不是很理解，

问题如下：

Question An analyst is building a financial model for a company. With respect to the company’s defined benefit plans, the analyst should adjust:

选项：

A.A.free cash flow by adding back service cost.

B.B.free cash flow by subtracting net interest expense.

C.C.enterprise value by subtracting the net pension liability.

解释：

1. Incorrect because service cost is expensed in the valuation model as it represents increases in the pension obligation unrelated to the time value of money. Analysts should take an approach similar to that for share-based compensation: even though service costs are not cash expenses, service cost should be deducted from free cash flow in a discounted cash flow model (i.e., not added back to EBIT and therefore left expensed when computing free cash flow).

2. Incorrect because net interest expense should be removed from free cash flow because the net pension, at present value, is already deducted from enterprise value. Net interest expense/income should not be included in the discounted cash flow model as it represents the unwinding of the discounted pension obligation. Valuation is done on a present value basis, and the present value of an underfunded pension is already considered by deducting the net pension liability from enterprise value.

3. Correct because the funded status for an underfunded plan is considered debt in an enterprise value calculation.

• explain financial modeling and valuation considerations for post-employment benefits