What do you guys consider liabilities in NWC target?

Hi,

Some quick questions in WC for the experts :)

When you guys are negotiating a normalised level of WC:

- what are the typical adjustments you make to WC? (how do you define what goes in or out of the WC calculations?) 

- how do assess what goes into liabilities? 

- what are the benefits for the buyer to add more to the liabilities if this is compensated for in the WC?

Thanks!