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Assess Credit Risk for a Troubled Company Financial statement information for Spirit Aerosystems follows. | SPIRIT AEROSYSTEMS HOLDINGS, INC. Consolidated Balance Sheets As of Year End ($ millions) Current Year | Prior Year Assets Cash and cash equivalents $658.6 $1,478.6 Restricted cash 0.2 0.3 Accounts receivable, net 489.5 461.6 Inventory, net 1,470.7 1,382.6 Other current assets 5393 482.9 Total current assets 3,158.3 3,806.0 Property, plant and equipment, net 2,205.9 2,385.5 Operating lease right of use assets 94.3 85.3 Goodwill 630.5 623.7 Intangible assets, net 211.4 2123 Other assets 365.8 624.5 Total assets $6,666.2 $7,737.3 Liabilities [ 1 Accounts payable $919.8 $720.3 Accrued expenses 411.7 376.1 Current portion of long-term debt 53.7 49.5 Operating leases 8.3 8.2 Other current liabilities 559.0 7219 Total current liabilities 1,952.5 1.876.0 | Long-term debt 3,814.9 3,742.7 Operating leases 854 78.8 Other noncurrent liabilities 1,057.2 1,591.0 Stockholders' equity Common 5Stock 1.1 1.1 Additional paid-in capital 1,179.5 1.146.2 Accumulated other comprehensive loss (203.9) (23.7) Retained earnings 1,232.5 1.781.4 Treasury stock (2,456.7) (2,456.7) Total stockholders' equity (247.5) 448.3 Noncontrolling interest 3.7 0.5 Total equity (243.8) 4488 Total liabilities and equity $6,666.2 $7,737.3 SPIRIT AEROSYSTEMS HOLDINGS, INC. Consolidated Statements of Operations For the Year Ended ($ millions) Net revenues $5,029.6 $3,953.0 Cost of sales 4,981.0 4,070.8 Selling, general and administrative 279.2 279.9 Restructuring charges 0.2 8.2 Research and development 50.4 533 Total operating costs and expenses 5310.8 4,412.2 Operating loss (281.2) (459.2) Interest expense and financing fee amortization (244.1) (242.6) Other (expense) income, net (14.1) 146.6 Loss before income taxes and equity in net loss of affiliates (539.4) (555.2) Income tax (provision) benefit (5.2) 17.2 Loss before equity in net loss of affiliates (544.6) (538.0) Equity in net loss of affiliates (1.6) (2.8) Net loss (546.2) (540.8) Less Noncontrolling interest in earnings of subsidiary 0.5 - Net loss attributable to common stockholders $(545.7) $(540.8) Use the financial statements along with the information below to answer the requirements. Additional Information ($ millions) |{.'urrent Yearl Prior Year Average assets $7,201.8 $8,060.6 Average liabilities 7,099.3 7.407.7 Cash from operating activities (394.6) (63.2) Funds from operations (202.9) (465.7) Depreciation expense 322.7 3136 Amortization expense 14.4 14.0 CAPEX 121.6 150.6 Common shares issued (in shares) 105,252,421 105,037,845 Treasury shares (in shares) 41,587,480 41,523,470 Price per share at fiscal year end (in $) $29.60 $43.09 Required Compute the following ratios for both years on the appropriate tab. Capital Structure Ratios Coverage Ratios Liquidity Ratios Liabilities-to-equity ratio Times interest earned Current ratio Total debt-to-equity ratio EBITDA coverage ratio Quick ratio Cash from operations to total debt Free operating cash flow to total debt Compute the capital structure ratios. Capital structure ratios Numerator Denominator Result Liabilities-equity ratio Total liabilities Stockholders' equity V Current year $ 6,422.4 x $ (247.5) (25.949) Prior year $ 7,288.5 v $ 448.3 V 16.258 Total debt-to-equity ratio Total debt Stockholders' equity Current year $ 3,868.6 x $ (247.5) (15.631) Prior year $ 3,792.2 x $ 448.3 V 8.459 The capital structure ratios are the difficult to compare because of the negative equity in the current year Compute the coverage ratios. HINT: Financing fees are considered interest expense.Coverage ratios Numerator Denominator Result Times interest earned EBIT + Interest expense v Current year $ (281.2) v & 2441 v (1.152) Prior year $ (459.2) v % 2426 v (1.893) EBITDA coverage ratio EBITDA + Interest expense v Current year $ 759 % $ 2441 031 Prior year $ (133.6) % % 2426 v (0.551) Cash from operations to total debt Operating cash flow + Total debt v Current year % (394.6) v & 3,868.6 % (0.102) Prior year $ (63.2) v % 3,792.2 % (0.017) Free operating cash flow to total debt Free cash flow + Total debt v Current year $ (516.2) v & 3,868.6 % (0.133) Prior year $ (213.8) v $ 3,792.2 % (0.056) The most significant reason for the| improvement in + the Times interest earned and EBITDA coverage ratios is the| improvement in v | GAAP earnings v . The most significant reason for the| waorsening of the cash coverage ratios is the| decrease v in| cash from operations v . Compute the liquidity ratios. \\ Liquidity Ratios| Numerator Denominator Result Current ratio Current assets + Current liabilities v Currentyear | $ 3,1583 + 1,952.5 1.618 Prior year $ 3,806 v $ 1,876 v 2.029 Quick ratio Quick assets + Current liabilities v Currentyear $ 1,148.1 + 1,952.5 v 0.588 Prior year $ 1,940.2 v 1,876 v 1.034 Spirit Aerosystem's liquidity ratios are| stronger than its coverage ratios. Partially correct Marks for this submission: 10.56/12.50