People & Talent Agenda
$'s in millions
Tax Related Expense
Effective Tax Rate¹
40%
35%
30%
25%
20%
15%
21%
21%
15%
10%
2018
2019 Est.
2020 Est.
Tax-Related Non-Cash Charges³
•
$150
$120
$90
$60
$140
$110
$30
$36
$0
2018
2019 Est.
2020 Est.
1. Effective tax rate included in adjusted earnings per 8K filings
2. Cash taxes included in adjusted free cash flow as % of ETR provision included in adjusted earnings
3. Charge recorded in the "Loss from unconsolidated equity method investment" on the Income Statement
Cash Tax % of Provision²
80%
70%
Approx.
65%
Approx.
55%
60%
40%
20%
0%
2018
2019 Est.
2020 Est.
.
Effective Tax Rate
Statutory tax rate of 27%
2019 estimated to be 15%; 2020 estimated to be 21%
Cash Tax % of Provision
.
Includes a benefit from bonus depreciation and tax
planning opportunities
Tax-Related Non-Cash Charges
.
Estimate $140 million of non-cash charges in 2019
related to solar energy investments that qualify for tax
credits. Estimate $110 million in 2020.
•
Expect mid-teen return on investment
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