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Converting to capital leases provides a more conservative measure of total liabilities. The operating income, capital, profitability and cash flow measures for Cisco would have to be adjusted. The effects are as follows:
Adjusted lease pmts by year Total 2008 2009 2010 2011 2012 Thereafter
Operating leases Commitment 1,603 252 204 180 156 138 673
Present value @ 8% 1,102 233 175 143 115 94 342
The present value of operating leases is treated and an asset and as the equivalent of debt which is added to the conventional debt of Cisco. The adjustments to the assets and liabilities for Cisco are:
Assets 2007
Book Value of PPE 3,893
+ Present Value of Operating Leases 1,102
= Adjusted Book Value of PPE 4,995
Liabilities
Long-term debt 6,408
+ Present Value of Operating Leases 1,102
= Adjusted Long-term debt 7,510
To adjust the operating income for Cisco, we first compute depreciation on the leased asset; we assume straight-line depreciation over the lease life (9 years)...
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