title: Kal Ho Naa Ho

text: Rohini Iyer of "Rediff.com" praised "Kal Ho Naa Ho" "fresh" storytelling and "spicy humour", saying that Zinta "captures the spirit" of her character. She concluded her review by saying that the film "will carry you with its exuberance." According to Archana Vohra of "NDTV", Advani "seems to have come up with an innovative way to present a done-to-death plot" and added: "Irrespective of the frills, fancy clothes and well-dressed stars, the film does strike a chord". Vohra, finding Bachchan "extremely well cast" as Jennifer and Saif Ali Khan's screen presence "electrifying", criticised Shah Rukh Khan for "playing the same kind of roles" as he did in "Dilwale Dulhania Le Jayenge", "Kuch Kuch Hota Hai" and "Kabhi Khushi Kabhie Gham...", but he "isn't too bad. Just needs to go easy on the histrionics."


title: Kal Ho Naa Ho

text: "Kal Ho Naa Ho" received a rating of 70 percent on the review aggregator website Rotten Tomatoes based on ten reviews, with an average rating of 7.25 out of 10. Metacritic, which uses a weighted average, has given the film a score of 54 based on four reviews, indicating "mixed or average reviews".


title: Kal Ho Naa Ho

text: In a positive review, Dave Kehr of "The New York Times" described "Kal Ho Naa Ho" as "a vigorous Bollywood blend of romantic comedy and family melodrama" and "a rich meal that may best be reserved for stomachs accustomed to such bountiful fare." Writing for "Variety", Derek Elley called the film a "slam-dunk" effort from Johar, with "a lightness of touch that sets it apart from the previous hits." Elley praised Saif Ali Khan and Zinta, noting that they "more than hold" their own "against a huge cast". Manish Gajjar of the BBC found the script "fresh and appealing", and that Advani proves "he has the natural ability to handle both the lighter and serious moments in the film." Gajjar termed "Kal Ho Naa Ho" a "well-crafted product".


title: Kal Ho Naa Ho

text: David Parkinson of "Radio Times" wrote that the film "retains a distinctive Bollywood flavour", despite being inspired by "Hollywood romantic comedies". Parkinson criticised its length. He noted: "The pace slackens as plot demands take precedence over set pieces". Jami Bernard of the "New York Daily News" wrote, "Bollywood musicals, those big, loud, colorful extravaganzas from India, are an acquired taste and much of "Kal Ho Naa Ho" doesn't translate easily"; despite this mixed review, Bernard noted that the lead cast's characters "grow on you."


title: Kal Ho Naa Ho

text: The film was successful at the box office, particularly overseas due to its New York City setting. "Kal Ho Naa Ho" was released on 400 screens across India and grossed 21.7 million (US$475,000 in 2003) on its opening day, the year's fourth-highest first-day earnings. It earned 67.1 million (US$1,47 million in 2003) by the end of its opening weekend, breaking "Koi... Mil Gaya" record for the year's best opening weekend for Hindi films in India. At the end of its first week, the film collected 124.5 million (US$2.7 million in 2003). "Kal Ho Naa Ho" earned 581.8 million (US$12.7 million in 2003) in India and became the second-highest-grossing Indian film of 2003, behind "Koi... Mil Gaya".


title: Kal Ho Naa Ho

text: Abroad, "Kal Ho Naa Ho" was released in 37 theatres in the United Kingdom. The film debuted in sixth place and grossed 29.41 million (about US$644,000 in 2003) over its first weekend, exceeded only by "Kabhi Khushi Kabhie Gham...". In the United States, where it premiered on 52 screens, it earned 34.62 million (US$758,000 in 2003) by the end of its four-day first weekend. By the end of its first week, the film had grossed 84.64 million ($1.8 million in 2003), the year's highest overseas first-week gross for an Indian film. In the first month after its release, "Kal Ho Naa Ho" collected about 180 million (US$3.9 million in 2003) in the UK and US, grossing in the UK top ten. It earned 279.1 million (US$6.1 million in 2003) overseas, becoming the year's highest-grossing Indian film. Box Office India estimated the film's total collections to be 860.9 million (US$18.8 million in 2003), making it 2003's most profitable Indian film.


title: Kal Ho Naa Ho

text: At the 51st National Film Awards, Shankar–Ehsaan–Loy received the award for Best Music Direction and Sonu Nigam received the Best Male Playback Singer award. "Kal Ho Naa Ho" received eleven nominations at the 49th Filmfare Awards, and won eight—the most for any film that year, including: Best Actress (Zinta), Best Supporting Actor (Saif Ali Khan) and Best Supporting Actress (Bachchan). The film won thirteen of its sixteen nominations at the 5th IIFA Awards, including: Best Film, Best Actress (Zinta), Best Supporting Actor (Saif Ali Khan) and Best Supporting Actress (Bachchan).


title: David Graeber

text: David Rolfe Graeber (; February 12, 1961September 2, 2020) was an American anthropologist and anarchist activist. His influential work in economic anthropology, particularly his books "" (2011) and "Bullshit Jobs" (2018), and his leading role in the Occupy movement, earned him recognition as one of the foremost anthropologists and left-wing thinkers of his time.


title: David Graeber

text: Born in New York to a working-class Jewish family, Graeber studied at Purchase College and the University of Chicago, where he conducted ethnographic research in Madagascar under Marshall Sahlins and obtained his doctorate in 1996. He was an assistant professor at Yale University from 1998 to 2005, when the university controversially decided not to renew his contract before he was eligible for tenure. Unable to secure another position in the United States, he entered an "academic exile" in England, where he was a lecturer and reader at Goldsmiths' College from 2008 to 2013, and a professor at the London School of Economics from 2013.


title: David Graeber

text: In his early scholarship, Graeber specialized in theories of value ("Toward an Anthropological Theory of Value", 2002), social hierarchy and political power ("Fragments of an Anarchist Anthropology", 2004, "Possibilities", 2007, "On Kings", 2017), and the ethnography of Madagascar ("Lost People", 2007). In the 2010s he turned to historical anthropology, producing his best-known book, "Debt: The First 5000 Years" (2011), an exploration of the historical relationship between debt and social institutions, as well as a series of essays on the origins of social inequality in prehistory. In parallel, he developed critiques of bureaucracy and managerialism in contemporary capitalism, published in "The Utopia of Rules" (2015) and "Bullshit Jobs" (2018). He coined the concept of bullshit jobs in a 2013 essay that explored the proliferation of "paid employment that is so completely pointless, unnecessary, or pernicious that even the employee cannot justify its existence".


title: David Graeber

text: Although exposed to radical left politics from a young age, Graeber's direct involvement in activism began with the global justice movement of the 1990s. He attended protests against the 3rd Summit of the Americas in Quebec City in 2001 and the World Economic Forum in New York in 2002, and later wrote an ethnography of the movement, (2009). In 2011, he became well known as one of the leading figures of Occupy Wall Street and is credited with coining the slogan "We are the 99%". His later activism included interventions in support of the Rojava revolution in Syria, the British Labour Party under Jeremy Corbyn and Extinction Rebellion.


title: David Graeber

text: David Graeber died unexpectedly in September 2020, while on vacation in Venice. His last book, "", co-written with archaeologist David Wengrow, was published posthumously in 2021.


title: David Graeber

text: Graeber's parents, who were in their forties when Graeber was born, were self-taught working-class Jewish intellectuals in New York. Graeber's mother, Ruth Rubinstein, had been a garment worker, and played the lead role in the 1930s musical comedy revue "Pins & Needles", staged by the International Ladies' Garment Workers' Union. Graeber's father, Kenneth, was affiliated with the Youth Communist League in college, participated in the Spanish Revolution in Barcelona and fought in the Spanish Civil War. He later worked as a plate stripper on offset presses. Graeber grew up in Penn South, a union-sponsored housing cooperative in Chelsea, Manhattan, described by "Business Week" magazine as "suffused with radical politics."


title: David Graeber

text: Graeber had his first experience of political activism at the age of seven, when he attended peace marches in New York's Central Park and Fire Island. He was an anarchist from the age of 16, according to an interview he gave to "The Village Voice" in 2005.


title: David Graeber

text: Graeber graduated from Phillips Academy Andover in 1978 and received his B.A. from the State University of New York at Purchase in 1984. He received his master's degree and doctorate at the University of Chicago, where he won a Fulbright fellowship to conduct 20 months of ethnographic field research in Betafo, Madagascar, beginning in 1989. His resulting Ph.D. thesis on magic, slavery, and politics was supervised by Marshall Sahlins and entitled "The Disastrous Ordeal of 1987: Memory and Violence in Rural Madagascar".


title: David Graeber

text: In 1998, two years after completing his PhD, Graeber became assistant professor at Yale University, then associate professor. In May 2005, the Yale anthropology department decided not to renew Graeber's contract, preventing consideration for academic tenure, which was scheduled for 2008. Pointing to Graeber's anthropological scholarship, his supporters (including fellow anthropologists, former students and activists) said the decision was politically motivated. More than 4,500 people signed petitions supporting him, and anthropologists such as Marshall Sahlins, Laura Nader, Michael Taussig, and Maurice Bloch called on Yale to reverse its decision. Bloch, who had been a professor of anthropology at the London School of Economics and the Collège de France, and a writer on Madagascar, praised Graeber in a letter to the university.


title: David Graeber

text: The Yale administration argued that Graeber's dismissal was in keeping with Yale's policy of granting tenure to few junior faculty. Graeber suggested that Yale's decision might have been influenced by his support of a student of his who was targeted for expulsion because of her membership in GESO, Yale's graduate student union.


title: David Graeber

text: In December 2005, Graeber agreed to leave Yale after a one-year paid sabbatical. That spring he taught two final classes: "Introduction to Cultural Anthropology" (attended by more than 200 students) and a seminar, "Direct Action and Radical Social Theory".


title: David Graeber

text: On May 25, 2006, Graeber was invited to give the Malinowski Lecture at the London School of Economics. Each year, the LSE anthropology department asks an anthropologist at a relatively early stage of their career to give the Malinowski Lecture, and only invites those considered to have made significant contributions to anthropological theory. Graeber's address was called "Beyond Power/Knowledge: an exploration of the relation of power, ignorance and stupidity". It was later edited into an essay, "Dead zones of the imagination: On violence, bureaucracy and interpretive labor". The same year, Graeber was asked to present the keynote address in the 100th anniversary Diamond Jubilee meetings of the Association of Social Anthropologists. In April 2011, he presented the anthropology department's annual Distinguished Lecture at Berkeley, and in May 2012 delivered the second annual Marilyn Strathern Lecture at Cambridge (the first was delivered by Strathern).


title: David Graeber

text: After his dismissal from Yale, Graeber was unable to secure another position at an American university. He applied for more than twenty, but despite a strong track record and letters of recommendation from several prominent anthropologists, never made it past the first round. At the same time, a number of foreign universities approached him with offers. In an article on his "academic exile" from the United States, "The Chronicle of Higher Education" interviewed several anthropology professors who agreed that Graeber's political activism could have played a role in his unsuccessful search, describing the field as "radical in the abstract" (in the words of Laura Nader) but intolerant of direct political action. Another factor suggested by the article was that Graeber had acquired a reputation as being personally difficult or "uncollegial", especially in light of allegations of poor conduct made by Yale during the dispute over his dismissal. Graeber himself interpreted his exclusion from American academia as a direct result of his dismissal from Yale, likening it to "black-balling in a social club", and arguing that the charge of "uncollegiality" glossed a variety of other personal qualities, from his political activism to his working-class background, that marked him as a trouble-maker within the academic hierarchy. Laura Nader, reflecting on Graeber's case amongst other examples of "academic silencing" in anthropology, speculated that the real reasons could have included Graeber's growing reputation as a public intellectual, and his tendency to "write in English" rather than jargon.


title: David Graeber

text: From 2008 to 2013, Graeber was a lecturer and a reader at Goldsmiths College of the University of London. In 2013, he accepted a professorship at the London School of Economics.


title: David Graeber

text: Graeber was a founding member of the Institute for Experimental Arts in Greece. He gave a lecture with the title "How social and economic structure influences the Art World" in the International MultiMedia Poetry Festival organized by the Institute for Experimental Arts supported by the Department of Anthropology of the London School of Economics and Political Science.


title: David Graeber

text: Graeber is the author of "Fragments of an Anarchist Anthropology" and "Toward an Anthropological Theory of Value: The False Coin of Our Own Dreams". He conducted extensive anthropological work in Madagascar, writing his doctoral thesis, "The Disastrous Ordeal of 1987: Memory and Violence in Rural Madagascar", on the continuing social division between the descendants of nobles and the descendants of former slaves. A book based on his dissertation, "Lost People: Magic and the Legacy of Slavery in Madagascar", was published by Indiana University Press in September 2007. A book of collected essays, "" was published by AK Press in November 2007, and "" appeared from the same press in August 2009. Moreover, the aforementioned publisher printed a collection of essays by Graeber – co-edited with Stevphen Shukaitis and Erika Biddle – called "Constituent Imagination: Militant Investigations/Collective Theorization" (AK Press, May 2007).


title: David Graeber

text: In December 2017, Graeber and his former teacher Marshall Sahlins released a collection of essays entitled "On Kings", outlining a theory, inspired by A. M. Hocart, of the origins of human sovereignty in cosmological ritual. Graeber contributed essays on the Shilluk and Merina kingdoms, and a final essay that explored what he called "the constitutive war between king and people". He was working on a historical work on the origins of social inequality with David Wengrow, published posthumously as "The Dawn of Everything".


title: David Graeber

text: From January 2013 until June 2016, Graeber was a contributing editor at "The Baffler" magazine in Cambridge, Massachusetts, where he, too, participated in the public debate about futures of technology. From 2011 until 2017 he was editor-at-large of the open access journal "", for which he and Giovanni da Col co-wrote the founding theoretical statement and manifesto of the school of "ethnographic theory".


title: David Graeber

text: Charles Kenny, writing in the political magazine "Democracy", claimed that Graeber sought out data that "fit the narrative on the evils of neoliberalism" and challenged or criticised data which suggested otherwise.


title: David Graeber

text: Karl Schmid, writing in the Canadian Anthropology Society's journal "Anthropologica", described "Debt" as an "unusual book" which "may be the most read public anthropology book of the 21st century" and noted that "it will be difficult for Graeber or anyone else to top this book for the attention it received due to excellent timing". Schmid compared "Debt" to Jared Diamond's "Guns, Germs, and Steel" and James C. Scott's "The Art of Not Being Governed" for its "vast scope and implication". However, Schmid expressed minor frustrations with the sheer length of the book, and the fact that Graeber raises many claims and examples which he does not go on to develop in full.


title: David Graeber

text: J. Bradford DeLong, an economic historian, criticised "Debt" on his blog, alleging mistakes in the book. Graeber responded that these errors had no influence on his argument, remarking that the "biggest actual mistake DeLong managed to detect in the 544 pages of "Debt", despite years of flailing away, was (iirc) that I got the number of Presidential appointees on the Federal Open Market Committee board wrong". He dismissed his other criticisms as representing a divergence of interpretation, truncation of his arguments by DeLong, and mistakes in the copy editing of the book.


title: David Graeber

text: Much of Graeber's later scholarship focused on the topic of "bullshit jobs", proliferated by administrative bloat and what Graeber calls "managerial feudalism". One of the points he raised in his 2013 book "The Democracy Project"—on the Occupy movement—is the increase in what he calls "bullshit jobs", referring to forms of employment that even those holding the jobs feel should not or do not need to exist. He sees such jobs as being typically "concentrated in professional, managerial, clerical, sales, and service workers". As he explained also in an article in "STRIKE!": "Huge swathes of people, in Europe and North America in particular, spend their entire working lives performing tasks they secretly believe do not really need to be performed".


title: David Graeber

text: Because of the article's popularity, Graeber then wrote the book "Bullshit Jobs: A theory", published in 2018 by Simon & Schuster. Writing for "The New Yorker", Nathan Heller described the resulting book as having "the virtue of being both clever and charismatic". Reviewing the book for "The New York Times", Alana Semuels noted that although it could be criticised for generalisations about economics "Graeber’s anthropological eye and skepticism about capitalism are useful in questioning some parts of the economy that the West has come to accept as normal." "The Guardian" gave a mixed review of Graeber's "Bullshit Jobs", accusing him of having a "slightly condescending attitude" and attesting to the book's "laboured arguments", while referring to aspects of the book's thesis as "clearly right". "Bullshit Jobs" spent four weeks in the top-20 of the "Los Angeles Times"' bestseller list. The book was awarded "Book of the Year 2018" by each of the "Financial Times", "New Statesman", and City AM.


title: David Graeber

text: In addition to his academic work, Graeber was directly and indirectly involved in political activism. He was a member of the labor union Industrial Workers of the World, protested at the World Economic Forum in New York City in 2002, supported the 2010 UK student protests, and played an early role in the Occupy Wall Street movement. He was co-founder of the Anti-Capitalist Convergence.


title: David Graeber

text: Graeber became a strong advocate of the democratic confederalism of the Autonomous Administration of North and East Syria after visiting the region in 2014, often drawing parallels between it and the Spanish Revolution his father fought for in the 1930s.


title: David Graeber

text: On October 11, 2019, Graeber spoke at an Extinction Rebellion protest in Trafalgar Square about the relationship between "bullshit jobs" and environmental harm, suggesting that the environmental movement should recognize these jobs in combination with unnecessary construction or infrastructure projects and planned obsolescence as significant issues.


title: David Graeber

text: In November 2011, "Rolling Stone" credited Graeber with giving the Occupy Wall Street movement its theme: "We are the 99 percent". Graeber wrote in "The Democracy Project" that the slogan "was a collective creation". "Rolling Stone" said he helped create the first New York City General Assembly, with only 60 participants, on August 2. He spent the next six weeks involved with the burgeoning movement, including facilitating general assemblies, attending working group meetings, and organizing legal and medical training and classes on nonviolent resistance. A few days after the encampment of Zuccotti Park began, he left New York for Austin, Texas.


title: David Graeber

text: Graeber argued that the Occupy Wall Street movement's lack of recognition of the legitimacy of either existing political institutions or the legal structure, its embrace of non-hierarchical consensus decision-making and of prefigurative politics made it a fundamentally anarchist project. Comparing it to the Arab Spring, he claimed that Occupy Wall Street and other contemporary grassroots protests represented "the opening salvo in a wave of negotiations over the dissolution of the American Empire." Writing in "Al Jazeera", he noted that from the beginning the Occupy movement was about a "commitment to answer only to a moral order, not a legal one" and so held meetings without the requisite permits. Defending this early decision of the Occupy movement, he said, "as the public, we should not need permission to occupy public space".


title: David Graeber

text: Graeber tweeted in 2014 that he had been evicted from his family's home of over 50 years due to his involvement with Occupy Wall Street. He added that others associated with Occupy had received similar "administrative harassment".


title: David Graeber

text: In November 2019, along with other public figures, Graeber signed a letter supporting Labour Party leader Jeremy Corbyn, calling him "a beacon of hope in the struggle against emergent far-right nationalism, xenophobia and racism in much of the democratic world" and endorsed him in the 2019 UK general election. In December 2019, along with 42 other leading cultural figures, he signed a letter endorsing the Labour Party under Corbyn's leadership in the 2019 general election. The letter stated that "Labour's election manifesto under Jeremy Corbyn's leadership offers a transformative plan that prioritises the needs of people and the planet over private profit and the vested interests of a few." Graeber, who was Jewish, also defended Corbyn from accusations of antisemitism, saying that "What actually threatens Jews, the people who actually want to kill us, are Nazis", and that the allegations represented a "weaponization" of antisemitism for political purposes.


title: David Graeber

text: Graeber advocated for a boycott of "The Guardian" newspaper by fellow left-wing authors after alleging that the paper published distortions against Corbyn for years. He denounced what he claimed was the weaponisation of antisemitism for political purposes, and "The Guardian"s alleged role in undermining Corbyn in the 2019 election, which, according to Graeber, resulted in a landslide victory for Boris Johnson. He asserted that "The Guardian" only publishes progressive authors in order to gain credibility with its readership, but its editorial policy is at odds with socialist politics. He was a vocal critic of the Labour centrists who attacked Corbyn, stating their disdain for socialist movements was due to their previously selling-out: "If those activists were not naive, if this man was not unelectable, the centrists’ entire lives had been a lie. They hadn’t really accepted reality at all. They really were just sellouts."


title: David Graeber

text: Kate Burrell wrote, in the journal "Sociology", that Graeber's work "promotes anarchist visions of social change, which are not quite believed possible by the Left, yet are lived out within social movements every day" and that his work "offers poetic insight into the daily realities of life as an activist, overtly promotes anarchism, and is a hopeful celebration of just what can be achieved by relatively small groups of committed individuals living their truth visibly."


title: David Graeber

text: Hans Steinmüller, writing in the "Journal of the Royal Anthropological Institute", described Graeber and his co-author Marshall Sahlins as "two of the most important anthropological thinkers of our time" and that their contributions to the anthropological theory of kingship represent a "benchmark of anthropological theory".


title: David Graeber

text: As stated by Penguin Random House editor Tom Penn, “David was a true radical, a pioneer in everything that he did. David's inspirational work has changed and shaped the way people understand the world... In his books, his constant, questing curiosity, his wry, sharp-eyed provoking of received nostrums shine through. So too, above all, does his unique ability to imagine a better world, borne out of his own deep and abiding humanity. We are deeply honoured to be his publisher, and we will all miss him: his kindness, his warmth, his wisdom, his friendship. His loss is incalculable, but his legacy is immense. His work and his spirit will live on.”


title: David Graeber

text: After a relationship with anthropologist Lauren Leve, Graeber married artist Nika Dubrovsky in 2019. The two collaborated on a series of books, workshops, and conversations called "Anthropology for Kids" and on the Museum of Care, a shared space for communication and social interactions nourishing values of solidarity, care, and reciprocity. According to David Graeber website, “The main goal of the Museum of Care is to produce and maintain social relationships.” The concept “museum of care” was coined by Graeber and Dubrovsky in their article “The Museum of Care: imagining the world after the pandemic”, originally published in “Arts Of The Working Class” in April 2020. In the article, Graeber and Dubrovsky imagine a post-pandemic future, where vast surfaces of office spaces and conservative institutions are turned into “free city universities, social centers and hotels for those in need of shelter”. “We could call them ‘Museums of Care' - precisely because they are spaces that do not celebrate production of any sort but rather provide the space and means for the creation of social relationships and the imagining of entirely new forms of social relations.”


title: David Graeber

text: Graeber died suddenly from necrotic pancreatitis on September 2, 2020 while on vacation with his wife and friends in Venice. Graeber died during the COVID-19 pandemic and instead of a funeral, his family organized an "Intergalactic Memorial Carnival" of livestreamed events that took place in October 2020. His wife, Dubrovsky, attributed the pancreatitis to COVID-19, saying they both had strange symptoms for months beforehand, and she said there was a connection between COVID-19 and pancreatitis.


title: Baboon

text: Baboons are primates comprising the genus Papio, one of the 23 genera of Old World monkeys. There are six species of baboon: the hamadryas baboon, the Guinea baboon, the olive baboon, the yellow baboon, the Kinda baboon and the chacma baboon. Each species is native to one of six areas of Africa and the hamadryas baboon is also native to part of the Arabian Peninsula. Baboons are among the largest non-hominoid primates and have existed for at least two million years.


title: Baboon

text: Baboons vary in size and weight depending on the species. The smallest, the Kinda baboon, is in length and weighs only , while the largest, the chacma baboon, is up to in length and weighs . All baboons have long, dog-like muzzles, heavy, powerful jaws with sharp canine teeth, close-set eyes, thick fur except on their muzzles, short tails, and nerveless, hairless pads of skin on their protruding buttocks called ischial callosities that provide for sitting comfort. Male hamadryas baboons have large white manes. Baboons exhibit sexual dimorphism in size, colour and/or canine teeth development.


title: Baboon

text: Baboons are diurnal and terrestrial, but sleep in trees, or on high cliffs or rocks at night, away from predators. They are found in open savannas and woodlands across Africa. They are omnivorous: common sources of food are grasses, seeds, roots, leaves, bark, various fruits, insects, fish, shellfish, rodents, birds, vervet monkeys and small antelopes. Their principal predators are Nile crocodiles, leopards, lions and hyenas. Most baboons live in hierarchical troops containing harems. Baboons can determine from vocal exchanges what the dominance relations are between individuals.


title: Baboon

text: In general, each male can mate with any female; the mating order among the males depends partly on their social rank. Females typically give birth after a six-month gestation, usually to one infant. The females tend to be the primary caretaker of the young, although several females may share the duties for all of their offspring. Offspring are weaned after about a year. They reach sexual maturity around five to eight years. Males leave their birth group, usually before they reach sexual maturity, whereas most females stay in the same group for their lives. Baboons in captivity live up to 45 years, while in the wild they average between 20 to 30 years.


title: Baboon

text: Six species of "Papio" are recognized, although there is some disagreement about whether they are really full species or subspecies.


title: Baboon

text: Previously five species of baboon were recognised; the Kinda baboon has gained support for its species status after phylogenetic studies of all members of "Papio".


title: Baboon

text: Many authors distinguish "P. hamadryas" as a full species, but regard all the others as subspecies of "P. cynocephalus" and refer to them collectively as "savanna baboons". This may not be helpful: it is based on the argument that the hamadryas baboon is behaviorally and physically distinct from other baboon species, and that this reflects a separate evolutionary history. However, recent morphological and genetic studies of "Papio" show the hamadryas baboon to be more closely related to the northern baboon species (the Guinea and olive baboons) than to the southern species (the yellow and chacma baboons).


title: Baboon

text: All baboons have long, dog-like muzzles, heavy, powerful jaws with sharp canine teeth, close-set eyes, thick fur except on their muzzles, short tails, and rough spots on their protruding buttocks, called ischial callosities. These calluses are nerveless, hairless pads of skin that provide for the sitting comfort of the baboon.


title: Baboon

text: All baboon species exhibit pronounced sexual dimorphism, usually in size, but also sometimes in colour. Males have much larger upper canines compared to females and use them in threat displays. Males of the hamadryas baboon species also have large white manes.


title: Baboon

text: Baboons are terrestrial (ground dwelling) and are found in open savannah, open woodland and hills across Africa. They are omnivorous, highly opportunistic feeders and will eat virtually anything, including grasses, roots, seeds, leaves, bark, fruits, fungus, insects, spiders, worms, fish, shellfish, rodents, birds, vervet monkeys, and small antelopes. They are foragers and are active at irregular times throughout the day and night. They often raid human dwellings, and in South Africa they break into homes and cars in search of food. Baboons will also raid farms, eating crops and preying on sheep, goats and poultry.


title: Baboon

text: Other than humans the principal predators of baboons are leopards, lions, and spotted and striped hyenas. They are considered a difficult prey for the leopard, though, which is mostly a threat to young baboons. Large males will often confront them by flashing their eyelids, showing their teeth by yawning, making gestures, and chasing after the intruder/predator. Although they are not a prey species, baboons have been killed by the black mamba snake. This usually occurs when a baboon accidentally rouses the snake.


title: Baboon

text: The collective noun for baboons is "troop". Most baboons live in hierarchical troops. Group sizes are typically around 50 animals, but can vary between 5 and 250, depending on species, location and time of year. The structure within the troop varies considerably between hamadryas baboons and the remaining species, sometimes collectively referred to as savanna baboons. The hamadryas baboons often appear in very large groups composed of many smaller harems (one male with four or so females), to which females from elsewhere in the troop are recruited while they are still too young to breed. Other baboon species have a more promiscuous structure with a strict dominance hierarchy based on the matriline. The hamadryas baboon group will typically include a younger male, but he will not attempt to mate with the females unless the older male is removed. In the harems of the hamadryas baboons, the males jealously guard their females, to the point of grabbing and biting the females when they wander too far away. Despite this, some males will raid harems for females. Such situations often cause aggressive fights between the males. Visual threats usually accompany these aggressive fights. These include a quick flashing of the eyelids accompanied by a yawn to show off the teeth. Some males succeed in taking a female from another's harem, called a "takeover". In several species, infant baboons are taken by the males as hostages, or used as shields during fights.


title: Baboon

text: Baboons can determine from vocal exchanges what the dominance relations are between individuals. When a confrontation occurs between different families or where a lower-ranking baboon takes the offensive, baboons show more interest in this exchange than those between members of the same family or when a higher-ranking baboon takes the offensive. This is because confrontations between different families or rank challenges can have a wider impact on the whole troop than an internal conflict in a family or a baboon reinforcing its dominance.


title: Baboon

text: Baboon social dynamics can also vary; Robert Sapolsky reported on a troop, known as the Forest Troop, during the 1980s, which experienced significantly less aggressive social dynamics after its most aggressive males died off during a tuberculosis outbreak, leaving a skewed gender ratio of majority females and a minority of low-aggression males. This relatively low-aggression culture persisted into the 1990s and extended to new males coming into the troop, though Sapolsky observed that while unique, the troop was not an "unrecognizably different utopia"; there was still a dominance hierarchy and aggressive intrasexual competition amongst males. Furthermore, no new behaviours were created amongst the baboons, rather the difference was the frequency and context of existing baboon behaviour.


title: Baboon

text: Baboon mating behavior varies greatly depending on the social structure of the troop. In the mixed groups of savanna baboons, each male can mate with any female. The mating order among the males depends partially on their social ranking, and fights between males are not unusual. There are, however, more subtle possibilities; in mixed groups, males sometimes try to win the friendship of females. To garner this friendship, they may help groom the female, help care for her young, or supply her with food. The probability is high that those young are their offspring. Some females clearly prefer such friendly males as mates. However, males will also take infants during fights to protect themselves from harm. A female initiates mating by presenting her swollen rump to the male's face.


title: Baboon

text: In a wild baboon population of the Amboseli ecosystem in Kenya, inbreeding is avoided by mate choice. Inbreeding avoidance through mate choice is thought to only evolve when related possible sexual partners frequently encounter each other and there is a risk of inbreeding depression.


title: Baboon

text: Females typically give birth after a six-month gestation, usually to a single infant; twin baboons are rare and often do not survive. The young baboon weighs approximately 400 g and has a black epidermis when born.


title: Baboon

text: The females tend to be the primary caretaker of the young, although several females will share the duties for all of their offspring.


title: Baboon

text: After about one year, the young animals are weaned. They reach sexual maturity in five to eight years. Baboon males leave their birth group, usually before they reach sexual maturity, whereas females are philopatric and stay in the same group their whole lives.


title: Baboon

text: Baboons in captivity have been known to live up to 45 years, while in the wild their life expectancy is between 20 to 30 years.


title: Baboon

text: In Egyptian mythology, Babi was the deification of the hamadryas baboon and was therefore a sacred animal. It was known as the attendant of Thoth, so is also called the sacred baboon. The 2009 documentary "Baboon Woman" examines the relationship between baboons and humans in South Africa.


title: Baboon

text: Herpesvirus papio family of viruses and strains infect baboons. Their effects on humans are unknown. Humans infected with "Mycobacterium tuberculosis" can transmit the disease to the primates upon close proximity. Pathogens have a high likelihood of spreading through humans and species of nonhuman primates, such as baboons.


title: Y.M.C.A. (song)

text: "Y.M.C.A." is a song by American disco group Village People. It was released in 1978 as the only single from their third studio album, "Cruisin'" (1978). The song was written by Jacques Morali (also the record's producer) and singer Victor Willis. A medley with "Hot Cop" reached No. 2 on "Billboard" Dance Music/Club Play Singles chart, while the song reached No. 2 on the "Billboard" Hot 100 charts in early 1979, placing behind both "Le Freak" by Chic and "Da Ya Think I'm Sexy?" by Rod Stewart. Outside the US, "Y.M.C.A." reached No. 1 in the UK around the same time, becoming the group's biggest hit. It is one of fewer than 40 singles to have sold 10 million (or more) physical copies worldwide.


title: Y.M.C.A. (song)

text: The song remains popular and is played at many sporting events in the US and Europe, with crowds joining in on the dance in which arm movements are used to spell out the four letters of the song's title. In September 2000 "Y.M.C.A." was used as the Space Shuttle wake-up call on day 11 of STS-106. In 2009, "Y.M.C.A." set a Guinness World Record when over 44,000 people danced to Village People's live performance of the song at the 2008 Sun Bowl game in El Paso, Texas.


title: Y.M.C.A. (song)

text: "Y.M.C.A." is No. 7 on VH1's list of "The 100 Greatest Dance Songs of the 20th Century." In 2020, "Y.M.C.A" was inducted into the Grammy Hall of Fame and selected by the Library of Congress for preservation in the National Recording Registry for being "culturally, historically, or aesthetically significant". In its official press release, the Library noted that "back in its heyday, 'Y.M.C.A.' was a hit around the world, going to No. 1 on the charts in over 15 countries, and its ongoing popularity is evidence that, despite the naysayers, disco has never truly died."


title: Y.M.C.A. (song)

text: In the US, the YMCA began building single room occupancy (SRO) facilities in the 1880s to house people from rural areas who moved into cities to look for work. By the 1970s, the typical YMCA tenants were more likely to be homeless people and youth facing life issues, rather than people migrating from rural areas.


title: Y.M.C.A. (song)

text: Victor Willis, lead singer and lyricist, recalls that while in the studio, producer Jacques Morali asked him, "What exactly is the YMCA?" After Willis explained it to him, he saw the expression on Morali's face and said, "Don't tell me, Jacques, you want to write a song about it?" and they quickly wrote the track for the album "Cruisin'". Upon the song's release, YMCA threatened to sue the band over trademark infringement. The organization ultimately settled with the composers out of court and later expressed pride regarding the song saluting the organization.


title: Y.M.C.A. (song)

text: In 2015, Willis won a legal case against Can't Stop Productions, successfully claiming that he and Morali had written this and other Village People songs together, without any involvement from executive producer Henri Belolo, who was credited on the song's original release. The production company claimed that Belolo had written French lyrics that were then adapted by Willis, but this claim was rejected by the court which ruled that Belolo's name as co-writer should be removed.


title: Y.M.C.A. (song)

text: Taken at face value, the song's lyrics extol the virtues of the Young Men's Christian Association (YMCA). However, in the gay culture from which the image and music of the Village People came, the song was implicitly understood as celebrating YMCA's reputation as a popular cruising and hookup spot, particularly for the younger men to whom it was addressed. The initial goal of Village People producers Morali and Belolo was to attract disco's gay audience by featuring popular gay fantasy in their music. Although co-creator Morali was gay and the group was initially intended to target gay men, the group became more popular and more mainstream over time.


title: Y.M.C.A. (song)

text: Conversely, Willis had said that he wrote the song in Vancouver, British Columbia and, through his publicist, that he did not write "Y.M.C.A." as a gay anthem, but rather as a reflection of the fun activities that young urban black youth experienced at YMCA, such as basketball and swimming. However, Willis has often acknowledged his fondness for double entendre.


title: Y.M.C.A. (song)

text: In an article for "Gothamist", writer Abbey White states the atmosphere of YMCA was "more complicated than the lyrics portray, with gay culture and working-class workouts coexisting in a single communal space", creating "a mix of white-collar and blue-collar residents, along with retired seniors and veterans", with about half of the residents being gay. While the song gives the impression that YMCA SROs in the 1970s had a party atmosphere, Paul Groth states that YMCA SRO units actually had "more supervision of your social life — a kind of management as to how you behaved...[than] in a commercial rooming house, which mostly wanted to make sure the rooms were rented", without monitoring who you brought to your room.


title: Y.M.C.A. (song)

text: The song, played in the key of G♭ major, begins with a brass riff, backed by the constant pulse that typified disco. Many different instruments are used throughout for an overall orchestral feel, another disco convention, but it is brass that stands out.


title: Y.M.C.A. (song)

text: As with other Village People hits, the lead vocals are handled by Willis and the background vocals are supplied by Willis and professional background singers. The distinctive vocal line features the repeated "Young man!" ecphonesis, followed by Willis singing the verse lines. The background vocals join in throughout the song.


title: Y.M.C.A. (song)

text: Willis' version of the song is used in the Village People film "Can't Stop the Music", though by that time Ray Simpson had replaced him as the policeman.


title: Y.M.C.A. (song)

text: "Billboard Magazine" stated that "Y.M.C.A." is "another example of [the Village People's] droll humor, playing off its gayness with hard hat themes." "Billboard" also called Y.M.C.A (and its B-side, "The Women") one of the best cuts on the "Cruisin" album. "Cash Box" said that "Y.M.C.A." has "layered horn work and strings and a bright, soaring chorus" and that "Willis' lead vocals are commanding." Although the song did not reach No. 1 in the United States, it became a No. 1 hit throughout the world and has remained popular at parties, sporting events, weddings and functions ever since.


title: Y.M.C.A. (song)

text: The music video for "Y.M.C.A." was filmed in New York City in July 1978. The video features the band singing the song and dancing all over the city. The location shown the most is the original site of YMCA, McBurney, 213 West 23rd Street. Other filming locations included 395 West Street, the West Side Piers and Hudson River Park. It ends with the camera zooming in on the Empire State Building.


title: Y.M.C.A. (song)

text: "YMCA" is also the name of a group dance with cheerleader Y-M-C-A choreography invented to fit the song. One of the phases involves moving arms to form the letters Y-M-C-A as they are sung in the chorus:


title: Y.M.C.A. (song)

text: The dance originated on Dick Clark's "American Bandstand". The group performed the song during the January 6, 1979 episode. Clark then said to Willis that he would like to show him something, playing the song again with the audience doing YMCA hand gestures. Willis immediately picked up on the dance and mimicked the hand movements back at the audience as other Village People members stared at him with puzzled looks. Clark then turned to Willis and said, "Victor, think you can work this dance into your routine?" Willis responded, "I think we're gonna have to." In a 2008 retrospective article for "Spin", Randy Jones has opined that the dance may have originated as a misunderstanding: the group's original choreographed dance had the group clapping above their heads during the chorus and he believes that the audience, believing them to be making the letter "Y", began following suit.


title: Y.M.C.A. (song)

text: Following the sixth inning of New York Yankees baseball games at Yankee Stadium, the grounds crew traditionally grooms the infield while leading the crowd in the dance.


title: Y.M.C.A. (song)

text: VH1 placed "Y.M.C.A." at #7 on their list of "100 Greatest Dance Songs" in 2000, while "Paste Magazine" ranked the song #1 on their list of "The 60 Best Dancefloor Classics" in February 2017. In 2022, "Rolling Stone" ranked it #139 in their list of "200 Greatest Dance Songs of All Time".


title: Y.M.C.A. (song)

text: The Village People recorded a version of the song for Pepsi in 1997 for a commercial featuring a group of dancing bears, changing the lyrics to match the drink and spelling out P-E-P-S-I. A few months afterwards, Pepsi used the song again as part of its new blue-themed imaging for the Pepsi Globe.


title: Y.M.C.A. (song)

text: During the 2008 Sun Bowl in El Paso, Texas, in a half time performance with The Village People, it became the largest Y.M.C.A dance ever, with over 40,000 people in attendance dancing and singing to the song.


title: Y.M.C.A. (song)

text: In 2012, in a landmark ruling in accordance with the Copyright Act of 1976, Willis terminated his copyrights granted to the publishers Can't Stop Productions and Scorpio Music.


title: Y.M.C.A. (song)

text: In March 2020, the US Library of Congress added the song to its National Recording Registry, which preserves for posterity audio that is "culturally, historically or aesthetically significant". In December 2020, "Y.M.C.A." was inducted into the Grammy Hall of Fame.


title: Y.M.C.A. (song)

text: President Donald Trump began using the song (as well as another Village People song, "Macho Man") to close out his rallies during his 2020 re-election campaign. Willis initially approved its use but after several incidents involving the Black Lives Matter protests, he demanded Trump stop. "Saturday Night Live" parodied the song and the group's reaction with "Cease and desist" on the October 24, 2020, segment of "Weekend Update". As a result, the song was back in the Top 20 on iTunes in November 2020 and hit the #2 spot on the Billboard Dance Digital Song Sales chart. On November 6, following the media's declaration that Joe Biden had taken the lead in Pennsylvania over then President Trump in the 2020 US presidential election, Biden supporters celebrated by dancing in the streets and singing the song across the city of Philadelphia.


title: Y.M.C.A. (song)

text: The song was played over loudspeakers as Donald Trump boarded Air Force One for the last time on January 20, 2021, en route to Florida before the inauguration of Joe Biden.


title: Y.M.C.A. (song)

text: In 1979, Japanese singer Hideki Saijo covered the song for his compilation album "Young Man/Hideki Flying Up" as "Young Man (Y.M.C.A.)". In Japan, the cover topped on the Oricon chart for five consecutive weeks and became the seventh best-selling single of 1979 in Japan. For the cover, the lyrics were re-written in Japanese by Saijo's manager, Ryuji Amagai. This version is also notable for having a call-and-response in the middle where Saijo and a group of child singers chant the letters "Y M C A" back and forth.


title: Y.M.C.A. (song)

text: "Young Man (Y.M.C.A.)" debuted at number two on the Oricon Weekly Singles Chart, and in the following week, it reached number one, where it stayed for five consecutive weeks. The song finally became the seventh best-selling single of 1979 in Japan and Saijo's best-selling single to date, with the sales of 808,000 copies.


title: Y.M.C.A. (song)

text: Following the death of Saijo on 16 May 2018, the song re-entered the chart, peaking at number fifteen on the Billboard Japan Hot 100.


title: Y.M.C.A. (song)

text: "Young Man (Y.M.C.A.)" won the Grand Prix at the FNS Music Festival '79 and the 10th Japan Music Awards. Despite the hit, the song was disqualified for the 21st Japan Record Awards due to the competition's guideline that requires the songs to be original work. At the award, Saijo instead won the golden award for his single, "Yuki ga Areba" (1979).


title: Y.M.C.A. (song)

text: "Young Man (Y.M.C.A.)" has been covered by multiple other Asian musicians, including Keisuke Kuwata, Aska, George Lam, Yang Kun, and E-girls.


title: Y.M.C.A. (song)

text: In 1998, Touché covered the hit for their album "Kids in America" with Krayzee. In this version Touche take over the vocal parts and only the rap contributes to Krayzee. In Belgium, this cover version was a top ten hit, while the success in the German-speaking countries, however, was rather modest.


title: Y.M.C.A. (song)

text: In the music video Touche and Krayzee perform the song in a city area, accompanied by elaborate effects.


title: Network address translation

text: Network address translation (NAT) is a method of mapping an IP address space into another by modifying network address information in the IP header of packets while they are in transit across a traffic routing device. The technique was originally used to bypass the need to assign a new address to every host when a network was moved, or when the upstream Internet service provider was replaced, but could not route the network's address space. It has become a popular and essential tool in conserving global address space in the face of IPv4 address exhaustion. One Internet-routable IP address of a NAT gateway can be used for an entire private network.


title: Network address translation

text: As network address translation modifies the IP address information in packets, NAT implementations may vary in their specific behavior in various addressing cases and their effect on network traffic. The specifics of NAT behavior are not commonly documented by vendors of equipment containing NAT implementations.


title: Network address translation

text: The simplest type of NAT provides a one-to-one translation of IP addresses. RFC 2663 refers to this type of NAT as "basic NAT"; it is also called a "one-to-one NAT". In this type of NAT, only the IP addresses, IP header checksum, and any higher-level checksums that include the IP address are changed. Basic NAT can be used to interconnect two IP networks that have incompatible addressing.


title: Network address translation

text: The majority of network address translators map multiple private hosts to one publicly exposed IP address.


title: Network address translation

text: All IP packets have a source IP address and a destination IP address. Typically packets passing from the private network to the public network will have their source address modified, while packets passing from the public network back to the private network will have their destination address modified. To avoid ambiguity in how replies are translated, further modifications to the packets are required. The vast bulk of Internet traffic uses Transmission Control Protocol (TCP) or User Datagram Protocol (UDP). For these protocols, the port numbers are changed so that the combination of IP address (within the IP header) and port number (within the Transport Layer header) on the returned packet can be unambiguously mapped to the corresponding private network destination. RFC 2663 uses the term "network address and port translation" (NAPT) for this type of NAT. Other names include "port address translation" (PAT), "IP masquerading", "NAT overload" and "many-to-one NAT". This is the most common type of NAT and has become synonymous with the term "NAT" in common usage.


title: Network address translation

text: This method allows communication through the router only when the conversation originates in the private network, since the initial originating transmission is what establishes the required information in the translation tables. Thus a web browser within the private network would be able to browse websites that are outside the network, whereas web browsers outside the network would be unable to browse a website hosted within. Protocols not based on TCP and UDP require other translation techniques.


title: Network address translation

text: An additional benefit of one-to-many NAT is that it mitigates IPv4 address exhaustion by allowing entire networks to be connected to the Internet using a single public IP address.


title: Network address translation

text: Network address and port translation may be implemented in several ways. Some applications that use IP address information may need to determine the external address of a network address translator. This is the address that its communication peers in the external network detect. Furthermore, it may be necessary to examine and categorize the type of mapping in use, for example when it is desired to set up a direct communication path between two clients both of which are behind separate NAT gateways.


title: Network address translation

text: For this purpose, RFC 3489 specified a protocol called "Simple Traversal of UDP over NATs" (STUN) in 2003. It classified NAT implementations as "full-cone NAT", "(address) restricted-cone NAT", "port-restricted cone NAT" or "symmetric NAT", and proposed a methodology for testing a device accordingly. However, these procedures have since been deprecated from standards status, as the methods are inadequate to correctly assess many devices. RFC 5389 standardized new methods in 2008 and the acronym "STUN" now represents the new title of the specification: "Session Traversal Utilities for NAT".


title: Network address translation

text: Many NAT implementations combine these types, so it is better to refer to specific individual NAT behavior instead of using the Cone/Symmetric terminology. RFC 4787 attempts to alleviate confusion by introducing standardized terminology for observed behaviors. For the first bullet in each row of the above table, the RFC would characterize Full-Cone, Restricted-Cone, and Port-Restricted Cone NATs as having an "Endpoint-Independent Mapping", whereas it would characterize a Symmetric NAT as having an "Address- and Port-Dependent Mapping". For the second bullet in each row of the above table, RFC 4787 would also label Full-Cone NAT as having an "Endpoint-Independent Filtering", Restricted-Cone NAT as having an "Address-Dependent Filtering", Port-Restricted Cone NAT as having an "Address and Port-Dependent Filtering", and Symmetric NAT as having either an "Address-Dependent Filtering" or "Address and Port-Dependent Filtering". Other classifications of NAT behavior mentioned in the RFC include whether they preserve ports, when and how mappings are refreshed, whether external mappings can be used by internal hosts (i.e., its hairpinning behavior), and the level of determinism NATs exhibit when applying all these rules. Specifically, most NATs combine "symmetric NAT" for outgoing connections with "static port mapping", where incoming packets addressed to the external address and port are redirected to a specific internal address and port.


title: Network address translation

text: The NAT traversal problem arises when peers behind different NATs try to communicate. One way to solve this problem is to use port forwarding. Another way is to use various NAT traversal techniques. The most popular technique for TCP NAT traversal is TCP hole punching.


title: Network address translation

text: TCP hole punching requires the NAT to follow the "port preservation" design for TCP. For a given outgoing TCP communication, the same port numbers are used on both sides of the NAT. NAT port preservation for outgoing TCP connections is crucial for TCP NAT traversal because, under TCP, one port can only be used for one communication at a time, so programs bind distinct TCP sockets to ephemeral ports for each TCP communication, rendering NAT port prediction impossible for TCP.


title: Network address translation

text: On the other hand, for UDP, NATs do not need port preservation. Indeed, multiple UDP communications (each with a distinct endpoint) can occur on the same source port, and applications usually reuse the same UDP socket to send packets to distinct hosts. This makes port prediction straightforward, as it is the same source port for each packet.


title: Network address translation

text: Furthermore, port preservation in NAT for TCP allows P2P protocols to offer less complexity and less latency because there is no need to use a third party (like STUN) to discover the NAT port since the application itself already knows the NAT port.


title: Network address translation

text: However, if two internal hosts attempt to communicate with the same external host using the same port number, the NAT may attempt to use a different external IP address for the second connection or may need to forgo port preservation and remap the port.


title: Network address translation

text: Every TCP and UDP packet contains a source port number and a destination port number. Each of those packets is encapsulated in an IP packet, whose IP header contains a source IP address and a destination IP address. The IP address/protocol/port number triple defines an association with a network socket.


title: Network address translation

text: For publicly accessible services such as web and mail servers the port number is important. For example, port 80 connects through a socket to the web server software and port 25 to a mail server's SMTP daemon. The IP address of a public server is also important, similar in global uniqueness to a postal address or telephone number. Both IP address and port number must be correctly known by all hosts wishing to successfully communicate.


title: Network address translation

text: Private IP addresses as described in RFC 1918 are usable only on private networks not directly connected to the internet. Ports are endpoints of communication unique to that host, so a connection through the NAT device is maintained by the combined mapping of port and IP address. A private address on the inside of the NAT is mapped to an external public address. Port address translation (PAT) resolves conflicts that arise when multiple hosts happen to use the same source port number to establish different external connections at the same time.


title: Network address translation

text: A NAT device is similar to a phone system at an office that has one public telephone number and multiple extensions. Outbound phone calls made from the office all appear to come from the same telephone number. However, an incoming call that does not specify an extension cannot be automatically transferred to an individual inside the office. In this scenario, the office is a private LAN, the main phone number is the public IP address, and the individual extensions are unique port numbers.


title: Network address translation

text: With NAT, all communications sent to external hosts actually contain the "external" IP address and port information of the NAT device instead of internal host IP addresses or port numbers. NAT only translates IP addresses and ports of its internal hosts, hiding the true endpoint of an internal host on a private network.


title: Network address translation

text: When a computer on the private (internal) network sends an IP packet to the external network, the NAT device replaces the internal source IP address in the packet header with the external IP address of the NAT device. PAT may then assign the connection a port number from a pool of available ports, inserting this port number in the source port field. The packet is then forwarded to the external network. The NAT device then makes an entry in a translation table containing the internal IP address, original source port, and the translated source port. Subsequent packets from the same internal source IP address and port number are translated to the same external source IP address and port number. The computer receiving a packet that has undergone NAT establishes a connection to the port and IP address specified in the altered packet, oblivious to the fact that the supplied address is being translated.


title: Network address translation

text: Upon receiving a packet from the external network, the NAT device searches the translation table based on the destination port in the packet header. If a match is found, the destination IP address and port number is replaced with the values found in the table and the packet is forwarded to the inside network. Otherwise, if the destination port number of the incoming packet is not found in the translation table, the packet is dropped or rejected because the PAT device doesn't know where to send it.


title: Network address translation

text: NAT operation is typically transparent to both the internal and external hosts. The NAT device may function as the default gateway for the internal host which is typically aware of the true IP address and TCP or UDP port of the external host. However, the external host is only aware of the public IP address for the NAT device and the particular port being used to communicate on behalf of a specific internal host.


title: Network address translation

text: IEEE Reverse Address and Port Translation (RAPT or RAT) allows a host whose real IP address changes from time to time to remain reachable as a server via a fixed home IP address. Cisco's RAPT implementation is PAT or NAT overloading and maps multiple private IP addresses to a single public IP address. Multiple addresses can be mapped to a single address because each private address is tracked by a port number. PAT uses unique source port numbers on the inside global IP address to distinguish between translations. PAT attempts to preserve the original source port. If this source port is already used, PAT assigns the first available port number starting from the beginning of the appropriate port group 0–511, 512–1023, or 1024–65535. When there are no more ports available and there is more than one external IP address configured, PAT moves to the next IP address to try to allocate the original source port again. This process continues until it runs out of available ports and external IP addresses.


title: Network address translation

text: Mapping of Address and Port is a Cisco proposal that combines Address plus Port translation with tunneling of the IPv4 packets over an ISP provider's internal IPv6 network. In effect, it is an (almost) stateless alternative to carrier-grade NAT and DS-Lite that pushes the IPv4 address/port translation function (and the maintenance of NAT state) entirely into the existing customer premises equipment NAT implementation. Thus avoiding the NAT444 and statefulness problems of carrier-grade NAT, and also provides a transition mechanism for the deployment of native IPv6 at the same time with very little added complexity.


title: Network address translation

text: Hosts behind NAT-enabled routers do not have end-to-end connectivity and cannot participate in some internet protocols. Services that require the initiation of TCP connections from the outside network, or that use stateless protocols such as those using UDP, can be disrupted. Unless the NAT router makes a specific effort to support such protocols, incoming packets cannot reach their destination. Some protocols can accommodate one instance of NAT between participating hosts ("passive mode" FTP, for example), sometimes with the assistance of an application-level gateway (see ), but fail when both systems are separated from the internet by NAT. The use of NAT also complicates tunneling protocols such as IPsec because NAT modifies values in the headers which interfere with the integrity checks done by IPsec and other tunneling protocols.


title: Network address translation

text: End-to-end connectivity has been a core principle of the Internet, supported, for example, by the Internet Architecture Board. Current Internet architectural documents observe that NAT is a violation of the end-to-end principle, but that NAT does have a valid role in careful design. There is considerably more concern with the use of IPv6 NAT, and many IPv6 architects believe IPv6 was intended to remove the need for NAT.


title: Network address translation

text: An implementation that only tracks ports can be quickly depleted by internal applications that use multiple simultaneous connections such as an HTTP request for a web page with many embedded objects. This problem can be mitigated by tracking the destination IP address in addition to the port thus sharing a single local port with many remote hosts. This additional tracking increases implementation complexity and computing resources at the translation device.


title: Network address translation

text: Because the internal addresses are all disguised behind one publicly accessible address, it is impossible for external hosts to directly initiate a connection to a particular internal host. Applications such as VOIP, videoconferencing, and other peer-to-peer applications must use NAT traversal techniques to function.


title: Network address translation

text: Pure NAT, operating on IP alone, may or may not correctly parse protocols with payloads containing information about IP, such as ICMP. This depends on whether the payload is interpreted by a host on the "inside" or "outside" of the translation. Basic protocols as TCP and UDP cannot function properly unless NAT takes action beyond the network layer.


title: Network address translation

text: IP packets have a checksum in each packet header, which provides error detection only for the header. IP datagrams may become fragmented and it is necessary for a NAT to reassemble these fragments to allow correct recalculation of higher-level checksums and correct tracking of which packets belong to which connection.


title: Network address translation

text: TCP and UDP, have a checksum that covers all the data they carry, as well as the TCP or UDP header, plus a "pseudo-header" that contains the source and destination IP addresses of the packet carrying the TCP or UDP header. For an originating NAT to pass TCP or UDP successfully, it must recompute the TCP or UDP header checksum based on the translated IP addresses, not the original ones, and put that checksum into the TCP or UDP header of the first packet of the fragmented set of packets.


title: Network address translation

text: Alternatively, the originating host may perform path MTU Discovery to determine the packet size that can be transmitted without fragmentation and then set the "don't fragment" (DF) bit in the appropriate packet header field. This is only a one-way solution, because the responding host can send packets of any size, which may be fragmented before reaching the NAT.


title: Network address translation

text: Destination network address translation (DNAT) is a technique for transparently changing the destination IP address of a routed packet and performing the inverse function for any replies. Any router situated between two endpoints can perform this transformation of the packet.


title: Network address translation

text: DNAT is commonly used to publish a service located in a private network on a publicly accessible IP address. This use of DNAT is also called port forwarding, or DMZ when used on an entire server, which becomes exposed to the WAN, becoming analogous to an undefended military demilitarized zone (DMZ).


title: Network address translation

text: Secure network address translation (SNAT) is part of Microsoft's Internet Security and Acceleration Server and is an extension to the NAT driver built into Microsoft Windows Server. It provides connection tracking and filtering for the additional network connections needed for the FTP, ICMP, H.323, and PPTP protocols as well as the ability to configure a transparent HTTP proxy server.


title: Network address translation

text: Dynamic NAT, just like static NAT, is not common in smaller networks but is found within larger corporations with complex networks. Where static NAT provides a one-to-one internal to public static IP address mapping, dynamic NAT uses a "group" of public IP addresses.


title: Network address translation

text: NAT hairpinning, also known as NAT loopback or NAT reflection, is a feature in many consumer routers where a machine on the LAN is able to access another machine on the LAN via the external IP address of the LAN/router (with port forwarding set up on the router to direct requests to the appropriate machine on the LAN). This notion is officially described in 2008, .


title: Network address translation

text: If a packet is sent to by a computer at , the packet would normally be routed to the default gateway (the router) A router with the NAT loopback feature detects that is the address of its WAN interface, and treats the packet as if coming from that interface. It determines the destination for that packet, based on DNAT (port forwarding) rules for the destination. If the data were sent to port 80 and a DNAT rule exists for port 80 directed to , then the host at that address receives the packet.


title: Network address translation

text: If no applicable DNAT rule is available, the router drops the packet. An ICMP Destination Unreachable reply may be sent. If any DNAT rules were present, address translation is still in effect; the router still rewrites the source IP address in the packet. The local computer () sends the packet as coming from , but the server () receives it as coming from . When the server replies, the process is identical to an external sender. Thus, two-way communication is possible between hosts inside the LAN network via the public IP address.


title: Network address translation

text: Network address translation is not commonly used in IPv6 because one of the design goals of IPv6 is to restore end-to-end network connectivity. The large addressing space of IPv6 obviates the need to conserve addresses and every device can be given a unique globally routable address. Use of unique local addresses in combination with network prefix translation can achieve results similar to NAT.


title: Network address translation

text: Some application layer protocols, such as File Transfer Protocol (FTP) and Session Initiation Protocol (SIP), send explicit network addresses within their application data. FTP in active mode, for example, uses separate connections for control traffic (commands) and for data traffic (file contents). When requesting a file transfer, the host making the request identifies the corresponding data connection by its network layer and transport layer addresses. If the host making the request lies behind a simple NAT firewall, the translation of the IP address or TCP port number makes the information received by the server invalid. SIP commonly controls voice over IP calls, and suffers the same problem. SIP and its accompanying Session Description Protocol may use multiple ports to set up a connection and transmit voice stream via Real-time Transport Protocol. IP addresses and port numbers are encoded in the payload data and must be known before the traversal of NATs. Without special techniques, such as STUN, NAT behavior is unpredictable and communications may fail. Application Layer Gateway (ALG) software or hardware may correct these problems. An ALG software module running on a NAT firewall device updates any payload data made invalid by address translation. ALGs need to understand the higher-layer protocol that they need to fix, and so each protocol with this problem requires a separate ALG. For example, on many Linux systems there are kernel modules called "connection trackers" that serve to implement ALGs. However, ALG cannot work if the protocol data is encrypted.


title: Network address translation

text: Another possible solution to this problem is to use NAT traversal techniques using protocols such as STUN or Interactive Connectivity Establishment (ICE), or proprietary approaches in a session border controller. NAT traversal is possible in both TCP- and UDP-based applications, but the UDP-based technique is simpler, more widely understood, and more compatible with legacy NATs. In either case, the high-level protocol must be designed with NAT traversal in mind, and it does not work reliably across symmetric NATs or other poorly behaved legacy NATs.


title: Network address translation

text: Other possibilities are Internet Gateway Device Protocol, NAT Port Mapping Protocol (NAT-PMP), or Port Control Protocol (PCP), but these require the NAT device to implement that protocol.


title: Network address translation

text: Most client–server protocols (FTP being the main exception), however, do not send layer 3 contact information and do not require any special treatment by NATs. In fact, avoiding NAT complications is practically a requirement when designing new higher-layer protocols today.


title: Network address translation

text: NATs can also cause problems where IPsec encryption is applied and in cases where multiple devices such as SIP phones are located behind a NAT. Phones that encrypt their signaling with IPsec encapsulate the port information within an encrypted packet, meaning that NA(P)T devices cannot access and translate the port. In these cases the NA(P)T devices revert to simple NAT operation. This means that all traffic returning to the NAT is mapped onto one client, causing service to more than one client "behind" the NAT to fail. There are a couple of solutions to this problem: one is to use TLS, which operates at level 4 in the OSI Reference Model and does not mask the port number; another is to encapsulate the IPsec within UDP – the latter being the solution chosen by TISPAN to achieve secure NAT traversal, or a NAT with "IPsec Passthru" support.


title: Network address translation

text: Interactive Connectivity Establishment is a NAT traversal technique that does not rely on ALG support.


title: Network address translation

text: The DNS protocol vulnerability announced by Dan Kaminsky on July 8, 2008 is indirectly affected by NAT port mapping. To avoid DNS cache poisoning, it is highly desirable not to translate UDP source port numbers of outgoing DNS requests from a DNS server behind a firewall that implements NAT. The recommended workaround for the DNS vulnerability is to make all caching DNS servers use randomized UDP source ports. If the NAT function de-randomizes the UDP source ports, the DNS server becomes vulnerable.


title: Kohlberg Kravis Roberts

text: KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global investment company that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strategic partners, hedge funds. , the firm had completed more than 650 private equity investments in portfolio companies with approximately $675 billion of total enterprise value. , assets under management ("AUM") and fee paying assets under management ("FPAUM") were $471 billion and $357 billion, respectively.


title: Kohlberg Kravis Roberts

text: The firm was founded in 1976 by Jerome Kohlberg Jr., and cousins Henry Kravis and George R. Roberts, all of whom had previously worked together at Bear Stearns, where they completed some of the earliest leveraged buyout transactions. Since its founding, KKR has completed a number of transactions, including the 1989 leveraged buyout of RJR Nabisco, which was the largest buyout in history to that point, as well as the 2007 buyout of TXU, which is currently the largest buyout completed to date.


title: Kohlberg Kravis Roberts

text: In October 2009, KKR listed shares in the company through KKR & Co., an affiliate that holds 30% of the firm's ownership equity, with the remainder held by the firm's partners. In March 2010, KKR filed to list its shares on the New York Stock Exchange (NYSE), with trading commencing four months later, on July 15, 2010.


title: Kohlberg Kravis Roberts

text: KKR is led by its executive leadership team, Henry Kravis, George R. Roberts, Joseph Bae, and Scott C. Nuttall. The firm employs approximately 375 investment professionals and 1,250 total employees as of December 31, 2017. KKR is headquartered at 30 Hudson Yards, Manhattan, New York, with offices in Menlo Park and San Francisco (California), Houston (Texas), London, Dublin, Paris, Madrid, Luxembourg, Hong Kong, Tokyo, Beijing, Shanghai, Mumbai, Dubai, Riyadh, Seoul, São Paulo, Singapore, and Sydney.


title: Kohlberg Kravis Roberts

text: In a 2016 interview with Bloomberg, founder Henry Kravis described KKR in terms of three broad buckets: private markets, public markets, and capital markets. The firm has traditionally specialized in private equity investments, focusing on specific industry sectors where the firm has created dedicated investment groups, including:


title: Kohlberg Kravis Roberts

text: KKR's business operates in four segments: private markets, public markets, capital markets, and principal activities.


title: Kohlberg Kravis Roberts

text: Through its private markets segment, the firm manages and sponsors a group of private equity funds that invest capital for long-term appreciation, either through controlling ownership of a company or strategic minority positions. In addition to traditional private equity funds, KKR sponsors investment funds that invest in growth equity and core equity. The firm also manages and sponsors investment funds that invest capital in real assets, such as infrastructure, energy, and real estate.


title: Kohlberg Kravis Roberts

text: KKR has raised 23 private and growth equity funds with approximately $102.9 billion of capital commitments through December 31, 2017. Its private equity investment strategy typically seeks to engage primarily in management buyouts, build-ups, or other investments with a view to acquiring a controlling or significant influence. The firm has sourced several smaller growth equity investments and expanded the business by launching dedicated growth equity funds.


title: Kohlberg Kravis Roberts

text: KKR's first dedicated growth equity fund, launched in 2016, invests in the technology, media, and telecommunications sector, primarily in the United States, Canada, Europe, and Israel. In 2016, KKR also launched its second dedicated growth equity fund to pursue investments in the health care sector, also primarily in the United States. As of December 31, 2017, they have received $2.0 billion of capital commitments to these strategies.


title: Kohlberg Kravis Roberts

text: In 2017, they further expanded on their private equity business by making their first core equity investment, targeting investments that have a longer holding period and a lower risk profile.


title: Kohlberg Kravis Roberts

text: KKR's energy business aims to deliver current returns to fund investors through distributions generated by producing and selling oil and natural gas reserves and capital appreciation and targets real asset investments across the upstream and midstream segments of the oil and gas industry. KKR invests in these energy strategies primarily through the KKR Energy Income and Growth Fund. As of December 31, 2017, they have received $2.9 billion of capital commitments to their energy funds and $1.0 billion of capital commitments to this strategy through separately managed accounts.


title: Kohlberg Kravis Roberts

text: KKR's infrastructure platform seeks to achieve returns including current income through the acquisition and operational improvement of assets important to the functioning of the economy. The platform has made investments in parking, alternative energy, district heating and contracted electricity generation, water, and wastewater, locomotive transportation, midstream, and telecommunications infrastructure. As of December 31, 2017, KKR had received $4.1 billion of capital commitments to its infrastructure funds and $1.1 billion of capital commitments to this strategy through separately managed accounts and co-investment vehicles.


title: Kohlberg Kravis Roberts

text: KKR's real estate platform targets real estate equity primarily in the United States and Western Europe. The firm's equity investments include direct investments in real property, debt, special situations transactions, and businesses with significant real estate holdings. As of December 31, 2017, KKR has received $3.9 billion of capital commitments through its real estate equity investment funds.


title: Kohlberg Kravis Roberts

text: KKR's real estate credit platform provides capital services for complex real estate transactions with a focus on commercial mortgage-backed securities, whole loans, and subordinated debt. As of December 31, 2017, KKR managed approximately $2.2 billion of assets in its real estate credit strategy, which includes KKR Real Estate Finance Trust Inc. ("KREF"), an NYSE-listed real estate investment trust ("REIT"), and $1.1 billion of capital commitments through a real estate credit fund.


title: Kohlberg Kravis Roberts

text: KKR's credit business invests capital in leveraged credit strategies, including leveraged loans, high-yield bonds, opportunistic credit and revolving credit strategies, and alternative credit strategies, including special situations and private credit strategies such as direct lending and private opportunistic credit (or mezzanine) investment strategies.


title: Kohlberg Kravis Roberts

text: KKR's hedge fund business consists of strategic manager partnerships with third-party hedge fund managers in which KKR owns a minority stake. As of December 31, 2017, the strategic manager partnerships with third-party hedge fund managers accounted for $26.2 billion of AUM.


title: Kohlberg Kravis Roberts

text: In December 2017, FS Investments and KKR announced they are pooling together more than $18 billion in private capital to invest in mid-sized businesses, in a push to do bigger deals which are out of reach for other alternative lenders.


title: Kohlberg Kravis Roberts

text: KKR's capital markets business mainly arranges debt and equity transactions for the firm, its portfolio companies, and third parties. KKR's capital markets group raised $815 million of debt needed to close the purchase of Mills Fleet Farm in 2016.


title: Kohlberg Kravis Roberts

text: The Principal Activities segment uses KKR's balance sheet assets to support its investment management and capital markets businesses. KKR uses this capital for general partner commitments and to establish a track record for fundraising purposes in new strategies, such as the approximately $1 billion invested in KKR's real estate business as of 2017.


title: Kohlberg Kravis Roberts

text: While running the corporate finance department for Bear Stearns in the 1960s and 1970s, Jerome Kohlberg, and later Henry Kravis and George Roberts, completed a series of what they described as "bootstrap" investments. They targeted family-owned businesses, many of which had been founded in the years following World War II, that were facing succession issues. Many of these companies lacked a viable exit for their founders because they were too small to be taken public and the founders were reluctant to sell out to competitors.


title: Kohlberg Kravis Roberts

text: In 1964, Lewis Cullman acquired and then sold Orkin Exterminating Company in what some call the first significant leveraged buyout transaction. In the following years the three Bear Stearns bankers completed a series of buyouts including Stern Metals (1965), Incom (a division of Rockwood International, 1971), Cobblers Industries (1971), and Boren Clay (1973), as well as Thompson Wire, Eagle Motors and Barrows through their investment in Stern Metals. Despite a number of highly successful investments, the $27 million investment in Cobblers ended in bankruptcy.


title: Kohlberg Kravis Roberts

text: By 1976, tensions had built up between Bear Stearns and Kohlberg, Kravis and Roberts, which led to the formation of Kohlberg Kravis Roberts & Co. The name had been going to be Kohlberg Roberts Kravis, but public relations advisors preferred the sound of KKR. Most notably, Bear Stearns executive Cy Lewis had rejected repeated proposals to form a dedicated investment fund within Bear Stearns.


title: Kohlberg Kravis Roberts

text: The new KKR completed its first buyout, of manufacturer A.J. Industries, in 1976. KKR raised capital from a small group of investors including the Hillman Company and First Chicago Bank. By 1978, with the revision of the ERISA regulations, the nascent KKR was successful in raising its first institutional fund with over $30 million of investor commitments. In 1981, KKR expanded its investor base after the Oregon State Treasury's public pension fund invested in KKR's acquisition of retailer Fred Meyer, Inc. Oregon State remains an active investor in KKR funds.


title: Kohlberg Kravis Roberts

text: In 1979 KKR completed a risky, precedent-setting ($380 million) public-to-private leveraged buyout of a large conglomerate Houdaille Industries, a well-known producer of machine tools, industrial pipes, chrome-plated car bumpers and torsional viscous dampers, which they signed the previous year. It soon ended in a spectacular failure, breakup of the half-a-century-old company and loss of thousands of jobs, even though creditors earned a profit.


title: Kohlberg Kravis Roberts

text: At age 61, Kohlberg resigned in 1987 (he later founded his own private equity firm, Kohlberg & Co.), and Henry Kravis succeeded him as senior partner. Under Kravis and Roberts, the firm was responsible for the 1988 leveraged buyout of RJR Nabisco. RJR Nabisco was the largest buyout in history at that time, at $25 billion, and remained the largest buyout for the next 17 years. The deal was chronicled in "Barbarians at the Gate: The Fall of RJR Nabisco", and later made into a television movie starring James Garner.


title: Kohlberg Kravis Roberts

text: In 1988, F. Ross Johnson was the president and CEO of RJR Nabisco, the company formed in 1985 by the merger of Nabisco Brands and R.J. Reynolds Tobacco Company, a leading producer of food products. In October of that year, Johnson proposed a $17 billion ($75 per share) management buyout of the company with the financial backing of investment bank Shearson Lehman Hutton and its parent company, American Express.


title: Kohlberg Kravis Roberts

text: Several days later, Kravis, who had originally suggested the idea of the buyout to Johnson, presented a new bid for $20.3 billion ($90 per share) financed with an aggressive debt package. KKR had the support of equity co-investments from pension funds and other institutional investors. Investors included Coca-Cola, Georgia-Pacific and United Technologies corporate pension funds, as well as endowments from MIT, Harvard and the New York State Common Retirement Fund However, KKR faced criticism from existing investors over the firm's use of hostile tactics in the buyout of RJR.


title: Kohlberg Kravis Roberts

text: KKR proposed to provide a joint offer with Johnson and Shearson Lehman but was rebuffed and Johnson attempted to stonewall KKR's access to financial information from RJR. Rival private equity firm Forstmann Little & Co. was invited into the process by Shearson Lehman but attempted to provide a bid for RJR with a consortium of Goldman Sachs Capital Partners, Procter & Gamble, Ralston Purina and Castle & Cooke.


title: Kohlberg Kravis Roberts

text: In November 1988, RJR set guidelines for a final bid submission at the end of the month. The management and Shearson group submitted a final bid of $112, a figure they felt certain would enable them to outflank any response by Kravis and KKR. KKR's final bid of $109, while a lower dollar figure, was ultimately accepted by the board of directors of RJR Nabisco. KKR's offer was guaranteed, whereas the management offer lacked a "reset", meaning that the final share price might have been lower than their stated $112 per share.


title: Kohlberg Kravis Roberts

text: Additionally, many in RJR's board of directors had grown concerned at recent disclosures of Ross Johnson's unprecedented golden parachute deal. "Time" magazine featured Johnson on the cover of their December 1988 issue along with the headline, "A Game of Greed: This man could pocket $100 million from the largest corporate takeover in history. Has the buyout craze gone too far?". KKR's offer was welcomed by the board, and, to some observers, it appeared that their elevation of the reset issue as a deal-breaker in KKR's favor was little more than an excuse to reject Johnson's higher bid of $112 per share. Johnson received $53 million from the buyout. KKR collected a $75 million fee in the RJR takeover. At $31.1 billion of а transaction value (including assumed debt), RJR Nabisco was, at the time, by far the largest leveraged buyout in history.


title: Kohlberg Kravis Roberts

text: In 2006 and 2007, a number of leveraged buyout transactions were completed which surpassed the RJR Nabisco leveraged buyout in terms of the nominal purchase price. The deal was first surpassed in July 2006 by the $33 billion buyout of U.S. hospital operator Hospital Corporation of America, in which KKR participated. However, adjusted for inflation, none of the leveraged buyouts of the 2006–07 period would surpass RJR Nabisco.


title: Kohlberg Kravis Roberts

text: The buyout of RJR Nabisco was completed in April 1989 and KKR would spend the early 1990s repaying the RJR's enormous debt load through a series of asset sales and restructuring transactions. KKR did not complete a single investment in 1990, the first such year since 1982. KKR began to focus primarily on its existing portfolio companies acquired during the buyout boom of the late 1980s. Six of KKR's portfolio companies completed IPOs in 1991, including RJR Nabisco and Duracell.


title: Kohlberg Kravis Roberts

text: As the new decade began, KKR began restructuring RJR. In January 1990, it completed the sale of RJR's Del Monte Foods to a group led by Merrill Lynch. KKR had originally identified a group of divisions that it could sell to reduce debt. Over the coming years, RJR would pursue a number of additional restructurings, equity injections, and public offerings of stock to provide the company with added financial flexibility. KKR contributed $1.7 billion of new equity into RJR in July 1990 to complete a restructuring of the company's balance sheet. KKR's equity contribution as part of the original leveraged buyout of RJR had been only $1.5 billion. In mid-December 1990, RJR announced an exchange offer that would swap debt in RJR for a new public stock in the company, effectively an unusual means of taking RJR public again and simultaneously reducing debt on the company.


title: Kohlberg Kravis Roberts

text: RJR issued additional stock to the public in March 1991 to further reduce debt, resulting in an upgrade of the credit rating of RJR's debt from junk to investment grade. KKR began to reduce its ownership in RJR in 1994, when its stock in RJR was used as part of the consideration for its leveraged buyout of Borden, Inc., a producer of food and beverage products, consumer products, and industrial products.


title: Kohlberg Kravis Roberts

text: While KKR no longer had any ownership of RJR Nabisco by 1995, its original investment would not be fully realized until KKR exited its last investment in 2004. After sixteen years of efforts, including contributing new equity, taking RJR public, asset sales, and exchanging shares of RJR for the ownership of Borden, Inc., KKR finally sold the last remnants of its 1989 investment. In July 2004, KKR agreed to sell its stock in Borden Chemical to Apollo Management for $1.2 billion.


title: Kohlberg Kravis Roberts

text: In the early 1990s, the absence of an active high yield market prompted KKR to change its tactics, avoiding large leveraged buyouts in favor of industry consolidations through what was described as leveraged buildups or rollups. One of KKR's largest investments in the 1990s was the leveraged buildup of Primedia in partnership with former executives of Macmillan Publishing, which KKR had failed to acquire in 1988. KKR created Primedia's predecessor, K-III Communications, a platform to buy media properties, initially completing the $310 million divisional buyout of the book club division of Macmillan along with the assets of Intertec Publishing Corporation in May 1989.


title: Kohlberg Kravis Roberts

text: During the early 1990s, K-III continued acquiring publishing assets, including a $650 million acquisition from News Corporation in 1991. K-III went public, however instead of cashing out, KKR continued to make new investments in the company in 1998, 2000 and 2001 to support acquisition activity. In 2005, Primedia redeemed KKR's preferred stock in the company but KKR was estimated to have lost hundreds of millions of dollars on its common stock holdings as the price of the company's stock collapsed.


title: Kohlberg Kravis Roberts

text: In 1991, KKR partnered with Fleet/Norstar Financial Group in the 1991 acquisition of the Bank of New England, from the US Federal Deposit Insurance Corporation. In January 1996, KKR would exchange its investment for a 7.5% interest in Fleet Bank. KKR completed the 1992 buyout of American Re Corporation from Aetna as well as a 47% interest in TW Corporation, later known as The Flagstar Companies and owner of Denny's in 1992. Among the other notable investments KKR completed in the early 1990s included World Color Press (1993–95), RELTEC Corporation (1995) and Bruno's (1995).


title: Kohlberg Kravis Roberts

text: By the mid-1990s, the debt markets were improving and KKR had moved on from the RJR Nabisco buyout. In 1996, KKR was able to complete the bulk of fundraising for what was then a record $6 billion private equity fund, the KKR 1996 Fund. However, KKR was still burdened by the performance of the RJR investment and repeated obituaries in the media. KKR was required by its investors to reduce the fees it charged and to calculate its carried interest based on the total profit of the fund (i.e., offsetting losses from failed deals against the profits from successful deals).


title: Kohlberg Kravis Roberts

text: KKR's activity level would accelerate over the second half of the 1990s making a series of notable investments including Spalding Holdings Corporation and Evenflo (1996), Newsquest (1996), KinderCare Learning Centers (1997), Amphenol Corporation (1997), Randalls Food Markets (1997), The Boyds Collection (1998), MedCath Corporation (1998), Willis Group Holdings (1998), Smiths Group (1999), and Wincor Nixdorf (1999).


title: Kohlberg Kravis Roberts

text: KKR's largest investment of the 1990s would be one of its least successful. In January 1998, KKR and Hicks, Muse, Tate & Furst agreed to the $1.5 billion buyouts of Regal Entertainment Group. KKR and Hicks Muse had initially intended to combine Regal with Act III Cinemas, which KKR had acquired in 1997 for $706 million and United Artists Theaters, which Hicks Muse had agreed to acquire for $840 million in November 1997. Shortly after agreeing to the Regal takeover, the deal with United Artists fell apart, destroying the strategy to eliminate costs by building a larger combined company. Two years later, in 2000, Regal encountered significant financial issues and was forced to file for bankruptcy protection; the company passed to billionaire investor Philip Anschutz.


title: Kohlberg Kravis Roberts

text: At the start of the 21st century, the landscape of large leveraged buyout firms was changing. Several large and storied firms, including Hicks Muse Tate & Furst and Forstmann Little & Company were dragged down by heavy losses in the bursting of the telecom bubble. Although KKR's track record since RJR Nabisco was mixed, losses on such investments as Regal Entertainment Group, Spalding, Flagstar and Primedia (previously K-III Communications) were offset by successes in Willis Group, Wise Foods, Inc., Wincor Nixdorf and MTU Aero Engines, among others.


title: Kohlberg Kravis Roberts

text: Additionally, KKR was one of the few firms that were able to complete large leveraged buyout transactions in the years immediately following the collapse of the Internet bubble, including Shoppers Drug Mart and Bell Canada Yellow Pages. KKR was able to realize its investment in Shoppers Drug Mart through a 2002 IPO and subsequent public stock offerings. The directories business would be taken public in 2004 as Yellow Pages Income Fund, a Canadian income trust.


title: Kohlberg Kravis Roberts

text: In 2004 a consortium comprising KKR, Bain Capital and real estate development company Vornado Realty Trust announced the $6.6 billion acquisition of Toys "R" Us, the toy retailer. A month earlier, Cerberus Capital Management, made a $5.5 billion offer for both the toy and baby supplies businesses. The Toys 'R' Us buyout was one of the largest in several years. Following this transaction, by the end of 2004 and in 2005, major buyouts were once again becoming common and market observers were stunned by the leverage levels and financing terms obtained by financial sponsors in their buyouts.