[ { "name": "Canonical operating-profit sweep", "description": "Move operating profit through the canonical NOPAT.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "canonical-fixture", "canonical_output_match": true, "state_counts": { "calculated": 61 }, "value_min": 0.086956521739, "value_max": 0.304347826087, "segments": [ { "start_step": 0, "end_step": 60, "state": "calculated", "decision": "package-operating-capital-definition", "start_value_label": "8.70%", "end_value_label": "30.43%" } ] }, "states": [ { "step": 0, "value": 0.086956521739, "value_label": "8.70%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 80.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 60.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.086956521739, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 1, "value": 0.090579710145, "value_label": "9.06%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 83.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 62.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.090579710145, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 2, "value": 0.094202898551, "value_label": "9.42%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 86.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 65.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.094202898551, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 3, "value": 0.097826086957, "value_label": "9.78%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 90.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 67.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.097826086957, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 4, "value": 0.101449275362, "value_label": "10.14%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 93.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 70.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.101449275362, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 5, "value": 0.105072463768, "value_label": "10.51%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 96.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 72.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.105072463768, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 6, "value": 0.108695652174, "value_label": "10.87%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 100.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 75.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.108695652174, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 7, "value": 0.11231884058, "value_label": "11.23%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 103.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 77.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.11231884058, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 8, "value": 0.115942028986, "value_label": "11.59%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 106.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 80.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.115942028986, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 9, "value": 0.119565217391, "value_label": "11.96%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 110.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 82.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.119565217391, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 10, "value": 0.123188405797, "value_label": "12.32%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 113.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 85.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.123188405797, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 11, "value": 0.126811594203, "value_label": "12.68%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 116.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 87.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.126811594203, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 12, "value": 0.130434782609, "value_label": "13.04%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 120.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 90.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.130434782609, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 13, "value": 0.134057971014, "value_label": "13.41%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 123.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 92.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.134057971014, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 14, "value": 0.13768115942, "value_label": "13.77%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 126.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 95.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.13768115942, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 15, "value": 0.141304347826, "value_label": "14.13%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 130.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 97.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.141304347826, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 16, "value": 0.144927536232, "value_label": "14.49%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 133.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 100.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.144927536232, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 17, "value": 0.148550724638, "value_label": "14.86%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 136.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 102.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.148550724638, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 18, "value": 0.152173913043, "value_label": "15.22%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 140.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 105.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.152173913043, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 19, "value": 0.155797101449, "value_label": "15.58%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 143.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 107.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.155797101449, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 20, "value": 0.159420289855, "value_label": "15.94%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 146.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 110.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.159420289855, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 21, "value": 0.163043478261, "value_label": "16.30%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 150.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 112.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.163043478261, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 22, "value": 0.166666666667, "value_label": "16.67%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 153.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 115.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.166666666667, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 23, "value": 0.170289855072, "value_label": "17.03%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 156.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 117.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.170289855072, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 24, "value": 0.173913043478, "value_label": "17.39%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 160.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 120.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.173913043478, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 25, "value": 0.177536231884, "value_label": "17.75%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 163.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 122.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.177536231884, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 26, "value": 0.18115942029, "value_label": "18.12%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 166.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 125.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.18115942029, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 27, "value": 0.184782608696, "value_label": "18.48%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 170.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 127.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.184782608696, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 28, "value": 0.188405797101, "value_label": "18.84%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 173.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 130.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.188405797101, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 29, "value": 0.192028985507, "value_label": "19.20%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 176.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 132.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.192028985507, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 30, "value": 0.195652173913, "value_label": "19.57%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.195652173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 31, "value": 0.199275362319, "value_label": "19.93%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 183.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 137.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.199275362319, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 32, "value": 0.202898550725, "value_label": "20.29%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 186.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 140.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.202898550725, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 33, "value": 0.20652173913, "value_label": "20.65%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 190.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 142.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.20652173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 34, "value": 0.210144927536, "value_label": "21.01%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 193.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 145.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.210144927536, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 35, "value": 0.213768115942, "value_label": "21.38%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 196.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 147.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.213768115942, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 36, "value": 0.217391304348, "value_label": "21.74%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 200.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 150.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.217391304348, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 37, "value": 0.221014492754, "value_label": "22.10%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 203.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 152.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.221014492754, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 38, "value": 0.224637681159, "value_label": "22.46%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 206.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 155.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.224637681159, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 39, "value": 0.228260869565, "value_label": "22.83%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 210.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 157.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.228260869565, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 40, "value": 0.231884057971, "value_label": "23.19%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 213.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 160.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.231884057971, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 41, "value": 0.235507246377, "value_label": "23.55%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 216.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 162.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.235507246377, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 42, "value": 0.239130434783, "value_label": "23.91%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 220.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 165.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.239130434783, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 43, "value": 0.242753623188, "value_label": "24.28%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 223.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 167.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.242753623188, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 44, "value": 0.246376811594, "value_label": "24.64%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 226.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 170.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.246376811594, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 45, "value": 0.25, "value_label": "25.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 230.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 172.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.25, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 46, "value": 0.253623188406, "value_label": "25.36%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 233.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 175.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.253623188406, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 47, "value": 0.257246376812, "value_label": "25.72%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 236.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 177.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.257246376812, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 48, "value": 0.260869565217, "value_label": "26.09%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 240.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 180.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.260869565217, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 49, "value": 0.264492753623, "value_label": "26.45%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 243.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 182.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.264492753623, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 50, "value": 0.268115942029, "value_label": "26.81%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 246.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 185.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.268115942029, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 51, "value": 0.271739130435, "value_label": "27.17%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 250.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 187.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.271739130435, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 52, "value": 0.275362318841, "value_label": "27.54%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 253.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 190.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.275362318841, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 53, "value": 0.278985507246, "value_label": "27.90%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 256.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 192.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.278985507246, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 54, "value": 0.282608695652, "value_label": "28.26%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 260.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 195.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.282608695652, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 55, "value": 0.286231884058, "value_label": "28.62%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 263.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 197.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.286231884058, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 56, "value": 0.289855072464, "value_label": "28.99%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 266.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 200.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.289855072464, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 57, "value": 0.29347826087, "value_label": "29.35%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 270.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 202.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.29347826087, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 58, "value": 0.297101449275, "value_label": "29.71%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 273.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 205.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.297101449275, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 59, "value": 0.300724637681, "value_label": "30.07%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 276.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 207.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.300724637681, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 60, "value": 0.304347826087, "value_label": "30.43%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 280.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 210.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.304347826087, "state": "calculated", "reason": "package-operating-capital-definition" } } ] }, { "name": "Tax-policy sensitivity", "description": "Change the normalized tax rate.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "canonical-fixture", "canonical_output_match": true, "state_counts": { "calculated": 61 }, "value_min": 0.130434782609, "value_max": 0.260869565217, "segments": [ { "start_step": 0, "end_step": 60, "state": "calculated", "decision": "package-operating-capital-definition", "start_value_label": "26.09%", "end_value_label": "13.04%" } ] }, "states": [ { "step": 0, "value": 0.260869565217, "value_label": "26.09%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.0, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 180.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.260869565217, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 1, "value": 0.258695652174, "value_label": "25.87%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.008333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 178.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.258695652174, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 2, "value": 0.25652173913, "value_label": "25.65%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.016666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 177.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.25652173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 3, "value": 0.254347826087, "value_label": "25.43%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.025, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 175.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.254347826087, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 4, "value": 0.252173913043, "value_label": "25.22%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.033333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 174.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.252173913043, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 5, "value": 0.25, "value_label": "25.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.041666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 172.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.25, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 6, "value": 0.247826086957, "value_label": "24.78%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.05, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 171.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.247826086957, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 7, "value": 0.245652173913, "value_label": "24.57%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.058333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 169.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.245652173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 8, "value": 0.24347826087, "value_label": "24.35%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.066666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 168.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.24347826087, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 9, "value": 0.241304347826, "value_label": "24.13%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.075, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 166.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.241304347826, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 10, "value": 0.239130434783, "value_label": "23.91%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.083333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 165.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.239130434783, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 11, "value": 0.236956521739, "value_label": "23.70%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.091666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 163.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.236956521739, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 12, "value": 0.234782608696, "value_label": "23.48%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.1, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 162.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.234782608696, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 13, "value": 0.232608695652, "value_label": "23.26%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.108333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 160.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.232608695652, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 14, "value": 0.230434782609, "value_label": "23.04%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.116666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 159.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.230434782609, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 15, "value": 0.228260869565, "value_label": "22.83%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.125, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 157.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.228260869565, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 16, "value": 0.226086956522, "value_label": "22.61%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.133333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 156.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.226086956522, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 17, "value": 0.223913043478, "value_label": "22.39%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.141666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 154.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.223913043478, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 18, "value": 0.221739130435, "value_label": "22.17%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.15, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 153.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.221739130435, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 19, "value": 0.219565217391, "value_label": "21.96%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.158333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 151.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.219565217391, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 20, "value": 0.217391304348, "value_label": "21.74%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.166666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 150.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.217391304348, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 21, "value": 0.215217391304, "value_label": "21.52%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.175, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 148.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.215217391304, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 22, "value": 0.213043478261, "value_label": "21.30%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.183333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 147.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.213043478261, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 23, "value": 0.210869565217, "value_label": "21.09%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.191666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 145.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.210869565217, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 24, "value": 0.208695652174, "value_label": "20.87%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.2, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 144.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.208695652174, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 25, "value": 0.20652173913, "value_label": "20.65%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.208333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 142.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.20652173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 26, "value": 0.204347826087, "value_label": "20.43%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.216666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 141.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.204347826087, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 27, "value": 0.202173913043, "value_label": "20.22%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.225, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 139.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.202173913043, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 28, "value": 0.2, "value_label": "20.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.233333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 138.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.2, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 29, "value": 0.197826086957, "value_label": "19.78%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.241666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 136.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.197826086957, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 30, "value": 0.195652173913, "value_label": "19.57%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.195652173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 31, "value": 0.19347826087, "value_label": "19.35%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.258333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 133.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.19347826087, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 32, "value": 0.191304347826, "value_label": "19.13%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.266666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 132.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.191304347826, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 33, "value": 0.189130434783, "value_label": "18.91%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.275, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 130.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.189130434783, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 34, "value": 0.186956521739, "value_label": "18.70%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.283333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 129.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.186956521739, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 35, "value": 0.184782608696, "value_label": "18.48%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.291666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 127.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.184782608696, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 36, "value": 0.182608695652, "value_label": "18.26%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.3, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 126.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.182608695652, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 37, "value": 0.180434782609, "value_label": "18.04%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.308333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 124.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.180434782609, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 38, "value": 0.178260869565, "value_label": "17.83%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.316666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 123.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.178260869565, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 39, "value": 0.176086956522, "value_label": "17.61%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.325, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 121.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.176086956522, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 40, "value": 0.173913043478, "value_label": "17.39%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.333333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 120.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.173913043478, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 41, "value": 0.171739130435, "value_label": "17.17%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.341666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 118.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.171739130435, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 42, "value": 0.169565217391, "value_label": "16.96%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.35, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 117.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.169565217391, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 43, "value": 0.167391304348, "value_label": "16.74%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.358333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 115.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.167391304348, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 44, "value": 0.165217391304, "value_label": "16.52%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.366666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 114.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.165217391304, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 45, "value": 0.163043478261, "value_label": "16.30%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.375, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 112.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.163043478261, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 46, "value": 0.160869565217, "value_label": "16.09%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.383333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 111.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.160869565217, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 47, "value": 0.158695652174, "value_label": "15.87%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.391666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 109.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.158695652174, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 48, "value": 0.15652173913, "value_label": "15.65%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.4, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 108.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.15652173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 49, "value": 0.154347826087, "value_label": "15.43%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.408333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 106.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.154347826087, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 50, "value": 0.152173913043, "value_label": "15.22%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.416666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 105.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.152173913043, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 51, "value": 0.15, "value_label": "15.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.425, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 103.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.15, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 52, "value": 0.147826086957, "value_label": "14.78%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.433333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 102.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.147826086957, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 53, "value": 0.145652173913, "value_label": "14.57%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.441666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 100.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.145652173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 54, "value": 0.14347826087, "value_label": "14.35%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.45, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 99.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.14347826087, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 55, "value": 0.141304347826, "value_label": "14.13%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.458333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 97.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.141304347826, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 56, "value": 0.139130434783, "value_label": "13.91%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.466666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 96.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.139130434783, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 57, "value": 0.136956521739, "value_label": "13.70%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.475, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 94.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.136956521739, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 58, "value": 0.134782608696, "value_label": "13.48%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.483333333333, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 93.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.134782608696, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 59, "value": 0.132608695652, "value_label": "13.26%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.491666666667, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 91.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.132608695652, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 60, "value": 0.130434782609, "value_label": "13.04%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.5, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 90.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.130434782609, "state": "calculated", "reason": "package-operating-capital-definition" } } ] }, { "name": "Operating-asset expansion", "description": "Increase operating assets while profit stays fixed.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "comparison", "canonical_output_match": false, "state_counts": { "calculated": 61 }, "value_min": 0.143617021277, "value_max": 0.25, "segments": [ { "start_step": 0, "end_step": 60, "state": "calculated", "decision": "package-operating-capital-definition", "start_value_label": "25.00%", "end_value_label": "14.36%" } ] }, "states": [ { "step": 0, "value": 0.25, "value_label": "25.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 700.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 430.0, "average_invested_capital": 540.0, "roic": 0.25, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 1, "value": 0.246951219512, "value_label": "24.70%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 713.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 443.333333333333, "average_invested_capital": 546.666666666667, "roic": 0.246951219512, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 2, "value": 0.243975903614, "value_label": "24.40%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 726.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 456.666666666667, "average_invested_capital": 553.333333333333, "roic": 0.243975903614, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 3, "value": 0.241071428571, "value_label": "24.11%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 740.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 470.0, "average_invested_capital": 560.0, "roic": 0.241071428571, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 4, "value": 0.238235294118, "value_label": "23.82%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 753.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 483.333333333333, "average_invested_capital": 566.666666666667, "roic": 0.238235294118, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 5, "value": 0.235465116279, "value_label": "23.55%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 766.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 496.666666666667, "average_invested_capital": 573.333333333333, "roic": 0.235465116279, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 6, "value": 0.23275862069, "value_label": "23.28%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 780.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 510.0, "average_invested_capital": 580.0, "roic": 0.23275862069, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 7, "value": 0.230113636364, "value_label": "23.01%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 793.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 523.333333333333, "average_invested_capital": 586.666666666667, "roic": 0.230113636364, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 8, "value": 0.227528089888, "value_label": "22.75%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 806.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 536.666666666667, "average_invested_capital": 593.333333333333, "roic": 0.227528089888, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 9, "value": 0.225, "value_label": "22.50%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 820.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 550.0, "average_invested_capital": 600.0, "roic": 0.225, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 10, "value": 0.222527472527, "value_label": "22.25%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 833.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 563.333333333333, "average_invested_capital": 606.666666666667, "roic": 0.222527472527, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 11, "value": 0.220108695652, "value_label": "22.01%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 846.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 576.666666666667, "average_invested_capital": 613.333333333333, "roic": 0.220108695652, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 12, "value": 0.217741935484, "value_label": "21.77%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 860.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 590.0, "average_invested_capital": 620.0, "roic": 0.217741935484, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 13, "value": 0.215425531915, "value_label": "21.54%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 873.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 603.333333333333, "average_invested_capital": 626.666666666667, "roic": 0.215425531915, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 14, "value": 0.213157894737, "value_label": "21.32%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 886.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 616.666666666667, "average_invested_capital": 633.333333333333, "roic": 0.213157894737, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 15, "value": 0.2109375, "value_label": "21.09%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 900.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 630.0, "average_invested_capital": 640.0, "roic": 0.2109375, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 16, "value": 0.208762886598, "value_label": "20.88%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 913.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 643.333333333333, "average_invested_capital": 646.666666666667, "roic": 0.208762886598, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 17, "value": 0.206632653061, "value_label": "20.66%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 926.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 656.666666666667, "average_invested_capital": 653.333333333333, "roic": 0.206632653061, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 18, "value": 0.204545454545, "value_label": "20.45%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 940.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 670.0, "average_invested_capital": 660.0, "roic": 0.204545454545, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 19, "value": 0.2025, "value_label": "20.25%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 953.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 683.333333333333, "average_invested_capital": 666.666666666667, "roic": 0.2025, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 20, "value": 0.200495049505, "value_label": "20.05%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 966.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 696.666666666667, "average_invested_capital": 673.333333333333, "roic": 0.200495049505, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 21, "value": 0.198529411765, "value_label": "19.85%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 980.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 710.0, "average_invested_capital": 680.0, "roic": 0.198529411765, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 22, "value": 0.196601941748, "value_label": "19.66%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 993.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 723.333333333333, "average_invested_capital": 686.666666666667, "roic": 0.196601941748, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 23, "value": 0.194711538462, "value_label": "19.47%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1006.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 736.666666666667, "average_invested_capital": 693.333333333333, "roic": 0.194711538462, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 24, "value": 0.192857142857, "value_label": "19.29%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1020.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 750.0, "average_invested_capital": 700.0, "roic": 0.192857142857, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 25, "value": 0.191037735849, "value_label": "19.10%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1033.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 763.333333333333, "average_invested_capital": 706.666666666667, "roic": 0.191037735849, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 26, "value": 0.189252336449, "value_label": "18.93%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1046.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 776.666666666667, "average_invested_capital": 713.333333333333, "roic": 0.189252336449, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 27, "value": 0.1875, "value_label": "18.75%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1060.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 790.0, "average_invested_capital": 720.0, "roic": 0.1875, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 28, "value": 0.185779816514, "value_label": "18.58%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1073.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 803.333333333333, "average_invested_capital": 726.666666666667, "roic": 0.185779816514, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 29, "value": 0.184090909091, "value_label": "18.41%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1086.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 816.666666666667, "average_invested_capital": 733.333333333333, "roic": 0.184090909091, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 30, "value": 0.182432432432, "value_label": "18.24%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1100.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 830.0, "average_invested_capital": 740.0, "roic": 0.182432432432, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 31, "value": 0.180803571429, "value_label": "18.08%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1113.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 843.333333333333, "average_invested_capital": 746.666666666667, "roic": 0.180803571429, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 32, "value": 0.179203539823, "value_label": "17.92%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1126.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 856.666666666667, "average_invested_capital": 753.333333333333, "roic": 0.179203539823, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 33, "value": 0.177631578947, "value_label": "17.76%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1140.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 870.0, "average_invested_capital": 760.0, "roic": 0.177631578947, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 34, "value": 0.176086956522, "value_label": "17.61%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1153.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 883.333333333333, "average_invested_capital": 766.666666666667, "roic": 0.176086956522, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 35, "value": 0.174568965517, "value_label": "17.46%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1166.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 896.666666666667, "average_invested_capital": 773.333333333333, "roic": 0.174568965517, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 36, "value": 0.173076923077, "value_label": "17.31%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1180.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 910.0, "average_invested_capital": 780.0, "roic": 0.173076923077, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 37, "value": 0.171610169492, "value_label": "17.16%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1193.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 923.333333333333, "average_invested_capital": 786.666666666667, "roic": 0.171610169492, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 38, "value": 0.170168067227, "value_label": "17.02%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1206.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 936.666666666667, "average_invested_capital": 793.333333333333, "roic": 0.170168067227, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 39, "value": 0.16875, "value_label": "16.88%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1220.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 950.0, "average_invested_capital": 800.0, "roic": 0.16875, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 40, "value": 0.167355371901, "value_label": "16.74%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1233.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 963.333333333333, "average_invested_capital": 806.666666666667, "roic": 0.167355371901, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 41, "value": 0.165983606557, "value_label": "16.60%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1246.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 976.666666666667, "average_invested_capital": 813.333333333333, "roic": 0.165983606557, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 42, "value": 0.164634146341, "value_label": "16.46%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1260.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 990.0, "average_invested_capital": 820.0, "roic": 0.164634146341, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 43, "value": 0.163306451613, "value_label": "16.33%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1273.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1003.333333333333, "average_invested_capital": 826.666666666667, "roic": 0.163306451613, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 44, "value": 0.162, "value_label": "16.20%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1286.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1016.666666666667, "average_invested_capital": 833.333333333333, "roic": 0.162, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 45, "value": 0.160714285714, "value_label": "16.07%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1300.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1030.0, "average_invested_capital": 840.0, "roic": 0.160714285714, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 46, "value": 0.159448818898, "value_label": "15.94%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1313.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1043.333333333333, "average_invested_capital": 846.666666666667, "roic": 0.159448818898, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 47, "value": 0.158203125, "value_label": "15.82%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1326.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1056.666666666667, "average_invested_capital": 853.333333333333, "roic": 0.158203125, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 48, "value": 0.156976744186, "value_label": "15.70%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1340.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1070.0, "average_invested_capital": 860.0, "roic": 0.156976744186, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 49, "value": 0.155769230769, "value_label": "15.58%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1353.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1083.333333333333, "average_invested_capital": 866.666666666667, "roic": 0.155769230769, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 50, "value": 0.154580152672, "value_label": "15.46%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1366.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1096.666666666667, "average_invested_capital": 873.333333333333, "roic": 0.154580152672, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 51, "value": 0.153409090909, "value_label": "15.34%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1380.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1110.0, "average_invested_capital": 880.0, "roic": 0.153409090909, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 52, "value": 0.152255639098, "value_label": "15.23%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1393.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1123.333333333333, "average_invested_capital": 886.666666666667, "roic": 0.152255639098, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 53, "value": 0.151119402985, "value_label": "15.11%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1406.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1136.666666666667, "average_invested_capital": 893.333333333333, "roic": 0.151119402985, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 54, "value": 0.15, "value_label": "15.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1420.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1150.0, "average_invested_capital": 900.0, "roic": 0.15, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 55, "value": 0.148897058824, "value_label": "14.89%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1433.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1163.333333333333, "average_invested_capital": 906.666666666667, "roic": 0.148897058824, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 56, "value": 0.147810218978, "value_label": "14.78%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1446.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1176.666666666667, "average_invested_capital": 913.333333333333, "roic": 0.147810218978, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 57, "value": 0.146739130435, "value_label": "14.67%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1460.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1190.0, "average_invested_capital": 920.0, "roic": 0.146739130435, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 58, "value": 0.145683453237, "value_label": "14.57%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1473.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1203.333333333333, "average_invested_capital": 926.666666666667, "roic": 0.145683453237, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 59, "value": 0.144642857143, "value_label": "14.46%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1486.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1216.666666666667, "average_invested_capital": 933.333333333333, "roic": 0.144642857143, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 60, "value": 0.143617021277, "value_label": "14.36%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1500.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1230.0, "average_invested_capital": 940.0, "roic": 0.143617021277, "state": "calculated", "reason": "package-operating-capital-definition" } } ] }, { "name": "Operating-liability funding", "description": "Increase non-interest-bearing operating liabilities.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "comparison", "canonical_output_match": false, "state_counts": { "calculated": 61 }, "value_min": 0.174193548387, "value_max": 0.284210526316, "segments": [ { "start_step": 0, "end_step": 60, "state": "calculated", "decision": "package-operating-capital-definition", "start_value_label": "17.42%", "end_value_label": "28.42%" } ] }, "states": [ { "step": 0, "value": 0.174193548387, "value_label": "17.42%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 100.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 900.0, "average_invested_capital": 775.0, "roic": 0.174193548387, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 1, "value": 0.175324675325, "value_label": "17.53%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 110.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 890.0, "average_invested_capital": 770.0, "roic": 0.175324675325, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 2, "value": 0.176470588235, "value_label": "17.65%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 120.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 880.0, "average_invested_capital": 765.0, "roic": 0.176470588235, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 3, "value": 0.177631578947, "value_label": "17.76%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 130.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 870.0, "average_invested_capital": 760.0, "roic": 0.177631578947, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 4, "value": 0.17880794702, "value_label": "17.88%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 140.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 860.0, "average_invested_capital": 755.0, "roic": 0.17880794702, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 5, "value": 0.18, "value_label": "18.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 150.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 850.0, "average_invested_capital": 750.0, "roic": 0.18, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 6, "value": 0.181208053691, "value_label": "18.12%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 160.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 840.0, "average_invested_capital": 745.0, "roic": 0.181208053691, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 7, "value": 0.182432432432, "value_label": "18.24%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 170.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 830.0, "average_invested_capital": 740.0, "roic": 0.182432432432, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 8, "value": 0.183673469388, "value_label": "18.37%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 180.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 820.0, "average_invested_capital": 735.0, "roic": 0.183673469388, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 9, "value": 0.184931506849, "value_label": "18.49%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 190.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 810.0, "average_invested_capital": 730.0, "roic": 0.184931506849, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 10, "value": 0.186206896552, "value_label": "18.62%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 200.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 800.0, "average_invested_capital": 725.0, "roic": 0.186206896552, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 11, "value": 0.1875, "value_label": "18.75%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 210.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 790.0, "average_invested_capital": 720.0, "roic": 0.1875, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 12, "value": 0.188811188811, "value_label": "18.88%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 220.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 780.0, "average_invested_capital": 715.0, "roic": 0.188811188811, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 13, "value": 0.19014084507, "value_label": "19.01%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 230.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 770.0, "average_invested_capital": 710.0, "roic": 0.19014084507, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 14, "value": 0.191489361702, "value_label": "19.15%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 240.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 760.0, "average_invested_capital": 705.0, "roic": 0.191489361702, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 15, "value": 0.192857142857, "value_label": "19.29%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 250.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 750.0, "average_invested_capital": 700.0, "roic": 0.192857142857, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 16, "value": 0.194244604317, "value_label": "19.42%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 260.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 740.0, "average_invested_capital": 695.0, "roic": 0.194244604317, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 17, "value": 0.195652173913, "value_label": "19.57%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.195652173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 18, "value": 0.197080291971, "value_label": "19.71%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 280.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 720.0, "average_invested_capital": 685.0, "roic": 0.197080291971, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 19, "value": 0.198529411765, "value_label": "19.85%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 290.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 710.0, "average_invested_capital": 680.0, "roic": 0.198529411765, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 20, "value": 0.2, "value_label": "20.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 300.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 700.0, "average_invested_capital": 675.0, "roic": 0.2, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 21, "value": 0.201492537313, "value_label": "20.15%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 310.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 690.0, "average_invested_capital": 670.0, "roic": 0.201492537313, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 22, "value": 0.203007518797, "value_label": "20.30%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 320.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 680.0, "average_invested_capital": 665.0, "roic": 0.203007518797, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 23, "value": 0.204545454545, "value_label": "20.45%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 330.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 670.0, "average_invested_capital": 660.0, "roic": 0.204545454545, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 24, "value": 0.206106870229, "value_label": "20.61%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 340.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 660.0, "average_invested_capital": 655.0, "roic": 0.206106870229, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 25, "value": 0.207692307692, "value_label": "20.77%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 350.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 650.0, "average_invested_capital": 650.0, "roic": 0.207692307692, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 26, "value": 0.209302325581, "value_label": "20.93%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 360.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 640.0, "average_invested_capital": 645.0, "roic": 0.209302325581, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 27, "value": 0.2109375, "value_label": "21.09%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 370.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 630.0, "average_invested_capital": 640.0, "roic": 0.2109375, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 28, "value": 0.212598425197, "value_label": "21.26%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 380.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 620.0, "average_invested_capital": 635.0, "roic": 0.212598425197, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 29, "value": 0.214285714286, "value_label": "21.43%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 390.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 610.0, "average_invested_capital": 630.0, "roic": 0.214285714286, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 30, "value": 0.216, "value_label": "21.60%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 400.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 600.0, "average_invested_capital": 625.0, "roic": 0.216, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 31, "value": 0.217741935484, "value_label": "21.77%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 410.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 590.0, "average_invested_capital": 620.0, "roic": 0.217741935484, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 32, "value": 0.219512195122, "value_label": "21.95%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 420.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 580.0, "average_invested_capital": 615.0, "roic": 0.219512195122, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 33, "value": 0.22131147541, "value_label": "22.13%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 430.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 570.0, "average_invested_capital": 610.0, "roic": 0.22131147541, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 34, "value": 0.223140495868, "value_label": "22.31%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 440.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 560.0, "average_invested_capital": 605.0, "roic": 0.223140495868, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 35, "value": 0.225, "value_label": "22.50%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 450.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 550.0, "average_invested_capital": 600.0, "roic": 0.225, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 36, "value": 0.226890756303, "value_label": "22.69%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 460.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 540.0, "average_invested_capital": 595.0, "roic": 0.226890756303, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 37, "value": 0.228813559322, "value_label": "22.88%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 470.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 530.0, "average_invested_capital": 590.0, "roic": 0.228813559322, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 38, "value": 0.230769230769, "value_label": "23.08%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 480.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 520.0, "average_invested_capital": 585.0, "roic": 0.230769230769, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 39, "value": 0.23275862069, "value_label": "23.28%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 490.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 510.0, "average_invested_capital": 580.0, "roic": 0.23275862069, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 40, "value": 0.234782608696, "value_label": "23.48%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 500.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 500.0, "average_invested_capital": 575.0, "roic": 0.234782608696, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 41, "value": 0.236842105263, "value_label": "23.68%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 510.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 490.0, "average_invested_capital": 570.0, "roic": 0.236842105263, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 42, "value": 0.238938053097, "value_label": "23.89%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 520.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 480.0, "average_invested_capital": 565.0, "roic": 0.238938053097, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 43, "value": 0.241071428571, "value_label": "24.11%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 530.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 470.0, "average_invested_capital": 560.0, "roic": 0.241071428571, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 44, "value": 0.243243243243, "value_label": "24.32%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 540.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 460.0, "average_invested_capital": 555.0, "roic": 0.243243243243, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 45, "value": 0.245454545455, "value_label": "24.55%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 550.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 450.0, "average_invested_capital": 550.0, "roic": 0.245454545455, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 46, "value": 0.247706422018, "value_label": "24.77%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 560.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 440.0, "average_invested_capital": 545.0, "roic": 0.247706422018, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 47, "value": 0.25, "value_label": "25.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 570.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 430.0, "average_invested_capital": 540.0, "roic": 0.25, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 48, "value": 0.252336448598, "value_label": "25.23%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 580.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 420.0, "average_invested_capital": 535.0, "roic": 0.252336448598, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 49, "value": 0.254716981132, "value_label": "25.47%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 590.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 410.0, "average_invested_capital": 530.0, "roic": 0.254716981132, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 50, "value": 0.257142857143, "value_label": "25.71%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 600.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 400.0, "average_invested_capital": 525.0, "roic": 0.257142857143, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 51, "value": 0.259615384615, "value_label": "25.96%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 610.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 390.0, "average_invested_capital": 520.0, "roic": 0.259615384615, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 52, "value": 0.26213592233, "value_label": "26.21%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 620.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 380.0, "average_invested_capital": 515.0, "roic": 0.26213592233, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 53, "value": 0.264705882353, "value_label": "26.47%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 630.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 370.0, "average_invested_capital": 510.0, "roic": 0.264705882353, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 54, "value": 0.267326732673, "value_label": "26.73%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 640.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 360.0, "average_invested_capital": 505.0, "roic": 0.267326732673, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 55, "value": 0.27, "value_label": "27.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 650.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 350.0, "average_invested_capital": 500.0, "roic": 0.27, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 56, "value": 0.272727272727, "value_label": "27.27%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 660.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 340.0, "average_invested_capital": 495.0, "roic": 0.272727272727, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 57, "value": 0.275510204082, "value_label": "27.55%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 670.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 330.0, "average_invested_capital": 490.0, "roic": 0.275510204082, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 58, "value": 0.278350515464, "value_label": "27.84%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 680.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 320.0, "average_invested_capital": 485.0, "roic": 0.278350515464, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 59, "value": 0.28125, "value_label": "28.12%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 690.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 310.0, "average_invested_capital": 480.0, "roic": 0.28125, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 60, "value": 0.284210526316, "value_label": "28.42%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 700.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 300.0, "average_invested_capital": 475.0, "roic": 0.284210526316, "state": "calculated", "reason": "package-operating-capital-definition" } } ] }, { "name": "Operating loss", "description": "Move NOPAT through zero.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "comparison", "canonical_output_match": false, "state_counts": { "loss": 50, "calculated": 11 }, "value_min": -0.195652173913, "value_max": 0.04347826087, "segments": [ { "start_step": 0, "end_step": 49, "state": "loss", "decision": "package-operating-capital-definition", "start_value_label": "-19.57%", "end_value_label": "-0.04%" }, { "start_step": 50, "end_step": 60, "state": "calculated", "decision": "package-operating-capital-definition", "start_value_label": "0.36%", "end_value_label": "4.35%" } ] }, "states": [ { "step": 0, "value": -0.195652173913, "value_label": "-19.57%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -180.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.195652173913, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 1, "value": -0.191666666667, "value_label": "-19.17%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -176.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -132.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.191666666667, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 2, "value": -0.18768115942, "value_label": "-18.77%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -172.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -129.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.18768115942, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 3, "value": -0.183695652174, "value_label": "-18.37%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -169.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -126.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.183695652174, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 4, "value": -0.179710144928, "value_label": "-17.97%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -165.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -124.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.179710144928, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 5, "value": -0.175724637681, "value_label": "-17.57%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -161.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -121.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.175724637681, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 6, "value": -0.171739130435, "value_label": "-17.17%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -158.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -118.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.171739130435, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 7, "value": -0.167753623188, "value_label": "-16.78%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -154.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -115.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.167753623188, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 8, "value": -0.163768115942, "value_label": "-16.38%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -150.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -113.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.163768115942, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 9, "value": -0.159782608696, "value_label": "-15.98%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -147.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -110.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.159782608696, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 10, "value": -0.155797101449, "value_label": "-15.58%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -143.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -107.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.155797101449, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 11, "value": -0.151811594203, "value_label": "-15.18%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -139.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -104.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.151811594203, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 12, "value": -0.147826086957, "value_label": "-14.78%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -136.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -102.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.147826086957, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 13, "value": -0.14384057971, "value_label": "-14.38%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -132.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -99.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.14384057971, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 14, "value": -0.139855072464, "value_label": "-13.99%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -128.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -96.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.139855072464, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 15, "value": -0.135869565217, "value_label": "-13.59%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -125.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -93.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.135869565217, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 16, "value": -0.131884057971, "value_label": "-13.19%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -121.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -91.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.131884057971, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 17, "value": -0.127898550725, "value_label": "-12.79%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -117.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -88.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.127898550725, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 18, "value": -0.123913043478, "value_label": "-12.39%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -114.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -85.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.123913043478, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 19, "value": -0.119927536232, "value_label": "-11.99%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -110.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -82.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.119927536232, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 20, "value": -0.115942028986, "value_label": "-11.59%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -106.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -80.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.115942028986, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 21, "value": -0.111956521739, "value_label": "-11.20%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -103.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -77.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.111956521739, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 22, "value": -0.107971014493, "value_label": "-10.80%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -99.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -74.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.107971014493, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 23, "value": -0.103985507246, "value_label": "-10.40%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -95.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -71.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.103985507246, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 24, "value": -0.1, "value_label": "-10.00%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -92.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -69.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.1, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 25, "value": -0.096014492754, "value_label": "-9.60%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -88.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -66.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.096014492754, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 26, "value": -0.092028985507, "value_label": "-9.20%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -84.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -63.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.092028985507, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 27, "value": -0.088043478261, "value_label": "-8.80%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -81.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -60.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.088043478261, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 28, "value": -0.084057971014, "value_label": "-8.41%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -77.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -58.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.084057971014, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 29, "value": -0.080072463768, "value_label": "-8.01%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -73.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -55.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.080072463768, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 30, "value": -0.076086956522, "value_label": "-7.61%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -70.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -52.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.076086956522, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 31, "value": -0.072101449275, "value_label": "-7.21%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -66.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -49.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.072101449275, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 32, "value": -0.068115942029, "value_label": "-6.81%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -62.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -47.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.068115942029, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 33, "value": -0.064130434783, "value_label": "-6.41%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -59.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -44.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.064130434783, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 34, "value": -0.060144927536, "value_label": "-6.01%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -55.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -41.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.060144927536, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 35, "value": -0.05615942029, "value_label": "-5.62%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -51.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -38.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.05615942029, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 36, "value": -0.052173913043, "value_label": "-5.22%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -48.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -36.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.052173913043, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 37, "value": -0.048188405797, "value_label": "-4.82%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -44.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -33.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.048188405797, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 38, "value": -0.044202898551, "value_label": "-4.42%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -40.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -30.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.044202898551, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 39, "value": -0.040217391304, "value_label": "-4.02%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -37.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -27.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.040217391304, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 40, "value": -0.036231884058, "value_label": "-3.62%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -33.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -25.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.036231884058, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 41, "value": -0.032246376812, "value_label": "-3.22%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -29.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -22.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.032246376812, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 42, "value": -0.028260869565, "value_label": "-2.83%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -26.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -19.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.028260869565, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 43, "value": -0.024275362319, "value_label": "-2.43%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -22.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -16.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.024275362319, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 44, "value": -0.020289855072, "value_label": "-2.03%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -18.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -14.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.020289855072, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 45, "value": -0.016304347826, "value_label": "-1.63%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -15.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -11.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.016304347826, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 46, "value": -0.01231884058, "value_label": "-1.23%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -11.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -8.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.01231884058, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 47, "value": -0.008333333333, "value_label": "-0.83%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -7.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -5.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.008333333333, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 48, "value": -0.004347826087, "value_label": "-0.43%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -4.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -3.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.004347826087, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 49, "value": -0.000362318841, "value_label": "-0.04%", "state": "loss", "diagnostic": "loss · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": -0.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": -0.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": -0.000362318841, "state": "loss", "reason": "package-operating-capital-definition" } }, { "step": 50, "value": 0.003623188406, "value_label": "0.36%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 3.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 2.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.003623188406, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 51, "value": 0.007608695652, "value_label": "0.76%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 7.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 5.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.007608695652, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 52, "value": 0.011594202899, "value_label": "1.16%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 10.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 8.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.011594202899, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 53, "value": 0.015579710145, "value_label": "1.56%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 14.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 10.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.015579710145, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 54, "value": 0.019565217391, "value_label": "1.96%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 18.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 13.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.019565217391, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 55, "value": 0.023550724638, "value_label": "2.36%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 21.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 16.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.023550724638, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 56, "value": 0.027536231884, "value_label": "2.75%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 25.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 19.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.027536231884, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 57, "value": 0.03152173913, "value_label": "3.15%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 29.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 21.75, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.03152173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 58, "value": 0.035507246377, "value_label": "3.55%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 32.666666666667, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 24.5, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.035507246377, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 59, "value": 0.039492753623, "value_label": "3.95%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 36.333333333333, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 27.25, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.039492753623, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 60, "value": 0.04347826087, "value_label": "4.35%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 40.0, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 30.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 730.0, "average_invested_capital": 690.0, "roic": 0.04347826087, "state": "calculated", "reason": "package-operating-capital-definition" } } ] }, { "name": "Zero-capital boundary", "description": "Cross nonpositive average invested capital.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "comparison", "canonical_output_match": false, "state_counts": { "not-meaningful": 1, "calculated": 60 }, "value_min": 0.0, "value_max": 18.0, "segments": [ { "start_step": 0, "end_step": 0, "state": "not-meaningful", "decision": "nonpositive-average-invested-capital", "start_value_label": "not meaningful", "end_value_label": "not meaningful" }, { "start_step": 1, "end_step": 60, "state": "calculated", "decision": "package-operating-capital-definition", "start_value_label": "1800.00%", "end_value_label": "30.00%" } ] }, "states": [ { "step": 0, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-average-invested-capital", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 900.0, "ending_operating_liabilities": 1000.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 0.0, "ending_invested_capital": 0.0, "average_invested_capital": 0.0, "roic": null, "state": "not-meaningful", "reason": "nonpositive-average-invested-capital" } }, { "step": 1, "value": 18.0, "value_label": "1800.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 893.333333333333, "ending_operating_liabilities": 991.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 6.666666666667, "ending_invested_capital": 8.333333333333, "average_invested_capital": 7.5, "roic": 18.0, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 2, "value": 9.0, "value_label": "900.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 886.666666666667, "ending_operating_liabilities": 983.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 13.333333333333, "ending_invested_capital": 16.666666666667, "average_invested_capital": 15.0, "roic": 9.0, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 3, "value": 6.0, "value_label": "600.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 880.0, "ending_operating_liabilities": 975.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 20.0, "ending_invested_capital": 25.0, "average_invested_capital": 22.5, "roic": 6.0, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 4, "value": 4.5, "value_label": "450.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 873.333333333333, "ending_operating_liabilities": 966.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 26.666666666667, "ending_invested_capital": 33.333333333333, "average_invested_capital": 30.0, "roic": 4.5, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 5, "value": 3.6, "value_label": "360.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 866.666666666667, "ending_operating_liabilities": 958.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 33.333333333333, "ending_invested_capital": 41.666666666667, "average_invested_capital": 37.5, "roic": 3.6, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 6, "value": 3.0, "value_label": "300.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 860.0, "ending_operating_liabilities": 950.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 40.0, "ending_invested_capital": 50.0, "average_invested_capital": 45.0, "roic": 3.0, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 7, "value": 2.571428571429, "value_label": "257.14%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 853.333333333333, "ending_operating_liabilities": 941.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 46.666666666667, "ending_invested_capital": 58.333333333333, "average_invested_capital": 52.5, "roic": 2.571428571429, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 8, "value": 2.25, "value_label": "225.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 846.666666666667, "ending_operating_liabilities": 933.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 53.333333333333, "ending_invested_capital": 66.666666666667, "average_invested_capital": 60.0, "roic": 2.25, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 9, "value": 2.0, "value_label": "200.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 840.0, "ending_operating_liabilities": 925.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 60.0, "ending_invested_capital": 75.0, "average_invested_capital": 67.5, "roic": 2.0, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 10, "value": 1.8, "value_label": "180.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 833.333333333333, "ending_operating_liabilities": 916.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 66.666666666667, "ending_invested_capital": 83.333333333333, "average_invested_capital": 75.0, "roic": 1.8, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 11, "value": 1.636363636364, "value_label": "163.64%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 826.666666666667, "ending_operating_liabilities": 908.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 73.333333333333, "ending_invested_capital": 91.666666666667, "average_invested_capital": 82.5, "roic": 1.636363636364, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 12, "value": 1.5, "value_label": "150.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 820.0, "ending_operating_liabilities": 900.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 80.0, "ending_invested_capital": 100.0, "average_invested_capital": 90.0, "roic": 1.5, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 13, "value": 1.384615384615, "value_label": "138.46%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 813.333333333333, "ending_operating_liabilities": 891.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 86.666666666667, "ending_invested_capital": 108.333333333333, "average_invested_capital": 97.5, "roic": 1.384615384615, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 14, "value": 1.285714285714, "value_label": "128.57%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 806.666666666667, "ending_operating_liabilities": 883.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 93.333333333333, "ending_invested_capital": 116.666666666667, "average_invested_capital": 105.0, "roic": 1.285714285714, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 15, "value": 1.2, "value_label": "120.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 800.0, "ending_operating_liabilities": 875.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 100.0, "ending_invested_capital": 125.0, "average_invested_capital": 112.5, "roic": 1.2, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 16, "value": 1.125, "value_label": "112.50%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 793.333333333333, "ending_operating_liabilities": 866.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 106.666666666667, "ending_invested_capital": 133.333333333333, "average_invested_capital": 120.0, "roic": 1.125, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 17, "value": 1.058823529412, "value_label": "105.88%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 786.666666666667, "ending_operating_liabilities": 858.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 113.333333333333, "ending_invested_capital": 141.666666666667, "average_invested_capital": 127.5, "roic": 1.058823529412, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 18, "value": 1.0, "value_label": "100.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 780.0, "ending_operating_liabilities": 850.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 120.0, "ending_invested_capital": 150.0, "average_invested_capital": 135.0, "roic": 1.0, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 19, "value": 0.947368421053, "value_label": "94.74%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 773.333333333333, "ending_operating_liabilities": 841.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 126.666666666667, "ending_invested_capital": 158.333333333333, "average_invested_capital": 142.5, "roic": 0.947368421053, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 20, "value": 0.9, "value_label": "90.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 766.666666666667, "ending_operating_liabilities": 833.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 133.333333333333, "ending_invested_capital": 166.666666666667, "average_invested_capital": 150.0, "roic": 0.9, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 21, "value": 0.857142857143, "value_label": "85.71%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 760.0, "ending_operating_liabilities": 825.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 140.0, "ending_invested_capital": 175.0, "average_invested_capital": 157.5, "roic": 0.857142857143, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 22, "value": 0.818181818182, "value_label": "81.82%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 753.333333333333, "ending_operating_liabilities": 816.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 146.666666666667, "ending_invested_capital": 183.333333333333, "average_invested_capital": 165.0, "roic": 0.818181818182, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 23, "value": 0.782608695652, "value_label": "78.26%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 746.666666666667, "ending_operating_liabilities": 808.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 153.333333333333, "ending_invested_capital": 191.666666666667, "average_invested_capital": 172.5, "roic": 0.782608695652, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 24, "value": 0.75, "value_label": "75.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 740.0, "ending_operating_liabilities": 800.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 160.0, "ending_invested_capital": 200.0, "average_invested_capital": 180.0, "roic": 0.75, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 25, "value": 0.72, "value_label": "72.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 733.333333333333, "ending_operating_liabilities": 791.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 166.666666666667, "ending_invested_capital": 208.333333333333, "average_invested_capital": 187.5, "roic": 0.72, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 26, "value": 0.692307692308, "value_label": "69.23%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 726.666666666667, "ending_operating_liabilities": 783.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 173.333333333333, "ending_invested_capital": 216.666666666667, "average_invested_capital": 195.0, "roic": 0.692307692308, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 27, "value": 0.666666666667, "value_label": "66.67%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 720.0, "ending_operating_liabilities": 775.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 180.0, "ending_invested_capital": 225.0, "average_invested_capital": 202.5, "roic": 0.666666666667, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 28, "value": 0.642857142857, "value_label": "64.29%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 713.333333333333, "ending_operating_liabilities": 766.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 186.666666666667, "ending_invested_capital": 233.333333333333, "average_invested_capital": 210.0, "roic": 0.642857142857, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 29, "value": 0.620689655172, "value_label": "62.07%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 706.666666666667, "ending_operating_liabilities": 758.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 193.333333333333, "ending_invested_capital": 241.666666666667, "average_invested_capital": 217.5, "roic": 0.620689655172, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 30, "value": 0.6, "value_label": "60.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 700.0, "ending_operating_liabilities": 750.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 200.0, "ending_invested_capital": 250.0, "average_invested_capital": 225.0, "roic": 0.6, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 31, "value": 0.58064516129, "value_label": "58.06%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 693.333333333333, "ending_operating_liabilities": 741.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 206.666666666667, "ending_invested_capital": 258.333333333333, "average_invested_capital": 232.5, "roic": 0.58064516129, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 32, "value": 0.5625, "value_label": "56.25%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 686.666666666667, "ending_operating_liabilities": 733.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 213.333333333333, "ending_invested_capital": 266.666666666667, "average_invested_capital": 240.0, "roic": 0.5625, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 33, "value": 0.545454545455, "value_label": "54.55%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 680.0, "ending_operating_liabilities": 725.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 220.0, "ending_invested_capital": 275.0, "average_invested_capital": 247.5, "roic": 0.545454545455, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 34, "value": 0.529411764706, "value_label": "52.94%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 673.333333333333, "ending_operating_liabilities": 716.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 226.666666666667, "ending_invested_capital": 283.333333333333, "average_invested_capital": 255.0, "roic": 0.529411764706, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 35, "value": 0.514285714286, "value_label": "51.43%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 666.666666666667, "ending_operating_liabilities": 708.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 233.333333333333, "ending_invested_capital": 291.666666666667, "average_invested_capital": 262.5, "roic": 0.514285714286, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 36, "value": 0.5, "value_label": "50.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 660.0, "ending_operating_liabilities": 700.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 240.0, "ending_invested_capital": 300.0, "average_invested_capital": 270.0, "roic": 0.5, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 37, "value": 0.486486486486, "value_label": "48.65%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 653.333333333333, "ending_operating_liabilities": 691.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 246.666666666667, "ending_invested_capital": 308.333333333333, "average_invested_capital": 277.5, "roic": 0.486486486486, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 38, "value": 0.473684210526, "value_label": "47.37%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 646.666666666667, "ending_operating_liabilities": 683.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 253.333333333333, "ending_invested_capital": 316.666666666667, "average_invested_capital": 285.0, "roic": 0.473684210526, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 39, "value": 0.461538461538, "value_label": "46.15%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 640.0, "ending_operating_liabilities": 675.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 260.0, "ending_invested_capital": 325.0, "average_invested_capital": 292.5, "roic": 0.461538461538, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 40, "value": 0.45, "value_label": "45.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 633.333333333333, "ending_operating_liabilities": 666.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 266.666666666667, "ending_invested_capital": 333.333333333333, "average_invested_capital": 300.0, "roic": 0.45, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 41, "value": 0.439024390244, "value_label": "43.90%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 626.666666666667, "ending_operating_liabilities": 658.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 273.333333333333, "ending_invested_capital": 341.666666666667, "average_invested_capital": 307.5, "roic": 0.439024390244, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 42, "value": 0.428571428571, "value_label": "42.86%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 620.0, "ending_operating_liabilities": 650.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 280.0, "ending_invested_capital": 350.0, "average_invested_capital": 315.0, "roic": 0.428571428571, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 43, "value": 0.418604651163, "value_label": "41.86%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 613.333333333333, "ending_operating_liabilities": 641.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 286.666666666667, "ending_invested_capital": 358.333333333333, "average_invested_capital": 322.5, "roic": 0.418604651163, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 44, "value": 0.409090909091, "value_label": "40.91%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 606.666666666667, "ending_operating_liabilities": 633.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 293.333333333333, "ending_invested_capital": 366.666666666667, "average_invested_capital": 330.0, "roic": 0.409090909091, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 45, "value": 0.4, "value_label": "40.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 600.0, "ending_operating_liabilities": 625.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 300.0, "ending_invested_capital": 375.0, "average_invested_capital": 337.5, "roic": 0.4, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 46, "value": 0.391304347826, "value_label": "39.13%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 593.333333333333, "ending_operating_liabilities": 616.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 306.666666666667, "ending_invested_capital": 383.333333333333, "average_invested_capital": 345.0, "roic": 0.391304347826, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 47, "value": 0.382978723404, "value_label": "38.30%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 586.666666666667, "ending_operating_liabilities": 608.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 313.333333333333, "ending_invested_capital": 391.666666666667, "average_invested_capital": 352.5, "roic": 0.382978723404, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 48, "value": 0.375, "value_label": "37.50%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 580.0, "ending_operating_liabilities": 600.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 320.0, "ending_invested_capital": 400.0, "average_invested_capital": 360.0, "roic": 0.375, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 49, "value": 0.367346938776, "value_label": "36.73%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 573.333333333333, "ending_operating_liabilities": 591.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 326.666666666667, "ending_invested_capital": 408.333333333333, "average_invested_capital": 367.5, "roic": 0.367346938776, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 50, "value": 0.36, "value_label": "36.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 566.666666666667, "ending_operating_liabilities": 583.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 333.333333333333, "ending_invested_capital": 416.666666666667, "average_invested_capital": 375.0, "roic": 0.36, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 51, "value": 0.352941176471, "value_label": "35.29%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 560.0, "ending_operating_liabilities": 575.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 340.0, "ending_invested_capital": 425.0, "average_invested_capital": 382.5, "roic": 0.352941176471, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 52, "value": 0.346153846154, "value_label": "34.62%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 553.333333333333, "ending_operating_liabilities": 566.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 346.666666666667, "ending_invested_capital": 433.333333333333, "average_invested_capital": 390.0, "roic": 0.346153846154, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 53, "value": 0.339622641509, "value_label": "33.96%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 546.666666666667, "ending_operating_liabilities": 558.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 353.333333333333, "ending_invested_capital": 441.666666666667, "average_invested_capital": 397.5, "roic": 0.339622641509, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 54, "value": 0.333333333333, "value_label": "33.33%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 540.0, "ending_operating_liabilities": 550.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 360.0, "ending_invested_capital": 450.0, "average_invested_capital": 405.0, "roic": 0.333333333333, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 55, "value": 0.327272727273, "value_label": "32.73%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 533.333333333333, "ending_operating_liabilities": 541.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 366.666666666667, "ending_invested_capital": 458.333333333333, "average_invested_capital": 412.5, "roic": 0.327272727273, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 56, "value": 0.321428571429, "value_label": "32.14%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 526.666666666667, "ending_operating_liabilities": 533.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 373.333333333333, "ending_invested_capital": 466.666666666667, "average_invested_capital": 420.0, "roic": 0.321428571429, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 57, "value": 0.315789473684, "value_label": "31.58%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 520.0, "ending_operating_liabilities": 525.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 380.0, "ending_invested_capital": 475.0, "average_invested_capital": 427.5, "roic": 0.315789473684, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 58, "value": 0.310344827586, "value_label": "31.03%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 513.333333333333, "ending_operating_liabilities": 516.666666666667 }, "output": { "nopat": 135.0, "beginning_invested_capital": 386.666666666667, "ending_invested_capital": 483.333333333333, "average_invested_capital": 435.0, "roic": 0.310344827586, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 59, "value": 0.305084745763, "value_label": "30.51%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 506.666666666667, "ending_operating_liabilities": 508.333333333333 }, "output": { "nopat": 135.0, "beginning_invested_capital": 393.333333333333, "ending_invested_capital": 491.666666666667, "average_invested_capital": 442.5, "roic": 0.305084745763, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 60, "value": 0.3, "value_label": "30.00%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1000, "beginning_operating_liabilities": 500.0, "ending_operating_liabilities": 500.0 }, "output": { "nopat": 135.0, "beginning_invested_capital": 400.0, "ending_invested_capital": 500.0, "average_invested_capital": 450.0, "roic": 0.3, "state": "calculated", "reason": "package-operating-capital-definition" } } ] }, { "name": "Beginning/end capital asymmetry", "description": "Change the ending capital balance and averaging effect.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "comparison", "canonical_output_match": false, "state_counts": { "calculated": 61 }, "value_min": 0.147540983607, "value_max": 0.238938053097, "segments": [ { "start_step": 0, "end_step": 60, "state": "calculated", "decision": "package-operating-capital-definition", "start_value_label": "23.89%", "end_value_label": "14.75%" } ] }, "states": [ { "step": 0, "value": 0.238938053097, "value_label": "23.89%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 750.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 480.0, "average_invested_capital": 565.0, "roic": 0.238938053097, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 1, "value": 0.236496350365, "value_label": "23.65%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 761.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 491.666666666667, "average_invested_capital": 570.833333333333, "roic": 0.236496350365, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 2, "value": 0.234104046243, "value_label": "23.41%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 773.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 503.333333333333, "average_invested_capital": 576.666666666667, "roic": 0.234104046243, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 3, "value": 0.231759656652, "value_label": "23.18%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 785.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 515.0, "average_invested_capital": 582.5, "roic": 0.231759656652, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 4, "value": 0.229461756374, "value_label": "22.95%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 796.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 526.666666666667, "average_invested_capital": 588.333333333333, "roic": 0.229461756374, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 5, "value": 0.227208976157, "value_label": "22.72%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 808.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 538.333333333333, "average_invested_capital": 594.166666666667, "roic": 0.227208976157, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 6, "value": 0.225, "value_label": "22.50%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 820.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 550.0, "average_invested_capital": 600.0, "roic": 0.225, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 7, "value": 0.222833562586, "value_label": "22.28%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 831.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 561.666666666667, "average_invested_capital": 605.833333333333, "roic": 0.222833562586, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 8, "value": 0.220708446866, "value_label": "22.07%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 843.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 573.333333333333, "average_invested_capital": 611.666666666667, "roic": 0.220708446866, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 9, "value": 0.218623481781, "value_label": "21.86%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 855.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 585.0, "average_invested_capital": 617.5, "roic": 0.218623481781, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 10, "value": 0.216577540107, "value_label": "21.66%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 866.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 596.666666666667, "average_invested_capital": 623.333333333333, "roic": 0.216577540107, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 11, "value": 0.214569536424, "value_label": "21.46%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 878.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 608.333333333333, "average_invested_capital": 629.166666666667, "roic": 0.214569536424, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 12, "value": 0.212598425197, "value_label": "21.26%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 890.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 620.0, "average_invested_capital": 635.0, "roic": 0.212598425197, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 13, "value": 0.21066319896, "value_label": "21.07%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 901.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 631.666666666667, "average_invested_capital": 640.833333333333, "roic": 0.21066319896, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 14, "value": 0.208762886598, "value_label": "20.88%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 913.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 643.333333333333, "average_invested_capital": 646.666666666667, "roic": 0.208762886598, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 15, "value": 0.206896551724, "value_label": "20.69%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 925.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 655.0, "average_invested_capital": 652.5, "roic": 0.206896551724, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 16, "value": 0.205063291139, "value_label": "20.51%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 936.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 666.666666666667, "average_invested_capital": 658.333333333333, "roic": 0.205063291139, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 17, "value": 0.203262233375, "value_label": "20.33%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 948.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 678.333333333333, "average_invested_capital": 664.166666666667, "roic": 0.203262233375, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 18, "value": 0.201492537313, "value_label": "20.15%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 960.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 690.0, "average_invested_capital": 670.0, "roic": 0.201492537313, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 19, "value": 0.199753390875, "value_label": "19.98%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 971.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 701.666666666667, "average_invested_capital": 675.833333333333, "roic": 0.199753390875, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 20, "value": 0.19804400978, "value_label": "19.80%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 983.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 713.333333333333, "average_invested_capital": 681.666666666667, "roic": 0.19804400978, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 21, "value": 0.196363636364, "value_label": "19.64%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 995.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 725.0, "average_invested_capital": 687.5, "roic": 0.196363636364, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 22, "value": 0.194711538462, "value_label": "19.47%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1006.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 736.666666666667, "average_invested_capital": 693.333333333333, "roic": 0.194711538462, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 23, "value": 0.193087008343, "value_label": "19.31%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1018.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 748.333333333333, "average_invested_capital": 699.166666666667, "roic": 0.193087008343, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 24, "value": 0.191489361702, "value_label": "19.15%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1030.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 760.0, "average_invested_capital": 705.0, "roic": 0.191489361702, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 25, "value": 0.189917936694, "value_label": "18.99%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1041.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 771.666666666667, "average_invested_capital": 710.833333333333, "roic": 0.189917936694, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 26, "value": 0.188372093023, "value_label": "18.84%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1053.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 783.333333333333, "average_invested_capital": 716.666666666667, "roic": 0.188372093023, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 27, "value": 0.186851211073, "value_label": "18.69%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1065.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 795.0, "average_invested_capital": 722.5, "roic": 0.186851211073, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 28, "value": 0.185354691076, "value_label": "18.54%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1076.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 806.666666666667, "average_invested_capital": 728.333333333333, "roic": 0.185354691076, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 29, "value": 0.183881952327, "value_label": "18.39%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1088.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 818.333333333333, "average_invested_capital": 734.166666666667, "roic": 0.183881952327, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 30, "value": 0.182432432432, "value_label": "18.24%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1100.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 830.0, "average_invested_capital": 740.0, "roic": 0.182432432432, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 31, "value": 0.181005586592, "value_label": "18.10%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1111.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 841.666666666667, "average_invested_capital": 745.833333333333, "roic": 0.181005586592, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 32, "value": 0.179600886918, "value_label": "17.96%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1123.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 853.333333333333, "average_invested_capital": 751.666666666667, "roic": 0.179600886918, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 33, "value": 0.178217821782, "value_label": "17.82%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1135.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 865.0, "average_invested_capital": 757.5, "roic": 0.178217821782, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 34, "value": 0.176855895197, "value_label": "17.69%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1146.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 876.666666666667, "average_invested_capital": 763.333333333333, "roic": 0.176855895197, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 35, "value": 0.175514626219, "value_label": "17.55%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1158.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 888.333333333333, "average_invested_capital": 769.166666666667, "roic": 0.175514626219, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 36, "value": 0.174193548387, "value_label": "17.42%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1170.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 900.0, "average_invested_capital": 775.0, "roic": 0.174193548387, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 37, "value": 0.172892209178, "value_label": "17.29%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1181.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 911.666666666667, "average_invested_capital": 780.833333333333, "roic": 0.172892209178, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 38, "value": 0.171610169492, "value_label": "17.16%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1193.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 923.333333333333, "average_invested_capital": 786.666666666667, "roic": 0.171610169492, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 39, "value": 0.170347003155, "value_label": "17.03%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1205.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 935.0, "average_invested_capital": 792.5, "roic": 0.170347003155, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 40, "value": 0.169102296451, "value_label": "16.91%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1216.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 946.666666666667, "average_invested_capital": 798.333333333333, "roic": 0.169102296451, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 41, "value": 0.167875647668, "value_label": "16.79%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1228.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 958.333333333333, "average_invested_capital": 804.166666666667, "roic": 0.167875647668, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 42, "value": 0.166666666667, "value_label": "16.67%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1240.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 970.0, "average_invested_capital": 810.0, "roic": 0.166666666667, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 43, "value": 0.165474974464, "value_label": "16.55%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1251.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 981.666666666667, "average_invested_capital": 815.833333333333, "roic": 0.165474974464, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 44, "value": 0.16430020284, "value_label": "16.43%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1263.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 993.333333333333, "average_invested_capital": 821.666666666667, "roic": 0.16430020284, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 45, "value": 0.163141993958, "value_label": "16.31%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1275.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1005.0, "average_invested_capital": 827.5, "roic": 0.163141993958, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 46, "value": 0.162, "value_label": "16.20%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1286.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1016.666666666667, "average_invested_capital": 833.333333333333, "roic": 0.162, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 47, "value": 0.16087388282, "value_label": "16.09%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1298.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1028.333333333333, "average_invested_capital": 839.166666666667, "roic": 0.16087388282, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 48, "value": 0.159763313609, "value_label": "15.98%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1310.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1040.0, "average_invested_capital": 845.0, "roic": 0.159763313609, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 49, "value": 0.158667972576, "value_label": "15.87%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1321.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1051.666666666667, "average_invested_capital": 850.833333333333, "roic": 0.158667972576, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 50, "value": 0.157587548638, "value_label": "15.76%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1333.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1063.333333333333, "average_invested_capital": 856.666666666667, "roic": 0.157587548638, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 51, "value": 0.15652173913, "value_label": "15.65%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1345.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1075.0, "average_invested_capital": 862.5, "roic": 0.15652173913, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 52, "value": 0.15547024952, "value_label": "15.55%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1356.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1086.666666666667, "average_invested_capital": 868.333333333333, "roic": 0.15547024952, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 53, "value": 0.154432793136, "value_label": "15.44%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1368.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1098.333333333333, "average_invested_capital": 874.166666666667, "roic": 0.154432793136, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 54, "value": 0.153409090909, "value_label": "15.34%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1380.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1110.0, "average_invested_capital": 880.0, "roic": 0.153409090909, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 55, "value": 0.152398871119, "value_label": "15.24%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1391.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1121.666666666667, "average_invested_capital": 885.833333333333, "roic": 0.152398871119, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 56, "value": 0.151401869159, "value_label": "15.14%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1403.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1133.333333333333, "average_invested_capital": 891.666666666667, "roic": 0.151401869159, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 57, "value": 0.150417827298, "value_label": "15.04%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1415.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1145.0, "average_invested_capital": 897.5, "roic": 0.150417827298, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 58, "value": 0.149446494465, "value_label": "14.94%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1426.666666666667, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1156.666666666667, "average_invested_capital": 903.333333333333, "roic": 0.149446494465, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 59, "value": 0.148487626031, "value_label": "14.85%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1438.333333333333, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1168.333333333333, "average_invested_capital": 909.166666666667, "roic": 0.148487626031, "state": "calculated", "reason": "package-operating-capital-definition" } }, { "step": 60, "value": 0.147540983607, "value_label": "14.75%", "state": "calculated", "diagnostic": "calculated · package-operating-capital-definition", "guidance": "Observe NOPAT, beginning/ending operating capital, average capital, ROIC, and reason. The decision boundary is average invested capital equals zero.", "input": { "operating_profit": 180, "normalized_tax_rate": 0.25, "beginning_operating_assets": 900, "ending_operating_assets": 1450.0, "beginning_operating_liabilities": 250, "ending_operating_liabilities": 270 }, "output": { "nopat": 135.0, "beginning_invested_capital": 650.0, "ending_invested_capital": 1180.0, "average_invested_capital": 915.0, "roic": 0.147540983607, "state": "calculated", "reason": "package-operating-capital-definition" } } ] } ]