Select a company and access the last three years’ annual reports.

Select a company and access the last three years’ annual reports. Next, select a company that is a direct competitor and download the previous three years’ annual reports.

Using the annual reports of both companies, complete the following in a three- to five-page paper, excluding title and reference page(s):

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.