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12-1Chapter12CapitalBudgetingandEstimatingCashFlows12-2CapitalBudgetingandEstimatingCashFlowsTheCapitalBud

getingProcessGeneratingInvestmentProjectProposalsEstimatingProject“After-TaxIncrementalOperatingCashFlows”

12-3WhatisCapitalBudgeting?Theprocessofidentifying,analyzing,andselectinginvestmentprojectswhosereturns(cashflows)areexpectedtoex

tendbeyondoneyear.12-4TheCapitalBudgetingProcessGenerateinvestmentproposalsconsistentwiththefirm’sstrategicobjectiv

es.Estimateafter-taxincrementaloperatingcashflowsfortheinvestmentprojects.Evaluateprojectincrementalcashflows.12-5The

CapitalBudgetingProcessSelectprojectsbasedonavalue-maximizingacceptancecriterion.Reevaluateimplementedinvestm

entprojectscontinuallyandperformpostauditsforcompletedprojects.12-6ClassificationofInvestmentProjectProposals1.Ne

wproductsorexpansionofexistingproducts2.Replacementofexistingequipmentorbuildings3.Researchanddevelopment4.Exploration5.Other(e.g.,sa

fetyorpollutionrelated)12-7ScreeningProposalsandDecisionMaking1.SectionChiefs2.PlantManagers3.VPforOperations4.CapitalExpendituresCommittee5.Preside

nt6.BoardofDirectorsAdvancementtothenextleveldependsoncostandstrategicimportance.12-8EstimatingAfter-TaxIncrementalCashFlowsCash(nota

ccountingincome)flowsOperating(notfinancing)flowsAfter-taxflowsIncrementalflowsBasiccharacteristicsofreleva

ntprojectflows12-9EstimatingAfter-TaxIncrementalCashFlowsIgnoresunkcostsIncludeopportunitycostsIncludeproject-drivenchangesinworkingcap

italnetofspontaneouschangesincurrentliabilitiesIncludeeffectsofinflationPrinciplesthatmustbeadheredtointheestimation12-10TaxConsiderationsandDeprec

iationGenerally,profitablefirmsprefertouseanacceleratedmethodfortaxreportingpurposes(MACRS).Deprecia

tionrepresentsthesystematicallocationofthecostofacapitalassetoveraperiodoftimeforfinancialreportingpurposes,taxpurposes,orb

oth.12-11DepreciationandtheMACRSMethodEverythingelseequal,thegreaterthedepreciationcharges,thelowerthetaxespaidbythefirm.Depreciationisanoncashe

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

MACRSSampleScheduleRecoveryPropertyClassYear3-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,by

law,maybewrittenoffovertimefortaxpurposes.DepreciableBasis=CostofAsset+CapitalizedExpenditures12-14Capital

izedExpendituresCapitalizedExpendituresareexpendituresthatmayprovidebenefitsintothefutureandthereforearetreatedascapitaloutlaysandnotasex

pensesoftheperiodinwhichtheywereincurred.Examples:Shippingandinstallation12-15SaleorDisposalofaDepreciableAssetOftenhistor

ically,capitalgainsincomehasreceivedmorefavorableU.S.taxtreatmentthanoperatingincome.Generally,thesaleofa“capitalasset”(asdefinedbytheIRS)generates

acapitalgain(assetsellsformorethanbookvalue)orcapitalloss(assetsellsforlessthanbookvalue).12-16CorporateCap

italGains/LossesCapitallossesaredeductibleonlyagainstcapitalgains.Currently,capitalgainsaretaxedatordinaryincometaxrates

forcorporations,oramaximum35%.12-17CalculatingtheIncrementalCashFlowsInitialcashoutflow--theinitialnetca

shinvestment.Interimincrementalnetcashflows--thosenetcashflowsoccurringaftertheinitialcashinvestmentbut

notincludingthefinalperiod’scashflow.Terminal-yearincrementalnetcashflows--thefinalperiod’snetcashflow.12-18InitialCashOu

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

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

atingrevenueless(plus)anynetincr.(decr.)inoperatingexpenses,excludingdepr.b)-(+)Netincr.(decr.)intaxdepre

ciationc)=Netchangeinincomebeforetaxesd)-(+)Netincr.(decr.)intaxese)=Netchangeinincomeaftertaxesf)+(-)Netin

cr.(decr.)intaxdepr.chargesg)=Incrementalnetcashflowforperiod12-20Terminal-YearIncrementalCashFlowsa)Calculatet

heincrementalnetcashflowfortheterminalperiodb)+(-)Salvagevalue(disposal/reclamationcosts)ofanysoldordisposedassetsc)-(+)T

axes(taxsavings)duetoassetsaleordisposalof“new”assetsd)+(-)Decreased(increased)levelof“net”workingcapitale)=Terminalyearincreme

ntalnetcashflow12-21ExampleofanAssetExpansionProjectBasketWonders(BW)isconsideringthepurchaseofanewbasketweavingmachine.

Themachinewillcost$50,000plus$20,000forshippingandinstallationandfallsunderthe3-yearMACRSclass.NWCwi

llriseby$5,000.LisaMillerforecaststhatrevenueswillincreaseby$110,000foreachofthenext4yearsandwillthenbesold(scrapped)for

$10,000attheendofthefourthyear,whentheprojectends.Operatingcostswillriseby$70,000foreachofthenextfouryears.BWisinthe40%taxbrac

ket.12-22InitialCashOutflowa)$50,000b)+20,000c)+5,000d)-0(notareplacement)e)+(-)0(notareplacement)f)=$75,000**Notethatwehavecalculatedthis

valueasa“positive”becauseitisacashOUTFLOW(negative).12-23IncrementalCashFlowsYear1Year2Year3Year4a)$40,000$40,000$40,000$40,000b)-23,33

131,11510,3675,187c)=$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)=$33,3

32$36,446$28,147$26,07512-24Terminal-YearIncrementalCashFlowsa)$26,075Theincrementalcashflowfromthepreviousslidei

nYear4.b)+10,000SalvageValue.c)-4,000.40*($10,000-0)Note,theassetisfullydepreciatedattheendofYear4.d)+5,000NWC-Projectends.e)=$37,075Termin

al-yearincrementalcashflow.12-25SummaryofProjectNetCashFlowsAssetExpansionYear0Year1Year2Year3Year4-$75,000*$33,332$36,446$

28,147$37,075*NoticeagainthatthisvalueisanegativecashflowaswecalculateditastheinitialcashOUTFLOWinsl

ide12-18.12-26ExampleofanAssetReplacementProjectLetusassumethatpreviousassetexpansionprojectisactual

lyanassetreplacementproject.Theoriginalbasisofthemachinewas$30,000anddepreciatedusingstraight-lineoverfiveyears($6,000peryear).Themachine

hastwoyearsofdepreciationandfouryearsofusefulliferemain-ing.BWcansellthecurrentmachinefor$6,000.Thenewmachinewi

llnotincreaserevenues(remainat$110,000)butitdecreasesoperatingexpensesby$10,000peryear(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)12-28CalculationoftheChangeinDepreciationYear1Year2Year3Year4

a)$23,331$31,115$10,367$5,187b)-6,0006,00000c)=$17,331$25,115$10,367$5,187a)Representthedepreciation

onthe“new”project.b)Representtheremainingdepreciationonthe“old”project.c)Netchangeintaxdepreciationcharges.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$10,14

7$8,07512-30Terminal-YearIncrementalCashFlowsa)$8,075TheincrementalcashflowfromthepreviousslideinYear4.b)+10,0

00SalvageValue.c)-4,000(.40)*($10,000-0).Note,theassetisfullydepreciatedattheendofYear4.d)+5,000Returnof“added”NWC.e)=$19,075Terminal-yea

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

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