@font-face{font-family:Inter;src:url('fonts/inter-latin.woff2') format('woff2');font-style:normal;font-weight:400 700;font-display:swap;unicode-range:U+0000-00FF,U+0131,U+0152-0153,U+02BB-02BC,U+02C6,U+02DA,U+02DC,U+0304,U+0308,U+0329,U+2000-206F,U+20AC,U+2122,U+2191,U+2193,U+2212,U+2215,U+FEFF,U+FFFD}
@font-face{font-family:Inter;src:url('fonts/inter-latin-ext.woff2') format('woff2');font-style:normal;font-weight:400 700;font-display:swap;unicode-range:U+0100-02BA,U+02BD-02C5,U+02C7-02CC,U+02CE-02D7,U+02DD-02FF,U+0304,U+0308,U+0329,U+1D00-1DBF,U+1E00-1E9F,U+1EF2-1EFF,U+2020,U+20A0-20AB,U+20AD-20C0,U+2113,U+2C60-2C7F,U+A720-A7FF}
:root{--bg:#101112;--surface:#191b1d;--chip:#232527;--ink:#f3f3ef;--muted:#aeb0b2;--line:#35383a;--control-line:#696c6e;--accent:#ff794d;--blue:#ff794d;--aqua:#6ed8ba;--orange:#c9c9d1;--red:#ff9690;--sans:Inter,system-ui,sans-serif;--radius:12px;color-scheme:dark}
*{box-sizing:border-box}html{scroll-behavior:smooth;scroll-padding-top:40px}body{margin:0;background:var(--bg);color:var(--ink);font:400 15px/1.65 var(--sans);-webkit-font-smoothing:antialiased}::selection{background:var(--accent);color:var(--bg)}a{color:inherit;text-underline-offset:5px}button,input,select{font:inherit}button,a,select,summary{-webkit-tap-highlight-color:transparent}button,select{color:inherit}button{cursor:pointer}button:disabled,select:disabled{cursor:wait;opacity:.55}button:active:not(:disabled),.button:active{transform:translateY(1px)}:focus-visible{outline:2px solid var(--accent);outline-offset:5px}[hidden]{display:none!important}
.wrap{width:min(1240px,100% - 96px);margin-inline:auto}.site-header{height:88px;display:flex;align-items:center;justify-content:space-between;gap:28px;border-bottom:1px solid var(--line)}.wordmark{font-weight:700;font-size:18px;letter-spacing:-.03em;text-decoration:none;white-space:nowrap}.wordmark span{color:var(--accent)}nav{display:flex;gap:30px}nav a,.source-link{color:var(--muted);font-size:13px;text-decoration:none}nav a:hover,.text-link:hover{color:var(--ink)}.text-link{color:var(--accent);text-decoration:underline;text-decoration-thickness:1px}.skip{position:fixed;left:20px;top:-100px;background:var(--ink);color:var(--bg);padding:12px 18px;z-index:20;border-radius:var(--radius)}.skip:focus{top:16px}
.hero{display:grid;grid-template-columns:1fr 1fr;gap:80px;padding-block:72px 54px;align-items:center}.hero h1{font-size:clamp(44px,5.6vw,76px);font-weight:600;line-height:1.05;letter-spacing:-.04em;margin:0 0 24px}.hero h1 em{font-style:normal;color:var(--accent)}.hero-copy>p{font-size:17px;line-height:1.65;color:var(--muted);max-width:36ch;margin:0 0 28px}.hero-copy>.author{font-size:11px;margin:16px 0 0}.button{display:inline-flex;align-items:center;justify-content:center;min-height:44px;padding:10px 18px;border:1px solid var(--control-line);border-radius:var(--radius);background:var(--chip);font-size:13px;font-weight:600;line-height:1.5;text-decoration:none;white-space:nowrap;transition:background .18s ease,color .18s ease,transform .18s ease}.button:hover{background:#303335}.button.primary{background:var(--accent);border-color:var(--accent);color:#19120f}.button.primary:hover{background:#ff956f}.button.quiet{background:transparent}.hero-evidence h2{font-size:21px;line-height:1.3;letter-spacing:-.02em;margin:0 0 5px}.hero-evidence>p.muted{margin:0 0 24px;font-size:13px}.legend{display:flex;gap:20px;align-items:center;font-size:12px;color:var(--muted);margin-bottom:12px}.legend span{display:flex;align-items:center;gap:8px}.legend .unit{margin-left:auto}.dot{height:8px;width:8px;border-radius:50%;display:inline-block;flex-shrink:0}.dot.before{background:var(--ink)}.dot.after{background:var(--accent)}.hero-plot{min-height:204px}.plot-row{width:100%;display:grid;grid-template-columns:110px minmax(0,1fr) 64px;gap:12px;align-items:center;padding:12px 0;border:0;border-bottom:1px solid var(--line);background:none;text-align:left;min-height:48px;border-radius:0}.plot-row:hover .plot-name,.plot-row:hover .plot-value{color:var(--accent)}.plot-name{font-size:12px;font-weight:600}.plot-value{font-size:13px;font-weight:600;text-align:right;font-variant-numeric:tabular-nums}.plot-row svg{display:block;width:100%;height:24px;overflow:visible}.plot-axis{display:flex;margin:8px 76px 0 122px;justify-content:space-between;font-size:10px;color:var(--muted);font-variant-numeric:tabular-nums}.caption{color:var(--muted);font-size:12px;line-height:1.6;margin:14px 0 0;max-width:76ch}.hero-evidence>.caption{max-width:55ch}.research-note{font-size:13px;color:var(--muted);margin:0;padding:18px 0;border-block:1px solid var(--line)}
.section{padding-block:60px;border-bottom:1px solid var(--line);scroll-margin-top:30px}.section h2{font-size:32px;line-height:1.25;letter-spacing:-.03em;font-weight:600;margin:0 0 10px}.section-intro{color:var(--muted);margin:0 0 30px;max-width:65ch}.explorer-layout{display:grid;grid-template-columns:235px minmax(0,1fr);gap:48px}.case-sidebar{border-right:1px solid var(--line);padding-right:24px}.chips{display:grid;gap:6px}.chip{border:0;border-radius:var(--radius);background:none;min-height:50px;display:flex;align-items:center;justify-content:space-between;width:100%;padding:10px 14px;text-align:left;font-size:14px;color:var(--muted);transition:background .18s ease,color .18s ease}.chip .ticker{font-size:11px;opacity:.7}.chip:hover{color:var(--ink);background:var(--surface)}.chip[aria-pressed=true]{color:var(--ink);background:var(--chip)}.chip[aria-pressed=true] .ticker{color:var(--accent);opacity:1}.case-context{padding:26px 14px 14px}.case-context h3{font-size:15px;line-height:1.5;letter-spacing:-.01em;margin:0 0 12px}.case-context .deal-value{font-size:28px;font-weight:600;letter-spacing:-.03em;line-height:1.3;margin-bottom:4px}.case-context p{font-size:12px;color:var(--muted);margin:6px 0}.case-context small{font-size:11px;color:var(--muted)}.deal-detail{font-size:12px;margin:16px 14px 0}.deal-detail p{color:var(--muted)}summary{cursor:pointer;min-height:44px;padding-block:12px;font-size:13px;color:var(--ink)}summary:hover{color:var(--accent)}.chart-workspace{min-width:0}.chart-toolbar{display:flex;align-items:end;justify-content:space-between;gap:16px;margin-bottom:24px}label{display:grid;gap:6px;font-size:12px;color:var(--muted);width:min(390px,100%)}select{min-height:44px;border:1px solid var(--control-line);border-radius:var(--radius);background:var(--surface);padding:8px 35px 8px 12px;width:100%;font-size:13px}.selected-stats{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));gap:24px;margin-bottom:24px}.selected-stats>div{display:grid;gap:3px}.selected-stats span{color:var(--muted);font-size:12px}.selected-stats strong{font-size:28px;font-weight:600;line-height:1.4;letter-spacing:-.025em;font-variant-numeric:tabular-nums}.selected-stats .change{color:var(--accent)}.chart{position:relative;height:290px;min-width:0}#chartFallback{display:grid;place-content:center;text-align:center;height:100%;color:var(--muted);background:var(--surface);border-radius:var(--radius);padding:20px}.interpretation{margin-block:28px 18px;padding:20px 24px;background:var(--surface);border-radius:var(--radius)}.interpretation h3{margin:0 0 6px;font-size:13px;font-weight:600}.interpretation p{margin:0;font-size:13px;color:var(--muted);max-width:75ch}.data-detail{border-top:1px solid var(--line)}.scroll{overflow-x:auto;scrollbar-color:var(--line) var(--bg);scrollbar-width:thin}.tbl{border-collapse:collapse;width:100%;font-size:13px;font-variant-numeric:tabular-nums;text-align:right}.tbl caption{text-align:left;font-size:12px;color:var(--muted);padding-block:12px}.tbl th{font-size:11px;font-weight:400;color:var(--muted);padding:14px 12px}.tbl td{padding:15px 12px;border-top:1px solid var(--line)}.tbl th:first-child,.tbl td:first-child{text-align:left;padding-left:0}.tbl th:last-child,.tbl td:last-child{padding-right:0}.tbl td:not(:first-child){white-space:nowrap}.tbl tbody th{text-align:left;color:var(--ink);border-top:1px solid var(--line);font-size:13px}.tbl td small{display:block;color:var(--muted);font-size:11px}.overview{min-width:830px}.overview td{padding-block:23px}.overview .company-link{color:var(--ink);border:0;background:transparent;font-size:14px;font-weight:600;text-align:left;padding:0}.overview .company-link:hover{color:var(--accent)}.overview .target{display:block;font-size:11px;font-weight:400;color:var(--muted);max-width:190px;white-space:normal}.pos{color:var(--aqua)}.neg{color:var(--red)}.muted{color:var(--muted)}
.goodwill-section{display:grid;grid-template-columns:minmax(0,.85fr) minmax(0,1.4fr);gap:70px;align-items:start}.goodwill-copy h2{max-width:15ch}.goodwill-copy p{font-size:14px;margin:20px 0 0;max-width:60ch}.goodwill-visual{min-width:0;padding-top:8px}.small-chart{height:290px}.goodwill-visual .legend{gap:20px;margin-bottom:22px}.goodwill-visual .data-detail{margin-top:20px}.methods h2{font-size:27px;margin-bottom:28px}.methods-grid{display:grid;grid-template-columns:1.2fr 1fr 1fr;gap:48px}.methods-grid h3{font-size:14px;line-height:1.5;margin:0 0 12px;font-weight:600}.methods-grid p{font-size:13px;color:var(--muted);margin:0 0 14px}.methods-grid a{font-size:13px}.foot{display:flex;align-items:center;justify-content:space-between;gap:20px;padding-block:28px;font-size:11px;color:var(--muted)}.foot span:first-child{color:var(--ink);font-weight:600}.foot a{color:var(--muted)}.load-error{padding:24px;background:var(--surface);border-radius:var(--radius);margin-bottom:24px}.load-error h2{margin:0 0 8px;font-size:20px}.load-error p{color:var(--muted);margin:0 0 18px;font-size:13px}.loading-copy{color:var(--muted);font-size:13px;display:block;padding:24px}.skeleton{background:linear-gradient(100deg,var(--surface) 30%,var(--chip) 50%,var(--surface) 70%);background-size:200% 100%;animation:loading 1.6s ease-in-out infinite;border-radius:var(--radius)}.context-skeleton{height:140px}@keyframes loading{to{background-position:-200% 0}}
@media(min-width:1024px){.chart-workspace{min-height:640px}}
@media(max-width:1023px){.wrap{width:calc(100% - 56px)}.hero{gap:40px;padding-block:50px 40px}.hero h1{font-size:54px}.explorer-layout{grid-template-columns:190px minmax(0,1fr);gap:28px}.case-sidebar{padding-right:18px}.plot-row{grid-template-columns:92px minmax(0,1fr) 58px;gap:8px}.plot-axis{margin-left:100px;margin-right:66px}.goodwill-section{gap:36px}.methods-grid{gap:26px}.selected-stats{gap:14px}.selected-stats strong{font-size:24px}}
@media(max-width:767px){.wrap{width:calc(100% - 36px)}.site-header{height:72px;gap:18px}.wordmark{font-size:16px}nav{gap:16px}nav a{font-size:12px}.source-link{display:none}.hero{grid-template-columns:1fr;gap:38px;padding-block:38px 32px}.hero h1{font-size:54px;margin-bottom:18px}.hero-copy>p{font-size:15px;max-width:42ch;margin-bottom:22px}.hero-copy>.author{font-size:11px;margin:14px 0 0}.hero-evidence{padding-top:26px;border-top:1px solid var(--line)}.hero-evidence h2{font-size:20px}.plot-row{grid-template-columns:95px minmax(0,1fr) 60px}.plot-axis{margin-left:103px;margin-right:68px}.research-note{font-size:12px;padding-block:16px}.section{padding-block:38px}.section h2{font-size:27px}.section-intro{font-size:14px;margin-bottom:22px}.explorer-layout{grid-template-columns:1fr;gap:20px}.case-sidebar{border:0;padding:0}.chips{grid-template-columns:repeat(4,minmax(0,1fr));gap:4px;padding:4px;background:var(--surface);border-radius:var(--radius)}.chip{min-height:46px;justify-content:center;padding:6px 4px;font-size:11px;text-align:center}.chip .ticker{display:none}.chip[aria-pressed=true]{background:var(--ink);color:var(--bg)}.case-context{padding:20px 0 0;display:grid;grid-template-columns:minmax(0,1fr) auto;gap:4px 16px}.case-context h3{grid-column:1;margin:0;font-size:14px}.case-context .deal-value{grid-column:2;grid-row:1/3;font-size:25px;text-align:right;align-self:center}.case-context p{margin:0;grid-column:1}.case-context small{display:none}.deal-detail{margin:8px 0 0}.deal-detail summary{font-size:12px;min-height:36px;padding-block:8px}.chart-toolbar{margin-bottom:20px;gap:10px}.chart-toolbar label{font-size:11px}.chart-toolbar select{font-size:12px;padding-right:24px}.chart-toolbar .button{padding-inline:10px;font-size:11px}.selected-stats{gap:12px;margin-bottom:16px}.selected-stats strong{font-size:23px}.selected-stats span{font-size:11px}.chart{height:250px}.interpretation{padding:18px;margin-top:22px}.goodwill-section{grid-template-columns:1fr;gap:24px}.goodwill-copy h2{max-width:22ch}.goodwill-copy p{font-size:13px;margin-top:14px}.goodwill-visual .legend{margin-bottom:10px;font-size:11px}.methods-grid{grid-template-columns:1fr;gap:24px}.methods h2{margin-bottom:24px}.methods-grid p{max-width:65ch}.foot{flex-wrap:wrap;gap:10px 20px}.foot span:nth-child(2){order:3;width:100%}.tbl{font-size:12px}.tbl td{padding:12px 10px}.tbl th{padding:12px 10px}.data-detail .tbl{min-width:500px}.tbl#annualTable{min-width:0}.goodwill-visual .tbl{min-width:400px}}
@media(max-width:359px){.wordmark{font-size:14px}nav{gap:10px}.hero h1{font-size:46px}.selected-stats strong{font-size:20px}.chart-toolbar{flex-wrap:wrap}.chart-toolbar label{width:100%}}
@media(prefers-reduced-motion:reduce){html{scroll-behavior:auto}*,*::before,*::after{animation:none!important;transition:none!important}}

.plot-glyph{position:relative;display:block;min-width:0}.plot-dot{position:absolute;top:50%;height:7px;width:7px;border-radius:50%;transform:translate(-50%,-50%)}.plot-dot.before{background:var(--ink)}.plot-dot.after{background:var(--accent)}

nav a{padding-block:12px}.chip[aria-pressed=true]{outline:1px solid var(--control-line);outline-offset:-1px}

.chart-toolbar label{min-width:0}.selected-stats strong{overflow-wrap:anywhere}
/* Studio report: quiet paper surfaces keep the evidence in focus. */
:root{--bg:#eeece7;--surface:#faf8f3;--chip:#e5e2da;--ink:#292c2d;--muted:#656967;--line:#d2d6d1;--control-line:#a3aaa4;--accent:#a94f36;--blue:#a94f36;--aqua:#397563;--orange:#9b8b76;--red:#a2443a;color-scheme:light}
.hero{gap:64px;padding-block:60px 44px}.hero h1{font-size:clamp(48px,5.6vw,78px);letter-spacing:-.06em}.hero-copy>p{font-size:16px}.hero-evidence{background:var(--surface);border:1px solid var(--line);border-radius:16px;padding:28px}.hero-evidence h2{letter-spacing:-.03em}.research-note{border-left:3px solid var(--accent);padding-left:18px;background:transparent}.section h2{font-weight:550;letter-spacing:-.045em}.chart-workspace{background:var(--surface);padding:28px;border:1px solid var(--line);border-radius:14px;min-width:0}.case-sidebar{border:0;padding-right:0}.case-context{padding:24px 16px;background:#e5e2da;border-radius:10px;margin-top:20px}.case-context .deal-value{font-weight:550;letter-spacing:-.04em}.chip{border-radius:8px;transition:background 180ms,color 180ms}.chip[aria-pressed=true]{background:var(--ink);color:var(--surface);outline:0}.selected-stats{padding-bottom:22px;border-bottom:1px solid var(--line)}.selected-stats strong{font-weight:550;letter-spacing:-.045em}.interpretation{background:#eeeae2;border-radius:9px}.chart{min-width:0;max-width:100%}.chart canvas,.small-chart canvas{max-width:100%}.plot-row{border-radius:6px}.plot-row:hover{background:var(--chip)}.overview tbody tr:hover{background:var(--surface)}.goodwill-visual{background:var(--surface);padding:24px;border:1px solid var(--line);border-radius:14px}.button.primary{background:var(--accent);color:white;border-color:var(--accent)}.button.primary:hover{background:#893b27}.methods{background:transparent}.section{padding-block:48px}
@media(max-width:1023px){.hero{gap:28px}.hero-evidence{padding:20px}.chart-workspace{padding:20px}.explorer-layout{gap:24px}}
@media(max-width:767px){.hero{padding-block:36px 30px;gap:30px}.hero-evidence{border:1px solid var(--line);padding:20px}.hero h1{font-size:56px}.chart-workspace{padding:18px}.case-context{padding:16px;margin-top:16px}.case-context .deal-value{font-size:24px}.chips{background:transparent;padding:0;gap:6px}.chip{background:var(--surface)}.chart-toolbar{flex-wrap:wrap}.chart-toolbar label{width:100%;justify-content:space-between}.chart-toolbar select{max-width:72%}.goodwill-visual{padding:18px}.section{padding-block:34px}.selected-stats{gap:8px}.selected-stats strong{font-size:21px}}

.hero-copy>.hero-label{font:11px ui-monospace,monospace;letter-spacing:.1em;color:var(--accent);margin-bottom:20px}