<SEC-DOCUMENT>0001193125-12-445851.txt : 20121228
<SEC-HEADER>0001193125-12-445851.hdr.sgml : 20121228
<ACCEPTANCE-DATETIME>20121101122955
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER: 0001193125-12-445851
CONFORMED SUBMISSION TYPE: CORRESP
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20121101
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: MEDNAX, INC.
CENTRAL INDEX KEY: 0000893949
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOSPITALS [8060]
IRS NUMBER: 650271219
STATE OF INCORPORATION: FL
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: CORRESP
BUSINESS ADDRESS:
STREET 1: 1301 CONCORD TERRACE
CITY: SUNRISE
STATE: FL
ZIP: 33323
BUSINESS PHONE: 9543840175
MAIL ADDRESS:
STREET 1: 1301 CONCORD TERRACE
CITY: SUNRISE
STATE: FL
ZIP: 33323
FORMER COMPANY:
FORMER CONFORMED NAME: PEDIATRIX MEDICAL GROUP INC
DATE OF NAME CHANGE: 19950801
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">November 1, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Via EDGAR Submission </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Jim B. Rosenberg </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Assistant Chief Accountant </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of
Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">100 F Street, NE </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MEDNAX, Inc. </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No. 001-12111 </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Form 10-K for the Year Ended December 31, 2011 </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Form 10-Q for the Quarterly Period Ended June 30, 2012 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Dear Mr. Rosenberg: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter is in response to the Staff’s
comments, set forth in your letter received by e-mail on October 24, 2012 (the “<B>Comment Letter</B>”), addressed to Vivian Lopez-Blanco as Chief Financial Officer and Treasurer of MEDNAX, Inc. (the “<B>Company</B>”),
relating to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Staff’s comments, which for ease of reference are set forth below, are addressed in the order in which they are presented in the
Comment Letter. In the responses below, references to “we”, “our” and “us” refer to the Company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Form
10-K for the Fiscal Year Ended December 31, 2011 </U></I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Notes to Consolidated Financial Statements </U></I></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Note 2. Summary of Significant Accounting Policies </U></I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>Principles of Presentation, page 59 </U></I></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>1.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>You disclose that the Company reclassified $99.8 million of its $111.7 million of professional liabilities as of December 31, 2010 from accounts payable and
accrued expenses to long-term professional liabilities. You also disclose the amounts reclassified as of December 31, 2007, 2008, and 2009 on page 38. Please tell us why a portion of these liabilities should be classified as non-current and why
you reported them as current liabilities in previously issued financial statements. Also tell us why you consider this to be a reclassification rather than a correction of an error under ASC 250. </I></FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Historically, the entire amount of our professional liability was presented as a current liability within accounts payable and accrued expenses in our consolidated
balance sheet as there was not enough loss experience with the program. Because of this lack of experience, we classified the entire liability as current and considered this to be a more conservative approach as we believed that a user of our
financial statements would be most concerned with our ability to settle our current obligations. As the professional liability program matured, we had more reliable loss experience to estimate the amounts that would be paid in less than 12 months
versus the amounts that would be paid 12 months or later as of a balance sheet date. As a result, we believed it would be more appropriate to present the portion of the total liability expected to be paid in less than 12 months as a current
liability and to reclassify the remaining portion as a non-current liability. We performed a cash flow analysis as part of our actuarial study in the first quarter of 2011 and reclassified the estimated portion of the total liability that was not
expected to paid in less than 12 months to a non-current liability. Because this non-current liability exceeded 5% of total liabilities, Rule 5-02(24) of Regulation S-X required disclosure on either the face of the balance sheet or within a
footnote disclosure. We elected to present the amount on a separate line on the face of the consolidated balance sheet. In order to be consistent and comparable, we reclassified prior year professional liability balances to conform with this new
presentation. </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We carefully analyzed the nature of this reclassification in order to conclude that it represented a reclassification rather than a correction of an error under ASC
250. First, there was not an error resulting from mathematical mistakes, mistakes in the application of generally accepted accounting principles or oversight or misuse of facts that existed at the time the financial statements were prepared.
Further, this was not a change from an accounting principle that is not generally accepted to one that is generally accepted. Finally, we believe that the reclassification of a portion of the Company’s liabilities from current to non-current
would not result in the non-reliance on previously issued financial statements to a reasonable investor. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on the above assessment, we concluded that the change in presentation represented a reclassification rather than a correction of an error.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Revenue Recognition, page 60 </U></I></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>2.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please provide us proposed disclosure to be included in future filings that discloses your charity care policy including the level of charity care provided. Please
refer to ASC 954-605-50-3. </I></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Although charity care is typical in the health care industry, it is more of a factor and more material for hospitals. The level of charity care provided by us is not
material. When assessing the disclosure requirements of ASC 954-605-50-3, we referred to ASC 105-10-05-6 that states “The provisions of the Codification need not be applied to immaterial items.” We estimate that the impact of providing
charity care services was $8.8 million, or 0.6% of net patient service revenue, for the year ended December 31, 2011. Based on our analysis of charity care services provided, we considered such amounts not material for disclosure in our
filings. We will continue to monitor the level of charity care that we provide and, should it become material in a future period, will make the disclosures required by ASC 954-605-50-3. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Schedule II: Valuation and Qualifying Accounts, page 81 </U></I></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>3.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please provide us with proposed disclosure to be included in future filings that separately discloses the allowance for uncollectibles and related activity separate
from the allowance for contractual adjustments. </I></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We do not present the allowance for uncollectibles (“provision for bad debt”) separately from the allowance for contractual adjustments for the following
reasons: </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our payor mix is comprised principally of managed care payors, government payors and other third-parties. For the year ended December 31, 2011, these three payor
types represented 99% of our net patient service revenue. Based on historical experience, we have determined that our provision for bad debt related to these three payor types is virtually nonexistent as the difference between gross and net patient
service revenue is the result of contractual adjustments due to differences between established physician rates and amounts allowed by managed care providers, government sponsored health care programs and insurance companies. As a result, the only
provision for bad debt is generated by private pay patients that represent approximately 1% of our net patient service revenue. Furthermore, as more private pay accounts are settled based on direct negotiations with patients, clear distinctions
between adjustments to accounts and the provision for bad debt is increasingly difficult. The allowance provided is considered adequate to cover both contractual adjustments and uncollectible accounts based on our analysis of the Company’s
collection experience in relation to accounts billed, analysis of past due accounts and other relevant information. </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, we believe that the provision for bad debt is not material to our financial statements. Utilizing our historical experience with negotiated discounts on
amounts billed directly to patients, we estimate that the provision for bad debt would have been $34.0 million, $29.8 million and $26.4 million for the years ended December 31, 2011, 2010 and 2009, respectively. Such amounts represent
approximately 2.1% of net patient service revenue for the years ended December 31, 2011, 2010 and 2009 and approximately 2.7% of total operating expenses for the years ended December 31, 2011, 2010 and 2009. These amounts have been
determined based upon an expectation of a 50% negotiated discount on private pay accounts with any uncollectible amounts in excess of the negotiated discount being considered bad debt. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We will continue to monitor our estimated provision for bad debt and, should it become material in a future period, will disclose such amounts separately from the
allowance for contractual adjustments. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Form 10-Q for the quarterly period ended June 30, 2012 </U></I></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Notes to Condensed Consolidated Financial Statements </U></I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>1. Basis of Presentation and New Accounting Pronouncements, page 6 </U></I></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Please explain to us why you did not disclose the impact of adopting ASU 2011-07. Provide us proposed disclosures to be included in future filings that present the
provision for bad debts separately as a deduction from patient service revenue (net of contractual allowances and discounts) to arrive at net patient service revenues less the provision for bad debts on the face of the consolidated statements of
income as required by ASC 954-605-45-4 and that provide the disclosures required by ASC 954-605-50-4. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As mentioned above in our response to the Staff’s comment 3, we do not have a clear distinction between contractual adjustments to accounts and the provision for
bad debt. The allowance provided is considered adequate to cover both contractual adjustments and uncollectible accounts based on our analysis of the Company’s collection experience in relation to accounts billed, analysis of past due accounts
and other relevant information. Because there is not a clear distinction between amounts, we have historically accounted for our entire allowance, both for contractual adjustments and uncollectible accounts, as a deduction from patient service
revenue. Because we are not able to make a clear distinction between contractual adjustments to accounts and uncollectible accounts, we do not believe that disclosure of the provision for bad debt separately as a deduction from patient service
revenue on the face of the income statement is warranted. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, as discussed in our response to the Staff’s comment 3, the estimated amount of the provision for bad debt is not material. When completing our
assessment of ASU 2011-07 and the related disclosure requirements, we referred to ASC 105-10-05-6 that states “The provisions of the Codification need not be applied to immaterial items.” Because ASU 2011-07 is related to the presentation
of the provision for bad debt, which for us is not material, we did not disclose the adoption of ASU 2011-07. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%"><FONT SIZE="1"> </FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We will continue to monitor our percentage of private pay revenue and our estimated provision for bad debt and, should it become material in a future period, will
disclose the estimated provision for bad debt separate from patient service revenue (net of contractual allowances and discounts). </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">* * * * </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with our response to the Comment Letter, the Company hereby
acknowledges that: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">•</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is responsible for the adequacy and accuracy of the disclosure in the filings; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> </P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">•</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the
filings; and </FONT></P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">•</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of
the United States. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you or any other member of the Staff should have any further comments or questions
regarding this response, please feel free to contact the undersigned by phone at 954-384-0175, extension 5083, or alternatively, at the address provided elsewhere in this letter, with a copy to Dominic J. Andreano, the Company’s general
counsel, at the same address. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> </P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>/s/ Vivian Lopez-Blanco</U></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vivian Lopez-Blanco</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief
Financial Officer</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> </P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Christine Allen (SEC) </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Don Abbott (SEC) </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dominic J. Andreano </FONT></TD></TR></TABLE>
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