Good morning, and welcome to the Air Products & Chemicals Second Quarter Earnings Release Conference Call. Today's call is being recorded at the request of Air Products. Please note that this presentation and the comments made on behalf of Air Products are subject to copyright by Air Products, and all rights are reserved. Beginning today's call is Mr. Simon Moore, Vice President of Investor Relations. Please go ahead, sir. Simon R. Moore - Air Products & Chemicals, Inc.: Thank you, Vicky. Good morning, everyone. Welcome to Air Products' second quarter 2018 earnings results teleconference. This is Simon Moore, Vice President of Investor Relations. I'm pleased to be joined today by Seifi Ghasemi, our Chairman, President and CEO; Scott Crocco, our Executive Vice President and Chief Financial Officer; and Corning Painter, Air Products' Executive Vice President responsible for Industrial Gases. After our comments, we'll be pleased to take your questions. Our earnings release and the slides for this call are available on our website at airproducts.com. Please refer to the forward-looking statement disclosure that can be found in our earnings release and on slide number 2. Now, I'm pleased to turn the call over to Seifi. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you, Simon, and good morning to everyone. Thank you for taking time from your very busy schedule to be on our call today. We do appreciate your interest in Air Products. The talented, motivated and committed team at Air Products delivered yet another excellent set of safety and financial results in the second quarter of fiscal year 2018. Our adjusted earnings per share of $1.71 were up 20% versus last year. This is the 16th consecutive quarter that we have reported year-on-year EPS growth, and the fourth consecutive quarter we have delivered EPS growth of more…

Thank you. And we will take our first question today from Don Carson with Susquehanna. Please go ahead.

Yes, a question on base business. Scott, you mentioned that if you take out Jazan, your volume was up about 10% – half new plant, half base business. That appears to be a pickup from last quarter when I think base business was only contributing about 2%. So, can you comment on the base business outlook, are merchant loadings improving? And as a result, should we be expecting some good incremental margins going forward from the base business? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Scott, would you like to...? Michael Scott Crocco - Air Products & Chemicals, Inc.: Sure. As you pointed out, we had good performance on the base business across each of the geographies, fundamental improvements. And who knows what the future holds, but we feel as though the loadings will continue to improve. I think it's been mentioned in the past, we've been in Asia, we're in the low-80% capacity utilization and in Europe we've crept up to upper-70s, so that's improved as well. So, we feel very good about what we see in this quarter and are cautiously optimistic about the outlook. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Don, this is Seifi, if I may add. We do see positive momentum in volumes and obviously if there is positive momentum on volumes, pricing will follow. So we are...

Okay. Seifollah Ghasemi - Air Products & Chemicals, Inc.: ...actually more bullish than we have been before.

And Seifi, what's the competitive environment for bidding on some of these major new projects? I assume your primary competitors have other issues that cause them not to be as aggressive in going after some of these new projects. So, who's the real competition and what does the competitive environment imply for returns on these new projects? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Well, the competitive environment hasn't changed that much. Our major competitors are all very strong and they compete with us on every project. And the customers make sure that they get competitive bids. But as you know, we had a return expectation on these projects which we have disclosed very publicly, of at least 10% internal rate of return. And if because of the competitive pressure the returns are below that, we just don't take the projects. So that's our guiding principle, whether there is competition or not. We obviously have had a lot of good projects at significantly higher than that, but that is our threshold. And if another one of our competitors wants to take the project for lower return, then they get it.

Okay. Thank you. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you. Michael Scott Crocco - Air Products & Chemicals, Inc.: Thanks.

And the next question will come from John Roberts with UBS.

Thank you. Could I just confirm that you're still in discussions to possibly acquire some of the assets for sale related to the Praxair-Linde merger? Seifollah Ghasemi - Air Products & Chemicals, Inc.: John, good morning. I cannot comment on that, please.

Okay. And then, the $0.18 non-GAAP benefit in the quarter, could you just talk about what were the activities that generated that? Michael Scott Crocco - Air Products & Chemicals, Inc.: Was part of a restructuring of a acquisition that we did some time ago when we moved some legal entities and were able to get that sort of a benefit. And so, as I mentioned, some foreign subsidiaries, we made some adjustments that contributed to that.

Then, maybe if I... Seifollah Ghasemi - Air Products & Chemicals, Inc.: We have been working on this thing for a while. It's a matter of the consolidation of some of the subsidiaries that when you consolidate it, you get a tax benefit. And that is what the number is.

And then, maybe since the first question couldn't get answered, the unfavorable cost year-over-year on slide 12 that you had, what would you expect going forward without the TSAs and the CO2 reimbursement issue? Seifollah Ghasemi - Air Products & Chemicals, Inc.: We will continue to have those kind of costs, because I mean it is a fact that we are working on a significant number of projects. And as you know, the current rules are – in the old times, when you were working on these projects out of your legal cost and your people cost and so on, you used to charge them to the project. Now, you can't do that. You expense it. So if they are going to deploy $13 billion, we need to bid on a lot of projects and we are bidding on those and we are expecting the costs. So that is a natural thing that is going to be with us as we win these projects.

Thank you. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you.

Next is Duffy Fischer with Barclays.

Yes, good morning. Can you comment just on the strength you said you were seeing down in Mexico? Is that just general Mexican economy getting better? Are you guys taking some market share down there? Is there something dynamic happening with your business? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Corning is kind of in charge of our business in Mexico and will make a comment. Corning? Corning F. Painter - Air Products & Chemicals, Inc.: I'd say in Mexico, we see improvement across several of the business lines. The packaged gas environment is good, there is a lot of infrastructure around pipeline projects that sort of thing that are going on and continue, and we've seen a pickup in the nitrogen injection for the oilfield business there, so I would like to say, relatively broad-based. Michael Scott Crocco - Air Products & Chemicals, Inc.: And just reminding....

Okay. Michael Scott Crocco - Air Products & Chemicals, Inc.: ...everybody that's, of course, an equity affiliate for us, so you wouldn't actually see the volume in our reported numbers.

Fair. And then can you comment on the progression of the Lu'An City project? What's the timeline look like there and when might we get an announcement on that project? Seifollah Ghasemi - Air Products & Chemicals, Inc.: We continue to make progress; that is a huge project and it involves a lot of different entities. I don't want to put a timeline on it, because from a negotiating point of view, we don't want to sound too anxious but we are working on it and it is moving forward, Duffy.

Great. Thank you, guys. Corning F. Painter - Air Products & Chemicals, Inc.: Thank you.

And we'll go to Stephen Byrne with Bank of America Merrill Lynch.

Hi. Thank you. What would you say the primary value drivers for owning and operating both the ASUs and the gasifier in the Lu'An project? Is there an operating efficiency that you have by having both? Has the combination improved the return on invested capital or is this an example of more gasifier projects that you would try to differentiate yourself for? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Well, there are several benefits. One is obviously operational efficiency and all of that that you mentioned. But the fundamental driver is that when we were just supplying the oxygen, we had deployed $300 million of our business at their return. Now, we are deploying $800 million of our business at the same kind of return or even higher. So that means that this is an opportunity for us to create growth, so that we can invest more capital at the kind of returns we are talking about. So I mean everybody gets excited about GDP going up 2% and creates growth, but like this, we are creating growth despite GDP. It gives us the opportunities to significantly deploy additional amount of capital.

And then, Seifi, you always comment on the safety performance of the company. Would you say commensurate with that there has also been an improvement in operating efficiency of your facilities and/or less downtime? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Yeah, of course. Because look at our EBITDA margin. We have gone from 23%, 24% to 34%. That is almost $700 million, $800 million of improvement. Obviously, that has come up through the fact that the company is running better and is much more efficient. Yes. I think that is one of the reasons – I mean, safety is a moral responsibility. We don't want anybody to get hurt but a company who has a good safety record at the level that we are achieving definitely has excellent operational efficiency.

Thank you. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you, sir.

Next is Jim Sheehan with SunTrust.

Thanks for taking my question. Can you talk about Merchant operating rates in North America as well? I think you've covered the other regions but didn't mention North America. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Corning, can comment on that. Corning F. Painter - Air Products & Chemicals, Inc.: Yeah, so we the termination of a very large long-term wholesale agreement. And I'd say we have largely replaced that on the LOX, LIN side. I think the argon is going to take a little bit longer. However, certain tightness in the argon market has certainly helped us to move that along. And today, I'd say, we are in the mid to slightly below mid-70s range in terms of our loading. But that's an improving story for us and I think the ground team has covered in replacing that volume is just tremendous performance.

Great. And as far as crude oil prices moving higher, how do you see that factoring into your 2018 outlook? Is that a major tailwind for you? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Jim, we have always said that crude oil prices doesn't affect our business that much because we are not very involved in the upstream side of the oil business, so that's not going to be material to us.

Thank you. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you.

And we'll go to Chris Parkinson with Credit Suisse. Christopher S. Parkinson - Credit Suisse Securities (USA) LLC: Perfect. Thank you. Yeah. Can you just walk us through just an update on Jazan given a little bit of noise in the quarter and what your rough expectations are for the balance of fiscal year 2018? And more importantly, just anything preliminary on your thoughts on the cadence ramp in fiscal years 2019 and 2020? So, any thoughts on that would be greatly appreciated. Thank you. Seifollah Ghasemi - Air Products & Chemicals, Inc.: I'm sorry, Chris. The connection is not that great, so I didn't fully understand you. Simon, can you help me out? Simon R. Moore - Air Products & Chemicals, Inc.: So, Chris, I think your question was, Seifi, could you give an update on Jazan, kind of where we stand on the project and how it looks over the next couple of years? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Yeah. Sorry, Chris. I didn't hear you on the phone that I am. Chris, we are making... Christopher S. Parkinson - Credit Suisse Securities (USA) LLC: My apology. Seifollah Ghasemi - Air Products & Chemicals, Inc.: No, no problem at all. Not your fault. We are making excellent progress (00:39:01) on Jazan. We are ahead of schedule. We are close to 90% done with the project and we fully expect that to come onstream at the time that we expect it. So, we are – it's a very positive, a very positive story for us. It has demonstrated to our very, very important customer, Aramco, that Air Products can deliver and Air Products is capable of executing a $2 billion project in the middle of the desert. So, it's a very good story for us and…

We'll go to David Begleiter with Deutsche Bank.

Thank you. Good morning. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Good morning, David. How are you doing?

Well, thank you. Seifi, just on Americas pricing, is pricing proving to be more difficult to get this cycle than prior cycles, and if so, why? Seifollah Ghasemi - Air Products & Chemicals, Inc.: David, pricing, we are selling in our LOX, LIN and LAR, basically, we are selling a commodity. Pricing is subject to supply, demand and utilization of our facilities. Industrial production in the United States in the last year-to-year is up around 4%. And we have always said that if you see industrial production go up, utilization rates going up then pricing will follow. So that's just the natural course of it and we seemed to be in that cycle right now. And if you see the results of everybody else, it points to that direction.

Very good. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Overall, industrial production activity.

Understood. And just in Q3, you mentioned some additional maintenance costs in the Americas offset by the contract termination, could you quantify those elements that might impact Q3 Americas' profitability? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Quantifying it would be difficult because then we give too much information very competitively. But the fact is, as Corning mentioned, a lot of these plants that are undergoing so-called turnaround are very old plants that we have won contracts 20 years ago. The good news is that all of these contracts have been renewed. And therefore, this is a little bit of a life extension. Some of that we report in maintenance CapEx and some of that is on ordinary maintenance expenditure that goes to our bottom line.

Understood. Seifollah Ghasemi - Air Products & Chemicals, Inc.: It's a positive development rather than a negative development.

Right, right. Okay. No, very good. Thank you very much. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you.

Next is Vincent Andrews with Morgan Stanley. Vincent Stephen Andrews - Morgan Stanley & Co. LLC: Thank you, and good morning, everyone. Seifi, I'm just wondering as you think about over the next five years and the $13 billion, I mean, do you think there's going to be an opportunity to raise that sort of 10% minimum return target? I'm just thinking improving economy, rising interest rates, those types of things, think this would be an opportunity to bring that up? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Vincent, first of all, good morning. To answer your question, Vincent, when we say 10% – 10% is the minimum. We have won a lot of projects that's higher than that today. So whenever we are bidding on a project, we obviously – we do not price things on a cost basis. We price the things based on the competitive nature, and quite honestly, about the market there. So we have had projects which have been 15%, 16%; and the 10% that we keep mentioning is that that is our kind of bottom line; that below that, we don't take projects. Vincent Stephen Andrews - Morgan Stanley & Co. LLC: Okay. So nothing will change there. And just as a follow-up, could you just remind us what you're expecting from foreign exchange and guidance versus last quarter? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Scott, do you want to mention this? Michael Scott Crocco - Air Products & Chemicals, Inc.: Sure, sure. So let me take you through – thanks for the question, let me take you through. So, as we've mentioned this quarter we had versus prior year, currency impact of $0.09. And at a higher level, that's the euro is at RMB 0.03 and the pound is at…

And we'll go to P.J. Juvekar with Citi.

Yes. Hi. Good morning. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Good morning, P.J. How are you doing?

Good, good, Seifi. Seifi, do you consider syngas as a core industrial gas and when you bid for these projects like Lu'An or YK, are you running into other gas suppliers, the traditional competitors or is the field wide open for you? Seifollah Ghasemi - Air Products & Chemicals, Inc.: No, we do run into them. They have their ambitions of their own, and in a lot of the projects that we have done, they have been there. They have relationship with these customers, so it's not as if we have a totally open-field and a lot of times our customers don't share with us exactly whom they are talking to, but we operate on the basis that on every project that we do, they are there and our competitors are very smart people, they see this thing as an opportunity and they are active.

Okay. And then, geographically, in which region do you think you have the highest leverage to incremental sales, or in other words, where do you think you have the highest incremental margins going forward? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Right now, the highest incremental margin that we have is actually the United States for the total business. It's around 42%. But as we move forward, we think the highest growth area for us will be emerging markets. It will be China, it will be Middle East, it will be places like, I mean, Russia and places like that. Those are the markets where there are significant growth opportunities in terms of the actual sales dollars. But in terms of margins, currently our highest margin region is the United States.

Okay. Thank you. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you.

And now we'll go to Kevin McCarthy with Vertical Research Partners.

Yes, good morning. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Good morning, Kevin.

A number of companies across the chemical industry have cited rising logistics costs as a challenge. I'm wondering if you're seeing that, and if so, what mechanisms you have in place or might need in the future to combat that tension? Seifollah Ghasemi - Air Products & Chemicals, Inc.: For us, that is not an issue, Kevin. You know our business very well. Our business is very, very local; and the logistics would apply if you had an extensive packaged gases business, which we don't. So for us that is not an issue, Kevin.

Okay. Very good. And second, a question on China if I may. We've obviously seen a lot of supply restrictions for environmental reasons and those seemed to be more pronounced over the winter time. I'm wondering if there's any impact in the seasonality of Air Products business in China related to that or if that's not a factor and we can rely on historical patterns. Seifollah Ghasemi - Air Products & Chemicals, Inc.: There is no impact on us. You can rely on historical factors and beside that, the more pressure environmentally the better it is for us for the long-term, because then coal gasification becomes even more pronounced.

Understood. Thank you very much. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you, sir.

And we'll go to Bob Koort with Goldman Sachs. Robert Koort - Goldman Sachs & Co. LLC: Thanks very much. Corning, I might have missed it, but could you give me a little more sense of in the Americas, how – I think you showed a $23 million sales improvement but operating profit actually declined, what were the components that drove that? Corning F. Painter - Air Products & Chemicals, Inc.: So we had the base improvement. We had some of the cost items that Scott mentioned that, let's say, are a little bit less of an operating cost but still there in our P&L. Robert Koort - Goldman Sachs & Co. LLC: Okay. And then, Scott, it seems like maybe at the margin since your last update on guidance, the FX number is a little better, you're throwing Lu'An in there now and you've got maybe the tax guidance is at the better end of things. I was a little surprised maybe there wasn't more ambition in the earnings path, is that a function of Jazan scaling down, is it a function of maybe some of these other costs continuing to stay elevated? Why not maybe a little bit more ambition on your guide? Michael Scott Crocco - Air Products & Chemicals, Inc.: Bob, we are raising by 8% our guidance. So we were at 7.15% to 7.35%; now we are at 7.25% to 7.40%. So we have increased the bottom of our estimate by at least $0.10. So, as we go forward, obviously it's very difficult to predict exactly what the economy does. We are seeing a positive momentum and obviously at the end of next quarter if things are positive, we will increase our guidance. But at this time we thought it's prudent to stay where we are, but we have given you all of the elements. But you can make a judgment about where we are conservative and where we are not. Robert Koort - Goldman Sachs & Co. LLC: Got it. Thank you, Seifi. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you.

And we'll go to Jeff Zekauskas with JPMorgan.

Thanks very much. Good morning. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Good morning, Jeff. How are you this morning?

Good. Maybe I'll try Bob's question in a different way. I think operating profit and EBITDA has been flat for the first half year-over-year even though you're growing your volumes in the Americas 4% or 5%. Shouldn't your returns be higher than what you're reporting? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Well, obviously, I would like it to be better. But we have – as Scott mentioned, Corning mentioned, some of the costs that we have in terms of some of the turnaround costs and some of the costs for pursuing other projects and all of that. And the fact is that we did have some one-offs that helped us last year that do not exist this year. So if you really take the one-offs off, we are up and we are – I obviously go through the details of this thing, for every dollar of incremental dollar of sales, we are getting $0.40 to the bottom line. So I'm not worried about the fact that we are losing margins and so on, but then you put all of that for a big company like us in aggregate, the result is what you see.

Okay. Earlier in the call, I think Scott commented on the decrease in return on capital employed year-over-year from 12.3% to 11.8%, and I think he attributed it to some one-time items. But if you look at the return on capital employed through the last four or five quarters, it keeps moving incrementally lower, and it looks like your incremental return on capital is around 9%. Can you talk about what's going on and whether that's noise or when you expect your return on capital to go up? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Scott is most qualified to answer that. And then if there is anything, I'll make a comment. Michael Scott Crocco - Air Products & Chemicals, Inc.: Sure. Thanks, Jeff. And just back to my prepared remarks. So as part of the gain that we had, almost $2 billion in PMD that goes into the base of that calculation, that dilutes the ROCE calculation about 200 basis points. So that's my comment around – just the mathematics as it comes for five quarters in the denominator associated with the gain that we booked last year in PMD on the increment, so that's the math of that.

Right. Michael Scott Crocco - Air Products & Chemicals, Inc.: Back to your basic question, around 10% minimum after-tax internal rate of return on all these projects and as those are done and as they come out of the backlog and start contributing, that will be accretive to the return on capital as well. Seifollah Ghasemi - Air Products & Chemicals, Inc.: One other thing that I would like to add, Jeff, is that the return on capital, the way you calculate it if you're comparing us to others, since we have a lot of cash, we are showing – that decreases if you actually – if we calculate our return on capital the way other people are calculating it, our return on capital is about 15%. So there is that subtle thing also.

Okay. Good. Thank you so much. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you.

And we'll go to Mike Harrison with Seaport Global Securities.

Hi. Good morning. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Good morning, Mike. How are you doing?

Doing well. Thank you, Seifi. A couple of questions on the Lu'An JV and just kind of modeling-related question. You talked about that as receiving a monthly fee, should we think about that as being more of a tolling arrangement in which you receive a sort of relatively low revenues at relatively high-margins or do you end up taking any ownership of the raw materials which would make it higher revenue and lower margin? Seifollah Ghasemi - Air Products & Chemicals, Inc.: We do not take any ownership of the raw material.

Okay. So it's more of a tolling rate. Okay. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Kind of, yes.

And then in terms of you mentioned the annual EPS expectation of $0.25, but for fiscal 2018, you're only including $0.04, if I understood correctly in the guidance. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Yes.

Is that due to some startup headwinds and how much should we think of those startup headwinds as costing you in the third and fourth fiscal quarters? Seifollah Ghasemi - Air Products & Chemicals, Inc.: No. It's not a startup headwind, Mike. It is – there are four gasifiers, my friend. And we get paid the monthly fee based on these gasifiers coming onstream. So, obviously, they are not starting out of the four gasifiers at the same time. So when the first gasifier comes onstream, we get a certain amount. The second, the third and the fourth and we expect to have all of the four gasifiers onstream by 2019, which is in October and then we will get there, but we will get on an annual basis.

All right. If I can ask you one other question just related to the commentary on the LNG heat exchangers, obviously still under some pressure now but sounding like that activity is picking up. What's your forecast for maybe what that does as we look at 2019? Thank you. Seifollah Ghasemi - Air Products & Chemicals, Inc.: We have not seen and we are not expecting any substantial increase there, therefore we have said that we don't really expect that business to come out of the doldrums until 2020. But if it comes sooner that would be a positive but I don't expect it.

Thank you very much. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you, Mike.

And now we'll go to Mike Sison with KeyBanc.

Hey, good morning. Nice quarter. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you, Mike.

Seifi, when you – Lu'An is going to be a nice contributor here in 2019. You have other projects. When I take a look at the major project slide coming on in 2019, how much can those contribute to earnings growth next year? And so, yeah – so that's the question. Seifollah Ghasemi - Air Products & Chemicals, Inc.: We don't disclose that specifically, but I have said that we expect 2019 that we increase our EPS by at least 10%, so some of that will come from those. But if you don't mind, we don't want to disclose the specific contribution from new projects because then it makes it very easy for people to calculate exactly what our returns are and we don't want to do that.

Okay. And then as a follow-up, your electronics market on that project slide has been a good area for you this year and in the backlog. How big of an opportunity – how much capital can you deploy in that market over the next couple of years? Seifollah Ghasemi - Air Products & Chemicals, Inc.: Well, that market is growing very fast right now. I think this year if you add up, we probably have contributed more than $300 million of new projects in there. And what will happen next year, it depends on the new fabs that people build and all of that. But I love Corning to make a little bit more comment on this. Corning? Corning F. Painter - Air Products & Chemicals, Inc.: Yeah. I was just in China meeting with the team, which is where a lot of this activity is – China, Korea, and Taiwan right now. And I would say the prospect list is still quite robust for us, so we expect another good year of hunting. Seifollah Ghasemi - Air Products & Chemicals, Inc.: And I like to add that we are very, very well-positioned by the way on that one. It depends on...

Thank you. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you.

We'll go to Laurence Alexander with Jefferies.

Good morning. Could you clarify two things. My impression with the traditional onsites was that once you had the oxygen ASU up and running, you would be paid your fee regardless of if the customer was operating. But it sounds as if with the gasifiers; if the gasifiers are down in say 2020 or 2025, you would then lose that part of the revenue stream. I just wanted to see if that's correct or if that's a slightly different model? Seifollah Ghasemi - Air Products & Chemicals, Inc.: No, no, no.

And secondly – go ahead. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Sorry to interrupt you. That is not the case. The reason that we are getting the fee is we are getting the fee right now for the startup. Once we get – we have all of the four gasifiers running, then in 2020, if because of the customers' demand only two gasifiers are needed to run, we still get our full BFC. So the model is exactly the same, it's adjusted during the startup period.

Okay. And then a second one I guess just to flog one of the previous horses again, I think you have made a comment that you were more bullish than you were on the last quarter about volumes and then price following in the Merchant business. FX is about a $0.10 tailwind. You get about a $0.04 or $0.05 from the JV but you're moving the range by only about $0.10. So the implication is that the growth investments or the efforts to pursue other growth projects is an incremental, maybe $0.05 or $0.07 kind of drag. Is that the way you're thinking about it or is it more just that you're allowing for some squishiness in the economy just because it's only halfway through the year and you just want to have that cushion? I guess what I'm getting at... Seifollah Ghasemi - Air Products & Chemicals, Inc.: No, it's...

...is are you ramping up growth investments to take advantage of the tailwinds? Seifollah Ghasemi - Air Products & Chemicals, Inc.: I think I don't want to confirm or not confirm the exact numbers that you quoted, but we do see the positive effects of the FX, we do see the positive effect of Lu'An coming onstream right now. But as we have been saying, we do see higher maintenance cost because of the turnaround of some of the hydrogen facilities and we do see higher cost in terms of pursuing other opportunities. I mean, like – during the last year, it cost us $5 million that they had to absorb in our results. So those are the two principal reasons that we haven't increased our guidance by more than $0.10.

Perfect. Okay. Thank you. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Thank you.

And gentlemen, there are no other questions at this time. Seifollah Ghasemi - Air Products & Chemicals, Inc.: Very good. Well, in that case then, I would like to thank everybody again for being on the call. Thanks for taking time from your very, very busy schedule to listen to our presentation. We do appreciate your interest and look forward to discuss our results with you again next quarter. Have a great day. Thank you very much.

And thank you very much. That does conclude our conference for today. I would like to thank everyone for your participation and you may now disconnect.