Table of Contents

1. Cover
2. About the Authors
3. Acknowledgments
4. Preface
   1. NOTE
5. CHAPTER 1: Introduction
   1. TWO MARKETS: PRODUCT AND CAPITAL
   2. THE BASICS: TOOLS AND TECHNIQUES
   3. A DIAGRAM OF CORPORATE FINANCE
   4. A BRIEF HISTORY OF MODERN FINANCE
   5. READING THIS BOOK
   6. NOTES
6. PART One: Financial Health of a Firm and Cash Flow Management
   1. CHAPTER 2: Determining a Firm's Financial Health (PIPES-A)
      1. THE CONVERSATION WITH THE BANKER IS LIKE A JOB INTERVIEW
      2. STARTING WITH THE PRODUCT MARKET STRATEGY
      3. IS PIPES PROFITABLE?
      4. DOING THE MATH
      5. SOURCES AND USES OF FUNDS
      6. RATIO ANALYSIS
      7. THE CASH CYCLE
      8. SUMMARY
      9. NOTES
   2. CHAPTER 3: Pro Forma Forecasts (PIPES-B)
      1. FIRST, LET'S TAKE A CLOSER LOOK AT RATIO ANALYSIS
      2. PRO FORMA FORECASTS
      3. CIRCULAR RELATIONSHIPS
      4. BACK TO (FORECASTING) THE FUTURE
      5. PROJECTING OUT TO 2018 AND 2019
      6. EVALUATING THE LOAN
      7. SUMMARY
      8. APPENDIX 3A: ACCOUNTING IS NOT ECONOMIC REALITY
      9. NOTES
   3. CHAPTER 4: The Impact of Seasonality on a Firm's Funding (PIPES-C)
      1. MONTHLY PRO FORMA INCOME STATEMENTS
      2. MONTHLY PRO FORMA BALANCE SHEETS
      3. A DIFFERENT PICTURE OF THE FIRM
      4. SUMMARY
      5. APPENDIX 4A: PIPES MONTHLY PRO FORMA INCOME STATEMENTS AND BALANCE SHEETS, 2018
      6. APPENDIX 4B: PIPES MONTHLY PRO FORMA INCOME STATEMENTS AND BALANCE SHEETS, 2019
      7. NOTES
7. PART Two: Firm Financing and Financial Policies
   1. CHAPTER 5: Why Financing Matters (Massey Ferguson)
      1. PRODUCT MARKET POSITION AND STRATEGY
      2. POLITICAL RISK AND ECONOMIES OF SCALE IN PRODUCTION
      3. MASSEY FERGUSON, 1971–1976
      4. SUSTAINABLE GROWTH
      5. THE PERIOD AFTER 1976
      6. CONRAD RUNS AWAY
      7. THE COMPETITORS
      8. BACK TO MASSEY
      9. MASSEY'S RESTRUCTURING
      10. POSTSCRIPT: WHAT HAPPENED TO MASSEY
      11. SUMMARY
      12. APPENDIX 5A: MASSEY FERGUSON FINANCIAL STATEMENTS
      13. NOTES
   2. CHAPTER 6: An Introduction to Capital Structure Theory
      1. OPTIMAL CAPITAL STRUCTURE
      2. M&M AND CORPORATE FINANCE
      3. TAXES
      4. COSTS OF FINANCIAL DISTRESS
      5. THE TEXTBOOK VIEW OF CAPITAL STRUCTURE
      6. THE COST OF CAPITAL
      7. SUMMARY
      8. NOTES
   3. CHAPTER 7: Capital Structure Decisions (Marriott Corporation and Gary Wilson)
      1. CAPITAL STRUCTURE
      2. THE COST OF CAPITAL
      3. HOW FIRMS SET CAPITAL STRUCTURE IN PRACTICE
      4. CORPORATE FINANCIAL POLICIES
      5. SUSTAINABLE GROWTH AND EXCESS CASH FLOW
      6. WHAT TO DO WITH EXCESS CASH?
      7. SUMMARY
      8. APPENDIX 7A: MARRIOTT CORPORATION INCOME STATEMENTS AND BALANCE SHEETS
      9. APPENDIX 7B: MARRIOTT CORPORATION SELECTED RATIOS
      10. NOTES
   4. CHAPTER 8: Investment Decisions (Marriott Corporation and Gary Wilson)
      1. WHAT IS THE CORRECT PRICE?
      2. HOW SHOULD MARRIOTT BUY ITS SHARES?
      3. THE LOAN COVENANTS
      4. THE IMPACT OF THE PRODUCT MARKET ON FINANCIAL POLICIES
      5. THE CAPITAL MARKET IMPACT AND THE FUTURE
      6. SUMMARY
      7. NOTES
   5. CHAPTER 9: Financial Policy Decisions (AT&T: Before and After the 1984 Divestiture)
      1. BACKGROUND ON AT&T
      2. M&M AND THE PRACTICE OF CORPORATE FINANCE
      3. OLD (PRE-1984) AT&T
      4. NEW (POST-1984) AT&T
      5. SUMMARY
      6. APPENDIX 9A: DEVELOPMENT OF AT&T PRO FORMAS, 1984–1988 (EXPECTED-CASE)
      7. NOTES
   6. CHAPTER 10: The Impact of Operating Strategy on Corporate Finance Policy (MCI)
      1. A BRIEF SUMMARY
      2. A BRIEF HISTORY OF MCI
      3. CONVERTIBLE PREFERRED STOCK AND CONVERTIBLE BONDS
      4. INTEREST RATES AND DEBT RATIOS
      5. LEASES
      6. FINANCING NEEDS OF THE NEW MCI
      7. MCI'S FINANCING CHOICE
      8. MCI POSTSCRIPT
      9. SUMMARY
      10. APPENDIX 10A: DEVELOPMENT OF MCI'S PRO FORMAS, 1984–1988
      11. NOTES
   7. CHAPTER 11: Dividends and Stock Repurchases (Apple Inc.)
      1. THE THEORY OF DIVIDEND POLICY
      2. EMPIRICAL EVIDENCE
      3. APPLE INC. AND THE DECISION ON WHETHER TO PAY DIVIDENDS
      4. WHAT DID APPLE DO ABOUT DIVIDENDS?
      5. WHAT HAPPENED NEXT
      6. SUMMARY
      7. NOTES
   8. CHAPTER 12: A Continuation of Capital Structure Theory
      1. THE TAX SHIELD OF DEBT
      2. THE COSTS OF FINANCIAL DISTRESS
      3. TRANSACTION COSTS, ASYMMETRIC INFORMATION, AND AGENCY COSTS
      4. ASYMMETRIC INFORMATION AND FIRM FINANCING
      5. AGENCY COSTS: MANAGER BEHAVIOR AND CAPITAL STRUCTURE
      6. LEVERAGE AND AGENCY CONFLICTS BETWEEN EQUITY AND DEBT HOLDERS
      7. START WITH THE AMOUNT OF FINANCING REQUIRED
      8. SUMMARY
      9. NOTES
   9. CHAPTER 13: Restructuring and Bankruptcy: When Things Go Wrong (Avaya Holdings)
      1. WHEN THINGS GO WRONG
      2. THE KEY ECONOMIC PRINCIPLE OF BANKRUPTCY IS TO SAVE VIABLE FIRMS
      3. WHEN SHOULD A FIRM FILE FOR BANKRUPTCY?
      4. THE RULES OF BANKRUPTCY
      5. MAINTAINING THE VALUE OF A FIRM IN BANKRUPTCY
      6. AVAYA EMERGES FROM BANKRUPTCY
      7. SUMMARY
      8. APPENDIX 13.A: THE CREDITORS COORDINATION PROBLEM
      9. NOTES
8. PART Three: Investments and Valuation
   1. CHAPTER 14: The Time Value of Money: Discounting and Net Present Values
      1. THE TIME VALUE OF MONEY
      2. NET PRESENT VALUE (NPV)
      3. PAYBACK
      4. PROJECTS WITH UNEQUAL LIVES
      5. PERPETUITIES
      6. SUMMARY
      7. NOTES
   2. CHAPTER 15: Valuation and Cash Flows (Sungreen A)
      1. INVESTMENT DECISIONS
      2. HOW TO VALUE A PROJECT
      3. THE WEIGHTED AVERAGE COST OF CAPITAL (WACC)
      4. TERMINAL VALUES
      5. SUMMARY
      6. NOTES
   3. CHAPTER 16: Valuation (Sungreen B)
      1. SUNGREEN'S PROJECTED CASH FLOWS
      2. THE WEIGHTED AVERAGE COST OF CAPITAL (WACC)
      3. TWIN FIRMS
      4. THE COST OF EQUITY
      5. THE COST OF DEBT
      6. THE FINAL VALUATION
      7. STRATEGIC ANALYSIS
      8. SUMMARY
      9. NOTES
   4. CHAPTER 17: Valuation Nuances
      1. CASH FLOW NUANCES
      2. COST OF CAPITAL NUANCES
      3. NUANCES ON CALCULATING THE COST OF EQUITY: LEVERING AND UNLEVERING BETA
      4. SEPARATING CASH FLOWS AND TERMINAL VALUES
      5. NUANCES OF TERMINAL VALUE METHODS
      6. OTHER VALUATION TECHNIQUES: DCF VARIATIONS
      7. REAL OPTIONS (AKA STRATEGIC CHOICES)
      8. SUMMARY
      9. NOTES
   5. CHAPTER 18: Leveraged Buyouts and Private Equity Financing (Congoleum)
      1. CONGOLEUM: A SHORT HISTORY
      2. LEADING UP TO THE LBO: WHAT MAKES A FIRM A GOOD LBO TARGET?
      3. DETAILS OF THE DEAL
      4. POSTSCRIPT: WHAT HAPPENED TO LBOS?
      5. SUMMARY
      6. THE WORLD KEEPS CHANGING
      7. APPENDIX 18A: CONGOLEUM'S PRO FORMAS WITH AND WITHOUT THE LBO
      8. APPENDIX 18B: HIGHLIGHTS OF THE LAZARD FAIRNESS OPINION
      9. NOTES
   6. CHAPTER 19: Mergers and Acquisitions: Strategic Issues (The Dollar Stores)
      1. THE THREE MAIN COMPETITORS
      2. RECENT HISTORY
      3. SHOPPING A FIRM/FINDING A BUYER
      4. SUMMARY
      5. NOTES
   7. CHAPTER 20: Valuing an Acquisition: Free Cash Flows to the Firm (The Dollar Stores)
      1. THE BID FOR FAMILY DOLLAR
      2. FREE CASH FLOWS TO THE FIRM
      3. ESTIMATING THE COST OF CAPITAL
      4. DISCOUNTED CASH FLOWS
      5. TERMINAL VALUES
      6. THE THREE PIECES
      7. SUMMARY
      8. APPENDIX 20A: FAMILY DOLLAR PRO FORMA FINANCIAL STATEMENTS WITH AUTHORS' CONSTANT DEBT RATIO
      9. NOTES
   8. CHAPTER 21: Understanding Free Cash Flows (The Dollar Stores)
      1. COMPARING THE FREE-CASH-FLOWS FORMULAS
      2. BACK TO DISCOUNT RATES
      3. ON TO FREE CASH FLOWS TO EQUITY
      4. DISCOUNTING THE FREE CASH FLOWS TO EQUITY
      5. SUMMARY
      6. APPENDIX 21A: FAMILY DOLLAR PRO FORMA FREE CASH FLOWS TO EQUITY WITH CONSTANT DEBT RATIO
      7. NOTES
   9. CHAPTER 22: Mergers and Acquisitions: Execution (The Dollar Stores)
      1. THE TIME LINE
      2. MANAGERIAL DISCRETION
      3. ACTIVIST SHAREHOLDERS
      4. THE FEDERAL TRADE COMMISSION (FTC)
      5. SHAREHOLDER LAWSUITS
      6. THE VOTE
      7. SUMMARY
      8. APPENDIX 22.A: KEY EVENTS IN THE BIDDING FOR FAMILY DOLLAR, 2014–2015
      9. NOTES
   10. CHAPTER 23: Review
       1. CHAPTERS 2–4: CASH FLOW MANAGEMENT—FINANCIAL TOOLS
       2. CHAPTERS 5–13: FINANCING DECISIONS AND FINANCIAL POLICIES
       3. CHAPTERS 14–22: VALUATION
       4. TOOLS AND CONCEPTS DISCUSSED IN THIS BOOK
       5. FINANCE AS ART, NOT SCIENCE
       6. BOTTOM LINES
       7. AN INTELLIGENT APPROACH TO FINANCE
       8. KEEPING CURRENT
       9. LARRY'S LAST (REALLY A TRUE) STORY
       10. PAUL'S THEORY OF PIES
       11. RULES TO LIVE BY
       12. NOTES
9. Glossary
10. Index
11. End User License Agreement

List of Tables

1. Chapter 2
   1. TABLE 2.1A PIPES—Income Statements 2013–2016
   2. TABLE 2.1B PIPES—Balance Sheets 2013–2016
   3. TABLE 2.2 PIPES—Profitability Ratios 2013–2016
   4. TABLE 2.3A PIPES—Sources and Uses of Funds Worksheet 2016
   5. TABLE 2.3B PIPES—Sources and Uses of Funds 2016
   6. TABLE 2.4A PIPES—Common Size Income Statements (% Sales) 2013–2016
   7. TABLE 2.4B PIPES—Common Size Balance Sheets (% Sales) 2013–2016
   8. TABLE 2.5 PIPES—Selected Ratios 2013–2016
2. Chapter 3
   1. TABLE 3.1A PIPES—2017 Pro Forma Income Statement
   2. TABLE 3.1B PIPES—2017 Pro Forma Balance Sheet
   3. TABLE 3.2A PIPES—Revised 2017 Pro Forma Income Statement
   4. TABLE 3.2B PIPES—Revised 2017 Pro Forma Balance Sheet
   5. TABLE 3.3A PIPES—Pro Forma Income Statements 2017 to 2019
   6. TABLE 3.3B PIPES—Pro Forma Balance Sheets 2017 to 2019
   7. TABLE 3.4 Collateral
   8. TABLE 3.5 Collateral Evaluation
   9. TABLE 3A.1 Typical Balance Sheet
   10. TABLE 3A.2 Accrual Accounting before any Sales
   11. TABLE 3A.3A First In First Out
   12. TABLE 3A.3B Average
   13. TABLE 3A.3C Last In First Out
   14. TABLE 3A.3D Cash Basis
3. Chapter 4
   1. TABLE 4.1 PIPES Monthly Sales in 2016 & Projected Sales in 2017
   2. TABLE 4.2 PIPES Pro Forma Monthly Income Statements for 2017
   3. TABLE 4.3 PIPES Pro Forma Monthly Accounts Receivable Computation for 2017
   4. TABLE 4.4 PIPES Pro Forma Monthly Inventory Calculation for 2017
   5. TABLE 4.5 PIPES Monthly Pro Forma Accounts Payable Calculation for 2017
   6. TABLE 4.6 PIPES Monthly Pro Forma Accruals Calculation
   7. TABLE 4.7 PIPES Monthly Pro Forma Income Statements for 2017 (with Interest Expe...
   8. TABLE 4.8 PIPES Monthly Pro Forma Balance Sheets for 2017
   9. TABLE 4.9 Leverage and Collateral Evaluation
4. Chapter 5
   1. TABLE 5.1 A Comparison of Massey to its Major Competitors in 1976
   2. TABLE 5.2 Massey's Debt 1976–1980
   3. TABLE 5.3 A Competitive Comparison
5. Chapter 6
   1. TABLE 6.1 Debt Ratios of NYSE Firms by Industry in 2017
   2. TABLE 6.2 Firm Value with Corporate Taxes
   3. TABLE 6.3 Relative Advantage of Debt
   4. TABLE 6.4 Agency Cost Example
   5. TABLE 6.5 Debt Overhang Example
6. Chapter 7
   1. TABLE 7.1 Impact of Change on Beta
7. Chapter 8
   1. TABLE 8.1 Marriott Corporation Current and Pro Forma Earnings per Share (EPS)
   2. TABLE 8.2 Marriott Corporation Summary Financial Information from 1979 to 1983
8. Chapter 9
   1. TABLE 9.1 AT&T Income Statements, 1979–1983⁵
   2. TABLE 9.2 AT&T Balance Sheets, 1979–1983⁶
   3. TABLE 9.3 AT&T Cash Flow Statements, 1979–1983
   4. TABLE 9.4 AT&T Additional Selected Ratios,1979–1983
   5. TABLE 9.5 AT&T Pro Forma Income Statements, 1984–1988 (Postdivestiture)
   6. TABLE 9.6 AT&T Pro Forma Balance Sheets, 1984–1988 (Postdivestiture)
   7. TABLE 9.7 AT&T Pro Forma Cash Flow Statements, 1984–1988 (Postdivestiture)
   8. TABLE 9.8 AT&T Pro Forma Income Statements, 1984–1988 (Worst-Case Scenario)
   9. TABLE 9.9 AT&T Pro Forma Balance Sheets, 1984–1988 (Worst-Case Scenario)
   10. TABLE 9.10 AT&T Pro Forma Cash Flow Statements, 1984–1988 (Worst-Case Scenario)
   11. TABLE 9.11 AT&T Pro Forma Cash Flow Statements, 1984–1988, Expected and Worst-Ca...
   12. TABLE 9.12 AT&T's Selected Pro Forma Ratios, Expected and Worst Cases
   13. TABLE 9.13 AT&T Income Statements, 1984–1988 (Postdivestiture)
   14. TABLE 9.14 AT&T Balance Sheets, 1984–1988 (Postdivestiture)
   15. TABLE 9A.1 AT&T's Revenue by Category, 1979–1983
   16. TABLE 9A.2 AT&T's Operating Financials, 1979–1983
   17. TABLE 9A.3 AT&T's Balance Sheets as of June 30, 1983, and Pro Forma Divested
9. Chapter 10
   1. TABLE 10.1 MCI Income Statements, 1979–1983
   2. TABLE 10.2 MCI Balance Sheets (March 31), 1979–1983
   3. TABLE 10.3 MCI Cash Flows (March 31), 1979–1983
   4. TABLE 10.4 Selected MCI's External Financings, 1978–1983⁷
   5. TABLE 10.5 MCI's Pro Forma Cash Flows, 1984–1988: Expected Case
   6. TABLE 10.6 MCI's Assumed Financing Alternatives, April 1983 (for Fiscal 1984)
   7. TABLE 10.7 MCI's Capital Structure under Alternative Financing Choices
   8. TABLE 10A.1 MCI Pro Forma Income Statement, 1984–1988: Expected Case
   9. TABLE 10A.2 MCI Pro Forma Balance Sheet, 1984–1988: Expected Case
   10. TABLE 10A.3 MCI's Pro Forma Cash Flows, 1984–1988: Expected Case (also Table 10....
10. Chapter 11
    1. TABLE 11.1 Apple Inc. Income Statements, 2007–2011
    2. TABLE 11.2 Apple Inc. Balance Sheets, 2007–2011
    3. TABLE 11.3 Apple Inc., Selected Ratios, 2008–2011
    4. TABLE 11.4 Apple Inc. Income Statements, 2012–2017
    5. TABLE 11.5 Apple Inc. Balance Sheets, 2012–2017
11. Chapter 13
    1. TABLE 13.1 Avaya's Selected Financial Information 2004–2007
12. Chapter 15
    1. TABLE 15.1 Sungreen Corp. Income Statements for the Year Ending December 31
    2. TABLE 15.2 Sungreen Corp. Balance Sheets as of December 31
    3. TABLE 15.3 Sungreen Corp. Selected Financial Information
    4. TABLE 15.4 Sungreen's Projected Income Statements for Kingsport
    5. TABLE 15.5 Sungreen's Projected Balance Sheets for Kingsport
    6. TABLE 15.6 Sungreen's Pro Forma New Working Capital CAPEX Kingsport
    7. TABLE 15.7 Sungreen's Pro Forma Net Working Capital Kingsport
    8. TABLE 15.8 Sungreen's Pro Forma Free Cash Flows to the Firm Kingsport
13. Chapter 16
    1. TABLE 16.1 Sungreen's Pro Forma Free Cash Flows to the Firm Kingsport
    2. TABLE 16.2 Financial Information on Kingsport Project's Twin Firms
    3. TABLE 16.3 Capital Markets Data as of June 11, 2018¹⁷
    4. TABLE 16.4 Net Present Value of Free Cash Flows to the Kingsport Plant
14. Chapter 17
    1. TABLE 17.1 Percent of NYSE companies that have interest expense greater than 30%...
15. Chapter 18
    1. TABLE 18.1 Congoleum's Income Statements 1973 to 1978⁷
    2. TABLE 18.2 Congoleum's Balance Sheets 1973 to 1978
    3. TABLE 18.3 Total Purchase Price for Congoleum
    4. TABLE 18.4 Financing the Deal
    5. TABLE 18.5 Condensed Liabilities and Owner Equity in 1978
    6. TABLE 18.6 Congoleum Pro Forma 1980 Income Statement without and with the LBO
    7. TABLE 18.7 Congoleum's Change in Tax Expense with LBO versus without LBO
    8. TABLE 18.8 Congoleum's Pro Forma Excess Cash 1980–1984
    9. TABLE 18.9 Congoleum Pro Forma Capital Structure with the LBO
    10. TABLE 18A.1 Congoleum Pro Forma Income Statement for 1979 and 1980 without the L...
    11. TABLE 18A.2 Congoleum Pro Forma Balance Sheet for 1979 and 1980 without the LBO
    12. TABLE 18A.3 Congoleum Pro Forma Balance Sheet before and after the LBO
    13. TABLE 18A.4 Congoleum Pro Forma Income Statements after the LBO
    14. TABLE 18A.5 Congoleum Pro Forma Balance Sheets after the LBO
16. Chapter 19
    1. TABLE 19.1 A Comparison of the Three Largest Dollar Store Retailers in 2014³
    2. TABLE 19.2 Family Dollar Income Statements, 2010–2014
    3. TABLE 19.3 Family Dollar Balance Sheets, 2010–2014
17. Chapter 20
    1. TABLE 20.1 Family Dollar's Balance Sheet as of 8/30/2014 Pre-Acquisition²
    2. TABLE 20.2 Family Dollar's Restated Balance Sheet as at 9/1/2014 Post-Acquisitio...
    3. TABLE 20.3 Family Dollar's Pre-Acquisition Financial Statements 2010–2014
    4. TABLE 20.4 Pro Forma Family Dollar Post-Acquisition Financial Statements Adjuste...
    5. TABLE 20.5 Pro Forma Family Dollar Assumptions (for Table 20.4)
    6. TABLE 20.6 Family Dollar's Pro Forma Free Cash Flows to the Firm
    7. TABLE 20.7 Present Value of Family Dollar's Pro Forma Cash Flows
    8. TABLE 20A.1 Income Statements with Constant Debt Ratio
    9. TABLE 20A.2 Balance Sheets with Constant Debt Ratio
    10. TABLE 20A.3 Pro Forma Family Dollar Assumptions (for Tables 20A.1 and 20A.2)
    11. TABLE 20A.4 Free Cash Flows to the Firm (using Tables 20A.1 and 20A.2)
18. Chapter 21
    1. TABLE 21.1 Family Dollar's Pro Forma Free Cash Flows to Equity (from Table 20.4)
    2. TABLE 21A.1 Family Dollar's Pro Forma Free Cash Flows to Equity at a Constant 35...

List of Illustrations

1. Chapter 1
   1. FIGURE 1.1 Schematic of Corporate Finance
2. Chapter 5
   1. FIGURE 5.1 Massey, 1971–1976
   2. FIGURE 5.2 Massey's Performance, 1971–1982
   3. Figure 5.3A Massey Ferguson Stock Prices, 1971–1982
   4. Figure 5.3B Massey Ferguson' Market Capitalization, 1971–1982
   5. FIGURE 5.4 Schematic of Corporate Finance
3. Chapter 6
   1. FIGURE 6.1 Capital Structure of NYSE Corporations 1986–2017
   2. FIGURE 6.2 Source of Funds of NYSE Corporations 1986–2017
   3. FIGURE 6.3 “Textbook” View of Optimal Capital Structure
4. Chapter 7
   1. FIGURE 7.1 Capital Structure Costs
   2. FIGURE 7.2 Capital Structure Costs
   3. FIGURE 7.3 Capital Structure Impact on Stock Price
5. Chapter 12
   1. FIGURE 12.1 Stock Price Reaction to Equity Issue Announcements
   2. FIGURE 12.2 Seasoned Equity Offerings (SEOs), 1970–2017
   3. FIGURE 12.3 Initial Public Offerings (IPOs), 1985–2017
6. Chapter 13
   1. FIGURE 13.1 Avaya Revenue ($ millions)
   2. FIGURE 13.2 Avaya's Operating Income (EBIT) and Net Income (Loss) ($ millions)
   3. FIGURE 13.3 Avaya's Interest Bearing Debt ($ Millions) and Avaya's Debt/Total A...

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