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["Model Instructions"]

{"sheet":"Target Assumptions","index":1,"n_rows":58,"n_cols":18,"rows_kept":58,"cut":false,"hidden":false,"merged":[]}
["Target",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"          Assumptions"]
["($Millions, except per share data)"]
[]
[]
[null,null,null,"Actual",null,null,null,null,null,"Projections for the Period Ending December 31,"]
[null,null,null,2011,null,{"$f":"D6+1","v":2012},null,{"$f":"F6+1","v":2013},null,{"$f":"H6+1","v":2014},null,{"$f":"J6+1","v":2015},null,{"$f":"L6+1","v":2016},null,{"$f":"N6+1","v":2017},null,{"$f":"P6+1","v":2018}]
[]
[null,"Income Statement"]
[]
[null,"Sales Growth",null,"NA",null,{"$f":"+IF(ISERROR('Target IS'!F9/'Target IS'!D9-1),0,'Target IS'!F9/'Target IS'!D9-1)","v":5.2283938574733124E-2},null,{"$f":"+IF(ISERROR('Target IS'!H9/'Target IS'!F9-1),0,'Target IS'!H9/'Target IS'!F9-1)","v":4.8414863469025571E-2},null,5.5E-2,null,{"$f":"J10","v":5.5E-2},null,{"$f":"L10","v":5.5E-2},null,5.5E-2,null,5.5E-2]
[null,"COGS as a % of Sales",null,{"$f":"+IF(ISERROR('Target IS'!D11/'Target IS'!D9),0,'Target IS'!D11/'Target IS'!D9)","v":0.41303196677907528},{"$f":"+IF(ISERROR('Target IS'!E11/'Target IS'!E9),0,'Target IS'!E11/'Target IS'!E9)","v":0},{"$f":"+IF(ISERROR('Target IS'!F11/'Target IS'!F9),0,'Target IS'!F11/'Target IS'!F9)","v":0.44116322801070001},{"$f":"+IF(ISERROR('Target IS'!G11/'Target IS'!G9),0,'Target IS'!G11/'Target IS'!G9)","v":0},{"$f":"+IF(ISERROR('Target IS'!H11/'Target IS'!H9),0,'Target IS'!H11/'Target IS'!H9)","v":0.42038651004168243},null,0.43,null,{"$f":"J11","v":0.43},null,{"$f":"L11","v":0.43},null,0.43,null,0.43]
[null,"SG&A % annual increase (decrease)",null,"NA",null,{"$f":"+IF(ISERROR('Target IS'!F15/'Target IS'!D15-1),0,'Target IS'!F15/'Target IS'!D15-1)","v":-1.3878029710711504E-2},null,{"$f":"+IF(ISERROR('Target IS'!H15/'Target IS'!F15-1),0,'Target IS'!H15/'Target IS'!F15-1)","v":4.5193260654112999E-2},null,0.04,null,0.04,null,0.04,null,0.04,null,0.04]
[null,"Other Operating Expense as a % of Sales",null,{"$f":"+IF(ISERROR('Target IS'!D16/'Target IS'!D9),0,'Target IS'!D16/'Target IS'!D9)","v":0.13118363479278727},{"$f":"+IF(ISERROR('Target IS'!E16/'Target IS'!E9),0,'Target IS'!E16/'Target IS'!E9)","v":0},{"$f":"+IF(ISERROR('Target IS'!F16/'Target IS'!F9),0,'Target IS'!F16/'Target IS'!F9)","v":0.12003072277988187},{"$f":"+IF(ISERROR('Target IS'!G16/'Target IS'!G9),0,'Target IS'!G16/'Target IS'!G9)","v":0},{"$f":"+IF(ISERROR('Target IS'!H16/'Target IS'!H9),0,'Target IS'!H16/'Target IS'!H9)","v":0.10473664266767714},null,0.11,null,0.11,null,0.11,null,0.11,null,0.11]
[null,"Income from Affiliates Growth",null,"NA",null,{"$f":"IF('Target IS'!D23=0,0,'Target IS'!F23/'Target IS'!D23-1)","v":0},null,{"$f":"IF('Target IS'!F23=0,0,'Target IS'!H23/'Target IS'!F23-1)","v":0},null,0,null,0,null,{"$f":"L14","v":0},null,{"$f":"N14","v":0},null,{"$f":"P14","v":0}]
[null,"Noncontrolling Interest - % of Earnings",null,{"$f":"+IF(ISERROR('Target IS'!D30/('Target IS'!D28-'Target IS'!D31)),0,'Target IS'!D30/('Target IS'!D28-'Target IS'!D31))","v":0},{"$f":"+IF(ISERROR('Target IS'!E30/('Target IS'!E28-'Target IS'!E31)),0,'Target IS'!E30/('Target IS'!E28-'Target IS'!E31))","v":0},{"$f":"+IF(ISERROR('Target IS'!F30/('Target IS'!F28-'Target IS'!F31)),0,'Target IS'!F30/('Target IS'!F28-'Target IS'!F31))","v":0},{"$f":"+IF(ISERROR('Target IS'!G30/('Target IS'!G28-'Target IS'!G31)),0,'Target IS'!G30/('Target IS'!G28-'Target IS'!G31))","v":0},{"$f":"+IF(ISERROR('Target IS'!H30/('Target IS'!H28-'Target IS'!H31)),0,'Target IS'!H30/('Target IS'!H28-'Target IS'!H31))","v":0},null,0,null,0,null,{"$f":"L15","v":0},null,{"$f":"N15","v":0},null,{"$f":"P15","v":0}]
[null,"EBITDA Growth",null,"NA",null,{"$f":"+IF(ISERROR('Target IS'!F49/'Target IS'!D49-1),0,'Target IS'!F49/'Target IS'!D49-1)","v":5.8150931068278844E-2},{"$f":"+IF(ISERROR('Target IS'!G49/'Target IS'!E49-1),0,'Target IS'!G49/'Target IS'!E49-1)","v":0},{"$f":"+IF(ISERROR('Target IS'!H49/'Target IS'!F49-1),0,'Target IS'!H49/'Target IS'!F49-1)","v":0.27384995368941012},{"$f":"+IF(ISERROR('Target IS'!I49/'Target IS'!G49-1),0,'Target IS'!I49/'Target IS'!G49-1)","v":0},{"$f":"+IF(ISERROR('Target IS'!J49/'Target IS'!H49-1),0,'Target IS'!J49/'Target IS'!H49-1)","v":-1.1196679592823111E-3},null,{"$f":"+IF(ISERROR('Target IS'!L49/'Target IS'!J49-1),0,'Target IS'!L49/'Target IS'!J49-1)","v":7.4959041634170553E-2},null,{"$f":"+IF(ISERROR('Target IS'!N49/'Target IS'!L49-1),0,'Target IS'!N49/'Target IS'!L49-1)","v":7.4309948096237921E-2},null,{"$f":"+IF(ISERROR('Target IS'!P49/'Target IS'!N49-1),0,'Target IS'!P49/'Target IS'!N49-1)","v":7.3693251473353039E-2},null,{"$f":"+IF(ISERROR('Target IS'!R49/'Target IS'!P49-1),0,'Target IS'!R49/'Target IS'!P49-1)","v":7.3106644058356096E-2}]
[null,"EBITDA Margin",null,{"$f":"+IF(ISERROR('Target IS'!D49/'Target IS'!D9),0,'Target IS'!D49/'Target IS'!D9)","v":0.17061954795016859},{"$f":"+IF(ISERROR('Target IS'!E49/'Target IS'!E9),0,'Target IS'!E49/'Target IS'!E9)","v":0},{"$f":"+IF(ISERROR('Target IS'!F49/'Target IS'!F9),0,'Target IS'!F49/'Target IS'!F9)","v":0.17157083454723632},{"$f":"+IF(ISERROR('Target IS'!G49/'Target IS'!G9),0,'Target IS'!G49/'Target IS'!G9)","v":0},{"$f":"+IF(ISERROR('Target IS'!H49/'Target IS'!H9),0,'Target IS'!H49/'Target IS'!H9)","v":0.20846280156624988},{"$f":"+IF(ISERROR('Target IS'!I49/'Target IS'!I9),0,'Target IS'!I49/'Target IS'!I9)","v":0},{"$f":"+IF(ISERROR('Target IS'!J49/'Target IS'!J9),0,'Target IS'!J49/'Target IS'!J9)","v":0.19737383170297057},null,{"$f":"+IF(ISERROR('Target IS'!L49/'Target IS'!L9),0,'Target IS'!L49/'Target IS'!L9)","v":0.20110785305316523},null,{"$f":"+IF(ISERROR('Target IS'!N49/'Target IS'!N9),0,'Target IS'!N49/'Target IS'!N9)","v":0.20478878405240925},null,{"$f":"+IF(ISERROR('Target IS'!P49/'Target IS'!P9),0,'Target IS'!P49/'Target IS'!P9)","v":0.20841737953981576},null,{"$f":"+IF(ISERROR('Target IS'!R49/'Target IS'!R9),0,'Target IS'!R49/'Target IS'!R9)","v":0.21199438362218809}]
[]
[null,"Balance Sheet"]
[]
[null,"Receivable Days",null,{"$f":"+IF(ISERROR(('Target BS'!D10/'Target IS'!D9)*365),0,('Target BS'!D10/'Target IS'!D9)*365)","v":59.763523870572172},{"$f":"+IF(ISERROR(('Target BS'!E10/'Target IS'!E9)*365),0,('Target BS'!E10/'Target IS'!E9)*365)","v":0},{"$f":"+IF(ISERROR(('Target BS'!F10/'Target IS'!F9)*365),0,('Target BS'!F10/'Target IS'!F9)*365)","v":61.579309796858865},{"$f":"+IF(ISERROR(('Target BS'!G10/'Target IS'!G9)*365),0,('Target BS'!G10/'Target IS'!G9)*365)","v":0},{"$f":"+IF(ISERROR(('Target BS'!H10/'Target IS'!H9)*365),0,('Target BS'!H10/'Target IS'!H9)*365)","v":64.295692812934192},null,59,null,{"$f":"J21","v":59},null,{"$f":"L21","v":59},null,59,null,59]
[null,"Inventory Days",null,{"$f":"+IF(ISERROR(('Target BS'!D11/'Target IS'!D11)*365),0,('Target BS'!D11/'Target IS'!D11)*365)","v":79.575910931174093},{"$f":"+IF(ISERROR(('Target BS'!E11/'Target IS'!E11)*365),0,('Target BS'!E11/'Target IS'!E11)*365)","v":0},{"$f":"+IF(ISERROR(('Target BS'!F11/'Target IS'!F11)*365),0,('Target BS'!F11/'Target IS'!F11)*365)","v":82.808128714654487},{"$f":"+IF(ISERROR(('Target BS'!G11/'Target IS'!G11)*365),0,('Target BS'!G11/'Target IS'!G11)*365)","v":0},{"$f":"+IF(ISERROR(('Target BS'!H11/'Target IS'!H11)*365),0,('Target BS'!H11/'Target IS'!H11)*365)","v":88.502794303226977},null,84,null,84,null,84,null,84,null,84]
[null,"Other Current Assets % of Sales",null,{"$f":"+IF(ISERROR('Target BS'!D12/'Target IS'!D9),0,'Target BS'!D12/'Target IS'!D9)","v":7.8314428248933976E-2},{"$f":"+IF(ISERROR('Target BS'!E12/'Target IS'!E9),0,'Target BS'!E12/'Target IS'!E9)","v":0},{"$f":"+IF(ISERROR('Target BS'!F12/'Target IS'!F9),0,'Target BS'!F12/'Target IS'!F9)","v":5.2069814868766058E-2},{"$f":"+IF(ISERROR('Target BS'!G12/'Target IS'!G9),0,'Target BS'!G12/'Target IS'!G9)","v":0},{"$f":"+IF(ISERROR('Target BS'!H12/'Target IS'!H9),0,'Target BS'!H12/'Target IS'!H9)","v":6.2675255778704059E-2},null,5.5E-2,null,5.5E-2,null,5.5E-2,null,5.5E-2,null,5.5E-2]
[null,"Accounts Payable Days",null,{"$f":"+IF(ISERROR(('Target BS'!D29/'Target IS'!D11)*365),0,('Target BS'!D29/'Target IS'!D11)*365)","v":42.952766531713898},{"$f":"+IF(ISERROR(('Target BS'!E29/'Target IS'!E11)*365),0,('Target BS'!E29/'Target IS'!E11)*365)","v":0},{"$f":"+IF(ISERROR(('Target BS'!F29/'Target IS'!F11)*365),0,('Target BS'!F29/'Target IS'!F11)*365)","v":39.092273518640816},{"$f":"+IF(ISERROR(('Target BS'!G29/'Target IS'!G11)*365),0,('Target BS'!G29/'Target IS'!G11)*365)","v":0},{"$f":"+IF(ISERROR(('Target BS'!H29/'Target IS'!H11)*365),0,('Target BS'!H29/'Target IS'!H11)*365)","v":40.928429781864075},null,40,null,40,null,40,null,40,null,40]
[null,"Other Current Liabilities % of COGS",null,{"$f":"+IF(ISERROR('Target BS'!D30/'Target IS'!D11),0,'Target BS'!D30/'Target IS'!D11)","v":0.65587044534412964},{"$f":"+IF(ISERROR('Target BS'!E30/'Target IS'!E11),0,'Target BS'!E30/'Target IS'!E11)","v":0},{"$f":"+IF(ISERROR('Target BS'!F30/'Target IS'!F11),0,'Target BS'!F30/'Target IS'!F11)","v":0.79119889535930832},{"$f":"+IF(ISERROR('Target BS'!G30/'Target IS'!G11),0,'Target BS'!G30/'Target IS'!G11)","v":0},{"$f":"+IF(ISERROR('Target BS'!H30/'Target IS'!H11),0,'Target BS'!H30/'Target IS'!H11)","v":0.60441079262063591},null,0.68,null,0.68,null,0.68,null,0.68,null,0.68]
[null,"Change in Other Assets",null,"NA",null,{"$f":"'Target BS'!F25-'Target BS'!D25","v":-36.599999999999994},null,{"$f":"'Target BS'!H25-'Target BS'!F25","v":-4.3999999999999915},null,0,null,0,null,{"$f":"L26","v":0},null,{"$f":"N26","v":0},null,{"$f":"P26","v":0}]
[null,"Change in Other LT Liabilities",null,"NA",null,{"$f":"'Target BS'!F41-'Target BS'!D41","v":-231.99999999999989},null,{"$f":"'Target BS'!H41-'Target BS'!F41","v":59.799999999999955},null,0,null,0,null,{"$f":"L27","v":0},null,{"$f":"N27","v":0},null,{"$f":"P27","v":0}]
[null,"Working Capital/Sales (Excl Cash & Debt)",null,{"$f":"+IF(ISERROR((SUM('Target BS'!D10:D12)-SUM('Target BS'!D29:D30))/'Target IS'!D9),0,(SUM('Target BS'!D10:D12)-SUM('Target BS'!D29:D30))/'Target IS'!D9)","v":1.2597196287728832E-2},{"$f":"+IF(ISERROR((SUM('Target BS'!E10:E12)-SUM('Target BS'!E29:E30))/'Target IS'!E9),0,(SUM('Target BS'!E10:E12)-SUM('Target BS'!E29:E30))/'Target IS'!E9)","v":0},{"$f":"+IF(ISERROR((SUM('Target BS'!F10:F12)-SUM('Target BS'!F29:F30))/'Target IS'!F9),0,(SUM('Target BS'!F10:F12)-SUM('Target BS'!F29:F30))/'Target IS'!F9)","v":-7.54297216410202E-2},{"$f":"+IF(ISERROR((SUM('Target BS'!G10:G12)-SUM('Target BS'!G29:G30))/'Target IS'!G9),0,(SUM('Target BS'!G10:G12)-SUM('Target BS'!G29:G30))/'Target IS'!G9)","v":0},{"$f":"+IF(ISERROR((SUM('Target BS'!H10:H12)-SUM('Target BS'!H29:H30))/'Target IS'!H9),0,(SUM('Target BS'!H10:H12)-SUM('Target BS'!H29:H30))/'Target IS'!H9)","v":3.9535177466211893E-2},{"$f":"+IF(ISERROR((SUM('Target BS'!I10:I12)-SUM('Target BS'!I29:I30))/'Target IS'!I9),0,(SUM('Target BS'!I10:I12)-SUM('Target BS'!I29:I30))/'Target IS'!I9)","v":0},{"$f":"+IF(ISERROR((SUM('Target BS'!J10:J12)-SUM('Target BS'!J29:J30))/'Target IS'!J9),0,(SUM('Target BS'!J10:J12)-SUM('Target BS'!J29:J30))/'Target IS'!J9)","v":-2.3920547945205487E-2},null,{"$f":"+IF(ISERROR((SUM('Target BS'!L10:L12)-SUM('Target BS'!L29:L30))/'Target IS'!L9),0,(SUM('Target BS'!L10:L12)-SUM('Target BS'!L29:L30))/'Target IS'!L9)","v":-2.3920547945205498E-2},null,{"$f":"+IF(ISERROR((SUM('Target BS'!N10:N12)-SUM('Target BS'!N29:N30))/'Target IS'!N9),0,(SUM('Target BS'!N10:N12)-SUM('Target BS'!N29:N30))/'Target IS'!N9)","v":-2.3920547945205487E-2},null,{"$f":"+IF(ISERROR((SUM('Target BS'!P10:P12)-SUM('Target BS'!P29:P30))/'Target IS'!P9),0,(SUM('Target BS'!P10:P12)-SUM('Target BS'!P29:P30))/'Target IS'!P9)","v":-2.3920547945205477E-2},null,{"$f":"+IF(ISERROR((SUM('Target BS'!R10:R12)-SUM('Target BS'!R29:R30))/'Target IS'!R9),0,(SUM('Target BS'!R10:R12)-SUM('Target BS'!R29:R30))/'Target IS'!R9)","v":-2.3920547945205504E-2}]
[]
[null,"Cash Flow"]
[]
[null,"Capital Expenditures",null,26.7,null,13.8,null,10.3,null,{"$f":"J33*'Target IS'!J9","v":16.70487},null,{"$f":"L33*'Target IS'!L9","v":17.623637849999998},null,{"$f":"N33*'Target IS'!N9","v":18.592937931750001},null,{"$f":"P33*'Target IS'!P9","v":19.61554951799625},null,{"$f":"R33*'Target IS'!R9","v":20.694404741486039}]
[null,"Capex as a % of Sales",null,{"$f":"+IF(ISERROR(D32/'Target IS'!D9),0,D32/'Target IS'!D9)","v":7.4412641788132996E-3},{"$f":"+IF(ISERROR(E32/'Target IS'!E9),0,E32/'Target IS'!E9)","v":0},{"$f":"+IF(ISERROR(F32/'Target IS'!F9),0,F32/'Target IS'!F9)","v":3.6549513997404456E-3},{"$f":"+IF(ISERROR(G32/'Target IS'!G9),0,G32/'Target IS'!G9)","v":0},{"$f":"+IF(ISERROR(H32/'Target IS'!H9),0,H32/'Target IS'!H9)","v":2.6019957054439816E-3},null,4.0000000000000001E-3,null,{"$f":"J33","v":4.0000000000000001E-3},null,{"$f":"L33","v":4.0000000000000001E-3},null,{"$f":"N33","v":4.0000000000000001E-3},null,{"$f":"P33","v":4.0000000000000001E-3}]
[null,"Depreciation",null,123,null,123.6,null,126,null,{"$f":"J35*'Target IS'!J9","v":133.63896},{"$f":"K35*'Target IS'!K9","v":0},{"$f":"L35*'Target IS'!L9","v":140.98910279999998},null,{"$f":"N35*'Target IS'!N9","v":148.74350345400001},null,{"$f":"P35*'Target IS'!P9","v":156.92439614397},null,{"$f":"R35*'Target IS'!R9","v":165.55523793188831}]
[null,"Depreciation as a % of Sales",null,{"$f":"+IF(ISERROR(D34/'Target IS'!D9),0,D34/'Target IS'!D9)","v":3.427998104846576E-2},{"$f":"+IF(ISERROR(E34/'Target IS'!E9),0,E34/'Target IS'!E9)","v":0},{"$f":"+IF(ISERROR(F34/'Target IS'!F9),0,F34/'Target IS'!F9)","v":3.273565166724051E-2},{"$f":"+IF(ISERROR(G34/'Target IS'!G9),0,G34/'Target IS'!G9)","v":0},{"$f":"+IF(ISERROR(H34/'Target IS'!H9),0,H34/'Target IS'!H9)","v":3.1830238726790451E-2},null,3.2000000000000001E-2,null,{"$f":"J35","v":3.2000000000000001E-2},null,{"$f":"L35","v":3.2000000000000001E-2},null,{"$f":"N35","v":3.2000000000000001E-2},null,{"$f":"P35","v":3.2000000000000001E-2}]
[null,"Goodwill Amortization (Pre-6/2001)",null,0,null,0,null,0,null,0,null,{"$f":"J36","v":0},null,{"$f":"L36","v":0},null,{"$f":"N36","v":0},null,{"$f":"P36","v":0}]
[null,"Amortization of Intangibles",null,299.60000000000002,null,313.89999999999998,null,302.89999999999998,null,300,null,300,null,300,null,300,null,300]
[null,"Retirement of Senior Debt",null,2320.1999999999998,null,350.4,null,450,null,300,null,300,null,300,null,300,null,300]
[null,"Retirement of Subordinated Debt",null,0,null,0,null,0,null,0,null,0,null,0,null,0,null,0]
[null,"Chg in Deferred Taxes - Asset",null,"NA",null,{"$f":"'Target BS'!F23-'Target BS'!D23","v":2},null,{"$f":"'Target BS'!H23-'Target BS'!F23","v":-5.8000000000000007},null,0,null,0,null,0,null,0,null,0]
[null,"Chg in Deferred Taxes - Liab",null,"NA",null,{"$f":"'Target BS'!F40-'Target BS'!D40","v":-147.39999999999998},null,{"$f":"'Target BS'!H40-'Target BS'!F40","v":-123.20000000000005},null,0,null,0,null,0,null,0,null,0]
[null,"Dividend from Affiliates",null,0,null,0,null,0,null,0,null,{"$f":"L43*-'Target IS'!L23","v":0},null,{"$f":"N43*-'Target IS'!N23","v":0},null,{"$f":"P43*-'Target IS'!P23","v":0},null,{"$f":"R43*-'Target IS'!R23","v":0}]
[null,"Payout Ratio of Affiliates",null,{"$f":"IF('Target IS'!D23=0,0,D42/-'Target IS'!D23)","v":0},null,{"$f":"IF('Target IS'!F23=0,0,F42/-'Target IS'!F23)","v":0},null,{"$f":"IF('Target IS'!H23=0,0,H42/-'Target IS'!H23)","v":0},null,0,null,{"$f":"J43","v":0},null,{"$f":"L43","v":0},null,{"$f":"N43","v":0},null,{"$f":"P43","v":0}]
[null,"Dividends per Share",null,0,null,0,null,0,null,0,null,{"$f":"IF(L45=0,0,L45*'Target IS'!L53)","v":0},null,{"$f":"IF(N45=0,0,N45*'Target IS'!N53)","v":0},null,{"$f":"IF(P45=0,0,P45*'Target IS'!P53)","v":0},null,{"$f":"IF(R45=0,0,R45*'Target IS'!R53)","v":0}]
[null,"Dividend Payout Ratio",null,0,null,{"$f":"+IF(ISERROR(F44/'Target IS'!F53),0,F44/'Target IS'!F53)","v":0},{"$f":"+IF(ISERROR(G44/'Target IS'!G53),0,G44/'Target IS'!G53)","v":0},{"$f":"+IF(ISERROR(H44/'Target IS'!H53),0,H44/'Target IS'!H53)","v":0},null,0,null,{"$f":"J45","v":0},null,{"$f":"L45","v":0},null,{"$f":"N45","v":0},null,{"$f":"P45","v":0}]
[null,"Dividends Paid",null,{"$f":"D44*D52","v":0},null,{"$f":"F44*F52","v":0},null,{"$f":"H44*H52","v":0},null,{"$f":"J44*J52","v":0},null,{"$f":"L44*L52","v":0},null,{"$f":"N44*N52","v":0},null,{"$f":"P44*P52","v":0},null,{"$f":"R44*R52","v":0}]
[null,"Effective Tax Rate",null,{"$f":"+IF(ISERROR('Target IS'!D31/'Target IS'!D28),0,'Target IS'!D31/'Target IS'!D28)","v":3.388297872340444},{"$f":"+IF(ISERROR('Target IS'!E31/'Target IS'!E28),0,'Target IS'!E31/'Target IS'!E28)","v":0},{"$f":"+IF(ISERROR('Target IS'!F31/'Target IS'!F28),0,'Target IS'!F31/'Target IS'!F28)","v":2.4490291262135813},{"$f":"+IF(ISERROR('Target IS'!G31/'Target IS'!G28),0,'Target IS'!G31/'Target IS'!G28)","v":0},{"$f":"+IF(ISERROR('Target IS'!H31/'Target IS'!H28),0,'Target IS'!H31/'Target IS'!H28)","v":0.38569798402434358},null,0.4,null,{"$f":"J47","v":0.4},null,{"$f":"L47","v":0.4},null,{"$f":"N47","v":0.4},null,{"$f":"P47","v":0.4}]
[null,"Marginal Tax Rate",null,0.38,null,{"$f":"D48","v":0.38},null,{"$f":"F48","v":0.38},null,0.4,null,{"$f":"J48","v":0.4},null,{"$f":"L48","v":0.4},null,{"$f":"N48","v":0.4},null,{"$f":"P48","v":0.4}]
[]
[null,"Other"]
[]
[null,"Shares Outstanding - Basic",null,0,null,0,null,170.8,null,170.8,null,{"$f":"J52","v":170.8},null,{"$f":"L52","v":170.8},null,{"$f":"N52","v":170.8},null,{"$f":"P52","v":170.8}]
[null,"Shares Outstanding - Diluted",null,0,null,0,null,174.5,null,174.5,null,{"$f":"J53","v":174.5},null,{"$f":"L53","v":174.5},null,{"$f":"N53","v":174.5},null,{"$f":"P53","v":174.5}]
[null,"Revolving Credit Facility Rate",null,0,null,0,null,0,null,0.02,null,{"$f":"J54","v":0.02},null,{"$f":"L54","v":0.02},null,{"$f":"N54","v":0.02},null,{"$f":"P54","v":0.02}]
[null,"Senior Debt Rate",null,0,null,0,null,0,null,0.05,null,{"$f":"J55","v":0.05},null,{"$f":"L55","v":0.05},null,{"$f":"N55","v":0.05},null,{"$f":"P55","v":0.05}]
[null,"Subordinated Debt",null,0,null,0,null,0,null,0.08,null,{"$f":"J56","v":0.08},null,{"$f":"L56","v":0.08},null,{"$f":"N56","v":0.08},null,{"$f":"P56","v":0.08}]
[null,"Average Interest Rate",null,"NA",null,{"$f":"IF(AVERAGE('Target BS'!D38:F38)=0,0,'Target IS'!F26/AVERAGE('Target BS'!D38:F38))","v":6.4513561379420145E-2},null,{"$f":"IF(AVERAGE('Target BS'!F38:H38)=0,0,'Target IS'!H26/AVERAGE('Target BS'!F38:H38))","v":5.6853117973661264E-2},null,{"$f":"IF(AVERAGE('Target BS'!H38:J38)=0,0,'Target IS'!J26/AVERAGE('Target BS'!H38:J38))","v":0.05},null,{"$f":"IF(AVERAGE('Target BS'!J38:L38)=0,0,'Target IS'!L26/AVERAGE('Target BS'!J38:L38))","v":5.000000000000001E-2},null,{"$f":"IF(AVERAGE('Target BS'!L38:N38)=0,0,'Target IS'!N26/AVERAGE('Target BS'!L38:N38))","v":4.9999999999999996E-2},null,{"$f":"IF(AVERAGE('Target BS'!N38:P38)=0,0,'Target IS'!P26/AVERAGE('Target BS'!N38:P38))","v":0.05},null,{"$f":"IF(AVERAGE('Target BS'!P38:R38)=0,0,'Target IS'!R26/AVERAGE('Target BS'!P38:R38))","v":0.05}]
[null,"Marketable Securities Rate",null,0,null,0,null,0,null,0,null,{"$f":"J58","v":0},null,{"$f":"L58","v":0},null,{"$f":"N58","v":0},null,{"$f":"P58","v":0}]

{"sheet":"Target IS","index":2,"n_rows":57,"n_cols":22,"rows_kept":57,"cut":false,"hidden":false,"merged":[]}
[{"$f":"'Target Assumptions'!A1","v":"Target"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Income Statement"]
["($Millions, except per share data)"]
[]
[]
[]
[null,null,null,{"$f":"'Target Assumptions'!D5","v":"Actual"},null,null,null,null,null,{"$f":"'Target Assumptions'!J5","v":"Projections for the Period Ending December 31,"},null,null,null,null,null,null,null,null,null,null,1," 0 = circ off"]
[null,null,null,{"$f":"'Target Assumptions'!D6","v":2011},null,{"$f":"'Target Assumptions'!F6","v":2012},null,{"$f":"'Target Assumptions'!H6","v":2013},null,{"$f":"'Target Assumptions'!J6","v":2014},null,{"$f":"'Target Assumptions'!L6","v":2015},null,{"$f":"'Target Assumptions'!N6","v":2016},null,{"$f":"'Target Assumptions'!P6","v":2017},null,{"$f":"'Target Assumptions'!R6","v":2018},null,null,null," 1 = circ on"]
[]
[null,"Sales",null,3588.1,null,3775.7,null,3958.5,null,{"$f":"H9*(1+'Target Assumptions'!J10)","v":4176.2174999999997},null,{"$f":"J9*(1+'Target Assumptions'!L10)","v":4405.9094624999998},null,{"$f":"L9*(1+'Target Assumptions'!N10)","v":4648.2344829374997},null,{"$f":"N9*(1+'Target Assumptions'!P10)","v":4903.8873794990623},null,{"$f":"P9*(1+'Target Assumptions'!R10)","v":5173.6011853715099}]
[]
[null,"  Cost of Goods Sold",null,{"$f":"1188.2+293.8","v":1482},null,{"$f":"1357+308.7","v":1665.7},null,{"$f":"1372.3+291.8","v":1664.1},null,{"$f":"J9*'Target Assumptions'!J11","v":1795.7735249999998},null,{"$f":"L9*'Target Assumptions'!L11","v":1894.5410688749998},null,{"$f":"N9*'Target Assumptions'!N11","v":1998.7408276631249},null,{"$f":"P9*'Target Assumptions'!P11","v":2108.6715731845966},null,{"$f":"R9*'Target Assumptions'!R11","v":2224.6485097097493}]
[]
[null,"Gross Profit",null,{"$f":"D9-D11","v":2106.1},null,{"$f":"F9-F11","v":2110},null,{"$f":"H9-H11","v":2294.4},null,{"$f":"J9-J11","v":2380.4439750000001},null,{"$f":"L9-L11","v":2511.368393625},null,{"$f":"N9-N11","v":2649.4936552743748},null,{"$f":"P9-P11","v":2795.2158063144657},null,{"$f":"R9-R11","v":2948.9526756617606}]
[]
[null,"  SG&A",null,1023.2,1009,1009,null,1054.5999999999999,null,{"$f":"H15*(1+'Target Assumptions'!J12)","v":1096.7839999999999},null,{"$f":"J15*(1+'Target Assumptions'!L12)","v":1140.65536},null,{"$f":"L15*(1+'Target Assumptions'!N12)","v":1186.2815744},null,{"$f":"N15*(1+'Target Assumptions'!P12)","v":1233.7328373759999},null,{"$f":"P15*(1+'Target Assumptions'!R12)","v":1283.0821508710399}]
[null,"  Other Operating Expense",null,{"$f":"375.5+1.7+93.5","v":470.7},null,{"$f":"377.9+75.3","v":453.2},null,{"$f":"341.9+72.7","v":414.59999999999997},null,{"$f":"J9*'Target Assumptions'!J13","v":459.38392499999998},null,{"$f":"L9*'Target Assumptions'!L13","v":484.650040875},null,{"$f":"N9*'Target Assumptions'!N13","v":511.30579312312494},null,{"$f":"P9*'Target Assumptions'!P13","v":539.42761174489681},null,{"$f":"R9*'Target Assumptions'!R13","v":569.09613039086605}]
[null,"  Depreciation",null,{"$f":"'Target Assumptions'!D34","v":123},{"$f":"'Target Assumptions'!E34","v":0},{"$f":"'Target Assumptions'!F34","v":123.6},null,{"$f":"'Target Assumptions'!H34","v":126},null,{"$f":"'Target Assumptions'!J34","v":133.63896},null,{"$f":"'Target Assumptions'!L34","v":140.98910279999998},null,{"$f":"'Target Assumptions'!N34","v":148.74350345400001},null,{"$f":"'Target Assumptions'!P34","v":156.92439614397},null,{"$f":"'Target Assumptions'!R34","v":165.55523793188831}]
[null,"  Amortization",null,{"$f":"'Target Assumptions'!D36+'Target Assumptions'!D37","v":299.60000000000002},null,{"$f":"'Target Assumptions'!F36+'Target Assumptions'!F37","v":313.89999999999998},null,{"$f":"'Target Assumptions'!H36+'Target Assumptions'!H37","v":302.89999999999998},null,{"$f":"'Target Assumptions'!J36+'Target Assumptions'!J37","v":300},null,{"$f":"'Target Assumptions'!L36+'Target Assumptions'!L37","v":300},null,{"$f":"'Target Assumptions'!N36+'Target Assumptions'!N37","v":300},null,{"$f":"'Target Assumptions'!P36+'Target Assumptions'!P37","v":300},null,{"$f":"'Target Assumptions'!R36+'Target Assumptions'!R37","v":300}]
[]
[null,"EBIT",null,{"$f":"D13-SUM(D15:D18)","v":189.59999999999991},null,{"$f":"F13-SUM(F15:F18)","v":210.30000000000018},null,{"$f":"H13-SUM(H15:H18)","v":396.30000000000018},null,{"$f":"J13-SUM(J15:J18)","v":390.6370900000004},null,{"$f":"L13-SUM(L15:L18)","v":445.07388995000019},null,{"$f":"N13-SUM(N15:N18)","v":503.1627842972498},null,{"$f":"P13-SUM(P15:P18)","v":565.13096104959868},null,{"$f":"R13-SUM(R15:R18)","v":631.21915646796651}]
[]
[null,"  Unusual (Gain) Loss",null,-37.200000000000003,null,0,null,0,null,0,null,0,null,0,null,0,null,0]
[null,"  (Income) from Affiliates",null,null,null,0,null,0,null,{"$f":"H23*(1+'Target Assumptions'!J14)","v":0},null,{"$f":"J23*(1+'Target Assumptions'!L14)","v":0},null,{"$f":"L23*(1+'Target Assumptions'!N14)","v":0},null,{"$f":"N23*(1+'Target Assumptions'!P14)","v":0},null,{"$f":"P23*(1+'Target Assumptions'!R14)","v":0}]
[null,"  Other Expense (Income)",null,{"$f":"5.9+54.1","v":60},null,10.9,null,11.9,null,0,null,0,null,0,null,0,null,0]
[null,"  Interest (Income)",null,-4.3,null,-3.9,2.4,-2.4,null,{"$f":"IF($U$6=0,0,-'Target Assumptions'!J58*AVERAGE('Target BS'!H9:J9))","v":0},null,{"$f":"IF($U$6=0,0,-'Target Assumptions'!L58*AVERAGE('Target BS'!J9:L9))","v":0},null,{"$f":"IF($U$6=0,0,-'Target Assumptions'!N58*AVERAGE('Target BS'!L9:N9))","v":0},null,{"$f":"IF($U$6=0,0,-'Target Assumptions'!P58*AVERAGE('Target BS'!N9:P9))","v":0},null,{"$f":"IF($U$6=0,0,-'Target Assumptions'!R58*AVERAGE('Target BS'!P9:R9))","v":0}]
[null,"  Interest Expense",null,152.30000000000001,null,162.1,null,123.9,null,{"$f":"IF($U$6=0,0,'Target Assumptions'!J54*AVERAGE('Target BS'!H34:J34)+'Target Assumptions'!J55*AVERAGE('Target BS'!H35:J35)+'Target Assumptions'!J56*AVERAGE('Target BS'!H36:J36))","v":95.545000000000016},null,{"$f":"IF($U$6=0,0,'Target Assumptions'!L54*AVERAGE('Target BS'!J34:L34)+'Target Assumptions'!L55*AVERAGE('Target BS'!J35:L35)+'Target Assumptions'!L56*AVERAGE('Target BS'!J36:L36))","v":80.545000000000016},null,{"$f":"IF($U$6=0,0,'Target Assumptions'!N54*AVERAGE('Target BS'!L34:N34)+'Target Assumptions'!N55*AVERAGE('Target BS'!L35:N35)+'Target Assumptions'!N56*AVERAGE('Target BS'!L36:N36))","v":65.545000000000002},null,{"$f":"IF($U$6=0,0,'Target Assumptions'!P54*AVERAGE('Target BS'!N34:P34)+'Target Assumptions'!P55*AVERAGE('Target BS'!N35:P35)+'Target Assumptions'!P56*AVERAGE('Target BS'!N36:P36))","v":50.545000000000009},null,{"$f":"IF($U$6=0,0,'Target Assumptions'!R54*AVERAGE('Target BS'!P34:R34)+'Target Assumptions'!R55*AVERAGE('Target BS'!P35:R35)+'Target Assumptions'!R56*AVERAGE('Target BS'!P36:R36))","v":35.545000000000009}]
[]
[null,"Earnings before Taxes",null,{"$f":"D20-SUM(D22:D26)","v":18.799999999999898},null,{"$f":"F20-SUM(F22:F26)","v":41.200000000000188},null,{"$f":"H20-SUM(H22:H26)","v":262.9000000000002},null,{"$f":"J20-SUM(J22:J26)","v":295.09209000000038},null,{"$f":"L20-SUM(L22:L26)","v":364.52888995000018},null,{"$f":"N20-SUM(N22:N26)","v":437.61778429724978},null,{"$f":"P20-SUM(P22:P26)","v":514.58596104959872},null,{"$f":"R20-SUM(R22:R26)","v":595.67415646796655}]
[]
[null," Noncontrolling Interest",null,0,null,0,null,0,null,{"$f":"'Target Assumptions'!J15*(J28-J31)","v":0},null,{"$f":"'Target Assumptions'!L15*(L28-L31)","v":0},null,{"$f":"'Target Assumptions'!N15*(N28-N31)","v":0},null,{"$f":"'Target Assumptions'!P15*(P28-P31)","v":0},null,{"$f":"'Target Assumptions'!R15*(R28-R31)","v":0}]
[null,"  Taxes",null,63.7,null,100.9,null,101.4,null,{"$f":"J28*'Target Assumptions'!J47","v":118.03683600000016},null,{"$f":"L28*'Target Assumptions'!L47","v":145.81155598000007},null,{"$f":"N28*'Target Assumptions'!N47","v":175.04711371889994},null,{"$f":"P28*'Target Assumptions'!P47","v":205.83438441983949},null,{"$f":"R28*'Target Assumptions'!R47","v":238.26966258718664}]
[]
[null,"Net Income before Extra Items",null,{"$f":"D28-D30-D31","v":-44.900000000000105},null,{"$f":"F28-F30-F31","v":-59.699999999999818},null,{"$f":"H28-H30-H31","v":161.5000000000002},null,{"$f":"J28-J30-J31","v":177.05525400000022},null,{"$f":"L28-L30-L31","v":218.71733397000011},null,{"$f":"N28-N30-N31","v":262.57067057834985},null,{"$f":"P28-P30-P31","v":308.75157662975926},null,{"$f":"R28-R30-R31","v":357.40449388077991}]
[]
[null,"  Extraordinary Items",null,0.6,null,0.7,null,0.4,null,0,null,0,null,0,null,0,null,0]
[null,"  Discontinued Operations",null,0,null,0,null,0,null,0,null,0,null,0,null,0,null,0]
[]
[null,"Net Income after Extra Items",null,{"$f":"D33+D35+D36","v":-44.300000000000104},null,{"$f":"F33+F35+F36","v":-58.999999999999815},null,{"$f":"H33+H35+H36","v":161.9000000000002},null,{"$f":"J33+J35+J36","v":177.05525400000022},null,{"$f":"L33+L35+L36","v":218.71733397000011},null,{"$f":"N33+N35+N36","v":262.57067057834985},null,{"$f":"P33+P35+P36","v":308.75157662975926},null,{"$f":"R33+R35+R36","v":357.40449388077991}]
[]
[null,"EPS - Basic",null,{"$f":"+IF(ISERROR(D33/'Target Assumptions'!D52),0,D33/'Target Assumptions'!D52)","v":0},{"$f":"+IF(ISERROR(E33/'Target Assumptions'!E52),0,E33/'Target Assumptions'!E52)","v":0},{"$f":"+IF(ISERROR(F33/'Target Assumptions'!F52),0,F33/'Target Assumptions'!F52)","v":0},{"$f":"+IF(ISERROR(G33/'Target Assumptions'!G52),0,G33/'Target Assumptions'!G52)","v":0},{"$f":"+IF(ISERROR(H33/'Target Assumptions'!H52),0,H33/'Target Assumptions'!H52)","v":0.94555035128805731},{"$f":"+IF(ISERROR(I33/'Target Assumptions'!I52),0,I33/'Target Assumptions'!I52)","v":0},{"$f":"+IF(ISERROR(J33/'Target Assumptions'!J52),0,J33/'Target Assumptions'!J52)","v":1.0366232669789239},{"$f":"+IF(ISERROR(K33/'Target Assumptions'!K52),0,K33/'Target Assumptions'!K52)","v":0},{"$f":"+IF(ISERROR(L33/'Target Assumptions'!L52),0,L33/'Target Assumptions'!L52)","v":1.2805464518149889},{"$f":"+IF(ISERROR(M33/'Target Assumptions'!M52),0,M33/'Target Assumptions'!M52)","v":0},{"$f":"+IF(ISERROR(N33/'Target Assumptions'!N52),0,N33/'Target Assumptions'!N52)","v":1.5372990080699638},{"$f":"+IF(ISERROR(O33/'Target Assumptions'!O52),0,O33/'Target Assumptions'!O52)","v":0},{"$f":"+IF(ISERROR(P33/'Target Assumptions'!P52),0,P33/'Target Assumptions'!P52)","v":1.8076790200805577},{"$f":"+IF(ISERROR(Q33/'Target Assumptions'!Q52),0,Q33/'Target Assumptions'!Q52)","v":0},{"$f":"+IF(ISERROR(R33/'Target Assumptions'!R52),0,R33/'Target Assumptions'!R52)","v":2.0925321655783367}]
[]
[null,"EPS - Diluted",null,{"$f":"+IF(ISERROR(D33/'Target Assumptions'!D53),0,D33/'Target Assumptions'!D53)","v":0},{"$f":"+IF(ISERROR(E33/'Target Assumptions'!E53),0,E33/'Target Assumptions'!E53)","v":0},{"$f":"+IF(ISERROR(F33/'Target Assumptions'!F53),0,F33/'Target Assumptions'!F53)","v":0},{"$f":"+IF(ISERROR(G33/'Target Assumptions'!G53),0,G33/'Target Assumptions'!G53)","v":0},{"$f":"+IF(ISERROR(H33/'Target Assumptions'!H53),0,H33/'Target Assumptions'!H53)","v":0.9255014326647576},{"$f":"+IF(ISERROR(I33/'Target Assumptions'!I53),0,I33/'Target Assumptions'!I53)","v":0},{"$f":"+IF(ISERROR(J33/'Target Assumptions'!J53),0,J33/'Target Assumptions'!J53)","v":1.014643289398282},{"$f":"+IF(ISERROR(K33/'Target Assumptions'!K53),0,K33/'Target Assumptions'!K53)","v":0},{"$f":"+IF(ISERROR(L33/'Target Assumptions'!L53),0,L33/'Target Assumptions'!L53)","v":1.253394464011462},{"$f":"+IF(ISERROR(M33/'Target Assumptions'!M53),0,M33/'Target Assumptions'!M53)","v":0},{"$f":"+IF(ISERROR(N33/'Target Assumptions'!N53),0,N33/'Target Assumptions'!N53)","v":1.5047029832570191},{"$f":"+IF(ISERROR(O33/'Target Assumptions'!O53),0,O33/'Target Assumptions'!O53)","v":0},{"$f":"+IF(ISERROR(P33/'Target Assumptions'!P53),0,P33/'Target Assumptions'!P53)","v":1.7693500093395946},{"$f":"+IF(ISERROR(Q33/'Target Assumptions'!Q53),0,Q33/'Target Assumptions'!Q53)","v":0},{"$f":"+IF(ISERROR(R33/'Target Assumptions'!R53),0,R33/'Target Assumptions'!R53)","v":2.0481632887150711}]
[]
[null,"Other Financial Data"]
[]
[null,"Depreciation & Amortization",null,{"$f":"'Target Assumptions'!D34+'Target Assumptions'!D36+'Target Assumptions'!D37","v":422.6},null,{"$f":"'Target Assumptions'!F34+'Target Assumptions'!F36+'Target Assumptions'!F37","v":437.5},null,{"$f":"'Target Assumptions'!H34+'Target Assumptions'!H36+'Target Assumptions'!H37","v":428.9},null,{"$f":"'Target Assumptions'!J34+'Target Assumptions'!J36+'Target Assumptions'!J37","v":433.63896},null,{"$f":"'Target Assumptions'!L34+'Target Assumptions'!L36+'Target Assumptions'!L37","v":440.98910279999996},null,{"$f":"'Target Assumptions'!N34+'Target Assumptions'!N36+'Target Assumptions'!N37","v":448.74350345400001},null,{"$f":"'Target Assumptions'!P34+'Target Assumptions'!P36+'Target Assumptions'!P37","v":456.92439614397},null,{"$f":"'Target Assumptions'!R34+'Target Assumptions'!R36+'Target Assumptions'!R37","v":465.55523793188831}]
[null,"Capital Expenditures",null,{"$f":"'Target Assumptions'!D32","v":26.7},null,{"$f":"'Target Assumptions'!F32","v":13.8},null,{"$f":"'Target Assumptions'!H32","v":10.3},null,{"$f":"'Target Assumptions'!J32","v":16.70487},null,{"$f":"'Target Assumptions'!L32","v":17.623637849999998},null,{"$f":"'Target Assumptions'!N32","v":18.592937931750001},null,{"$f":"'Target Assumptions'!P32","v":19.61554951799625},null,{"$f":"'Target Assumptions'!R32","v":20.694404741486039}]
[]
[null,"EBITDA",null,{"$f":"D20+D46","v":612.19999999999993},null,{"$f":"F20+F46","v":647.80000000000018},null,{"$f":"H20+H46","v":825.20000000000016},null,{"$f":"J20+J46","v":824.2760500000004},null,{"$f":"L20+L46","v":886.06299275000015},null,{"$f":"N20+N46","v":951.90628775124981},null,{"$f":"P20+P46","v":1022.0553571935686},null,{"$f":"R20+R46","v":1096.7743943998548}]
[]
[null,"EPS (Excluding Unusual Items)",null,{"$f":"+IF(ISERROR((D33+D22*(1-'Target Assumptions'!D48))/'Target Assumptions'!D53),0,(D33+D22*(1-'Target Assumptions'!D48))/'Target Assumptions'!D53)","v":0},{"$f":"+IF(ISERROR((E33+E22*(1-'Target Assumptions'!E48))/'Target Assumptions'!E53),0,(E33+E22*(1-'Target Assumptions'!E48))/'Target Assumptions'!E53)","v":0},{"$f":"+IF(ISERROR((F33+F22*(1-'Target Assumptions'!F48))/'Target Assumptions'!F53),0,(F33+F22*(1-'Target Assumptions'!F48))/'Target Assumptions'!F53)","v":0},{"$f":"+IF(ISERROR((G33+G22*(1-'Target Assumptions'!G48))/'Target Assumptions'!G53),0,(G33+G22*(1-'Target Assumptions'!G48))/'Target Assumptions'!G53)","v":0},{"$f":"+IF(ISERROR((H33+H22*(1-'Target Assumptions'!H48))/'Target Assumptions'!H53),0,(H33+H22*(1-'Target Assumptions'!H48))/'Target Assumptions'!H53)","v":0.9255014326647576},{"$f":"+IF(ISERROR((I33+I22*(1-'Target Assumptions'!I48))/'Target Assumptions'!I53),0,(I33+I22*(1-'Target Assumptions'!I48))/'Target Assumptions'!I53)","v":0},{"$f":"+IF(ISERROR((J33+J22*(1-'Target Assumptions'!J48))/'Target Assumptions'!J53),0,(J33+J22*(1-'Target Assumptions'!J48))/'Target Assumptions'!J53)","v":1.014643289398282},{"$f":"+IF(ISERROR((K33+K22*(1-'Target Assumptions'!K48))/'Target Assumptions'!K53),0,(K33+K22*(1-'Target Assumptions'!K48))/'Target Assumptions'!K53)","v":0},{"$f":"+IF(ISERROR((L33+L22*(1-'Target Assumptions'!L48))/'Target Assumptions'!L53),0,(L33+L22*(1-'Target Assumptions'!L48))/'Target Assumptions'!L53)","v":1.253394464011462},{"$f":"+IF(ISERROR((M33+M22*(1-'Target Assumptions'!M48))/'Target Assumptions'!M53),0,(M33+M22*(1-'Target Assumptions'!M48))/'Target Assumptions'!M53)","v":0},{"$f":"+IF(ISERROR((N33+N22*(1-'Target Assumptions'!N48))/'Target Assumptions'!N53),0,(N33+N22*(1-'Target Assumptions'!N48))/'Target Assumptions'!N53)","v":1.5047029832570191},{"$f":"+IF(ISERROR((O33+O22*(1-'Target Assumptions'!O48))/'Target Assumptions'!O53),0,(O33+O22*(1-'Target Assumptions'!O48))/'Target Assumptions'!O53)","v":0},{"$f":"+IF(ISERROR((P33+P22*(1-'Target Assumptions'!P48))/'Target Assumptions'!P53),0,(P33+P22*(1-'Target Assumptions'!P48))/'Target Assumptions'!P53)","v":1.7693500093395946},{"$f":"+IF(ISERROR((Q33+Q22*(1-'Target Assumptions'!Q48))/'Target Assumptions'!Q53),0,(Q33+Q22*(1-'Target Assumptions'!Q48))/'Target Assumptions'!Q53)","v":0},{"$f":"+IF(ISERROR((R33+R22*(1-'Target Assumptions'!R48))/'Target Assumptions'!R53),0,(R33+R22*(1-'Target Assumptions'!R48))/'Target Assumptions'!R53)","v":2.0481632887150711}]
[]
[null,"Cash EPS",null,null,null,{"$f":"+IF(ISERROR('Target CF'!F27/'Target Assumptions'!F53),0,'Target CF'!F27/'Target Assumptions'!F53)","v":0},{"$f":"+IF(ISERROR('Target CF'!G27/'Target Assumptions'!G53),0,'Target CF'!G27/'Target Assumptions'!G53)","v":0},{"$f":"+IF(ISERROR('Target CF'!H27/'Target Assumptions'!H53),0,'Target CF'!H27/'Target Assumptions'!H53)","v":0.5564469914040131},{"$f":"+IF(ISERROR('Target CF'!I27/'Target Assumptions'!I53),0,'Target CF'!I27/'Target Assumptions'!I53)","v":0},{"$f":"+IF(ISERROR('Target CF'!J27/'Target Assumptions'!J53),0,'Target CF'!J27/'Target Assumptions'!J53)","v":4.9690064466381445},{"$f":"+IF(ISERROR('Target CF'!K27/'Target Assumptions'!K53),0,'Target CF'!K27/'Target Assumptions'!K53)","v":0},{"$f":"+IF(ISERROR('Target CF'!L27/'Target Assumptions'!L53),0,'Target CF'!L27/'Target Assumptions'!L53)","v":3.8120389362269904},{"$f":"+IF(ISERROR('Target CF'!M27/'Target Assumptions'!M53),0,'Target CF'!M27/'Target Assumptions'!M53)","v":0},{"$f":"+IF(ISERROR('Target CF'!N27/'Target Assumptions'!N53),0,'Target CF'!N27/'Target Assumptions'!N53)","v":4.1095170275188995},{"$f":"+IF(ISERROR('Target CF'!O27/'Target Assumptions'!O53),0,'Target CF'!O27/'Target Assumptions'!O53)","v":0},{"$f":"+IF(ISERROR('Target CF'!P27/'Target Assumptions'!P53),0,'Target CF'!P27/'Target Assumptions'!P53)","v":4.4228729521103762},{"$f":"+IF(ISERROR('Target CF'!Q27/'Target Assumptions'!Q53),0,'Target CF'!Q27/'Target Assumptions'!Q53)","v":0},{"$f":"+IF(ISERROR('Target CF'!R27/'Target Assumptions'!R53),0,'Target CF'!R27/'Target Assumptions'!R53)","v":4.7530741194127453}]
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[null,"Dividends per share",null,null,null,{"$f":"'Target Assumptions'!F44","v":0},null,{"$f":"'Target Assumptions'!H44","v":0},null,{"$f":"'Target Assumptions'!J44","v":0},null,{"$f":"'Target Assumptions'!L44","v":0},null,{"$f":"'Target Assumptions'!N44","v":0},null,{"$f":"'Target Assumptions'!P44","v":0},null,{"$f":"'Target Assumptions'!R44","v":0}]
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[null,"Dividend-adjusted Cash EPS",null,null,null,{"$f":"F53-F55","v":0},null,{"$f":"H53-H55","v":0.5564469914040131},null,{"$f":"J53-J55","v":4.9690064466381445},null,{"$f":"L53-L55","v":3.8120389362269904},null,{"$f":"N53-N55","v":4.1095170275188995},null,{"$f":"P53-P55","v":4.4228729521103762},null,{"$f":"R53-R55","v":4.7530741194127453}]

{"sheet":"Target BS","index":3,"n_rows":57,"n_cols":19,"rows_kept":57,"cut":false,"hidden":false,"merged":[]}
[{"$f":"'Target IS'!A1","v":"Target"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Balance Sheet"]
["($Millions, except per share data)"]
[]
[]
[]
[null,null,null,{"$f":"'Target IS'!D6","v":"Actual"},null,null,null,null,null,{"$f":"'Target IS'!J6","v":"Projections for the Period Ending December 31,"}]
[null,null,null,{"$f":"'Target IS'!D7","v":2011},null,{"$f":"'Target IS'!F7","v":2012},null,{"$f":"'Target IS'!H7","v":2013},null,{"$f":"'Target IS'!J7","v":2014},null,{"$f":"'Target IS'!L7","v":2015},null,{"$f":"'Target IS'!N7","v":2016},null,{"$f":"'Target IS'!P7","v":2017},null,{"$f":"'Target IS'!R7","v":2018}]
[]
[null,"Cash",null,{"$f":"813.6+23.1+18.2","v":854.90000000000009},187.3,{"$f":"838.8+26.6+16.7","v":882.1},null,{"$f":"255.5+5.7+15.1","v":276.3},null,{"$f":"'Target CF'!J52","v":826.68675493835622},null,{"$f":"'Target CF'!L52","v":1174.263911459966},null,{"$f":"'Target CF'!N52","v":1572.7816948302639},null,{"$f":"'Target CF'!P52","v":2024.9574754555283},null,{"$f":"'Target CF'!R52","v":2533.6745045515663}]
[null,"Accounts Receivable",null,587.5,null,637,null,697.3,null,{"$f":"('Target Assumptions'!J21*'Target IS'!J9)/365","v":675.05981506849309},null,{"$f":"('Target Assumptions'!L21*'Target IS'!L9)/365","v":712.18810489726025},null,{"$f":"('Target Assumptions'!N21*'Target IS'!N9)/365","v":751.35845066660943},null,{"$f":"('Target Assumptions'!P21*'Target IS'!P9)/365","v":792.68316545327309},null,{"$f":"('Target Assumptions'!R21*'Target IS'!R9)/365","v":836.28073955320303}]
[null,"Inventory",null,323.10000000000002,null,377.9,null,403.5,null,{"$f":"('Target Assumptions'!J22*'Target IS'!J11)/365","v":413.27390712328764},null,{"$f":"('Target Assumptions'!L22*'Target IS'!L11)/365","v":436.00397201506843},null,{"$f":"('Target Assumptions'!N22*'Target IS'!N11)/365","v":459.98419047589726},null,{"$f":"('Target Assumptions'!P22*'Target IS'!P11)/365","v":485.28332095207156},null,{"$f":"('Target Assumptions'!R22*'Target IS'!R11)/365","v":511.97390360443546}]
[null,"Other",null,{"$f":"91+190","v":281},null,{"$f":"40.1+156.5","v":196.6},null,{"$f":"105.4+142.7","v":248.1},null,{"$f":"'Target IS'!J9*'Target Assumptions'!J23","v":229.69196249999999},null,{"$f":"'Target IS'!L9*'Target Assumptions'!L23","v":242.3250204375},null,{"$f":"'Target IS'!N9*'Target Assumptions'!N23","v":255.65289656156247},null,{"$f":"'Target IS'!P9*'Target Assumptions'!P23","v":269.7138058724484},null,{"$f":"'Target IS'!R9*'Target Assumptions'!R23","v":284.54806519543303}]
[]
[null,"  Current Assets",null,{"$f":"SUM(D9:D12)","v":2046.5},null,{"$f":"SUM(F9:F12)","v":2093.6},null,{"$f":"SUM(H9:H12)","v":1625.1999999999998},null,{"$f":"SUM(J9:J12)","v":2144.7124396301369},null,{"$f":"SUM(L9:L12)","v":2564.7810088097945},null,{"$f":"SUM(N9:N12)","v":3039.7772325343331},null,{"$f":"SUM(P9:P12)","v":3572.6377677333212},null,{"$f":"SUM(R9:R12)","v":4166.4772129046378}]
[]
[null,"Property, Plant, & Equipment",null,{"$f":"22.4+848","v":870.4},null,{"$f":"25+833.7","v":858.7},null,{"$f":"844.7+26.7","v":871.40000000000009},null,{"$f":"H16+'Target Assumptions'!J32","v":888.10487000000012},null,{"$f":"J16+'Target Assumptions'!L32","v":905.72850785000014},null,{"$f":"L16+'Target Assumptions'!N32","v":924.32144578175019},null,{"$f":"N16+'Target Assumptions'!P32","v":943.9369952997464},null,{"$f":"P16+'Target Assumptions'!R32","v":964.63140004123238}]
[null,"Accumulated Depreciation",null,0,null,0,null,0,null,{"$f":"H17-'Target Assumptions'!J34","v":-133.63896},null,{"$f":"J17-'Target Assumptions'!L34","v":-274.62806279999995},null,{"$f":"L17-'Target Assumptions'!N34","v":-423.37156625399996},null,{"$f":"N17-'Target Assumptions'!P34","v":-580.29596239797002},null,{"$f":"P17-'Target Assumptions'!R34","v":-745.85120032985833}]
[]
[null,"  Net Property, Plant, & Equipment",null,{"$f":"SUM(D16:D17)","v":870.4},null,{"$f":"SUM(F16:F17)","v":858.7},null,{"$f":"SUM(H16:H17)","v":871.40000000000009},null,{"$f":"SUM(J16:J17)","v":754.46591000000012},null,{"$f":"SUM(L16:L17)","v":631.10044505000019},null,{"$f":"SUM(N16:N17)","v":500.94987952775023},null,{"$f":"SUM(P16:P17)","v":363.64103290177638},null,{"$f":"SUM(R16:R17)","v":218.78019971137405}]
[]
[null,"Goodwill",null,4372.1000000000004,null,4366.7,null,4503.3999999999996,null,{"$f":"H21-'Target Assumptions'!J36","v":4503.3999999999996},null,{"$f":"J21-'Target Assumptions'!L36","v":4503.3999999999996},null,{"$f":"L21-'Target Assumptions'!N36","v":4503.3999999999996},null,{"$f":"N21-'Target Assumptions'!P36","v":4503.3999999999996},null,{"$f":"P21-'Target Assumptions'!R36","v":4503.3999999999996}]
[null,"Intangible Assets",null,2040.2,null,1746.6,null,1525.8,null,{"$f":"H22-'Target Assumptions'!J37","v":1225.8},null,{"$f":"J22-'Target Assumptions'!L37","v":925.8},null,{"$f":"L22-'Target Assumptions'!N37","v":625.79999999999995},null,{"$f":"N22-'Target Assumptions'!P37","v":325.79999999999995},null,{"$f":"P22-'Target Assumptions'!R37","v":25.799999999999955}]
[null,"Deferred Taxes",null,26.8,null,28.8,null,23,null,{"$f":"H23+'Target Assumptions'!J40","v":23},null,{"$f":"J23+'Target Assumptions'!L40","v":23},null,{"$f":"L23+'Target Assumptions'!N40","v":23},null,{"$f":"N23+'Target Assumptions'!P40","v":23},null,{"$f":"P23+'Target Assumptions'!R40","v":23}]
[null,"Equity in Affiliates",null,0,null,0,null,0,null,{"$f":"H24-'Target IS'!J23-'Target Assumptions'!J42","v":0},null,{"$f":"J24-'Target IS'!L23-'Target Assumptions'!L42","v":0},null,{"$f":"L24-'Target IS'!N23-'Target Assumptions'!N42","v":0},null,{"$f":"N24-'Target IS'!P23-'Target Assumptions'!P42","v":0},null,{"$f":"P24-'Target IS'!R23-'Target Assumptions'!R42","v":0}]
[null,"Other",null,130.19999999999999,null,93.6,null,89.2,null,{"$f":"H25+'Target Assumptions'!J26","v":89.2},null,{"$f":"J25+'Target Assumptions'!L26","v":89.2},null,{"$f":"L25+'Target Assumptions'!N26","v":89.2},null,{"$f":"N25+'Target Assumptions'!P26","v":89.2},null,{"$f":"P25+'Target Assumptions'!R26","v":89.2}]
[]
[null,"Total Assets",null,{"$f":"D14+D19+SUM(D21:D25)","v":9486.2000000000007},null,{"$f":"F14+F19+SUM(F21:F25)","v":9188},null,{"$f":"H14+H19+SUM(H21:H25)","v":8638},null,{"$f":"J14+J19+SUM(J21:J25)","v":8740.5783496301374},null,{"$f":"L14+L19+SUM(L21:L25)","v":8737.2814538597941},null,{"$f":"N14+N19+SUM(N21:N25)","v":8782.1271120620841},null,{"$f":"P14+P19+SUM(P21:P25)","v":8877.678800635098},null,{"$f":"R14+R19+SUM(R21:R25)","v":9026.6574126160122}]
[]
[null,"Accounts Payable",null,174.4,null,178.4,null,186.6,null,{"$f":"('Target Assumptions'!J24*'Target IS'!J11)/365","v":196.79709863013696},null,{"$f":"('Target Assumptions'!L24*'Target IS'!L11)/365","v":207.62093905479449},null,{"$f":"('Target Assumptions'!N24*'Target IS'!N11)/365","v":219.04009070280821},null,{"$f":"('Target Assumptions'!P24*'Target IS'!P11)/365","v":231.08729569146263},null,{"$f":"('Target Assumptions'!R24*'Target IS'!R11)/365","v":243.7970969544931}]
[null,"Other",null,{"$f":"1146.4-174.4","v":972.00000000000011},null,{"$f":"1496.3-178.4","v":1317.8999999999999},null,{"$f":"1192.4-186.6","v":1005.8000000000001},null,{"$f":"'Target IS'!J11*'Target Assumptions'!J25","v":1221.1259969999999},null,{"$f":"'Target IS'!L11*'Target Assumptions'!L25","v":1288.287926835},null,{"$f":"'Target IS'!N11*'Target Assumptions'!N25","v":1359.143762810925},null,{"$f":"'Target IS'!P11*'Target Assumptions'!P25","v":1433.8966697655258},null,{"$f":"'Target IS'!R11*'Target Assumptions'!R25","v":1512.7609866026296}]
[]
[null,"  Current Liabilities",null,{"$f":"SUM(D29:D30)","v":1146.4000000000001},null,{"$f":"SUM(F29:F30)","v":1496.3},null,{"$f":"SUM(H29:H30)","v":1192.4000000000001},null,{"$f":"SUM(J29:J30)","v":1417.9230956301369},null,{"$f":"SUM(L29:L30)","v":1495.9088658897945},null,{"$f":"SUM(N29:N30)","v":1578.1838535137331},null,{"$f":"SUM(P29:P30)","v":1664.9839654569885},null,{"$f":"SUM(R29:R30)","v":1756.5580835571227}]
[]
[null,"Revolving Credit Facility",null,0,null,0,null,0,null,{"$f":"'Target CF'!J51","v":0},null,{"$f":"'Target CF'!L51","v":0},null,{"$f":"'Target CF'!N51","v":0},null,{"$f":"'Target CF'!P51","v":0},null,{"$f":"'Target CF'!R51","v":0}]
[null,"Senior Debt",null,2727.6,null,2297.6999999999998,null,2060.9,null,{"$f":"H35-'Target Assumptions'!J38","v":1760.9},null,{"$f":"J35-'Target Assumptions'!L38","v":1460.9},null,{"$f":"L35-'Target Assumptions'!N38","v":1160.9000000000001},null,{"$f":"N35-'Target Assumptions'!P38","v":860.90000000000009},null,{"$f":"P35-'Target Assumptions'!R38","v":560.90000000000009}]
[null,"Subordinated Debt",null,0,null,0,null,0,null,{"$f":"H36-'Target Assumptions'!J39","v":0},null,{"$f":"J36-'Target Assumptions'!L39","v":0},null,{"$f":"L36-'Target Assumptions'!N39","v":0},null,{"$f":"N36-'Target Assumptions'!P39","v":0},null,{"$f":"P36-'Target Assumptions'!R39","v":0}]
[]
[null,"  Total",null,{"$f":"SUM(D34:D36)","v":2727.6},null,{"$f":"SUM(F34:F36)","v":2297.6999999999998},null,{"$f":"SUM(H34:H36)","v":2060.9},null,{"$f":"SUM(J34:J36)","v":1760.9},null,{"$f":"SUM(L34:L36)","v":1460.9},null,{"$f":"SUM(N34:N36)","v":1160.9000000000001},null,{"$f":"SUM(P34:P36)","v":860.90000000000009},null,{"$f":"SUM(R34:R36)","v":560.90000000000009}]
[]
[null,"Deferred Taxes",null,558,null,410.6,null,287.39999999999998,null,{"$f":"H40+'Target Assumptions'!J41","v":287.39999999999998},null,{"$f":"J40+'Target Assumptions'!L41","v":287.39999999999998},null,{"$f":"L40+'Target Assumptions'!N41","v":287.39999999999998},null,{"$f":"N40+'Target Assumptions'!P41","v":287.39999999999998},null,{"$f":"P40+'Target Assumptions'!R41","v":287.39999999999998}]
[null,"Other",null,{"$f":"145.2+114.7+356.2","v":616.09999999999991},null,{"$f":"190.6+102.9+90.6","v":384.1},null,{"$f":"209.6+106.4+127.9","v":443.9},null,{"$f":"H41+'Target Assumptions'!J27","v":443.9},null,{"$f":"J41+'Target Assumptions'!L27","v":443.9},null,{"$f":"L41+'Target Assumptions'!N27","v":443.9},null,{"$f":"N41+'Target Assumptions'!P27","v":443.9},null,{"$f":"P41+'Target Assumptions'!R27","v":443.9}]
[]
[null,"Total Liabilities",null,{"$f":"D32+D38+SUM(D40:D41)","v":5048.1000000000004},null,{"$f":"F32+F38+SUM(F40:F41)","v":4588.7},null,{"$f":"H32+H38+SUM(H40:H41)","v":3984.6000000000004},null,{"$f":"J32+J38+SUM(J40:J41)","v":3910.123095630137},null,{"$f":"L32+L38+SUM(L40:L41)","v":3688.1088658897943},null,{"$f":"N32+N38+SUM(N40:N41)","v":3470.3838535137329},null,{"$f":"P32+P38+SUM(P40:P41)","v":3257.1839654569885},null,{"$f":"R32+R38+SUM(R40:R41)","v":3048.7580835571225}]
[]
[null,"Common Stock",null,{"$f":"2.1+5222.9","v":5225},null,{"$f":"2.1+5441.1","v":5443.2000000000007},null,{"$f":"2.1+5731.6","v":5733.7000000000007},null,{"$f":"H45","v":5733.7000000000007},null,{"$f":"J45","v":5733.7000000000007},null,{"$f":"L45","v":5733.7000000000007},null,{"$f":"N45","v":5733.7000000000007},null,{"$f":"P45","v":5733.7000000000007}]
[null,"Preferred Equity",null,0,null,0,null,0,null,{"$f":"H46","v":0},null,{"$f":"J46","v":0},null,{"$f":"L46","v":0},null,{"$f":"N46","v":0},null,{"$f":"P46","v":0}]
[null,"Retained Earnings",null,532.5,null,911,null,1341.8,null,{"$f":"H47+'Target IS'!J38+'Target CF'!J37","v":1518.8552540000001},null,{"$f":"J47+'Target IS'!L38+'Target CF'!L37","v":1737.5725879700001},null,{"$f":"L47+'Target IS'!N38+'Target CF'!N37","v":2000.1432585483499},null,{"$f":"N47+'Target IS'!P38+'Target CF'!P37","v":2308.8948351781091},null,{"$f":"P47+'Target IS'!R38+'Target CF'!R37","v":2666.2993290588893}]
[null,"Treasury Stock",null,-1420,null,-1820,null,{"$f":"-2482","v":-2482},null,{"$f":"H48","v":-2482},null,{"$f":"J48","v":-2482},null,{"$f":"L48","v":-2482},null,{"$f":"N48","v":-2482},null,{"$f":"P48","v":-2482}]
[null,"Other Adjustments",null,96.6,null,65.099999999999994,null,59.1,null,{"$f":"H49","v":59.1},null,{"$f":"J49","v":59.1},null,{"$f":"L49","v":59.1},null,{"$f":"N49","v":59.1},null,{"$f":"P49","v":59.1}]
[null,"Noncontrolling Interest",null,4,null,0,null,0.8,null,{"$f":"H50+'Target IS'!J30","v":0.8},null,{"$f":"J50+'Target IS'!L30","v":0.8},null,{"$f":"L50+'Target IS'!N30","v":0.8},null,{"$f":"N50+'Target IS'!P30","v":0.8},null,{"$f":"P50+'Target IS'!R30","v":0.8}]
[null,"Total Stockholders Equity",null,{"$f":"SUM(D45:D50)","v":4438.1000000000004},{"$f":"SUM(E45:E50)","v":0},4599.3000000000011,0,4653.4000000000015,null,{"$f":"SUM(J45:J50)","v":4830.4552540000013},{"$f":"SUM(K45:K50)","v":0},5049.1725879700016,0,5311.7432585483512,0,5620.4948351781104,0,5977.8993290588905]
[]
[null,"Total Liabilities and Equity",null,{"$f":"D43+D51","v":9486.2000000000007},null,{"$f":"F43+F51","v":9188},null,{"$f":"H43+H51","v":8638.0000000000018},null,{"$f":"J43+J51","v":8740.5783496301374},null,{"$f":"L43+L51","v":8737.2814538597959},null,{"$f":"N43+N51","v":8782.1271120620841},null,{"$f":"P43+P51","v":8877.678800635098},null,{"$f":"R43+R51","v":9026.6574126160122}]
[]
[]
[]
[null,"Reconciliation",null,{"$f":"D53-D27","v":0},null,{"$f":"F53-F27","v":0},null,{"$f":"H53-H27","v":0},null,{"$f":"J53-J27","v":0},null,{"$f":"L53-L27","v":0},null,{"$f":"N53-N27","v":0},null,{"$f":"P53-P27","v":0},null,{"$f":"R53-R27","v":0}]

{"sheet":"Target CF","index":4,"n_rows":54,"n_cols":19,"rows_kept":54,"cut":false,"hidden":false,"merged":[[5,5,5,7]]}
[{"$f":"'Target BS'!A1","v":"Target"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Statement of Cash Flow"]
["($Millions, except per share data)"]
[]
[]
[]
[null,null,null,null,null,{"$f":"'Target BS'!D6","v":"Actual"},null,null,null,{"$f":"'Target BS'!J6","v":"Projections for the Period Ending December 31,"}]
[null,null,null,null,null,{"$f":"'Target BS'!F7","v":2012},null,{"$f":"'Target BS'!H7","v":2013},null,{"$f":"'Target BS'!J7","v":2014},null,{"$f":"'Target BS'!L7","v":2015},null,{"$f":"'Target BS'!N7","v":2016},null,{"$f":"'Target BS'!P7","v":2017},null,{"$f":"'Target BS'!R7","v":2018}]
[]
[null,"Net Income",null,null,null,{"$f":"'Target IS'!F38","v":-58.999999999999815},null,{"$f":"'Target IS'!H38","v":161.9000000000002},null,{"$f":"'Target IS'!J38","v":177.05525400000022},null,{"$f":"'Target IS'!L38","v":218.71733397000011},null,{"$f":"'Target IS'!N38","v":262.57067057834985},null,{"$f":"'Target IS'!P38","v":308.75157662975926},null,{"$f":"'Target IS'!R38","v":357.40449388077991}]
[]
[null,"Depreciation & Amortization",null,null,null,{"$f":"'Target IS'!F46","v":437.5},null,{"$f":"'Target IS'!H46","v":428.9},null,{"$f":"'Target IS'!J46","v":433.63896},null,{"$f":"'Target IS'!L46","v":440.98910279999996},null,{"$f":"'Target IS'!N46","v":448.74350345400001},null,{"$f":"'Target IS'!P46","v":456.92439614397},null,{"$f":"'Target IS'!R46","v":465.55523793188831}]
[]
[null,"Income from Affiliates, Net of Dividends",null,null,null,{"$f":"'Target IS'!F23-'Target Assumptions'!F42","v":0},null,{"$f":"'Target IS'!H23-'Target Assumptions'!H42","v":0},null,{"$f":"'Target IS'!J23+'Target Assumptions'!J42","v":0},null,{"$f":"'Target IS'!L23+'Target Assumptions'!L42","v":0},null,{"$f":"'Target IS'!N23+'Target Assumptions'!N42","v":0},null,{"$f":"'Target IS'!P23+'Target Assumptions'!P42","v":0},null,{"$f":"'Target IS'!R23+'Target Assumptions'!R42","v":0}]
[]
["Change in"]
[]
[null,"Accounts Receivable",null,null,null,{"$f":"'Target BS'!D10-'Target BS'!F10","v":-49.5},null,{"$f":"'Target BS'!F10-'Target BS'!H10","v":-60.299999999999955},null,{"$f":"'Target BS'!H10-'Target BS'!J10","v":22.24018493150686},null,{"$f":"'Target BS'!J10-'Target BS'!L10","v":-37.128289828767151},null,{"$f":"'Target BS'!L10-'Target BS'!N10","v":-39.170345769349183},null,{"$f":"'Target BS'!N10-'Target BS'!P10","v":-41.324714786663662},null,{"$f":"'Target BS'!P10-'Target BS'!R10","v":-43.597574099929943}]
[null,"Inventory",null,null,null,{"$f":"'Target BS'!D11-'Target BS'!F11","v":-54.799999999999955},null,{"$f":"'Target BS'!F11-'Target BS'!H11","v":-25.600000000000023},null,{"$f":"'Target BS'!H11-'Target BS'!J11","v":-9.7739071232876427},null,{"$f":"'Target BS'!J11-'Target BS'!L11","v":-22.730064891780785},null,{"$f":"'Target BS'!L11-'Target BS'!N11","v":-23.980218460828837},null,{"$f":"'Target BS'!N11-'Target BS'!P11","v":-25.299130476174298},null,{"$f":"'Target BS'!P11-'Target BS'!R11","v":-26.690582652363901}]
[null,"Other Current Assets",null,null,null,{"$f":"'Target BS'!D12-'Target BS'!F12","v":84.4},null,{"$f":"'Target BS'!F12-'Target BS'!H12","v":-51.5},null,{"$f":"'Target BS'!H12-'Target BS'!J12","v":18.408037500000006},null,{"$f":"'Target BS'!J12-'Target BS'!L12","v":-12.633057937500013},null,{"$f":"'Target BS'!L12-'Target BS'!N12","v":-13.32787612406247},null,{"$f":"'Target BS'!N12-'Target BS'!P12","v":-14.060909310885933},null,{"$f":"'Target BS'!P12-'Target BS'!R12","v":-14.834259322984622}]
[null,"Accounts Payable",null,null,null,{"$f":"'Target BS'!F29-'Target BS'!D29","v":4},null,{"$f":"'Target BS'!H29-'Target BS'!F29","v":8.1999999999999886},null,{"$f":"'Target BS'!J29-'Target BS'!H29","v":10.197098630136963},null,{"$f":"'Target BS'!L29-'Target BS'!J29","v":10.823840424657533},null,{"$f":"'Target BS'!N29-'Target BS'!L29","v":11.419151648013724},null,{"$f":"'Target BS'!P29-'Target BS'!N29","v":12.047204988654414},null,{"$f":"'Target BS'!R29-'Target BS'!P29","v":12.709801263030471}]
[null,"Other Current Liabilities",null,null,null,{"$f":"'Target BS'!F30-'Target BS'!D30","v":345.89999999999975},null,{"$f":"'Target BS'!H30-'Target BS'!F30","v":-312.0999999999998},null,{"$f":"'Target BS'!J30-'Target BS'!H30","v":215.3259969999998},null,{"$f":"'Target BS'!L30-'Target BS'!J30","v":67.161929835000137},null,{"$f":"'Target BS'!N30-'Target BS'!L30","v":70.855835975924947},null,{"$f":"'Target BS'!P30-'Target BS'!N30","v":74.752906954600803},null,{"$f":"'Target BS'!R30-'Target BS'!P30","v":78.864316837103843}]
[null,"Other Assets",null,null,null,{"$f":"'Target BS'!D25-'Target BS'!F25","v":36.599999999999994},null,{"$f":"'Target BS'!F25-'Target BS'!H25","v":4.3999999999999915},null,{"$f":"'Target BS'!H25-'Target BS'!J25","v":0},null,{"$f":"'Target BS'!J25-'Target BS'!L25","v":0},null,{"$f":"'Target BS'!L25-'Target BS'!N25","v":0},null,{"$f":"'Target BS'!N25-'Target BS'!P25","v":0},null,{"$f":"'Target BS'!P25-'Target BS'!R25","v":0}]
[null,"Deferred Taxes",null,null,null,{"$f":"'Target BS'!F40-'Target BS'!D40+'Target BS'!D23-'Target BS'!F23","v":-149.39999999999998},null,{"$f":"'Target BS'!H40-'Target BS'!F40+'Target BS'!F23-'Target BS'!H23","v":-117.40000000000005},null,{"$f":"'Target BS'!J40-'Target BS'!H40+'Target BS'!H23-'Target BS'!J23","v":0},null,{"$f":"'Target BS'!L40-'Target BS'!J40+'Target BS'!J23-'Target BS'!L23","v":0},null,{"$f":"'Target BS'!N40-'Target BS'!L40+'Target BS'!L23-'Target BS'!N23","v":0},null,{"$f":"'Target BS'!P40-'Target BS'!N40+'Target BS'!N23-'Target BS'!P23","v":0},null,{"$f":"'Target BS'!R40-'Target BS'!P40+'Target BS'!P23-'Target BS'!R23","v":0}]
[null,"Minority Interest",null,null,null,{"$f":"'Target BS'!F50-'Target BS'!D50","v":-4},null,{"$f":"'Target BS'!H50-'Target BS'!F50","v":0.8},null,{"$f":"'Target BS'!J50-'Target BS'!H50","v":0},null,{"$f":"'Target BS'!L50-'Target BS'!J50","v":0},null,{"$f":"'Target BS'!N50-'Target BS'!L50","v":0},null,{"$f":"'Target BS'!P50-'Target BS'!N50","v":0},null,{"$f":"'Target BS'!R50-'Target BS'!P50","v":0}]
[null,"OtherLiabilities",null,null,null,{"$f":"'Target BS'!F41-'Target BS'!D41","v":-231.99999999999989},null,{"$f":"'Target BS'!H41-'Target BS'!F41","v":59.799999999999955},null,{"$f":"'Target BS'!J41-'Target BS'!H41","v":0},null,{"$f":"'Target BS'!L41-'Target BS'!J41","v":0},null,{"$f":"'Target BS'!N41-'Target BS'!L41","v":0},null,{"$f":"'Target BS'!P41-'Target BS'!N41","v":0},null,{"$f":"'Target BS'!R41-'Target BS'!P41","v":0}]
[]
["Cash Flow from Operating Activities",null,null,null,null,{"$f":"SUM(F9:F25)","v":359.70000000000016},null,{"$f":"SUM(H9:H25)","v":97.100000000000279},null,{"$f":"SUM(J9:J25)","v":867.09162493835618},null,{"$f":"SUM(L9:L25)","v":665.20079437160985},null,{"$f":"SUM(N9:N25)","v":717.11072130204798},null,{"$f":"SUM(P9:P25)","v":771.79133014326067},null,{"$f":"SUM(R9:R25)","v":829.4114338375241}]
[]
[null,"Capital Expenditures",null,null,null,{"$f":"-'Target IS'!F47","v":-13.8},null,{"$f":"-'Target IS'!H47","v":-10.3},null,{"$f":"-'Target IS'!J47","v":-16.70487},null,{"$f":"-'Target IS'!L47","v":-17.623637849999998},null,{"$f":"-'Target IS'!N47","v":-18.592937931750001},null,{"$f":"-'Target IS'!P47","v":-19.61554951799625},null,{"$f":"-'Target IS'!R47","v":-20.694404741486039}]
[null,"Acquisitions",null,null,null,-0.1,null,-149,null,0,0,0,0,0,0,0,0,0]
[null,"Sale of Assets",null,null,null,3.4,null,25.5,null,0,null,0,null,0,null,0,null,0]
[]
["Cash Flow from Investing Activities",null,null,null,null,{"$f":"SUM(F29:F31)","v":-10.5},null,{"$f":"SUM(H29:H31)","v":-133.80000000000001},null,{"$f":"SUM(J29:J31)","v":-16.70487},null,{"$f":"SUM(L29:L31)","v":-17.623637849999998},null,{"$f":"SUM(N29:N31)","v":-18.592937931750001},null,{"$f":"SUM(P29:P31)","v":-19.61554951799625},null,{"$f":"SUM(R29:R31)","v":-20.694404741486039}]
[]
[null,"Net Change in Equity",null,null,null,{"$f":"'Target BS'!F45-'Target BS'!D45+'Target BS'!F46-'Target BS'!D46+'Target BS'!F48-'Target BS'!D48+'Target BS'!F49-'Target BS'!D49","v":-213.29999999999927},null,{"$f":"'Target BS'!H45-'Target BS'!F45+'Target BS'!H46-'Target BS'!F46+'Target BS'!H48-'Target BS'!F48+'Target BS'!H49-'Target BS'!F49","v":-377.5},null,{"$f":"'Target BS'!J45-'Target BS'!H45+'Target BS'!J46-'Target BS'!H46+'Target BS'!J48-'Target BS'!H48+'Target BS'!J49-'Target BS'!H49","v":0},null,{"$f":"'Target BS'!L45-'Target BS'!J45+'Target BS'!L46-'Target BS'!J46+'Target BS'!L48-'Target BS'!J48+'Target BS'!L49-'Target BS'!J49","v":0},null,{"$f":"'Target BS'!N45-'Target BS'!L45+'Target BS'!N46-'Target BS'!L46+'Target BS'!N48-'Target BS'!L48+'Target BS'!N49-'Target BS'!L49","v":0},null,{"$f":"'Target BS'!P45-'Target BS'!N45+'Target BS'!P46-'Target BS'!N46+'Target BS'!P48-'Target BS'!N48+'Target BS'!P49-'Target BS'!N49","v":0},null,{"$f":"'Target BS'!R45-'Target BS'!P45+'Target BS'!R46-'Target BS'!P46+'Target BS'!R48-'Target BS'!P48+'Target BS'!R49-'Target BS'!P49","v":0}]
[null,"Net Change in Debt",null,null,null,{"$f":"'Target BS'!F35-'Target BS'!D35+'Target BS'!F36-'Target BS'!D36","v":-429.90000000000009},null,{"$f":"'Target BS'!H35-'Target BS'!F35+'Target BS'!H36-'Target BS'!F36","v":-236.79999999999973},null,{"$f":"'Target BS'!J35-'Target BS'!H35+'Target BS'!J36-'Target BS'!H36","v":-300},null,{"$f":"'Target BS'!L35-'Target BS'!J35+'Target BS'!L36-'Target BS'!J36","v":-300},null,{"$f":"'Target BS'!N35-'Target BS'!L35+'Target BS'!N36-'Target BS'!L36","v":-300},null,{"$f":"'Target BS'!P35-'Target BS'!N35+'Target BS'!P36-'Target BS'!N36","v":-300},null,{"$f":"'Target BS'!R35-'Target BS'!P35+'Target BS'!R36-'Target BS'!P36","v":-300}]
[null,"Dividends Paid",null,null,null,{"$f":"-'Target Assumptions'!F46","v":0},null,{"$f":"-'Target Assumptions'!H46","v":0},null,{"$f":"-'Target Assumptions'!J46","v":0},null,{"$f":"-'Target Assumptions'!L46","v":0},null,{"$f":"-'Target Assumptions'!N46","v":0},null,{"$f":"-'Target Assumptions'!P46","v":0},null,{"$f":"-'Target Assumptions'!R46","v":0}]
[]
["Cash Flow from Financing Activities",null,null,null,null,{"$f":"SUM(F35:F37)","v":-643.19999999999936},null,{"$f":"SUM(H35:H37)","v":-614.29999999999973},null,{"$f":"SUM(J35:J37)","v":-300},null,{"$f":"SUM(L35:L37)","v":-300},null,{"$f":"SUM(N35:N37)","v":-300},null,{"$f":"SUM(P35:P37)","v":-300},null,{"$f":"SUM(R35:R37)","v":-300}]
[]
[null,"Net Change in Cash",null,null,null,{"$f":"F27+F33+F39","v":-293.9999999999992},null,{"$f":"H27+H33+H39","v":-650.99999999999943},null,{"$f":"J27+J33+J39","v":550.38675493835615},null,{"$f":"L27+L33+L39","v":347.57715652160982},null,{"$f":"N27+N33+N39","v":398.51778337029793},null,{"$f":"P27+P33+P39","v":452.17578062526445},null,{"$f":"R27+R33+R39","v":508.717029096038}]
[]
[null,"Beginning Cash Balance",null,null,null,{"$f":"'Target BS'!D9","v":854.90000000000009},null,{"$f":"'Target BS'!F9","v":882.1},null,{"$f":"'Target BS'!H9","v":276.3},null,{"$f":"'Target BS'!J9","v":826.68675493835622},null,{"$f":"'Target BS'!L9","v":1174.263911459966},null,{"$f":"'Target BS'!N9","v":1572.7816948302639},null,{"$f":"'Target BS'!P9","v":2024.9574754555283}]
[]
[null,"Cash Available for Revolving Credit",null,null,null,{"$f":"F41+F43","v":560.90000000000089},null,{"$f":"H41+H43","v":231.10000000000059},null,{"$f":"J41+J43","v":826.68675493835622},null,{"$f":"L41+L43","v":1174.263911459966},null,{"$f":"N41+N43","v":1572.7816948302639},null,{"$f":"P41+P43","v":2024.9574754555283},null,{"$f":"R41+R43","v":2533.6745045515663}]
[]
[]
[]
[null,"Beginning Revolver",null,null,null,null,null,null,null,{"$f":"'Target BS'!H34","v":0},null,{"$f":"'Target BS'!J34","v":0},null,{"$f":"'Target BS'!L34","v":0},null,{"$f":"'Target BS'!N34","v":0},null,{"$f":"'Target BS'!P34","v":0}]
[null,"Total Repayment",null,null,null,null,null,null,null,{"$f":"IF(J45-J49<$F$54,J45-$F$54,J49)","v":0},null,{"$f":"IF(L45-L49<$F$54,L45-$F$54,L49)","v":0},null,{"$f":"IF(N45-N49<$F$54,N45-$F$54,N49)","v":0},null,{"$f":"IF(P45-P49<$F$54,P45-$F$54,P49)","v":0},null,{"$f":"IF(R45-R49<$F$54,R45-$F$54,R49)","v":0}]
[null,"Ending Revolving Credit Facility",null,null,null,null,null,null,null,{"$f":"J49-J50","v":0},null,{"$f":"L49-L50","v":0},null,{"$f":"N49-N50","v":0},null,{"$f":"P49-P50","v":0},null,{"$f":"R49-R50","v":0}]
[null,"Ending Cash",null,null,null,null,null,null,null,{"$f":"IF(J45-J49<0,$F$54,J45-J50)","v":826.68675493835622},null,{"$f":"IF(L45-L49<0,$F$54,L45-L50)","v":1174.263911459966},null,{"$f":"IF(N45-N49<0,$F$54,N45-N50)","v":1572.7816948302639},null,{"$f":"IF(P45-P49<0,$F$54,P45-P50)","v":2024.9574754555283},null,{"$f":"IF(R45-R49<0,$F$54,R45-R50)","v":2533.6745045515663}]
[]
[null,"Minimum Cash Balance",null,null,null,0]

{"sheet":"Valuation","index":5,"n_rows":35,"n_cols":12,"rows_kept":35,"cut":false,"hidden":false,"merged":[[32,1,32,2],[33,1,33,2],[22,9,22,15],[21,9,21,15],[17,9,17,15],[19,1,19,2],[24,1,24,2],[25,1,25,2],[29,1,29,2],[7,1,7,2],[11,9,11,15],[15,9,15,15],[16,9,16,15],[4,9,4,15],[6,1,6,2],[8,1,8,2],[10,9,10,15],[8,9,8,15],[9,9,9,15]]}
[null,"Valuation"]
[]
[null,"Target",null,2014,2015,2016,2017,2018]
[null,"Free Cash Flow",null,null,null,null,null,null,null,"Definitions"]
[null,"EBIT",null,{"$f":"'Target IS'!J20","v":390.6370900000004},{"$f":"'Target IS'!L20","v":445.07388995000019},{"$f":"'Target IS'!N20","v":503.1627842972498},{"$f":"'Target IS'!P20","v":565.13096104959868},{"$f":"'Target IS'!R20","v":631.21915646796651},null,"WACC = (D/(D+E))*[(1-T)*[Cost of Debt]]+(E/(D+E))*ke"]
[null,"Less: Taxes",null,{"$f":"D5*'Target Assumptions'!J47","v":156.25483600000018},{"$f":"E5*'Target Assumptions'!L47","v":178.02955598000008},{"$f":"F5*'Target Assumptions'!N47","v":201.26511371889993},{"$f":"G5*'Target Assumptions'!P47","v":226.05238441983948},{"$f":"H5*'Target Assumptions'!R47","v":252.48766258718661},null,"D = Debt"]
[null,"Plus: Deprec. & Amort..",null,{"$f":"'Target IS'!J17+'Target IS'!J18","v":433.63896},{"$f":"'Target IS'!L17+'Target IS'!L18","v":440.98910279999996},{"$f":"'Target IS'!N17+'Target IS'!N18","v":448.74350345400001},{"$f":"'Target IS'!P17+'Target IS'!P18","v":456.92439614397},{"$f":"'Target IS'!R17+'Target IS'!R18","v":465.55523793188831},null,"E = Equity"]
[null,"Less: Gross Capex",null,{"$f":"-'Target CF'!J29","v":16.70487},{"$f":"-'Target CF'!L29","v":17.623637849999998},{"$f":"-'Target CF'!N29","v":18.592937931750001},{"$f":"-'Target CF'!P29","v":19.61554951799625},{"$f":"-'Target CF'!R29","v":20.694404741486039},null,"T = Corporate marginal tax rate",null," (i.e., 40%)"]
[null,"Less: ∆ NWC",null,{"$f":"'Target CF'!J17+'Target CF'!J18+'Target CF'!J20+'Target CF'!J23+'Target CF'!J25","v":22.663376438356181},{"$f":"'Target CF'!L17+'Target CF'!L18+'Target CF'!L20+'Target CF'!L23+'Target CF'!L25","v":-49.034514295890403},{"$f":"'Target CF'!N17+'Target CF'!N18+'Target CF'!N20+'Target CF'!N23+'Target CF'!N25","v":-51.731412582164296},{"$f":"'Target CF'!P17+'Target CF'!P18+'Target CF'!P20+'Target CF'!P23+'Target CF'!P25","v":-54.576640274183546},{"$f":"'Target CF'!R17+'Target CF'!R18+'Target CF'!R20+'Target CF'!R23+'Target CF'!R25","v":-57.578355489263373},null,"ke = Cost of Equity (Estimated using the Capital Asset Pricing Model)"]
[null,"Equals: Free Cash Flow",null,{"$f":"SUM(D5:D9)","v":1019.8991324383568},{"$f":"SUM(E5:E9)","v":1032.6816722841097},1120.0329268197354,1213.1466508572207,1312.3781062392641,null,"NWC = Net working capital excluding cash & marketable securities"]
[null,"Period",null,1,1,1,1,1,null,"Discount factor uses mid-year convention in which cash flows occur evenly"]
[null,"Mid-Year Convention",null,{"$f":"D11/2","v":0.5},{"$f":"D11+E11/2","v":1.5},{"$f":"F11/2+SUM(D11:E11)","v":2.5},{"$f":"G11/2+SUM(D11:F11)","v":3.5},{"$f":"H11/2+SUM(D11:G11)","v":4.5},null,"     throughout the year."]
[null,"Discount Factor",null,{"$f":"1/(1+D24)^D12","v":0.95429712996487337},{"$f":"1/(1+D24)^E12","v":0.86906218490671472},{"$f":"1/(1+D24)^F12","v":0.79144016839140385},{"$f":"1/(1+D24)^G12","v":0.72075111657360769},{"$f":"1/(1+D24)^H12","v":0.65637579793043077},null,"Rf = Risk free rate approximated by the 10-year U.S. treasury bond rate."]
[null,"PV FCFF",null,{"$f":"D10*D13","v":973.28681493958811},{"$f":"E10*E13","v":897.46459042834829},886.43904820612829,874.37680317287447,861.41322666922463,null,"Rm = Return on a broad based stock index"]
[null,null,null,null,null,null,null,null,null,"Rf - Rm = Average historical equity risk premium since 1963"]
[null,"PV (Years 1- 5)",null,{"$f":"SUM(D14:H14)","v":4492.9804834161641},null,null,null,null,null,"Period reflects months of actual data available for first forecast year, i.e., "]
[null,"PV (Terminal Value)",null,{"$f":"+IF(ISERROR(D33*(1+D34)/(D35-D34)*H13),0,D33*(1+D34)/(D35-D34)*H13)","v":13863.369116707832},null,null,null,null,null,"     if have 9 months actual data, period 1 equals .25, if have one half"]
[null,"   Enterprise Value",null,{"$f":"SUM(D16:D17)","v":18356.349600123998},null,null,null,null,null,"     year of data, period 1 is .5; if 3 months available, period 1 equals.75"]
[null,"Plus Cash",null,{"$f":"'Target BS'!H9","v":276.3},null,null,null,null,null,"FCF2020 is recalculated to reflect the maximum marginal tax rate rather than the "]
[null,"Less Debt & Min. Int.",null,{"$f":"'Target BS'!H38+'Target BS'!H50","v":2061.7000000000003},null,null,null,null,null,"     effective tax rate."]
[null,"   Equity Value",null,{"$f":"D18+D19-D20","v":16570.949600123997},null,null,null,null,null,"Target D/E* represents the future debt to equity ratio desired by the firm."]
[null,"   Equity Value Per Share",null,{"$f":"+IF(ISERROR(D21/'Target Assumptions'!H53),0,D21/'Target Assumptions'!H53)","v":94.962461891828056},null,null,null,null,null,"Target D/TC* represents the implied future debt to total capital ratio desired "]
[null,"Assumptions:",null,null,null,null,null,null,null,"     by the firm."]
[null,"WACC ",null,{"$f":"'Target Assumptions'!J57*(1-0.4)*D26+D28*(1-D26)","v":9.8076923076923075E-2}]
[null,"   Target D/E* ",null,0.3]
[null,"   Target D/TC*  ",null,{"$f":"D25/(1+D25)","v":0.23076923076923075}]
[null,"   Marginal Tax Rate",null,0.4]
[null,"   ke",null,{"$f":"D29+D31*D30","v":0.11849999999999999}]
[null,"      Rf ",null,2.5000000000000001E-2]
[null,"      Rf - Rm ",null,5.5E-2]
[null,"      Beta  ",null,1.7]
[null,"Terminal Value"]
[null,"FCF 2020 ",null,{"$f":"H10","v":1312.3781062392641}]
[null,"Terminal Growth Rate",null,0.03]
[null,"Terminal Period WACC",null,9.4E-2]