et's consider McCormick's balance sheet in more finance terms as of November 2023 using its annual filings. We start by re-stating the balance sheet information from the accounting form into a more economic form by making some simple adjustments. First, we take current liabilities (excluding the ST and the current portion of long-term debt - both will be considered debt)) and net this against current assets to create net current assets of -$26M. We will consider this net working capital plus surplus cash balances As it is negative, we can assume surplus cash is zero and that the firm (at least temporarily) has no working capital. While this is temporarily the case for the balance sheet for free cash flows we will assume some target level of NWC. Next, we segment long-term assets into 3 categories; i) Property, Plant and Equipment, net, $1,325M; ii) Goodwill and Intangible assets, net, $8,617M; and iii) Oth