159,630 146,795

 151,065 158,357 165,821 151,470

 152,207 160,137 167,982 152,700

TSL 4
 150,936 159,367 167,405 151,528

 148,534 157,425 165,961 149,177

 145,297 154,540 163,750 145,927

 142,488 152,192 161,653 143,073

 141,670 151,626 161,467 142,221

 143,271 153,851 164,398 143,820

 146,737 158,165 169,384 147,312

 149,870 162,062 173,798 150,493

 152,105 164,880 177,062 152,788

 153,101 166,674 179,236 153,844

 152,622 166,867 179,835 153,416

 150,945 165,772 179,217 151,768

 149,190 164,484 178,371 150,018

 148,082 163,836 178,203 148,901

 148,029 164,297 179,165 148,841

 149,118 165,980 181,379 149,939

 150,971 168,501 184,443 151,818

 152,927 171,160 187,620 153,816

 154,371 173,299 190,232 155,309

 154,979 174,569 191,946 155,962

Low Economic Scenario

asticity .34 Selected)
1.2600 1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2597 1.2600 1.2600 1.2600

1.2600 1.2593 1.2600 1.2600

1.2600 1.2581 1.2600

1.2526 1.2526

1.2600 1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2600 1.2600 1.2600 1.2600

1.2600 1.2582 1.2600 1.2600

1.2600 1.2526 1.2600

1.2559 1.2559

TSL 4 Baseline TSL 1 TSL 2 TSL 3 TSL 4

asticity .34 Selected)

Low Economic Scenario

TSL 4 Baseline TSL 1 TSL 2 TSL 3 TSL 4



Multipliers for Markups Calculations
1st Multipler 2nd Multipler 3rd Multipler 4th Multipler

TSL 1 0.9997 0.9998 0.9998 0.9998

TSL 2 0.9993 0.9995 0.9994 0.9995

TSL 3 0.9981 0.9985 0.9985 0.9985

TSL 4 0.9925 0.9941 0.9941 0.9941

Multipliers for Markups Calculations

1st Multipler 2nd Multipler 3rd Multipler 4th Multipler

TSL 1 1.0000 1.0000 1.0000 1.0000

TSL 2 0.9981 0.9985 0.9985 0.9985

TSL 3 0.9925 0.9941 0.9941 0.9941

TSL 4 0.9958 0.9967 0.9967 0.9967
EF 4.00 4.00 Base Case Distribution

Year 4.00 2.00 1.50 1.00 0.02 SUM

2007 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2008 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2009 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2010 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2011 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2012 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2013 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2014 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2015 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2016 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2017 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2018 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2019 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2020 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2021 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2022 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2023 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2024 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2025 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2026 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2027 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2028 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2029 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2030 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2031 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2032 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2033 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2034 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2035 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2036 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2037 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2038 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2039 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2040 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2041 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2042 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2043 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

EF 2.00 2.00 Standards Case Distribution

Year 4.00 2.00 1.50 1.00 0.02 SUM

Product Shipment Distributions

PC 1

Percent of Total Shipments

Percent of Total Shipments
2007 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2008 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2009 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2010 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2011 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2012 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2013 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2014 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2015 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2016 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2017 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2018 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2019 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2020 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2021 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2022 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2023 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2024 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2025 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2026 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2027 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2028 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2029 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2030 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2031 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2032 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2033 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2034 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2035 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2036 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2037 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2038 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2039 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2040 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2041 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2042 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

2043 0.0% 80.8% 19.2% 0.0% 0.0% 100.0%

EF 1.50 1.50 Standards Case Distribution

Year 4.00 2.00 1.50 1.00 0.02 SUM

2007 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2008 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2009 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2010 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2011 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2012 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2013 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2014 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2015 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2016 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2017 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

Percent of Total Shipments
2018 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2019 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2020 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2021 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2022 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2023 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2024 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2025 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2026 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2027 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2028 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2029 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2030 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2031 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2032 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2033 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2034 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2035 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2036 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2037 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2038 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2039 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2040 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2041 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2042 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

2043 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%

EF 1.00 1.00 Standards Case Distribution

Year 4.00 2.00 1.50 1.00 0.02 SUM

2007 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2008 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2009 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2010 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2011 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2012 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2013 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2014 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2015 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2016 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2017 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2018 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2019 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2020 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2021 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2022 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2023 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2024 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2025 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2026 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2027 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2028 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

Percent of Total Shipments
2029 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2030 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2031 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2032 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2033 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2034 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2035 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2036 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2037 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2038 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2039 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2040 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2041 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2042 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

2043 0.0% 0.0% 0.0% 100.0% 0.0% 100.0%

EF 0.02 0.02 Standards Case Distribution

Year 4.00 2.00 1.50 1.00 0.02 SUM

2007 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2008 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2009 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2010 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2011 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2012 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2013 46.2% 34.6% 19.2% 0.0% 0.0% 100.0%

2014 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2015 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2016 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2017 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2018 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2019 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2020 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2021 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2022 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2023 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2024 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2025 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2026 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2027 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2028 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2029 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2030 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2031 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2032 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2033 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2034 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2035 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2036 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2037 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2038 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2039 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

Percent of Total Shipments
2040 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2041 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2042 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%

2043 0.0% 0.0% 0.0% 0.0% 100.0% 100.0%
EF 4.50 4.50 Base Case Distribution

Year 4.50 3.70 2.70 2.20

2007 100.0% 0.0% 0.0% 0.0%

2008 100.0% 0.0% 0.0% 0.0%

2009 100.0% 0.0% 0.0% 0.0%

2010 100.0% 0.0% 0.0% 0.0%

2011 100.0% 0.0% 0.0% 0.0%

2012 100.0% 0.0% 0.0% 0.0%

2013 100.0% 0.0% 0.0% 0.0%

2014 100.0% 0.0% 0.0% 0.0%

2015 100.0% 0.0% 0.0% 0.0%

2016 100.0% 0.0% 0.0% 0.0%

2017 100.0% 0.0% 0.0% 0.0%

2018 100.0% 0.0% 0.0% 0.0%

2019 100.0% 0.0% 0.0% 0.0%

2020 100.0% 0.0% 0.0% 0.0%

2021 100.0% 0.0% 0.0% 0.0%

2022 100.0% 0.0% 0.0% 0.0%

2023 100.0% 0.0% 0.0% 0.0%

2024 100.0% 0.0% 0.0% 0.0%

2025 100.0% 0.0% 0.0% 0.0%

2026 100.0% 0.0% 0.0% 0.0%

2027 100.0% 0.0% 0.0% 0.0%

2028 100.0% 0.0% 0.0% 0.0%

2029 100.0% 0.0% 0.0% 0.0%

2030 100.0% 0.0% 0.0% 0.0%

2031 100.0% 0.0% 0.0% 0.0%

2032 100.0% 0.0% 0.0% 0.0%

2033 100.0% 0.0% 0.0% 0.0%

2034 100.0% 0.0% 0.0% 0.0%

2035 100.0% 0.0% 0.0% 0.0%

2036 100.0% 0.0% 0.0% 0.0%

2037 100.0% 0.0% 0.0% 0.0%

2038 100.0% 0.0% 0.0% 0.0%

2039 100.0% 0.0% 0.0% 0.0%

2040 100.0% 0.0% 0.0% 0.0%

2041 100.0% 0.0% 0.0% 0.0%

2042 100.0% 0.0% 0.0% 0.0%

2043 100.0% 0.0% 0.0% 0.0%

EF 3.70 3.70 Standards Case Distribution

Year 4.50 3.70 2.70 2.20

PC 2

Percent of Total Shipments

Percent of Total Shipments
2007 100.0% 0.0% 0.0% 0.0%

2008 100.0% 0.0% 0.0% 0.0%

2009 100.0% 0.0% 0.0% 0.0%

2010 100.0% 0.0% 0.0% 0.0%

2011 100.0% 0.0% 0.0% 0.0%

2012 100.0% 0.0% 0.0% 0.0%

2013 100.0% 0.0% 0.0% 0.0%

2014 0.0% 100.0% 0.0% 0.0%

2015 0.0% 100.0% 0.0% 0.0%

2016 0.0% 100.0% 0.0% 0.0%

2017 0.0% 100.0% 0.0% 0.0%

2018 0.0% 100.0% 0.0% 0.0%

2019 0.0% 100.0% 0.0% 0.0%

2020 0.0% 100.0% 0.0% 0.0%

2021 0.0% 100.0% 0.0% 0.0%

2022 0.0% 100.0% 0.0% 0.0%

2023 0.0% 100.0% 0.0% 0.0%

2024 0.0% 100.0% 0.0% 0.0%

2025 0.0% 100.0% 0.0% 0.0%

2026 0.0% 100.0% 0.0% 0.0%

2027 0.0% 100.0% 0.0% 0.0%

2028 0.0% 100.0% 0.0% 0.0%

2029 0.0% 100.0% 0.0% 0.0%

2030 0.0% 100.0% 0.0% 0.0%

2031 0.0% 100.0% 0.0% 0.0%

2032 0.0% 100.0% 0.0% 0.0%

2033 0.0% 100.0% 0.0% 0.0%

2034 0.0% 100.0% 0.0% 0.0%

2035 0.0% 100.0% 0.0% 0.0%

2036 0.0% 100.0% 0.0% 0.0%

2037 0.0% 100.0% 0.0% 0.0%

2038 0.0% 100.0% 0.0% 0.0%

2039 0.0% 100.0% 0.0% 0.0%

2040 0.0% 100.0% 0.0% 0.0%

2041 0.0% 100.0% 0.0% 0.0%

2042 0.0% 100.0% 0.0% 0.0%

2043 0.0% 100.0% 0.0% 0.0%

EF 2.70 2.70 Standards Case Distribution

Year 4.50 3.70 2.70 2.20

2007 100.0% 0.0% 0.0% 0.0%

2008 100.0% 0.0% 0.0% 0.0%

2009 100.0% 0.0% 0.0% 0.0%

2010 100.0% 0.0% 0.0% 0.0%

2011 100.0% 0.0% 0.0% 0.0%

2012 100.0% 0.0% 0.0% 0.0%

2013 100.0% 0.0% 0.0% 0.0%

2014 0.0% 0.0% 100.0% 0.0%

2015 0.0% 0.0% 100.0% 0.0%

2016 0.0% 0.0% 100.0% 0.0%

2017 0.0% 0.0% 100.0% 0.0%

Percent of Total Shipments
2018 0.0% 0.0% 100.0% 0.0%

2019 0.0% 0.0% 100.0% 0.0%

2020 0.0% 0.0% 100.0% 0.0%

2021 0.0% 0.0% 100.0% 0.0%

2022 0.0% 0.0% 100.0% 0.0%

2023 0.0% 0.0% 100.0% 0.0%

2024 0.0% 0.0% 100.0% 0.0%

2025 0.0% 0.0% 100.0% 0.0%

2026 0.0% 0.0% 100.0% 0.0%

2027 0.0% 0.0% 100.0% 0.0%

2028 0.0% 0.0% 100.0% 0.0%

2029 0.0% 0.0% 100.0% 0.0%

2030 0.0% 0.0% 100.0% 0.0%

2031 0.0% 0.0% 100.0% 0.0%

2032 0.0% 0.0% 100.0% 0.0%

2033 0.0% 0.0% 100.0% 0.0%

2034 0.0% 0.0% 100.0% 0.0%

2035 0.0% 0.0% 100.0% 0.0%

2036 0.0% 0.0% 100.0% 0.0%

2037 0.0% 0.0% 100.0% 0.0%

2038 0.0% 0.0% 100.0% 0.0%

2039 0.0% 0.0% 100.0% 0.0%

2040 0.0% 0.0% 100.0% 0.0%

2041 0.0% 0.0% 100.0% 0.0%

2042 0.0% 0.0% 100.0% 0.0%

2043 0.0% 0.0% 100.0% 0.0%

EF 2.20 2.20 Standards Case Distribution

Year 4.50 3.70 2.70 2.20

2007 100.0% 0.0% 0.0% 0.0%

2008 100.0% 0.0% 0.0% 0.0%

2009 100.0% 0.0% 0.0% 0.0%

2010 100.0% 0.0% 0.0% 0.0%

2011 100.0% 0.0% 0.0% 0.0%

2012 100.0% 0.0% 0.0% 0.0%

2013 100.0% 0.0% 0.0% 0.0%

2014 0.0% 0.0% 0.0% 100.0%

2015 0.0% 0.0% 0.0% 100.0%

2016 0.0% 0.0% 0.0% 100.0%

2017 0.0% 0.0% 0.0% 100.0%

2018 0.0% 0.0% 0.0% 100.0%

2019 0.0% 0.0% 0.0% 100.0%

2020 0.0% 0.0% 0.0% 100.0%

2021 0.0% 0.0% 0.0% 100.0%

2022 0.0% 0.0% 0.0% 100.0%

2023 0.0% 0.0% 0.0% 100.0%

2024 0.0% 0.0% 0.0% 100.0%

2025 0.0% 0.0% 0.0% 100.0%

2026 0.0% 0.0% 0.0% 100.0%

2027 0.0% 0.0% 0.0% 100.0%

2028 0.0% 0.0% 0.0% 100.0%

Percent of Total Shipments
2029 0.0% 0.0% 0.0% 100.0%

2030 0.0% 0.0% 0.0% 100.0%

2031 0.0% 0.0% 0.0% 100.0%

2032 0.0% 0.0% 0.0% 100.0%

2033 0.0% 0.0% 0.0% 100.0%

2034 0.0% 0.0% 0.0% 100.0%

2035 0.0% 0.0% 0.0% 100.0%

2036 0.0% 0.0% 0.0% 100.0%

2037 0.0% 0.0% 0.0% 100.0%

2038 0.0% 0.0% 0.0% 100.0%

2039 0.0% 0.0% 0.0% 100.0%

2040 0.0% 0.0% 0.0% 100.0%

2041 0.0% 0.0% 0.0% 100.0%

2042 0.0% 0.0% 0.0% 100.0%

2043 0.0% 0.0% 0.0% 100.0%

EF 0.04 0.04 Standards Case Distribution

Year 4.50 3.70 2.70 2.20

2007 100.0% 0.0% 0.0% 0.0%

2008 100.0% 0.0% 0.0% 0.0%

2009 100.0% 0.0% 0.0% 0.0%

2010 100.0% 0.0% 0.0% 0.0%

2011 100.0% 0.0% 0.0% 0.0%

2012 100.0% 0.0% 0.0% 0.0%

2013 100.0% 0.0% 0.0% 0.0%

2014 0.0% 0.0% 0.0% 0.0%

2015 0.0% 0.0% 0.0% 0.0%

2016 0.0% 0.0% 0.0% 0.0%

2017 0.0% 0.0% 0.0% 0.0%

2018 0.0% 0.0% 0.0% 0.0%

2019 0.0% 0.0% 0.0% 0.0%

2020 0.0% 0.0% 0.0% 0.0%

2021 0.0% 0.0% 0.0% 0.0%

2022 0.0% 0.0% 0.0% 0.0%

2023 0.0% 0.0% 0.0% 0.0%

2024 0.0% 0.0% 0.0% 0.0%

2025 0.0% 0.0% 0.0% 0.0%

2026 0.0% 0.0% 0.0% 0.0%

2027 0.0% 0.0% 0.0% 0.0%

2028 0.0% 0.0% 0.0% 0.0%

2029 0.0% 0.0% 0.0% 0.0%

2030 0.0% 0.0% 0.0% 0.0%

2031 0.0% 0.0% 0.0% 0.0%

2032 0.0% 0.0% 0.0% 0.0%

2033 0.0% 0.0% 0.0% 0.0%

2034 0.0% 0.0% 0.0% 0.0%

2035 0.0% 0.0% 0.0% 0.0%

2036 0.0% 0.0% 0.0% 0.0%

2037 0.0% 0.0% 0.0% 0.0%

2038 0.0% 0.0% 0.0% 0.0%

2039 0.0% 0.0% 0.0% 0.0%

Percent of Total Shipments
2040 0.0% 0.0% 0.0% 0.0%

2041 0.0% 0.0% 0.0% 0.0%

2042 0.0% 0.0% 0.0% 0.0%

2043 0.0% 0.0% 0.0% 0.0%
0.04 SUM

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.04 SUM
0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.04 SUM

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%
0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.04 SUM

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%
0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.04 SUM

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

0.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%
100.0% 100.0%

100.0% 100.0%

100.0% 100.0%

100.0% 100.0%
SCENARIO CHOSEN: Reference

PC 1

4.00

Year 4.00 2.00 1.50 1.00 0.02

2007 5,420,410 4,059,442 2,252,638 - -

2008 5,186,689 3,884,404 2,155,507 - -

2009 4,402,740 3,297,290 1,829,710 - -

2010 6,416,187 4,805,196 2,666,467 - -

2011 6,709,068 5,024,540 2,788,184 - -

2012 6,888,044 5,158,578 2,862,564 - -

2013 6,954,741 5,208,529 2,890,282 - -

2014 6,931,828 5,191,369 2,880,760 - -

2015 6,820,327 5,107,864 2,834,421 - -

2016 6,573,348 4,922,897 2,731,781 - -

2017 6,299,216 4,717,594 2,617,856 - -

2018 6,204,737 4,646,838 2,578,592 - -

2019 6,353,260 4,758,069 2,640,316 - -

2020 6,681,971 5,004,247 2,776,923 - -

2021 7,016,226 5,254,577 2,915,834 - -

2022 7,265,750 5,441,449 3,019,533 - -

2023 7,352,123 5,506,136 3,055,428 - -

2024 7,322,470 5,483,928 3,043,105 - -

2025 7,236,603 5,419,620 3,007,419 - -

2026 7,103,916 5,320,249 2,952,277 - -

2027 6,994,073 5,237,985 2,906,628 - -

2028 6,966,428 5,217,281 2,895,139 - -

2029 7,068,104 5,293,428 2,937,394 - -

2030 7,267,003 5,442,387 3,020,053 - -

2031 7,447,988 5,577,930 3,095,268 - -

2032 7,580,280 5,677,007 3,150,246 - -

2033 7,665,823 5,741,071 3,185,797 - -

2034 7,677,581 5,749,877 3,190,683 - -

2035 7,629,195 5,713,639 3,170,574 - -

2036 7,570,675 5,669,813 3,146,255 - -

2037 7,540,630 5,647,312 3,133,768 - -

2038 7,561,463 5,662,914 3,142,426 - -

2039 7,639,020 5,720,998 3,174,658 - -

2040 7,755,961 5,808,577 3,223,257 - -

2041 7,880,070 5,901,524 3,274,834 - -

2042 7,980,688 5,976,879 3,316,650 - -

2043 8,041,476 6,022,404 3,341,912 - -

PC 2

Microwave Shipments

Annual Shipments by EL (units)
4.50

Year 4.50 3.70 2.70 2.20 0.04

2007 118,510 - - - -

2008 113,400 - - - -

2009 96,260 - - - -

2010 140,281 - - - -

2011 146,685 - - - -

2012 150,598 - - - -

2013 152,056 - - - -

2014 151,555 - - - -

2015 149,117 - - - -

2016 143,717 - - - -

2017 137,724 - - - -

2018 135,658 - - - -

2019 138,906 - - - -

2020 146,092 - - - -

2021 153,400 - - - -

2022 158,856 - - - -

2023 160,744 - - - -

2024 160,096 - - - -

2025 158,219 - - - -

2026 155,318 - - - -

2027 152,916 - - - -

2028 152,312 - - - -

2029 154,535 - - - -

2030 158,883 - - - -

2031 162,840 - - - -

2032 165,733 - - - -

2033 167,603 - - - -

2034 167,860 - - - -

2035 166,802 - - - -

2036 165,523 - - - -

2037 164,866 - - - -

2038 165,321 - - - -

2039 167,017 - - - -

2040 169,574 - - - -

2041 172,287 - - - -

2042 174,487 - - - -

2043 175,816 - - - -

Annual Shipments by EL (units)
2.00

Total 4.00 2.00 1.50 1.00 0.02 Total

 11,732,490 5,420,410 4,059,442 2,252,638 - - 11,732,490

 11,226,600 5,186,689 3,884,404 2,155,507 - - 11,226,600

 9,529,740 4,402,740 3,297,290 1,829,710 - - 9,529,740

 13,887,850 6,416,187 4,805,196 2,666,467 - - 13,887,850

 14,521,792 6,709,068 5,024,540 2,788,184 - - 14,521,792

 14,909,185 6,888,044 5,158,578 2,862,564 - - 14,909,185

 15,053,553 6,954,741 5,208,529 2,890,282 - - 15,053,553

 15,003,956 - 12,120,167 2,880,040 - - 15,000,207

 14,762,612 - 11,925,891 2,833,875 - - 14,759,766

 14,228,027 - 11,494,462 2,731,357 - - 14,225,820

 13,634,666 - 11,015,324 2,617,503 - - 13,632,827

 13,430,166 - 10,850,329 2,578,296 - - 13,428,625

 13,751,646 - 11,110,087 2,640,021 - - 13,750,107

 14,463,142 - 11,684,893 2,776,608 - - 14,461,501

 15,186,637 - 12,269,298 2,915,477 - - 15,184,775

 15,726,732 - 12,705,400 3,019,105 - - 15,724,505

 15,913,687 - 12,856,067 3,054,907 - - 15,910,974

 15,849,503 - 12,803,768 3,042,479 - - 15,846,247

 15,663,642 - 12,653,360 3,006,739 - - 15,660,099

 15,376,442 - 12,421,362 2,951,611 - - 15,372,973

 15,138,686 - 12,229,459 2,906,010 - - 15,135,469

 15,078,848 - 12,181,255 2,894,556 - - 15,075,811

 15,298,926 - 12,359,091 2,936,814 - - 15,295,904

 15,729,443 - 12,706,831 3,019,445 - - 15,726,276

 16,121,186 - 13,023,148 3,094,609 - - 16,117,757

 16,407,533 - 13,254,252 3,149,525 - - 16,403,777

 16,592,691 - 13,403,587 3,185,011 - - 16,588,598

 16,618,141 - 13,423,925 3,189,843 - - 16,613,768

 16,513,409 - 13,339,172 3,169,704 - - 16,508,877

 16,386,743 - 13,236,803 3,145,379 - - 16,382,182

 16,321,711 - 13,184,296 3,132,902 - - 16,317,198

 16,366,802 - 13,220,760 3,141,567 - - 16,362,327

 16,534,675 - 13,356,366 3,173,790 - - 16,530,156

 16,787,795 - 13,560,768 3,222,361 - - 16,783,129

 17,056,429 - 13,777,640 3,273,895 - - 17,051,535

 17,274,216 - 13,953,400 3,315,659 - - 17,269,059

 17,405,791 - 14,059,510 3,340,874 - - 17,400,383

Annual Shipments by EL (units)
3.70

Total 4.50 3.70 2.70 2.20 0.04 Total

 118,510 118,510 - - - - 118,510

 113,400 113,400 - - - - 113,400

 96,260 96,260 - - - - 96,260

 140,281 140,281 - - - - 140,281

 146,685 146,685 - - - - 146,685

 150,598 150,598 - - - - 150,598

 152,056 152,056 - - - - 152,056

 151,555 - 151,557 - - - 151,557

 149,117 - 149,119 - - - 149,119

 143,717 - 143,719 - - - 143,719

 137,724 - 137,725 - - - 137,725

 135,658 - 135,659 - - - 135,659

 138,906 - 138,906 - - - 138,906

 146,092 - 146,093 - - - 146,093

 153,400 - 153,402 - - - 153,402

 158,856 - 158,857 - - - 158,857

 160,744 - 160,746 - - - 160,746

 160,096 - 160,098 - - - 160,098

 158,219 - 158,221 - - - 158,221

 155,318 - 155,320 - - - 155,320

 152,916 - 152,918 - - - 152,918

 152,312 - 152,314 - - - 152,314

 154,535 - 154,537 - - - 154,537

 158,883 - 158,886 - - - 158,886

 162,840 - 162,843 - - - 162,843

 165,733 - 165,735 - - - 165,735

 167,603 - 167,606 - - - 167,606

 167,860 - 167,863 - - - 167,863

 166,802 - 166,805 - - - 166,805

 165,523 - 165,526 - - - 165,526

 164,866 - 164,869 - - - 164,869

 165,321 - 165,325 - - - 165,325

 167,017 - 167,020 - - - 167,020

 169,574 - 169,577 - - - 169,577

 172,287 - 172,291 - - - 172,291

 174,487 - 174,491 - - - 174,491

 175,816 - 175,820 - - - 175,820

Annual Shipments by EL (units)
1.50 1.00

4.00 2.00 1.50 1.00 0.02 Total 4.00

 5,420,410 4,059,442 2,252,638 - - 11,732,490 5,420,410

 5,186,689 3,884,404 2,155,507 - - 11,226,600 5,186,689

 4,402,740 3,297,290 1,829,710 - - 9,529,740 4,402,740

 6,416,187 4,805,196 2,666,467 - - 13,887,850 6,416,187

 6,709,068 5,024,540 2,788,184 - - 14,521,792 6,709,068

 6,888,044 5,158,578 2,862,564 - - 14,909,185 6,888,044

 6,954,741 5,208,529 2,890,282 - - 15,053,553 6,954,741

 - - 14,991,194 - - 14,991,194 -

 - - 14,752,915 - - 14,752,915 -

 - - 14,220,490 - - 14,220,490 -

 - - 13,628,376 - - 13,628,376 -

 - - 13,424,889 - - 13,424,889 -

 - - 13,746,371 - - 13,746,371 -

 - - 14,457,511 - - 14,457,511 -

 - - 15,180,241 - - 15,180,241 -

 - - 15,719,088 - - 15,719,088 -

 - - 15,904,383 - - 15,904,383 -

 - - 15,838,338 - - 15,838,338 -

 - - 15,651,488 - - 15,651,488 -

 - - 15,364,527 - - 15,364,527 -

 - - 15,127,614 - - 15,127,614 -

 - - 15,068,376 - - 15,068,376 -

 - - 15,288,486 - - 15,288,486 -

 - - 15,718,489 - - 15,718,489 -

 - - 16,109,319 - - 16,109,319 -

 - - 16,394,529 - - 16,394,529 -

 - - 16,578,522 - - 16,578,522 -

 - - 16,602,998 - - 16,602,998 -

 - - 16,497,703 - - 16,497,703 -

 - - 16,370,917 - - 16,370,917 -

 - - 16,306,024 - - 16,306,024 -

 - - 16,351,217 - - 16,351,217 -

 - - 16,518,911 - - 16,518,911 -

 - - 16,771,497 - - 16,771,497 -

 - - 17,039,321 - - 17,039,321 -

 - - 17,256,178 - - 17,256,178 -

 - - 17,386,866 - - 17,386,866 -

Annual Shipments by EL (units)
2.70 2.20

4.50 3.70 2.70 2.20 0.04 Total 4.50

 118,510 - - - - 118,510 118,510

 113,400 - - - - 113,400 113,400

 96,260 - - - - 96,260 96,260

 140,281 - - - - 140,281 140,281

 146,685 - - - - 146,685 146,685

 150,598 - - - - 150,598 150,598

 152,056 - - - - 152,056 152,056

 - - 151,188 - - 151,188 -

 - - 148,838 - - 148,838 -

 - - 143,500 - - 143,500 -

 - - 137,542 - - 137,542 -

 - - 135,506 - - 135,506 -

 - - 138,753 - - 138,753 -

 - - 145,930 - - 145,930 -

 - - 153,215 - - 153,215 -

 - - 158,635 - - 158,635 -

 - - 160,475 - - 160,475 -

 - - 159,773 - - 159,773 -

 - - 157,867 - - 157,867 -

 - - 154,973 - - 154,973 -

 - - 152,595 - - 152,595 -

 - - 152,008 - - 152,008 -

 - - 154,232 - - 154,232 -

 - - 158,565 - - 158,565 -

 - - 162,496 - - 162,496 -

 - - 165,355 - - 165,355 -

 - - 167,191 - - 167,191 -

 - - 167,420 - - 167,420 -

 - - 166,346 - - 166,346 -

 - - 165,062 - - 165,062 -

 - - 164,409 - - 164,409 -

 - - 164,867 - - 164,867 -

 - - 166,557 - - 166,557 -

 - - 169,098 - - 169,098 -

 - - 171,788 - - 171,788 -

 - - 173,960 - - 173,960 -

 - - 175,263 - - 175,263 -

Annual Shipments by EL (units)
0.02

2.00 1.50 1.00 0.02 Total 4.00 2.00

 4,059,442 2,252,638 - - 11,732,490 5,420,410 4,059,442

 3,884,404 2,155,507 - - 11,226,600 5,186,689 3,884,404

 3,297,290 1,829,710 - - 9,529,740 4,402,740 3,297,290

 4,805,196 2,666,467 - - 13,887,850 6,416,187 4,805,196

 5,024,540 2,788,184 - - 14,521,792 6,709,068 5,024,540

 5,158,578 2,862,564 - - 14,909,185 6,888,044 5,158,578

 5,208,529 2,890,282 - - 15,053,553 6,954,741 5,208,529

 - - 14,966,735 - 14,966,735 - -

 - - 14,734,317 - 14,734,317 - -

 - - 14,206,018 - 14,206,018 - -

 - - 13,616,288 - 13,616,288 - -

 - - 13,414,738 - 13,414,738 - -

 - - 13,736,222 - 13,736,222 - -

 - - 14,446,668 - 14,446,668 - -

 - - 15,167,923 - 15,167,923 - -

 - - 15,704,369 - 15,704,369 - -

 - - 15,886,478 - 15,886,478 - -

 - - 15,816,857 - 15,816,857 - -

 - - 15,628,101 - 15,628,101 - -

 - - 15,341,582 - 15,341,582 - -

 - - 15,106,267 - 15,106,267 - -

 - - 15,048,165 - 15,048,165 - -

 - - 15,268,315 - 15,268,315 - -

 - - 15,697,310 - 15,697,310 - -

 - - 16,086,370 - 16,086,370 - -

 - - 16,369,378 - 16,369,378 - -

 - - 16,551,119 - 16,551,119 - -

 - - 16,573,709 - 16,573,709 - -

 - - 16,467,313 - 16,467,313 - -

 - - 16,340,271 - 16,340,271 - -

 - - 16,275,620 - 16,275,620 - -

 - - 16,320,978 - 16,320,978 - -

 - - 16,488,296 - 16,488,296 - -

 - - 16,739,825 - 16,739,825 - -

 - - 17,006,060 - 17,006,060 - -

 - - 17,221,097 - 17,221,097 - -

 - - 17,350,052 - 17,350,052 - -

Annual Shipments by EL (units) Annual Shipments by EL (un
0.04

3.70 2.70 2.20 0.04 Total 4.50 3.70

 - - - - 118,510 118,510 -

 - - - - 113,400 113,400 -

 - - - - 96,260 96,260 -

 - - - - 140,281 140,281 -

 - - - - 146,685 146,685 -

 - - - - 150,598 150,598 -

 - - - - 152,056 152,056 -

 - - 150,028 - 150,028 - -

 - - 147,956 - 147,956 - -

 - - 142,814 - 142,814 - -

 - - 136,969 - 136,969 - -

 - - 135,024 - 135,024 - -

 - - 138,272 - 138,272 - -

 - - 145,415 - 145,415 - -

 - - 152,631 - 152,631 - -

 - - 157,937 - 157,937 - -

 - - 159,627 - 159,627 - -

 - - 158,756 - 158,756 - -

 - - 156,759 - 156,759 - -

 - - 153,886 - 153,886 - -

 - - 151,584 - 151,584 - -

 - - 151,050 - 151,050 - -

 - - 153,275 - 153,275 - -

 - - 157,561 - 157,561 - -

 - - 161,408 - 161,408 - -

 - - 164,163 - 164,163 - -

 - - 165,893 - 165,893 - -

 - - 166,033 - 166,033 - -

 - - 164,906 - 164,906 - -

 - - 163,611 - 163,611 - -

 - - 162,969 - 162,969 - -

 - - 163,434 - 163,434 - -

 - - 165,106 - 165,106 - -

 - - 167,597 - 167,597 - -

 - - 170,212 - 170,212 - -

 - - 172,298 - 172,298 - -

 - - 173,519 - 173,519 - -

Annual Shipments by EL (units) Annual Shipments by EL (un
1.50 1.00 0.02 Total

 2,252,638 - - 11,732,490

 2,155,507 - - 11,226,600

 1,829,710 - - 9,529,740

 2,666,467 - - 13,887,850

 2,788,184 - - 14,521,792

 2,862,564 - - 14,909,185

 2,890,282 - - 15,053,553

 - - 14,854,079 14,854,079

 - - 14,648,645 14,648,645

 - - 14,139,342 14,139,342

 - - 13,560,586 13,560,586

 - - 13,367,960 13,367,960

 - - 13,689,452 13,689,452

 - - 14,396,711 14,396,711

 - - 15,111,182 15,111,182

 - - 15,636,603 15,636,603

 - - 15,804,083 15,804,083

 - - 15,718,030 15,718,030

 - - 15,520,514 15,520,514

 - - 15,236,021 15,236,021

 - - 15,008,036 15,008,036

 - - 14,955,149 14,955,149

 - - 15,175,474 15,175,474

 - - 15,599,844 15,599,844

 - - 15,980,779 15,980,779

 - - 16,253,690 16,253,690

 - - 16,425,110 16,425,110

 - - 16,439,047 16,439,047

 - - 16,327,603 16,327,603

 - - 16,199,379 16,199,379

 - - 16,135,825 16,135,825

 - - 16,181,925 16,181,925

 - - 16,347,512 16,347,512

 - - 16,594,188 16,594,188

 - - 16,853,145 16,853,145

 - - 17,059,845 17,059,845

 - - 17,180,862 17,180,862

Annual Shipments by EL (units)
2.70 2.20 0.04 Total

 - - - 118,510

 - - - 113,400

 - - - 96,260

 - - - 140,281

 - - - 146,685

 - - - 150,598

 - - - 152,056

 - - 150,725 150,725

 - - 148,486 148,486

 - - 143,226 143,226

 - - 137,314 137,314

 - - 135,314 135,314

 - - 138,561 138,561

 - - 145,725 145,725

 - - 152,983 152,983

 - - 158,357 158,357

 - - 160,137 160,137

 - - 159,367 159,367

 - - 157,425 157,425

 - - 154,540 154,540

 - - 152,192 152,192

 - - 151,626 151,626

 - - 153,851 153,851

 - - 158,165 158,165

 - - 162,062 162,062

 - - 164,880 164,880

 - - 166,674 166,674

 - - 166,867 166,867

 - - 165,772 165,772

 - - 164,484 164,484

 - - 163,836 163,836

 - - 164,297 164,297

 - - 165,980 165,980

 - - 168,501 168,501

 - - 171,160 171,160

 - - 173,299 173,299

 - - 174,569 174,569

Annual Shipments by EL (units)
EF Labor Material Overhead Depreciation

Baseline 4.00 $10.63 $101.28 $3.28 $5.16

TSL 1 2.00 $10.65 $101.51 $3.29 $5.17

TSL 2 1.50 $10.68 $101.79 $3.30 $5.18

TSL 3 1.00 $10.74 $102.39 $3.32 $5.21

TSL 4 0.02 $11.03 $105.13 $3.41 $5.35

EF Labor Material Overhead Depreciation

Baseline 4.50 $22.95 $218.73 $7.09 $11.13

TSL 1 3.70 $22.95 $218.73 $7.09 $11.13

TSL 2 2.70 $23.15 $220.66 $7.15 $11.23

TSL 3 2.20 $23.78 $226.67 $7.35 $11.54

TSL 4 0.04 $23.41 $223.09 $7.23 $11.36

Efficiency Level Cost Per Unit

PC 1

Base Case

PC 2

Production Costs

Full Cost of Production

Efficiency Level

Production Costs

Cost Per Unit

Base Case
Total Markup Price

$120.35 1.26 $151.64 Baseline

$120.62 1.26 $151.98 TSL 1

$120.95 1.26 $152.39 TSL 2

$121.66 1.26 $153.29 TSL 3

$124.92 1.26 $157.41 TSL 4

Total Markup Price

$259.90 1.26 $327.48 Baseline

$259.90 1.26 $327.48 TSL 1

$262.19 1.26 $330.36 TSL 2

$269.34 1.26 $339.37 TSL 3

$265.09 1.26 $334.01 TSL 4

Efficiency Level

PC 2

PC 1

Efficiency Level
EF Labor Material Overhead Depreciation Total Markup

4.00 $10.63 $101.28 $3.28 $5.16 $120.35 1.26

2.00 $10.65 $101.51 $3.29 $5.17 $120.62 1.26

1.50 $10.68 $101.79 $3.30 $5.18 $120.95 1.26

1.00 $10.74 $102.39 $3.32 $5.21 $121.66 1.26

0.02 $11.03 $105.13 $3.41 $5.35 $124.92 1.26

EF Labor Material Overhead Depreciation Total Markup

4.50 $22.95 $218.73 $7.09 $11.13 $259.90 1.26

3.70 $22.95 $218.73 $7.09 $11.13 $259.90 1.26

2.70 $23.15 $220.66 $7.15 $11.23 $262.19 1.26

2.20 $23.78 $226.67 $7.35 $11.54 $269.34 1.26

0.04 $23.41 $223.09 $7.23 $11.36 $265.09 1.26

Efficiency Level Cost Per Unit

Standard Case

PC 2

Production Costs

PC 1

Production Costs

Efficiency Level Cost Per Unit

Standard Case
Price

$151.64

$151.98

$152.39

$153.29

$157.41

Price

$327.48

$327.48

$330.36

$339.37

$334.01
** Determines the timing the conversion costs associated with the standard, see comment B8

Prod Hold Factor 0.98

Product Conversion Factors

1 2 3 4 5 6

std yr 2% 2% 2% 2% 2% 2%

std yr-1 98% 44% 39% 44% 44% 44%

std yr-2 54% 34% 35% 35% 35%

std yr-3 25% 17% 17% 17%

std yr-4 2% 2% 2%

std yr-5 0% 0%

std yr-6 0%

std yr-7

std yr-8

Total 100% 100% 100% 100% 100% 100%

Capital Conversion Factors

1 2 3 4 5 6

std yr 0% 0% 0% 0% 0% 0%

std yr-1 100.0% 45.0% 40.0% 45.0% 45.0% 45.0%

std yr-2 55.0% 35.0% 36.0% 36.0% 36.0%

std yr-3 25.0% 17.0% 17.0% 17.0%

std yr-4 2.0% 2.0% 2.0%

std yr-5 0.0% 0.0%

std yr-6 0.0%

std yr-7

std yr-8

Total 100% 100% 100% 100% 100% 100%

Conversion Costs Timing
7 8

2% 2%

44% 44%

35% 35%

17% 17%

2% 2%

0% 0%

0% 0%

0% 0%

0%

100% 100%

7 8

0% 0%

45.0% 45.0%

36.0% 36.0%

17.0% 17.0%

2.0% 2.0%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

0.0%

100% 100%
This tab computes revenues per product class and per efficiency level for the base case. Totals are 

2007 2008 2009 2010

Income Statement (Base Case)

4.00 Baseline

Unit Price $ 152 $ 152 $ 152 $ 152

Unit Sales (MM) 5.4204 5.1867 4.4027 6.4162

Revenues (MM) $ 822 $ 787 $ 668 $ 973

Cost of Sales

Labor $ 58 $ 55 $ 47 $ 68

Material $ 549 $ 525 $ 446 $ 650

Overhead $ 18 $ 17 $ 14 $ 21

Depreciation $ 28 $ 27 $ 23 $ 33

2.00 TSL 1

Unit Price $ 152 $ 152 $ 152 $ 152

Unit Sales (MM) 4.0594 3.8844 3.2973 4.8052

Revenues (MM) $ 617 $ 590 $ 501 $ 730

Cost of Sales

Labor $ 43 $ 41 $ 35 $ 51

Material $ 412 $ 394 $ 335 $ 488

Overhead $ 13 $ 13 $ 11 $ 16

Depreciation $ 21 $ 20 $ 17 $ 25

1.50 TSL 2

Unit Price $ 152 $ 152 $ 152 $ 152

Unit Sales (MM) 2.2526 2.1555 1.8297 2.6665

Revenues (MM) $ 343 $ 328 $ 279 $ 406

Cost of Sales

Labor $ 24 $ 23 $ 20 $ 28

Material $ 229 $ 219 $ 186 $ 271

Overhead $ 7 $ 7 $ 6 $ 9

Depreciation $ 12 $ 11 $ 9 $ 14

1.00 TSL 3

Unit Price $ 153 $ 153 $ 153 $ 153

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Base Case Revenue & Cost

PC 1
Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

0.02 TSL 4

Unit Price $ 157 $ 157 $ 157 $ 157

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

4.50 Baseline

Unit Price $ 327 $ 327 $ 327 $ 327

Unit Sales (MM) 0.1185 0.1134 0.0963 0.1403

Revenues (MM) $ 39 $ 37 $ 32 $ 46

Cost of Sales

Labor $ 3 $ 3 $ 2 $ 3

Material $ 26 $ 25 $ 21 $ 31

Overhead $ 1 $ 1 $ 1 $ 1

Depreciation $ 1 $ 1 $ 1 $ 2

3.70 TSL 1

Unit Price $ 327 $ 327 $ 327 $ 327

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

2.70 TSL 2

Unit Price $ 330 $ 330 $ 330 $ 330

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

PC 2
2.20 TSL 3

Unit Price $ 339 $ 339 $ 339 $ 339

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

0.04 TSL 4

Unit Price $ 334 $ 334 $ 334 $ 334

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

2010 2011 2012 2013

Unit Sales (MM) 11.8510 11.3400 9.6260 14.0281

Revenues (MM) $ 1,821 $ 1,742 $ 1,479 $ 2,156

Cost of Sales

Labor $ 128 $ 122 $ 104 $ 151

Material $ 1,216 $ 1,164 $ 988 $ 1,440

Overhead $ 39 $ 38 $ 32 $ 47

Depreciation $ 62 $ 59 $ 50 $ 73

Average Price per Unit $ 154 $ 154 $ 154 $ 154

INDUSTRY TOTAL
cy level for the base case. Totals are summed for each product class.

Base Year

Standard 

Year

2011 2012 2013 2014 2015 2016 2017 2018 2019

$ 149 $ 146 $ 143 $ 141 $ 139 $ 136 $ 134 $ 132 $ 131

 6.7091 6.8880 6.9547 6.9318 6.8203 6.5733 6.2992 6.2047 6.3533

$ 998 $ 1,006 $ 998 $ 977 $ 945 $ 897 $ 846 $ 822 $ 829

$ 70 $ 71 $ 70 $ 68 $ 66 $ 63 $ 59 $ 58 $ 58

$ 667 $ 672 $ 666 $ 653 $ 631 $ 599 $ 565 $ 549 $ 554

$ 22 $ 22 $ 22 $ 21 $ 20 $ 19 $ 18 $ 18 $ 18

$ 34 $ 34 $ 34 $ 33 $ 32 $ 30 $ 29 $ 28 $ 28

$ 149 $ 146 $ 144 $ 141 $ 139 $ 137 $ 135 $ 133 $ 131

 5.0245 5.1586 5.2085 5.1914 5.1079 4.9229 4.7176 4.6468 4.7581

$ 749 $ 755 $ 749 $ 733 $ 710 $ 673 $ 635 $ 617 $ 622

$ 53 $ 53 $ 52 $ 51 $ 50 $ 47 $ 45 $ 43 $ 44

$ 501 $ 504 $ 500 $ 490 $ 474 $ 450 $ 424 $ 412 $ 416

$ 16 $ 16 $ 16 $ 16 $ 15 $ 15 $ 14 $ 13 $ 13

$ 25 $ 26 $ 25 $ 25 $ 24 $ 23 $ 22 $ 21 $ 21

$ 150 $ 147 $ 144 $ 142 $ 139 $ 137 $ 135 $ 133 $ 131

 2.7882 2.8626 2.8903 2.8808 2.8344 2.7318 2.6179 2.5786 2.6403

$ 417 $ 420 $ 417 $ 408 $ 395 $ 375 $ 354 $ 343 $ 346

$ 29 $ 29 $ 29 $ 29 $ 28 $ 26 $ 25 $ 24 $ 24

$ 279 $ 281 $ 278 $ 273 $ 264 $ 250 $ 236 $ 229 $ 231

$ 9 $ 9 $ 9 $ 9 $ 9 $ 8 $ 8 $ 7 $ 7

$ 14 $ 14 $ 14 $ 14 $ 13 $ 13 $ 12 $ 12 $ 12

$ 150 $ 148 $ 145 $ 143 $ 140 $ 138 $ 136 $ 134 $ 132

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 154 $ 152 $ 149 $ 146 $ 144 $ 142 $ 139 $ 137 $ 135

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 321 $ 315 $ 310 $ 304 $ 299 $ 295 $ 290 $ 286 $ 282

 0.1467 0.1506 0.1521 0.1516 0.1491 0.1437 0.1377 0.1357 0.1389

$ 47 $ 48 $ 47 $ 46 $ 45 $ 42 $ 40 $ 39 $ 39

$ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3

$ 31 $ 32 $ 31 $ 31 $ 30 $ 28 $ 27 $ 26 $ 26

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ 2 $ 2 $ 2 $ 2 $ 2 $ 1 $ 1 $ 1 $ 1

$ 321 $ 315 $ 310 $ 304 $ 299 $ 295 $ 290 $ 286 $ 282

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 324 $ 318 $ 313 $ 307 $ 302 $ 297 $ 293 $ 288 $ 284

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ 333 $ 327 $ 321 $ 316 $ 310 $ 305 $ 301 $ 296 $ 292

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 328 $ 322 $ 316 $ 311 $ 305 $ 300 $ 296 $ 292 $ 287

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

2014 2015 2016 2017 2018 2019 2020 2021 2022

 14.6685 15.0598 15.2056 15.1555 14.9117 14.3717 13.7724 13.5658 13.8906

$ 2,212 $ 2,229 $ 2,210 $ 2,165 $ 2,095 $ 1,987 $ 1,875 $ 1,820 $ 1,837

$ 155 $ 156 $ 155 $ 152 $ 147 $ 139 $ 131 $ 128 $ 129

$ 1,477 $ 1,489 $ 1,476 $ 1,446 $ 1,399 $ 1,327 $ 1,253 $ 1,216 $ 1,227

$ 48 $ 48 $ 48 $ 47 $ 45 $ 43 $ 41 $ 39 $ 40

$ 75 $ 76 $ 75 $ 74 $ 71 $ 68 $ 64 $ 62 $ 62

$ 151 $ 148 $ 145 $ 143 $ 140 $ 138 $ 136 $ 134 $ 132
2020 2021 2022 2023 2024 2025 2026 2027 2028

$ 129 $ 127 $ 125 $ 123 $ 121 $ 120 $ 118 $ 117 $ 115

 6.6820 7.0162 7.2658 7.3521 7.3225 7.2366 7.1039 6.9941 6.9664

$ 859 $ 889 $ 907 $ 905 $ 889 $ 866 $ 840 $ 816 $ 803

$ 60 $ 62 $ 64 $ 63 $ 62 $ 61 $ 59 $ 57 $ 56

$ 574 $ 594 $ 606 $ 604 $ 594 $ 579 $ 561 $ 545 $ 536

$ 19 $ 19 $ 20 $ 20 $ 19 $ 19 $ 18 $ 18 $ 17

$ 29 $ 30 $ 31 $ 31 $ 30 $ 29 $ 29 $ 28 $ 27

$ 129 $ 127 $ 125 $ 123 $ 122 $ 120 $ 118 $ 117 $ 116

 5.0042 5.2546 5.4414 5.5061 5.4839 5.4196 5.3202 5.2380 5.2173

$ 645 $ 667 $ 681 $ 679 $ 667 $ 650 $ 630 $ 613 $ 603

$ 45 $ 47 $ 48 $ 48 $ 47 $ 46 $ 44 $ 43 $ 42

$ 431 $ 446 $ 455 $ 454 $ 446 $ 434 $ 421 $ 409 $ 403

$ 14 $ 14 $ 15 $ 15 $ 14 $ 14 $ 14 $ 13 $ 13

$ 22 $ 23 $ 23 $ 23 $ 23 $ 22 $ 21 $ 21 $ 20

$ 129 $ 127 $ 125 $ 124 $ 122 $ 120 $ 119 $ 117 $ 116

 2.7769 2.9158 3.0195 3.0554 3.0431 3.0074 2.9523 2.9066 2.8951

$ 359 $ 371 $ 379 $ 378 $ 371 $ 362 $ 351 $ 341 $ 335

$ 25 $ 26 $ 27 $ 26 $ 26 $ 25 $ 25 $ 24 $ 24

$ 240 $ 248 $ 253 $ 252 $ 248 $ 242 $ 234 $ 228 $ 224

$ 8 $ 8 $ 8 $ 8 $ 8 $ 8 $ 8 $ 7 $ 7

$ 12 $ 13 $ 13 $ 13 $ 13 $ 12 $ 12 $ 12 $ 11

$ 130 $ 128 $ 126 $ 124 $ 123 $ 121 $ 119 $ 118 $ 117

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 133 $ 132 $ 130 $ 128 $ 126 $ 124 $ 123 $ 121 $ 120

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 278 $ 274 $ 270 $ 266 $ 262 $ 259 $ 255 $ 252 $ 249

 0.1461 0.1534 0.1589 0.1607 0.1601 0.1582 0.1553 0.1529 0.1523

$ 41 $ 42 $ 43 $ 43 $ 42 $ 41 $ 40 $ 39 $ 38

$ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3

$ 27 $ 28 $ 29 $ 29 $ 28 $ 27 $ 26 $ 26 $ 25

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ 278 $ 274 $ 270 $ 266 $ 262 $ 259 $ 255 $ 252 $ 249

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 280 $ 276 $ 272 $ 268 $ 264 $ 261 $ 257 $ 254 $ 251

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ 288 $ 284 $ 279 $ 275 $ 272 $ 268 $ 264 $ 261 $ 258

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 283 $ 279 $ 275 $ 271 $ 267 $ 264 $ 260 $ 257 $ 254

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

2023 2024 2025 2026 2027 2028 2029 2030 2031

 14.6092 15.3400 15.8856 16.0744 16.0096 15.8219 15.5318 15.2916 15.2312

$ 1,904 $ 1,970 $ 2,010 $ 2,005 $ 1,969 $ 1,920 $ 1,860 $ 1,808 $ 1,779

$ 133 $ 138 $ 141 $ 140 $ 138 $ 135 $ 130 $ 127 $ 125

$ 1,272 $ 1,316 $ 1,342 $ 1,339 $ 1,315 $ 1,282 $ 1,242 $ 1,208 $ 1,188

$ 41 $ 43 $ 44 $ 43 $ 43 $ 42 $ 40 $ 39 $ 39

$ 65 $ 67 $ 68 $ 68 $ 67 $ 65 $ 63 $ 61 $ 60

$ 130 $ 128 $ 127 $ 125 $ 123 $ 121 $ 120 $ 118 $ 117
2029 2030 2031 2032 2033 2034 2035 2036 2037

$ 114 $ 113 $ 111 $ 110 $ 109 $ 107 $ 106 $ 105 $ 104

 7.0681 7.2670 7.4480 7.5803 7.6658 7.6776 7.6292 7.5707 7.5406

$ 805 $ 818 $ 828 $ 833 $ 832 $ 824 $ 810 $ 795 $ 783

$ 56 $ 57 $ 58 $ 58 $ 58 $ 58 $ 57 $ 56 $ 55

$ 538 $ 546 $ 553 $ 556 $ 556 $ 550 $ 541 $ 531 $ 523

$ 17 $ 18 $ 18 $ 18 $ 18 $ 18 $ 18 $ 17 $ 17

$ 27 $ 28 $ 28 $ 28 $ 28 $ 28 $ 28 $ 27 $ 27

$ 114 $ 113 $ 111 $ 110 $ 109 $ 108 $ 106 $ 105 $ 104

 5.2934 5.4424 5.5779 5.6770 5.7411 5.7499 5.7136 5.6698 5.6473

$ 604 $ 614 $ 622 $ 625 $ 625 $ 619 $ 608 $ 596 $ 588

$ 42 $ 43 $ 44 $ 44 $ 44 $ 43 $ 43 $ 42 $ 41

$ 404 $ 410 $ 415 $ 418 $ 417 $ 413 $ 406 $ 398 $ 393

$ 13 $ 13 $ 13 $ 14 $ 14 $ 13 $ 13 $ 13 $ 13

$ 21 $ 21 $ 21 $ 21 $ 21 $ 21 $ 21 $ 20 $ 20

$ 114 $ 113 $ 112 $ 110 $ 109 $ 108 $ 107 $ 105 $ 104

 2.9374 3.0201 3.0953 3.1502 3.1858 3.1907 3.1706 3.1463 3.1338

$ 336 $ 342 $ 346 $ 348 $ 348 $ 344 $ 338 $ 332 $ 327

$ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 24 $ 23 $ 23

$ 225 $ 228 $ 231 $ 232 $ 232 $ 230 $ 226 $ 222 $ 218

$ 7 $ 7 $ 7 $ 8 $ 8 $ 7 $ 7 $ 7 $ 7

$ 11 $ 12 $ 12 $ 12 $ 12 $ 12 $ 11 $ 11 $ 11

$ 115 $ 114 $ 112 $ 111 $ 110 $ 109 $ 107 $ 106 $ 105

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 118 $ 117 $ 115 $ 114 $ 113 $ 111 $ 110 $ 109 $ 108

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 246 $ 243 $ 240 $ 237 $ 235 $ 232 $ 229 $ 227 $ 224

 0.1545 0.1589 0.1628 0.1657 0.1676 0.1679 0.1668 0.1655 0.1649

$ 38 $ 39 $ 39 $ 39 $ 39 $ 39 $ 38 $ 38 $ 37

$ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3

$ 25 $ 26 $ 26 $ 26 $ 26 $ 26 $ 26 $ 25 $ 25

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ 246 $ 243 $ 240 $ 237 $ 235 $ 232 $ 229 $ 227 $ 224

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 248 $ 245 $ 242 $ 239 $ 237 $ 234 $ 231 $ 229 $ 226

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ 255 $ 252 $ 249 $ 246 $ 243 $ 240 $ 238 $ 235 $ 232

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 251 $ 248 $ 245 $ 242 $ 239 $ 236 $ 234 $ 231 $ 229

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

2032 2033 2034 2035 2036 2037 2038 2039 2040

 15.4535 15.8883 16.2840 16.5733 16.7603 16.7860 16.6802 16.5523 16.4866

$ 1,784 $ 1,812 $ 1,835 $ 1,845 $ 1,844 $ 1,826 $ 1,794 $ 1,761 $ 1,735

$ 125 $ 127 $ 129 $ 129 $ 129 $ 128 $ 126 $ 123 $ 122

$ 1,191 $ 1,210 $ 1,225 $ 1,232 $ 1,232 $ 1,219 $ 1,198 $ 1,176 $ 1,159

$ 39 $ 39 $ 40 $ 40 $ 40 $ 40 $ 39 $ 38 $ 38

$ 61 $ 62 $ 62 $ 63 $ 63 $ 62 $ 61 $ 60 $ 59

$ 115 $ 114 $ 113 $ 111 $ 110 $ 109 $ 108 $ 106 $ 105
2038 2039 2040 2041 2042 2043 2044

$ 103 $ 102 $ 101 $ 100 $ 99 $ 98

 7.5615 7.6390 7.7560 7.8801 7.9807 8.0415

$ 777 $ 777 $ 780 $ 785 $ 787 $ 785

$ 54 $ 54 $ 55 $ 55 $ 55 $ 55

$ 519 $ 519 $ 521 $ 524 $ 525 $ 524

$ 17 $ 17 $ 17 $ 17 $ 17 $ 17

$ 26 $ 26 $ 27 $ 27 $ 27 $ 27

$ 103 $ 102 $ 101 $ 100 $ 99 $ 98

 5.6629 5.7210 5.8086 5.9015 5.9769 6.0224

$ 583 $ 583 $ 586 $ 589 $ 590 $ 589

$ 41 $ 41 $ 41 $ 41 $ 41 $ 41

$ 389 $ 389 $ 391 $ 393 $ 394 $ 393

$ 13 $ 13 $ 13 $ 13 $ 13 $ 13

$ 20 $ 20 $ 20 $ 20 $ 20 $ 20

$ 103 $ 102 $ 101 $ 100 $ 99 $ 98

 3.1424 3.1747 3.2233 3.2748 3.3166 3.3419

$ 324 $ 324 $ 326 $ 328 $ 328 $ 328

$ 23 $ 23 $ 23 $ 23 $ 23 $ 23

$ 217 $ 217 $ 218 $ 219 $ 219 $ 219

$ 7 $ 7 $ 7 $ 7 $ 7 $ 7

$ 11 $ 11 $ 11 $ 11 $ 11 $ 11

$ 104 $ 103 $ 102 $ 101 $ 100 $ 99

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 107 $ 106 $ 104 $ 103 $ 102 $ 101

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 222 $ 220 $ 217 $ 215 $ 213 $ 211

 0.1653 0.1670 0.1696 0.1723 0.1745 0.1758

$ 37 $ 37 $ 37 $ 37 $ 37 $ 37

$ 3 $ 3 $ 3 $ 3 $ 3 $ 3

$ 24 $ 24 $ 25 $ 25 $ 25 $ 25

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ 222 $ 220 $ 217 $ 215 $ 213 $ 211

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 224 $ 221 $ 219 $ 217 $ 215 $ 213

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ 230 $ 228 $ 225 $ 223 $ 221 $ 218

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 226 $ 224 $ 222 $ 219 $ 217 $ 215

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

2041 2042 2043 2044 2045 2046

 16.5321 16.7017 16.9574 17.2287 17.4487 17.581607

$ 1,721 $ 1,721 $ 1,729 $ 1,738 $ 1,742 $ 1,738

$ 121 $ 121 $ 121 $ 122 $ 122 $ 122

$ 1,150 $ 1,149 $ 1,155 $ 1,161 $ 1,164 $ 1,161

$ 37 $ 37 $ 37 $ 38 $ 38 $ 38

$ 59 $ 58 $ 59 $ 59 $ 59 $ 59

$ 104 $ 103 $ 102 $ 101 $ 100 $ 99
This tab computes revenues per product class and per efficiency level for the base case. Totals are 

2007 2008 2009 2010

Income Statement (Standard Case)

4.00 Baseline

Unit Price $ 152 $ 152 $ 152 $ 152

Unit Sales (MM) 5.4204 5.1867 4.4027 6.4162

Revenues (MM) $ 822 $ 787 $ 668 $ 973

Cost of Sales

Labor $ 58 $ 55 $ 47 $ 68

Material $ 549 $ 525 $ 446 $ 650

Overhead $ 18 $ 17 $ 14 $ 21

Depreciation $ 28 $ 27 $ 23 $ 33

2.00 TSL 1

Unit Price $ 152 $ 152 $ 152 $ 152

Unit Sales (MM) 4.0594 3.8844 3.2973 4.8052

Revenues (MM) $ 617 $ 590 $ 501 $ 730

Cost of Sales

Labor $ 43 $ 41 $ 35 $ 51

Material $ 412 $ 394 $ 335 $ 488

Overhead $ 13 $ 13 $ 11 $ 16

Depreciation $ 21 $ 20 $ 17 $ 25

1.50 TSL 2

Unit Price $ 152 $ 152 $ 152 $ 152

Unit Sales (MM) 2.2526 2.1555 1.8297 2.6665

Revenues (MM) $ 343 $ 328 $ 279 $ 406

Cost of Sales

Labor $ 24 $ 23 $ 20 $ 28

Material $ 229 $ 219 $ 186 $ 271

Overhead $ 7 $ 7 $ 6 $ 9

Depreciation $ 12 $ 11 $ 9 $ 14

1.00 TSL 3

Unit Price $ 153 $ 153 $ 153 $ 153

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Standard Case Revenue & Cost

PC 1
Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

0.02 TSL 4

Unit Price $ 157 $ 157 $ 157 $ 157

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

4.50 Baseline

Unit Price $ 327 $ 327 $ 327 $ 327

Unit Sales (MM) 0.1185 0.1134 0.0963 0.1403

Revenues (MM) $ 39 $ 37 $ 32 $ 46

Cost of Sales

Labor $ 3 $ 3 $ 2 $ 3

Material $ 26 $ 25 $ 21 $ 31

Overhead $ 1 $ 1 $ 1 $ 1

Depreciation $ 1 $ 1 $ 1 $ 2

3.70 TSL 1

Unit Price $ 327 $ 327 $ 327 $ 327

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

2.70 TSL 2

Unit Price $ 330 $ 330 $ 330 $ 330

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

PC 2
2.20 TSL 3

Unit Price $ 339 $ 339 $ 339 $ 339

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

0.04 TSL 4

Unit Price $ 334 $ 334 $ 334 $ 334

Unit Sales (MM) - - - -

Revenues (MM) $ - $ - $ - $ -

Cost of Sales

Labor $ - $ - $ - $ -

Material $ - $ - $ - $ -

Overhead $ - $ - $ - $ -

Depreciation $ - $ - $ - $ -

2010 2011 2012 2013

Unit Sales (MM) 11.8510 11.3400 9.6260 14.0281

Revenues (MM) $ 1,821 $ 1,742 $ 1,479 $ 2,156

Cost of Sales

Labor $ 128 $ 122 $ 104 $ 151

Material $ 1,216 $ 1,164 $ 988 $ 1,440

Overhead $ 39 $ 38 $ 32 $ 47

Depreciation $ 62 $ 59 $ 50 $ 73

Average Price per Unit $ 154 $ 154 $ 154 $ 154

INDUSTRY TOTAL
cy level for the base case. Totals are summed for each product class.

Base Year

Standard 

Year

2011 2012 2013 2014 2015 2016 2017 2018 2019

$ 149 $ 146 $ 143 $ 141 $ 139 $ 136 $ 134 $ 132 $ 131

 6.7091 6.8880 6.9547 - - - - - -

$ 998 $ 1,006 $ 998 $ - $ - $ - $ - $ - $ -

$ 70 $ 71 $ 70 $ - $ - $ - $ - $ - $ -

$ 667 $ 672 $ 666 $ - $ - $ - $ - $ - $ -

$ 22 $ 22 $ 22 $ - $ - $ - $ - $ - $ -

$ 34 $ 34 $ 34 $ - $ - $ - $ - $ - $ -

$ 149 $ 146 $ 144 $ 141 $ 139 $ 137 $ 135 $ 133 $ 131

 5.0245 5.1586 5.2085 - - - - - -

$ 749 $ 755 $ 749 $ - $ - $ - $ - $ - $ -

$ 53 $ 53 $ 52 $ - $ - $ - $ - $ - $ -

$ 501 $ 504 $ 500 $ - $ - $ - $ - $ - $ -

$ 16 $ 16 $ 16 $ - $ - $ - $ - $ - $ -

$ 25 $ 26 $ 25 $ - $ - $ - $ - $ - $ -

$ 150 $ 147 $ 144 $ 142 $ 139 $ 137 $ 135 $ 133 $ 131

 2.7882 2.8626 2.8903 - - - - - -

$ 417 $ 420 $ 417 $ - $ - $ - $ - $ - $ -

$ 29 $ 29 $ 29 $ - $ - $ - $ - $ - $ -

$ 279 $ 281 $ 278 $ - $ - $ - $ - $ - $ -

$ 9 $ 9 $ 9 $ - $ - $ - $ - $ - $ -

$ 14 $ 14 $ 14 $ - $ - $ - $ - $ - $ -

$ 150 $ 148 $ 145 $ 143 $ 140 $ 138 $ 136 $ 134 $ 132

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 154 $ 152 $ 149 $ 146 $ 144 $ 142 $ 139 $ 137 $ 135

 - - - 14.8541 14.6486 14.1393 13.5606 13.3680 13.6895

$ - $ - $ - $ 2,174 $ 2,108 $ 2,002 $ 1,891 $ 1,837 $ 1,854

$ - $ - $ - $ 152 $ 148 $ 140 $ 133 $ 129 $ 130

$ - $ - $ - $ 1,452 $ 1,408 $ 1,337 $ 1,263 $ 1,227 $ 1,239

$ - $ - $ - $ 47 $ 46 $ 43 $ 41 $ 40 $ 40

$ - $ - $ - $ 74 $ 72 $ 68 $ 64 $ 62 $ 63

$ 321 $ 315 $ 310 $ 304 $ 299 $ 295 $ 290 $ 286 $ 282

 0.1467 0.1506 0.1521 - - - - - -

$ 47 $ 48 $ 47 $ - $ - $ - $ - $ - $ -

$ 3 $ 3 $ 3 $ - $ - $ - $ - $ - $ -

$ 31 $ 32 $ 31 $ - $ - $ - $ - $ - $ -

$ 1 $ 1 $ 1 $ - $ - $ - $ - $ - $ -

$ 2 $ 2 $ 2 $ - $ - $ - $ - $ - $ -

$ 321 $ 315 $ 310 $ 304 $ 299 $ 295 $ 290 $ 286 $ 282

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 324 $ 318 $ 313 $ 307 $ 302 $ 297 $ 293 $ 288 $ 284

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ 333 $ 327 $ 321 $ 316 $ 310 $ 305 $ 301 $ 296 $ 292

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 328 $ 322 $ 316 $ 311 $ 305 $ 300 $ 296 $ 292 $ 287

 - - - 0.1507 0.1485 0.1432 0.1373 0.1353 0.1386

$ - $ - $ - $ 47 $ 45 $ 43 $ 41 $ 39 $ 40

$ - $ - $ - $ 3 $ 3 $ 3 $ 3 $ 3 $ 3

$ - $ - $ - $ 31 $ 30 $ 29 $ 27 $ 26 $ 27

$ - $ - $ - $ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ - $ - $ - $ 2 $ 2 $ 1 $ 1 $ 1 $ 1

2014 2015 2016 2017 2018 2019 2020 2021 2022

 14.6685 15.0598 15.2056 15.0048 14.7971 14.2826 13.6979 13.5033 13.8280

$ 2,212 $ 2,229 $ 2,210 $ 2,220 $ 2,153 $ 2,045 $ 1,932 $ 1,877 $ 1,894

$ 155 $ 156 $ 155 $ 156 $ 151 $ 143 $ 135 $ 132 $ 133

$ 1,477 $ 1,489 $ 1,476 $ 1,483 $ 1,438 $ 1,366 $ 1,290 $ 1,254 $ 1,265

$ 48 $ 48 $ 48 $ 48 $ 47 $ 44 $ 42 $ 41 $ 41

$ 75 $ 76 $ 75 $ 75 $ 73 $ 70 $ 66 $ 64 $ 64

$ 151 $ 148 $ 145 $ 148 $ 146 $ 143 $ 141 $ 139 $ 137
2020 2021 2022 2023 2024 2025 2026 2027 2028

$ 129 $ 127 $ 125 $ 123 $ 121 $ 120 $ 118 $ 117 $ 115

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 129 $ 127 $ 125 $ 123 $ 122 $ 120 $ 118 $ 117 $ 116

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 129 $ 127 $ 125 $ 124 $ 122 $ 120 $ 119 $ 117 $ 116

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 130 $ 128 $ 126 $ 124 $ 123 $ 121 $ 119 $ 118 $ 117

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 133 $ 132 $ 130 $ 128 $ 126 $ 124 $ 123 $ 121 $ 120

 14.3967 15.1112 15.6366 15.8041 15.7180 15.5205 15.2360 15.0080 14.9551

$ 1,922 $ 1,988 $ 2,027 $ 2,019 $ 1,980 $ 1,929 $ 1,869 $ 1,818 $ 1,790

$ 135 $ 139 $ 142 $ 142 $ 139 $ 135 $ 131 $ 127 $ 125

$ 1,284 $ 1,328 $ 1,354 $ 1,349 $ 1,323 $ 1,288 $ 1,248 $ 1,214 $ 1,195

$ 42 $ 43 $ 44 $ 44 $ 43 $ 42 $ 40 $ 39 $ 39

$ 65 $ 68 $ 69 $ 69 $ 67 $ 66 $ 64 $ 62 $ 61

$ 278 $ 274 $ 270 $ 266 $ 262 $ 259 $ 255 $ 252 $ 249

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 278 $ 274 $ 270 $ 266 $ 262 $ 259 $ 255 $ 252 $ 249

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 280 $ 276 $ 272 $ 268 $ 264 $ 261 $ 257 $ 254 $ 251

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ 288 $ 284 $ 279 $ 275 $ 272 $ 268 $ 264 $ 261 $ 258

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 283 $ 279 $ 275 $ 271 $ 267 $ 264 $ 260 $ 257 $ 254

 0.1457 0.1530 0.1584 0.1601 0.1594 0.1574 0.1545 0.1522 0.1516

$ 41 $ 43 $ 44 $ 43 $ 43 $ 42 $ 40 $ 39 $ 39

$ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3

$ 28 $ 29 $ 29 $ 29 $ 28 $ 28 $ 27 $ 26 $ 26

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1

2023 2024 2025 2026 2027 2028 2029 2030 2031

 14.5424 15.2642 15.7950 15.9642 15.8774 15.6779 15.3906 15.1602 15.1068

$ 1,963 $ 2,030 $ 2,070 $ 2,062 $ 2,023 $ 1,970 $ 1,909 $ 1,857 $ 1,828

$ 138 $ 142 $ 145 $ 145 $ 142 $ 138 $ 134 $ 130 $ 128

$ 1,311 $ 1,356 $ 1,383 $ 1,378 $ 1,351 $ 1,316 $ 1,275 $ 1,240 $ 1,221

$ 42 $ 44 $ 45 $ 45 $ 44 $ 43 $ 41 $ 40 $ 40

$ 67 $ 69 $ 70 $ 70 $ 69 $ 67 $ 65 $ 63 $ 62

$ 135 $ 133 $ 131 $ 129 $ 127 $ 126 $ 124 $ 123 $ 121
2029 2030 2031 2032 2033 2034 2035 2036 2037

$ 114 $ 113 $ 111 $ 110 $ 109 $ 107 $ 106 $ 105 $ 104

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 114 $ 113 $ 111 $ 110 $ 109 $ 108 $ 106 $ 105 $ 104

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 114 $ 113 $ 112 $ 110 $ 109 $ 108 $ 107 $ 105 $ 104

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 115 $ 114 $ 112 $ 111 $ 110 $ 109 $ 107 $ 106 $ 105

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 118 $ 117 $ 115 $ 114 $ 113 $ 111 $ 110 $ 109 $ 108

 15.1755 15.5998 15.9808 16.2537 16.4251 16.4390 16.3276 16.1994 16.1358

$ 1,794 $ 1,822 $ 1,844 $ 1,854 $ 1,851 $ 1,832 $ 1,799 $ 1,765 $ 1,739

$ 126 $ 128 $ 129 $ 130 $ 130 $ 128 $ 126 $ 124 $ 122

$ 1,198 $ 1,217 $ 1,232 $ 1,238 $ 1,237 $ 1,223 $ 1,201 $ 1,179 $ 1,162

$ 39 $ 39 $ 40 $ 40 $ 40 $ 40 $ 39 $ 38 $ 38

$ 61 $ 62 $ 63 $ 63 $ 63 $ 62 $ 61 $ 60 $ 59

$ 246 $ 243 $ 240 $ 237 $ 235 $ 232 $ 229 $ 227 $ 224

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 246 $ 243 $ 240 $ 237 $ 235 $ 232 $ 229 $ 227 $ 224

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 248 $ 245 $ 242 $ 239 $ 237 $ 234 $ 231 $ 229 $ 226

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -
$ 255 $ 252 $ 249 $ 246 $ 243 $ 240 $ 238 $ 235 $ 232

 - - - - - - - - -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 251 $ 248 $ 245 $ 242 $ 239 $ 236 $ 234 $ 231 $ 229

 0.1539 0.1582 0.1621 0.1649 0.1667 0.1669 0.1658 0.1645 0.1638

$ 39 $ 39 $ 40 $ 40 $ 40 $ 39 $ 39 $ 38 $ 37

$ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3

$ 26 $ 26 $ 27 $ 27 $ 27 $ 26 $ 26 $ 25 $ 25

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1

2032 2033 2034 2035 2036 2037 2038 2039 2040

 15.3293 15.7580 16.1428 16.4186 16.5918 16.6059 16.4934 16.3639 16.2997

$ 1,833 $ 1,861 $ 1,884 $ 1,894 $ 1,891 $ 1,871 $ 1,838 $ 1,803 $ 1,777

$ 128 $ 130 $ 132 $ 133 $ 133 $ 131 $ 129 $ 126 $ 125

$ 1,224 $ 1,243 $ 1,258 $ 1,265 $ 1,263 $ 1,250 $ 1,227 $ 1,204 $ 1,187

$ 40 $ 40 $ 41 $ 41 $ 41 $ 41 $ 40 $ 39 $ 38

$ 62 $ 63 $ 64 $ 64 $ 64 $ 64 $ 62 $ 61 $ 60

$ 120 $ 118 $ 117 $ 115 $ 114 $ 113 $ 111 $ 110 $ 109
2038 2039 2040 2041 2042 2043 2044

$ 103 $ 102 $ 101 $ 100 $ 99 $ 98

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 103 $ 102 $ 101 $ 100 $ 99 $ 98

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 103 $ 102 $ 101 $ 100 $ 99 $ 98

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 104 $ 103 $ 102 $ 101 $ 100 $ 99

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 107 $ 106 $ 104 $ 103 $ 102 $ 101

 16.1819 16.3475 16.5942 16.8531 17.0598 17.1809

$ 1,726 $ 1,725 $ 1,733 $ 1,742 $ 1,745 $ 1,740

$ 121 $ 121 $ 121 $ 122 $ 122 $ 122

$ 1,153 $ 1,152 $ 1,157 $ 1,163 $ 1,166 $ 1,162

$ 37 $ 37 $ 38 $ 38 $ 38 $ 38

$ 59 $ 59 $ 59 $ 59 $ 59 $ 59

$ 222 $ 220 $ 217 $ 215 $ 213 $ 211

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 222 $ 220 $ 217 $ 215 $ 213 $ 211

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 224 $ 221 $ 219 $ 217 $ 215 $ 213

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -
$ 230 $ 228 $ 225 $ 223 $ 221 $ 218

 - - - - - -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ - $ - $ - $ - $ - $ -

$ 226 $ 224 $ 222 $ 219 $ 217 $ 215

 0.1643 0.1660 0.1685 0.1712 0.1733 0.1746

$ 37 $ 37 $ 37 $ 38 $ 38 $ 38

$ 3 $ 3 $ 3 $ 3 $ 3 $ 3

$ 25 $ 25 $ 25 $ 25 $ 25 $ 25

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1

$ 1 $ 1 $ 1 $ 1 $ 1 $ 1

2041 2042 2043 2044 2045 2046

 16.3462 16.5135 16.7627 17.0243 17.2331 17.355431

$ 1,763 $ 1,762 $ 1,770 $ 1,779 $ 1,783 $ 1,777

$ 124 $ 124 $ 124 $ 125 $ 125 $ 125

$ 1,177 $ 1,177 $ 1,182 $ 1,188 $ 1,191 $ 1,187

$ 38 $ 38 $ 38 $ 39 $ 39 $ 38

$ 60 $ 60 $ 60 $ 60 $ 61 $ 60

$ 108 $ 107 $ 106 $ 105 $ 103 $ 102
2007

Unit Sales 11.851

Revenues $ 1,821.0

Cost of Sales

Labor $ 127.6

Material $ 1,216.3

Overhead $ 39.4

Depreciation $ 61.4

Selling, General and Administrative

Standard SG&A $ 227.3

R&D $ 40.2

Product Conversion Costs $ -

Earnings Before Interest and Taxes (EBIT) $ 108.8

EBIT/Revenues 6.0%

Taxes $ 36.9

Net Operating Profit after Taxes (NOPAT) $ 71.9

NOPAT $ 71.9

Depreciation $ 61.4

Change in Working Capital 0 $ -

Cash Flows from Operations $ 133.3

Ordinary Capital Expenditures $ (64.4)

Capital Conversion Costs $ -

Capital Investments $ (64.4)

Free Cash Flow $ 68.9

Terminal Value $ -

Present Value Factor 0.000

Discounted Cash Flow $ -

Industry Value thru 2043 $ 1,127.46

Net PPE $ 362.0

Net PPE as % of Sales 19.9%

Base Case Income and Cash Flow Statements

Industry Income Statement

Cash Flow Statement 

This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial in

BASE CASE SCENARIO
Net Working Capital $ 53.6

Return on Invested Capital (ROIC) 17.29%

Weighted Average Cost of Capital (WACC) 7.2%

Return on Sales (EBIT/Sales) 5.97%
Base Year

Standard 

Year

2008 2009 2010 2011 2012 2013 2014 2015 2016

1.2604333 1.2604333 1.2604333 1.2604333 1.2604333 1.2604333 1.2604333 1.2604333

 11.340 9.626 14.028 14.668 15.060 15.206 15.156 14.912 14.372

$ 1,742.5 $ 1,479.1 $ 2,155.5 $ 2,212.1 $ 2,229.3 $ 2,210.5 $ 2,165.0 $ 2,094.6 $ 1,986.8

$ 122.1 $ 103.7 $ 151.1 $ 155.0 $ 156.2 $ 154.9 $ 151.7 $ 146.8 $ 139.2

$ 1,163.8 $ 987.9 $ 1,439.7 $ 1,477.5 $ 1,489.0 $ 1,476.4 $ 1,446.0 $ 1,399.0 $ 1,327.0

$ 37.7 $ 32.0 $ 46.7 $ 47.9 $ 48.3 $ 47.9 $ 46.9 $ 45.3 $ 43.0

$ 58.8 $ 49.9 $ 72.7 $ 74.6 $ 75.2 $ 74.6 $ 73.0 $ 70.6 $ 67.0

$ 217.5 $ 184.6 $ 269.0 $ 276.1 $ 278.2 $ 275.9 $ 270.2 $ 261.4 $ 247.9

$ 38.5 $ 32.7 $ 47.6 $ 48.8 $ 49.2 $ 48.8 $ 47.8 $ 46.2 $ 43.9

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 104.1 $ 88.4 $ 128.8 $ 132.2 $ 133.2 $ 132.1 $ 129.3 $ 125.1 $ 118.7

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 35.3 $ 30.0 $ 43.7 $ 44.9 $ 45.2 $ 44.8 $ 43.9 $ 42.5 $ 40.3

$ 68.8 $ 58.4 $ 85.1 $ 87.3 $ 88.0 $ 87.2 $ 85.4 $ 82.7 $ 78.4

$ 68.8 $ 58.4 $ 85.1 $ 87.3 $ 88.0 $ 87.2 $ 85.4 $ 82.7 $ 78.4

$ 58.8 $ 49.9 $ 72.7 $ 74.6 $ 75.2 $ 74.6 $ 73.0 $ 70.6 $ 67.0

$ 2.3 $ 7.7 $ (19.9) $ (1.7) $ (0.5) $ 0.6 $ 1.3 $ 2.1 $ 3.2

$ 129.8 $ 116.0 $ 137.9 $ 160.2 $ 162.7 $ 162.3 $ 159.8 $ 155.4 $ 148.6

$ (61.6) $ (52.3) $ (76.2) $ (78.2) $ (78.8) $ (78.2) $ (76.6) $ (74.1) $ (70.3)

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ (61.6) $ (52.3) $ (76.2) $ (78.2) $ (78.8) $ (78.2) $ (76.6) $ (74.1) $ (70.3)

$ 68.2 $ 63.7 $ 61.6 $ 82.0 $ 83.8 $ 84.2 $ 83.2 $ 81.3 $ 78.3

$ - $ - $ - $ - $ - $ - $ - $ - $ -

0.000 0.000 0.000 1.000 0.933 0.871 0.813 0.758 0.708

$ - $ - $ - $ 82.01 $ 78.22 $ 73.30 $ 67.64 $ 61.66 $ 55.44

$ 364.8 $ 367.2 $ 370.8 $ 374.4 $ 378.1 $ 381.7 $ 385.2 $ 388.6 $ 391.9

20.9% 24.8% 17.2% 16.9% 17.0% 17.3% 17.8% 18.6% 19.7%

COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.
$ 51.3 $ 43.5 $ 63.4 $ 65.1 $ 65.6 $ 65.0 $ 63.7 $ 61.6 $ 58.5

16.53% 14.21% 19.59% 19.86% 19.83% 19.53% 19.03% 18.36% 17.41%

7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2%

5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%
2017 2018 2019 2020 2021 2022 2023 2024 2025

1.2604333 1.2604333 1.2604333 1.2604333 1.2604333 1.2604333 1.2604333

 13.772 13.566 13.891 14.609 15.340 15.886 16.074 16.010 15.822

$ 1,875.3 $ 1,820.3 $ 1,836.9 $ 1,903.7 $ 1,969.6 $ 2,009.9 $ 2,004.6 $ 1,968.8 $ 1,919.6

$ 131.4 $ 127.6 $ 128.7 $ 133.4 $ 138.0 $ 140.9 $ 140.5 $ 138.0 $ 134.5

$ 1,252.5 $ 1,215.8 $ 1,226.9 $ 1,271.5 $ 1,315.5 $ 1,342.4 $ 1,338.9 $ 1,315.0 $ 1,282.1

$ 40.6 $ 39.4 $ 39.8 $ 41.2 $ 42.6 $ 43.5 $ 43.4 $ 42.6 $ 41.6

$ 63.2 $ 61.4 $ 62.0 $ 64.2 $ 66.4 $ 67.8 $ 67.6 $ 66.4 $ 64.7

$ 234.0 $ 227.2 $ 229.2 $ 237.6 $ 245.8 $ 250.8 $ 250.2 $ 245.7 $ 239.6

$ 41.4 $ 40.2 $ 40.6 $ 42.0 $ 43.5 $ 44.4 $ 44.3 $ 43.5 $ 42.4

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 112.0 $ 108.7 $ 109.7 $ 113.7 $ 117.7 $ 120.1 $ 119.8 $ 117.6 $ 114.7

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 38.0 $ 36.9 $ 37.2 $ 38.6 $ 39.9 $ 40.8 $ 40.6 $ 39.9 $ 38.9

$ 74.0 $ 71.8 $ 72.5 $ 75.1 $ 77.7 $ 79.3 $ 79.1 $ 77.7 $ 75.8

$ 74.0 $ 71.8 $ 72.5 $ 75.1 $ 77.7 $ 79.3 $ 79.1 $ 77.7 $ 75.8

$ 63.2 $ 61.4 $ 62.0 $ 64.2 $ 66.4 $ 67.8 $ 67.6 $ 66.4 $ 64.7

$ 3.3 $ 1.6 $ (0.5) $ (2.0) $ (1.9) $ (1.2) $ 0.2 $ 1.1 $ 1.4

$ 140.5 $ 134.8 $ 134.0 $ 137.4 $ 142.2 $ 145.9 $ 146.9 $ 145.2 $ 141.9

$ (66.3) $ (64.4) $ (65.0) $ (67.3) $ (69.7) $ (71.1) $ (70.9) $ (69.6) $ (67.9)

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ (66.3) $ (64.4) $ (65.0) $ (67.3) $ (69.7) $ (71.1) $ (70.9) $ (69.6) $ (67.9)

$ 74.2 $ 70.5 $ 69.0 $ 70.0 $ 72.6 $ 74.8 $ 76.0 $ 75.5 $ 74.1

$ - $ - $ - $ - $ - $ - $ - $ - $ -

0.660 0.616 0.575 0.537 0.501 0.467 0.436 0.407 0.380

$ 49.02 $ 43.44 $ 39.68 $ 37.60 $ 36.35 $ 34.98 $ 33.14 $ 30.75 $ 28.13

$ 395.0 $ 398.0 $ 401.0 $ 404.1 $ 407.3 $ 410.6 $ 413.9 $ 417.1 $ 420.3

21.1% 21.9% 21.8% 21.2% 20.7% 20.4% 20.6% 21.2% 21.9%

ounted cash flow model.
$ 55.2 $ 53.6 $ 54.0 $ 56.0 $ 57.9 $ 59.1 $ 59.0 $ 57.9 $ 56.5

16.44% 15.91% 15.93% 16.33% 16.71% 16.89% 16.73% 16.36% 15.89%

7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2%

5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%
2026 2027 2028 2029 2030 2031 2032 2033 2034

 15.532 15.292 15.231 15.453 15.888 16.284 16.573 16.760 16.786

$ 1,860.0 $ 1,808.3 $ 1,779.3 $ 1,783.6 $ 1,811.8 $ 1,834.7 $ 1,845.2 $ 1,844.2 $ 1,825.8

$ 130.4 $ 126.7 $ 124.7 $ 125.0 $ 127.0 $ 128.6 $ 129.3 $ 129.3 $ 128.0

$ 1,242.3 $ 1,207.8 $ 1,188.4 $ 1,191.3 $ 1,210.1 $ 1,225.4 $ 1,232.4 $ 1,231.8 $ 1,219.5

$ 40.3 $ 39.1 $ 38.5 $ 38.6 $ 39.2 $ 39.7 $ 39.9 $ 39.9 $ 39.5

$ 62.7 $ 61.0 $ 60.0 $ 60.2 $ 61.1 $ 61.9 $ 62.2 $ 62.2 $ 61.6

$ 232.1 $ 225.7 $ 222.1 $ 222.6 $ 226.1 $ 229.0 $ 230.3 $ 230.2 $ 227.9

$ 41.1 $ 39.9 $ 39.3 $ 39.4 $ 40.0 $ 40.5 $ 40.7 $ 40.7 $ 40.3

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 111.1 $ 108.0 $ 106.3 $ 106.6 $ 108.2 $ 109.6 $ 110.2 $ 110.2 $ 109.1

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 37.7 $ 36.7 $ 36.1 $ 36.2 $ 36.7 $ 37.2 $ 37.4 $ 37.4 $ 37.0

$ 73.4 $ 71.4 $ 70.2 $ 70.4 $ 71.5 $ 72.4 $ 72.8 $ 72.8 $ 72.1

$ 73.4 $ 71.4 $ 70.2 $ 70.4 $ 71.5 $ 72.4 $ 72.8 $ 72.8 $ 72.1

$ 62.7 $ 61.0 $ 60.0 $ 60.2 $ 61.1 $ 61.9 $ 62.2 $ 62.2 $ 61.6

$ 1.8 $ 1.5 $ 0.9 $ (0.1) $ (0.8) $ (0.7) $ (0.3) $ 0.0 $ 0.5

$ 137.9 $ 133.9 $ 131.1 $ 130.4 $ 131.8 $ 133.6 $ 134.7 $ 135.0 $ 134.2

$ (65.8) $ (64.0) $ (62.9) $ (63.1) $ (64.1) $ (64.9) $ (65.3) $ (65.2) $ (64.6)

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ (65.8) $ (64.0) $ (62.9) $ (63.1) $ (64.1) $ (64.9) $ (65.3) $ (65.2) $ (64.6)

$ 72.1 $ 69.9 $ 68.2 $ 67.3 $ 67.7 $ 68.7 $ 69.5 $ 69.8 $ 69.6

$ - $ - $ - $ - $ - $ - $ - $ - $ -

0.355 0.331 0.309 0.288 0.269 0.251 0.234 0.218 0.204

$ 25.56 $ 23.13 $ 21.04 $ 19.40 $ 18.20 $ 17.24 $ 16.27 $ 15.25 $ 14.19

$ 423.3 $ 426.3 $ 429.2 $ 432.1 $ 435.1 $ 438.1 $ 441.1 $ 444.1 $ 447.1

22.8% 23.6% 24.1% 24.2% 24.0% 23.9% 23.9% 24.1% 24.5%
$ 54.7 $ 53.2 $ 52.3 $ 52.5 $ 53.3 $ 54.0 $ 54.3 $ 54.3 $ 53.7

15.36% 14.88% 14.58% 14.53% 14.64% 14.72% 14.70% 14.60% 14.39%

7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2%

5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%
2035 2036 2037 2038 2039 2040 2041 2042 2043

 16.680 16.552 16.487 16.532 16.702 16.957 17.229 17.449 17.581607

$ 1,793.9 $ 1,760.6 $ 1,734.7 $ 1,721.1 $ 1,720.5 $ 1,728.7 $ 1,738.3 $ 1,742.5 $ 1,738.0

$ 125.7 $ 123.4 $ 121.6 $ 120.6 $ 120.6 $ 121.2 $ 121.8 $ 122.1 $ 121.8

$ 1,198.2 $ 1,175.9 $ 1,158.6 $ 1,149.5 $ 1,149.2 $ 1,154.6 $ 1,161.0 $ 1,163.8 $ 1,160.9

$ 38.8 $ 38.1 $ 37.6 $ 37.3 $ 37.2 $ 37.4 $ 37.6 $ 37.7 $ 37.6

$ 60.5 $ 59.4 $ 58.5 $ 58.0 $ 58.0 $ 58.3 $ 58.6 $ 58.8 $ 58.6

$ 223.9 $ 219.7 $ 216.5 $ 214.8 $ 214.7 $ 215.7 $ 216.9 $ 217.5 $ 216.9

$ 39.6 $ 38.9 $ 38.3 $ 38.0 $ 38.0 $ 38.2 $ 38.4 $ 38.5 $ 38.4

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 107.2 $ 105.2 $ 103.6 $ 102.8 $ 102.8 $ 103.3 $ 103.8 $ 104.1 $ 103.8

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 36.4 $ 35.7 $ 35.2 $ 34.9 $ 34.9 $ 35.1 $ 35.2 $ 35.3 $ 35.2

$ 70.8 $ 69.5 $ 68.5 $ 67.9 $ 67.9 $ 68.2 $ 68.6 $ 68.8 $ 68.6

$ 70.8 $ 69.5 $ 68.5 $ 67.9 $ 67.9 $ 68.2 $ 68.6 $ 68.8 $ 68.6

$ 60.5 $ 59.4 $ 58.5 $ 58.0 $ 58.0 $ 58.3 $ 58.6 $ 58.8 $ 58.6

$ 0.9 $ 1.0 $ 0.8 $ 0.4 $ 0.0 $ (0.2) $ (0.3) $ (0.1) $ 0.1

$ 132.2 $ 129.8 $ 127.7 $ 126.4 $ 125.9 $ 126.3 $ 126.9 $ 127.4 $ 127.3

$ (63.4) $ (62.3) $ (61.3) $ (60.9) $ (60.8) $ (61.1) $ (61.5) $ (61.6) $ (61.5)

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ (63.4) $ (62.3) $ (61.3) $ (60.9) $ (60.8) $ (61.1) $ (61.5) $ (61.6) $ (61.5)

$ 68.8 $ 67.6 $ 66.4 $ 65.5 $ 65.1 $ 65.2 $ 65.5 $ 65.8 $ 65.9

$ - $ - $ - $ - $ - $ - $ - $ - $ 1,080

0.190 0.178 0.166 0.155 0.144 0.135 0.126 0.117 0.109

$ 13.09 $ 12.00 $ 11.00 $ 10.13 $ 9.39 $ 8.77 $ 8.23 $ 7.72 $ 125.45

$ 450.0 $ 452.9 $ 455.8 $ 458.6 $ 461.4 $ 464.2 $ 467.1 $ 469.9 $ 472.8

25.1% 25.7% 26.3% 26.6% 26.8% 26.9% 26.9% 27.0% 27.2%
$ 52.8 $ 51.8 $ 51.0 $ 50.6 $ 50.6 $ 50.9 $ 51.1 $ 51.3 $ 51.1

14.08% 13.77% 13.51% 13.34% 13.26% 13.25% 13.24% 13.19% 13.09%

7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2%

5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%
2044
2007

Unit Sales 11.851

Revenues $ 1,821.0

Cost of Sales

Labor $ 127.6

Material $ 1,216.3

Overhead $ 39.4

Depreciation $ 61.4

Stranded Assets $ -

Selling, General and Administrative

Standard SG&A $ 227.3

R&D $ 40.2

Product Conversion Costs $ -

Earnings Before Interest and Taxes (EBIT) $ 108.8

EBIT/Revenues 6.0%

Taxes $ 36.9

Net Operating Profit after Taxes (NOPAT) $ 71.9

NOPAT $ 71.9

Depreciation $ 61.4

Change in Working Capital 0 $ -

Cash Flows from Operations $ 133.3

Ordinary Capital Expenditures $ (64.4)

Capital Conversion Costs $ -

Capital Investments $ (64.4)

Free Cash Flow $ 68.9

Terminal Value $ -

Present Value Factor 0.000

Discounted Cash Flow $ -

Industry Value thru 2043 $ 1,037.03

Net PPE $ 362.0

Net PPE as % of Sales $ 0.2

Cash Flow Statement 

Standard Case Income and Cash Flow Statements

STANDARD CASE SCENARIO

This tab computes key parameters from an income statement based on unit sales, revenues and COGS, and initial financial in

Industry Income Statement
Net Working Capital $ 53.6

Return on Invested Capital (ROIC) 17.29%

Weighted Average Cost of Capital (WACC) 7.16%

Return on Sales (EBIT/Sales) 5.97%
Base Year

Standard 

Year

2008 2009 2010 2011 2012 2013 2014 2015 2016

1.2604333 1.2604333 1.2604333 1.2604333 1.2604333 1.2604333 1.2604333

 11.340 9.626 14.028 14.668 15.060 15.206 15.005 14.797 14.283

$ 1,742.5 $ 1,479.1 $ 2,155.5 $ 2,212.1 $ 2,229.3 $ 2,210.5 $ 2,220.5 $ 2,153.2 $ 2,045.3

$ 122.1 $ 103.7 $ 151.1 $ 155.0 $ 156.2 $ 154.9 $ 155.6 $ 150.9 $ 143.3

$ 1,163.8 $ 987.9 $ 1,439.7 $ 1,477.5 $ 1,489.0 $ 1,476.4 $ 1,483.1 $ 1,438.2 $ 1,366.1

$ 37.7 $ 32.0 $ 46.7 $ 47.9 $ 48.3 $ 47.9 $ 48.1 $ 46.6 $ 44.3

$ 58.8 $ 49.9 $ 72.7 $ 74.6 $ 75.2 $ 74.6 $ 74.9 $ 72.6 $ 69.0

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 217.5 $ 184.6 $ 269.0 $ 276.1 $ 278.2 $ 275.9 $ 277.1 $ 268.7 $ 255.3

$ 38.5 $ 32.7 $ 47.6 $ 48.8 $ 49.2 $ 48.8 $ 49.0 $ 47.5 $ 45.2

$ - $ - $ - $ 42.6 $ 59.7 $ 68.2 $ 3.5 $ - $ -

$ 104.1 $ 88.4 $ 128.8 $ 89.5 $ 73.5 $ 63.8 $ 129.2 $ 128.6 $ 122.2

6.0% 6.0% 6.0% 4.0% 3.3% 2.9% 5.8% 6.0% 6.0%

$ 35.3 $ 30.0 $ 43.7 $ 30.4 $ 24.9 $ 21.7 $ 43.8 $ 43.7 $ 41.5

$ 68.8 $ 58.4 $ 85.1 $ 59.1 $ 48.5 $ 42.2 $ 85.3 $ 85.0 $ 80.7

$ 68.8 $ 58.4 $ 85.1 $ 59.1 $ 48.5 $ 42.2 $ 85.3 $ 85.0 $ 80.7

$ 58.8 $ 49.9 $ 72.7 $ 74.6 $ 75.2 $ 74.6 $ 74.9 $ 72.6 $ 69.0

$ 2.3 $ 7.7 $ (19.9) $ (1.7) $ (0.5) $ 0.6 $ (0.3) $ 2.0 $ 3.2

$ 129.8 $ 116.0 $ 137.9 $ 132.1 $ 123.2 $ 117.3 $ 159.9 $ 159.6 $ 152.9

$ (61.6) $ (52.3) $ (76.2) $ (78.2) $ (78.8) $ (78.2) $ (78.5) $ (76.1) $ (72.3)

$ - $ - $ - $ (2.0) $ (2.8) $ (3.2) $ - $ - $ -

$ (61.6) $ (52.3) $ (76.2) $ (80.2) $ (81.6) $ (81.3) $ (78.5) $ (76.1) $ (72.3)

$ 68.2 $ 63.7 $ 61.6 $ 51.9 $ 41.6 $ 35.9 $ 81.4 $ 83.4 $ 80.5

$ - $ - $ - $ - $ - $ - $ - $ - $ -

0.000 0.000 0.000 1.000 0.933 0.871 0.813 0.758 0.708

$ - $ - $ - $ 51.87 $ 38.84 $ 31.30 $ 66.15 $ 63.27 $ 57.00

$ 364.8 $ 367.2 $ 370.8 $ 376.4 $ 382.8 $ 389.6 $ 393.2 $ 396.7 $ 400.1

$ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2

COGS, and initial financial inputs (parameters as a % of revenue). It also computes an INPV based on a discounted cash flow model.
$ 51.3 $ 43.5 $ 63.4 $ 65.1 $ 65.6 $ 65.0 $ 65.3 $ 63.3 $ 60.2

16.53% 14.21% 19.59% 13.40% 10.83% 9.28% 18.61% 18.47% 17.54%

7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16%

5.97% 5.97% 5.97% 4.05% 3.30% 2.89% 5.82% 5.97% 5.97%
2017 2018 2019 2020 2021 2022 2023 2024 2025

1.2604333 1.2604333 1.2604333 1.2604333 1.2604333

 13.698 13.503 13.828 14.542 15.264 15.795 15.964 15.877 15.678

$ 1,932.1 $ 1,876.9 $ 1,894.3 $ 1,963.1 $ 2,030.3 $ 2,070.2 $ 2,062.4 $ 2,022.7 $ 1,970.4

$ 135.4 $ 131.5 $ 132.8 $ 137.6 $ 142.3 $ 145.1 $ 144.5 $ 141.8 $ 138.1

$ 1,290.5 $ 1,253.6 $ 1,265.2 $ 1,311.2 $ 1,356.0 $ 1,382.7 $ 1,377.5 $ 1,351.0 $ 1,316.1

$ 41.8 $ 40.6 $ 41.0 $ 42.5 $ 44.0 $ 44.8 $ 44.6 $ 43.8 $ 42.7

$ 65.2 $ 63.3 $ 63.9 $ 66.2 $ 68.5 $ 69.8 $ 69.6 $ 68.2 $ 66.5

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 241.1 $ 234.2 $ 236.4 $ 245.0 $ 253.4 $ 258.4 $ 257.4 $ 252.4 $ 245.9

$ 42.7 $ 41.4 $ 41.8 $ 43.3 $ 44.8 $ 45.7 $ 45.5 $ 44.7 $ 43.5

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 115.4 $ 112.1 $ 113.2 $ 117.3 $ 121.3 $ 123.7 $ 123.2 $ 120.8 $ 117.7

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 39.2 $ 38.1 $ 38.4 $ 39.8 $ 41.2 $ 42.0 $ 41.8 $ 41.0 $ 40.0

$ 76.3 $ 74.1 $ 74.8 $ 77.5 $ 80.1 $ 81.7 $ 81.4 $ 79.8 $ 77.8

$ 76.3 $ 74.1 $ 74.8 $ 77.5 $ 80.1 $ 81.7 $ 81.4 $ 79.8 $ 77.8

$ 65.2 $ 63.3 $ 63.9 $ 66.2 $ 68.5 $ 69.8 $ 69.6 $ 68.2 $ 66.5

$ 3.3 $ 1.6 $ (0.5) $ (2.0) $ (2.0) $ (1.2) $ 0.2 $ 1.2 $ 1.5

$ 144.7 $ 139.0 $ 138.1 $ 141.7 $ 146.6 $ 150.3 $ 151.2 $ 149.2 $ 145.8

$ (68.3) $ (66.4) $ (67.0) $ (69.4) $ (71.8) $ (73.2) $ (72.9) $ (71.5) $ (69.7)

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ (68.3) $ (66.4) $ (67.0) $ (69.4) $ (71.8) $ (73.2) $ (72.9) $ (71.5) $ (69.7)

$ 76.4 $ 72.6 $ 71.1 $ 72.2 $ 74.8 $ 77.1 $ 78.2 $ 77.7 $ 76.1

$ - $ - $ - $ - $ - $ - $ - $ - $ -

0.660 0.616 0.575 0.537 0.501 0.467 0.436 0.407 0.380

$ 50.47 $ 44.76 $ 40.92 $ 38.77 $ 37.48 $ 36.06 $ 34.13 $ 31.62 $ 28.90

$ 403.3 $ 406.3 $ 409.4 $ 412.7 $ 416.0 $ 419.4 $ 422.7 $ 426.1 $ 429.3

$ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2

ed cash flow model.
$ 56.8 $ 55.2 $ 55.7 $ 57.8 $ 59.7 $ 60.9 $ 60.7 $ 59.5 $ 58.0

16.57% 16.05% 16.07% 16.47% 16.84% 17.01% 16.84% 16.44% 15.96%

7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16%

5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%
2026 2027 2028 2029 2030 2031 2032 2033 2034

 15.391 15.160 15.107 15.329 15.758 16.143 16.419 16.592 16.606

$ 1,909.3 $ 1,857.2 $ 1,828.2 $ 1,832.8 $ 1,861.5 $ 1,884.2 $ 1,893.7 $ 1,891.3 $ 1,871.1

$ 133.8 $ 130.2 $ 128.1 $ 128.5 $ 130.5 $ 132.1 $ 132.7 $ 132.6 $ 131.1

$ 1,275.2 $ 1,240.5 $ 1,221.1 $ 1,224.2 $ 1,243.3 $ 1,258.5 $ 1,264.8 $ 1,263.2 $ 1,249.8

$ 41.3 $ 40.2 $ 39.6 $ 39.7 $ 40.3 $ 40.8 $ 41.0 $ 40.9 $ 40.5

$ 64.4 $ 62.6 $ 61.7 $ 61.8 $ 62.8 $ 63.5 $ 63.9 $ 63.8 $ 63.1

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 238.3 $ 231.8 $ 228.2 $ 228.7 $ 232.3 $ 235.1 $ 236.3 $ 236.0 $ 233.5

$ 42.2 $ 41.0 $ 40.4 $ 40.5 $ 41.1 $ 41.6 $ 41.8 $ 41.8 $ 41.3

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 114.1 $ 111.0 $ 109.2 $ 109.5 $ 111.2 $ 112.6 $ 113.1 $ 113.0 $ 111.8

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 38.7 $ 37.7 $ 37.1 $ 37.2 $ 37.7 $ 38.2 $ 38.4 $ 38.3 $ 37.9

$ 75.4 $ 73.3 $ 72.1 $ 72.3 $ 73.5 $ 74.4 $ 74.7 $ 74.6 $ 73.8

$ 75.4 $ 73.3 $ 72.1 $ 72.3 $ 73.5 $ 74.4 $ 74.7 $ 74.6 $ 73.8

$ 64.4 $ 62.6 $ 61.7 $ 61.8 $ 62.8 $ 63.5 $ 63.9 $ 63.8 $ 63.1

$ 1.8 $ 1.5 $ 0.9 $ (0.1) $ (0.8) $ (0.7) $ (0.3) $ 0.1 $ 0.6

$ 141.5 $ 137.5 $ 134.7 $ 134.0 $ 135.4 $ 137.2 $ 138.3 $ 138.5 $ 137.5

$ (67.5) $ (65.7) $ (64.7) $ (64.8) $ (65.8) $ (66.6) $ (67.0) $ (66.9) $ (66.2)

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ (67.5) $ (65.7) $ (64.7) $ (64.8) $ (65.8) $ (66.6) $ (67.0) $ (66.9) $ (66.2)

$ 74.0 $ 71.8 $ 70.0 $ 69.2 $ 69.6 $ 70.6 $ 71.4 $ 71.6 $ 71.4

$ - $ - $ - $ - $ - $ - $ - $ - $ -

0.355 0.331 0.309 0.288 0.269 0.251 0.234 0.218 0.204

$ 26.24 $ 23.75 $ 21.61 $ 19.93 $ 18.70 $ 17.71 $ 16.71 $ 15.65 $ 14.55

$ 432.4 $ 435.5 $ 438.4 $ 441.4 $ 444.5 $ 447.6 $ 450.7 $ 453.8 $ 456.8

$ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2
$ 56.2 $ 54.6 $ 53.8 $ 53.9 $ 54.8 $ 55.4 $ 55.7 $ 55.6 $ 55.0

15.42% 14.96% 14.66% 14.60% 14.71% 14.78% 14.76% 14.65% 14.43%

7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16%

5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%
2035 2036 2037 2038 2039 2040 2041 2042 2043

 16.493 16.364 16.300 16.346 16.513 16.763 17.024 17.233 17.355431

$ 1,837.6 $ 1,803.1 $ 1,776.7 $ 1,762.9 $ 1,762.3 $ 1,770.3 $ 1,779.4 $ 1,782.8 $ 1,777.4

$ 128.8 $ 126.4 $ 124.5 $ 123.6 $ 123.5 $ 124.1 $ 124.7 $ 124.9 $ 124.6

$ 1,227.3 $ 1,204.3 $ 1,186.7 $ 1,177.5 $ 1,177.1 $ 1,182.4 $ 1,188.5 $ 1,190.8 $ 1,187.1

$ 39.8 $ 39.0 $ 38.5 $ 38.2 $ 38.2 $ 38.3 $ 38.5 $ 38.6 $ 38.5

$ 62.0 $ 60.8 $ 59.9 $ 59.5 $ 59.4 $ 59.7 $ 60.0 $ 60.1 $ 59.9

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 229.3 $ 225.0 $ 221.7 $ 220.0 $ 219.9 $ 220.9 $ 222.1 $ 222.5 $ 221.8

$ 40.6 $ 39.8 $ 39.2 $ 38.9 $ 38.9 $ 39.1 $ 39.3 $ 39.4 $ 39.2

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 109.8 $ 107.7 $ 106.1 $ 105.3 $ 105.3 $ 105.8 $ 106.3 $ 106.5 $ 106.2

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 37.3 $ 36.6 $ 36.0 $ 35.7 $ 35.7 $ 35.9 $ 36.1 $ 36.1 $ 36.0

$ 72.5 $ 71.2 $ 70.1 $ 69.6 $ 69.5 $ 69.9 $ 70.2 $ 70.4 $ 70.1

$ 72.5 $ 71.2 $ 70.1 $ 69.6 $ 69.5 $ 69.9 $ 70.2 $ 70.4 $ 70.1

$ 62.0 $ 60.8 $ 59.9 $ 59.5 $ 59.4 $ 59.7 $ 60.0 $ 60.1 $ 59.9

$ 1.0 $ 1.0 $ 0.8 $ 0.4 $ 0.0 $ (0.2) $ (0.3) $ (0.1) $ 0.2

$ 135.5 $ 133.0 $ 130.8 $ 129.4 $ 129.0 $ 129.3 $ 130.0 $ 130.4 $ 130.3

$ (65.0) $ (63.8) $ (62.8) $ (62.3) $ (62.3) $ (62.6) $ (62.9) $ (63.0) $ (62.9)

$ - $ - $ - $ - $ - $ - $ - $ - $ -

$ (65.0) $ (63.8) $ (62.8) $ (62.3) $ (62.3) $ (62.6) $ (62.9) $ (63.0) $ (62.9)

$ 70.5 $ 69.2 $ 68.0 $ 67.1 $ 66.7 $ 66.7 $ 67.0 $ 67.3 $ 67.4

$ - $ - $ - $ - $ - $ - $ - $ - $ 1,105.3

0.190 0.178 0.166 0.155 0.144 0.135 0.126 0.117 0.109

$ 13.41 $ 12.29 $ 11.27 $ 10.37 $ 9.62 $ 8.99 $ 8.43 $ 7.90 $ 128.34

$ 459.9 $ 462.8 $ 465.7 $ 468.6 $ 471.5 $ 474.4 $ 477.3 $ 480.2 $ 483.1

$ 0.3 $ 0.3 $ 0.3 $ 0.3 $ 0.3 $ 0.3 $ 0.3 $ 0.3 $ 0.3
$ 54.1 $ 53.0 $ 52.3 $ 51.9 $ 51.8 $ 52.1 $ 52.3 $ 52.5 $ 52.3

14.11% 13.79% 13.54% 13.37% 13.29% 13.27% 13.26% 13.21% 13.10%

7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16% 7.16%

5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97% 5.97%
2044
Employment

Census Data

Sources: Annual Survey of Manufacturers: General Statistics for Industry Group

Year Number of 

employees

2006 14,363

Materials 66.8%

SG&A 12.5%

R&D 2.2%

Labor (production workers) 7.0%

Overhead 8.1% 8.139%

Depreciation 3.4%

Income from Operations 0.0%

100.0%

materials 66.8%

labor 7.0%

overhead 8.1%

depreciation 3.4%

85.3%

Employment Calculations
Domestic Production Worker 

Hourly Wage ($/hr) $ 13.84 

Domestic Production Workers 

hrs. per year

1940

Base Case Domestic Industry

Labor Expenditures for 2012 

(GRIM calculated) ($millions)

$ 6

Standards Case Domestic 

Labor Expenditures for 2012 

(GRIM calculated) ($millions)

$ 6

Employment Summary Table By TSL

Production Labor Expenditures 

(PLE) in 2014

Change in PLE from Base Case

Conversion of change in PLE to 

Calculate 

Employment 

Impacts

2007

Employment Summary By Year and TSL

Non production employment in 20

Total Employment

Domestic Production Employment 

2014

Change in Domestic Employment 

2014

Conversion of change in PLE to 

Number of Domestic Production 

Employees
Baseline Production Labor Exp. $128 

TSL 1 Prod. Labor Exp. $128 

TSL 2 Prod. Labor Exp. $128 

TSL 3 Prod. Labor Exp. $128 

TSL 4 Prod. Labor Exp. $128 

Baseline Prod. Employment 171 

TSL 1 Prod. Employment 171 

TSL 2 Prod. Employment 171 

TSL 3 Prod. Employment 171 

TSL 4 Prod. Employment 171 

Baseline Total Employment 194

TSL 1 Total Employment 194

TSL 2 Total Employment 194

TSL 3 Total Employment 194

TSL 4 Total Employment 194

100

150

200

250

300

350

T

o

t

al D

o

m

e

s

tic

E

m

plo

y

e

m

e

n

t (#

o

f

W

o

r

k

e

r

s)

Energy Conservation Standards 

Effective Date

2014
0

E

50

mployement 
eneral Statistics for Industry Groups and Industries: 2006 NAICS 335221

Prod workers avg per 

year

Total compensation 

($1,000)

Annual payroll 

($1,000)

Total fringe 

benefits ($1,000)

Prod workers 

wages 

($1,000)

12,697 581,984 439,673 142,311 340,914

% US Production 3.60% Non production worker multiplier

Overhead, 8.1%

Depreciation, 3.4% Income from 

Operations, 

0.0%

MWO Industry Cost Structure As a Percentage of Revenue

84.1575% 84.1575%

8.8308% 8.8308%

10.2553% 2.7278%

4.2840% 4.2840%

107.527% 100.0000%

Materials, 66.8% SG&A, 12.5%

R&D, 2.2%

Labor (production workers), 7.0%

Overhead, 8.1%

Depreciation, 3.4% Income from 

Operations, 

0.0%
GRIM Total Domestic 

Production Workers 

Base Case

208 

GRIM Total Domestic 

Production Workers 

Standards Case

208 

1 2

2009$ Millions 6 6 6

2009$ Millions - 0 0

Units Base Case Trial Standard Level

oduction Labor Expenditures 

hange in PLE from Base Case

onversion of change in PLE to 

# of workers - 0 1

# of workers 219 219 219

# of workers 29 29 29

# of workers 248 248 248

% - 0.1% 0.3%

Base Year

2008 2009 2010 2011 2012

on production employment in 2014

tal Employment

omestic Production Employment in 

hange in Domestic Employment in 

onversion of change in PLE to 

umber of Domestic Production 
$122 $104 $151 $158 $162 

$122 $104 $151 $158 $162 

$122 $104 $151 $158 $162 

$122 $104 $151 $158 $162 

$122 $104 $151 $158 $162 

164 139 203 212 217 

164 139 203 212 217 

164 139 203 212 217 

164 139 203 212 217 

164 139 203 212 217 

185 157 229 240 246

185 157 229 240 246

185 157 229 240 246

185 157 229 240 246

185 157 229 240 246

Total Employment
Year

Baseline TSL 1 TSL 2 TSL 3 TSL 4
Prod workers 

hours (1,000)

Tot cost of materials 

($1,000)

Total value of 

shps ($1,000)

24,637 3,248,925 4,864,268

0.13

 Percentage of Revenue
3 4

6 6

0 0

Trial Standard Level

2 6

220 225

29 30

249 254

0.7% 2.6%

Standard Year

2013 2014 2015 2016 2017
$164 $163 $161 $155 $148 

$164 $163 $161 $155 $148 

$164 $164 $161 $155 $149 

$164 $164 $162 $156 $150 

$164 $167 $165 $159 $153 

220 219 215 207 199 

220 219 215 208 199 

220 219 216 208 199 

220 220 217 209 201 

220 225 221 214 205 

248 248 244 235 225

248 248 244 235 225

248 248 244 235 226

248 249 245 237 227

248 254 251 242 232


2018 2019 2020 2021 2022 2023 2024 2025 2026
$146 $150 $157 $165 $171 $173 $172 $170 $167 

$146 $150 $157 $165 $171 $173 $173 $170 $167 

$147 $150 $158 $166 $172 $174 $173 $171 $168 

$147 $151 $159 $167 $172 $174 $174 $172 $168 

$151 $154 $162 $170 $176 $178 $177 $175 $172 

196 201 211 221 229 232 231 228 224 

196 201 211 222 230 232 231 229 224 

196 201 212 222 230 233 232 229 225 

198 202 213 223 231 234 233 230 226 

202 207 218 228 236 239 238 235 230 

222 227 239 251 259 263 261 258 254

222 227 239 251 260 263 262 259 254

222 228 239 251 260 263 262 259 254

223 229 241 253 262 265 263 260 256

229 234 246 258 267 270 269 265 261


2027 2028 2029 2030 2031 2032 2033 2034 2035
$165 $164 $166 $171 $175 $178 $180 $181 $180 

$165 $164 $167 $171 $175 $179 $181 $181 $180 

$165 $164 $167 $172 $176 $179 $181 $181 $180 

$166 $165 $168 $172 $177 $180 $182 $182 $181 

$169 $169 $171 $176 $180 $183 $185 $185 $184 

221 220 223 229 235 239 242 242 241 

221 220 223 230 235 239 242 243 241 

221 220 224 230 236 240 243 243 241 

222 222 225 231 237 241 244 244 242 

227 226 229 236 242 246 248 248 247 

250 249 252 259 266 271 274 274 272

250 249 253 260 266 271 274 274 273

250 249 253 260 267 271 274 275 273

252 251 254 261 268 273 276 276 274

257 256 260 267 273 278 281 281 279


2036 2037 2038 2039 2040 2041 2042 2043
$178 $178 $178 $180 $183 $186 $188 $189 

$179 $178 $178 $180 $183 $186 $188 $190 

$179 $178 $179 $180 $183 $186 $188 $190 

$180 $179 $179 $181 $184 $187 $189 $191 

$183 $182 $183 $184 $187 $190 $193 $194 

239 238 239 241 245 249 252 254 

239 238 239 242 245 249 252 254 

240 239 239 242 246 250 253 255 

241 240 241 243 247 251 254 256 

245 244 245 247 251 255 258 260 

271 269 270 273 277 282 285 287

271 270 270 273 277 282 285 288

271 270 271 274 278 282 286 288

272 271 272 275 279 284 287 289

277 276 277 280 284 288 292 294
INPV Table 

TSL 1 TSL 2 TSL 3 TSL 4

1 2 3 4

2010$ Millions 1,127.5 1,100.4 1,082.2 1,074.5 1,037.0

2010$ Millions - (27.1) (45.2) (52.9) (90.4)

(%) - -2.4% -4.0% -4.7% -8.0%

2010$ Millions - 39.6 71.2 90.0 174.0

2010$ Millions - 4.0 4.4 4.7 7.9

2010$ Millions - 43.5 75.5 94.7 181.9

Preservation of Gross Margin Percentage Markup Scenario with Elasticity: RP Elasticity 0.34

Units Base Case Trial Standard Level

Total Investment Required

INPV

Change in INPV

Amended Energy Conservation 

Standards Product Conversion 

Costs

Amended Energy Conservation 

Standards Capital Conversion 

Costs
2007 2008 2009

Base Case 

Net Cashflow $ 68.9 $ 68.2 $ 63.7

Revenues $ 1,821.0 $ 1,742.5 $ 1,479.1

Income After Tax (NOPAT) $ 71.9 $ 68.8 $ 58.4

Shipments 11.851 11.340 9.626

Avg Price $ 153.7 $ 153.7 $ 153.7

Industry Value $ 1,127.5

Investments $ 64.4 $ 61.6 $ 52.3

ROIC 17.3% 16.5% 14.2%

Operating Cashflow $ 133.3 $ 129.8 $ 116.0

EBIT $ 108.8 $ 104.1 $ 88.4

EBIT/Revenues 6.0% 6.0% 6.0%

Standard Case

Net Cashflow $ 68.9 $ 68.2 $ 63.7

Revenues $ 1,821.0 $ 1,742.5 $ 1,479.1

Income After Tax $ 71.9 $ 68.8 $ 58.4

Shipments 11.851 11.340 9.626

Avg Price $ 153.7 $ 153.7 $ 153.7

Industry Value $ 1,037.0

Investments $ 64.4 $ 61.6 $ 52.3

Results for Graphs

Current Scenario GRIM Results for Graphs

Investments $ 64.4 $ 61.6 $ 52.3

ROIC 17.3% 16.5% 14.2%

Operating Cashflow $ 133.3 $ 129.8 $ 116.0

EBIT $ 108.8 $ 104.1 $ 88.4

2007 2008 2009

Standard Case

Net Cashflow $ 68.9 $ 68.2 $ 63.7

Revenues $ 1,821.0 $ 1,742.5 $ 1,479.1

Income After Tax $ 71.9 $ 68.8 $ 58.4

TSL 1 - GRIM Results for Graphs
Shipments 11.851 11.340 9.626

Avg Price $ 153.7 $ 153.7 $ 153.7

Industry Value $ 988.1

Investments $ 64.4 $ 61.6 $ 52.3

ROIC 17.3% 16.5% 14.2%

Operating Cashflow $ 133.3 $ 129.8 $ 116.0

EBIT $ 108.8 $ 104.1 $ 88.4

EBIT/Revenues 6.0% 6.0% 6.0%

2007 2008 2009

Standard Case

Net Cashflow $ 68.9 $ 68.2 $ 63.7

Revenues $ 1,821.0 $ 1,742.5 $ 1,479.1

Income After Tax $ 71.9 $ 68.8 $ 58.4

Shipments 11.851 11.340 9.626

Avg Price $ 153.7 $ 153.7 $ 153.7

Industry Value $ 969.8

Investments $ 64.4 $ 61.6 $ 52.3

ROIC 17.3% 16.5% 14.2%

Operating Cashflow $ 133.3 $ 129.8 $ 116.0

EBIT $ 108.8 $ 104.1 $ 88.4

EBIT/Revenues 6.0% 6.0% 6.0%

TSL 2 - GRIM Results for Graphs

2007 2008 2009

Standard Case

Net Cashflow $ 68.9 $ 68.2 $ 63.7

Revenues $ 1,821.0 $ 1,742.5 $ 1,479.1

Income After Tax $ 71.9 $ 68.8 $ 58.4

Shipments 11.851 11.340 9.626

Avg Price $ 153.7 $ 153.7 $ 153.7

Industry Value $ 961.6

Investments $ 64.4 $ 61.6 $ 52.3

ROIC 17.3% 16.5% 14.2%

Operating Cashflow $ 133.3 $ 129.8 $ 116.0

EBIT $ 108.8 $ 104.1 $ 88.4

EBIT/Revenues 6.0% 6.0% 6.0%

TSL 3 - GRIM Results for Graphs
2007 2008 2009

Standard Case

Net Cashflow $ 68.9 $ 68.2 $ 63.7

Revenues $ 1,821.0 $ 1,742.5 $ 1,479.1

Income After Tax $ 71.9 $ 68.8 $ 58.4

Shipments 11.851 11.340 9.626

Avg Price $ 153.7 $ 153.7 $ 153.7

Industry Value $ 922.1

Investments $ 64.4 $ 61.6 $ 52.3

ROIC 17.3% 16.5% 14.2%

Operating Cashflow $ 133.3 $ 129.8 $ 116.0

EBIT $ 108.8 $ 104.1 $ 88.4

EBIT/Revenues 6.0% 6.0% 6.0%

TSL 4 - GRIM Results for Graphs
Base Year Standard Year

2010 2011 2012 2013 2014 2015 2016 2017

$ 61.6 $ 82.0 $ 83.8 $ 84.2 $ 83.2 $ 81.3 $ 78.3 $ 74.2

$ 2,155.5 $ 2,212.1 $ 2,229.3 $ 2,210.5 $ 2,165.0 $ 2,094.6 $ 1,986.8 $ 1,875.3

$ 85.1 $ 87.3 $ 88.0 $ 87.2 $ 85.4 $ 82.7 $ 78.4 $ 74.0

14.028 14.668 15.060 15.206 15.156 14.912 14.372 13.772

$ 153.7 $ 150.8 $ 148.0 $ 145.4 $ 142.9 $ 140.5 $ 138.2 $ 136.2

$ 76.2 $ 78.2 $ 78.8 $ 78.2 $ 76.6 $ 74.1 $ 70.3 $ 66.3

19.6% 19.9% 19.8% 19.5% 19.0% 18.4% 17.4% 16.4%

$ 137.9 $ 160.2 $ 162.7 $ 162.3 $ 159.8 $ 155.4 $ 148.6 $ 140.5

$ 128.8 $ 132.2 $ 133.2 $ 132.1 $ 129.3 $ 125.1 $ 118.7 $ 112.0

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 61.6 $ 51.9 $ 41.6 $ 35.9 $ 81.4 $ 83.4 $ 80.5 $ 76.4

$ 2,155.5 $ 2,212.1 $ 2,229.3 $ 2,210.5 $ 2,220.5 $ 2,153.2 $ 2,045.3 $ 1,932.1

$ 85.1 $ 59.1 $ 48.5 $ 42.2 $ 85.3 $ 85.0 $ 80.7 $ 76.3

14.028 14.668 15.060 15.206 15.005 14.797 14.283 13.698

$ 153.7 $ 150.8 $ 148.0 $ 145.4 $ 148.0 $ 145.5 $ 143.2 $ 141.1

$ $ 76.2 $ $ 80.2 $ $ 81.6 $ $ 81.3 $ $ 78.5 $ $ 76.1 $ $ 72.3 $ $ 68.3

19.6% 13.4% 10.8% 9.3% 18.6% 18.5% 17.5% 16.6%

$ 137.9 $ 132.1 $ 123.2 $ 117.3 $ 159.9 $ 159.6 $ 152.9 $ 144.7

$ 128.8 $ 89.5 $ 73.5 $ 63.8 $ 129.2 $ 128.6 $ 122.2 $ 115.4

Base Year Standard Year

2010 2011 2012 2013 2014 2015 2016 2017

$ 60.9 $ 71.1 $ 69.6 $ 68.1 $ 78.2 $ 76.5 $ 73.3 $ 69.1

$ 2,065.0 $ 2,111.1 $ 2,118.5 $ 2,091.3 $ 2,039.7 $ 1,963.0 $ 1,851.3 $ 1,736.4

$ 81.5 $ 76.9 $ 74.6 $ 72.3 $ 80.0 $ 77.5 $ 73.1 $ 68.5

Press to calculate graph information based on selected scenario
14.028 14.668 15.060 15.206 15.152 14.909 14.369 13.770

$ 147.2 $ 143.9 $ 140.7 $ 137.5 $ 134.6 $ 131.7 $ 128.8 $ 126.1

$ 73.0 $ 75.6 $ 76.3 $ 75.5 $ 72.1 $ 69.4 $ 65.5 $ 61.4

18.9% 17.6% 16.9% 16.2% 17.8% 17.2% 16.3% 15.3%

$ 133.9 $ 146.8 $ 145.9 $ 143.6 $ 150.3 $ 145.9 $ 138.8 $ 130.5

$ 123.4 $ 116.4 $ 113.0 $ 109.4 $ 121.1 $ 117.3 $ 110.6 $ 103.7

6.0% 5.5% 5.3% 5.2% 5.9% 6.0% 6.0% 6.0%

Base Year Standard Year

2010 2011 2012 2013 2014 2015 2016 2017

$ 60.9 $ 65.9 $ 62.3 $ 59.7 $ 77.8 $ 76.6 $ 73.5 $ 69.2

$ 2,065.0 $ 2,111.1 $ 2,118.5 $ 2,091.3 $ 2,043.1 $ 1,966.6 $ 1,854.8 $ 1,739.8

$ 81.5 $ 71.8 $ 67.5 $ 64.1 $ 79.7 $ 77.6 $ 73.2 $ 68.7

14.028 14.668 15.060 15.206 15.142 14.901 14.364 13.766

$ 147.2 $ 143.9 $ 140.7 $ 137.5 $ 134.9 $ 132.0 $ 129.1 $ 126.4

$ 73.0 $ 75.7 $ 76.4 $ 75.7 $ 72.3 $ 69.5 $ 65.6 $ 61.5

18.9% 16.4% 15.2% 14.3% 17.8% 17.3% 16.3% 15.3%

$ 133.9 $ 141.6 $ 138.7 $ 135.4 $ 150.0 $ 146.2 $ 139.0 $ 130.7

$ 123.4 $ 108.7 $ 102.1 $ 97.0 $ 120.6 $ 117.5 $ 110.8 $ 103.9

6.0% 5.1% 4.8% 4.6% 5.9% 6.0% 6.0% 6.0%

Base Year Standard Year

2010 2011 2012 2013 2014 2015 2016 2017

$ 60.9 $ 62.8 $ 57.9 $ 54.7 $ 77.6 $ 77.0 $ 73.8 $ 69.6

$ 2,065.0 $ 2,111.1 $ 2,118.5 $ 2,091.3 $ 2,052.4 $ 1,976.4 $ 1,864.5 $ 1,749.2

$ 81.5 $ 68.8 $ 63.2 $ 59.2 $ 79.8 $ 78.0 $ 73.6 $ 69.0

14.028 14.668 15.060 15.206 15.116 14.881 14.348 13.753

$ 147.2 $ 143.9 $ 140.7 $ 137.5 $ 135.8 $ 132.8 $ 129.9 $ 127.2

$ 73.0 $ 75.8 $ 76.6 $ 75.9 $ 72.6 $ 69.9 $ 65.9 $ 61.9

18.9% 15.7% 14.3% 13.2% 17.8% 17.3% 16.3% 15.4%

$ 133.9 $ 138.6 $ 134.5 $ 130.6 $ 150.2 $ 146.9 $ 139.8 $ 131.4

$ 123.4 $ 104.1 $ 95.7 $ 89.7 $ 120.8 $ 118.1 $ 111.4 $ 104.5

6.0% 4.9% 4.5% 4.3% 5.9% 6.0% 6.0% 6.0%
Base Year Standard Year

2010 2011 2012 2013 2014 2015 2016 2017

$ 60.9 $ 48.4 $ 37.7 $ 31.7 $ 76.8 $ 78.4 $ 75.3 $ 71.0

$ 2,065.0 $ 2,111.1 $ 2,118.5 $ 2,091.3 $ 2,089.8 $ 2,015.8 $ 1,903.9 $ 1,787.2

$ 81.5 $ 55.1 $ 44.2 $ 37.5 $ 80.2 $ 79.6 $ 75.1 $ 70.5

14.028 14.668 15.060 15.206 15.001 14.794 14.280 13.696

$ 147.2 $ 143.9 $ 140.7 $ 137.5 $ 139.3 $ 136.3 $ 133.3 $ 130.5

$ 73.0 $ 76.6 $ 77.7 $ 77.1 $ 73.9 $ 71.3 $ 67.3 $ 63.2

18.9% 12.6% 9.9% 8.3% 17.7% 17.5% 16.5% 15.5%

$ 133.9 $ 125.0 $ 115.4 $ 108.8 $ 150.7 $ 149.7 $ 142.6 $ 134.2

$ 123.4 $ 83.5 $ 66.9 $ 56.7 $ 121.4 $ 120.4 $ 113.7 $ 106.8

6.0% 4.0% 3.2% 2.7% 5.8% 6.0% 6.0% 6.0%
2018 2019 2020 2021 2022 2023 2024 2025

$ 70.5 $ 69.0 $ 70.0 $ 72.6 $ 74.8 $ 76.0 $ 75.5 $ 74.1

$ 1,820.3 $ 1,836.9 $ 1,903.7 $ 1,969.6 $ 2,009.9 $ 2,004.6 $ 1,968.8 $ 1,919.6

$ 71.8 $ 72.5 $ 75.1 $ 77.7 $ 79.3 $ 79.1 $ 77.7 $ 75.8

13.566 13.891 14.609 15.340 15.886 16.074 16.010 15.822

$ 134.2 $ 132.2 $ 130.3 $ 128.4 $ 126.5 $ 124.7 $ 123.0 $ 121.3

$ 64.4 $ 65.0 $ 67.3 $ 69.7 $ 71.1 $ 70.9 $ 69.6 $ 67.9

15.9% 15.9% 16.3% 16.7% 16.9% 16.7% 16.4% 15.9%

$ 134.8 $ 134.0 $ 137.4 $ 142.2 $ 145.9 $ 146.9 $ 145.2 $ 141.9

$ 108.7 $ 109.7 $ 113.7 $ 117.7 $ 120.1 $ 119.8 $ 117.6 $ 114.7

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 72.6 $ 71.1 $ 72.2 $ 74.8 $ 77.1 $ 78.2 $ 77.7 $ 76.1

$ 1,876.9 $ 1,894.3 $ 1,963.1 $ 2,030.3 $ 2,070.2 $ 2,062.4 $ 2,022.7 $ 1,970.4

$ 74.1 $ 74.8 $ 77.5 $ 80.1 $ 81.7 $ 81.4 $ 79.8 $ 77.8

13.503 13.828 14.542 15.264 15.795 15.964 15.877 15.678

$ 139.0 $ 137.0 $ 135.0 $ 133.0 $ 131.1 $ 129.2 $ 127.4 $ 125.7

$ $ 66.4 $ $ 67.0 $ $ 69.4 $ $ 71.8 $ $ 73.2 $ $ 72.9 $ $ 71.5 $ $ 69.7

16.0% 16.1% 16.5% 16.8% 17.0% 16.8% 16.4% 16.0%

$ 139.0 $ 138.1 $ 141.7 $ 146.6 $ 150.3 $ 151.2 $ 149.2 $ 145.8

$ 112.1 $ 113.2 $ 117.3 $ 121.3 $ 123.7 $ 123.2 $ 120.8 $ 117.7

2018 2019 2020 2021 2022 2023 2024 2025

$ 65.2 $ 63.4 $ 64.0 $ 65.9 $ 67.6 $ 68.3 $ 67.5 $ 65.9

$ 1,674.5 $ 1,679.2 $ 1,730.4 $ 1,781.0 $ 1,808.3 $ 1,794.5 $ 1,753.2 $ 1,700.1

$ 66.1 $ 66.3 $ 68.3 $ 70.3 $ 71.4 $ 70.8 $ 69.2 $ 67.1

n based on selected scenario
13.564 13.889 14.608 15.338 15.883 16.072 16.006 15.818

$ 123.4 $ 120.9 $ 118.5 $ 116.1 $ 113.8 $ 111.7 $ 109.5 $ 107.5

$ 59.2 $ 59.4 $ 61.2 $ 63.0 $ 64.0 $ 63.5 $ 62.0 $ 60.1

14.7% 14.7% 15.0% 15.2% 15.4% 15.2% 14.8% 14.3%

$ 124.4 $ 122.8 $ 125.1 $ 128.9 $ 131.6 $ 131.8 $ 129.5 $ 126.0

$ 100.0 $ 100.3 $ 103.4 $ 106.4 $ 108.0 $ 107.2 $ 104.7 $ 101.6

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

2018 2019 2020 2021 2022 2023 2024 2025

$ 65.3 $ 63.5 $ 64.1 $ 66.0 $ 67.7 $ 68.4 $ 67.7 $ 66.0

$ 1,677.9 $ 1,682.6 $ 1,734.0 $ 1,784.6 $ 1,811.8 $ 1,797.9 $ 1,756.3 $ 1,703.0

$ 66.2 $ 66.4 $ 68.4 $ 70.4 $ 71.5 $ 71.0 $ 69.3 $ 67.2

13.560 13.885 14.603 15.333 15.877 16.064 15.998 15.809

$ 123.7 $ 121.2 $ 118.7 $ 116.4 $ 114.1 $ 111.9 $ 109.8 $ 107.7

$ 59.3 $ 59.5 $ 61.3 $ 63.1 $ 64.1 $ 63.6 $ 62.1 $ 60.2

14.7% 14.7% 15.0% 15.3% 15.4% 15.2% 14.8% 14.3%

$ 124.6 $ 123.0 $ 125.4 $ 129.1 $ 131.8 $ 132.0 $ 129.8 $ 126.2

$ 100.2 $ 100.5 $ 103.6 $ 106.6 $ 108.2 $ 107.4 $ 104.9 $ 101.7

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

2018 2019 2020 2021 2022 2023 2024 2025

$ 65.6 $ 63.9 $ 64.4 $ 66.4 $ 68.1 $ 68.8 $ 68.0 $ 66.3

$ 1,687.2 $ 1,691.9 $ 1,743.5 $ 1,794.3 $ 1,821.5 $ 1,807.1 $ 1,764.8 $ 1,711.0

$ 66.6 $ 66.8 $ 68.8 $ 70.8 $ 71.9 $ 71.3 $ 69.6 $ 67.5

13.549 13.874 14.592 15.320 15.862 16.045 15.975 15.784

$ 124.5 $ 122.0 $ 119.5 $ 117.1 $ 114.8 $ 112.6 $ 110.5 $ 108.4

$ 59.7 $ 59.8 $ 61.7 $ 63.5 $ 64.4 $ 63.9 $ 62.4 $ 60.5

14.8% 14.7% 15.0% 15.3% 15.4% 15.2% 14.8% 14.3%

$ 125.3 $ 123.7 $ 126.1 $ 129.8 $ 132.5 $ 132.7 $ 130.4 $ 126.8

$ 100.8 $ 101.1 $ 104.2 $ 107.2 $ 108.8 $ 108.0 $ 105.4 $ 102.2

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
2018 2019 2020 2021 2022 2023 2024 2025

$ 67.1 $ 65.3 $ 65.9 $ 67.9 $ 69.6 $ 70.2 $ 69.4 $ 67.6

$ 1,724.9 $ 1,729.9 $ 1,782.6 $ 1,833.9 $ 1,860.6 $ 1,844.3 $ 1,799.3 $ 1,743.3

$ 68.1 $ 68.3 $ 70.3 $ 72.4 $ 73.4 $ 72.8 $ 71.0 $ 68.8

13.501 13.826 14.540 15.262 15.792 15.961 15.874 15.674

$ 127.8 $ 125.1 $ 122.6 $ 120.2 $ 117.8 $ 115.6 $ 113.4 $ 111.2

$ 61.0 $ 61.2 $ 63.0 $ 64.9 $ 65.8 $ 65.2 $ 63.6 $ 61.7

15.0% 14.9% 15.2% 15.5% 15.6% 15.4% 14.9% 14.4%

$ 128.1 $ 126.5 $ 128.9 $ 132.7 $ 135.4 $ 135.5 $ 133.0 $ 129.2

$ 103.0 $ 103.3 $ 106.5 $ 109.6 $ 111.2 $ 110.2 $ 107.5 $ 104.1

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
2026 2027 2028 2029 2030 2031 2032 2033

$ 72.1 $ 69.9 $ 68.2 $ 67.3 $ 67.7 $ 68.7 $ 69.5 $ 69.8

$ 1,860.0 $ 1,808.3 $ 1,779.3 $ 1,783.6 $ 1,811.8 $ 1,834.7 $ 1,845.2 $ 1,844.2

$ 73.4 $ 71.4 $ 70.2 $ 70.4 $ 71.5 $ 72.4 $ 72.8 $ 72.8

15.532 15.292 15.231 15.453 15.888 16.284 16.573 16.760

$ 119.8 $ 118.3 $ 116.8 $ 115.4 $ 114.0 $ 112.7 $ 111.3 $ 110.0

$ 65.8 $ 64.0 $ 62.9 $ 63.1 $ 64.1 $ 64.9 $ 65.3 $ 65.2

15.4% 14.9% 14.6% 14.5% 14.6% 14.7% 14.7% 14.6%

$ 137.9 $ 133.9 $ 131.1 $ 130.4 $ 131.8 $ 133.6 $ 134.7 $ 135.0

$ 111.1 $ 108.0 $ 106.3 $ 106.6 $ 108.2 $ 109.6 $ 110.2 $ 110.2

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 74.0 $ 71.8 $ 70.0 $ 69.2 $ 69.6 $ 70.6 $ 71.4 $ 71.6

$ 1,909.3 $ 1,857.2 $ 1,828.2 $ 1,832.8 $ 1,861.5 $ 1,884.2 $ 1,893.7 $ 1,891.3

$ 75.4 $ 73.3 $ 72.1 $ 72.3 $ 73.5 $ 74.4 $ 74.7 $ 74.6

15.391 15.160 15.107 15.329 15.758 16.143 16.419 16.592

$ 124.1 $ 122.5 $ 121.0 $ 119.6 $ 118.1 $ 116.7 $ 115.3 $ 114.0

$ $ 67.5 $ $ 65.7 $ $ 64.7 $ $ 64.8 $ $ 65.8 $ $ 66.6 $ $ 67.0 $ $ 66.9

15.4% 15.0% 14.7% 14.6% 14.7% 14.8% 14.8% 14.7%

$ 141.5 $ 137.5 $ 134.7 $ 134.0 $ 135.4 $ 137.2 $ 138.3 $ 138.5

$ 114.1 $ 111.0 $ 109.2 $ 109.5 $ 111.2 $ 112.6 $ 113.1 $ 113.0

2026 2027 2028 2029 2030 2031 2032 2033

$ 63.8 $ 61.5 $ 59.6 $ 58.6 $ 58.5 $ 59.1 $ 59.4 $ 59.4

$ 1,638.1 $ 1,583.5 $ 1,549.1 $ 1,544.0 $ 1,559.8 $ 1,571.2 $ 1,572.1 $ 1,563.2

$ 64.6 $ 62.5 $ 61.1 $ 60.9 $ 61.6 $ 62.0 $ 62.0 $ 61.7
15.528 15.288 15.228 15.450 15.885 16.280 16.569 16.756

$ 105.5 $ 103.6 $ 101.7 $ 99.9 $ 98.2 $ 96.5 $ 94.9 $ 93.3

$ 57.9 $ 56.0 $ 54.8 $ 54.6 $ 55.2 $ 55.6 $ 55.6 $ 55.3

13.7% 13.2% 12.9% 12.8% 12.9% 12.9% 12.8% 12.7%

$ 121.7 $ 117.5 $ 114.4 $ 113.2 $ 113.7 $ 114.7 $ 115.0 $ 114.7

$ 97.9 $ 94.6 $ 92.5 $ 92.2 $ 93.2 $ 93.9 $ 93.9 $ 93.4

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

2026 2027 2028 2029 2030 2031 2032 2033

$ 63.9 $ 61.6 $ 59.7 $ 58.7 $ 58.6 $ 59.2 $ 59.5 $ 59.5

$ 1,640.9 $ 1,586.3 $ 1,551.9 $ 1,546.7 $ 1,562.6 $ 1,574.0 $ 1,574.8 $ 1,565.8

$ 64.8 $ 62.6 $ 61.2 $ 61.0 $ 61.7 $ 62.1 $ 62.1 $ 61.8

15.519 15.280 15.220 15.442 15.876 16.271 16.559 16.745

$ 105.7 $ 103.8 $ 102.0 $ 100.2 $ 98.4 $ 96.7 $ 95.1 $ 93.5

$ 58.0 $ 56.1 $ 54.9 $ 54.7 $ 55.3 $ 55.7 $ 55.7 $ 55.4

13.7% 13.2% 12.9% 12.8% 12.9% 12.9% 12.8% 12.7%

$ 121.9 $ 117.7 $ 114.6 $ 113.4 $ 113.9 $ 114.9 $ 115.2 $ 114.9

$ 98.0 $ 94.8 $ 92.7 $ 92.4 $ 93.4 $ 94.0 $ 94.1 $ 93.5

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

2026 2027 2028 2029 2030 2031 2032 2033

$ 64.2 $ 61.9 $ 60.0 $ 58.9 $ 58.9 $ 59.5 $ 59.8 $ 59.8

$ 1,648.6 $ 1,593.9 $ 1,559.4 $ 1,554.3 $ 1,570.2 $ 1,581.5 $ 1,582.1 $ 1,572.9

$ 65.1 $ 62.9 $ 61.5 $ 61.3 $ 62.0 $ 62.4 $ 62.4 $ 62.1

15.494 15.257 15.198 15.421 15.854 16.247 16.532 16.716

$ 106.4 $ 104.5 $ 102.6 $ 100.8 $ 99.0 $ 97.3 $ 95.7 $ 94.1

$ 58.3 $ 56.4 $ 55.1 $ 55.0 $ 55.5 $ 55.9 $ 56.0 $ 55.6

13.8% 13.3% 13.0% 12.9% 12.9% 12.9% 12.8% 12.7%

$ 122.5 $ 118.3 $ 115.2 $ 113.9 $ 114.5 $ 115.4 $ 115.8 $ 115.4

$ 98.5 $ 95.2 $ 93.2 $ 92.9 $ 93.8 $ 94.5 $ 94.5 $ 94.0

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
2026 2027 2028 2029 2030 2031 2032 2033

$ 65.4 $ 63.1 $ 61.2 $ 60.1 $ 60.1 $ 60.7 $ 61.0 $ 60.9

$ 1,679.8 $ 1,624.7 $ 1,590.0 $ 1,584.9 $ 1,600.9 $ 1,611.9 $ 1,611.7 $ 1,601.5

$ 66.3 $ 64.1 $ 62.8 $ 62.5 $ 63.2 $ 63.6 $ 63.6 $ 63.2

15.386 15.156 15.103 15.326 15.754 16.139 16.414 16.587

$ 109.2 $ 107.2 $ 105.3 $ 103.4 $ 101.6 $ 99.9 $ 98.2 $ 96.6

$ 59.4 $ 57.5 $ 56.2 $ 56.1 $ 56.6 $ 57.0 $ 57.0 $ 56.6

13.9% 13.4% 13.1% 13.0% 13.0% 13.0% 13.0% 12.8%

$ 124.8 $ 120.5 $ 117.4 $ 116.2 $ 116.7 $ 117.7 $ 118.0 $ 117.5

$ 100.4 $ 97.1 $ 95.0 $ 94.7 $ 95.6 $ 96.3 $ 96.3 $ 95.7

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
2034 2035 2036 2037 2038 2039 2040 2041

$ 69.6 $ 68.8 $ 67.6 $ 66.4 $ 65.5 $ 65.1 $ 65.2 $ 65.5

$ 1,825.8 $ 1,793.9 $ 1,760.6 $ 1,734.7 $ 1,721.1 $ 1,720.5 $ 1,728.7 $ 1,738.3

$ 72.1 $ 70.8 $ 69.5 $ 68.5 $ 67.9 $ 67.9 $ 68.2 $ 68.6

16.786 16.680 16.552 16.487 16.532 16.702 16.957 17.229

$ 108.8 $ 107.5 $ 106.4 $ 105.2 $ 104.1 $ 103.0 $ 101.9 $ 100.9

$ 64.6 $ 63.4 $ 62.3 $ 61.3 $ 60.9 $ 60.8 $ 61.1 $ 61.5

14.4% 14.1% 13.8% 13.5% 13.3% 13.3% 13.2% 13.2%

$ 134.2 $ 132.2 $ 129.8 $ 127.7 $ 126.4 $ 125.9 $ 126.3 $ 126.9

$ 109.1 $ 107.2 $ 105.2 $ 103.6 $ 102.8 $ 102.8 $ 103.3 $ 103.8

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

$ 71.4 $ 70.5 $ 69.2 $ 68.0 $ 67.1 $ 66.7 $ 66.7 $ 67.0

$ 1,871.1 $ 1,837.6 $ 1,803.1 $ 1,776.7 $ 1,762.9 $ 1,762.3 $ 1,770.3 $ 1,779.4

$ 73.8 $ 72.5 $ 71.2 $ 70.1 $ 69.6 $ 69.5 $ 69.9 $ 70.2

16.606 16.493 16.364 16.300 16.346 16.513 16.763 17.024

$ 112.7 $ 111.4 $ 110.2 $ 109.0 $ 107.8 $ 106.7 $ 105.6 $ 104.5

$ $ 66.2 $ $ 65.0 $ $ 63.8 $ $ 62.8 $ $ 62.3 $ $ 62.3 $ $ 62.6 $ $ 62.9

14.4% 14.1% 13.8% 13.5% 13.4% 13.3% 13.3% 13.3%

$ 137.5 $ 135.5 $ 133.0 $ 130.8 $ 129.4 $ 129.0 $ 129.3 $ 130.0

$ 111.8 $ 109.8 $ 107.7 $ 106.1 $ 105.3 $ 105.3 $ 105.8 $ 106.3

2034 2035 2036 2037 2038 2039 2040 2041

$ 58.9 $ 58.0 $ 56.6 $ 55.4 $ 54.4 $ 53.8 $ 53.5 $ 53.5

$ 1,539.8 $ 1,505.1 $ 1,470.9 $ 1,441.8 $ 1,423.1 $ 1,415.3 $ 1,414.9 $ 1,415.7

$ 60.8 $ 59.4 $ 58.1 $ 56.9 $ 56.2 $ 55.9 $ 55.8 $ 55.9
16.781 16.675 16.563 16.498 16.543 16.713 16.968 17.240

$ 91.8 $ 90.3 $ 88.8 $ 87.4 $ 86.0 $ 84.7 $ 83.4 $ 82.1

$ 54.5 $ 53.2 $ 52.0 $ 51.0 $ 50.3 $ 50.1 $ 50.0 $ 50.1

12.4% 12.1% 11.8% 11.5% 11.4% 11.2% 11.2% 11.1%

$ 113.4 $ 111.2 $ 108.7 $ 106.4 $ 104.7 $ 103.8 $ 103.6 $ 103.6

$ 92.0 $ 89.9 $ 87.9 $ 86.1 $ 85.0 $ 84.6 $ 84.5 $ 84.6

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

2034 2035 2036 2037 2038 2039 2040 2041

$ 59.0 $ 58.0 $ 56.7 $ 55.5 $ 54.5 $ 53.9 $ 53.6 $ 53.6

$ 1,542.3 $ 1,507.5 $ 1,473.3 $ 1,444.1 $ 1,425.3 $ 1,417.6 $ 1,417.1 $ 1,417.9

$ 60.9 $ 59.5 $ 58.1 $ 57.0 $ 56.3 $ 55.9 $ 55.9 $ 56.0

16.770 16.663 16.551 16.486 16.531 16.701 16.956 17.226

$ 92.0 $ 90.5 $ 89.0 $ 87.6 $ 86.2 $ 84.9 $ 83.6 $ 82.3

$ 54.5 $ 53.3 $ 52.1 $ 51.1 $ 50.4 $ 50.1 $ 50.1 $ 50.1

12.4% 12.1% 11.8% 11.5% 11.4% 11.2% 11.2% 11.1%

$ 113.6 $ 111.4 $ 108.8 $ 106.6 $ 104.9 $ 104.0 $ 103.7 $ 103.8

$ 92.1 $ 90.1 $ 88.0 $ 86.3 $ 85.2 $ 84.7 $ 84.7 $ 84.7

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

2034 2035 2036 2037 2038 2039 2040 2041

$ 59.3 $ 58.3 $ 57.0 $ 55.7 $ 54.7 $ 54.1 $ 53.8 $ 53.8

$ 1,549.1 $ 1,514.0 $ 1,479.6 $ 1,450.3 $ 1,431.5 $ 1,423.6 $ 1,423.1 $ 1,423.8

$ 61.1 $ 59.8 $ 58.4 $ 57.2 $ 56.5 $ 56.2 $ 56.2 $ 56.2

16.738 16.631 16.518 16.453 16.499 16.668 16.922 17.191

$ 92.5 $ 91.0 $ 89.6 $ 88.1 $ 86.8 $ 85.4 $ 84.1 $ 82.8

$ 54.8 $ 53.5 $ 52.3 $ 51.3 $ 50.6 $ 50.3 $ 50.3 $ 50.4

12.5% 12.2% 11.8% 11.6% 11.4% 11.3% 11.2% 11.2%

$ 114.1 $ 111.8 $ 109.3 $ 107.0 $ 105.3 $ 104.4 $ 104.2 $ 104.2

$ 92.5 $ 90.5 $ 88.4 $ 86.6 $ 85.5 $ 85.1 $ 85.0 $ 85.1

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
2034 2035 2036 2037 2038 2039 2040 2041

$ 60.4 $ 59.3 $ 58.0 $ 56.7 $ 55.6 $ 55.0 $ 54.8 $ 54.8

$ 1,576.4 $ 1,540.1 $ 1,504.9 $ 1,475.2 $ 1,456.1 $ 1,448.1 $ 1,447.4 $ 1,447.6

$ 62.2 $ 60.8 $ 59.4 $ 58.2 $ 57.5 $ 57.2 $ 57.1 $ 57.1

16.601 16.488 16.374 16.310 16.357 16.524 16.773 17.034

$ 95.0 $ 93.4 $ 91.9 $ 90.4 $ 89.0 $ 87.6 $ 86.3 $ 85.0

$ 55.7 $ 54.5 $ 53.2 $ 52.2 $ 51.5 $ 51.2 $ 51.2 $ 51.2

12.6% 12.2% 11.9% 11.7% 11.5% 11.3% 11.3% 11.2%

$ 116.1 $ 113.8 $ 111.2 $ 108.8 $ 107.1 $ 106.2 $ 106.0 $ 105.9

$ 94.2 $ 92.0 $ 89.9 $ 88.1 $ 87.0 $ 86.5 $ 86.5 $ 86.5

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
2042 2043

$ 65.8 $ 65.9

$ 1,742.5 $ 1,738.0

$ 68.8 $ 68.6

17.449 17.582

$ 99.9 $ 98.9

$ 61.6 $ 61.5

13.2% 13.1%

$ 127.4 $ 127.3

$ 104.1 $ 103.8

6.0% 6.0%

$ 67.3 $ 67.4

$ 1,782.8 $ 1,777.4

$ 70.4 $ 70.1

17.233 17.355

$ 103.5 $ 102.4

$ 63.0 $ 62.9

13.2% 13.1%

$ 130.4 $ 130.3

$ 106.5 $ 106.2

2042 2043

$ 53.5 $ 53.3

$ 1,412.2 $ 1,401.9

$ 55.7 $ 55.3
17.460 17.594

$ 80.9 $ 79.7

$ 49.9 $ 49.6

11.1% 10.9%

$ 103.5 $ 102.9

$ 84.4 $ 83.8

6.0% 6.0%

2042 2043

$ 53.6 $ 53.4

$ 1,414.4 $ 1,404.0

$ 55.8 $ 55.4

17.446 17.579

$ 81.1 $ 79.9

$ 50.0 $ 49.7

11.1% 10.9%

$ 103.6 $ 103.1

$ 84.5 $ 83.9

6.0% 6.0%

2042 2043

$ 53.8 $ 53.6

$ 1,420.2 $ 1,409.6

$ 56.0 $ 55.6

17.408 17.539

$ 81.6 $ 80.4

$ 50.2 $ 49.9

11.1% 11.0%

$ 104.1 $ 103.5

$ 84.8 $ 84.2

6.0% 6.0%
2042 2043

$ 54.7 $ 54.5

$ 1,443.4 $ 1,432.1

$ 57.0 $ 56.5

17.243 17.366

$ 83.7 $ 82.5

$ 51.0 $ 50.6

11.2% 11.0%

$ 105.8 $ 105.2

$ 86.2 $ 85.6

6.0% 6.0%
8.000

10.000

12.000

14.000

16.000

18.000

20.000

Millio

n

s

SHIPMENTS

Markup Scenario Preservation of Gross Margin Percentage Elasticity: RP Elasticity 0.34

Economic Growth:Reference

0.000

2.000

4.000

6.000

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043

Year

Baseline TSL1 TSL2 TSL3 TSL4
$1,500.0 

$2,000.0 

$2,500.0 

(2

010

$

Millio

n

s)

REVENUE BY YEAR

Markup Scenario Preservation of Gross Margin Percentage Elasticity: RP Elasticity 0.34

Economic Growth:Reference

$-

$500.0 

$1,000.0 

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043

(2

010

$

Millio

n

s)

Year
10.0%

15.0%

20.0%

25.0%

R

OIC (%)

RETURN ON INVESTMENT CAPITAL

Markup Scenario Preservation of Gross Margin Percentage Elasticity: RP Elasticity 0.34

Economic Growth:Reference

0.0%

5.0%

10.0%

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043

Year
0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043

%

R

e

v

e

n

u

e

PROFIT BEFORE TAX

Baseline TSL1 TSL2 TSL3 TSL4

Markup Scenario Preservation of Gross Margin Percentage Elasticity: RP Elasticity 0.34

Economic Growth:Reference
$40.0 

$50.0 

$60.0 

$70.0 

$80.0 

$90.0 

2

010

$

Millio

n

s

CASH USED IN INVESTMENTS

Markup Scenario Preservation of Gross Margin Percentage Elasticity: RP Elasticity 0.34

Economic Growth:Reference

$-

$10.0 

$20.0 

$30.0 

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043

2

010

$

Millio

n

s

Year
$80.0 

$100.0 

$120.0 

$140.0 

$160.0 

$180.0 

2

010

$

Millio

n

s

OPERATING CASH FLOW TOTALS

Markup Scenario Preservation of Gross Margin Percentage Elasticity: RP Elasticity 0.34

Economic Growth:Reference

$-

$20.0 

$40.0 

$60.0 

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043

2

010

$

Millio

n

s

Year
$40.0 

$50.0 

$60.0 

$70.0 

$80.0 

$90.0 

2

010

$

Millio

n

s

NET CASH FLOW TOTALS

Markup Scenario Preservation of Gross Margin Percentage Elasticity: RP Elasticity 0.34

Economic Growth:Reference

$-

$10.0 

$20.0 

$30.0 

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043

2

010

$

Millio

n

s
$40.0 

$50.0 

$60.0 

$70.0 

$80.0 

$90.0 

2

010

$

Millio

n

s

NET CASH FLOW TOTALS

Markup Scenario Preservation of Gross Margin Percentage Elasticity: RP Elasticity 0.34

Economic Growth:Reference

Energy Conservation 

Standards Compliance Date

2014

$-

$10.0 

$20.0 

$30.0 

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

2

010

$

Millio

n

s
$1,127.46

$988.14 $969.8 $961.6 

$922.1 

$600.0 

$700.0 

$800.0 

$900.0 

$1,000.0 

$1,100.0 

$1,200.0 

2

010

$

Millio

n

s

INDUSTRY VALUE (NPV)

Markup Scenario Preservation of Gross Margin Percentage Elasticity: RP Elasticity 0.34

Economic Growth:Reference

$-

$100.0 

$200.0 

$300.0 

$400.0 

$500.0 2

010

$

Millio

n

s
$50.0 

$60.0 

$70.0 

$80.0 

$90.0 

$100.0 

2

010

$

M

M

INCOME AFTER TAX

Markup Scenario Preservation of Gross Margin Percentage Elasticity: RP Elasticity 0.34

Economic Growth:Reference

$-

$10.0 

$20.0 

$30.0 

$40.0 

2007 2010 2013 2016 2019 2022 2025 2028 2031 2034 2037 2040 2043

Year