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12-1Chapter12CapitalBudgetingandEstimatingCashFlows12-2CapitalBudgetingandEstimatingCashFlowsTheCapitalBudgetingProcessGeneratingInvestmen

tProjectProposalsEstimatingProject“After-TaxIncrementalOperatingCashFlows”12-3WhatisCapitalBudgeting?Theprocessofidentifying,analyzing,a

ndselectinginvestmentprojectswhosereturns(cashflows)areexpectedtoextendbeyondoneyear.12-4TheCapitalBudgetingProcess

Generateinvestmentproposalsconsistentwiththefirm’sstrategicobjectives.Estimateafter-taxincrementaloperating

cashflowsfortheinvestmentprojects.Evaluateprojectincrementalcashflows.12-5TheCapitalBudgetingProcessSelectprojectsbasedonavalue-max

imizingacceptancecriterion.Reevaluateimplementedinvestmentprojectscontinuallyandperformpostauditsforcompl

etedprojects.12-6ClassificationofInvestmentProjectProposals1.Newproductsorexpansionofexistingproducts

2.Replacementofexistingequipmentorbuildings3.Researchanddevelopment4.Exploration5.Other(e.g.,safetyorpollutionrelated)12-7ScreeningP

roposalsandDecisionMaking1.SectionChiefs2.PlantManagers3.VPforOperations4.CapitalExpendituresCommittee5.

President6.BoardofDirectorsAdvancementtothenextleveldependsoncostandstrategicimportance.12-8EstimatingAfter-TaxIncrementalCashFlo

wsCash(notaccountingincome)flowsOperating(notfinancing)flowsAfter-taxflowsIncrementalflowsBasiccharacteristicsofrelevantprojectflo

ws12-9EstimatingAfter-TaxIncrementalCashFlowsIgnoresunkcostsIncludeopportunitycostsIncludeproject-drivenchangesinworkingcapita

lnetofspontaneouschangesincurrentliabilitiesIncludeeffectsofinflationPrinciplesthatmustbeadheredtointheestimation12-10TaxConsi

derationsandDepreciationGenerally,profitablefirmsprefertouseanacceleratedmethodfortaxreportingpurposes(MACRS).Depreciationrepresents

thesystematicallocationofthecostofacapitalassetoveraperiodoftimeforfinancialreportingpurposes,taxpurpos

es,orboth.12-11DepreciationandtheMACRSMethodEverythingelseequal,thegreaterthedepreciationcharges,thelowerthetaxespa

idbythefirm.Depreciationisanoncashexpense.Assetsaredepreciated(MACRS)ononeofeightdifferentpropertyclasses.Generally,thehalf-yearconventionisuse

dforMACRS.12-12MACRSSampleScheduleRecoveryPropertyClassYear3-Year5-Year7-Year133.33%20.00%14.29%244.45

32.0024.49314.8119.2017.4947.4111.5212.49511.528.9365.768.9278.9384.4612-13DepreciableBasisIntaxaccounting,thefullyinstal

ledcostofanasset.Thisistheamountthat,bylaw,maybewrittenoffovertimefortaxpurposes.DepreciableBasis=CostofAsset+Capitaliz

edExpenditures12-14CapitalizedExpendituresCapitalizedExpendituresareexpendituresthatmayprovidebenefitsintothefutur

eandthereforearetreatedascapitaloutlaysandnotasexpensesoftheperiodinwhichtheywereincurred.Examples:Shippingandinstallation12-15SaleorDisposal

ofaDepreciableAssetOftenhistorically,capitalgainsincomehasreceivedmorefavorableU.S.taxtreatmentthanoperatingincome.Gener

ally,thesaleofa“capitalasset”(asdefinedbytheIRS)generatesacapitalgain(assetsellsformorethanbookvalue)orcapitalloss(assetsellsf

orlessthanbookvalue).12-16CorporateCapitalGains/LossesCapitallossesaredeductibleonlyagainstcapitalgains.Currentl

y,capitalgainsaretaxedatordinaryincometaxratesforcorporations,oramaximum35%.12-17CalculatingtheIncrementalCashFlowsInitialcashoutflow--theinitial

netcashinvestment.Interimincrementalnetcashflows--thosenetcashflowsoccurringaftertheinitialcashinvestmentbutnotincludingth

efinalperiod’scashflow.Terminal-yearincrementalnetcashflows--thefinalperiod’snetcashflow.12-18InitialCashOutflowa)Costo

f“new”assetsb)+Capitalizedexpendituresc)+(-)Increased(decreased)NWCd)-Netproceedsfromsaleof“old”asset(s)ifreplacemente)+(-)Taxes(savings)due

tothesaleof“old”asset(s)ifreplacementf)=Initialcashoutflow12-19IncrementalCashFlowsa)Netincr.(decr.)in

operatingrevenueless(plus)anynetincr.(decr.)inoperatingexpenses,excludingdepr.b)-(+)Netincr.(decr.)intaxdepreciationc)=Netchangeinin

comebeforetaxesd)-(+)Netincr.(decr.)intaxese)=Netchangeinincomeaftertaxesf)+(-)Netincr.(decr.)intaxdepr.chargesg)=Incremen

talnetcashflowforperiod12-20Terminal-YearIncrementalCashFlowsa)Calculatetheincrementalnetcashflowfortheterminal

periodb)+(-)Salvagevalue(disposal/reclamationcosts)ofanysoldordisposedassetsc)-(+)Taxes(taxsavings)duetoassetsaleordisposalof“new”asset

sd)+(-)Decreased(increased)levelof“net”workingcapitale)=Terminalyearincrementalnetcashflow12-21ExampleofanAssetExpans

ionProjectBasketWonders(BW)isconsideringthepurchaseofanewbasketweavingmachine.Themachinewillcost$50,000plus$20,00

0forshippingandinstallationandfallsunderthe3-yearMACRSclass.NWCwillriseby$5,000.LisaMillerforecaststhatrevenueswillincreaseby$11

0,000foreachofthenext4yearsandwillthenbesold(scrapped)for$10,000attheendofthefourthyear,whentheprojectends.Operatingcostswillriseby$70,000foreachofth

enextfouryears.BWisinthe40%taxbracket.12-22InitialCashOutflowa)$50,000b)+20,000c)+5,000d)-0(notareplacement)e)+(-)0(n

otareplacement)f)=$75,000**Notethatwehavecalculatedthisvalueasa“positive”becauseitisacashOUTFLOW(negative).12-23IncrementalCashFlowsYea

r1Year2Year3Year4a)$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-YearI

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

assetisfullydepreciatedattheendofYear4.d)+5,000NWC-Projectends.e)=$37,075Terminal-yearincrementalcashflow.12-25Sum

maryofProjectNetCashFlowsAssetExpansionYear0Year1Year2Year3Year4-$75,000*$33,332$36,446$28,147$37,075*Noticeagainthatthisvalueisanegativecashflowa

swecalculateditastheinitialcashOUTFLOWinslide12-18.12-26ExampleofanAssetReplacementProjectLetusassumethatpreviousassetexpansionprojectisa

ctuallyanassetreplacementproject.Theoriginalbasisofthemachinewas$30,000anddepreciatedusingstraight-lineoverfiveyears($6,000

peryear).Themachinehastwoyearsofdepreciationandfouryearsofusefulliferemain-ing.BWcansellthecurrentmachinefor$6,000.Thenewmachinewilln

otincreaserevenues(remainat$110,000)butitdecreasesoperatingexpensesby$10,000peryear(old=$80,000).NWCw

illriseto$10,000from$5,000(old).12-27InitialCashOutflowa)$50,000b)+20,000c)+5,000d)-6,000(saleof“old”asset)e)-2,400<----f)=$66,600(taxsavingsfromloss

onsaleof“old”asset)12-28CalculationoftheChangeinDepreciationYear1Year2Year3Year4a)$23,331$31,115$10,367$5,187b)-6,0006,00000c)=$17,331$25,115$1

0,367$5,187a)Representthedepreciationonthe“new”project.b)Representtheremainingdepreciationonthe“old”project.c)Netch

angeintaxdepreciationcharges.12-29IncrementalCashFlowsYear1Year2Year3Year4a)$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$8,07512-30Terminal-YearIncrementalCashFlowsa)$8,075Theincrementalcash

flowfromthepreviousslideinYear4.b)+10,000SalvageValue.c)-4,000(.40)*($10,000-0).Note,theassetisfullydepreciatedattheendofY

ear4.d)+5,000Returnof“added”NWC.e)=$19,075Terminal-yearincrementalcashflow.12-31SummaryofProjectNetCashFlowsAssetExpansionYear0Ye

ar1Year2Year3Year4-$75,000$33,332$36,446$28,147$37,075AssetReplacementYear0Year1Year2Year3Year4-$66,600$12,9

33$16,046$10,147$19,075