CBL CBL & ASSOCIATES PROPERTIES INC

"Although we have successfully obtained debt for refinancings and retirement of our maturing debt, acquisitions and the construction of new developments and redevelopments in the past, we cannot make any assurances as to whether we will be able to obtain debt in the future, or that the financing options available to us will be on favorable or acceptable terms."

distress relevance: 0.71 market specificity: 1.00 score: 0.709 risk_factors

anchor: we may be unable to refinance our existing debt

"Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distributions to our stockholders, and decrease our stock price, if investors seek higher yields through other investments."

distress relevance: 0.66 market specificity: 1.00 score: 0.664 risk_factors

anchor: rising interest rates have significantly reduced the fair value of our portfolio

"This may make it difficult to obtain the financing we may need for future growth and/or to meet our debt service obligations as they mature."

distress relevance: 0.66 market specificity: 1.00 score: 0.659 risk_factors

anchor: we may be unable to refinance our existing debt

"Additionally, access to capital and credit markets could be disrupted over an extended period, which may make it difficult to obtain the financing we may need for future growth and/or to meet our debt service obligations as they mature."

distress relevance: 0.63 market specificity: 1.00 score: 0.631 risk_factors

anchor: we may be unable to refinance our existing debt

"If any future failure to comply with one or more of these covenants resulted in the loss of the secured credit facility or a default under the Notes and we were unable to obtain suitable replacement financing, such loss could have a material, adverse impact on our financial position and results of operations."

distress relevance: 0.61 market specificity: 1.00 score: 0.613 risk_factors

anchor: we may be in breach of our financial covenants

"In 2016, we recognized a gain on investments of $7.5 million which consisted of a $10.1 million gain from the redemption of our remaining investment in a Chinese real estate company, partially offset by a $2.6 million loss attributable to the divestiture of our subsidiary that provided maintenance and security services to third parties."

distress relevance: 0.60 market specificity: 1.00 score: 0.598 mda

anchor: significant unrealized losses that would be realized if we sold securities

"During 2017, we recognized a $6.2 million loss on investment related to the disposition of our 25% interest in an unconsolidated joint venture."

distress relevance: 0.57 market specificity: 1.00 score: 0.575 mda

anchor: significant unrealized losses that would be realized if we sold securities

"See to the consolidated financial statements for additional information on these impairments."

distress relevance: 0.51 market specificity: 1.00 score: 0.513 mda

anchor: material impairment charges on our investment portfolio

"See to the consolidated financial statements for additional information on these impairments."

distress relevance: 0.51 market specificity: 1.00 score: 0.513 mda

anchor: material impairment charges on our investment portfolio

"Our corporate-level interest expense increased by $30.0 million primarily due to the issuance of the 2026 Notes, of which $400.0 million were issued in December 2016 and $225.0 million were issued in September 2017, and the $85.0 million net additional borrowings on our unsecured term loans in July 2017."

distress relevance: 0.50 market specificity: 1.00 score: 0.501 mda

anchor: maturity of debt obligations may require significant cash

"In 2016, we recognized a gain on investments of $7.5 million which consisted of a $10.1 million gain from the redemption of our remaining investment in a Chinese real estate company, which was partially offset by a $2.6 million loss attributable to the divestiture of our subsidiary that provided maintenance and security services to third parties."

distress relevance: 0.60 market specificity: 1.00 score: 0.599 mda

anchor: significant unrealized losses that would be realized if we sold securities

"In 2016, we recognized a gain on investments of which consisted of a $10.1 million gain from the redemption of our remaining investment in a Chinese real estate company, partially offset by a $2.6 million loss attributable to the divestiture of our subsidiary that provided maintenance and security services to third parties."

distress relevance: 0.59 market specificity: 1.00 score: 0.588 mda

anchor: significant unrealized losses that would be realized if we sold securities

"We recorded a gain on investment of $16.6 million in 2015 related to the sale of all of our marketable securities."

distress relevance: 0.55 market specificity: 1.00 score: 0.546 mda

anchor: significant unrealized losses that would be realized if we sold securities

"The majority of store closures and rent reductions which impacted our portfolio occurred in mid-to-late 2017 and translate into more than $24 million in gross annual rent loss."

distress relevance: 0.54 market specificity: 1.00 score: 0.542 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"These decreases were partially offset by an increase in interest expense related to our corporate-level debt resulting from increased intra-year balances on our lines of credit related to the retirement of secured debt as well as interest expense from the issuance of the 2026 Notes in December 2016."

distress relevance: 0.54 market specificity: 1.00 score: 0.536 mda

anchor: maturity of debt obligations may require significant cash

"The operating loss from discontinued operations for 2014 of $0.2 million includes a $0.7 million loss on impairment of real estate, to true-up a Property sold at the end of 2013, partially offset by settlements of estimated expenses based on actual results for Properties sold in previous periods."

distress relevance: 0.62 market specificity: 1.00 score: 0.618 mda

anchor: significant unrealized losses that would be realized if we sold securities

"In 2016, we recognized a gain on investments of which consisted of a $10.1 million gain from the redemption of our remaining investment in a Chinese real estate company, which was partially offset by a $2.6 million loss attributable to the divestiture of our subsidiary that provided maintenance and security services to third parties."

distress relevance: 0.59 market specificity: 1.00 score: 0.590 mda

anchor: significant unrealized losses that would be realized if we sold securities

"We recorded a gain on investment of $16.6 million in 2015 related to the sale of all of our marketable securities."

distress relevance: 0.55 market specificity: 1.00 score: 0.546 mda

anchor: significant unrealized losses that would be realized if we sold securities

"These declines were partially offset by an increase in interest expense related to the Notes that we issued in October 2014 and a decrease of $3.3 million in capitalized interest due to a lower level of development projects in 2015 as compared to 2014."

distress relevance: 0.54 market specificity: 1.00 score: 0.542 mda

anchor: our deposits have declined significantly

"These decreases were partially offset by an increase in interest expense related to our corporate-level debt resulting from increased intra-year balances on our lines of credit related to the retirement of secured debt as well as interest expense from the issuance of the 2026 Notes in December 2016."

distress relevance: 0.54 market specificity: 1.00 score: 0.536 mda

anchor: maturity of debt obligations may require significant cash

"The operating loss from discontinued operations for 2014 of $0.2 million includes a $0.7 million loss on impairment of real estate, to true-up a Property sold at the end of 2013, partially offset by settlements of estimated expenses based on actual results for Properties sold in previous periods."

distress relevance: 0.62 market specificity: 1.00 score: 0.618 mda

anchor: significant unrealized losses that would be realized if we sold securities

"The operating loss from discontinued operations for 2014 of includes a $0.7 million loss on impairment of real estate, to true-up a Property sold at the end of 2013, partially offset by settlements of estimated expenses based on actual results for Properties sold in previous periods."

distress relevance: 0.61 market specificity: 1.00 score: 0.607 mda

anchor: significant unrealized losses that would be realized if we sold securities

"The operating loss from discontinued operations for 2013 of $6.1 million includes a $5.2 million loss on impairment of real estate to write down the net book value of a portfolio of six Properties sold during the period to the net sales price, a $2.9 million write-off of straight-line rent for Properties sold during the period, the operating results of three malls, three associated centers and fiv"

distress relevance: 0.60 market specificity: 1.00 score: 0.604 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"These declines were partially offset by an increase in interest expense related to the Notes that we issued in October 2014 and a decrease of $3.3 million in capitalized interest due to a lower level of development projects in 2015 as compared to 2014."

distress relevance: 0.54 market specificity: 1.00 score: 0.542 mda

anchor: our deposits have declined significantly

"During 2013, we recorded a non-cash impairment of $70.0 million which consisted of a $67.7 million loss to reduce the depreciated book value of two malls to their estimated fair values, a $1.8 million loss on the sale of an outparcel and a loss of $0.5 million to write down the book value of the corporate aircraft to its fair value upon trade-in."

distress relevance: 0.54 market specificity: 1.00 score: 0.536 mda

anchor: significant unrealized losses that would be realized if we sold securities

"See to the consolidated financial statements for further discussion of impairment charges."

distress relevance: 0.62 market specificity: 1.00 score: 0.621 mda

anchor: material impairment charges on our investment portfolio

"The operating loss from discontinued operations for 2013 of includes a $5.2 million loss on impairment of real estate to write down the net book value of a portfolio of six Properties sold during the period to the net sales price, a $2.9 million write-off of straight-line rent for Properties sold during the period, the operating results of three malls, three associated centers and five office buil"

distress relevance: 0.61 market specificity: 1.00 score: 0.607 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"The operating loss from discontinued operations for 2014 of includes a $0.7 million loss on impairment of real estate, to true-up a Property sold at the end of 2013, partially offset by settlements of estimated expenses based on actual results for Properties sold in previous periods."

distress relevance: 0.61 market specificity: 1.00 score: 0.607 mda

anchor: significant unrealized losses that would be realized if we sold securities

"The operating loss from discontinued operations for 2013 includes a $5.2 million loss on impairment of real estate to write down the net book value of a portfolio of six Properties sold during the period to the net sales price, a $2.9 million write-off of straight-line rent for Properties sold during the period, the operating results of three malls, three associated centers and five office buildin"

distress relevance: 0.60 market specificity: 1.00 score: 0.601 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"We also took advantage of the space that became available to us through the closing of several Anchor stores to revitalize Malls at several locations and offer new-to-the market tenants."

distress relevance: 0.54 market specificity: 1.00 score: 0.540 mda

anchor: we are closing stores and reducing our footprint

"In addition to these factors, we have options available to us to generate additional liquidity, including but not limited to, equity offerings, joint venture investments, issuances of noncontrolling interests in our Operating Partnership, and decreasing expenditures related to tenant construction allowances and other capital expenditures."

distress relevance: 0.64 market specificity: 1.00 score: 0.638 mda

anchor: our available liquidity may be insufficient

"See to the consolidated financial statements for further discussion of impairment charges."

distress relevance: 0.62 market specificity: 1.00 score: 0.621 mda

anchor: material impairment charges on our investment portfolio

"See to the consolidated financial statements for further discussion of impairment charges."

distress relevance: 0.62 market specificity: 1.00 score: 0.621 mda

anchor: material impairment charges on our investment portfolio

"The following presents our compliance with key covenant ratios, as defined, of the Notes as of Total unencumbered assets to unsecured debt Consolidated income available for debt service to annual debt service charge (1) On January 1, 2020 and thereafter, the ratio of secured debt to total assets must be less than 40%."

distress relevance: 0.62 market specificity: 1.00 score: 0.620 mda

anchor: our debt covenants restrict our ability to operate

"The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle our other debts."

distress relevance: 0.60 market specificity: 1.00 score: 0.604 mda

anchor: we may be unable to refinance our existing debt

"In addition to these factors, we have options available to us to generate additional liquidity, including but not limited to, equity offerings, joint venture investments, issuances of noncontrolling interests in our Operating Partnership, and decreasing expenditures related to tenant construction allowances and other capital expenditures."

distress relevance: 0.64 market specificity: 1.00 score: 0.638 mda

anchor: our available liquidity may be insufficient

"See Carrying Value of Long-Lived Assets in the Critical Accounting Policies and Estimates section herein for further discussion of impairment charges."

distress relevance: 0.63 market specificity: 1.00 score: 0.634 mda

anchor: material impairment charges on our investment portfolio

"See to the consolidated financial statements for further discussion of impairment charges."

distress relevance: 0.62 market specificity: 1.00 score: 0.621 mda

anchor: material impairment charges on our investment portfolio

"We believe that the combination of cash flows generated from our operations, combined with our debt and equity sources and the availability under our lines of credit will, for the foreseeable future, provide adequate liquidity to meet our cash needs."

distress relevance: 0.59 market specificity: 1.00 score: 0.586 mda

anchor: we are experiencing significant cash outflows

"The remaining decrease was primarily related to our continued efforts to deleverage our balance sheet as we used our credit facilities to retire higher rate mortgages loans and refinanced other Properties at favorable fixed rates."

distress relevance: 0.58 market specificity: 1.00 score: 0.578 mda

anchor: our deposits have declined significantly

"See Carrying Value of Long-Lived Assets in the Critical Accounting Policies and Estimates section herein for further discussion of impairment charges."

distress relevance: 0.63 market specificity: 1.00 score: 0.634 mda

anchor: material impairment charges on our investment portfolio

"See Carrying Value of Long-Lived Assets in the Critical Accounting Policies and Estimates section herein for further discussion of impairment charges."

distress relevance: 0.63 market specificity: 1.00 score: 0.634 mda

anchor: material impairment charges on our investment portfolio

"This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth."

distress relevance: 0.62 market specificity: 1.00 score: 0.622 mda

anchor: we may need to raise additional capital to fund operations

"In addition to these factors, we have options available to us to generate additional liquidity, including but not limited to, equity offerings, joint venture investments, issuances of noncontrolling interests in our Operating Partnership, and decreasing the amount of expenditures we make related to tenant construction allowances and other capital expenditures."

distress relevance: 0.62 market specificity: 1.00 score: 0.616 mda

anchor: our available liquidity may be insufficient

"We recognized a net gain from discontinued operations of $0.4 million in 2010, compared to a loss from discontinued operations of $0.1 million in 2009."

distress relevance: 0.60 market specificity: 1.00 score: 0.597 mda

anchor: significant unrealized losses that would be realized if we sold securities

"See Carrying Value of Long-Lived Assets in the Critical Accounting Policies and Estimates section herein for further discussion of impairment charges."

distress relevance: 0.63 market specificity: 1.00 score: 0.634 mda

anchor: material impairment charges on our investment portfolio

"In addition to these factors, we have options available to us to generate additional liquidity, including but not limited to, equity offerings, joint venture investments, issuances of noncontrolling interests in our Operating Partnership, decreasing the amount of expenditures we make related to tenant construction allowances and other capital expenditures and implementing further cost containment "

distress relevance: 0.61 market specificity: 1.00 score: 0.607 mda

anchor: our available liquidity may be insufficient

"We recognized a net gain from discontinued operations of $0.4 million in 2010, compared to a loss from discontinued operations of $0.1 million in 2009."

distress relevance: 0.60 market specificity: 1.00 score: 0.597 mda

anchor: significant unrealized losses that would be realized if we sold securities

"See in the Critical Accounting Polices and Estimates section herein for further discussion of these Properties and the related impairment charges."

distress relevance: 0.59 market specificity: 1.00 score: 0.592 mda

anchor: material impairment charges on our investment portfolio

"We believe that the combination of cash flows generated from our operations, combined with our debt and equity sources and the availability under our lines of credit will, for the foreseeable future, provide adequate liquidity to meet our cash needs."

distress relevance: 0.59 market specificity: 1.00 score: 0.586 mda

anchor: we are experiencing significant cash outflows

"The impairment resulted from a significant and sustained decline in the market value of the securities."

distress relevance: 0.59 market specificity: 1.00 score: 0.586 mda

anchor: significant unrealized losses that would be realized if we sold securities

"Due to this, we placed greater emphasis on the need to preserve liquidity and maintain our earnings."

distress relevance: 0.58 market specificity: 1.00 score: 0.583 mda

anchor: we may not have sufficient liquidity to meet our obligations

"See in the Critical Accounting Polices section herein for further discussion of these properties and the related impairment charges."

distress relevance: 0.58 market specificity: 1.00 score: 0.577 mda

anchor: material impairment charges on our investment portfolio

"These declines were partially offset by decreased operating, interest and income tax expense."

distress relevance: 0.52 market specificity: 1.00 score: 0.518 mda

anchor: cash and cash equivalents declined significantly

"In an effort to minimize the impact from any store closures, we dedicated a specific group of employees to explore various backfill strategies, including temporary tenants, options for space redevelopment, signing junior anchor replacements, and other alternative uses."

distress relevance: 0.50 market specificity: 1.00 score: 0.497 mda

anchor: we are closing stores and reducing our footprint

"As of December 31, 2008, we are in compliance with our debt covenants."

distress relevance: 0.69 market specificity: 1.00 score: 0.692 mda

anchor: our debt covenants restrict our ability to operate

"The impairments resulted from significant and sustained declines in the market value of the securities."

distress relevance: 0.59 market specificity: 1.00 score: 0.595 mda

anchor: significant unrealized losses that would be realized if we sold securities

"There was $51.2 million of unrestricted cash and cash equivalents as of December 31, 2008, a decrease of $14.6 million from December 31, 2007."

distress relevance: 0.59 market specificity: 1.00 score: 0.591 mda

anchor: cash and cash equivalents declined significantly

"The impairment resulted from a significant and sustained decline in the market value of the securities."

distress relevance: 0.59 market specificity: 1.00 score: 0.586 mda

anchor: significant unrealized losses that would be realized if we sold securities

"Our bank covenants are based on our gross asset value compared to our debt levels and are not subject to market fluctuations in our stock price."

distress relevance: 0.58 market specificity: 1.00 score: 0.585 mda

anchor: our debt covenants restrict our ability to operate

"We were in compliance with all financial covenants and restrictions under our credit facilities at December 31, 2007."

distress relevance: 0.65 market specificity: 1.00 score: 0.647 mda

anchor: we may be in breach of our financial covenants

"We expect to continue to have access to the capital resources necessary to expand and develop our business."

distress relevance: 0.64 market specificity: 1.00 score: 0.639 mda

anchor: we may need to raise additional capital to fund operations

"We are currently working with lenders on refinancing opportunities for each of these loans and anticipate that we will be able to successfully refinance or extend each of these We completed certain financings and refinancings prior to the tightening of the capital markets during the latter part of 2007."

distress relevance: 0.62 market specificity: 1.00 score: 0.622 mda

anchor: we may be unable to refinance our existing debt

"The limit on capital availability also tends to reduce new development competition in the marketplace."

distress relevance: 0.61 market specificity: 1.00 score: 0.615 mda

anchor: regulatory capital requirements may constrain our growth

"This provides us with additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth."

distress relevance: 0.61 market specificity: 1.00 score: 0.611 mda

anchor: we may need to raise additional capital to fund operations

"We were in compliance with all financial covenants and restrictions under our credit facilities at December 31, 2006."

distress relevance: 0.66 market specificity: 1.00 score: 0.663 mda

anchor: we may be in breach of our financial covenants

"We expect to continue to have access to the capital resources necessary to expand and develop our business."

distress relevance: 0.64 market specificity: 1.00 score: 0.639 mda

anchor: we may need to raise additional capital to fund operations

"We expect to refinance the majority of mortgage and other notes payable maturing over the next year with replacement loans."

distress relevance: 0.64 market specificity: 1.00 score: 0.636 mda

anchor: we may be unable to refinance our existing debt

"This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth."

distress relevance: 0.62 market specificity: 1.00 score: 0.622 mda

anchor: we may need to raise additional capital to fund operations

"If it is determined that an impairment has occurred, the excess of the asset’s carrying value over its estimated fair value is charged to operations."

distress relevance: 0.59 market specificity: 1.00 score: 0.593 mda

anchor: material impairment charges on our investment portfolio

"We were in compliance with all financial covenants and restrictions under our credit facilities at December 31, 2005."

distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda

anchor: we may be in breach of our financial covenants

"This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth."

distress relevance: 0.62 market specificity: 1.00 score: 0.622 mda

anchor: we may need to raise additional capital to fund operations

"If it is determined that an impairment has occurred, the excess of the asset's carrying value over its estimated fair value is charged to operations."

distress relevance: 0.59 market specificity: 1.00 score: 0.591 mda

anchor: material impairment charges on our investment portfolio

"Based on our pro rata share of total debt, there is $978.7 million of debt that is scheduled to mature in 2006."

distress relevance: 0.59 market specificity: 1.00 score: 0.591 mda

anchor: maturity of debt obligations may require significant cash

"We recognized a loss on impairment of real estate assets of $1.3 million during 2005, which was related to a $1.0 million reduction in the carrying value of assets identified as held for sale at December 31, 2005, and an additional loss of $0.3 million related to the properties that were sold to Galileo America in January 2005."

distress relevance: 0.59 market specificity: 1.00 score: 0.586 mda

anchor: significant unrealized losses that would be realized if we sold securities

"We also refinanced $196.0 million of short-term, variable-rate debt with fixed-rate, non-recourse long-term debt with a higher interest rate."

distress relevance: 0.70 market specificity: 1.00 score: 0.703 mda

anchor: we may be unable to refinance our existing debt

"We expect to continue to have access to the capital resources necessary to expand and develop our business."

distress relevance: 0.64 market specificity: 1.00 score: 0.639 mda

anchor: we may need to raise additional capital to fund operations

"This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth."

distress relevance: 0.62 market specificity: 1.00 score: 0.622 mda

anchor: we may need to raise additional capital to fund operations

"We were in compliance with all financial covenants and restrictions under our credit facilities at December 31, 2004."

distress relevance: 0.61 market specificity: 1.00 score: 0.615 mda

anchor: we may be in breach of our financial covenants

"If it is determined that an impairment has occurred, the excess of the asset's carrying value over its estimated fair value is charged to operations."

distress relevance: 0.59 market specificity: 1.00 score: 0.591 mda

anchor: material impairment charges on our investment portfolio

"We also refinanced $196.0 million of short-term, variable-rate debt with fixed-rate, non-recourse long-term debt with a higher interest rate."

distress relevance: 0.70 market specificity: 1.00 score: 0.703 mda

anchor: we may be unable to refinance our existing debt

"We expect to continue to have access to the capital resources necessary to expand and develop our business."

distress relevance: 0.64 market specificity: 1.00 score: 0.639 mda

anchor: we may need to raise additional capital to fund operations

"This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth."

distress relevance: 0.62 market specificity: 1.00 score: 0.622 mda

anchor: we may need to raise additional capital to fund operations

"We expect to refinance the majority of mortgage and other notes payable maturing over the next five years with replacement loans."

distress relevance: 0.61 market specificity: 1.00 score: 0.615 mda

anchor: we may be unable to refinance our existing debt

"We were in compliance with all financial covenants and restrictions under our credit facilities at December 31, 2003."

distress relevance: 0.60 market specificity: 1.00 score: 0.601 mda

anchor: we may be in breach of our financial covenants

"The Company believes that its operating cash flows, which include reimbursements from tenants, will provide the necessary funding for such capital improvements."

distress relevance: 0.54 market specificity: 1.00 score: 0.543 mda

anchor: we may need to raise additional capital to fund operations

"The Company does not expect to pursue these activities unless adequate sources of financing are available and a satisfactory budget with targeted returns on investment has been The Company intends to fund major development, expansion and acquisition activities with traditional sources of construction and permanent debt financing as well as other debt and equity financings, including public financi"

distress relevance: 0.54 market specificity: 1.00 score: 0.535 mda

anchor: we may need to raise additional capital to fund operations

"The extraordinary loss in 2002 consisted of prepayment penalties of $2.3 million and the write-off of unamortized deferred financing COMPARISON OF RESULTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2001, TO THE RESULTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2000 The following significant transactions impact the comparison of the results of operations for the year ended December 31, 2001 "

distress relevance: 0.53 market specificity: 1.00 score: 0.532 mda

anchor: significant unrealized losses that would be realized if we sold securities

"The extraordinary loss in 2001 consisted of prepayment penalties of $13.0 million and the write-off of unamortized deferred financing costs of $0.5 million."

distress relevance: 0.51 market specificity: 1.00 score: 0.513 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"The Company periodically evaluates its real estate assets to determine if there has been any impairment in their carrying values and records impairment losses if the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts or if there are other indicators of impairment."

distress relevance: 0.50 market specificity: 1.00 score: 0.502 mda

anchor: material impairment charges on our investment portfolio