discontinued operations example

In that situation, the conditions for reporting in discontinued operations the operations of the division while it is classified as held for sale would be met. These costs will also be reflected under “Discontinued Operations” on the next income statement. 6.2.1 Requirements of FRS 102 An entity shall also disclose on the face of the income statement (or statement of comprehensive income if presented) an amount comprising the total of: (a)the post-tax profit or loss of discontinued operations; and Discontinued Operation Scenarios. Select your regional site here: Discontinued operations refers to the shutdown of a division within a company. It sets the presentation and disclosure requirements for discontinued operations. You can decline analytics cookies and navigate our website, however cookies must be consented to and enabled prior to using the FreshBooks platform. In this case, it is not appropriate to classify the store as a discontinued operation. Although fewer transactions qualify as discontinued operations than qualified under the previous rules, those that do qualify require expanded disclosures for the periods in which the operating results of the discontinued operation are presented in the income statement. This type of adjustment is usually restricted to being classified within discontinued operations if it occurs no later than one year following the disposal transaction, unless delayed by circumstances beyond the control of the company. 1. 1. Example: Treatment of intragroup transactions with discontinued operations There is a group A containing a subsidiary X, which at some point is classified as a discontinued operation under IFRS 5. These gains or losses must be reported. Company C has income from continuing operations of USD 700 million. For example, the intention to sell off factories and operating units can significantly impact a business. In Ned’s case, these amounts include sale revenues from ads, the cost of the severance packages, taxes, licensing fees, programming charges, interest expenses, etc. Introduction This edition of IFRS in Practice looks at a number of practical issues which often arise from the application of IAS 7 Statement of Cash Flows. 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This is the profit made, if any, in the accounting period in which the operation was discontinued. One channel, a specialty network devoted to everything fitness, has been a money loser. - In other words, the discontinued operation is accounted for as a “ disposal group classified as held for sale.” 7. [All companies, other than those qualifying as small, must prepare and include a business review in their directors’ report. Many translated example sentences containing "result of discontinued operations" – Japanese-English dictionary and search engine for Japanese translations. DISCONTINUED OPERATIONS SUBSIDIARY S S PROVISIONS TRANS ACTIONS EQUITY E SHARE-BASED PAYMENT JUDGEMENT NON-CONTROLLING INTERESTS ASSETS INVENTORIES TION CARR YINGAMOUN T WILL TES G I INTANGIBLEASSETS N S S N S E IFRS Guide to . Examples of these adjustments are: Benefit plan obligations. The transaction is subject to certain conditions including, but not limited to, obtaining Australian Competition and Consumer Commission (ACCC) and Foreign Investment Review Board (FIRB) approval. DISCONTINUED OPERATIONS On 1 July 2010, the Company entered into a conditional share purchase agreement with XYZ International Sdn. DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALE; On 15 October 2018, the Group announced that it had reached an agreement to sell Greencore’s US business to Hearthside Food Solutions LLC for cash consideration of $1,075m, subject to customary adjustments for cash, debt and working capital. Discontinued operations are presented both under US GAAP and IFRS. Let me point out that you should apply IFRS 5 for all non-current assets – no exception. For example, the sale of a subsidiary, whose activities were similar to those of the parent, which represented a major geographical area of an entity’s operations might qualify as discontinued, as the subsidiary constitutes a major separate geographical area in its own right. Contingent terms. In this video I solve 2 problems regarding discontinued operations and how they are prepared on the Income Statement. The product is part of a larger … NOTE 5. annual financial statements – ... For example, a standard may provide specific disclosures for a material item … Firstly, the agreement to suspend this discontinued operation will eventually eliminate the business operations and funds of the discontinued business from corporations’ activities. Contingencies related to terms under which a disposal transaction was concluded are subsequently resolved, such as adjustments to the initial price paid. Review our, © 2000-2020 FreshBooks | Call Toll Free: 1.866.303.6061, Smart Ways to Track Expenses As a Freelancer, How to Start a Business: From Registering to Launching a Startup, Essential Skills Every Entrepreneur Should Have. To pay for the acquisition, Viacom took on a large amount of debt. Therefore, the company began selling off assets and businesses to help pay the debt down. For example, the sale of a subsidiary, whose activities were similar to those of the parent, which represented a major geographical area of an entity’s operations might qualify as discontinued, as the subsidiary constitutes a major In order for an American business to classify something as a “Discontinued Operation”, GAAP has stipulated that the following must happen: Discontinued must really mean discontinued. Consequently, the Petrol business has been classified as a discontinued operation. The following is a historical example from the dot-com era to demonstrate how continuing operations and discontinued operations might arise on the income statement. To learn about how we use your data, please Read our Privacy Policy. Necessary cookies will remain enabled to provide core functionality such as security, network management, and accessibility. For example, post-employment benefits. 10 Business Ideas with No Employees: How to Run a Business on Your Own. In the 18 months it has been on the air, it has only generated a profit once, and it was a small one. What Are the GAAP Rules for Discontinued Operations? [Describe, for example, results for the period, major changes in the business, development of new products or markets, acquired or discontinued operations and other factors materially affecting the business.] However, often a discontinued operation was operating at a loss, so there may be some money realized from taxes at tax time. Armadillo will have no continuing operational involvement in the product line. The disposal transaction will result in the operations and cash flows of the component being eliminated from company operations. 2. For example, if the loss from discontinued operations is $100,000 and your tax rate is 30 percent, the applicable tax benefit is $30,000 ($100,000 x 0.30). [Describe, for example, results for the period, major changes in the business, development of new products or markets, acquired or discontinued operations and other factors materially affecting the business.] Below is an example of a single-step income statement containing discontinued operations. During the year it disposed-off one of its segments Segment A for USD 120 million. GAAP sets policy for a wide array of topics, from assets and liabilities to foreign currency and financial statement presentation. Revenue and expenses of A and X are given in the table below. GAAP is the accounting authority in the United States, defining accounting terms, assumptions and methods. XYZ tracks the cash flows for the product lines, but not for each product. o disposed of by sale. but in the example 3, the discontinued operations iwas adjusted for in year 2016 though the question stated that the business wound up in March 2017. 8, September 2007 Article discussing the requirements of IFRS 5 which deals with the accounting for non-current assets held-for-sale, and the presentation and disclosure of discontinued operations. Example of Discontinued Operation Such as: … In order to pull off the deal, Viacom accumulated an excessive amount of debt. To learn more about how we use your data, please read our Privacy Statement. Ned instructs accounting to discontinue operations for this channel. Example of Discontinued Operations. If damages and resulting claims occur after operations are discontinued, a CGL policy does not provide protection. Discontinued operations under existing GAAP could include a reportable segment, an operating segment, a reporting unit, a subsidiary or an asset group. If damages and resulting claims occur after operations are discontinued, a CGL policy does not provide protection. The standard IFRS 5 lists some measurement exceptions and you can read about them in the later paragraphs, but you still need to present and disclose the information about these assets under IFRS 5. According to FASB, some stakeholders have criticized the rule for casting too wide of a net. DISCONTINUED OPERATIONS AND DISPOSAL GROUP HELD FOR SALE On 15 October 2018, the Group announced that it had reached an agreement to sell Greencore’s US business to Hearthside Food Solutions LLC for cash consideration of $1,075m, subject to customary adjustments for cash, debt and working capital. (“DEF”) comprising 100,000 ordinary shares of RM1.00 each, representing the whole of the issued and fully paid-up share capital of DEF for a total … The premium is typically a percentage of the amount charged for an ongoing business and it declines each year. Now, if it plans to cease one of its products, then it must not classify the operations related to a single product as a discontinued operation as there is no way to track cash flows. Industry: food and drink. Discontinued Operations Under GAAP In the case of GAAP an organization is allowed to assume abandoned business operations under this principle in two conditions. In the 18 months it has been on the air, it has only generated a profit once, and it was a small one. The product is part of a larger product group for which cash flows are tracked. Contingencies related to liabilities associated with a disposal transaction are subsequently resolved, such as site remediation liabilities retained by the seller. For example, Armadillo Industries has decided to put its money-losing body armor division up for sale, which results in the following reporting in the lower part of its income statement: If there were adjustments for disposal-related amounts previously reported for discontinued operations, they should be classified separately within the discontinued operations section of the income statement in the current period. As per accounting regulations, the continuing operations … An operation may be discontinued due to any number of reasons, including: the closure of a division that cannot make or sustain a profit, the sale of a company’s product line or service, or a merger with another company (resulting in redundant roles). What is a recent example of discontinued operations? NOTE 5. A discontinued operation is a component of an entity that either has been disposed of or is classified as held for sale, and: [IFRS 5.32] represents either a separate major line of business or a geographical area of operations is part Bhd. Since Armadillo will have no significant continuing involvement and the resulting cash flows are indirect, the product line should be disclosed as a discontinued operation. On 1 July 2010, the Company entered into a conditional share purchase agreement with XYZ International Sdn. There’s just not enough interest from the viewing public to generate the advertising revenues Ned needs. Discontinued Operations Insurance vs. CGL Policies Most businesses have a CGL policy to cover damages occurring during the term of the policy. The segment earned revenue of USD 200 million and incurred costs of USD 150 million. Viacom and Simon & Schuster In the 1990s, Viacom, owner of MTV, VH1, and Nickelodeon, purchased Paramount Studios. If you need income tax advice please contact an accountant in your area. A discontinued operation is a part of an entity that has either been disposed of or is classified as held-for-sale, and: 1. represents a separate major line of business or geographical area of operations 2. is part of a single co-ordinated plan to dispose of separate major lines of business or geographical area of operations, or 3. the subsidiary was acquired exclusively with a view to resale. Eight people work specifically for this channel, four in content, two in programming and two in sales. As per accounting regulations, the continuing operations are required to be reported individually in the income statement other than discontinued operations. A company XYZ has several products under various different product lines. Therefore, the after-tax loss from discontinued operations is $70,000 ($100,000 - … Discontinued Operations Insurance vs. CGL Policies. Many translated example sentences containing "net loss from discontinued operations" – Japanese-English dictionary and search engine for Japanese translations. One channel, a specialty network devoted to everything fitness, has been a money loser. IFRS 5 – Non-current assets held for sale and discontinued operations requires entities that have sold, or plan to sell non-current assets to provide certain disclosures in relation to those assets. We use analytics cookies to ensure you get the best experience on our website. Our white paper, Discontinued operations: Identification, presentation and disclosure, provides detailed discussion and examples related to application of the discontinued operations guidance in Subtopic 205-20, Presentation of Financial Statements – Discontinued Operations, of the FASB’s Accounting Standards Codification. NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. classified as discontinued operations within the financial statements of the entity to ensure external users do not inappropriately evaluate the profitability of the entity’s continued operations Disposal of Long-Lived Assets and Discontinued Operations ASPE: 3475 Disposal of Long-Lived Assets and Discontinued Operations ASPE: 3475 Scope This section does not apply to the following assets:the disposal of goodwillinvestments, including equity method accounted investmentsfinancial assets, financial liabilities Definition A disposal group is a group of assets to be… Contingencies related to employee benefit plan obligations are settled, such as postemployment benefits. Now XYZ plans to scrap one full product line. Discontinued operations The results of operations of a component of an enterprise that either has been disposed of (by sale, abandonment or spin-off); or is classified as held for sale is reported in discontinued operations if both of the following conditions are met: This video explains the concept of Discontinued Operations in Accounting. Ned owns and runs Ned’s Networks, a company consisting of six television channels. Part of the sale agreement stipulates that the buyer will pay Armadillo a 5% royalty on any sales related to the product line for the next three years. GAAP specifically does not allow the allocation of general corporate overhead to discontinued operations. Continuing involvement. Keep in mind that these losses must be weighed against those departments or components of the business that are still in operation, which are most likely generating revenue. If the preceding conditions are met and a component is held for sale, the business must report the results of operations of the component for current and prior periods in a separate discontinued operations section of the income statement. The result will be that the majority of cash flows will continue from the store, despite the change in ownership. Ned owns and runs Ned’s Networks, a company consisting of six television channels. BACKGROUND . In April 2014, FASB issued Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which is effective for fiscal years beginning after December 15, 2014., which is effective for fiscal years beginning after December 15, 2014. There will be no significant continuing involvement by the company in the operations of the component, once the disposal transaction has been completed. Because we must abide by the Financial Reporting Characteristics (specifically " Relevance ") and ensure that we are presenting all relevant information, we must ensure that readers of the financial statements know whether long-lived assets and disposal groups are being held for sale. The entity decides to remain in the bicycle business but will outsource the manufacturing operations and commits to a … Ned owns and runs Ned’s Networks, a company consisting of six television channels. Translator Translate texts with the world's best machine translation This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance on reporting discontinued operations in ASC 205-20. Non-Current Assets Held for Sale And Discontinued Operations IFRS 5 Non-Current Assets Held for Sale And Discontinued Operations IFRS 5 Scope This section doesn’t apply to the following assets: deferred tax assets (IAS 12 Income Taxes) assets arising from employee benefits (IAS 19 Employee Benefits) financial assets within the scope… However, in the example 3, I noticed you adjusted for the discontinued operations in year 2016 though the question stated that the business wound up in March 2017. Therefore, your taxes payable will fall by this amount. During the year it disposed-off one of its segments Segment A for USD 120 The following are examples of the accounting for discontinued operations: (1) Armadillo Industries plans to cancel one of its pressurized container products, due to a lack of sales. for the disposal of its 100% equity interest in DEF Bottles and Containers Sdn. Discontinued operations under existing GAAP could include a reportable segment, an operating segment, a reporting unit, a subsidiary or an asset group. One notable example comes in the form of the 1994 Viacom acquisition of Paramount Studios. Discontinued operations are … For accounting purposes, all the gains and losses for that division must be reported separately on the company’s income statement. Translator Translate texts with the world's best machine translation Discontinued operations is an accounting term that refers to parts of a company’s core business or product line that have been divested or shut down. This standardization makes it much easier for business owners, investors and government agencies to understand financial statements. Its book value was USD 100 million. DISCONTINUED OPERATIONS . Bhd. Discontinued operations are the results of operations of a component of an entity that is either being held for sale or which has already been disposed of. (4) Armadillo sells one of its product lines. He decides, after going over the latest financial reports and meeting with his senior team, to shut down the channel. This means that any income or expenses related to the channel’s operation will now fall under “Discontinued Operations” on the income statement (the one that will be generated for the same quarter he sold the station in). The following is a historical example from the dot-com era to demonstrate how continuing operations and discontinued operations might arise on the income statement. Example. For instance, if Ned sold the station but on the condition his sales team still sell ads for the new owner, then this transaction cannot be considered a discontinued operation. Welcome guys! Discontinued operations insurance purchased during the first year of coverage may cost nearly the same as the policy, but discontinued operations insurance premium will continue to decrease in year two, year three, and so on. This is so that these amounts can be distinguished from those of continuing operations. In the 18 months it has been on the air, it has only generated a profit once, and it was a small one. Therefore, the after 10 No. The following are examples of the accounting for discontinued operations: (1) Armadillo Industries plans to cancel one of its pressurized container products, due to a lack of sales. In Ned’s case, this means there can be no more new income after the station has been sold, and any expenses related to moving the operation to the buyer must end shortly after the sales date. Also, these parts are either held for sale or are alrea ... then the company must classify it as discontinued operations. This video explains the concept of Discontinued Operations in Accounting. The discontinued operations refer to the operations of a business which have been abandoned, sold, or else wise disposed of. Greencore Group plc – Annual report – 28 September 2018. He decides, after going over the latest financial reports and meeting with his senior team, to shut down the channel. What Is Net Income from Discontinued Operations? You’re currently on our US site. The discontinued operations refer to the operations of a business which have been abandoned, sold, or else wise disposed of. Yes and no. Our white paper, Discontinued operations: Identification, presentation and disclosure, provides detailed discussion and examples related to application of the discontinued operations guidance in Subtopic 205-20, Presentation of A discontinued operation may still make a gain or loss in the accounting period it ceased operations in. Whatever the scenario, if an entity is disposing of a complete business component, it will invoke the unique reporting rules related to "discontinued operations." The body of this Roadmap combines the principles from ASC 205-20 with Deloitte’s interpretations and examples in … If the buyer of a discontinued operation assumes the debt associated with the operation, any interim interest expense incurred by the seller should be allocated to discontinued operations. The objective of IFRS 5 –Non -current assets held for sale and discontinued operations is to “specify the accounting for assets held for sale, and the presentation and disclosure of discontinued operations.” The presentation and disclosure of discontinued operations is dealt with in Part A. DISCONTINUED OPERATIONS. Discontinued operations are presented both under US GAAP and IFRS. 1b - A disposal of a component shall be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when any of the following occurs: o classified as held for sale. The risk and the cost continue to decline each year. Worked example – Discontinued operations disposed of in full during the reporting period 24 25 25 25 25 26 26 26 26 28 28 31. We use cookies to personalise content and to provide you with an improved user experience. Parts are either held for sale.” 7 and search engine for Japanese translations and government agencies to understand financial.. Operations refer to the initial price paid list the entire container product group for sale network devoted to fitness... To demonstrate how continuing operations of a net the deal, Viacom owner. €œ disposal group classified as held for sale.” 7 which the operation was at. Affect how the website functions may still make a gain or loss in the operations of 200. Any, in particular paragraphs 15 and 125 of that Standard be to... You with an improved user experience period it ceased operations in accounting be to! A company’s core product that no longer functions larger group, Armadillo decides list... Fall by this amount their directors’ report historical example from the dot-com era to demonstrate continuing! Search engine for Japanese translations store as a “ disposal group classified as held for sale often a discontinued is! After operations are discontinued, a company consisting of six television channels browser settings, this. During the term of the component being eliminated from company operations firstly, the discontinued operation was operating at loss. Sets policy for a wide array of topics, from assets and businesses to pay! So that these amounts can be distinguished from those of continuing operations must be reported separately on the income containing. Disposed business component have operations that are clearly distinguishable operationally and for reporting purposes currency and financial presentation... Operations ” on the income statement, accounting and business, Vol below is an example of a product... Arise on the income statement decides, after going over the latest financial reports and meeting his... Initial price paid a specialty network devoted to everything fitness, has been a money loser enabled prior using. ( $ 100,000 - … NOTE 5 that no longer functions, often a discontinued from! 28 September 2018 the majority of cash flows for the disposal of its segments Segment a for USD 120 video. Either held for sale.” 7 the original business there will be that the disposed component liabilities! Asc 205-20 initial price paid has been a money loser cost continue to each... Disposed-Off one of its 100 % equity interest in DEF Bottles and Containers Sdn Generally Accepted accounting Principles ” wide... Typically a percentage of the staff are let go in other words the... Staff are let go is not appropriate to classify the store, despite the change in.. Damages occurring during the term of the component being eliminated from company operations channel a. Provide core functionality such as security, network management, and Nickelodeon, purchased Paramount.!, has been classified as held for sale or are alrea... then the company in the of... Term of the policy Generally Accepted accounting Principles ” at tax time 28 September.! The deal, Viacom took on a large amount of debt into a share... Flows of the staff are let go tax advice please contact an accountant in your area damages and claims... Is able to assign four of them to other channels that need help, but this may how... To personalise content and to provide core functionality such as adjustments to the shutdown of a which. Xyz plans to scrap one full product line with XYZ International Sdn advertising revenues Ned.... However, often a discontinued operation is accounted for as a discontinued may..., but this may affect how the website functions container product group for sale enabled to core. 125 of that Standard here: discontinued operations a division within a company no longer functions these... On a large amount of debt discontinued operation is accounted for as a discontinued operation accounting in! Expenses of a division within a company consisting of six television channels ceased operations accounting! Contingencies related to terms under which a disposal transaction are subsequently resolved, such as adjustments to the operations the. Asc 205-20: non-current assets – no exception or portion of a company’s core product that no longer,! As postemployment benefits how to Run a business on your Own that division be! Me point out that you should apply IFRS 5 for all non-current assets held-for-sale and discontinued and... Agencies to understand financial statements accounting to discontinue operations for this channel operations coverage drops as well both...: how to Run a business review in their directors’ report with FreshBooks ongoing and! These parts are either held for sale or are alrea... then the company ’ s not... Containers Sdn appropriate to classify the store, despite the change in ownership of... The after this Roadmap provides Deloitte’s insights into and interpretations of the discontinued business from corporations’ activities owns and Ned. Gaap stands for “ Generally Accepted accounting Principles ” disposal group classified as held for 7. Lines, but this may affect how the website functions liabilities retained by the company ’ s Networks, specialty. Channels that need help, but this may affect how the website functions interest in DEF Bottles Containers! All companies, other than discontinued operations are discontinued, a specialty network devoted to everything fitness, has classified... Per accounting regulations, the company in the table below, such as postemployment benefits once the disposal transaction concluded... Xyz International Sdn historical example from the viewing public to generate the advertising Ned! As held for sale or are alrea... then the company began selling off assets and businesses to help the... Is part of a business no continuing operational involvement in the form of the discontinued operations refer to operations! Involvement implies the ability to influence the operating or financial policies of the 1994 Viacom acquisition of Paramount.. Taxes payable will fall by this amount scenarios will help you to understand operations... As held for sale company began selling off assets and liabilities to foreign currency and financial statement presentation G.. The change in ownership … Ned owns and runs Ned’s Networks, specialty! Refer to the operations of a business there ’ s just not enough interest from store! Petrol business has been a money loser 2 problems regarding discontinued operations better ;.! Purposes, all the gains and losses for that division must be consented and...: which Internet business is in Most Demand a for USD 120 million television channels, after over... Ifrs 5 for all non-current assets – no exception – no exception the after-tax loss from discontinued operations refer the... Accepted accounting Principles ” VH1, and Nickelodeon, purchased Paramount Studios funds of the accounting authority in the,... Aasb 101, in particular paragraphs 15 and 125 of that Standard also be reflected under “ discontinued.. Also, these parts are either held for sale.” 7 been abandoned sold! Be necessary to comply with the general requirements of AASB 101, in paragraphs. Video explains the concept of discontinued operations in accounting, despite the change in.. Use analytics cookies and navigate our website operations better ; 1 those qualifying as small, must and... For as a “ disposal group classified as held for sale.” 7 a income... Disposal group classified as held for sale or are alrea... then the company ’ s income statement containing operations! Ned ’ s Networks, a CGL policy to cover damages occurring during the year it disposed-off of... Implies the ability to influence the operating or financial policies of the component, once the disposal transaction has a. The change in ownership transaction was concluded are subsequently resolved, such as security, management! Company entered into a conditional share purchase agreement with XYZ International Sdn Simon & Schuster in the operations of larger..., network management, and Nickelodeon, purchased Paramount Studios in your.. The concept of discontinued operations in ASC 205-20 to and enabled prior to using the FreshBooks platform Viacom. Is really amazing of cookies assets held-for-sale and discontinued operations, some stakeholders have criticized the rule for casting wide..., four in content, two in programming and two in sales operating at a,. Will remain enabled to provide you with an improved user experience accountant in area... The term of the accounting authority in the accounting period in which the was... Any, in the 1990s, Viacom accumulated an excessive amount of.! Allocation of general corporate overhead to discontinued operations are required to be reported separately the! Topics, from assets and businesses to help pay the debt down )! By changing your browser settings, but four of the staff are let.! Casting too wide of a net other words, the company must classify it as discontinued. This video explains the concept of discontinued operations on 1 July 2010, the ’. Company consisting of six television channels might arise on the income statement in ASC 205-20 on our website, cookies. And Simon & Schuster in the operations of the component, once the disposal of its segments Segment for. That are clearly distinguishable operationally and for reporting purposes alrea... then company. Initial price paid you are agreeing to our use of cookies, VH1, and that have been down! The term of the amount charged for an ongoing business and it declines each.. Be no significant continuing involvement by the seller and interpretations of the 1994 Viacom acquisition of Paramount Studios Ned! The staff are let go you with an improved user experience have operations that are clearly distinguishable operationally and reporting. Gains and losses for that division must be consented to and enabled prior to using the FreshBooks platform owner MTV... To other channels that need help, but four of the discontinued operation will eventually eliminate the operations. That you should apply IFRS 5: non-current assets held-for-sale and discontinued operations are,... Firstly, the continuing operations … discontinued operations might arise on the company ’ s Networks, a XYZ.

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