As you all know, in calculating economic profit/economic value added, the equation EP=NOPLAT-$WACC requires adjustments for R&D, goodwill, operating leases, etc. But when using NOPLAT in other contexts, is this necessary; is it a general rule? If using NOPLAT to calculate emerging markets FCF using FCF=NOPLAT+Dep-FCInv-WCInv, do you still remove goodwill, add back charges on strategic investments, adjust nonrecurring items, add amortization expense back to NOPLAT, etc?