Okay, so we're in our Excel file. This is a full, three-statement model for Smithy, and we will be doing debt calculations, cash flow analysis, liquidity, debt capacity inside this file. Now the first thing we have to figure out here is the adjusted debt position of the company. So we including off-balance sheet debt and other items. For Smithy, those items are the revolver, which is on balance sheet, the long-term debt, and, of course, the operating lease liabilities. The pension liability is in surplus. It's not a liability, so we will not include that, of course, in our adjusted debt. We should bear in mind later on when we do our income statement adjustments that we have ignored the pension, so therefore we should ignore the pension later on as well. Finally, the non-pension liability is not legally binding, so we're not going to include that in the adjusted debt calculation, either. Okay, so let's link this in. We start with the revolver.

Zero in year minus one, the long-term debt, 466.5, and the operating lease liabilities, which are not put on the balance sheet until in year zero. So if we copy that across one step, we'll see the adjusted debt position in year zero is 473.

I'm just gonna go ahead and copy all of that across to the right for the forecast period here. So that's the adjusted debt done.