A schedule of current assets and current liabilities for Lexmark International, Inc., a leading manufacturer of laser and inkjet printers, for three comparative years is as follows:

In addition, sales and cost of goods sold information for 2004 and 2003 are as follows (in millions):

a. Determine the cash conversion cycles for 2003 and 2004. Round to the nearest whole day.
b. Interpret yourfindings.

Lexmark International, Inc. Schedule of Current Assets and Current Liabilities December 31, 2004, 2003, and 2002 (in millions) Current assets: Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2002 626.20 940.50 744.60 451.50 497.70 Cash and cash equivalents Marketable securities Accounts receivable, net of allowances Inventories Prepaid expenses and other 744.40 464.90 615.40 437.00 600.30 410.30 224.90 $3,000.90 195.30 $2,443.80 290.50 $1,798.80 current asset Total current assets Current liabilities: Short-term debt Accounts payable Accrued liabilities $1.50 670.60 795.60 $1,467.70 $ 1.10 465.70 716.50 $1,183.30 S 12.30 378.50 708.20 1,099.00 Total current liabilities 2004 2003 Revenue Cost of goods sold $5,313.80 3,522.40 $4,754.70 3,209.60