MW Cash Flow Drivers


.	Cash Flow Drivers Report
.	MENS WEARHOUSE INC (MW)
.	Years ending January 31,	31-Jan-2007	31-Jan-2006	31-Jan-2005	31-Jan-2004	31-Jan-2003	31-Jan-2002	31-Jan-2001	31-Jan-2000	31-Jan-1999	31-Jan-1998
.
.
.	Core Operating Cash Flow
.	Core operating cash flow	263	205	186	128	133	88	125	117	60	42
.	Core operating cash flow growth rate	28.37%	10.43%	44.75%	-3.75%	51.29%	-29.46%	6.63%	95.89%	41.07%	NM
.
.	Cash Flow Drivers
.	Operating cushion:
.	Revenue from core operations	1,882	1,725	1,547	1,393	1,295	1,273	1,334	1,187	768	631
.	Cost of revenue (excl. depreciation & amortization)	989	967	891	831	797	780	784	718	447	372
.	Gross margin (excl. depreciation and amortization)	893	758	655	561	498	493	549	469	321	259
.	Selling, general and administrative expense (excl. depreciation & amortization)	584	531	482	426	385	377	374	323	228	191
.	Research and development expense
.	Operating cushion	309	227	174	135	114	116	176	146	93	68
.	Operating working capital:
.	Operating receivables	17	19	21	18
.	Deferred revenue	20	19	16	13


.	Inventory	449	417	406	389	360	375	355	320	236	203
.	Operating payables	111	125	132	116	99	87	78	76	55	52
.	Capitalized operating expenses
.	Prepaids	100	92	79	64	71	53	39	32	40	35
.	Accruals	104	98	95	67	64	53	56	66	40	39
.	Operating working capital	331	285	263	275	269	288	261	210	181	148
.
.	Core Operating Growth Profile™:
.	Revenue growth rate	9.11%	11.52%	11.06%	7.54%	1.72%	-4.53%	12.37%	54.54%	21.68%	30.52%
.
.	Operating cushion %:
.	Gross margin (excl. depreciation and amortization) %	47.45%	43.95%	42.38%	40.31%	38.47%	38.73%	41.20%	39.52%	41.84%	41.10%
.	SG&A (excl. depreciation and amortization) %	31.02%	30.78%	31.16%	30.61%	29.69%	29.63%	28.01%	27.24%	29.70%	30.27%
.	R&D %
.	Operating cushion %	16.43%	13.17%	11.22%	9.70%	8.78%	9.09%	13.19%	12.28%	12.15%	10.83%
.	Operating working capital to revenue %
.	Operating receivables to revenue %	0.90%	1.12%	1.35%	1.29%
.	Deferred revenue to revenue %	1.05%	1.12%	1.04%	0.94%
.	Inventory (incl. capitalized interest) to revenue %	23.83%	24.15%	26.26%	27.93%	27.81%	29.49%	26.64%	26.96%	30.75%	32.23%
.	Operating payables to revenue %	5.91%	7.25%	8.55%	8.32%	7.62%	6.86%	5.81%	6.44%	7.19%	8.21%


.	Capitalized operating expenses to revenue %
.	Prepaids to revenue %	5.33%	5.32%	5.10%	4.61%	5.50%	4.16%	2.96%	2.69%	5.22%	5.53%
.	Accruals to revenue %	5.53%	5.68%	6.12%	4.80%	4.95%	4.15%	4.24%	5.53%	5.17%	6.11%
.	Operating working capital to revenue %	17.58%	16.53%	17.01%	19.77%	20.74%	22.65%	19.55%	17.68%	23.61%	23.43%
.	Core operating growth profile™	-1.15%	-3.36%	-5.79%	-10.07%	-11.97%	-13.55%	-6.36%	-5.40%	-11.46%	-12.60%
.
.	Operating working capital measured in revenue days (Cash cycle):
.	Operating receivables days	3.30	4.08	4.92	4.70
.	Deferred revenue days	3.84	4.11	3.79	3.43
.	Inventory days	87.00	88.16	95.86	101.94	101.51	107.64	97.25	98.40	112.22	117.63
.	Operating payables days	21.57	26.46	31.20	30.36	27.82	25.05	21.21	23.50	26.24	29.97
.	Capitalized operating expenses days
.	Prepaids days	19.44	19.41	18.63	16.83	20.08	15.20	10.79	9.81	19.05	20.17
.	Accruals days	20.17	20.75	22.32	17.51	18.05	15.13	15.46	20.18	18.86	22.32
.	Cash cycle	64.17	60.33	62.09	72.17	75.72	82.66	71.36	64.53	86.17	85.52
.
.	Cash-Flow Impacts
.	Cash Impacts On Operating Cushion
.	Cash impacts on gross margin (excl. depreciation and amortization):
.	Growth	69	76	62	38	8	-25	58	175	56	61


.	Change in GM %	66	27	32	26	-3	-31	22	-28	6	-3
.	Change in gross margin (excl. depreciation and amortization)	135	103	94	63	5	-56	80	148	62	58
.	Cash impacts on SG&A (excl. depreciation and amortization):
.	Growth	-48	-56	-47	-29	-6	17	-40	-124	-41	-46
.	Change in SG&A %	-5	7	-8	-13	-1	-21	-10	29	4	5
.	Change in SG&A expense (excl. depreciation and amortization)	-53	-49	-56	-42	-7	-4	-50	-95	-37	-41
.	Cash impacts on research and development:
.	Growth
.	Change in R&D %
.	Change in research and development expense
.	Cash impacts on operating cushion:
.	Growth	21	20	15	9	2	-8	18	51	15	15
.	Change in operating cushion %	61	34	24	13	-4	-52	12	2	10	2
.	Change in operating cushion	82	54	38	21	-2	-60	30	52	25	18
.
.	Cash Impacts On Operating Working Capital
.	Cash impacts on operating receivables:
.	Growth	-2	-2	-2
.	Change in receivables days	4	4	-1	-18
.	Change in operating receivables on balance sheet	2	2	-3	-18


.	Provision for doubtful receivables incl. in SG&A
.	Change in operating receivables on cash flow analysis statement	2	2	-3	-18
.	Cash impacts on deferred revenue:
.	Growth	2	2	1
.	Change in deferred revenue days	-1	1	2	13
.	Change in deferred revenue	0	3	3	13
.	Cash impacts on inventory:
.	Growth	-38	-47	-43	-27	-6	16	-40	-129	-44	-50
.	Change in inventory days	6	36	26	-2	22	-36	4	45	11	11
.	Change in inventory on balance sheet	-32	-10	-17	-29	15	-20	-35	-84	-33	-39
.	Interest capitalized to inventory
.	Provision for impairment of inventory incl. in cost of revenue
.	Change in inventory on cash flow analysis statement	-32	-10	-17	-29	15	-20	-35	-84	-33	-39
.	Cash impacts on operating payables:
.	Growth	11	15	13	7	2	-4	9	30	11	12
.	Change in payables days	-25	-22	4	10	10	13	-8	-9	-8	2
.	Change in operating payables	-14	-7	16	17	11	10	1	21	3	14
.	Cash impacts on capitalized operating expenses:
.	Growth
.	Change in capitalized operating expenses days


.	Change in capitalized operating expenses
.	Cash impacts on prepaids:
.	Growth	-8	-9	-7	-5	-1	2	-4	-22	-8	-8
.	Change in prepaids days	0	-4	-8	12	-17	-15	-4	30	2	-1
.	Change in prepaids	-9	-13	-15	7	-18	-14	-8	8	-5	-9
.	Cash impacts on accruals:
.	Growth	9	11	7	5	1	-3	8	22	8	9
.	Change in accruals days	-3	-7	20	-2	10	-1	-17	4	-7	-1
.	Change in accruals	6	3	28	3	11	-4	-9	26	1	8
.	Cash impacts on operating working capital:
.	Growth	-26	-30	-30	-20	-5	12	-26	-99	-32	-37
.	Change in operating working capital days	-20	8	43	14	25	-39	-25	70	-1	11
.	Change in operating working capital	-46	-22	12	-7	20	-28	-51	-29	-33	-26
.
.	Cash-Flow Impact Summary
.	Core Operating Cash Flow
.	Cash impact of growth:
.	Cash impact of growth on gross margin	69	76	62	38	8	-25	58	175	56	61
.	Cash impact of growth on SG&A	-48	-56	-47	-29	-6	17	-40	-124	-41	-46
.	Cash impact of growth on R&D


.	Cash impact of growth on operating cushion	21	20	15	9	2	-8	18	51	15	15
.	Cash impact of growth on operating receivables	-2	-2	-2
.	Cash impact of growth on deferred revenue	2	2	1
.	Cash impact of growth on inventory	-38	-47	-43	-27	-6	16	-40	-129	-44	-50
.	Cash impact of growth on operating payables	11	15	13	7	2	-4	9	30	11	12
.	Cash impact of growth on capitalized operating expenses
.	Cash impact of growth on prepaids	-8	-9	-7	-5	-1	2	-4	-22	-8	-8
.	Cash impact of growth on accruals	9	11	7	5	1	-3	8	22	8	9
.	Cash impact of growth on operating working capital	-26	-30	-30	-20	-5	12	-26	-99	-32	-37
.	Cash impact of growth	-5	-10	-16	-12	-3	4	-8	-48	-17	-22
.	As % of core operating cash flow	-2.00%	-5.03%	-8.35%	-9.10%	-2.22%	4.36%	-6.34%	-40.97%	-28.82%	-51.26%
.
.	Cash impact of changes in operating cushion:
.	Cash impact of change in gross margin %	66	27	32	26	-3	-31	22	-28	6	-3
.	Cash impact of change in SG&A %	-5	7	-8	-13	-1	-21	-10	29	4	5
.	Cash impact of change in R&D %
.	Cash impact of change in operating cushion %	61	34	24	13	-4	-52	12	2	10	2
.	Cash impact of change in receivables days	4	4	-1	-18
.	Cash impact of change in deferred revenue days	-1	1	2	13
.	Cash impact of change in inventory days	6	36	26	-2	22	-36	4	45	11	11


.	Cash impact of change in payables days	-25	-22	4	10	10	13	-8	-9	-8	2
.	Cash impact of change in capitalized operating expenses days
.	Cash impact of change in prepaids days	0	-4	-8	12	-17	-15	-4	30	2	-1
.	Cash impact of change in accruals days	-3	-7	20	-2	10	-1	-17	4	-7	-1
.	Cash impact of change in operating working capital days	-20	8	43	14	25	-39	-25	70	-1	11
.	Cash impact of chgs in operating cushion & operating working capital days	42	42	66	26	21	-92	-13	72	9	13
.	As % of core operating cash flow	15.76%	20.43%	35.65%	20.55%	15.40%	-103.84%	-10.26%	61.39%	14.61%	31.73%
.
.	Cash impact of growth and chgs in op. cushion & op. working capital days	36	32	51	15	18	-88	-21	24	-9	-8
.	As % of core operating cash flow	13.75%	15.40%	27.30%	11.44%	13.18%	-99.48%	-16.60%	20.42%	-14.21%	-19.53%
.
.	Cash Flow Available for Debt Service
.	Core operating cash flow	263	205	186	128	133	88	125	117	60	42
.	Other recurring cash receipts (disbursements)	10	3	2	1	1	1	3	2	1	1
.	Income taxes (paid) recovered on continuing operations	-90	-63	-41	-15	-19	-34	-33	-42	-30	-19
.	Cash flow available for debt service	184	145	146	115	115	55	95	77	31	24
.	Cash flow available for debt service growth rate	26.45%	-0.47%	26.76%	0.15%	107.36%	-41.56%	23.75%	145.68%	27.76%	NM
.
.	Cash Flow Drivers
.	Other Recurring Cash Receipts (Disbursements)


.	Revenue from financial services operations
.	Expenses of financial services operations
.	Other income (expense) - recurring
.	Interest income	10	3	2	1	1	1	3	2	1	1
.	Dividend income
.	Dividends received from equity method investments
.	Rental and royalty income
.	Net cash paid in buyback of shares for options
.	Other recurring cash receipts (disbursements)	10	3	2	1	1	1	3	2	1	1
.	As % of cash flow available for debt service	5.33%	2.26%	1.05%	1.30%	0.85%	1.52%	3.00%	2.05%	3.01%	5.22%
.
.	Income Taxes (Paid) Recovered
.	Income tax accounts:
.	Income (loss) before income taxes	225	163	114	80	68	71	140	98	70	49
.	Income tax (expense) benefit	-76	-59	-42	-30	-26	-28	-56	-42	-29	-20
.	Deferred tax assets
.	Deferred tax liabilities (net of amount arising from tax-related goodwill amortization)	12	24	26	23	21	12	13		4	2
.	Tax refund receivable
.	Income taxes payable	20	21	24	26	13	16	21	11	7	10
.


.	Calculation of income taxes (paid) recovered:
.	Income tax (expense) benefit	-76	-59	-42	-30	-26	-28	-56	-42	-29	-20
.	Change in deferred tax assets
.	Change in deferred tax liabilities	-12	-2	3	2	9	-1	13	-4	2	-1
.	Change in tax refund receivable
.	Change in income taxes payable	-1	-3	-2	13	-2	-5	10	4	-3	2
.	Income taxes (paid) recovered before adj for taxes on material non-operating gains or losses	-90	-63	-41	-15	-19	-34	-33	-42	-30	-19
.	Income taxes paid as % of income before income taxes	39.88%	38.87%	36.43%	18.50%	28.49%	47.29%	23.49%	42.83%	42.46%	39.19%
.	Adjustment for income taxes paid (recovered) on material non-operating gains or losses
.	Income taxes (paid) recovered on continuing operations	-90	-63	-41	-15	-19	-34	-33	-42	-30	-19
.	Tax benefits from stock options exercised
.	Income taxes (paid) recovered on contg ops after tax benefits from stock options	-90	-63	-41	-15	-19	-34	-33	-42	-30	-19
.	Income taxes paid to revenue %	4.76%	3.67%	2.68%	1.06%	1.50%	2.64%	2.47%	3.55%	3.85%	3.05%
.	Analysis of Income Taxes Before Adj for Taxes on Material Non-Operating Gains or Losses And Excluding Tax Benefits from Stock Options
.	Income tax cash-flow profile:
.	Effective tax rate expense (benefit) %	33.82%	36.13%	37.25%	37.26%	37.75%	39.03%	39.67%	43.10%	41.25%	41.25%
.	Deferred tax assets to income before income taxes %
.	Deferred tax liabilities to income before income taxes %	5.43%	15.00%	23.13%	28.72%	30.53%	17.05%	9.26%		5.03%	3.46%
.	Tax refund receivable to income before income taxes %
.	Income taxes payable to income before income taxes %	8.76%	12.96%	20.78%	32.73%	19.42%	22.02%	14.68%	11.08%	10.23%	19.86%


.
.	Tax cash impact of income tax (expense) benefit:
.	Growth in income before income taxes	-22	-18	-13	-4	1	28	-18	-12	-8	-5
.	Change in effective tax rate	5	2	0	0	1	0	5	-2	0	0
.	Change in income tax (expense) benefit	-17	-16	-13	-4	2	28	-13	-14	-8	-5
.	Tax cash impact of deferred tax assets:
.	Growth in income before income taxes
.	Change in deferred tax assets to income before income taxes
.	Change in deferred tax assets
.	Tax cash impact of deferred tax liabilities:
.	Growth in income before income taxes	9	11	10	4	0	-6		1	1	1
.	Change in deferred tax liabilities to income before income taxes	-21	-13	-6	-1	9	6	13	-5	1	-1
.	Change in deferred tax liabilities	-12	-2	3	2	9	-1	13	-4	2	-1
.	Tax cash impact of tax refund receivable:
.	Growth in income before income taxes
.	Change in tax refund receivable to income before income taxes
.	Change in tax refund receivable
.	Tax cash impact of income taxes payable:
.	Growth in income before income taxes	8	10	11	2	-1	-10	5	3	4	3
.	Change in income taxes payable to income before income taxes	-9	-13	-14	11	-2	5	5	1	-7	-1


.	Change in income taxes payable	-1	-3	-2	13	-2	-5	10	4	-3	2
.
.	Income Tax Cash-Flow Summary
.	Effects of growth in income before income taxes on:
.	Income tax (expense) benefit	-22	-18	-13	-4	1	28	-18	-12	-8	-5
.	Deferred tax assets
.	Deferred tax liabilities	9	11	10	4	0	-6		1	1	1
.	Tax refund receivable
.	Income taxes payable	8	10	11	2	-1	-10	5	3	4	3
.	Income tax cash impact of growth in income before income taxes	-5	3	8	1	0	11	-13	-7	-4	-2
.	As % of cash flow available for debt service	-2.75%	2.25%	5.63%	1.23%	0.00%	19.67%	-14.17%	-9.73%	-11.77%	-6.59%
.	Effects of change in tax cash-flow profile on:
.	Income tax (expense) benefit	5	2	0	0	1	0	5	-2	0	0
.	Deferred tax assets
.	Deferred tax liabilities	-21	-13	-6	-1	9	6	13	-5	1	-1
.	Tax refund receivable
.	Income taxes payable	-9	-13	-14	11	-2	5	5	1	-7	-1
.	Income tax cash impact of chgs in tax cash-flow profile	-26	-24	-20	10	8	11	23	-6	-6	-3
.	As % of cash flow available for debt service	-14.00%	-16.62%	-13.66%	8.30%	7.21%	20.19%	24.11%	-7.74%	-18.00%	-11.52%
.


.	Income tax cash impact of growth and chgs in tax cash-flow profile	-31	-21	-12	11	8	22	9	-13	-9	-4
.	As % of cash flow available for debt service	-16.75%	-14.37%	-8.03%	9.53%	7.21%	39.86%	9.94%	-17.47%	-29.77%	-18.11%
.
.	Sustainable Operating Cash Flow
.	Cash flow available for debt service	184	145	146	115	115	55	95	77	31	24
.	Total interest paid	-9	-6	-6	-4	-2	-4	-4	-4	-3	-4
.	Sustainable operating cash flow	174	139	140	111	113	52	91	73	28	21
.	Sustainable operating cash flow growth rate	25.17%	-0.48%	26.02%	-1.41%	117.89%	-43.27%	25.74%	156.85%	35.84%	NM
.
.	Cash Flow Drivers
.	Total Interest Paid
.	Interest expense	-9	-6	-6	-4	-2	-4	-4	-4	-3	-4
.	Interest capitalized to PP&E
.	Interest capitalized to inventory
.	Total interest incurred	-9	-6	-6	-4	-2	-4	-4	-4	-3	-4
.	Change in interest payable
.	Change in capitalized debt-issue costs
.	Interest paid with common stock
.	Total interest paid	-9	-6	-6	-4	-2	-4	-4	-4	-3	-4
.	Interest expense as % of average borrowings	6.49%	3.47%	4.49%	4.67%	5.55%	8.70%	7.80%	16.83%	10.34%	6.33%


.	Total interest paid as % of average borrowings	6.49%	3.47%	4.49%	4.67%	5.55%	8.70%	7.80%	16.83%	10.34%	6.33%
.	Cash flow available for debt service to total interest paid	19.93	24.67	24.74	28.74	51.26	14.95	25.75	18.48	10.50	6.71
.
.	Total interest paid	-9	-6	-6	-4	-2	-4	-4	-4	-3	-4
.	Required principal payments on long-term debt and capital lease obligations					-2	-2	-3	-3
.	Total debt service requirements	-9	-6	-6	-6	-5	-6	-6	-4	-3	-4
.	Cash flow available for debt service to total debt service requirements	19.93	24.67	24.74	19.05	24.98	8.92	15.11	18.48	10.50	6.71
.
.	Interest-bearing borrowings:
.	Commercial paper and financing-related notes payable
.	Current portion, long-term debt					2	2	3	3
.	Noncurrent portion, long-term debt	73	205	130	131	39	38	43	47		58
.	Current portion, capital lease obligations
.	Noncurrent portion, capital lease obligation	3	2	2
.	Noncurrent financing-related notes payable
.	Other financing-related current liabilities
.	Other financing-related noncurrent liabilities and other financial services liabilities
.	Noncurrent subordinated and convertible debt
.	Interest-bearing borrowings	76	208	132	131	41	40	45	49		58
.	Average interest-bearing borrowings	142	170	131	86	40	43	47	25	29	58


.
.	Cash Flow Available for Investment
.	Sustainable operating cash flow	174	139	140	111	113	52	91	73	28	21
.	Dividends - preferred
.	Cash flow available for investment	174	139	140	111	113	52	91	73	28	21
.	Cash flow available for investment growth rate	25.17%	-0.48%	26.02%	-1.41%	117.89%	-43.27%	25.74%	156.85%	35.84%	NM
.
.	Cash Flow Drivers
.	Dividends on Preferred Stock
.	Dividends declared - preferred
.	Preferred stock dividend paid in common stock
.	Dividends - preferred
.	Dividends on preferred as % of average outstanding preferred equity
.	Dividends on preferred stock as % of cash flow available for investment
.
.	Preferred stock
.	Average preferred stock
.
.	Sustainable Free Cash Flow
.	Cash flow available for investment	174	139	140	111	113	52	91	73	28	21


.	Capital expenditures	-98	-71	-100	-56	-43	-67	-82	-61	-48	-27
.	Investment in notes receivable
.	Investment in other net financial services assets
.	Investment in operations-related intangibles	1	1	1	-1	33	-40
.	Investment in other operations-related assets
.	Investment to support operations	-98	-70	-100	-56	-10	-107	-82	-61	-48	-27
.	Sustainable free cash flow	77	69	40	55	103	-55	9	12	-20	-6
.	Sustainable free cash flow growth rate	11.31%	71.75%	-26.73%	-46.72%	286.72%	-712.39%	-24.37%	159.47%	-218.90%	NM
.
.	Cash Flow Drivers
.	Capital Expenditures
.	Capital expenditures:
.	Change in property, plant and equipment, net	-20	-10	-45	-5	1	-25	-47	-31	-27	-10
.	Depreciation and amortization incl. in cost of revenue	-77	-61	-52	-47	-44	-42	-35	-30	-22	-17
.	Depreciation and amortization incl. in SG&A	-1	-1	-1	-1	0
.	Amortization expense on acquisition-related intangibles
.	Impairment charge - PP&E			-2	-3
.	Gain (loss) on disposal of PP&E
.	Interest capitalized to PP&E
.	Proceeds from sale and operating leaseback transactions


.	Capital expenditures	-98	-71	-100	-56	-43	-67	-82	-61	-48	-27
.	As % of cash flow available for investment	56.36%	51.23%	71.77%	49.96%	38.52%	129.71%	90.14%	83.61%	170.79%	130.15%
.	Capital expenditures to depreciation on property, plant and equipment	1.26	1.15	1.88	1.15	0.98	1.60	2.37	2.02	2.23	1.61
.	Capital expenditures equivalent of (additions) to operating leases	-92	-46	-46	-32	-62	-52	-82	-160	-50	-66
.	Capital expenditures cash-flow profile:
.	Capital expenditures to revenue %	5.22%	4.14%	6.50%	3.99%	3.35%	5.27%	6.16%	5.11%	6.28%	4.29%
.
.	Cash impact on capital expenditures:
.	Cash impact of growth on capex	-7	-12	-6	-3	-1	4	-7	-26	-6	NM
.	Cash impact of chgs in capex to revenue % on capex	-20	41	-39	-9	25	11	-14	14	-15	NM
.	Cash impact of growth and chgs in capex to revenue % on capex	-27	29	-45	-12	24	15	-22	-12	-21	NM
.
.	Investment in Notes Receivable
.	Investment in notes receivable:
.	Current other notes receivable
.	Noncurrent other notes receivable
.	Notes receivable
.	Investment in notes receivable
.	As % of cash flow available for investment
.


.	Investment in other net financial services assets
.	Investment in other net financial services assets:
.	Other financial services assets
.	Other financial services liabilities
.	Other net financial services assets
.	Investment in other net financial services assets
.	As % of cash flow available for investment
.
.	Investment in Operations-Related Intangibles
.	Investment in operations-related intangibles:
.	Operations-related intangibles	5	5	6	7	6	40
.	Investment in operations-related intangibles	1	1	1	-1	33	-40
.	As % of cash flow available for investment	-0.33%	-0.68%	-0.43%	0.75%	-29.72%	76.71%
.
.	Investment in operations-related intangibles cash-flow profile:
.	Investment in operations-related intangibles to revenue %	-0.03%	-0.06%	-0.04%	0.06%	-2.59%	3.12%
.
.	Cash impact on investment in operations-related intangibles:
.	Cash impact of growth on investment in ops-related intangibles	0	0	0	3	-1		NM
.	Cash impact of chgs in investment in ops-related intangibles to revenue %	0	0	2	-37	74	-40	NM


.	Cash impact of growth and chgs in investment in ops-related intangibles to revenue %	0	0	1	-34	73	-40				NM
.
.	Investment in Other Operations-Related Assets
.	Investment in other operations-related assets:
.	Other operations-related current assets
.	Other operations-related noncurrent assets
.	Other operations-related assets
.	Investment in other operations-related assets
.	As % of cash flow available for investment
.
.	Investment in other ops-related assets cash-flow profile:
.	Investment in other ops-related assets to revenue %
.
.	Cash impact on investment in other ops-related assets:
.	Cash impact of growth on investment in other ops-related assets										NM
.	Cash impact of chgs in investment in other ops-related assets to revenue										NM
.	Cash impact of growth and chgs in investment in other ops-related assets to revenue											NM
.	Capital expenditures and investment to revenue %	5.19%	4.08%	6.46%	4.05%	0.77%	8.39%	6.16%	5.11%	6.28%	4.29%
.
.	Impact of acquisitions and other transactions on cash flow:


.	Reported cash paid for acquisitions			11
.	Calculated to reported change in receivables	-10.13	0.94	1.13
.	Calculated to reported change in inventory	0.95	1.73	1.26	1.33	0.88	0.89	0.96	5.33	1.00	1.00
.	Calculated to reported change in payables and accruals	0.44	5.12	1.57	0.56	1.16	8.57	-9.69	1.98	1.05	0.91
.	Calculated to reported capital expenditures	1.35	1.07	1.18	1.14	0.96	1.04	1.03	1.28	1.04	0.99
.