A Forrester Total Economic Impact™ Study Commissioned By Thomson Reuters, June 2022
Indirect tax is an unavoidable part of doing business. As organizations expand, complying with all relevant indirect tax rules and regulations becomes increasingly difficult, and keeping track of rule or rate changes comes with its own set of challenges. Leveraging a global, cloud-based tax engine that automatically calculates accurate indirect tax on all transactions while keeping all rules and rates up to date is one way for organizations to take back control and ease the burden on their IT and tax teams.
Thomson Reuters ONESOURCE Indirect Tax (IDT) solution is a cloud-based, tax determination engine and compliance automation tool. It enables organizations to automate indirect tax calculations and compliance reporting, while eliminating the need for IT and Tax teams to constantly keep up with regulatory changes as well as update and test new rates and rules.
Thomson Reuters commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying ONESOURCE IDT.1 The purpose of this study is to provide readers with a framework to evaluate the potential financial impact of ONESOURCE IDT on their organizations.
To better understand the benefits, costs, and risks associated with this investment, Forrester interviewed seven representatives with experience using ONESOURCE IDT. For the purposes of this study, Forrester aggregated the interviewees’ experiences and combined the results into a single composite organization, that is a global conglomerate with multiple lines of business (LOBs) selling both products and services. The composite organization generates $5 billion per year in revenue and has 28,000 employees.
Prior to using ONESOURCE IDT, these interviewees noted how their organizations lacked a centralized solution. They were leveraging multiple tax solutions across different LOBs ranging from digital spreadsheets to custom build-outs to out-of-the box cloud solutions. However, these legacy solutions became less effective as rules and regulations changed and as the organizations expanded their operations across borders and into new regions. These limitations led to a lack of visibility for compliance and audits, high error rates on invoices, and labor-intensive processes for both tax and IT teams to keep the solution running.
After the investment in ONESOURCE IDT, the interviewees had a central, global solution in place that automatically calculated IDT tax, kept rules and rates up to date, and had automated tools to enable various country return preparations. Key results from the investment include reducing tax-related risk; improving operational efficiency of tax, compliance and IT teams; and improving invoice accuracy.
Quantified benefits. Three-year, risk-adjusted present value (PV) quantified benefits for the composite organization include:
Unquantified benefits. Benefits that are not quantified in this study include:
Costs. Three-year, risk-adjusted PV costs for the composite organization include:
The representative interviews and financial analysis found that a composite organization experiences benefits of $3.8M over three years versus costs of $1.7M, adding up to a net present value (NPV) of $2.1M and an ROI of 120%.
Return on investment (ROI)
Benefits PV
Net present value (NPV)
Payback
From the information provided in the interviews, Forrester constructed a Total Economic Impact™ framework for those organizations considering an investment ONESOURCE IDT.
The objective of the framework is to identify the cost, benefit, flexibility, and risk factors that affect the investment decision. Forrester took a multistep approach to evaluate the impact that ONESOURCE IDT can have on an organization.
Interviewed Thomson Reuters stakeholders and Forrester analysts to gather data relative to ONESOURCE IDT.
Interviewed seven representatives at organizations using ONESOURCE IDT to obtain data about costs, benefits, and risks.
Designed a composite organization based on characteristics of the interviewees’ organizations.
Constructed a financial model representative of the interviews using the TEI methodology and risk-adjusted the financial model based on issues and concerns of the interviewees.
Employed four fundamental elements of TEI in modeling the investment impact: benefits, costs, flexibility, and risks. Given the increasing sophistication of ROI analyses related to IT investments, Forrester’s TEI methodology provides a complete picture of the total economic impact of purchase decisions. Please see Appendix A for additional information on the TEI methodology.
Readers should be aware of the following:
This study is commissioned by Thomson Reuters and delivered by Forrester Consulting. It is not meant to be used as a competitive analysis.
Forrester makes no assumptions as to the potential ROI that other organizations will receive. Forrester strongly advises that readers use their own estimates within the framework provided in the study to determine the appropriateness of an investment in ONESOURCE IDT. For the interactive functionality using Configure Data/Custom Data, the intent is for the questions to solicit inputs specific to a prospect’s business. Forrester believes that this analysis is representative of what companies may achieve with ONESOURCE IDT based on the inputs provided and any assumptions made. Forrester does not endorse Thomson Reuters or its offerings. Although great care has been taken to ensure the accuracy and completeness of this model, Thomson Reuters and Forrester Research are unable to accept any legal responsibility for any actions taken on the basis of the information contained herein. The interactive tool is provided ‘AS IS,’ and Forrester and Thomson Reuters make no warranties of any kind.
Thomson Reuters reviewed and provided feedback to Forrester, but Forrester maintains editorial control over the study and its findings and does not accept changes to the study that contradict Forrester’s findings or obscure the meaning of the study.
Thomson Reuters provided the customer names for the interviews but did not participate in the interviews.
Consulting Team:
Nicholas Ferrif
Kara Luk
Role | Industry | Region | Revenue |
---|---|---|---|
Manager, global indirect tax functions | Automotive | EMEA headquarters, global operations | $4 billion |
UK tax manager | Industrial manufacturing | EMEA headquarters, global operations | $450 million |
Controller | Signage | US headquarters, US operations | $10 million |
CIO | Medical devices | Asia Pacific headquarters, global operations | $2 billion |
Sales tax director | Food services | EMEA headquarters, global operations | More than $10 billion |
Tax director | Water treatment | US headquarters, global operations | $760 million |
IT director | Retail distributor | US headquarters, global operations | $18 billion |
Before implementing ONESOURCE IDT, the interviewees’ organizations used homegrown solution tools or legacy tax software and digital sheets to manage indirect tax determination and compliance. Tax professionals within the organizations monitored tax rates and rules, determined indirect taxes on business transactions, prepared returns and filings, and executed other tax and compliance workflows in a highly manual fashion. In these legacy environments, indirect tax and compliance processes were inefficient and error prone, increasing the risk of inaccuracies, fines, and fees for the organizations while increasing the costs of doing business.
The interviewees noted how their organizations struggled with common challenges, including:
The interviewees’ organizations searched for a solution that could:
Based on the interviews, Forrester constructed a TEI framework, a composite company, and an ROI analysis that illustrates the areas financially affected. The composite organization is representative of the seven interviewees, and it is used to present the aggregate financial analysis in the next section. The composite organization has the following characteristics:
Description of composite. The global, multibillion dollar conglomerate sells both goods and services in 70 countries. The composite organization has multiple LOBs that were either homegrown or acquired through acquisition and 28,000 total employees.
Deployment characteristics. The composite organization has a centralized indirect tax and compliance team that manages indirect tax and compliance across the LOBs. It leverages ONESOURCE IDT Determination and Compliance modules. The indirect tax team and compliance team comprise of six FTE each. Prior to the investment in ONESOURCE IDT, the IT department was responsible for processing and managing any changes or updates to tax code, rules, or rates and worked in conjunction with the indirect tax team.
Ref. | Benefit | Year 1 | Year 2 | Year 3 | Total | Present Value |
---|---|---|---|---|---|---|
Atr | Reduction in annual error impact | $427,788 | $1,069,470 | $1,711,152 | $3,208,410 | $2,558,372 |
Btr | Efficiency gains for compliance team | $116,640 | $204,120 | $291,600 | $612,360 | $493,814 |
Ctr | Efficiency gains for tax team | $97,200 | $194,400 | $291,600 | $583,200 | $468,108 |
Dtr | IT support and maintenance efficiency gains | $49,680 | $124,200 | $198,720 | $372,600 | $297,110 |
Total benefits (risk-adjusted) | $691,308 | $1,592,190 | $2,493,072 | $4,776,570 | $3,817,404 | |
Evidence and data. Moving from performing manual calculations to a cloud-based tax engine with automated calculations improved the accuracy and consistency of indirect tax calculations for the interviewees’ organizations.
Modeling and assumptions. For the composite organization, Forrester assumes:
Risks. The value of this benefit may vary depending on:
Results. To account for these risks, Forrester adjusted this benefit downward by 15%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $2.6 million.
Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
---|---|---|---|---|---|---|
A1 | Annual sales with indirect tax implications | Composite | $5.0B | $5.0B | $5.0B | |
A2 | Average global indirect tax rate | KPMG | 15.48% | 15.48% | 15.48% | |
A3 | Annual tax under management | A1*A2 | $774.0M | $774.0M | $774.0M | |
A4 | Error rate with legacy system | Composite | 3% | 3% | 3% | |
A5 | Annual error impact - legacy system (before reconciliation) | A4*A3 | $23,220,000 | $23,220,000 | $23,220,000 | |
A6 | Internal reconciliation team (FTE) | Composite | 3 | 3 | 3 | |
A7 | Time spent reconciling invoices to find and correct errors | Composite | 20% | 20% | 20% | |
A8 | Annual fully burdened salary for reconciliation team | TEI standard | $108,000 | $108,000 | $108,000 | |
A9 | Internal resources dedicated to reconciliation | A6*A7*A8 | $64,800 | $64,800 | $64,800 | |
A10 | External reconciliation resources (outsourced) | Composite | $129,600 | $129,600 | $129,600 | |
A11 | Reconciliation effort costs | A9+A10 | $194,400 | $194,400 | $194,400 | |
A12 | Reconciliation success rate | Composite | 90% | 90% | 90% | |
A13 | Annual error impact after reconciliation effort - legacy system | A5*(1-A12) | $2,322,000 | $2,322,000 | $2,322,000 | |
A14 | Subtotal: Total costs related to errors and reconciliation efforts | A11+A13 | $2,516,400 | $2,516,400 | $2,516,400 | |
A15 | % of sales leveraging IDT | Composite | 20% | 50% | 80% | |
At | Reduction in annual error impact | A15*A14 | $503,280 | $1,258,200 | $2,013,120 | |
Risk adjustment | ↓15% | |||||
Atr | Reduction in annual error impact (risk-adjusted) | $427,788 | $1,069,470 | $1,711,152 | ||
Three-year total: $3,208,410 | Three-year present value: $2,558,372 |
Evidence and data. The interviewees shared that ONESOURCE IDT significantly reduced the time and effort required to prepare and submit tax filings and increased centralization and visibility of tax-related information. By reducing manual work through automation, tax compliance reporting became more accurate, decreasing the risk of audit. For audits that still occurred, the organizations found themselves better equipped to quickly respond to auditors in a streamlined and organized manner. As a result of the efficiency improvements, the interviewees’ organizations saw a reduction in tax personnel resource usage and associated expenses required to carry out compliance duties.
Modeling and assumptions. For the composite organization, Forrester assumes:
Risks. The value of this benefit may vary depending on:
Results. To account for these risks, Forrester adjusted this benefit downward by 10%, yielding a three-year, risk-adjusted total PV of $494K.
Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
---|---|---|---|---|---|---|
B1 | Compliance team members with the legacy systems | Composite | 6 | 6 | 6 | |
B2 | Efficiency gains: reporting (FTE) | Composite | 0.4 | 0.7 | 1.0 | |
B3 | Efficiency gains: exemption certificates (FTE) | Composite | 0.4 | 0.7 | 1.0 | |
B4 | Efficiency gains: oversight (FTE) | Composite | 0.4 | 0.7 | 1.0 | |
B5 | Efficiency gains for compliance team after adopting ONESOURCE IDT | (B2+B3+B4)/B1 | 20% | 35% | 50% | |
B6 | Annual fully burdened salary for compliance team | A8 | $108,000 | $108,000 | $108,000 | |
Bt | Efficiency gains for compliance team | B1*B5*B6 | $129,600 | $226,800 | $324,000 | |
Risk adjustment | ↓10% | |||||
Btr | Efficiency gains for compliance team (risk-adjusted) | $116,640 | $204,120 | $291,600 | ||
Three-year total: $612,360 | Three-year present value: $493,814 |
Evidence and data. The interviewees noted that ONESOURCE IDT enabled their organizations to reduce the burden and costs of tax determination activities. In contrast to their prior environments, tax staff no longer had to monitor tax rate changes and rely on manual processes to determine tax obligations.
Prior to adopting ONESOURCE IDT, tax staff at the interviewed organizations bore the onerous burden of manually monitoring for tax law changes and ensuring that their business’s tax determination processes adhered to them. The interviewees noted that moving to an automatically updated centralized tax engine that was in accordance with the latest tax laws and code changes freed tax staff of this responsibility. The CIO at the medical devices company said: “Tax laws are constantly changing, and we don’t have to worry about it. ONESOURCE IDT determines the tax impacts that we have to file. To me, that was a huge win. [Before], we had to determine those impacts ourselves. Whether we got it 100%, we don’t know.”
ONESOURCE IDT also automated the process of calculating tax liability for the organization’s transactions, enabling tax staff to prepare invoices efficiently and accurately. Instead of having to interpret and apply indirect tax rates, they could rely on a trusted engine to apply complex tax logic, reducing the time required to determine obligations and prepare invoices. The controller at the signage company explained: “Its connected to our ERP or accounting software so whenever we invoice somebody, there’s a connector that knocks on ONESOURCE IDT with the transaction data. It analyzes the transaction size, product type, and tax rate and then passes the information back to our accounting software for whatever good [we ship] to whatever state.”
Modeling and assumptions. For the composite organization, Forrester assumes:
Risks. The value of this benefit may vary depending on:
Results. To account for these risks, Forrester adjusted this benefit downward by 10%, yielding a three-year, risk-adjusted total PV of $468K.
Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
---|---|---|---|---|---|---|
C1 | Tax team members handling the legacy system | Composite | 6 | 6 | 6 | |
C2 | Efficiency gains from ONESOURCE IDT | Composite | 1 | 2 | 3 | |
C3 | Annual fully burdened salary for tax team | A8 | $108,000 | $108,000 | $108,000 | |
C4 | Efficiency gains for tax team with ONESOURCE IDT | C2/C1 | 17% | 33% | 50% | |
Ct | Efficiency gains for tax team | C1*C4*C3 | $108,000 | $216,000 | $324,000 | |
Risk adjustment | ↓10% | |||||
Ctr | Efficiency gains for tax team (risk-adjusted) | $97,200 | $194,400 | $291,600 | ||
Three-year total: $583,200 | Three-year present value: $468,108 |
Evidence and data. Deploying a cloud-based tax engine eliminated maintenance for the interviewees’ organizations and guarantees accuracy. With ONESOURCE IDT, Thomson Reuters keeps all tax rules, rates, and codes up to date globally, eliminating the need for businesses to perform manual maintenance.
Modeling and assumptions. For the financial model, Forrester assumes:
Risks. The value of this benefit may vary depending on:
Results. To account for these risks, Forrester adjusted this benefit downward by 20%, yielding a three-year, risk-adjusted total PV of $297K.
Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
---|---|---|---|---|---|---|
D1 | Number of changes processed annually | Composite | 120 | 120 | 120 | |
D2 | Average internal IT labor hours per change | Composite | 40 | 40 | 40 | |
D3 | Total internal IT labor required to process changes annually | D1*D2 | 4,800 | 4,800 | 4,800 | |
D4 | Total IT FTE saved | D3/2080, rounded | 2.3 | 2.3 | 2.3 | |
D5 | Average fully burdened salary for IT team | TEI standard | $135,000 | $135,000 | $135,000 | |
D6 | Internal IT costs: IDT-related system maintenance/upkeep | D4*D5 | $310,500 | $310,500 | $310,500 | |
D7 | Percent of business leveraging ONESOURCE IDT | A15 | 20% | 50% | 80% | |
Dt | IT support and maintenance efficiency gains | D6*D7 | $62,100 | $155,250 | $248,400 | |
Risk adjustment | ↓20% | |||||
Dtr | IT support and maintenance efficiency gains (risk-adjusted) | $49,680 | $124,200 | $198,720 | ||
Three-year total: $372,600 | Three-year present value: $297,110 |
Additional benefits that customers experienced but were not able to quantify include:
The value of flexibility is unique to each customer. There are multiple scenarios in which a customer might implement ONESOURCE IDT and later realize additional uses and business opportunities, including:
Flexibility would also be quantified when evaluated as part of a specific project (described in more detail in Appendix A).
Ref. | Cost | Initial | Year 1 | Year 2 | Year 3 | Total | Present Value |
---|---|---|---|---|---|---|---|
Etr | Implementation costs | $391,440 | $195,720 | $143,220 | $143,220 | $873,600 | $795,334 |
Ftr | ONESOURCE IDT licensing costs | $0 | $294,000 | $305,760 | $317,990 | $917,750 | $758,878 |
Gtr | Ongoing maintenance and training costs | $1,714 | $50,947 | $86,587 | $86,587 | $225,833 | $184,642 |
Total costs (risk-adjusted) | $393,154 | $540,667 | $535,567 | $547,797 | $2,017,184 | $1,738,854 | |
Evidence and data. The ONESOURCE IDT implementation process is important and should be an investment. All interviewees noted the importance of proper planning and attention during the process, including leveraging internal resources along with external consultants and Thomson Reuters partners.
Modeling and assumptions. For the financial model, Forrester assumes:
Risks. The value of this benefit may vary depending on:
Results. To account for these risks, Forrester adjusted this cost upward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $795K.
Ref. | Metric | Source | Initial | Year 1 | Year 2 | Year 3 | |
---|---|---|---|---|---|---|---|
E1 | Internal implementation resources | Composite | 4 | 2 | 2 | 2 | |
E2 | Time dedicated to implementation | Composite | 40% | 40% | 40% | 40% | |
E3 | Third-party implementation resources (Big Four-type of consulting services) | Composite | $200,000 | $100,000 | $50,000 | $50,000 | |
E4 | Fully burdened salary of the implementation team | A8 | $108,000 | $108,000 | $108,000 | $108,000 | |
Et | Implementation costs | E1*E2*E4+E3 | $372,800 | $186,400 | $136,400 | $136,400 | |
Risk adjustment | ↑5% | ||||||
Etr | Implementation costs (risk-adjusted) | $391,440 | $195,720 | $143,220 | $143,220 | ||
Three-year total: $873,600 | Three-year present value: $795,334 |
Evidence and data. . ONESOURCE IDT licensing costs follow a subscription model based on the geographic coverage required by the organization. The interviewees’ organizations used either the Determination or Compliance modules by themselves or together. The Determination module automates the tax determination and calculation process while the Compliance module provides reporting capabilities and return filing.
Modeling and assumptions. For the composite, Forrester assumes the following:
Risks. The value of this benefit may vary depending on:
Results. To account for these risks, Forrester adjusted this cost upward by 5%, yielding a three-year, risk-adjusted total PV of $759K.
Ref. | Metric | Source | Initial | Year 1 | Year 2 | Year 3 | |
---|---|---|---|---|---|---|---|
F1 | ONESOURCE IDT - Determination | Composite | $0 | $210,000 | $218,400 | $227,136 | |
F2 | ONESOURCE IDT - Compliance | Composite | $0 | $70,000 | $72,800 | $75,712 | |
Ft | ONESOURCE IDT licensing costs | F1+F2 | $0 | $280,000 | $291,200 | $302,848 | |
Risk adjustment | ↑5% | ||||||
Ftr | ONESOURCE IDT licensing costs (risk-adjusted) | $0 | $294,000 | $305,760 | $317,990 | ||
Three-year total: $917,750 | Three-year present value: $758,878 |
Evidence and data. The cloud-based platform required significantly less maintenance and technical know-how compared to the interviewees’ organizations’ legacy solutions.
Modeling and assumptions. . For the financial model, Forrester assumes:
Risks. The value of this benefit may vary depending on:
Results. To account for these risks, Forrester adjusted this cost upward by 10%, yielding a three-year, risk-adjusted total PV of $185K.
Ref. | Metric | Source | Initial | Year 1 | Year 2 | Year 3 | |
---|---|---|---|---|---|---|---|
G1 | Ongoing maintenance for ONESOURCE IDT - Determination module | Composite | 0 | 1 | 2 | 2 | |
G2 | Time dedicated to ONESOURCE IDT - Determination module | Composite | 30% | 30% | 30% | 30% | |
G3 | Ongoing maintenance for ONESOURCE IDT - Compliance module | Composite | 0 | 1 | 1 | 1 | |
G4 | Time dedicated to ONESOURCE IDT - Compliance module | Composite | 10% | 10% | 10% | 10% | |
G5 | Training | Composite | 3 | 3 | 3 | 3 | |
G6 | FTEs trained | Composite | 10 | 20 | 20 | 20 | |
Gt | Ongoing maintenance and training costs | (G1*G2*E4) + (G3*G4*B6) + (G5*G6* E4/2080) | $1,558 | $46,315 | $78,715 | $78,715 | |
Risk adjustment | ↑10% | ||||||
Gtr | Ongoing maintenance and training costs (risk-adjusted) | $1,714 | $50,947 | $86,587 | $86,587 | ||
Three-year total: $225,833 | Three-year present value: $184,642 |
The financial results calculated in the Benefits and Costs sections can be used to determine the ROI, NPV, and payback period for the composite organization’s investment. Forrester assumes a yearly discount rate of 10% for this analysis.
These risk-adjusted ROI, NPV, and payback period values are determined by applying risk-adjustment factors to the unadjusted results in each Benefit and Cost section.
Initial | Year 1 | Year 2 | Year 3 | Total | Present Value | |
---|---|---|---|---|---|---|
Total costs | ($393,154) | ($540,667) | ($535,567) | ($547,797) | ($2,017,184) | ($1,738,854) |
Total benefits | $0 | $691,308 | $1,592,190 | $2,493,072 | $4,776,570 | $3,817,404 |
Net benefits | ($393,154) | $150,642 | $1,056,624 | $1,945,275 | $2,759,386 | $2,078,550 |
ROI | 120% | |||||
Payback period | 15 months | |||||
Total Economic Impact is a methodology developed by Forrester Research that enhances a company’s technology decision-making processes and assists vendors in communicating the value proposition of their products and services to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and other key business stakeholders.
Benefits represent the value delivered to the business by the product. The TEI methodology places equal weight on the measure of benefits and the measure of costs, allowing for a full examination of the effect of the technology on the entire organization.
Costs consider all expenses necessary to deliver the proposed value, or benefits, of the product. The cost category within TEI captures incremental costs over the existing environment for ongoing costs associated with the solution.
Flexibility represents the strategic value that can be obtained for some future additional investment building on top of the initial investment already made. Having the ability to capture that benefit has a PV that can be estimated.
Risks measure the uncertainty of benefit and cost estimates given: 1) the likelihood that estimates will meet original projections and 2) the likelihood that estimates will be tracked over time. TEI risk factors are based on “triangular distribution.”
The initial investment column contains costs incurred at “time 0” or at the beginning of Year 1 that are not discounted. All other cash flows are discounted using the discount rate at the end of the year. PV calculations are calculated for each total cost and benefit estimate. NPV calculations in the summary tables are the sum of the initial investment and the discounted cash flows in each year. Sums and present value calculations of the Total Benefits, Total Costs, and Cash Flow tables may not exactly add up, as some rounding may occur.
1 Total Economic Impact is a methodology developed by Forrester Research that enhances a company’s technology decision-making processes and assists vendors in communicating the value proposition of their products and services to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and other key business stakeholders.
2 Source: “Supreme Court Of The United States Syllabus South Dakota v. Wayfair, Inc., et al.,” supremecourt.gov, June 21, 2018 (https://www.supremecourt.gov/opinions/17pdf/17-494_j4el.pdf).
3 Source: Indirect Tax Rates Table,” KPMG (https://home.kpmg/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online/indirect-tax-rates-table.html
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