Net Working Capital - What to include?

[Grupper]

Hi,
I was wondering if somebody could clarify what to include in the calculations of NWC (FCF)? I’m currently looking at Coca-Cola’s balance sheet (see below for CA and CL). My thinking:
- Do not include 1, 9 and 10 as they are financing activities.
- Include 4, 5 and 8. The classics.
- Do not include 2 and 3. Basically the same as 1?
- Include the rest. Wild guess.
Can someone please explain to me what to include? Not just in this case but for future cases with different balance sheets. I’m a little bit confused.
Thanks in advance. Very much appreciate it.
Current assets:
1. Cash and cash equivalents
2. Short-term investments
3. Marketable securities
4. Trade accounts receivable
5. Inventories
6. Prepaid expenses and other assets
7. Assets held for sale

Current liabilities:

8. Accounts payable and accrued expenses
9. Loans and notes payable
10. Current maturities of long-term debt
11. Accrued income taxes
12. Liabilities held for sale

 

[Grupper]

Anyone?

 

[Gebura]

Grupper wrote:
- Do not include 1, 9 and 10 as they are financing activities.
- Include 4, 5 and 8. The classics.
- Do not include 2 and 3. Basically the same as 1?

I agree with these. The rest are 6, 7, 11 and 12. I would include in calculation of net working capital 6 and 11 but not 7 and 12.
I am pretty sure a change in Accrued taxes and expenses shall be included. Assets and liabilities held for sale sound more like investing / financing instead of operating activity.