FREE CASH FLOW

Arlington Corporation's financial statements (dollars and shares are in millions) are provided here.

Balance Sheets as of December 31

2016 2015

Assets

Cash and equivalents $12,000 $ 11,000

Accounts receivable 35,000 30,000

Inventories 32,480 29,000

Total current assets $79,480 $70,000

Net plant and equipment 51,000 49,000

Total assets $130,480 $119,000

Liabilities and Equity

Accounts payable $10,200 $ 9,500

Accruals 8,000 6,000

Notes payable 6,700 5,150

Total current liabilities $24,900 $ 20,650

Long-term bonds 15,000 15,000

Total liabilities $39,900 $ 35,650

Common stock (4,000 shares) 50,000 50,000

Retained earnings 40,580 33,350

Common equity $90,580 $ 83,350

Total liabilities and equity $130,480 $119,000

Income Statement for Year Ending December 31, 2016

Sales $226,000

Operating costs excluding depreciation and amortization 180,000

EBITDA $46,000

Depreciation & amortization 3,000

EBIT $43,000

Interest 3,500

EBT $39,500

Taxes (40%) 15,800

Net income $23,700

Dividends paid 16,470

What was net operating working capital for 2015 and 2016?

What was Arlington's 2016 free cash flow?

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