Selected balance sheet and income statement information from Illinois Tool Works follows.

$ millions	2019	2018	2017
Net operating profit after tax (NOPAT)	$2,897	$3,009
Net income	2,798	2,845
Total assets	15,671	15,465	$17,451
Equity	3,147	3,384	3,384
Net operating profit after tax (NOA)	9,224	9,840	10,493
Treasury stock	21,070	19,475	17,274

a. Compute profitability measures: RNOA, ROA and ROE for 2019 and 2018 using the numbers as reported by the company. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%).

Metric	2019	2018
RNOA
ROA
ROE

b. Adjust equity and total assets for the amount of treasury stock.

$ millions	2019	2018	2017
Assets, restated
Equity, restated

Using these restated numbers, recompute RNOA, ROA and ROE for both years. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%).

Metric	2019	2018
RNOA
ROA
ROE

c. Which profitability measures (from part a or part b) better reflect the companys profit levels during the two years? Answerpart a. - using reported numberspart b. - using restated numbers

Of the three measures, which one is least influenced by the companys stock repurchase activity?