I’m looking through this section now on valuing a merger target and these different definitions of FCF are getting to me. I wrote down the definition from the equity, fixed income, and corporate finance right next to each other. I understand the equity and FI definitions, but the corporate finance seems a bit different. The reason being that the corp finance version uses net interest expense vs interest expense on the other 2 versions. It also goes from unlevered net income, EBIT*(1-t) to NOPLAT by adding or subtracting the change in deferred taxes. There is nothing about deferred taxes in the other 2 versions. I also thought that NOPAT=NOPLAT, but according to this NOPAT=unlevered net income=EBIT*(1-t) and NOPLAT is NOPAT adjusted for deferred taxes. Where in the financial statements id the change in deferred taxes normally found? Is anyone else as confused by all these definitions as I am?