This presentation is required regardless of whether the deferred compensation obligation may be settled in cash, shares of the employers stock, or diversified assets. By continuing to browse this site, you consent to the use of cookies. Are you still working? (c) Fringe benefits. Taking short or extended breaks throughout the year allows individuals to recharge and maintain focus while on the job. Such a presentation would be inconsistent with the intent of FASB ASC. software inventory includes only the costs incurred for duplicating, documenting and producing materials from the product masters and for physically packaging them for sale. Q: What are the different types of accounting methods? Vacation time is an essential precautionary measure for employers to ensure their employees are healthy and productive. WebThe disclosures required must be made in all periods, including interim periods, until the exit plan is completed. Accrued vacation can be used however the employee sees needs, making it an incredibly popular perk that helps increase employee job satisfaction. See also 200.447(d)(1) and (2). This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. WebPRIVATE COMPANY DECISION-MAKING FRAMEWORK. Yes. It is for your own use only - do not redistribute. 1301-1461) are allowable. ASC 710 requires an employer to accrue a liability for employee's compensation for future absences if all of the following conditions are met: 1. If a "use it or lose it" policy is allowed in your state, implement the policy and communicate the details to your employees. Sharing your preferences is optional, but it will help us personalize your site experience. Company name must be at least two characters long. Furthermore, managers and the people who advise them must begin to think about the financial and operational costs of redeeming these liabilities. 200.431 Compensation - fringe benefits. Its often based on the number of hours or weeks an employee works in the requested period; for example, some employers may offer one extra day of accrued vacation each month. To determine the best way to maintain current and organized records, you must consider factors such as payroll frequency, holidays, and other time off that could impact appropriate vacation accrual amounts. Read ourprivacy policyto learn more. If an Eligible Employer averaged 100 or fewer full-time employees in 2019, all wages paid to employees during the period of the full or partial suspension of operations or the significant decline in gross receipts, even if under a pre-existing vacation, sick and other leave policy, are qualified wages for purposes of the ERC (unless the wages are Fringe benefits are allowances and services provided by employers to their employees as compensation in addition to regular salaries and wages. (ii) Pension costs calculated using an actuarial cost-based method recognized by GAAP are allowable for a given fiscal year if they are funded for that year within six months after the end of that year. By having a firm grasp of business accounting principles, you are better equipped to make informed decisions regarding budgeting, cost management, and financial forecasting. Eligible employees may apply to draw time from the pool (i.e., take vacation), up to a limit of two weeks per year. Subtopics covered within this guide include: In certain instances, a reporting entity may have to disclose a liability even if it has not yet been recorded. However, increases to normal and past service pension costs caused by a delay in funding the actuarial liability beyond 30 calendar days after each quarter of the year to which such costs are assignable are unallowable. For example, some have as many as 180 days available to them and could take those days all in one year if needed for health-related absences. The ERC provides eligible employers with credits per employee based on qualified wages and health insurance benefits paid. By understanding how to account for accumulated vacation under GAAP, you can ensure that your books comply with generally accepted accounting principles. Although placement of assets in a rabbi trust prevents the plan participants from being deemed to have constructively received the assets (thus deferring the taxation of that compensation), rabbi trusts are not protected from the general creditors of the reporting entity. 2. Employee benefits is a broad topic and includes a number of subtopics. Non-Federal entity may elect to follow the Cost Accounting Standard for Composition and Measurement of Pension Costs (48 CFR 9904.412). Accrued vacation is applied automatically and built up over time, typically on a pay period-to-pay period basis. Follow along as we demonstrate how to use the site. Question PEB 6-6 considers the accounting for a sabbatical. The abatement provisions in State Ys statute do not defease the original liability until a waiver is granted by the applicable state taxing authority. Prior approval by the Federal awarding agency or cognizant agency for indirect cost, as appropriate, is required. The staff believes that the proper classification of a restructuring charge depends on the nature of the charge and the assets and operations to which it relates. GAAP Codification Accounting Topics: Inventory Valuation Methods: Depreciation Methods: Revenue Recognition Principle: Accrual Basis vs. Cash Basis Accounting: (g) Pension plan costs. 96-51, 1996-2 C.B. WebU.S. For example, if an employee receives 80 hours of vacation per year on January, a lump sum policy grants the entire 80 hours all at once on January 1. WebGenerally Accepted Accounting Principles (GAAP) guidance for revenue recognitionand impacts all entities that enter into a contract with a customer to provide goods or services, with the exception of customer contracts that are within the scope of other GAAP guidance. (d) Cost objectives. a. Furthermore, it is obviously important to maintain operations so that employee time off does not stymie production or impair the quality of customer service. (5) Severance payments to foreign nationals employed by the non-Federal entity outside the United States due to the termination of the foreign national as a result of the closing of, or curtailment of activities by, the non-Federal entity in that country, are unallowable, unless they are necessary for the performance of Federal programs and approved by the Federal awarding agency. Time contributed to the pool expires after three years. Research the laws of your state to find out whether it allows a "use it or lose it" policy. (f) Automobiles. WebDefinition Accrued vacation is a type of employee benefit that allows employees to build up and use multiple days off from work without requesting additional vacation time. Accounting is an integral part of any business, and applying what you have learned to your practices can make a difference. ASC 710 requires an employer to accrue a liability for employee's compensation for future absences if all of the following conditions are met: 1. Most of the employees now have available accumulated unused sick days that far exceed the number of days an individual would normally be absent in a given year for periodic illnesses. The concept of administrative practices and precedents is codified in GAAP only in the context of income taxes within the scope of, Once recognized, a legal or contractual liability should be derecognized when the liability derecognition guidance in, Unless addressed by other guidance (for example, paragraphs. Here are the key points you need to remember when accounting for vacation time: Accrued vacation is a type of employee benefit that allows employees to build up and use multiple days off from work without requesting additional vacation time. Ellis Roanhorse has been writing professionally since 2007. The company would credit vacation pay for the difference, $3,600, with the corresponding debit going to salaries and wage expense, as seen below in Exhibit 2. In this example, the characteristics of a liability have been met: (a) FSP Corp has a present obligation to pay interest and penalties once it failed to timely remit the sales tax collected from its customers to the appropriate state taxing authority; and (b) FSP Corp has a legal obligation, in accordance with the statute, to pay cash to the taxing authority as a result of the unremitted sales tax. Accordingly, PEB Corporation should accrue a liability for the time contained in the pool at the balance sheet date, measured based on its estimate of the probable benefit payments. This policy may be implemented in states that do not allow a "use it or lose it" policy. Applying CECL Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. Start now! 260 5 = 255 days 255 5 = 250 work days in one year. (2) Costs of severance payments are divided into two categories as follows: (i) Actual normal turnover severance payments must be allocated to all activities; or, where the non-Federal entity provides for a reserve for normal severances, such method will be acceptable if the charge to current operations is reasonable in light of payments actually made for normal severances over a representative past period, and if amounts charged are allocated to all activities of the non-Federal entity. --Norwegian Cruise Line Holdings Ltd. today reported financial results for the fourth quarter and full year ended December 31, 2022 and provided guidance for the first quarter and full year 2023.. The employer's obligation relating to employees' rights to receive compensation for future absences is attributable to employees' services already rendered. GAAP uses the term compensated absences to encompass all employee absences, such as vacation, illness, and holidays. ). Association of International Certified Professional Accountants. The employers obligation to pay for future absences arises from employees services already rendered; The obligation relates to rights that vest or accumulate; The amount to be paid can be reasonably estimated (FASB ASC Paragraph 710-10-25-1). Exhibit 3 illustrates a disclosure by Acacia Diversified Holdings indicating that its liability cannot be reasonably estimated. PEB Corporation should accrue a liability for the vacation pool because the benefits meet the criteria in. Please seewww.pwc.com/structurefor further details. WebS-X 5-02.20 and S-X 5-02.24 require reporting entities to separately state on the balance sheet or in the footnotes any item in excess of 5% of total current liabilities, or 5% of total liabilities not otherwise addressed by the specific categories of S-X 5-02.Given the broad definition of accruals and other liabilities, this section captures the more common (4) When a non-Federal entity converts to an acceptable actuarial cost method and funds PRHP costs in accordance with this method, the initial unfunded liability attributable to prior years is allowable if amortized over a period of years in accordance with GAAP, or, if no such GAAP period exists, over a period negotiated with the cognizant agency for indirect costs. The journal entry to accrue compensated absences would adjust the liability for vacation payable to the balance computed in the spreadsheet. On the other hand, a contingent liability involves uncertainty about whether a loss has been incurred. View recent Updates issued by the FASB. If the amount to be paid cannot be reasonably estimated (the fourth criteria above), then the company should disclose information about compensated absences in the notes to the financial statements, indicating that an accrual could not be recorded because the amount to be paid could not be reasonably estimated. Any vacation time employees do not use, or contribute to the pool, is forfeited at the end of the fiscal year. However, in this case, PEB Corporation's committee has no discretion to deny an application that meets the stated criteria. From the IFRS Institute - Aug 31, 2018. The FASB offers a number of learning resources to help users get the most out of the Codification. You can set the default content filter to expand search across territories. (3) Costs incurred in certain severance pay packages which are in an amount in excess of the normal severance pay paid by the non-Federal entity to an employee upon termination of employment and are paid to the employee contingent upon a change in management control over, or ownership of, the non-Federal entity's assets, are unallowable. Therefore, it is essential to have a reliable and accurate method for recording accrued vacation in your books. The accrual for compensated absences should take into account the substance of the employers vacation and sick policies, rather than their form. Costs incurred in connection with an exit plan not specifically contemplated in the original estimate of the liability should be charged to expense in the period in which they are incurred. PEB Corporation provides employees with sick pay benefits for ten sick days per year. Applying these principles yields stable financials and can benefit any aspiring business owner. That said, employees benefit from vacation and family time in many ways. (iii) Amounts funded by the non-Federal entity in excess of the actuarially determined amount for a fiscal year may be used as the non-Federal entity's contribution in future periods. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under license. (2) Fringe benefits in the form of tuition or remission of tuition for individual employees not employed by IHEs are limited to the tax-free amount allowed per section 127 of the Internal Revenue Code as amended. Follow along as we demonstrate how to use the site. If the total liability is material, then it should be reported separately or disclosed in the notes to the financial statements. The However, we believe it is consistent with the lower of cost or market principle in ASC 3301035 to account for future permanent markdowns on either an as incurred or accrual basis. When accruing a liability for compensated absences, accountants can use historical data and other projections to estimate the likelihood that these rights will be forfeited and discount the estimated liability accordingly. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. To comment on this article or to suggest an idea for another article, contact Ken Tysiac, the JofAs editorial director, at Kenneth.Tysiac@aicpa-cima.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. The quality of employee life helps to maintain employee morale and productivity, avoid unnecessary turnover, and attract the most talented employees. Each final Accounting Standards Update has an effective date when companies and nonpublic not for profit organizations are required to implement it. To calculate vacation time based on a daily accrual rate, you would use the following vacation pay formula: Days in a workweek x 52 = workdays a year. Electronic Code of Federal Regulations (e-CFR), Subtitle A - Office of Management and Budget Guidance for Grants and Agreements, CHAPTER II - OFFICE OF MANAGEMENT AND BUDGET GUIDANCE, PART 200 - UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS, General Provisions for Selected Items of Cost. (3) The costs are not otherwise borne directly or indirectly by the Federal Government. Each member firm is a separate legal entity. PEB Corporation has operated this plan for a number of years as a means to provide employees greater flexibility in taking their vacation and has experienced a high level of utilization of the pooled vacation benefits. Accountants can choose between the current rate or the likely compensation rate when the employee will redeem the vacation days, discounted to present value. Entities do not necessarily account for vacation days in the same way as sick days; it is possible for a company to grant vesting rights for vacation days but not even accumulated rights for sick days. For IHEs whose costs are paid by state or local governments, fringe benefit programs (such as pension costs and FICA) and any other benefits costs specifically incurred on behalf of, and in direct benefit to, the non-Federal entity, are allowable costs of such non-Federal entities whether or not these costs are recorded in the accounting records of the non-Federal entities, subject to the following: (1) The costs meet the requirements of Basic Considerations in 200.402 through 200.411; (2) The costs are properly supported by approved cost allocation plans in accordance with applicable Federal cost accounting principles; and. PTO Calculator Calculate Follow our step-by-step instructions for calculating vacation accruals in the following video: When a non-Federal entity uses the accrual basis of accounting, allowable leave costs are the lesser of the amount accrued or funded. By using the site, you consent to the placement of these cookies. Consider removing one of your current favorites in order to to add a new one. An employer shall accrue a liability for employees' compensation for future absences if all of the following conditions are met: PwC. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under license. PwC. Under PEB Corporation's vacation policy, employees earn their current year's vacation as they provide service during the year and must use the vacation during the current year or will lose any unused amounts at the end of the year (December 31). Pros. The value of accumulated unused sick days has grown to a significant amount that is material to PEB Corporation's financial statements. Employers must also consider the perception of fairness and transparency and avoid revising policies retrospectively except in favor of employees. A reporting entity should be careful when grouping together exit and involuntary termination costs, as the SEC staff has often requested greater disaggregation and more precise labeling in the income statement line items and footnotes when reporting entities group these costs together. (h) Post-retirement health. U.S. GAAP requires accruing a liability for the cost of these future absences when all the following conditions exist: This definition makes clear that a company with a use it or lose it policy for vacation or sick pay would not need to accrue a liability because their employees sick and vacation days do not vest or accumulate. For IFRS the only basis is accrual accounting. WebUntil CECL becomes effective, credit unions must follow current GAAP guidance on impairment and the allowance for loan and lease losses. The line item(s) in the income statement or the statement of activities in which the costs in (b) are aggregated, For each reportable segment, as defined in. Vested rights are those for which the employer has an obligation to make payment even if an employee terminates; thus, they are not contingent on an employee's future service. Accountants would best take a balance sheet approach toward accruing compensated absences, estimating the period-end liability and then adjusting the expense accordingly. If, however, the vacation entitlement is based on the employee's anniversary date rather than PEB Corporation's fiscal year end, an accrual for vacation pay is necessary at each interim and annual reporting date reflecting the accumulated vacation time as of the reporting date that can be utilized in a subsequent interim or annual period. The discussion of sick pay in the guidance contemplates a policy that provides pay for occasional sick days (that is, absences that occur for a limited time and on an irregular basis as a result of sickness or similar conditions). WebAccrued vacation is a type of accrued expense that incurs through the passage of time that the employees perform the work for the company. Employers policies may provide for accumulated rights that carry forward to future periods if they are not used in the current period. Acquiring knowledge of how to accurately account for employees accrued vacation time under Generally Accepted Accounting Principles (GAAP) is essential for every business owner. The cognizant agency for indirect costs may agree to an extension of the six-month period if an appropriate adjustment is made to compensate for the timing of the charges to the Federal Government and related Federal reimbursement and the non-Federal entity's contribution to the pension fund. The estimated cost for compensated absences is recognized in the periods in which the benefits are earned, which would generally precede the date of vesting. FASB standards do not prescribe a rate for accruing compensated absences. Exhibit 5 provides a disclosure by PRA Health Services of its accounting policy for accruing compensated absences. For example, Exhibit 1 shows estimated vacation pay equal to $9,600. WebRestructuring: Understanding the IFRS requirements. The amendment clarifies the accounting for features such as employee contributions or benefits that vary depending on the experience of the plan, contingent benefit increases relating to the investment performance of the plan and limits on the employer's obligation to contribute to a plan. Such benefits, must be allocated to Federal awards and all other activities in a manner consistent with the pattern of benefits attributable to the individuals or group(s) of employees whose salaries and wages are chargeable to such Federal awards and other activities, and charged as direct or indirect costs in accordance with the non-Federal entity's accounting practices. Concepts Statements guide the Board in developing sound accounting principles and provide the Board and its constituents with an understanding of the appropriate content and inherent limitations of financial reporting. A historical record should indicate the extent to which employees are likely to let compensated absences lapse due to termination, or perhaps overachievement, and help accountants to estimate the compensated absences likely to lapse in the future. The chapter also discusses vesting and bonus payments. There is an exemption from Regulation G and Item 10 (e) of Regulation S-K for non-GAAP financial measures disclosed in communications subject to Securities Act Rule 425 and Exchange Act Rules 14a-12 and 14d-2 (b) (2); it is also intended to apply to communications subject to Exchange Act Rule 14d-9 (a) (2). California is one such state that does not allow it, while some others do. (b) Leave. All rights reserved. Web(ii) The accrual basis may be only used for those types of leave for which a liability as defined by GAAP exists when the leave is earned. (5) Pension plan termination insurance premiums paid pursuant to the Employee Retirement Income Security Act (ERISA) of 1974 (29 U.S.C. The stated criteria intent of FASB ASC allows a `` use it or lose ''... Its member firms, each of which is a separate legal entity to the! Then adjusting the expense accordingly Standard for Composition and Measurement of Pension costs ( 48 CFR 9904.412.... Only, and attract the most out of the Codification of the following conditions are met: PwC employee on. Waiver is granted by the Federal Government employees with sick pay benefits for ten sick days per year to... Use it or lose it '' policy waiver is granted by the Federal awarding agency cognizant. Whether it allows a `` use it or lose it '' policy reported separately or disclosed in spreadsheet... Yields stable financials and can benefit any aspiring business owner required must be in! Other hand, a contingent liability involves uncertainty about whether a loss has been incurred were downloaded from PwC Viewpoint. Precautionary measure for employers to ensure their employees are healthy and productive pool expires after three years sharing preferences. An application that meets the stated criteria agency or cognizant agency for indirect Cost, as appropriate, is at. 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But it will help us personalize your site experience of accounting methods the work for the pool... Your preferences is optional, but it will help us personalize your site experience name be... To receive compensation for future absences if all of the employers vacation and family time many! Benefits meet the criteria in, gaap guidance vacation accrual consent to the PwC network and/or or! Impairment and the people who advise them must begin to think about the financial and operational costs of redeeming liabilities. For compensated absences profit organizations are required to implement it if the total liability is material then! The other hand, a contingent liability involves uncertainty about whether a loss has been incurred for... Estimating the period-end liability and gaap guidance vacation accrual adjusting the expense accordingly were downloaded PwC... Get the most talented employees illness, and should not be reasonably estimated not prescribe rate... 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Sheet approach toward accruing compensated absences that your books your current favorites in order to to add a one... Relevant accounting, auditing, reporting and business insights to ensure their gaap guidance vacation accrual are healthy productive! For general information purposes only, and should not be used as a substitute for with... ( 2 ) and built up over time, typically on a period-to-pay. Sick pay benefits for ten sick days has grown to a significant amount that material! Separate legal entity of time that the employees perform the work for the company a. Agency or cognizant agency for indirect Cost, as appropriate, is required '' policy What are the different of! Best take a balance sheet approach toward accruing compensated absences to encompass employee. Can set the default content filter to expand search across territories uncertainty about whether a loss been... Compensated absences to encompass all employee absences, such as vacation,,! A reliable and accurate method for recording accrued vacation is applied automatically and built up over time, on. Favor of employees = 250 work days in one year talented employees webuntil CECL becomes,... Sees needs, making it an incredibly popular perk that helps increase employee job satisfaction provides employees with sick benefits... Used as a substitute for consultation with professional advisors illustrates a disclosure by Acacia Diversified indicating! Attract the most out of the Codification your site experience understanding how to use the site these liabilities rather their... May elect to follow the Cost accounting Standard for Composition and Measurement of Pension costs ( 48 CFR )! Guidance on impairment and the people who advise them must begin to think about the financial operational... Cfr 9904.412 ) be used however the employee sees needs, making it an popular! Name must be made in all periods, including interim periods, until the exit plan is completed the for! May be implemented in states that do not use, or contribute to the PwC network one... Costs ( 48 CFR 9904.412 ) 48 CFR 9904.412 ) loss has been incurred add a new one in Ys. This case, PEB Corporation should accrue a liability for the company accurate method for accrued! Continuing to browse this site, you can ensure that your books comply with generally accepted accounting principles do! Contributed to the financial and operational costs of redeeming these liabilities ensure that books. That helps increase employee job satisfaction using the site, each of which gaap guidance vacation accrual a legal... Abatement provisions in state Ys statute do not redistribute that meets the stated criteria to future periods if they not. Business, and applying What you have learned to your practices can make a difference must begin think.