2d:null 2e:["$","title",null,{"children":"Lease Accounting: Operating Leases | Brendan Ratter | Observable"}] 33:T803,md` I've been dealing with leases a lot at work recently and since it's been a while since I studied the topic, I figured that writing an explainer would be a good way to refresh my understanding. This notebook describes the math behind lease accounting for a specific type of lease: A **GAAP Operating Lease under ASC 842**. Lease accounting can be different based on the type of lease and the lease standards, so its important to know what you are dealing with before doing specific calculations (see aside). For reference, there are two main types of lease: - **Operating Leases**: *(this notebook)* the lessee only leases something for a small-ish proportion of its life. - **Financing Leases**: the lessee uses the asset for most of its life. In US accounting rules, the math for each of these is different; the calculations here only apply to Operating Leases. ## Contents This notebook walks through the conceptual steps in calculating payments and accounting entries for a GAAP Operating Lease. - [Background and Setup](#setup) - [Step 1: Initial Liability](#step1) - [Step 2: Initial Asset](#step2) - [Step 3: Cash Payment](#step3) - [Step 4: Expense](#step4) - [Step 5: Repeat](#step5) - [Conclusion (tl;dr)](#conclusion) - [Playground](#playground)

`34:T565,setup = md` ## Background and Setup Before diving in, there are a couple of accounting concepts to clarify. First, financial statements: - **Balance Sheet:** Point-in-time measurement of a company's assets (including cash), liabilities, and equity. - **Income Statement:** Also known as the P&L (Profit & Loss) statement which shows revenue and expenses flowing through the company. - **Cash Flow Statement:** Flow of cash in and out of a company – not used here. The results from the calculations below find their way into one of the above statements under specific line items or accounts. These accounts are **bolded** in the text below. We will use four accounts: - **Right of Use:** An asset on the balance sheet. - **Lease Liability:** A liability on the balance sheet. - **Lease Expense:** An expense on the income statement. - **Cash:** Reduction in cash (asset) on the balance sheet. To show the flows, we will use a simple example. All parameters in the example can be changed in the [playground](#playground) and all tables throughout will be updated. Imagine we are leasing some hardware, say an anvil from ACME corp., for our business. We sign a lease where we agree to pay ${formats.currency(sum(lease.map(d => d.cash)))} over ${lease.length - 1} years. The payments start one year from today and have the following schedule (for illustration purposes): `35:T717,step1 = md` ## Step 1. Initial Liability The first step is understanding how accountants think about what you are buying when you sign a lease. When you sign a lease you are committing to exchanging a flow of future payments for something of value. This "value" we'll get to in the next section. The commitment you make to ACME corp. is a liability that will appear on the Balance Sheet in an entry called the **Lease Liability**. Capturing the value of this liability was one of the goals of the new accounting standards. So how do we do this? It is *not* simply the sum of all the cash payments (${formats.currency(sum(lease.map(d => d.cash)))}). The Liability value is a lower number equal to the cash payments minus the interest. Interest? What interest? Accounting rules treat leases as analagous to loans. Imagine you went to the bank to borrow money to buy this anvil. You agree with the bank that you would pay a loan back according to the schedule above at an interest rate of ${formats.percent(state.rate)}. This defines how much you could borrow, just like a home loan borrowing power calculator. So with the payments and the interest rate, a simple NPV formula can be used to work out the value of the loan. This value (or loan principal) is the initial value of the **Lease Liability**.

NPV(${formats.percent(state.rate)}, payments) = ${formats.currency(npv(state.rate, lease.map(d => d.cash)))}

You can check out the JavaScript implementation [here](#npv).

`36:T6e6,step3 = { const payment = formats.currency(lease[1].cash); const interest = formats.currency(lease[1].interest); const principal = formats.currency(lease[1].principal); const liability = formats.currency(lease[0].liability); return md` ## Step 3: Cash Payment Now everything is set up after we've signed the lease. We have a **Right of Use** Asset and a **Lease Liability** on the Balance Sheet and are starting making use of the equipment. One year later, we are ready to make the first ${payment} payment. First we pay ${payment} **Cash** to ACME corp., that appears as a reduction in our **Cash** asset balance on the Balance Sheet. Now, just as the **Lease Liability** needed a matching asset, the cash payment needs its partners. In this case there are two: 1. *Interest:* Part of the payment is "interest" on our "loan". It is just interest rate × balance of the liability from the previous period:

${formats.percent(state.rate)} × ${liability} = ${interest}

1. *Principal:* The rest of the payment goes to paying off the loan "principal". i.e. cash − interest:

${payment} − ${interest} = ${principal}

But that isn't the whole story. "Principal" is easy, it simply reduces the **Lease Liability** on the Balance Sheet:

LIABILITY ${lease[1].year} = ${liability} − ${principal} = ${formats.currency(lease[0].liability - lease[1].principal)}

So while there is no account called "Principal", the value appears in the **Lease Liability** account directly. "Interest" on the other hand doesn't really exist – it is convenient intermediate calculation only, that is explained in more detail in the next section. In the meantime, we now have the following table: ` }37:T73b,step4 = { const totalCash = sum(lease.map(d => d.cash)); const interest = formats.currency(lease[1].interest); const amort = formats.currency(lease[1].amortization); return md` ## Step 4: Expense There are still a several items outstanding. Our phantom "interest" from [step 3](#step3) doesn't have a home and we haven't added any entries to the Income Statement so the lease shows up on the P&L (EBIT, OpEx, Net Income, etc.). This is a definition thing, and a difference between GAAP and IFRS. In GAAP for *Operating Leases*, the **Lease Expense** is defined as the "straight-line" of the total cash over the period of the lease. In this case we have:

EXPENSE = TOTAL CASH ÷ PERIODS = ${formats.currency(totalCash)} ÷ ${lease.length - 1} = ${formats.currency(totalCash / (lease.length - 1))}

Note that this straight-line expense will usually not be the same as the cash payments, but they are identical when the cash payments are equal over the entire lease. So the **Lease Expense** is applied to the Income Statement each period, but again because all entries need to be balanced, we need to find the other side of the expense. We have our "interest" of ${interest} that is part of it, but still leaves a difference of ${amort}. This is another entry that is equivalent to "Amortization" – the reduction in the value of an asset over time. This is applied directly to the **Right of Use** asset, reducing its value over time in the same way "Principal" reduces the **Lease Liability**:

AMORT = EXPENSE − INTEREST = ${formats.currency(lease[0].expense)} − ${interest} = ${amort}

RoU ${lease[1].year} = RoU ${lease[0].year} − AMORT = ${formats.currency(lease[0].rou)} - ${amort} = ${formats.currency(lease[0].rou - lease[1].amortization)}

In table format we have: `}38:Tb0d,conclusion = { const formatter = v => v ? formats.currency(v) : ''; const config = { columns: { debit: { formatter: v => v ? formats.currency(v) : '' }, credit: { formatter: v => v ? formats.currency(v) : '' }, } }; const value = formats.currency(lease[1].expense + lease[1].principal); return md` ## Conclusion (tl;dr) So to summarize in terms of accounting entries, we are leasing an anvil from ACME corp. using a **GAAP Operating Lease**. When we first sign the lease we create both an asset and a matching liability: - **Right of Use:** Asset on the balance sheet calculated by discounting the future lease payments using an NPV formula. See [step 1](#step1). - **Lease Liability:** Liability on the balance sheet often equal to the **Right of Use** asset. See [step 2](#step2). In terms of entries that you'd find in an accounting system, it looks like:

${table([ { account: 'Right of Use', debit: lease[0].rou, credit: 0 }, { account: ' Lease Liability', debit: 0, credit: lease[0].liability }, ], config)}

In subseqent periods when a payment is made, four accounts are affected: - **Lease Expense:** This amount flows through the Income Statement. It is equal to the average of all of the cash payments, as shown in [step 4](#step4). - **Lease Liability:** Balance of the Lease Liability account is reduced by this value (debit = reduction for a liability). This is the "Principal" explained in [step 3](#step3). - **Right of Use:** Balance of the RoU account is reduced by this value (credit = reduction for an asset). This is the "Amortization" explained in [step 4](#step4). - **Cash:** Cash asset on the balance sheet is reduced by this amount as per [step 3](#step3). The values look like this:

${table([ { account: 'Expense', debit: lease[1].expense, credit: 0 }, { account: 'Lease Liability', debit: lease[1].principal, credit: 0 }, { account: ' Right of Use', debit: 0, credit: lease[1].amortization }, { account: ' Cash', debit: 0, credit: lease[1].cash }, ], config)}

Note that both sides add to the same value (${value} in this example) ensuring that our books are balanced. These entries are repeated until the lease runs out and the balance on the **Right of Use** asset and the **Lease Liability** go to 0, as in [step 5](#step5). There are of course many complexities in the standards that makes the real story more nuanced (e.g. lease payments indexed to inflation), but this gives a general overview. A simple Excel version of the calculator is attached to this workbook. [Click here](${await FileAttachment('LeaseCalc.xlsx').url()}) to download. ` }39:T7ec,viewof state = render(({ useSetter }) => { const [data, setData] = useState(initialState.table); const [rate, setRate] = useState(initialState.rate * 100); const [year, setYear] = useState(initialState.year); const handleAdd = () => setData(data.concat({ year: data[data.length - 1].year + 1, cash: 0 })); const handleRemove = () => { const clone = [...data]; clone.splice(-1, 1); setData(clone); }; const updateYear = year => setData(data.map((d, i) => ({ ...d, year: year + i + 1 }))); useSetter(() => ({ rate: +rate / 100, year: +year, payments: data.map(d => d.cash), }), [rate, year, data]); return jsx`

Interest Rate setRate(event.target.value)} /> %

Start Year { setYear(event.target.value); updateYear(+event.target.value) }} />

<${RowTable} data=${data} onDataChange=${setData}> <${Row} label="Year" get=${d => d.year} isHeading=${true} /> <${Row} label="Cash" isEditable=${true} get=${d => d.cash} set=${(d, v) => ({ ...d, cash: Number.isNaN(+v) ? d.cash : +v })} />

` })3a:[{"id":"63a2654938a979eefa393b5a150e3baf4904e493310180f6575fd1e2eb16b47f400f0d933137a3d266cb22fae830154a2364817a0cc1eb33230bdd94b7afb683","href":"https://static.observableusercontent.com/files/63a2654938a979eefa393b5a150e3baf4904e493310180f6575fd1e2eb16b47f400f0d933137a3d266cb22fae830154a2364817a0cc1eb33230bdd94b7afb683","name":"LeaseCalc.xlsx","type":"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet","lastModified":1595269869575.189,"size":19834}] 31:{"id":"654f6ef5e4dcc902","slug":"lease-accounting-operating-leases","title":"Lease Accounting: Operating Leases","thumbnail":"c35bf93b1657a16d0dea62c4832865f4797db1d81f4a47fa810f91cf864b8a5b","access_level":"public","create_time":"$D2020-07-15T07:46:18.019Z","update_time":"$D2020-08-24T06:08:41.475Z","view_time":null,"first_public_time":"$D2020-07-20T04:24:36.765Z","fork":false,"stars":4,"starred":false,"owner":{"type":"team","id":"ac1efc54e02edbcb","login":"bratter","name":"Brendan Ratter","avatar_url":"https://avatars-next.observableusercontent.com/72254c56b9894f2113524282297d982abcaaa6b50b1fb4d9e19658e6572e58d6","tier":"starter_2024"},"version":636,"publish_version":636,"role":null,"authored":false,"authors":[{"type":"individual","id":"832b3a3dcd4c23fe","login":"bratter","name":"Brendan Ratter","avatar_url":"https://avatars-next.observableusercontent.com/72254c56b9894f2113524282297d982abcaaa6b50b1fb4d9e19658e6572e58d6","tier":null}],"members":[{"type":"individual","id":"832b3a3dcd4c23fe","login":"bratter","name":"Brendan Ratter","avatar_url":"https://avatars-next.observableusercontent.com/72254c56b9894f2113524282297d982abcaaa6b50b1fb4d9e19658e6572e58d6","tier":null,"role":"editor"}],"comments":[],"custom_thumbnail":false,"trashed":false,"lapsed":null,"subscribed":null,"forks":3,"collection":null,"type":"notebook","body":{"title":"Lease Accounting: Operating Leases","cells":[{"id":0,"value":"md`# Lease Accounting: Operating Leases`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":265,"value":"$33","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":6,"value":"$34","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":12,"value":"html`

${\n table(lease.filter(d => d.period > 0).map(({ year, cash }) => ({ year, cash })), tableFormat)\n}

`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":2,"value":"$35","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":17,"value":"step2 = md`\n## Step 2: Initial Asset\nIn accounting, all entries must be paired (dual entry bookkeeping), so now that we are adding the **Lease Liability** in the previous section, we also need to add another entry. In this case it is a matching **Right of Use** asset, that also appears on the Balance Sheet, but this time as an asset. This asset represents the \"value\" that you derived from using the leased anvil.\n\nInitially, the value of both the asset and the liability is the same (Not true in all cases, but close enough). These entries are both made when the lease commences (2020 in this example):\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":113,"value":"{\n const value = npv(state.rate, lease.map(d => d.cash));\n \n return html`

${\n table(lease.filter(d => d.period === 0).map(({ year, rou, liability }) => ({ year, rou, liability })), tableFormat)\n }`\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":20,"value":"$36","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":230,"value":"table(\n lease.filter(d => d.period < 2).map(\n ({ year, cash, interest, principal, liability }) =>\n ({ year, cash, interest, principal, liability })\n ),\n tableFormat,\n)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":257,"value":"$37","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":313,"value":"table(lease.filter(d => d.period < 2).map(\n ({ year, expense, interest, amortization, rou }) => ({ year, expense, interest, amortization, rou })\n), tableFormat)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":510,"value":"md`\nSo the phantom \"interest\" provides a bridge between the reduction in **Lease Liability** through cash and the reduction in **Right of Use** through expense, but does not appear anywhere in financial reporting.\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":327,"value":"md`\n## Step 5: Repeat\n\nTo summarize, we have now established our intial **Right of Use** asset and **Lease Liability** when we sign the lease then one year later we pay **Cash**, incur **Lease Expense** and adjust our asset/liability balances, giving the following result (including our phantom interest, principal and amortization lines):\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":332,"value":"{ \n return html`

${\n table(lease.filter(d => d.period < 2).map(d => {\n const { period, ...data } = d;\n return data;\n }), tableFormat)\n }

`;\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":346,"value":"md`\nThe same logic from [step 3](#step3) and [step 4](#step4) can be repeated for all periods of the lease until the **Right of Use** runs out. The math ensures that both the **Right of Use** and the **Liability** run out at the same time. The full table with all entries is shown here:\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":350,"value":"{ \n return html`

${\n table(lease.map(d => {\n const { period, ...data } = d;\n return data;\n }), tableFormat)\n }

`;\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":353,"value":"md`\nLet's highlight a couple of interesting observations:\n\n1. For most common payment structures the **Lease Liability** and the **Right of Use** decline at at increasing rate the further you get into a lease.\n1. If the cash payments are not the same every period, the **Lease Liability** and **Right of Use** will decline with different profiles.\n1. The **Cash** profile can be whatever you agree in the lease with your supplier, but the **Expense** profile will always be the same for the same amount of cash.\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":470,"value":"$38","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":365,"value":"playground = md`\n## Playground\n\nAll of the parameters in the example can be changed using the controls below. You can change what you want then see the results table here and all the tables above change in line with your new assumptions.\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":574,"value":"$39","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":435,"value":"{ \n return html`

${\n table(lease.map(d => {\n const { period, ...data } = d;\n return data;\n }).concat({\n year: 'TOTAL',\n cash: sum(lease.map(d => d.cash)),\n expense: sum(lease.map(d => d.expense)),\n interest: sum(lease.map(d => d.interest)),\n principal: sum(lease.map(d => d.principal)),\n amortization: sum(lease.map(d => d.amortization)),\n }), tableFormat)\n }

`;\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":438,"value":"md`\n---\n\n## Appendix\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":548,"value":"md`\nThis set of cells contain the formulas used to calculate NPV, lease accounting entries, etc.\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":170,"value":"leaseCalc = (start, rate, payments) => {\n const rou = npv(rate, payments);\n const expense = sum(payments) / payments.length;\n \n return payments.reduce((acc, cash, idx) => {\n const interest = acc[idx].liability * rate;\n const principal = cash - interest;\n const amortization = expense - interest;\n \n acc.push({\n period: idx + 1,\n year: start + idx + 1,\n cash,\n expense,\n interest,\n principal,\n amortization,\n liability: acc[idx].liability - principal,\n rou: acc[idx].rou - amortization,\n });\n return acc;\n }, [{ period: 0, year: start, cash: 0, expense: 0, interest: 0, principal: 0, amortization: 0, liability: rou, rou }]);\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":43,"value":"npv = (rate, payments, discountFirst = true) => payments.reduce((acc, cur, idx) => {\n return acc + cur / ((1 + rate) ** (discountFirst ? idx + 1 : idx));\n}, 0)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":182,"value":"sum = payments => payments.reduce((acc, cur) => acc + cur, 0)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":555,"value":"md`\nThese cells contain intermediate calculations for the lease example used in this notebook.\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":174,"value":"lease = leaseCalc(state.year, state.rate, state.payments)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":582,"value":"initialState = {\n const payments = [10000, 11000, 12000, 13000, 14000];\n const year = 2020;\n \n return {\n rate: 0.05,\n year,\n payments,\n table: payments.map((d, i) => ({ year: year + i + 1, cash: d })),\n };\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":558,"value":"md`\nFinally these are helpers and imports.\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":232,"value":"tableFormat = ({\n paged: false,\n columns: {\n cash: { formatter: formats.curOrBlank },\n expense: { formatter: formats.curOrBlank },\n interest: { formatter: formats.curOrBlank },\n principal: { formatter: formats.curOrBlank },\n amortization: { formatter: formats.curOrBlank },\n liability: { formatter: formats.curOrBlank },\n rou: { formatter: formats.curOrBlank, title: 'Right of Use' },\n },\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":36,"value":"formats = {\n const rawCurrency = d3.format('($,.2f');\n \n return {\n percent: d3.format('.1%'),\n currency: v => rawCurrency(v || 0),\n curOrBlank: v => (v === undefined || v === null) ? '' : rawCurrency(v),\n };\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":80,"value":"html`\n\n`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":571,"value":"RowTable = component(({ children, data, onDataChange }) => {\n const childArray = Array.isArray(children) ? children : [children];\n const onChange = newData => onDataChange(newData);\n \n return jsx`\n

\n \n ${childArray.map((child, key) => cloneElement(child, { key, data, onChange }))}\n

\n `\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":568,"value":"Row = component(({ data, label, isHeading, isEditable, onChange, get, set }) => {\n const cellType = isHeading ? 'th' : 'td';\n const tdStyles = isEditable ? { padding: '0' } : { textAlign: 'right', paddingRight: '5px' };\n // TODO: Context may be better here, or a custom hook\n const handleChange = (d, i) => {\n const clone = [...data];\n clone.splice(i, 1, set(data[i], d));\n onChange(clone);\n };\n \n return jsx`\n \n <${cellType}>${label || ''}\n ${data.map(get).map((d, i) => jsx`<${cellType} key=\"${i}\" style=${tdStyles}>\n ${isEditable\n ? jsx` handleChange(event.target.value, i)}\n style=${{ marginLeft: '-1px', padding: '2px 5px', textAlign: 'right', width: '4rem' }} />`\n : d\n }\n `)}\n \n `\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":55,"value":"import { table } from '@tmcw/tables'","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":562,"value":"import { jsx, render, component, useState, cloneElement } with { reactDev as dev } from '@j-f1/react-16'","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":565,"value":"reactDev = false","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"},{"id":34,"value":"d3 = require('d3-format')","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined","output":"$undefined","database":"$undefined"}],"files":"$W3a","stdlib":"1","titling":"auto"}} 32:"$31:body"