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YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. record depreciation expense, amortization expense and income taxes based upon the fair value allocation of the purchase price to BrandsMart U.S.A.'s tangible and intangible assets acquired and liabi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. FAIR VALUE MEASUREMENT Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes financial liabilities measured at fair value on a recurring basis...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. plan participants and is valued at the quoted market prices of the participants’ investment elections, which consist of equity and debt "mirror" funds. As such, the Company has classified the deferr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. interest rate based on 1-month CME Term SOFR and pay a fixed interest rate of 3.87% on the notional amount. Aaron's Company, Inc. has accounted for the interest rate swap as a derivative instrument ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. is recorded within prepaid expenses and other assets (when the resulting fair value is an asset) or accounts payable and accrued expenses (when the resulting fair value is a liability) within the Co...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to sell, and any adjustment is recorded in other operating expenses, net or restructuring expenses, net (if the asset is a part of the Company's restructuring programs as described in Note 7 to thes...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. net assets acquired, including acquired intangible assets, the Company utilized multiple Level 3 inputs and assumptions, such as estimates about costs of capital, future projected performance and ca...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ments through April 20271 172,113 173,163 Total Debt 222,113 242,413 Less: Current Maturities 4,375 23,450 Long-Term Debt 217,738 218,963 Includes unamortized debt issuance costs of $0.7 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. sheets. Revolving Credit Facility and Term Loan Borrowings under the Revolving Facility and the Term Loan bear interest at a rate per annum equal to, at the option of the Company, (i) the forward-...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 31, 2022, in an aggregate annual amount equal to (i) 2.50% of the original principal amount of the Term Loan during the first and second years after the closing date, (ii) 5.00% of the original princ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. dated as of November 10, 2021. The Franchise Loan Facility operates as a guarantee by the Company of certain debt obligations of certain Aaron's franchisees (the "Borrower") under a franchise loan ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Company will be in default under these agreements, and all borrowings outstanding could become due immediately. Under the Credit Facility and Franchise Loan Facility, the Company may pay cash divide...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 12,607 Non-Retail Sales 23,935 27,827 Franchise Royalties and Fees 5,898 6,118 Other 187 212 Total1 554,361 456,082 Includes revenues from Canadian operations of $4.4 million and $4.9 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. plans that can be generally renewed weekly, bi-weekly, semi-monthly, or monthly up to 12, 18 or 24 months and does not require deposits upon inception of customer agreements. The customer has the ri...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. at any time by either party without penalty, and as such, these offerings are renewable period to period arrangements. Lease revenues related to the leasing of merchandise and Aaron's Club membersh...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. lease agreements. Initial direct 22 THE AARON’S COMPANY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) costs related to customer agreements are expensed as incurred and ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of other revenue during the three months ended March 31, 2023 and 2022, respectively, within the scope of ASC 606, Revenue from Contracts with Customers, which is included in lease revenues and fe...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of sale for retail sales. Aaron's Business retail sales are not subject to a returns policy. All retail sales revenue is within the scope of ASC 606, Revenue from Contracts with Customers , during...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. subject to the segment's 30-day return policy. Accordingly, an allowance, based on historical returns experience, for sales returns is recorded as a component of retail sales in the period in which ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . customers that provides extended warranty coverage on their product purchases, with payment being due for this protection at the point of sale. A third-party underwriter assumes the risk associated...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. with Customers, during the three months ended March 31, 2023 and 2022. Franchise Royalties and Fees We have existing agreements with our current Aaron's franchisees to govern the operations of fr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Refer to Note 6 to these condensed consolidated financial statements for additional discussion of the franchise-related guarantee obligation. Aaron's Company, Inc. also charges fees for advertising ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of earnings. NOTE 6. COMMITMENT AND CONTINGENCIES Guarantees Aaron's Company, Inc. has guaranteed certain debt obligations of some of its Aaron's franchisees under a franchise loan program (the "...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. into a new Franchise Loan Facility agreement on April 1, 2022, which reduced the total commitment under the Franchise Loan Facility from $15.0 million to $12.5 million and extended the commitment te...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the event franchisees defaulted was $4.3 million. Aaron's Company, Inc. is subject to financial covenants under the Franchise Loan Facility as detailed in Note 4 to these condensed consolidated fina...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 31, 2022 included qualitative consideration of potential losses associated with uncertainties impacting the operations and liquidity of our franchisees. Uncertainties include inflationary and other e...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. which an accrual has been established may be higher or lower than the amounts accrued for such matters due to the inherent uncertainty in litigation, regulatory and similar adversarial proceedings, ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of accrued liabilities for such probable loss contingencies is between zero and $0.5 million. 24 THE AARON’S COMPANY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) At Ma...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. accruals, aggregate probable loss amounts and reasonably possible loss amounts, are all subject to the uncertainties and variables described above. Other Contingencies Management regularly assesse...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ational Efficiency and Optimization Restructuring Program During the third quarter of 2022, the Company initiated an operational efficiency and optimization restructuring program intended to strengt...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , and multi-unit store oversight functions, as well as other real estate and third party spend costs reductions. Total net restructuring expenses under the Operational Efficiency and Optimization Re...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. real estate repositioning and optimization restructuring program. This program includes a strategic plan to remodel, reposition, and consolidate our Company-operated Aaron's store footprint over the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. resulted in the closure of one administrative store support building, a further rationalization of our store support center staff, which included a reduction in employee headcount in those areas to ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. stores and operating lease right-of-use asset and fixed asset impairment charges related to the vacancy or planned vacancy of stores identified for closure. Since inception of the real estate repos...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Company's restructuring programs: Three Months Ended March 31, (In Thousands) 2023 2022 Right-of-Use Asset Impairment 774 1,178 Operating Lease Charges 1,908 1,442 Fixed Asset Impairment ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Lease Charges1 Professional Advisory Fees Balance at January 1, 2023 695 2,200 1,032 Restructuring Charges (Reversals) 2,202 (135) Payments (2,206) (2,200) (592) Balance at March 31, 20...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. acquisition of BrandsMart U.S.A., the Company updated its reportable segments to align the reportable segments with the current organizational structure and the operating results that the chief oper...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the aarons.com e-commerce platform. This operating segment also supports franchisees of its Aaron's stores. In addition, the Aaron's Business segment includes the operations of BrandsMart Leasing, w...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. BrandsMart have been included in the Company's consolidated results from the April 1, 2022 acquisition date. 26 THE AARON’S COMPANY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Un...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Aaron's Company, Inc. determines earnings (loss) before income taxes for all reportable segments in accordance with U.S. GAAP. Unallocated Corporate costs are presented separately and generally inc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Total Lease Revenues and Fees 373,795 373,795 Retail Sales 8,318 144,158 (1,930) 150,546 Non-Retail Sales 23,935 23,935 Franchise Royalties and Fees 5,898 5,898 Other 187 187 Total ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (888) (25,971) (108) 8,892 Depreciation and Amortization3 18,703 3,644 223 22,570 Capital Expenditures 18,029 916 1,264 20,209 The earnings before income taxes for the Aaron's Busines...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. costs of $1.8 million and separation-related costs of $0.1 million. Excludes depreciation of lease merchandise, which is not included in the chief operating decision maker's measure of depreciation...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 6,118 Other 212 212 Total 456,082 456,082 Three Months Ended March 31, 2022 (In Thousands) Aaron's Business BrandsMart Unallocated Corporate1 Elimination Total Gross Profit 284,947 28...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. costs of $3.5 million, restructuring charges of $3.3 million and separation-related costs of $0.5 million. Excludes depreciation of lease merchandise, which is not included in the chief operating d...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. anticipate," "may," "could," "should", "intend," "belief," "estimate," "plan," "target," "project," "likely," "will," "forecast,", "future", "outlook," and similar expressions. You are cautioned not ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , as well as related measures taken by governmental or regulatory authorities to combat the pandemic; (iii) the possibility that the operational, strategic and shareholder value creation opportunitie...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to promptly and effectively integrate the BrandsMart U.S.A. acquisition; (viii) the effect of the BrandsMart U.S.A. acquisition on our ongoing results and businesses and on the ability of Aaron's an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. xii) risks associated with the challenges faced by our business, including the commoditization of consumer electronics, our high fixed-cost operating model and the ongoing labor shortage; (xiii) incr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. year ended December 31, 2022 (the "2022 Annual Report"). Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or ci...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. -to-own ("LTO") and retail purchase solutions of furniture, electronics, appliances, and other home goods across its brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven Furniture In...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ) comprise the BrandsMart segment (collectively, "BrandsMart"). 29 Aaron's Business Segment Since its founding in 1955, Aaron's has been committed to serving the overlooked and underserved custome...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the upholstered furniture leased and sold in Company-operated and franchised Aaron's stores. Launched in 2022, BrandsMart Leasing offers LTO purchase solutions to customers of BrandsMart U.S.A. Br...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 100% ownership of Interbond Corporation of America, doing business as BrandsMart U.S.A. Aaron's Company, Inc. paid total consideration of approximately $230 million in cash under the terms of the agr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. enhancing people’s lives by providing easy access to high quality furniture, appliances, electronics, and other home goods through affordable lease-to-own and retail purchase options. Management als...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Optimization Restructuring Program During the first quarter of 2020, the Company initiated a real estate repositioning and optimization program to optimize our Company-operated Aaron's store portfo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. during 2020, 2021, 2022 and the first three months of 2023. This program also resulted in the closure of one administrative store support building and further rationalization of our store support ce...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. stores for closure, consolidation, or relocation that have not yet been closed and vacated, which are expected to close during the remainder of 2023. We will continue to evaluate our Company-operate...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. use of technology, will enable us to reduce store count while retaining a significant portion of our existing customer relationships and attract new customers. Since inception of the real estate re...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2, the Company initiated an operational efficiency and optimization restructuring program intended to reduce the Company’s overall costs. Management believes that implementing this restructuring prog...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. as other real estate and third party spend costs reductions. Total net restructuring expenses under the Operational Efficiency and Optimization Restructuring Program related to the initiatives desc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. health crisis. While our store showrooms remain open following temporary closures of our showrooms in March 2020, there can be no assurance that those showrooms will not be closed in future months, ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ; and (d) supply chain disruptions, or continued inflationary and other economic pressures, in the markets in which we operate. In response to the global impacts of COVID-19 on U.S. companies and ci...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , despite the economically challenging times resulting from the COVID-19 pandemic. Aaron's Company, Inc. utilized tax relief options available to the Company under the CARES Act. including, among ot...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2022, the Company changed its composition of reportable segments to align the reportable segments with the current organizational structure, which includes separate segments for the Aaron's Business...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. segment sales between BrandsMart and the Aaron's Business pertaining to BrandsMart Leasing, are completed at retail price. Since the intersegment profit affects cost of goods sold, depreciation and l...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. disruptions due to the ongoing conflict between Russia and Ukraine, on all aspects of our business. We anticipate that demanding market conditions will continue throughout the remainder of 2023 and ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the Aaron's Business were $412.1 million in the first quarter of 2023 compared to $456.1 million in the first quarter of 2022, a decrease of 9.6%. This decrease is primarily driven by a lower averag...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Business, based on stores open as of March 31, 2023, increased 12.3% compared to the prior year quarter and were 17.9% and 15.2% of lease revenues (excluding BrandsMart Leasing) during the three mon...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of the year, total GenNext stores contributed approximately 27% of total lease revenues and fees and retail revenues for the Aaron's Business during the three months ended March 31, 2023. Earnings ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. negatively impacted by BrandsMart acquisition-related costs of $3.5 million, restructuring charges of $3.3 million, and separation-related costs of $0.5 million. Aaron's Company, Inc. recorded a ne...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the expected state apportionment percentages related to the election to treat Aaron’s, LLC, a subsidiary of the Company, as a corporation for income tax purposes effective January 1, 2023. Net earn...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of the end of any month, the lease portfolio size is calculated as the lease portfolio size at the beginning of the period plus collectible lease payments for the next month derived from new lease a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. lease renewal rate for the Aaron's Business, excluding BrandsMart Leasing, for any given period represents the weighted average of the monthly lease renewal rates for each month in the period. The m...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Mart. Key metrics for BrandsMart will be included when prior year comparable periods are included in the financial results. Seasonality Our revenue mix for the Aaron's Business is moderately seaso...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. extent of the impact of inflationary and other economic pressures and any ongoing effects of the COVID-19 pandemic on our customers, results for any quarter or period are not necessarily indicative ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. The results of BrandsMart, which is presented as a separate reportable segment, have been included in the Company's consolidated results from the April 1, 2022 acquisition date. For the three month...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. are recorded net of a provision for uncollectible accounts receivable related to lease renewal payments from lease agreements with customers. Retail sales primarily include the sale of merchandise i...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. well as other miscellaneous revenues. Depreciation of Lease Merchandise and Other Lease Revenue Costs . Depreciation of lease merchandise and other lease revenue costs is comprised of the deprecia...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. extent, the cost of Woodhaven's manufactured products sold to third-party retailers. Personnel Costs. Personnel costs represents total compensation costs incurred for services provided by team mem...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . Other operating expenses, net excludes costs that have been capitalized or that are a component of the Company's restructuring programs. Provision for Lease Merchandise Write-Offs. Provision for ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Annual Report), including employee-related costs, incremental stock-based compensation expense associated with the conversion and modification of unvested and unexercised equity awards and other one...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. issuance costs. Such costs are recorded within the Unallocated Corporate category of segment reporting. Other Non-Operating Income (Expense), Net. Other non-operating income (expense), net include...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (In Thousands) 2023 2022 REVENUES: Lease Revenues and Fees 373,795 409,318 (35,523) (8.7) Retail Sales 150,546 12,607 137,939 nmf Non-Retail Sales 23,935 27,827 (3,892) (14.0) Fran...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. .4) Retail Cost of Sales 113,529 9,114 104,415 nmf Non-Retail Cost of Sales 19,997 25,356 (5,359) (21.1) 258,667 171,135 87,532 51.1 GROSS PROFIT 295,694 284,947 10,747 3.8 Gross ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 20,160 21,957 (1,797) (8.2) Restructuring Expenses, Net 5,289 3,335 1,954 58.6 Separation Costs 129 540 (411) (76.1) Acquisition-Related Costs 1,848 3,464 (1,616) (46.7) 283,016 2...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 499 nmf EARNINGS BEFORE INCOME TAXES 8,892 28,905 (20,013) (69.2) INCOME TAX (BENEFIT) EXPENSE (3,906) 7,373 (11,279) nmf NET EARNINGS 12,798 21,532 (8,734) (40.6) nmf—Calculation is...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. which resulted in revenues of $144.2 million in the BrandsMart segment during the first quarter of 2023. This increase was partially offset by a $43.9 million decrease in revenues in the Aaron's Bus...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the first quarter of 2023, partially offset by a $24.2 million decrease in gross profit at the Aaron's Business segment during the three months ended March 31, 2023, as discussed further in the "Seg...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. U.S.A., which resulted in personnel costs of $17.1 million during the first quarter of 2023, partially offset by the centralization and optimization of both store support and operational oversight f...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,646 764 1,882 nmf Professional Services 3,715 3,488 227 6.5 Bank and Credit Card Related Fees 8,101 5,562 2,539 45.6 Gains on Dispositions of Store-Related Assets, net (823) (4,450) ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the first quarter of 2023 from 22.9% in the same period in 2022. Occupancy costs increased during the three months ended March 31, 2023 primarily due to the acquisition of BrandsMart U.S.A., which ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. increased primarily due to higher fuel and distribution costs at the Aaron's Business driven by inflationary and other economic pressures during the first quarter of 2023, partially offset by softer...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in 2022. Intangible amortization increased primarily due to the amortization of intangible assets acquired in the BrandsMart U.S.A. acquisition. Bank and credit card related fees increased primari...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 3. 37 Other miscellaneous expenses, net primarily represent the depreciation of IT-related property, plant and equipment, software licensing expenses, franchisee-related reserves, and other expense...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. percentage of lease revenues and fees for the Aaron's Business was 5.4% for both the three months ended March 31, 2023 and 2022. During the first quarter of 2023, although a softer income tax refund...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the Company's January 2023 headcount reduction of its store support center and Aaron's Business store oversight functions, $1.9 million of continuing variable occupancy costs incurred related to pre...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . Separation costs recognized during the three months ended March 31, 2023 and 2022 were $0.1 million and $0.5 million, respectively, and primarily represent incremental stock-based compensation expe...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Interest Expense. Interest Expense increased to $4.4 million for three months ended March 31, 2023 from $0.4 million for the three months ended March 31, 2022. Interest expense for the three months ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a) net gains and losses resulting from changes in the cash surrender value of Company-owned life insurance related to the Company's deferred compensation plan; (b) the impact of foreign currency reme...