I need help with calculating invested capital! Consolidated Balance Sheets $000

Question

I need help with calculating invested capital!
Consolidated Balance Sheets $000 Dec. 31, 2014 Dec. 31, 2015 ASSETS Current assets: Cash and cash equivalents 105,132 107,590 Restricted cash 45,621 55,241 Restricted investments 24,510 23,215 Accounts receivable, net 478,999 422,421 Equipment sales receivable 288 0 Income tax refund receivable 18,455 11,664 Inventories and supplies 18,992 18,426 Assets held for sale 2,907 9,084 Prepaid taxes, licenses, insurance and other 51,441 48,149 Current portion of notes receivable 9,202 9,817 Total current assets 755,547 705,607 Property and equipment, at cost: Revenue and service equipment 2,061,835 2,278,618 Land 122,835 131,693 Facilities and improvements 268,025 269,769 Furniture and office equipment 67,740 99,519 Total property and equipment 2,520,435 2,779,599 Less: accumulated depreciation and amortization (978,305) (1,128,499) Net property and equipment 1,542,130 1,651,100 Other assets 41,855 29,353 Intangible assets, net 299,933 283,119 Goodwill 253,256 253,256 Total assets 2,892,721 2,922,435 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 160,186 121,827 Accrued liabilities 98,719 97,313 Current portion of claims accruals 81,251 84,429 Current portion of long-term debt 31,445 35,582 Current portion of capital lease obligations 42,902 59,794 Fair value of interest rate swaps 6,109 0 Total current liabilities 420,612 398,945 Revolving line of credit 57,000 200,000 Long-term debt, less current portion 871,615 645,290 Capital lease obligations, less current portion 158,104 222,001 Claims accruals, less current portion 143,693 149,281 Deferred income taxes 437,389 463,832 Accounts receivable securitization 334,000 225,000 Other liabilities 14 959 Total liabilities 2,422,427 2,305,308 Commitments and contingencies (notes 13, 14 and 15) Stockholders’ equity: Preferred stock 0 0 Additional paid-in capital 781,124 754,589 Retained earnings: Accumulated deficit (310,017) (139,033) Accumulated other comprehensive income (loss) (2,336) 81 Noncontrolling interest 102 102 Class A Common Stock 911 878 Class B Common Stock 510 510 Total stockholders’ equity 470,294 617,127 Total liabilities and stockholders’ equity 2,892,721 2,922,435 I need help with calculating invested capital!
Consolidated Balance Sheets $000 Dec. 31, 2014 Dec. 31, 2015 ASSETS Current assets: Cash and cash equivalents 105,132 107,590 Restricted cash 45,621 55,241 Restricted investments 24,510 23,215 Accounts receivable, net 478,999 422,421 Equipment sales receivable 288 0 Income tax refund receivable 18,455 11,664 Inventories and supplies 18,992 18,426 Assets held for sale 2,907 9,084 Prepaid taxes, licenses, insurance and other 51,441 48,149 Current portion of notes receivable 9,202 9,817 Total current assets 755,547 705,607 Property and equipment, at cost: Revenue and service equipment 2,061,835 2,278,618 Land 122,835 131,693 Facilities and improvements 268,025 269,769 Furniture and office equipment 67,740 99,519 Total property and equipment 2,520,435 2,779,599 Less: accumulated depreciation and amortization (978,305) (1,128,499) Net property and equipment 1,542,130 1,651,100 Other assets 41,855 29,353 Intangible assets, net 299,933 283,119 Goodwill 253,256 253,256 Total assets 2,892,721 2,922,435 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 160,186 121,827 Accrued liabilities 98,719 97,313 Current portion of claims accruals 81,251 84,429 Current portion of long-term debt 31,445 35,582 Current portion of capital lease obligations 42,902 59,794 Fair value of interest rate swaps 6,109 0 Total current liabilities 420,612 398,945 Revolving line of credit 57,000 200,000 Long-term debt, less current portion 871,615 645,290 Capital lease obligations, less current portion 158,104 222,001 Claims accruals, less current portion 143,693 149,281 Deferred income taxes 437,389 463,832 Accounts receivable securitization 334,000 225,000 Other liabilities 14 959 Total liabilities 2,422,427 2,305,308 Commitments and contingencies (notes 13, 14 and 15) Stockholders’ equity: Preferred stock 0 0 Additional paid-in capital 781,124 754,589 Retained earnings: Accumulated deficit (310,017) (139,033) Accumulated other comprehensive income (loss) (2,336) 81 Noncontrolling interest 102 102 Class A Common Stock 911 878 Class B Common Stock 510 510 Total stockholders’ equity 470,294 617,127 Total liabilities and stockholders’ equity 2,892,721 2,922,435

Explanation / Answer

FormuIa for invested capital= Total assets - Non interest bearing current liabilities and deferred tax liabilities(if any).

Average invested capital = (2196427+2239463)/2

=2217945.

Particulars 31-12-2014 31-12-2015 Total Assets(a) 2892721 2922435 Minus: Accounts payable 160186 121827 Accured liabilities 98719 97313 Deferred income tax liabilities 437389 463832 Total non interest bearing liabilities(2) 696294 682972 Invested capital(C )=(a)-(b) 2196427 2239463

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