How do you distinguish year-1, year-2, and steady-state accretion in an M&A model?

Year-1 accretion includes stub-period effects, partial synergies, integration costs, inventory step-up, and initial financing. Year-2 usually reflects more synergy realization and fewer one-offs. Steady-state accretion assumes full synergy run-rate, normalized costs, and mature financing / tax effects. Always label which year you quote because accretion can change materially over time.