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1、P1:OTA/XYZP2:ABCc26JWBT347/MckinseyJune8,201013:52PrinterName:Hamilton26NonoperatingExpenses,One-TimeCharges,Reserves,andProvisionsToprojectfuturecashflowsfromongoingoperations,youwouldtypicallyfocusonexpensesaboveearningsbeforeinterest,taxes,andamortization(EBITA),suchascostofsales,distributio
2、nexpenses,sellingexpenses,andadministrativeexpenses.Butwhataboutnonoperatingexpenses,suchasbusi-nessrealignmentexpenses,goodwillimpairment,andextraordinaryitems?Nonoperatingexpensesareinfrequentorunusualchargesthatareindi-rectlyrelatedtothecompany’stypicalactivitiesandnotexpectedtorecur.Thecon
3、ventionalwisdomistoignorenonoperatingexpensesindiscountedcashflow(DCF)calculationsasbackward-looking,one-timecosts.Yetre-searchshowsthatthetypeandaccountingtreatmentofnonoperatingex-pensescanaffectfuturecashflowandmustbeincorporatedintooperatingcashflow.Inadditiontomakingforecastsmoreprecise,adju
4、stmentsfornonoperatingexpenseswillalsomakeassessmentsofpastperformancemoreaccurate.Forinstance,before2009,purchasedin-processR&DforU.S.companieswaswrit-tenoffatthetimeofpurchase.1Thisartificiallyloweredacquiredintangiblesandretainedearnings.Toassesshistoricalreturnoninvestedcapital(ROIC)properl
5、y,youneedtomakeadjustmentsforthistypeofnonoperatingitem.ThischapteranalyzesnonoperatingexpensesthatappearbetweenEBITAandearningsbeforetaxes.Typicalnonoperatingexpensesincludeamortization1StatementofFinancialAccountingStandards(SFAS)No.141(R),BusinessCombinations,requiresthatcompaniesrecognizea
6、cquiredin-processR&Dasanindefinite-livedintangibleasset.Before2009,companiesexpensedpurchasedin-processR&D.SFAS141(R)bringsin-processR&DaccountingintolinewithInternationalFinancialReportingStandards(IFRS)requirements.559P1:OTA/XYZP2:ABCc26JWBT347/MckinseyJune8,201013:52PrinterName:Hamilton560NO
7、NOPERATINGEXPENSES,ONE-TIMECHARGES,RESERVES,ANDPROVISIONSexpense,restructuringcharges,unusualcharges(suchaslitigationexpense),assetwrite-offs,goodwillimpairments,andpurchasedR&D.Althoughinterestexpense,interestincome,andincomefromassoci
