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12-1Chapter12CapitalBudgetingandEstimatingCashFlows12-2CapitalBudgetingandEstimatingCashFlowsTheCapitalB

udgetingProcessGeneratingInvestmentProjectProposalsEstimatingProject“After-TaxIncrementalOperatingCashFl

ows”12-3WhatisCapitalBudgeting?Theprocessofidentifying,analyzing,andselectinginvestmentprojectswhosereturns(cashflows)areexpectedtoextendbeyondoneyea

r.12-4TheCapitalBudgetingProcessGenerateinvestmentproposalsconsistentwiththefirm’sstrategicobjectives.Estimateafter-taxincrementaloperatingcashflo

wsfortheinvestmentprojects.Evaluateprojectincrementalcashflows.12-5TheCapitalBudgetingProcessSelectprojectsbasedonavalue-maximizingacceptancecriterio

n.Reevaluateimplementedinvestmentprojectscontinuallyandperformpostauditsforcompletedprojects.12-6Class

ificationofInvestmentProjectProposals1.Newproductsorexpansionofexistingproducts2.Replacementofexistingequipmentorbuildings3.

Researchanddevelopment4.Exploration5.Other(e.g.,safetyorpollutionrelated)12-7ScreeningProposalsandDecisionMaking1.SectionChiefs2.PlantMana

gers3.VPforOperations4.CapitalExpendituresCommittee5.President6.BoardofDirectorsAdvancementtothenextleveldependsoncostandstrategicimportanc

e.12-8EstimatingAfter-TaxIncrementalCashFlowsCash(notaccountingincome)flowsOperating(notfinancing)flowsAfter-taxflowsI

ncrementalflowsBasiccharacteristicsofrelevantprojectflows12-9EstimatingAfter-TaxIncrementalCashFlowsIgnores

unkcostsIncludeopportunitycostsIncludeproject-drivenchangesinworkingcapitalnetofspontaneouschangesincu

rrentliabilitiesIncludeeffectsofinflationPrinciplesthatmustbeadheredtointheestimation12-10TaxConsiderationsandDep

reciationGenerally,profitablefirmsprefertouseanacceleratedmethodfortaxreportingpurposes(MACRS).Depreciationrepresen

tsthesystematicallocationofthecostofacapitalassetoveraperiodoftimeforfinancialreportingpurposes,taxpurposes,orboth.12-11Depreci

ationandtheMACRSMethodEverythingelseequal,thegreaterthedepreciationcharges,thelowerthetaxespaidbythefirm.Depreciatio

nisanoncashexpense.Assetsaredepreciated(MACRS)ononeofeightdifferentpropertyclasses.Generally,thehalf-yearconventionisusedforMACRS.12-12MACRSSampleS

cheduleRecoveryPropertyClassYear3-Year5-Year7-Year133.33%20.00%14.29%244.4532.0024.49314.8119.2017.4947.4111.

5212.49511.528.9365.768.9278.9384.4612-13DepreciableBasisIntaxaccounting,thefullyinstalledcostofanasset.Thisistheamountthat,bylaw,maybe

writtenoffovertimefortaxpurposes.DepreciableBasis=CostofAsset+CapitalizedExpenditures12-14CapitalizedExpendituresCapitalizedE

xpendituresareexpendituresthatmayprovidebenefitsintothefutureandthereforearetreatedascapitaloutlaysandnotasexpensesofthe

periodinwhichtheywereincurred.Examples:Shippingandinstallation12-15SaleorDisposalofaDepreciableAssetOftenhistorically,capitalgainsincomehasrecei

vedmorefavorableU.S.taxtreatmentthanoperatingincome.Generally,thesaleofa“capitalasset”(asdefinedbytheIRS)generatesacapitalgain(ass

etsellsformorethanbookvalue)orcapitalloss(assetsellsforlessthanbookvalue).12-16CorporateCapitalGains/LossesCapitallossesaredeductibl

eonlyagainstcapitalgains.Currently,capitalgainsaretaxedatordinaryincometaxratesforcorporations,oramaximum35%.12-17Ca

lculatingtheIncrementalCashFlowsInitialcashoutflow--theinitialnetcashinvestment.Interimincrementalnetcashflows--thosenetcashflowsoccurring

aftertheinitialcashinvestmentbutnotincludingthefinalperiod’scashflow.Terminal-yearincrementalnetcashflows--thefi

nalperiod’snetcashflow.12-18InitialCashOutflowa)Costof“new”assetsb)+Capitalizedexpendituresc)+(-)Increased(decreased)NWC

d)-Netproceedsfromsaleof“old”asset(s)ifreplacemente)+(-)Taxes(savings)duetothesaleof“old”asset(s)ifr

eplacementf)=Initialcashoutflow12-19IncrementalCashFlowsa)Netincr.(decr.)inoperatingrevenueless(plus)anynetincr.

(decr.)inoperatingexpenses,excludingdepr.b)-(+)Netincr.(decr.)intaxdepreciationc)=Netchangeinincomebeforetaxesd)-(+)Netincr.

(decr.)intaxese)=Netchangeinincomeaftertaxesf)+(-)Netincr.(decr.)intaxdepr.chargesg)=Incrementalnetcashflowforperiod12-20Terminal-Year

IncrementalCashFlowsa)Calculatetheincrementalnetcashflowfortheterminalperiodb)+(-)Salvagevalue(disposal/reclamationcosts)ofanysoldordis

posedassetsc)-(+)Taxes(taxsavings)duetoassetsaleordisposalof“new”assetsd)+(-)Decreased(increased)levelof“net”workingcapitale)=Terminaly

earincrementalnetcashflow12-21ExampleofanAssetExpansionProjectBasketWonders(BW)isconsideringthepurchaseofanewbasketweavingmachine.T

hemachinewillcost$50,000plus$20,000forshippingandinstallationandfallsunderthe3-yearMACRSclass.NWCwillriseby$5,000.LisaMillerforecaststhatreve

nueswillincreaseby$110,000foreachofthenext4yearsandwillthenbesold(scrapped)for$10,000attheendofthefourthyear,whentheprojec

tends.Operatingcostswillriseby$70,000foreachofthenextfouryears.BWisinthe40%taxbracket.12-22InitialCashOutflowa)$50,000b)+20,000c)+5,000d)-0(notare

placement)e)+(-)0(notareplacement)f)=$75,000**Notethatwehavecalculatedthisvalueasa“positive”becauseitisacashOUTFLOW(negative

).12-23IncrementalCashFlowsYear1Year2Year3Year4a)$40,000$40,000$40,000$40,000b)-23,33131,11510,3675,187c)=$16,669$8,885$29,633$34,813d

)-6,6683,55411,85313,925e)=$10,001$5,331$17,780$20,888f)+23,33131,11510,3675,187g)=$33,332$36,446$28,147$26,07512-24Terminal-Y

earIncrementalCashFlowsa)$26,075TheincrementalcashflowfromthepreviousslideinYear4.b)+10,000SalvageValue.c)-4,000.40*($10,000-0)Note,theass

etisfullydepreciatedattheendofYear4.d)+5,000NWC-Projectends.e)=$37,075Terminal-yearincrementalcashflow.12-

25SummaryofProjectNetCashFlowsAssetExpansionYear0Year1Year2Year3Year4-$75,000*$33,332$36,446$28,147$37,075*Noticeagain

thatthisvalueisanegativecashflowaswecalculateditastheinitialcashOUTFLOWinslide12-18.12-26ExampleofanAssetReplacementProjectLetusassume

thatpreviousassetexpansionprojectisactuallyanassetreplacementproject.Theoriginalbasisofthemachinewas$30,000anddepreciatedusingstraight-

lineoverfiveyears($6,000peryear).Themachinehastwoyearsofdepreciationandfouryearsofusefulliferemain-ing.BWcansellthecurrentmachin

efor$6,000.Thenewmachinewillnotincreaserevenues(remainat$110,000)butitdecreasesoperatingexpensesby$10,000

peryear(old=$80,000).NWCwillriseto$10,000from$5,000(old).12-27InitialCashOutflowa)$50,000b)+20,000c)+5,000d)-6,000(saleof“old”asset)e)-2,400<--

--f)=$66,600(taxsavingsfromlossonsaleof“old”asset)12-28CalculationoftheChangeinDepreciationYear1Year2Year3Year4a)$23,33

1$31,115$10,367$5,187b)-6,0006,00000c)=$17,331$25,115$10,367$5,187a)Representthedepreciationonthe“new”pr

oject.b)Representtheremainingdepreciationonthe“old”project.c)Netchangeintaxdepreciationcharges.12-29IncrementalCashFlowsYear1Ye

ar2Year3Year4a)$10,000$10,000$10,000$10,000b)-17,33125,11510,3675,187c)=$-7,331-$15,115$-367$4,813d)

--2,932-6,046-1471,925e)=$-4,399$-9,069$-220$2,888f)+17,33125,11510,3675,187g)=$12,932$16,046$10,147$8,07512-30Te

rminal-YearIncrementalCashFlowsa)$8,075TheincrementalcashflowfromthepreviousslideinYear4.b)+10,000SalvageValue.c)-4,000(.40)*($10,000-0).Note

,theassetisfullydepreciatedattheendofYear4.d)+5,000Returnof“added”NWC.e)=$19,075Terminal-yearincrementalcashf

low.12-31SummaryofProjectNetCashFlowsAssetExpansionYear0Year1Year2Year3Year4-$75,000$33,332$36,446$28,147

$37,075AssetReplacementYear0Year1Year2Year3Year4-$66,600$12,933$16,046$10,147$19,075