In the current bull market, the single biggest driver of stock growth was Fed
asset acquisition with electronic dollar credits (QE).
Similarly, in a fractional reserve requirement environment, when the depository institution system adds loans and securities to its assets, it «pays» for
these asset acquisitions with funds created figuratively out of thin air.
Not exact matches
You don't want the legacy
assets or issues that might come
with an
acquisition.»
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions
with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost of accommodating, announced increases in the build rates of certain aircraft; 6) the effect on aircraft demand and build rates of changing customer preferences for business aircraft, including the effect of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result of global economic uncertainty or otherwise; 8) the effect of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution of key milestones such as the receipt of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation of our announced
acquisition of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements
with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements
with additional customers; 12) the ability of all parties to satisfy their performance requirements under existing supply contracts
with our two major customers, Boeing and Airbus, and other customers, and the risk of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan
assets and the impact of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced
acquisition of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect of changes in tax law, such as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships
with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate
acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced
acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result of the
acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign current exchange rates, impositions of tariffs or embargoes, compliance
with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
Automotive Holdings Group has further grown its presence on the east coast
with the
acquisition of five franchised car dealerships in NSW for $ 8.5 million plus stock and
assets.
«We view this as a «home - run deal» for Disney and while its an aggressive
acquisition with a high price tag, in our opinion this is the right move at the right time as the marriage of these
assets creates a much more formidable Disney,» Ives said.
Richardson International acquired $ 900 million worth of grain - handling
assets that had belonged to Viterra this year, and Richardson GMP became Canada's largest independent wealth managers
with its $ 132 million
acquisition of Macquarie Group Ltd..
Shares in Mungana Gold Mines rose by more than 25 per cent after the company announced it would move ahead
with its North Queensland zinc strategy, following shareholder support for the $ 15 million
acquisition of the Chilagoe base metal
assets from the liquidators of Kagara, originally announced in December last year.
The main focus of
acquisitions will be early - stage
assets that can add to the pipeline of experimental drugs, Walmsley said, adding she was not interested in entering a $ 64 billion bidding war
with Takeda Pharmaceutical for Shire.
And now MI Developments, a real estate company carved out of Magna's
assets to support horse - track
acquisitions in 2003, has struck a deal
with Stronach to move to a one - share - one - vote system.
Some major institutions may have to divest
assets, and Canaccord
with Genuity is a larger more profitable firm that could make
acquisitions to grow our businesses.
And last year, hedge fund manager David Tepper sought to block SunEdison and TerraForm Power Inc.'s
acquisition of installer Vivint Solar Inc. on his assessment that rooftop
assets were inferior to solar power plants, which have long - term contracts
with utilities.
The
acquisition would create a company
with an ownership interest in almost $ 100 billion real estate
assets globally and annual net operating income of about $ 5 billion, according to Brookfield Property.
Actual results, including
with respect to our targets and prospects, could differ materially due to a number of factors, including the risk that we may not obtain sufficient orders to achieve our targeted revenues; price competition in key markets; the risk that we or our channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, which can result in increased inventory and reduced orders as we experience wide fluctuations in supply and demand; the risk that our commercial Lighting Products results will continue to suffer if new issues arise regarding issues related to product quality for this business; the risk that we may experience production difficulties that preclude us from shipping sufficient quantities to meet customer orders or that result in higher production costs and lower margins; our ability to lower costs; the risk that our results will suffer if we are unable to balance fluctuations in customer demand and capacity, including bringing on additional capacity on a timely basis to meet customer demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders
with a competitor's products instead; the risk that the economic and political uncertainty caused by the proposed tariffs by the United States on Chinese goods, and any corresponding Chinese tariffs in response, may negatively impact demand for our products; product mix; risks associated
with the ramp - up of production of our new products, and our entry into new business channels different from those in which we have historically operated; the risk that customers do not maintain their favorable perception of our brand and products, resulting in lower demand for our products; the risk that our products fail to perform or fail to meet customer requirements or expectations, resulting in significant additional costs, including costs associated
with warranty returns or the potential recall of our products; ongoing uncertainty in global economic conditions, infrastructure development or customer demand that could negatively affect product demand, collectability of receivables and other related matters as consumers and businesses may defer purchases or payments, or default on payments; risks resulting from the concentration of our business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that we are not able to enter into acceptable contractual arrangements
with the significant customers of the acquired Infineon RF Power business or otherwise not fully realize anticipated benefits of the transaction; the risk that retail customers may alter promotional pricing, increase promotion of a competitor's products over our products or reduce their inventory levels, all of which could negatively affect product demand; the risk that our investments may experience periods of significant stock price volatility causing us to recognize fair value losses on our investment; the risk posed by managing an increasingly complex supply chain that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products
with the required specifications and quality; the risk we may be required to record a significant charge to earnings if our goodwill or amortizable
assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; our ability to complete development and commercialization of products under development, such as our pipeline of Wolfspeed products, improved LED chips, LED components, and LED lighting products risks related to our multi-year warranty periods for LED lighting products; risks associated
with acquisitions, divestitures, joint ventures or investments generally; the rapid development of new technology and competing products that may impair demand or render our products obsolete; the potential lack of customer acceptance for our products; risks associated
with ongoing litigation; and other factors discussed in our filings
with the Securities and Exchange Commission (SEC), including our report on Form 10 - K for the fiscal year ended June 25, 2017, and subsequent reports filed
with the SEC.
On April 25th, 2018, Globalstar announced that it has signed a merger agreement
with Thermo
Acquisitions, Inc., pursuant to which the following
assets will be combined
with the former: metro fiber provider FiberLight, LLC; 15.5 million shares of common stock of CenturyLink, Inc.; $ 100 million of cash and minority investments in complementary businesses and
assets of $ 25 million in exchange for Globalstar's common stock valued at approximately $ 1.65 billion, subject to adjustments.
Centene intends to use the net proceeds of the offering to finance a portion of the cash consideration payable in connection
with Centene's previously announced
acquisition of the
assets of Fidelis Care and to pay related fees and expenses.
Details of the deal
with Twice, such as the price of
acquisition, will not be disclosed, an eBay representative said, noting that eBay is not acquiring some
assets of Twice, such as warehouses.
«We are starting to see some nice dividend growth and
acquisitions,» says Justin Flowerday, a portfolio manager
with TD
Asset Management.
The green energy entity is an
acquisitions spinoff for renewable - energy company SunEdison, which purchases wind, sun, and hydroelectric plants, along
with other
assets.
Cameo continues to expand its project portfolio
with undervalued battery metal
assets with recent
acquisitions such as the Staghorn Cobalt claims located north of the famed Voisey's Bay mine in Labrador.
And emphasizing its new focus
with its biggest
acquisition ever, the company agreed to buy the electric - power
assets of France's Alstom for some $ 13 billion.
KAGARA Zinc Limited is moving ahead swiftly to develop its mineral interests in North Queensland,
with the
acquisition of Perilya Ltd's entire interest and rights in the
assets of the Mt Garnet and Walsh River joint ventures.Under the agreement, Ka...
The
acquisition price implies a total equity value of approximately $ 52.4 billion and a total transaction value of approximately $ 66.1 billion (in each case based on the stated exchange ratio assuming no adjustment) for the business to be acquired by Disney, which includes consolidated
assets along
with a number of equity investments.
Unless the Committee or Board determines otherwise prior to the transaction, if substantially all of the
assets of the Company are acquired by another corporation or in case of a reorganization of the Company involving the
acquisition of the Company by another entity, (i) stock options and stock appreciation rights become exercisable immediately prior to the transaction; (ii) restrictions
with respect to restricted stock and RSRs lapse and shares are delivered; and (iii) performance shares and performance units pay out pro rata based on performance through the end of the last calendar quarter.
III is a newly organized blank check company founded by Daniel J. Hennessy and formed for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination
with one or more businesses.
III (HCAC III) is a newly organized blank check company founded by Daniel J. Hennessy and formed for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination
with one or more businesses.
Washington has also deepened its scrutiny of Chinese investment in the U.S.,
with the Committee on Foreign Investment in the United States (CFIUS), blocking many proposed
acquisitions of U.S.
assets by Chinese companies.
As a result, during the measurement period, which may be up to one year from the
acquisition date, the Company may record adjustments to the
assets acquired and liabilities assumed
with the corresponding offset to goodwill.
As a result, during the measurement period, which may be up to one year from the
acquisition date, we may record adjustments to the
assets acquired and liabilities assumed
with the corresponding offset to goodwill.
The price tag for the BG Group
acquisition is $ 51 billion,
with plans to sell $ 30 billion worth of
assets once the deal is sealed, and cut 2,800 jobs, a figure that's a noteworthy percentage of BG's existing 5,200 employees.
For each investment, we take a detail - oriented and thorough approach to the
acquisition, on - going
asset management and eventual disposition
with the objective of driving value for our investment partners.
The aggregate purchase price has been preliminarily allocated to the tangible and intangible
assets acquired and liabilities assumed based upon our assessment of their relative fair values as of the
acquisition date,
with the excess of the purchase price over the fair value of the net
assets acquired recorded as goodwill, as follows:
MERGERS &
ACQUISITIONS Verizon's purchase of Yahoo
assets will help it build the strength it needs to compete
with other telecomm / tech giants.
With $ 30 billion of
assets to sell in the wake of its
acquisition of BG, Shell is a riskier but possibly more rewarding bet on the oil price.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward - looking statements include, but are not limited to, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation of retail customers; the Company's ability to predict, identify and interpret changes in consumer preferences and demand; the Company's ability to drive revenue growth in its key product categories, increase its market share, or add products; an impairment of the carrying value of goodwill or other indefinite - lived intangible
assets; volatility in commodity, energy and other input costs; changes in the Company's management team or other key personnel; the Company's inability to realize the anticipated benefits from the Company's cost savings initiatives; changes in relationships
with significant customers and suppliers; execution of the Company's international expansion strategy; changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the Company; the Company's ability to complete or realize the benefits from potential and completed
acquisitions, alliances, divestitures or joint ventures; economic and political conditions in the nations in which the Company operates; the volatility of capital markets; increased pension, labor and people - related expenses; volatility in the market value of all or a portion of the derivatives that the Company uses; exchange rate fluctuations; disruptions in information technology networks and systems; the Company's inability to protect intellectual property rights; impacts of natural events in the locations in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's dividend payments on its Series A Preferred Stock; tax law changes or interpretations; pricing actions; and other factors.
Asset Management Equity Financing and Placement Debt Financing and Placement Mergers and
Acquisitions Corporate Partnering and Strategic Alliances Restructuring and Workouts Startups and Management Alternative Finance Strategies Advice on Capital Markets Corporate Shareholder Communications Access to Retail, Institutional, and Accredited Investors Database Strategic Introductions to Global Network ConnectInvest - one - on - one Meetings
with Global Investors Advice and Introductions on Capital Raises Media and Press Release Distribution Event Creation and Management Representation in Trade Shows and Conferences for Media Exposure
The decrease for the three months ended July 31, 2011 was due primarily to certain intangible
assets associated
with prior
acquisitions reaching the end of their amortization periods.
BP Plc is weighing an
acquisition of some of BHP Billiton Ltd.'s energy
assets as the British oil major seeks more U.S. shale, according to people familiar
with the matter.
BlackBerry's ability to manage inventory and
asset risk; BlackBerry's reliance on suppliers of functional components for its products and risks relating to its supply chain; BlackBerry's ability to obtain rights to use software or components supplied by third parties; BlackBerry's ability to successfully maintain and enhance its brand; risks related to government regulations, including regulations relating to encryption technology; BlackBerry's ability to continue to adapt to recent board and management changes and headcount reductions; reliance on strategic alliances
with third - party network infrastructure developers, software platform vendors and service platform vendors; BlackBerry's reliance on third - party manufacturers; potential defects and vulnerabilities in BlackBerry's products; risks related to litigation, including litigation claims arising from BlackBerry's practice of providing forward - looking guidance; potential charges relating to the impairment of intangible
assets recorded on BlackBerry's balance sheet; risks as a result of actions of activist shareholders; government regulation of wireless spectrum and radio frequencies; risks related to economic and geopolitical conditions; risks associated
with acquisitions; foreign exchange risks; and difficulties in forecasting BlackBerry's financial results given the rapid technological changes, evolving industry standards, intense competition and short product life cycles that characterize the wireless communications industry, and the company's previously disclosed review of strategic alternatives.
The «partnership
with GGP» refers to Simon's «agreement in principle to sell selected Macerich
assets to General Growth Properties, Inc. (NYSE: GGP) in connection
with the closing of the
acquisition,» and the questions raised there would seem to be antitrust ones:
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward - looking statements include, but are not limited to, operating in a highly competitive industry; changes in the retail landscape or the loss of key retail customers; the Company's ability to maintain, extend and expand its reputation and brand image; the impacts of the Company's international operations; the Company's ability to leverage its brand value; the Company's ability to predict, identify and interpret changes in consumer preferences and demand; the Company's ability to drive revenue growth in its key product categories, increase its market share, or add products; an impairment of the carrying value of goodwill or other indefinite - lived intangible
assets; volatility in commodity, energy and other input costs; changes in the Company's management team or other key personnel; the Company's ability to realize the anticipated benefits from its cost savings initiatives; changes in relationships
with significant customers and suppliers; the execution of the Company's international expansion strategy; tax law changes or interpretations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; the Company's ability to complete or realize the benefits from potential and completed
acquisitions, alliances, divestitures or joint ventures; economic and political conditions in the United States and in various other nations in which we operate; the volatility of capital markets; increased pension, labor and people - related expenses; volatility in the market value of all or a portion of the derivatives we use; exchange rate fluctuations; risks associated
with information technology and systems, including service interruptions, misappropriation of data or breaches of security; the Company's ability to protect intellectual property rights; impacts of natural events in the locations in which we or the Company's customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's ownership structure; the impact of future sales of its common stock in the public markets; the Company's ability to continue to pay a regular dividend; changes in laws and regulations; restatements of the Company's consolidated financial statements; and other factors.
Amortization expense decreased in fiscal 2014 due primarily to certain intangible
assets associated
with prior
acquisitions reaching the end of their respective amortization periods.
The purchase price has been allocated to the tangible and intangible
assets acquired and liabilities assumed based upon our assessment of their relative fair values as of the
acquisition date,
with the excess of the purchase price over the fair value of the net
assets acquired recorded as goodwill, as follows:
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward - looking statements include, but are not limited to, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation of retail customers; the Company's ability to predict, identify and interpret changes in consumer preferences and demand; the Company's ability to drive revenue growth in its key product categories, increase its market share or add products; an impairment of the carrying value of goodwill or other indefinite - lived intangible
assets; volatility in commodity, energy and other input costs; changes in the Company's management team or other key personnel; the Company's inability to realize the anticipated benefits from the Company's cost savings initiatives; changes in relationships
with significant customers and suppliers; execution of the Company's international expansion strategy; changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the business and operations of the Company in the expected time frame; the Company's ability to complete or realize the benefits from potential and completed
acquisitions, alliances, divestitures or joint ventures; economic and political conditions in the nations in which the Company operates; the volatility of capital markets; increased pension, labor and people - related expenses; volatility in the market value of all or a portion of the derivatives that the Company uses; exchange rate fluctuations; risks associated
with information technology and systems, including service interruptions, misappropriation of data or breaches of security; the Company's inability to protect intellectual property rights; impacts of natural events in the locations in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; tax law changes or interpretations; and other factors.
Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward - looking statements, including, without limitation: BlackBerry's ability to enhance its current products and services, or develop new products and services in a timely manner or at competitive prices, including risks related to new product introductions; risks related to BlackBerry's ability to mitigate the impact of the anticipated decline in BlackBerry's infrastructure access fees on its consolidated revenue by developing an integrated services and software offering; intense competition, rapid change and significant strategic alliances within BlackBerry's industry; BlackBerry's reliance on carrier partners and distributors; risks associated
with BlackBerry's foreign operations, including risks related to recent political and economic developments in Venezuela and the impact of foreign currency restrictions; risks relating to network disruptions and other business interruptions, including costs, potential liabilities, lost revenues and reputational damage associated
with service interruptions; risks related to BlackBerry's ability to implement and to realize the anticipated benefits of its CORE program; BlackBerry's ability to maintain or increase its cash balance; security risks; BlackBerry's ability to attract and retain key personnel; risks related to intellectual property rights; BlackBerry's ability to expand and manage BlackBerry ® World ™; risks related to the collection, storage, transmission, use and disclosure of confidential and personal information; BlackBerry's ability to manage inventory and
asset risk; BlackBerry's reliance on suppliers of functional components for its products and risks relating to its supply chain; BlackBerry's ability to obtain rights to use software or components supplied by third parties; BlackBerry's ability to successfully maintain and enhance its brand; risks related to government regulations, including regulations relating to encryption technology; BlackBerry's ability to continue to adapt to recent board and management changes and headcount reductions; reliance on strategic alliances
with third - party network infrastructure developers, software platform vendors and service platform vendors; BlackBerry's reliance on third - party manufacturers; potential defects and vulnerabilities in BlackBerry's products; risks related to litigation, including litigation claims arising from BlackBerry's practice of providing forward - looking guidance; potential charges relating to the impairment of intangible
assets recorded on BlackBerry's balance sheet; risks as a result of actions of activist shareholders; government regulation of wireless spectrum and radio frequencies; risks related to economic and geopolitical conditions; risks associated
with acquisitions; foreign exchange risks; and difficulties in forecasting BlackBerry's financial results given the rapid technological changes, evolving industry standards, intense competition and short product life cycles that characterize the wireless communications industry.
These risks and uncertainties include food safety and food - borne illness concerns; litigation; unfavorable publicity; federal, state and local regulation of our business including health care reform, labor and insurance costs; technology failures; failure to execute a business continuity plan following a disaster; health concerns including virus outbreaks; the intensely competitive nature of the restaurant industry; factors impacting our ability to drive sales growth; the impact of indebtedness we incurred in the RARE
acquisition; our plans to expand our newer brands like Bahama Breeze and Seasons 52; our ability to successfully integrate Eddie V's restaurant operations; a lack of suitable new restaurant locations; higher - than - anticipated costs to open, close or remodel restaurants; increased advertising and marketing costs; a failure to develop and recruit effective leaders; the price and availability of key food products and utilities; shortages or interruptions in the delivery of food and other products; volatility in the market value of derivatives; general macroeconomic factors, including unemployment and interest rates; disruptions in the financial markets; risk of doing business
with franchisees and vendors in foreign markets; failure to protect our service marks or other intellectual property; a possible impairment in the carrying value of our goodwill or other intangible
assets; a failure of our internal controls over financial reporting or changes in accounting standards; and other factors and uncertainties discussed from time to time in reports filed by Darden
with the Securities and Exchange Commission.
The purchase price was allocated to the tangible and intangible
assets acquired and liabilities assumed based upon management's assessment of their relative fair values as of the
acquisition date
with $ 33,612 attributed to goodwill, $ 10,800 to identified intangible
assets and $ 112 of net liabilities assumed.
Amortization expense decreased in fiscal 2013 due primarily to the intangible
asset impairment recorded in the fourth quarter of fiscal 2012 related to Autonomy and certain intangible
assets associated
with prior
acquisitions reaching the end of their amortization periods.
The aggregate purchase price has been allocated to the tangible and intangible
assets acquired and liabilities assumed based upon our assessment of their relative fair values as of the
acquisition date,
with the excess of the purchase price over the fair value of the net
assets acquired recorded as goodwill, as follows:
Amortization expense decreased for the six months ended April 30, 2015 due primarily to certain intangible
assets associated
with prior
acquisitions reaching the end of their respective amortization periods.