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Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)
2016
2015
Sales
$6,900.0
$6,000.0
Operating costs excluding depreciation
5,693.0
5,100.0
Depreciation and amortization
210.0
168.0
Earnings before interest and taxes
$997.0
$732.0
Less Interest
148.0
129.0
Pre-tax income
$849.0
$603.0
Taxes (40%)
339.6
241.2
Net income available to common stockholders
$509.4
$361.8
Common dividends
$458.0
$289.0
Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)
Assets
Cash
$79.0
$72.0
Short-term investments
35.0
30.0
Accounts receivable
1,080.0
900.0
Inventories
1,170.0
Total current assets
$2,364.0
$1,902.0
Net plant and equipment
2,100.0
1,680.0
Total assets
$4,464.0
$3,582.0
Liabilities and Equity
Accounts payable
$600.0
$480.0
Accruals
330.0
300.0
Notes payable
138.0
120.0
Total current liabilities
$1,068.0
$900.0
Long-term debt
1,380.0
1,200.0
Total liabilities
$2,448.0
$2,100.0
Common stock
1,855.6
1,373.0
Retained earnings
160.4
109.0
Total common equity
$2,016.0
$1,482.0
Total liabilities and equity
How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answers to one decimal place.
After-tax interest payment
$ million
Reduction (increase) in debt
Payment of dividends
Repurchase (Issue) stock
Purchase (Sale) of short-term investments
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