On Page 190 (Schweser)
in Q20, when calculating P/CFO,
we are asked to adjust this CFO by adding back the non-recurring expense of 139,870,000.
why is this amount added back “after-tax”?
It confuses me because when we are calculating FCFF or FCFE, we would be asked to add back
noncash items (i.e. Depreciation) “before-tax”.