finmodeling 0.1

data/spec/mocks/income_statement_analyses.rb

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+@item = FinModeling::MultiColumnCalculationSummary.new
+@item.title = ""
+@item.num_value_columns = 9
+@item.key_width = 18
+@item.val_width = 12
+@item.max_decimals = 4
+@item.totals_row_enabled = false
+args = { }
+args[:key] = ""
+args[:vals] = ["Unknown...", "2010-03-31", "2010-06-30", "2010-09-30", "2010-12-31", "2011-03-31", "2011-06-30", "2011-09-30", "2011-12-31"]
+@item_header_row = FinModeling::MultiColumnCalculationSummaryHeaderRow.new(args)
+@item.header_row = @item_header_row
+args = { }
+args[:key] = "Revenue (000's)"
+args[:type] = ""
+args[:vals] = [0, 1596960.0, 1601379.0, 1601203.0, 1525109.0, 1214357.0, 1229024.0, 1216665.0, 1324153.0]
+@item_row0 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "Core OI (000's)"
+args[:type] = ""
+args[:vals] = [0, 171660.0, 117788.0, 173458.0, 230022.0, 146258.0, 133437.0, 126070.0, 178193.0]
+@item_row1 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "OI (000's)"
+args[:type] = ""
+args[:vals] = [0, 168792.0, 111254.0, 169715.0, 205495.0, 139384.0, 133283.0, 127839.0, 167579.0]
+@item_row2 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "FI (000's)"
+args[:type] = ""
+args[:vals] = [0, 141399.0, 102067.0, 226416.0, 106525.0, 83608.0, 103689.0, 165452.0, 127993.0]
+@item_row3 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "NI (000's)"
+args[:type] = ""
+args[:vals] = [0, 310191.0, 213321.0, 396131.0, 312020.0, 222992.0, 236972.0, 293291.0, 295572.0]
+@item_row4 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "Gross Margin"
+args[:type] = ""
+args[:vals] = [0, 0.5576708245666767, 0.5736661964469373, 0.5748484108510913, 0.6343297429888618, 0.689167188890911, 0.6980083383237431, 0.7047042530195247, 0.7018796166304045]
+@item_row5 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "Sales PM"
+args[:type] = ""
+args[:vals] = [0, 0.10749148381925659, 0.07355385577055774, 0.10832951849328286, 0.15082361326305202, 0.12044085882487604, 0.10857147622829172, 0.10361968988998616, 0.13457104277224763]
+@item_row6 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "Operating PM"
+args[:type] = ""
+args[:vals] = [0, 0.10569569682396554, 0.06947374731403372, 0.10599208844849779, 0.13474099228317452, 0.1147804558297107, 0.10844613286640456, 0.10507337681284495, 0.12655546602243095]
+@item_row7 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "FI / Sales"
+args[:type] = ""
+args[:vals] = [0, 0.0885427311892596, 0.06373706661571059, 0.14140377578608085, 0.06984766334734108, 0.06884923461552081, 0.08436702619314188, 0.13598804929869768, 0.09666043123415496]
+@item_row8 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "NI / Sales"
+args[:type] = ""
+args[:vals] = [0, 0.19423842801322513, 0.1332108139297443, 0.24739586423457863, 0.2045886556305156, 0.1836296904452315, 0.19281315905954644, 0.24106142611154263, 0.22321589725658592]
+@item_row9 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "Sales / NOA"
+args[:type] = ""
+args[:vals] = [0, 0, 0.31589471931674, 0.3027171516963245, 0.2812087090658527, 0.22230803971150923, 0.21556306903197936, 0.2058721704664517, 0.22777909563225565]
+@item_row10 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "FI / NFA"
+args[:type] = ""
+args[:vals] = [0, 0, 0.01388443269851155, 0.03307811869055056, 0.01601019419285102, 0.011782960277534123, 0.014556844204896556, 0.0241571697495845, 0.019256398729732317]
+@item_row11 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "Revenue Growth"
+args[:type] = ""
+args[:vals] = [0, 0, 0.01114526118072745, -0.00043596613617347124, -0.17565789513442365, -0.6030968787992619, 0.04933275376563051, -0.03930454685490847, 0.39916742999669985]
+@item_row12 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "Core OI Growth"
+args[:type] = ""
+args[:vals] = [0, 0, -0.7792359004477285, 3.644010853978843, 2.0641568409990847, -0.8406048886193428, -0.30787317437309647, -0.20172411964684556, 2.9464409948934227]
+@item_row13 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "OI Growth"
+args[:type] = ""
+args[:vals] = [0, 0, -0.8121268899268889, 4.341206465523186, 1.136062554145436, -0.7928481118131626, -0.16434540325239466, -0.1524844979682214, 1.926767066125802]
+@item_row14 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+args = { }
+args[:key] = "ReOI (000's)"
+args[:type] = ""
+args[:vals] = [0, 0, -10648.0, 41106.0, 73629.0, 9489.0, -3819.0, -15854.0, 26232.0]
+@item_row15 = FinModeling::MultiColumnCalculationSummaryRow.new(args)
+@item.rows = [@item_row0,@item_row1,@item_row2,@item_row3,@item_row4,@item_row5,@item_row6,@item_row7,@item_row8,@item_row9,@item_row10,@item_row11,@item_row12,@item_row13,@item_row14,@item_row15]

data/spec/mocks/sec_query.rb

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+module FinModeling
+  module Mocks
+    class Filing_10K
+      attr_accessor :term, :date, :link
+      def initialize
+        @term="10-K"
+        @date="1994-01-26T00:00:00-05:00"
+        @link="http://www.sec.gov/Archives/edgar/data/320193/000119312512023398/0001193125-12-023398-index.htm"
+      end
+    end
+
+    class Filing_10Q
+      attr_accessor :term, :date, :link
+      def initialize
+        @term="10-Q"
+        @date="1995-01-26T00:00:00-05:00"
+        @link="http://www.sec.gov/Archives/edgar/data/1288776/000119312511282235/0001193125-11-282235-index.htm"
+      end
+    end
+  
+    class Entity
+      attr_accessor :name, :filings
+      def initialize
+        @name = "Apple Inc"
+        @filings = []
+        @filings.push Mocks::Filing_10K.new
+        @filings.push Mocks::Filing_10Q.new
+      end
+    end
+  end
+end

data/spec/net_income_calculation_spec.rb

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+# income_statement_calculation_spec.rb
+
+require 'spec_helper'
+
+describe FinModeling::NetIncomeCalculation  do
+  before(:all) do
+    google_2011_annual_rpt = "http://www.sec.gov/Archives/edgar/data/1288776/000119312512025336/0001193125-12-025336-index.htm"
+    filing = FinModeling::AnnualReportFiling.download google_2011_annual_rpt
+    @inc_stmt = filing.income_statement
+    @period = @inc_stmt.periods.last
+    @ni = @inc_stmt.net_income_calculation
+  end
+
+  describe "summary" do
+    it "only requires a period (knows how debts/credits work and whether to flip the total)" do
+      @ni.summary(:period=>@period).should be_an_instance_of FinModeling::CalculationSummary
+    end
+    it "tags each row with an Income Statement Type" do
+      FinModeling::IncomeStatementItem::TYPES.include?(@ni.summary(:period=>@period).rows.first.type).should be_true
+    end
+  end
+end
+

data/spec/period_array.rb

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+# period_array_spec.rb
+
+require 'spec_helper'
+
+describe FinModeling::PeriodArray  do
+  before(:all) do
+    @t_now     = Date.parse('2012-01-01')
+    @t_3mo_ago = Date.parse('2011-09-01')
+    @t_6mo_ago = Date.parse('2011-06-01')
+    @t_0mo_ago = Date.parse('2011-03-01')
+    @t_1yr_ago = Date.parse('2011-01-01')
+
+    @arr = FinModeling::PeriodArray.new
+    @arr.push Xbrlware::Context::Period.new({"start_date"=>@t_1yr_ago, "end_date"=>@t_now})     # 1 yr
+    @arr.push Xbrlware::Context::Period.new({"start_date"=>@t_1yr_ago, "end_date"=>@t_3mo_ago}) # 9 mo
+    @arr.push Xbrlware::Context::Period.new({"start_date"=>@t_1yr_ago, "end_date"=>@t_6mo_ago}) # 6 mo
+    @arr.push Xbrlware::Context::Period.new({"start_date"=>@t_3mo_ago, "end_date"=>@t_now})     # 3 mo
+  end
+
+  describe "yearly" do
+    subject { @arr.yearly }
+    it { should be_an_instance_of FinModeling::PeriodArray }
+    it "returns only annual periods" do
+      subject.first.to_pretty_s.should == @arr[0].to_pretty_s
+    end
+  end
+
+  describe "threequarterly" do
+    subject { @arr.threequarterly }
+    it { should be_an_instance_of FinModeling::PeriodArray }
+    it "returns only three-quarter periods" do
+      subject.first.to_pretty_s.should == @arr[1].to_pretty_s
+    end
+  end
+
+  describe "halfyearly" do
+    subject { @arr.halfyearly }
+    it { should be_an_instance_of FinModeling::PeriodArray }
+    it "returns only two-quarter periods" do
+      subject.first.to_pretty_s.should == @arr[2].to_pretty_s
+    end
+  end
+
+  describe "quarterly" do
+    subject { @arr.quarterly }
+    it { should be_an_instance_of FinModeling::PeriodArray }
+    it "returns only quarterly periods" do
+      subject.first.to_pretty_s.should == @arr[3].to_pretty_s
+    end
+  end
+
+end

data/spec/quarterly_report_filing_spec.rb

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+# quarterly_report_filing_spec.rb
+
+require 'spec_helper'
+
+describe FinModeling::QuarterlyReportFiling  do
+  before(:all) do
+    company = FinModeling::Company.new(FinModeling::Mocks::Entity.new)
+    filing_url = company.quarterly_reports.last.link
+    FinModeling::Config::disable_caching 
+    @filing = FinModeling::QuarterlyReportFiling.download(filing_url)
+  end
+
+  after(:all) do
+    FinModeling::Config::enable_caching 
+  end
+
+  subject { @filing }
+  its(:balance_sheet)       { should be_a FinModeling::BalanceSheetCalculation }
+  its(:income_statement)    { should be_a FinModeling::IncomeStatementCalculation }
+  its(:cash_flow_statement) { should be_a FinModeling::CashFlowStatementCalculation }
+
+  its(:is_valid?) { should == (@filing.income_statement.is_valid? && @filing.balance_sheet.is_valid? && @filing.cash_flow_statement.is_valid?) }
+
+  describe "write_constructor" do
+    before(:all) do
+      file_name = "/tmp/finmodeling-quarterly-rpt.rb"
+      schema_version_item_name = "@schema_version"
+      item_name = "@quarterly_rpt"
+      file = File.open(file_name, "w")
+      @filing.write_constructor(file, item_name)
+      file.close
+
+      eval(File.read(file_name))
+
+      @schema_version = eval(schema_version_item_name)
+      @loaded_filing = eval(item_name)
+    end
+
+    it "writes itself to a file, and saves a schema version of 1.1" do
+      @schema_version.should be == 1.1
+    end
+
+    it "writes itself to a file, and when reloaded, has the same periods" do
+      expected_periods = @filing.balance_sheet.periods.map{|x| x.to_pretty_s}.join(',')
+      @loaded_filing.balance_sheet.periods.map{|x| x.to_pretty_s}.join(',').should == expected_periods
+    end
+    it "writes itself to a file, and when reloaded, has the same net operating assets" do
+      period = @filing.balance_sheet.periods.last
+      expected_noa = @filing.balance_sheet.reformulated(period).net_operating_assets.total
+      @loaded_filing.balance_sheet.reformulated(period).net_operating_assets.total.should be_within(1.0).of(expected_noa)
+    end
+    it "writes itself to a file, and when reloaded, has the same net financing income" do
+      period = @filing.income_statement.periods.last
+      expected_nfi = @filing.income_statement.reformulated(period).net_financing_income.total
+      @loaded_filing.income_statement.reformulated(period).net_financing_income.total.should be_within(1.0).of(expected_nfi)
+    end
+    it "writes itself to a file, and when reloaded, has the same net change in cash" do
+      period = @filing.cash_flow_statement.periods.last
+	  expected_cash_change = @filing.cash_flow_statement.cash_change_calculation.summary(:period=>period).total
+	  @loaded_filing.cash_flow_statement.cash_change_calculation.summary(:period=>period).total.should be_within(1.0).of(expected_cash_change)
+    end
+    it "writes itself to a file, and when reloaded, has the same disclosures" do
+      period = @filing.disclosures.first.periods.last
+      expected_total = @filing.disclosures.first.summary(:period=>period).total
+      @loaded_filing.disclosures.first.summary(:period=>period).total.should == expected_total
+    end
+
+  end
+end

data/spec/rate_spec.rb

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+# rate_spec.rb
+
+require 'spec_helper'
+
+describe FinModeling::Rate  do
+  describe ".annualize" do
+    let(:val) { 0.2 }
+    context "when annualizing from a quarter to a year" do
+      subject { FinModeling::Rate.new(val).annualize(from_days=365.0/4.0, to_days=365.0) }
+      it { should be_a_kind_of Float }
+      it { should be_within(0.0001).of( (val+1.0)**(4.00) - 1.0 ) }
+    end
+    context "when annualizing from a year to a quarter" do
+      subject { FinModeling::Rate.new(val).annualize(from_days=365.0, to_days=365.0/4.0) }
+      it { should be_a_kind_of Float }
+      it { should be_within(0.0001).of( (val+1.0)**(0.25) - 1.0 ) }
+    end
+  end
+
+  describe ".yearly_to_quarterly" do
+    let(:val) { 0.2 }
+    subject { FinModeling::Rate.new(val).yearly_to_quarterly }
+    it { should be_a_kind_of Float }
+    it { should be_within(0.0001).of( FinModeling::Rate.new(val).annualize(from_days=365.0, to_days=365.0/4.0) ) }
+  end
+
+  describe ".quarterly_to_yearly" do
+    let(:val) { 0.2 }
+    subject { FinModeling::Rate.new(val).quarterly_to_yearly }
+    it { should be_a_kind_of Float }
+    it { should be_within(0.0001).of( FinModeling::Rate.new(val).annualize(from_days=365.0/4.0, to_days=365.0) ) }
+  end
+end

data/spec/ratio_spec.rb

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+# rate_spec.rb
+
+require 'spec_helper'
+
+describe FinModeling::Ratio  do
+  describe ".annualize" do
+    let(:val) { 0.2 }
+    context "when annualizing from a quarter to a year" do
+      subject { FinModeling::Ratio.new(val).annualize(from_days=365.0/4.0, to_days=365.0) }
+      it { should be_a_kind_of Float }
+      it { should be_within(0.0001).of(val * 4.0) }
+    end
+    context "when annualizing from a year to a quarter" do
+      subject { FinModeling::Ratio.new(val).annualize(from_days=365.0, to_days=365.0/4.0) }
+      it { should be_a_kind_of Float }
+      it { should be_within(0.0001).of(val / 4.0) }
+    end
+  end
+
+  describe ".yearly_to_quarterly" do
+    let(:val) { 0.2 }
+    subject { FinModeling::Ratio.new(val).yearly_to_quarterly }
+    it { should be_a_kind_of Float }
+    it { should be_within(0.0001).of( FinModeling::Ratio.new(val).annualize(from_days=365.0, to_days=365.0/4.0) ) }
+  end
+
+  describe ".quarterly_to_yearly" do
+    let(:val) { 0.2 }
+    subject { FinModeling::Ratio.new(val).quarterly_to_yearly }
+    it { should be_a_kind_of Float }
+    it { should be_within(0.0001).of( FinModeling::Ratio.new(val).annualize(from_days=365.0/4.0, to_days=365.0) ) }
+  end
+end

data/spec/reformulated_balance_sheet_spec.rb

@@ -0,0 +1,146 @@
+# reformulated_income_statement_spec.rb
+
+require 'spec_helper'
+
+describe FinModeling::ReformulatedBalanceSheet  do
+  before(:all) do
+    google_2010_annual_rpt = "http://www.sec.gov/Archives/edgar/data/1288776/000119312510030774/0001193125-10-030774-index.htm"
+    filing = FinModeling::AnnualReportFiling.download google_2010_annual_rpt
+    @bal_sheet= filing.balance_sheet
+
+    @period = @bal_sheet.periods.last
+    @prev_reformed_bal_sheet = @bal_sheet.reformulated(@period)
+
+    google_2011_annual_rpt = "http://www.sec.gov/Archives/edgar/data/1288776/000119312512025336/0001193125-12-025336-index.htm"
+    filing = FinModeling::AnnualReportFiling.download google_2011_annual_rpt
+    @bal_sheet = filing.balance_sheet
+    @period = @bal_sheet.periods.last
+    @reformed_bal_sheet = @bal_sheet.reformulated(@period)
+
+    @years_between_sheets = 2.0
+  end
+
+  describe "new" do
+    it "takes an assets calculation and a liabs_and_equity calculation and a period and returns a CalculationSummary" do
+      rbs = FinModeling::ReformulatedBalanceSheet.new(@period, @bal_sheet.assets_calculation.summary(:period=>@period), @bal_sheet.liabs_and_equity_calculation.summary(:period=>@period))
+      rbs.should be_an_instance_of FinModeling::ReformulatedBalanceSheet
+    end
+  end
+
+  describe "operating_assets" do
+    subject { @reformed_bal_sheet.operating_assets }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    its(:total) { should be_within(0.1).of(26943000000.0) }
+  end
+
+  describe "financial_assets" do
+    subject { @reformed_bal_sheet.financial_assets }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    its(:total) { should be_within(0.1).of(45631000000.0) }
+  end
+
+  describe "operating_liabilities" do
+    subject { @reformed_bal_sheet.operating_liabilities }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    its(:total) { should be_within(0.1).of(6041000000.0) }
+  end
+
+  describe "financial_liabilities" do
+    subject { @reformed_bal_sheet.financial_liabilities }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    its(:total) { should be_within(0.1).of(8388000000.0) }
+  end
+
+  describe "net_operating_assets" do
+    subject { @reformed_bal_sheet.net_operating_assets }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    its(:total) { should be_within(0.1).of(20902000000.0) }
+  end
+
+  describe "net_financial_assets" do
+    subject { @reformed_bal_sheet.net_financial_assets }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    its(:total) { should be_within(0.1).of(37243000000.0) }
+  end
+
+  describe "common_shareholders_equity" do
+    subject { @reformed_bal_sheet.common_shareholders_equity }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    its(:total) { should be_within(0.1).of(58145000000.0) }
+  end
+
+  describe "composition_ratio" do
+    subject { @reformed_bal_sheet.composition_ratio }
+    it { should be_within(0.1).of(@reformed_bal_sheet.net_operating_assets.total / @reformed_bal_sheet.net_financial_assets.total) }
+  end
+
+  describe "noa_growth" do
+    subject { @reformed_bal_sheet.noa_growth(@prev_reformed_bal_sheet) }
+    let(:noa0) { @prev_reformed_bal_sheet.net_operating_assets.total }
+    let(:noa1) { @reformed_bal_sheet.net_operating_assets.total }
+    let(:expected_growth) { FinModeling::Rate.new((noa1-noa0) / noa0).annualize(from=365.0*@years_between_sheets, to=365.0) }
+    it { should be_within(0.001).of(expected_growth) }
+  end
+
+  describe "cse_growth" do
+    subject { @reformed_bal_sheet.cse_growth(@prev_reformed_bal_sheet) }
+    let(:cse0) { @prev_reformed_bal_sheet.common_shareholders_equity.total }
+    let(:cse1) { @reformed_bal_sheet.common_shareholders_equity.total }
+    let(:expected_growth) { FinModeling::Rate.new((cse1-cse0) / cse0).annualize(from=365.0*@years_between_sheets, to=365.0) }
+    it { should be_within(0.001).of(expected_growth) }
+  end
+
+  describe "analysis" do
+    subject {@reformed_bal_sheet.analysis(@prev_reformed_bal_sheet) }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    it "contains the expected rows" do
+      expected_keys = ["NOA ($MM)", "NFA ($MM)", "CSE ($MM)",
+                       "Composition Ratio", "NOA Growth", "CSE Growth" ]
+
+      subject.rows.map{ |row| row.key }.should == expected_keys
+    end
+  end
+
+  describe "#forecast_next" do
+    before (:all) do
+      @company = FinModeling::Company.find("aapl")
+      @filings = FinModeling::CompanyFilings.new(@company.filings_since_date(Time.parse("2010-10-01")))
+      @policy = FinModeling::GenericForecastingPolicy.new
+  
+      prev_bs_period = @filings.last.balance_sheet.periods.last
+      next_bs_period_value = prev_bs_period.value.next_month.next_month.next_month
+      @next_bs_period = Xbrlware::Context::Period.new(next_bs_period_value)
+  
+      next_is_period_value = {"start_date" => prev_bs_period.value,
+                              "end_date"   => prev_bs_period.value.next_month.next_month.next_month }
+      @next_is_period = Xbrlware::Context::Period.new(next_is_period_value)
+    end
+
+    let(:last_re_is) { @filings.last.income_statement.latest_quarterly_reformulated(nil) }
+    let(:last_re_bs) { @filings.last.balance_sheet.reformulated(@filings.last.balance_sheet.periods.last) }
+    let(:next_re_is) { FinModeling::ReformulatedIncomeStatement.forecast_next(@next_is_period, @policy, last_re_bs, last_re_is) }
+
+    subject { FinModeling::ReformulatedBalanceSheet.forecast_next(@next_bs_period, @policy, last_re_bs, next_re_is) }
+
+    it { should be_a_kind_of FinModeling::ReformulatedBalanceSheet }
+    it "should have the given period" do
+      subject.period.to_pretty_s == @next_bs_period.to_pretty_s
+    end
+    it "should set NOA to the same period's operating revenue over the policy's asset turnover" do
+      expected_val = next_re_is.operating_revenues.total / FinModeling::Ratio.new(@policy.sales_over_noa).yearly_to_quarterly
+      subject.net_operating_assets.total.should == expected_val
+    end
+    it "should set CSE to last year's CSE plus this year's net income" do
+      expected_val = last_re_bs.common_shareholders_equity.total + next_re_is.comprehensive_income.total
+      subject.common_shareholders_equity.total.should == expected_val
+    end
+    it "should set NFA to the gap between CSE and NOA" do
+      expected_val = subject.common_shareholders_equity.total - subject.net_operating_assets.total
+      subject.net_financial_assets.total.should == expected_val
+    end
+    it "should have an analysis (with the same rows)" do
+      subject.analysis(last_re_bs)
+    end
+  end
+end
+

data/spec/reformulated_cash_flow_statement_spec.rb

@@ -0,0 +1,174 @@
+# reformulated_income_statement_spec.rb
+
+require 'spec_helper'
+
+describe FinModeling::ReformulatedCashFlowStatement  do
+  before(:all) do
+    google_2009_annual_rpt = "http://www.sec.gov/Archives/edgar/data/1288776/000119312510030774/0001193125-10-030774-index.htm"
+    filing_2009 = FinModeling::AnnualReportFiling.download google_2009_annual_rpt
+    cash_flow_stmt_2009 = filing_2009.cash_flow_statement
+    period_2009 = cash_flow_stmt_2009.periods.last
+    @reformed_cash_flow_stmt_2009 = cash_flow_stmt_2009.reformulated(period_2009)
+
+    google_2011_annual_rpt = "http://www.sec.gov/Archives/edgar/data/1288776/000119312512025336/0001193125-12-025336-index.htm"
+    filing = FinModeling::AnnualReportFiling.download google_2011_annual_rpt
+
+    @inc_stmt = filing.income_statement
+    @is_period = @inc_stmt.periods.last
+    @reformed_inc_stmt = @inc_stmt.reformulated(@is_period)
+
+    @cash_flow_stmt = filing.cash_flow_statement
+    @period = @cash_flow_stmt.periods.last
+    @reformed_cash_flow_stmt = @cash_flow_stmt.reformulated(@period)
+  end
+
+  describe "new" do
+    it "takes a cash change calculation and a period and returns a CalculationSummary" do
+      rcfs = FinModeling::ReformulatedCashFlowStatement.new(@period, @cash_flow_stmt.cash_change_calculation.summary(:period=>@period))
+      rcfs.should be_an_instance_of FinModeling::ReformulatedCashFlowStatement
+    end
+  end
+
+  subject { @reformed_cash_flow_stmt }
+
+  describe "cash_from_operations" do
+    subject { @reformed_cash_flow_stmt.cash_from_operations }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    it "totals up the values of rows with type :c" do
+      sum = @cash_flow_stmt.cash_change_calculation
+                           .summary(:period=>@period)
+                           .rows.select{ |row| row.type == :c }
+                           .map{ |row| row.vals.first }
+                           .inject(:+)
+      subject.total.should == sum
+    end
+  end
+
+  describe "cash_investments_in_operations" do
+    subject { @reformed_cash_flow_stmt.cash_investments_in_operations }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    it "totals up the values of rows with type :i" do
+      sum = @cash_flow_stmt.cash_change_calculation
+                           .summary(:period=>@period)
+                           .rows.select{ |row| row.type == :i }
+                           .map{ |row| row.vals.first }
+                           .inject(:+)
+      subject.total.should == sum
+    end
+  end
+
+  describe "payments_to_debtholders" do
+    subject { @reformed_cash_flow_stmt.payments_to_debtholders }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    it "totals up the values of rows with type :d, minus the total change in cash" do
+      sum = @cash_flow_stmt.cash_change_calculation
+                           .summary(:period=>@period)
+                           .rows.select{ |row| row.type == :d }
+                           .map{ |row| row.vals.first }
+                           .inject(:+) 
+      sum = sum - @cash_flow_stmt.cash_change_calculation
+                           .summary(:period=>@period)
+                           .total
+      subject.total.should == sum
+    end
+  end
+
+  describe "payments_to_stockholders" do
+    subject { @reformed_cash_flow_stmt.payments_to_stockholders }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    it "totals up the values of rows with type :f" do
+      sum = @cash_flow_stmt.cash_change_calculation
+                           .summary(:period=>@period)
+                           .rows.select{ |row| row.type == :f }
+                           .map{ |row| row.vals.first }
+                           .inject(:+)
+      subject.total.should == sum
+    end
+  end
+
+  describe "free_cash_flow" do
+    subject { @reformed_cash_flow_stmt.free_cash_flow }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    it "totals up cash from operations and cash investments in operations" do
+      sum = @reformed_cash_flow_stmt.cash_from_operations.total
+      sum = sum + @reformed_cash_flow_stmt.cash_investments_in_operations.total
+      subject.total.should == sum
+    end
+  end
+
+  describe "ni_over_c" do
+    subject { @reformed_cash_flow_stmt.ni_over_c(@reformed_inc_stmt) }
+    it { should be_an_instance_of Float }
+    it { should be_within(0.1).of(@reformed_inc_stmt.comprehensive_income.total / @reformed_cash_flow_stmt.cash_from_operations.total) }
+  end
+
+  describe "financing_flows" do
+    subject { @reformed_cash_flow_stmt.financing_flows }
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    it "totals up payments to both debtholders and stockholders" do
+      sum = @reformed_cash_flow_stmt.payments_to_debtholders.total
+      sum = sum + @reformed_cash_flow_stmt.payments_to_stockholders.total
+      subject.total.should == sum
+    end
+  end
+
+  describe "analysis" do
+    subject { @reformed_cash_flow_stmt.analysis(@reformed_inc_stmt) }
+
+    it { should be_an_instance_of FinModeling::CalculationSummary }
+    it "contains the expected rows" do
+      expected_keys = [ "C   ($MM)", "I   ($MM)", "d   ($MM)", "F   ($MM)", "FCF ($MM)", "NI / C" ]
+      subject.rows.map{ |row| row.key }.should == expected_keys
+    end
+  end
+
+  describe "-" do
+    before(:all) do
+      google_2011_q3_rpt = "http://www.sec.gov/Archives/edgar/data/1288776/000119312511282235/0001193125-11-282235-index.htm"
+      @filing_2011_q3 = FinModeling::AnnualReportFiling.download google_2011_q3_rpt 
+  
+      @cash_flow_stmt_2011_q3 = @filing_2011_q3.cash_flow_statement
+      cfs_period_2011_q3 = @cash_flow_stmt_2011_q3.periods.threequarterly.last
+      @reformed_cash_flow_stmt_2011_q3 = @cash_flow_stmt_2011_q3.reformulated(cfs_period_2011_q3)
+
+      @diff = @reformed_cash_flow_stmt - @reformed_cash_flow_stmt_2011_q3
+    end
+    subject { @diff }
+
+    it { should be_an_instance_of FinModeling::ReformulatedCashFlowStatement }
+    its(:period) { should_not be_nil } # FIXME
+
+    it "returns the difference between the two re_cfs's for each calculation" do
+      methods = [ :cash_from_operations, :cash_investments_in_operations, 
+                  :payments_to_debtholders, :payments_to_stockholders, 
+                  :free_cash_flow, :financing_flows ]
+      methods.each do |method|
+        expected_val = @reformed_cash_flow_stmt.send(method).total - @reformed_cash_flow_stmt_2011_q3.send(method).total
+        @diff.send(method).total.should be_within(1.0).of(expected_val)
+      end
+    end
+
+    it "returns values that are close to 1/4th of the annual value" do
+      methods = [ :cash_from_operations, :cash_investments_in_operations, 
+                  #:payments_to_debtholders, :payments_to_stockholders, 
+                  :free_cash_flow, :financing_flows ]
+
+      methods.each do |method|
+        orig = @reformed_cash_flow_stmt.send(method).total
+        max = (orig > 0) ? (0.35 * orig) : (0.15 * orig)
+        min = (orig > 0) ? (0.15 * orig) : (0.35 * orig)
+        actual = @diff.send(method).total
+        if (actual < min) || (actual > max)
+          err = "#{method} returns #{actual.to_nearest_thousand.to_s.with_thousands_separators}, "
+          err += "which is outside bounds: [#{min.to_nearest_thousand.to_s.with_thousands_separators}, "
+          err += "#{max.to_nearest_thousand.to_s.with_thousands_separators}]"
+          puts err
+        end
+        @diff.send(method).total.should be > min
+        @diff.send(method).total.should be < max
+      end
+    end
+  end
+
+end
+