{"product_id":"cvrenergy-pestle-analysis","title":"CVR Energy PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMake Smarter Strategic Decisions with a Complete PESTEL View\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eUnlock how political shifts, market cycles, and environmental rules are reshaping CVR Energy’s strategic outlook with our targeted PESTLE Analysis. This concise briefing highlights risks and opportunities to inform investment and operational decisions. Purchase the full report for a complete, actionable breakdown ready for use in decks and decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eU.S. energy policy direction\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFederal priorities on fossil fuels and support for domestic refining — including policies easing permitting and logistics — influence CVR Energy’s outlook; CVR runs two refineries with about 185,000 bpd combined capacity. Accelerated decarbonization (US target 50–52% GHG reduction by 2030) tightens emissions constraints and may raise compliance costs. Growth of an ammonia economy affects fuel and fertilizer margins. Post-election shifts could alter incentives, taxes, or credits, so planning must model multiple scenarios.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRenewable Fuel Standard (RFS) mandates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRFS obligations force CVR Energy to absorb compliance costs through RIN purchases or blending, directly pressuring refining margins at its inland Wynnewood and Coffeyville plants. Volatility in RIN markets has historically created material margin swings, and rapid regulatory recalibrations or small-refinery exemption decisions can abruptly change CVR’s cost curve. Active compliance optimization and hedging are essential to stabilize earnings and manage working capital. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical oil market stability\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSanctions, OPEC+ policy and regional conflicts materially shift crude differentials and supply availability, tightening or loosening Midcontinent feedstock access. As a Midcontinent refiner, CVR’s margins move with WTI–Brent spreads, which swung roughly +\/- $5–10\/bbl in 2024–25. Policy-driven SPR releases (about 180 million barrels authorized in 2022–23) still temper global balances. Geopolitics transmits through crack spreads and inventory strategy.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfrastructure permitting and siting\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFederal and state permitting materially affects CVR Energy turnaround schedules, unit upgrades and capacity expansions; streamlined approvals reduce downtime and cost risk while stricter reviews can extend timelines by months to years. The 2021 Bipartisan Infrastructure Law (about 550 billion in new spending) increases funding for siting and permitting capacity that can ease bottlenecks. Pipeline, rail and storage permits directly shape crude and product logistics; proactive stakeholder engagement accelerates approvals.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePermitting impact on schedules\u003c\/li\u003e\n\u003cli\u003eLogistics: pipeline\/rail\/storage\u003c\/li\u003e\n\u003cli\u003eStakeholder engagement speeds approvals\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAgricultural and rural policy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFarm bill outcomes, crop insurance and biofuel supports drive fertilizer demand and price elasticity; CVR's Coffeyville, KS nitrogen complex can tap rural development incentives for plant improvements.\u003c\/p\u003e\n\u003cp\u003eUSDA crop insurance covers roughly 80% of US planted acres, aiding forward contracting; political backing for domestic ammonia can unlock grants and tax credits.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFarm bill: acreage subsidies\u003c\/li\u003e\n\u003cli\u003eCrop insurance: ~80% coverage\u003c\/li\u003e\n\u003cli\u003eBiofuels: sustained corn demand\u003c\/li\u003e\n\u003cli\u003eRural incentives: CAPEX aid for Coffeyville\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePolicy, permitting and GHG targets reshape 185,000 bpd refineries; RIN volatility trims margins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFederal fossil-fuel support and permitting shape CVR’s outlook for its 185,000 bpd refineries; US GHG target 50–52% by 2030 raises compliance cost risk. RFS\/RIN obligations and volatile RIN markets compress inland margins. Geopolitical shocks and OPEC+ moves drove WTI–Brent spreads +\/- $5–10\/bbl in 2024–25, altering feedstock access and crack spreads. Permitting delays and SPR policy affect turnaround timing and logistics.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eFactor\u003c\/th\u003e\n\u003cth\u003eImpact\u003c\/th\u003e\n\u003cth\u003eKey data\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRefining capacity\u003c\/td\u003e\n\u003ctd\u003eOperational leverage\u003c\/td\u003e\n\u003ctd\u003e185,000 bpd\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGHG targets\u003c\/td\u003e\n\u003ctd\u003eCompliance cost\u003c\/td\u003e\n\u003ctd\u003e50–52% by 2030\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRINs\/RFS\u003c\/td\u003e\n\u003ctd\u003eMargin pressure\u003c\/td\u003e\n\u003ctd\u003eHigh price volatility\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGeopolitics\u003c\/td\u003e\n\u003ctd\u003eFeedstock spreads\u003c\/td\u003e\n\u003ctd\u003eWTI–Brent ±$5–10\/bbl (24–25)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how macro-environmental forces uniquely affect CVR Energy across Political, Economic, Social, Technological, Environmental, and Legal dimensions, with each section tied to current market and regulatory data and trends. Designed for executives and advisors, it highlights threats, opportunities, and forward-looking scenarios to inform strategy, funding, and risk management.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eVisually segmented PESTLE summary for CVR Energy that condenses regulatory, market, and environmental risks into a shareable one-page brief, ideal for presentations, team alignment, and rapid decision-making.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRefining crack spread volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eGasoline and diesel margins drive CVR’s earnings: U.S. 3-2-1 crack spreads averaged about $15\/bbl in 2024 but swung between -$5 and +$30\/bbl intra-year, showing high volatility. Seasonal demand, unplanned refinery outages and inventory cycles caused rapid spread shifts in 2024–H1 2025. CVR’s complex Coffeyville and Wynnewood units can capture heavy\/sour differentials when discounts widen. Sensitivity analysis on spreads remains essential for cash-flow planning and capital allocation.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNatural gas feedstock costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAmmonia and UAN economics for CVR Energy hinge on natural gas: U.S. Henry Hub averaged about $3.05\/MMBtu in 2024 (EIA), while European TTF remained several dollars higher, giving a roughly $5–7\/MMBtu U.S. basis advantage that supports indirect export competitiveness. Price spikes (e.g., HH \u0026gt;$6\/MMBtu in 2022–23) compress fertilizer margins and force run-rate adjustments. CVR’s 2024 filings show active natural gas hedging programs to stabilize unit economics.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAgricultural cycles and crop acreage\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCorn and wheat planting decisions—USDA 2024 planted corn 89.9 million acres and wheat about 46 million acres—directly drive UAN demand volumes and pricing for CVR. Commodity price swings alter farmer purchasing power and timing, shifting prepay patterns. Weather and yield forecasts change inventory risk and application schedules. CVR benefits from strong planting seasons and expanded early-application windows.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest rates and capital intensity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eHigher policy rates (Fed funds ~5.25–5.50% in mid‑2025; 10‑yr Treasury ~4.3%) raise borrowing costs for CVR Energy’s capital‑intensive turnarounds and environmental projects, where outages and compliance work can cost tens to hundreds of millions. Elevated discount rates increase the cost of capital and compress NPV for long‑dated decarbonization options; conversely lower rates unlock deferred capex and M\u0026amp;A flexibility. Active treasury management is crucial given CVR’s cyclical margin profile.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHigher rates: raises borrowing costs, pressures margins\u003c\/li\u003e\n\u003cli\u003eDiscount rates: reduce NPV of decarbonization projects\u003c\/li\u003e\n\u003cli\u003eLower rates: enable deferred capex and M\u0026amp;A\u003c\/li\u003e\n\u003cli\u003eTreasury: critical for managing cyclical cashflow\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLogistics and transportation costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eRail, truck and pipeline tariffs directly compress CVR Energy netbacks for fuels and fertilizers; higher diesel (U.S. average diesel retail price ~3.69\/gal in mid‑2025) and elevated rail rates tightened margins in 2024–25. Congestion and labor constraints have widened regional price differentials, making inland basis management a key margin lever for CVR. Contracting transport and flexible storage optionality reduce movement risk and protect seasonal spreads.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eTariff exposure: rail, truck, pipeline\u003c\/li\u003e\n\u003cli\u003eDiesel price pressure: ~3.69\/gal (mid‑2025)\u003c\/li\u003e\n\u003cli\u003eBasis as margin lever: inland location\u003c\/li\u003e\n\u003cli\u003eMitigation: contracts + storage optionality\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePolicy, permitting and GHG targets reshape 185,000 bpd refineries; RIN volatility trims margins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFuel and fertilizer margins drive CVR’s cash flow: 3‑2‑1 crack ~15$\/bbl avg 2024 but highly volatile. Henry Hub ~3.05$\/MMBtu (2024) supports UAN economics; gas spikes compress margins. Fed funds ~5.25–5.50% (mid‑2025) raises capex costs; diesel ~3.69$\/gal (mid‑2025) and logistics tariffs squeeze netbacks.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003e3‑2‑1 crack\u003c\/td\u003e\n\u003ctd\u003e~15$\/bbl (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHenry Hub\u003c\/td\u003e\n\u003ctd\u003e~3.05$\/MMBtu (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFed funds\u003c\/td\u003e\n\u003ctd\u003e5.25–5.50% (mid‑2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDiesel\u003c\/td\u003e\n\u003ctd\u003e~3.69$\/gal (mid‑2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCorn acres\u003c\/td\u003e\n\u003ctd\u003e89.9M (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eCVR Energy PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe CVR Energy PESTLE Analysis preview shown here is the exact document you’ll receive after purchase—fully formatted and ready to use. It provides concise analysis of Political, Economic, Social, Technological, Legal, and Environmental factors shaping CVR Energy’s strategy and risks. No placeholders or teasers—this is the final file you’ll download immediately after checkout.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"PortersFiveForce","offers":[{"title":"Default Title","offer_id":56162811576697,"sku":"cvrenergy-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0914\/5276\/8633\/files\/cvrenergy-pestle-analysis.png?v=1762709161","url":"https:\/\/portersfiveforce.com\/products\/cvrenergy-pestle-analysis","provider":"Porter's Five Forces","version":"1.0","type":"link"}