Select a company and access the last three year's annual reports. Next select a company that is a direct competitor and download the previous three years annual reports. For each company report the amount of capital spending for the past three years. Quantitatively determine whether the amount of capital spending has been consistent or if it has fluctuated. Be sure to provide the calculations used to determine your answer. Describe the capital expenditures of each firm and the factors that impacted the companies debt capacities and capital structures.
Next, compare the level of capital spending across the two firms. Point out how the spending was similar and/or different and speculate why the similarities or differences might exist.