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0000320193 | 20170802 | 10-Q | 328 | On August 30, 2016, the European Commission announced its decision that Ireland granted state aid to the Company by providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the Company (the “State Aid Decision”). | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 329 | The State Aid Decision orders Ireland to calculate and recover additional taxes from the Company for the period June 2003 through December 2014. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 330 | Irish legislative changes, effective as of January 2015, eliminated the application of the tax opinions from that date forward. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 331 | The Company believes the State Aid Decision to be without merit and appealed to the General Court of the Court of Justice of the European Union. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 332 | Ireland has also appealed the State Aid Decision. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 333 | While the European Commission announced a recovery amount of up to €13 billion, plus interest, the actual amount of additional taxes subject to recovery is to be calculated by Ireland in accordance with the European Commission’s guidance. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 334 | Once the recovery amount is computed by Ireland, the Company anticipates funding it, including interest, out of foreign cash into escrow, where it will remain pending conclusion of all appeals. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 335 | The Company believes that any incremental Irish corporate income taxes potentially due related to the State Aid Decision would be creditable against U.S. taxes. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 336 | Apple Inc. | Q3 2017 Form 10-Q | 28
Recent Accounting Pronouncements
Restricted Cash
In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 337 | 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which enhances and clarifies the guidance on the classification and presentation of restricted cash in the statement of cash flows. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 338 | The Company will adopt ASU 2016-18 in its first quarter of 2019 utilizing the retrospective adoption method. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 339 | Currently, the Company’s restricted cash balance is not significant. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 340 | Income Taxes
In October 2016, the FASB issued ASU No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 341 | 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”), which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 342 | The Company will adopt ASU 2016-16 in its first quarter of 2019 utilizing the modified retrospective adoption method. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 343 | Currently, the Company anticipates recording up to $9 billion of net deferred tax assets on its Consolidated Balance Sheets. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 344 | However, the ultimate impact of adopting ASU 2016-16 will depend on the balance of intellectual property transferred between its subsidiaries as of the adoption date. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 345 | The Company will recognize incremental deferred income tax expense thereafter as these deferred tax assets are utilized. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 346 | Stock Compensation
In March 2016, the FASB issued ASU No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 347 | 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which modifies certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards, and classification in the statement of cash flows. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 348 | The Company will adopt ASU 2016-09 in its first quarter of 2018. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 349 | Currently, excess tax benefits or deficiencies from the Company’s equity awards are recorded as additional paid-in capital in its Consolidated Balance Sheets. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 350 | Upon adoption, the Company will record any excess tax benefits or deficiencies from its equity awards in its Consolidated Statements of Operations in the reporting periods in which vesting occurs. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 351 | As a result, subsequent to adoption the Company’s income tax expense and associated effective tax rate will be impacted by fluctuations in stock price between the grant dates and vesting dates of equity awards. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 352 | Leases
In February 2016, the FASB issued ASU No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 353 | 2016-02, Leases (Topic 842) (“ASU 2016-02”), which modifies lease accounting for lessees to increase transparency and comparability by recording lease assets and liabilities for operating leases and disclosing key information about leasing arrangements. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 354 | ASU 2016-02 will be effective for the Company beginning in its first quarter of 2020, and early adoption is permitted. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 355 | The Company will use a modified retrospective adoption approach. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 356 | While the Company is currently evaluating the timing and impact of adopting ASU 2016-02, currently the Company anticipates recording lease assets and liabilities in excess of $8.5 billion on its Consolidated Balance Sheets, with no material impact to its Consolidated Statements of Operations. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 357 | However, the ultimate impact of adopting ASU 2016-02 will depend on the Company’s lease portfolio as of the adoption date. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 358 | Financial Instruments
In January 2016, the FASB issued ASU No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 359 | 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 360 | The Company will adopt ASU 2016-01 in its first quarter of 2019 utilizing the modified retrospective adoption method. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 361 | Based on the composition of the Company’s investment portfolio, the adoption of ASU 2016-01 is not expected to have a material impact on its consolidated financial statements. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 362 | In June 2016, the FASB issued ASU No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 363 | 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which modifies the measurement of expected credit losses of certain financial instruments. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 364 | The Company will adopt ASU 2016-13 in its first quarter of 2021 utilizing the modified retrospective adoption method. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 365 | Based on the composition of the Company’s investment portfolio, current market conditions, and historical credit loss activity, the adoption of ASU 2016-13 is not expected to have a material impact on its consolidated financial statements. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 366 | Revenue Recognition
In May 2014, the FASB issued ASU No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 367 | 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 368 | ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 369 | Apple Inc. | Q3 2017 Form 10-Q | 29
Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 370 | 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”); ASU No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 371 | 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”); ASU No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 372 | 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”); and ASU No. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 373 | 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 374 | The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 with ASU 2014-09 (collectively, the “new revenue standards”). | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 375 | The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 376 | The Company plans to adopt the new revenue standards in its first quarter of 2019 utilizing the full retrospective adoption method. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 377 | The new revenue standards are not expected to have a material impact on the amount and timing of revenue recognized in the Company’s consolidated financial statements. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 378 | Liquidity and Capital Resources
The following tables present selected financial information and statistics as of July 1, 2017 and September 24, 2016 and for the first nine months of 2017 and 2016 (in millions):
The Company believes its existing balances of cash, cash equivalents and marketable securities will be suffic... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 379 | The Company currently anticipates the cash used for future dividends, the share repurchase program and debt repayments will come from its current domestic cash, cash generated from ongoing U.S. operating activities and from borrowings. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 380 | As of July 1, 2017 and September 24, 2016, the Company’s cash, cash equivalents and marketable securities held by foreign subsidiaries were $246.0 billion and $216.0 billion, respectively, and are generally based in U.S. dollar-denominated holdings. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 381 | Amounts held by foreign subsidiaries are generally subject to U.S. income taxation on repatriation to the U.S. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 382 | In connection with the State Aid Decision, the European Commission announced a recovery amount of up to €13 billion, plus interest. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 383 | The actual amount of additional taxes subject to recovery is to be calculated by Ireland in accordance with the European Commission’s guidance. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 384 | Once the recovery amount is computed by Ireland, the Company anticipates funding it, including interest, out of foreign cash into escrow, where it will remain pending conclusion of all appeals. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 385 | The Company’s marketable securities investment portfolio is primarily invested in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 386 | The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 387 | During the nine months ended July 1, 2017, cash generated by operating activities of $47.9 billion was a result of $37.6 billion of net income, non-cash adjustments to net income of $16.0 billion and a decrease in the net change in operating assets and liabilities of $5.7 billion, which included a one-time payment of $... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 388 | Cash used in investing activities of $36.5 billion during the nine months ended July 1, 2017 consisted primarily of cash used for purchases of marketable securities, net of sales and maturities, of $27.7 billion and cash used to acquire property, plant and equipment of $8.6 billion. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 389 | Cash used in financing activities of $13.4 billion during the nine months ended July 1, 2017 consisted primarily of cash used to repurchase common stock of $25.1 billion, cash used to pay dividends and dividend equivalents of $9.5 billion and cash used to repay term debt of $3.5 billion, partially offset by proceeds fr... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 390 | Apple Inc. | Q3 2017 Form 10-Q | 30
During the nine months ended June 25, 2016, cash generated by operating activities of $49.7 billion was a result of $36.7 billion of net income, non-cash adjustments to net income of $16.7 billion and a decrease in the net change in operating assets and liabilities of $3.7 billion. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 391 | Cash used in investing activities of $38.6 billion during the nine months ended June 25, 2016 consisted primarily of cash used for purchases of marketable securities, net of sales and maturities, of $27.2 billion and cash used to acquire property, plant and equipment of $8.8 billion. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 392 | Cash used in financing activities of $14.0 billion during the nine months ended June 25, 2016 consisted primarily of cash used to repurchase common stock of $23.7 billion, cash used to pay dividends and dividend equivalents of $9.1 billion and cash used to repay term debt of $2.5 billion, partially offset by proceeds f... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 393 | Capital Assets
The Company’s capital expenditures were $8.5 billion during the first nine months of 2017. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 394 | The Company anticipates utilizing approximately $15.0 billion for capital expenditures during 2017, which includes product tooling and manufacturing process equipment; data centers; corporate facilities and infrastructure, including information systems hardware, software and enhancements; and retail store facilities. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 395 | Debt
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 396 | The Company uses the net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 397 | As of July 1, 2017, the Company had $12.0 billion of Commercial Paper outstanding, with a weighted-average interest rate of 1.01% and maturities generally less than nine months. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 398 | As of July 1, 2017, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate principal amount of $96.6 billion (collectively the “Notes”). | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 399 | During the third quarter of 2017, the Company repaid $3.5 billion of its Notes. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 400 | The Company has entered, and in the future may enter, into interest rate swaps to manage interest rate risk on the Notes. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 401 | In addition, the Company has entered, and in the future may enter, into foreign currency swaps to manage foreign currency risk on the Notes. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 402 | Further information regarding the Company’s debt issuances and related hedging activity can be found in Part I, Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements in Note 2, “Financial Instruments” and Note 6, “Debt.”
Capital Return Program
In May 2017, the Company’s Board of Directors... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 403 | Additionally, the Company announced that the Board of Directors raised the Company’s quarterly cash dividend from $0.57 to $0.63 per share, beginning with the dividend paid during the third quarter of 2017. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 404 | The Company intends to increase its dividend on an annual basis subject to declaration by the Board of Directors. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 405 | As of July 1, 2017, $158 billion of the share repurchase program had been utilized. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 406 | The Company’s share repurchase program does not obligate it to acquire any specific number of shares. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 407 | Under the program, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 408 | The following table presents the Company’s dividends, dividend equivalents, share repurchases and net share settlement activity from the start of the capital return program in August 2012 through July 1, 2017 (in millions):
Apple Inc. | Q3 2017 Form 10-Q | 31
The Company expects to execute its capital return program by... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 409 | The Company plans to continue to access the domestic and international debt markets to assist in funding its capital return program. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 410 | Off-Balance Sheet Arrangements and Contractual Obligations
The Company has not entered into any transactions with unconsolidated entities whereby the Company has financial guarantees, subordinated retained interests, derivative instruments, or other contingent arrangements that expose the Company to material continuing... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 411 | Operating Leases
As of July 1, 2017, the Company’s total future minimum lease payments under noncancelable operating leases were $8.5 billion. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 412 | The Company’s retail store and other facility leases are typically for terms not exceeding 10 years and generally contain multi-year renewal options. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 413 | Manufacturing Purchase Obligations
The Company utilizes several outsourcing partners to manufacture sub-assemblies for the Company’s products and to perform final assembly and testing of finished products. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 414 | These outsourcing partners acquire components and build product based on demand information supplied by the Company, which typically covers periods up to 150 days. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 415 | The Company also obtains individual components for its products from a wide variety of individual suppliers. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 416 | As of July 1, 2017, the Company expects to pay $23.4 billion under manufacturing-related supplier arrangements, substantially all of which is noncancelable. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 417 | Other Purchase Obligations
The Company’s other purchase obligations consisted of noncancelable obligations to acquire capital assets, including product tooling and manufacturing process equipment, and noncancelable obligations related to advertising, licensing, R&D, internet and telecommunications services and other ob... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 418 | As of July 1, 2017, the Company had other purchase obligations of $9.0 billion. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 419 | The Company’s other non-current liabilities in the Condensed Consolidated Balance Sheets consist primarily of deferred tax liabilities, gross unrecognized tax benefits and the related gross interest and penalties. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 420 | As of July 1, 2017, the Company had non-current deferred tax liabilities of $30.2 billion, gross unrecognized tax benefits of $8.6 billion and an additional $1.3 billion for gross interest and penalties. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 421 | Indemnification
Agreements entered into by the Company sometimes include indemnification provisions which may subject the Company to costs and damages in the event of a claim against an indemnified third party. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 422 | In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss in excess of a recorded accrual, with respect to indemnification of third parties. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 423 | The Company offers an iPhone Upgrade Program, which is available to customers who purchase a qualifying iPhone in the U.S., the U.K. and mainland China. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 424 | The iPhone Upgrade Program provides customers the right to trade in that iPhone for a specified amount when purchasing a new iPhone, provided certain conditions are met. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 425 | The Company accounts for the trade-in right as a guarantee liability and recognizes arrangement revenue net of the fair value of such right with subsequent changes to the guarantee liability recognized within revenue. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 426 | The Company has entered into indemnification agreements with its directors and executive officers. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 427 | Under these agreements, the Company has agreed to indemnify such individuals to the fullest extent permitted by law against liabilities that arise by reason of their status as directors or officers of the Company and to advance expenses incurred by such individuals in connection with related legal proceedings. | 0000320193-17-000009/full-submission.txt |
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