Exhibit (c)(6)
Deferred Tax Liability
Wesco’s Common Equity Portfolio (All Data as of 1/4/2011)
($ in millions, except per share data)
Stock
Current Value
Current Deferred Tax Liability
Illustrative Range For Present Value of Deferred Tax Liability
Illustrative Range For Difference Between Current and Present Value
Aggregate
Per Wesco Share (3)
Low Mid High Low Mid High Low Mid High
Coca-Cola
(1)
Coca-Cola
$460.2 $146.8 $115.0 $71.2 $21.8 $31.8 $75.6 $125.0 $4.46 $10.62 $17.56
Sub-Total $460.2 $146.8 $115.0 $71.2 $21.8 $31.8 $75.6 $125.0 $4.46 $10.62 $17.56
(2)
P & G $405.3 $11.5 $10.9 $9.9 $8.6 $0.5 $1.5 $2.9 $0.08 $0.22 $0.40
(2)
Wells Fargo 400.2 6.1 5.8 5.3 4.6 0.3 0.8 1.5 0.04 0.12 0.21
(2)
Kraft 316.0 (3.4) (3.3) (3.0) (2.6) (0.2) (0.5) (0.9) (0.02) (0.06) (0.12)
Other Common Equities
US Bancorp (2) 267.6 0.2 0.2 0.2 0.2 0.0 0.0 0.1 0.00 0.00 0.01
(2)
American Expres 85.4 23.6 22.4 20.4 17.7 1.1 3.2 5.9 0.16 0.45 0.82
Johnson & John (2) 9.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.00 0.00 0.00
Sub-Total $1,483.6 $38.0 $36.2 $32.9 $28.5 $1.8 $5.1 $9.4 $0.25 $0.72 $1.33
Gillette
(2)
Gillette n.a. $116.4 $110.8 $100.7 $87.4 $5.5 $15.7 $28.9 $0.78 $2.20 $4.06
Sub-Total n.a. $116.4 $110.8 $100.7 $87.4 $5.5 $15.7 $28.9 $0.78 $2.20 $4.06
Total $1,943.8 $301.2 $262.0 $204.8 $137.8 $39.1 $96.4 $163.4 $5.50 $13.54 $22.95
Note: Analysis excludes deferred tax liabilities associated with Goldman Sachs warrants
(1) Assumptions: Low = 5-year holding period at 5.0% discount rate; Mid = 10-year holding period at 7.5% discount rate; High = 20-year holding period at 10.0% discount rate (2) Assumptions: Low = 1-year holding period at 5.0% discount rate; Mid = 2-year holding period at 7.5% discount rate; High = 3-year holding period at 10.0% discount rate (3) Based on 7,119,807 shares outstanding as of 11/5/2010 Source: Company management
Deferred Tax Liability
Wesco’s Common Equity Portfolio (All Data as of 1/4/2011)
($ in millions, except per share data)
Stock
Current Value
Current Deferred Tax Liability
Illustrative Range For Present Value of Deferred Tax Liability
Tax Rate Recalculated Based on Present Value
Low Mid High Low Low High
Coca-Cola
(1)
Coca-Cola $460.2 $146.8 $115.0 $71.2 $21.8 27.4% 17.0% 5.2%
(2)
P & G $405.3 $11.5 $10.9 $9.9 $8.6 33.3% 30.3% 26.3%
(2)
Wells Fargo 400.2 6.1 5.8 5.3 4.6 33.3% 30.3% 26.3%
(2)
Kraft 316.0 (3.4) (3.3) (3.0) (2.6) 33.3% 30.3% 26.3%
Other Common Equities
(2)
US Bancorp 267.6 0.2 0.2 0.2 0.2 33.3% 30.3% 26.3%
(2)
American Express 85.4 23.6 22.4 20.4 17.7 33.3% 30.3% 26.3%
(2)
Johnson & Johnson 9.1 0.1 0.1 0.1 0.1 33.3% 30.3% 26.3%
Gillette
(2)
Gillette n.a. $116.4 $110.8 $100.7 $87.4 33.3% 30.3% 26.3%
Note: Analysis excludes deferred tax liabilities associated with Goldman Sachs warrants
(1) Assumptions: Low = 5-year holding period at 5.0% discount rate; Mid = 10-year holding period at 7.5% discount rate; High = 20-year holding period at 10.0% discount rate (2) Assumptions: Low = 1-year holding period at 5.0% discount rate; Mid = 2-year holding period at 7.5% discount rate; High = 3-year holding period at 10.0% discount rate Source: Company management