phân tích tài chính doanh nghiệp analyzing financing activities
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Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin
K R Subramanyam
John J Wild
3-2
Analyzing Financing Activities
3
CHAPTER
3-3
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Terms of indebtedness (such as maturity, interest
rate, payment pattern, and amount).
•
Restrictions on deploying resources and pursuing
business activities.
•
Ability and flexibility in pursuing further financing.
•
Obligations for working capital, debt to equity, and other
financial figures.
•
Dilutive conversion features that liabilities are
subject to.
•
Prohibitions on disbursements such as dividends.
3-6
Lease (
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Operating Lease Accounting
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3-10
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Determining the Present Value of Projected Operating Lease
3-11
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-77433;
3-12
577<&
Operating expenses decrease by $177 million
(elimination of $454 million rent expense reported in 2004
and addition of $277 million of depreciation expense).
Interest expense increases by $193 million (to $201 million)
Net income decreases by $10 million [$16 million pretax
x (1 - .35), the assumed marginal corporate tax rate] in 2004.
577<7
The balance sheet impact is more substantial
Total assets and total liabilities both increase markedly—by
$3.321billion at the end of 2004, which is the present value of
the operating lease liability.
The increase in liabilities consists of increases in both current
liabilities ($261 million) and noncurrent liabilities ($3.06 billion).
3-13
*7
Pension benefits8
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Pension Basics
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Focus of Pension Analysis
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Basic framework was first specified under SFAS 87. But, due to
its certain flaws, FASB recently issued SFAS 158.
Recognized Status on the Balance Sheet
Recognizes the funded status of the pension plans on the
balance sheet.
Pension assets and obligations are netted against each other
(as funded status) rather than separately reported both as an
asset and a corresponding liability.
Companies do not report the funded status of pension plans
as a separate line item on the balance sheet, instead, it is
embedded in various assets and liabilities.
3-20
Recognized Pension Cost
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Effects
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3-21
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3-22
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Expected Postretirement Benefit Obligation (EPBO)( "
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3-23
Recognized Status on the Balance Sheet
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3-24
Recognized OPEB Cost
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3-25
Articulation of Balance Sheet and Net
Income
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