Good day, ladies and gentlemen, and welcome to the Q3 Armstrong World Industries Inc. Earnings Conference Call. My name is Laura, and I will be your operator for today. [Operator Instructions] And we will conduct a question-and-answer session towards the end of this conference. [Operator Instructions] As a reminder, this call is being recorded for replay purposes. I would like to turn the call over to Mr. Tom Waters, Vice President of Treasury and Investor Relations. Please proceed, sir.

Thank you Laura. Good morning, and welcome we appreciate all of your flexibility as we've delayed this call from our normal release time of Monday as we and, more significantly, you have dealt with Hurricane Sandy and the aftermath, and we hope that everyone has come through that safely. Regarding this call, please note that members of the media have been invited to listen to this call, and the call is being broadcast live on our website at armstrong.com. With me this morning are Matt Espe, our President and CEO; Tom Mangas, our CFO; Frank Ready, the CEO Worldwide Floor businesses; and Vic Grizzle, CEO of our Worldwide Ceilings businesses. Hopefully, you have seen our press release issued Monday morning, and both the release and the presentation Tom Mangas will reference during this call are posted on our website in the Investor Relations section. In keeping with SEC requirements, I advise that during this call, we will be making forward-looking statements that involve risks and uncertainties. Actual outcomes may differ materially from those expected or implied. For a more detailed discussion of the risks and uncertainties that may affect Armstrong, please review our SEC filings, including the 10-Q filed Monday. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required by applicable securities law. In addition, our discussion of operating performance will include non-GAAP financial measures within the meaning of SEC Regulation G. A reconciliation of these measures with the most directly comparable GAAP measures is included in the press release and in the appendix of the presentation. Both are available on our website. With that, I will turn the call over to Matt.

Thanks, Tom. Good morning, everyone. We've got a lot to cover this quarter, so I do appreciate you taking the time to join the call. I'm going to ask you to bear with us as we go through a lot of material. I'll start out by providing a high-level view of the market environment and our results in the quarter and update you on a few recent Armstrong-specific actions. I'll then turn the call over to Tom Mangas, who will give you a detailed review of our financial performance, as well as guidance for the remainder of 2012. And then finally, I'll share our current thinking on 2013 macroeconomic outlook and recap where we stand as a company. Our third quarter adjusted EBITDA margin of 19.3% was the highest achieved by Armstrong since we emerged from bankruptcy in 2006. This achievement is a testament to our cost out and productivity efforts as global end markets remain challenging. Market conditions in the third quarter of 2012 continue to exhibit many of the same trends as the first half of 2012. Commercial sales in the U.S. were down slightly with particular weakness in the health care and education sectors, which of course, rely on public financing. The office sector was slightly down, but performance varied as regions with technology or energy-driven economies have done well, while most other regions lag 2011. New residential construction continues to be a bright spot, and our flooring businesses have seen strong year-on-year gains in the builder channel. However, high unemployment, low consumer confidence and general uncertainty have constrained resi repair and remodel activity as homeowners remain cautious. In Europe, the Eurozone economies continue to struggle, but sales declines have moderated. And there are signs that the region is nearing bottom. Russia, Eastern Europe and the Middle…

Thanks, Matt. Good morning to everyone on the call. In reviewing our third quarter and year-to-date results, I'll be referring to the slides available on our website starting with Slide 4, Divested Businesses, as Tom Waters already covered Slide 2, and Slide 3 is simply an explanation regarding our standard basis of presentation. Before we get into the details of our financial results, I want to spend a minute to make sure everyone understands the reporting impact of our recently announced divestitures. As you would've seen in our 10-Q, the Cabinets segment is being treated as a discontinued operation, and my discussion today will relate only to continuing operations, with the exception of cash flow, which includes the Cabinets segment's small use of cash to date. As you can see on Slide 4, Cabinet's prior year and current year performance needs to removed from our historical comparisons and guidance as we included the segment when we last issued guidance in July. For perspective, we anticipated cabinets contributing a total of $135 million to $145 million in sales in 2012 and EBITDA of roughly $5 million on an adjusted basis. The Patriot business, while a smaller business than Cabinets, is a little more complicated for comparison purposes, as historical Patriot sales remain in our Wood Flooring segment results. As a result, the Patriot divestiture impacts both guidance and prior-period comparisons. As you can see, there's a $10 million to $12 million sales impact on the last 4 months of 2012 and approximately $24 million to $27 million sales impact in the first 8 months of 2013. The sales impact from Patriot is the result of their sales of non-Armstrong products to end-retailers and the small distributor margin on Armstrong products. We will continue to sell Wood Flooring products in the Northeast…

Thanks, Tom. As you'd expect, we're in the midst of building our annual operating plan. As I've talked with many of you at recent investor events, I know that 2013 is on your mind as well. While I'm not yet ready to provide guidance for next year, I'd like to update you on the macro economic climate we're anticipating as we frame our operating plan. Utilizing the September McGraw-Hill data and blue chip consensus estimates, we expect modest GDP growth in the U.S. similar to that of this year. These data sources project that commercial construction starts in the U.S. will be up double digits. But remember, our product lags starts, so we'll be living with 2012 flat starts in 2013. Retail and office should be the best performing subsectors, with education again lagging. Commercial Repair/Remodel activity will be up modestly, with office leading and education lagging. New residential construction will continue to grow as housing starts in the 850,000 to 900,000 range, and modest growth in residential repair and remodeling activity as consumers gain a measure of confidence as the economy slowly improves and house prices stabilize and then rise. Outside of North America GDP, consensus forecast project very tepid growth in Europe, with the Eurozone experiencing essentially no GDP growth and the U.K. doing only slightly better. Now if correct, this translates into lower volume of Armstrong products, especially in segments impacted by the austerity measures, and again speaking about the Eurozone year. The outlook for Russia and the Middle East remains bullish. Consensus forecast indicate that China and India will grow GDP in the mid to high-single-digit range. And we continue to expect that our target sectors of health care and education will grow faster than the overall economy. So in summary, it's a fairly similar story to this year. So to recap, the Armstrong team is delivering on factors within our control and driving earnings growth in a down market. We're increasing our focus on our core businesses and divesting non-core assets. And we're making strategic investments to grow in global markets where construction is strong. Turning to next year, we have a cautious view on the global macroeconomic situation. But as a reminder, we have capacity to achieve up to $4 billion in sales with our current and under construction manufacturing footprint, and given our record adjusted EBITDA margins, the operating leverage to drive significant profitability. So again, thanks for your attention. We covered a lot of ground. And with that, we'll be happy to take any questions.

[Operator Instructions] And your first question comes from line of Ken Zener, KeyBanc Capital Markets.

Given that you've talked about, not specifics in 2013, but that could very well look like '12 in terms of lower volume, but you're getting earnings growth in a downmarket perhaps. Can you talk about the material versus cost inflation that you're seeing right now? So you've announced recent price increases. Is that necessary to hold current operating margins? Or is that going to be net accretive? It sounds like net accretive.

Well, we'll not really comment specifically on the impact of those price increases in 2013. The increases we've announced in our ceilings and grid business this fall and those announced in our Wood Flooring business in December affect us somewhat differently. So the ceilings and grid price increases and their anticipated yields are included in our current thinking and current guidance. The increase in the wood in mid-December really won't be effective, have a big impact at all either way in this year. And again, we'll comment on that as we issue guidance for the next year.

This is Tom. Certainly, part of our business models, we want to make sure we're at least covering commodity inflation. But our history is with volatility we are able to get it a little bit sooner and hold it a little bit longer as it comes down. So I think generally, you should count on price being a driver for our sales growth and potential margin growth for the future.

Okay, good. Because excluding the WAVE, it seems as though your third quarter did very well, and you're still looking at price. And then I guess, if I could switch over, the wood business, obviously, the retailers, how they're handling inventory doesn't change end market demand. But overall, given the shift more to the independent channel, would you still be reiterating your comments that you're holding share in that wood business notwithstanding how the channel is handling inventory changes?

Yes. We don't have any evidence that we've lost share. I think what we are experiencing is some short-term channel dynamics. But no evidence that we've lost any share. Frank, I don't know if you have anything to add that.

No,I think that's right.

Your next question comes from the line of Kathryn Thompson, Thompson Research Group.

On the wood segment, once again, could you clarify how much margins were impacted by mix versus higher cost? And particularly, how should we think about that going forward as we see a greater impact from new -- from growth in new residential?

Well, just a quick comment to frame it, and then we'll let Frank talk about it. But, yes, the major issue we had in this quarter was customer mix as much as product mix. I guess, the 2 are related. But this is a dynamic in our business where you have relative strength as a result of the residential construction increases. And we see that from increased revenue to the builder market, which as you might imagine is -- affects us somewhat negatively on mix and margin, affects us possibly on volume. What we're seeing is that associated with a relative weak market in residential remodel and some timing issues and some other dynamics in the big box channel. So I don't...

I would say that relative to the contribution to the drag, mix and material input costs are about equal in their contribution. They're both equal factors.

Okay. And also could you give a little bit more color on the impact of the fire at your mineral wool facility? What will be related cost as to downtime and supply chain disruptions?

Yes, well, we had -- as you know, we had a small fire in Millwood, West Virginia. First of all, nobody was injured. There are no injuries, so the employees are fine. We're going to lose about a week's production. We expect the plant to be fully operational by the end of next week or actually by the end of this week, I'm sorry. And the impact on the quarter at this point is not an issue.

Negligible impact.

And we have plenty of wool supply for all of our factories, so there's no impact to the manufacturing.

Your next question comes from the line of Bob Wetenhall, Royal Bank of Canada.

Nice job growing EBITDA off lower sales. That's quite impressive. You guys were able to take out $18 million of SG&A spending and bring it under $100 million in the quarter. That's pretty awesome. Can we expect SG&A now to trend below $100 million a quarter? Is this sustainable?

Yes, I would say that, no, it's probably not sustainable at that level. I mean we certainly are working hard to deliver it. Some of that SG&A coming out is a function of the Patriot divestiture, also coming out, I mean the SG&A associated with that, so that's some of the year quarter-over-quarter variance. Absolutely, were going to stay vigilant on SG&A going forward, but I would not take this quarter run rate and straight-line it out.

Okay, fair enough. Other question is in terms of Matt's commentary about the outlook. Europe has been tough for the whole year, and residential and R&R has been a bit sluggish, too. Do you -- in terms of -- without getting too specific, do you think from a volume perspective for '13, it would be okay to expect flat volumes against DC comparisons?

I'd say it's probably dangerous for us to go there at this point, Bob. I would say that the environment, as we said, next year is going to be very similar to this year. We expect sustained growth and new housing starts, that's a good guide; modest improvement in residential remodel, that's a good guide. Stability and a lack of erosion in Europe, while it's good, often the way that governments get there to austerity measures could be some headwinds. So while we look for a more stable Europe even with a little tailwind, on the short term, the way that government gets there is often not helpful to us in the short term. And we expect Russia and the Middle East, China and India to continue to be places where we're going to see volume and revenue growth. So I think what we want to do is we're going to -- at the next call, obviously, we're going to lay out the details around the 2013 guidance. Then the last comment I would say is while we're optimistic that 2013 would be -- represents some level of growth in commercial starts and broader expansion in commercial remodel, I'll just remind everybody that in fact, and because of the timing of our products in the construction cycle, while that's positive as we go forward, we'll be living with the 2012 sort of relative flat starts as it relates to our volume and revenue in 2013.

Your next question comes from the line of David MacGregor, Longbow Research.

You'd mentioned that you have sufficient capacity to support $4 million of revenues, and I guess that's for the consolidated enterprise. I wonder if you could just speak to the building products business and what your capacity utilization rates might look like there now?

Well, I would say that we haven't parsed out the $4 billion by business segment. But I would say generally today, our -- both business units are running capacity utilizations around 70%. So that gives you a sense of the volume upside potential in both businesses prior to the new plants opening. And you know we're opening 2 foreign plants in China -- one ceiling plant in China and Russia, which will extend that available capacity worldwide.

And then secondly, it sounds like maybe a little bit of CapEx is being pushed into 2013. I was just wonder if you could talk about the extent to which that push might be occurring? And also, with the emerging market plant construction, how does CapEx -- I realize you're not going to put a number on it this morning, but how does CapEx for next year look compared to the $210 million, $230 million for this year? Are we going to be up?

Let me just comment on the CapEx push. That's really just a matter of timing of big projects, and that's project timing in the fourth quarter this year versus the first quarter of next year. So that's capital sort of following the project. As we said, even with that, the 3 projects in China are slated to be on schedule. Frank is going to be producing floors for our material in China this quarter. So we're excited about that, and Vic's plant coming up in China early second quarter of next year is on track. We're looking good for heterogeneous coming up at the end of next year. And while we're in very early stages of Russia, it's -- all systems are go there, too. So these are big plants in emerging markets, complicated projects, and every once in a while, you have a little timing slippage quarter to quarter, and that's what's driving the CapEx changes.

Relative to 2013 -- this is Tom. We did, in our Investor Day back in May, talk about a glide on CapEx. We would expect CapEx to be down in 2013 relative to the current year, even with the push of a few million dollars given the timing Matt just described there. We are completing homogeneous on schedule. We'll be completing both the ceiling plant in China and the heterogeneous midyear. So there'll be heavy front-half CapEx, but that starts to -- then they roll off. And then we start spending on Russia. So Russia becomes the new add that comes on in '13. But again, in total, I would expect us to be down.

Is that what Russia represents?

We do not spell it up by year, but we did tell folks it's about $100 million CapEx program with production beginning of 2015.

Your next question comes from line of Stephen Kim, Armstrong.

That'll be Steve Kim from Barclays. So I guess, my first question relates to your cost-cutting initiatives, which are now complete, and what this could tell us about your ability to incorporate, let's say, acquisitions. And particularly, what I'm thinking about here is whether or not you're thinking about -- or what you're -- the attractiveness of acquisitions as you look around. I remember when we spoke with you maybe about 6 to 9 months ago, it seems like the roster of potential combination targets would've been very short. I was curious as to whether or not your success in your cost-cutting program gives you added [Audio Gap] to maybe expand that list or if you've seen some things that gives you -- enhance your interest in that area?

Well, Steve, it's Matt. The primary area where we would be interested in any sort of acquisition would most likely continue to be in Architectural Specialties, where we would look at -- what we sort of described as smaller tuck-in acquisitions. And I would point to the Simplex deal that we did about this time last year, and that gave us expanded product range in service capacity in North America, and also point out that the integration of that acquisition has gone flawlessly and well within plan. So those -- to the extent we're working on acquisitions and looking out they'd be more of that -- more on those lines. We're not sitting here grinding to a big transformational acquisition. Any deal we look like, any deal we look at, whether large or small, the economics, the standalone economics of the deal have to be very attractive for investors. We are confident that as we look at deals that to the extent we'd identify synergy opportunities, we've got the resources and ability to deliver against those. But sitting here in the midterm, our changing -- our thinking hasn't changed much around acquisitions as we spoke a few months ago.

Okay, great. Second question relates to the Wood Flooring business, a couple of things here. I was curious, I assume that your comment about the Patriot business, hopefully leading to that divestiture, hopefully leading to an improvement in actual sales into the Northeast region, reflects the fact that you're no longer going to be competing, I guess, directly with some of your distributors. Number one, can you talk to us about the timing around this sales? Is this something that you've been contemplating for quite some time? Number 2, are there any additional distribution that you still retain? And why would you retain them in some areas, if you do, versus other areas?

Good question. So this is a deal that we've been patiently working on for a while. We wanted to make sure that we've got good value and that the strategic objective of maintaining the channel into that marketplace remains intact. So we were patient. We were focused, but we were patient because we want to make sure we did a good deal for not only the folks acquiring the business, but also just to make sure our channel to market were secure. The divestiture or the sale of Patriot was really us sort of cleaning up the balance sheet, cleaning up the portfolio a little bit. We're not in the Distribution business. Those are 2 very, very different business models. My experience is you can do one of those well. So you're either really good at the Distribution business or you're really strong manufacturer. Very infrequently is it possible to combine those and do both effectively. Our job is to create innovative products, create demand for those products, create manufacturing capacity that delivers those products efficiently and of high quality and partner with independent distribution to serve our mutual customers. So that's basically our business. We don't really -- Patriot would represent the last distribution asset that we have, so we see that as kind of completing a journey we've been on for a few years. And, Frank, I don't know if you have anything...

If you recall, we get into the Distribution business through Patriot really out of necessity when our major distributor, wood distributor in New Jersey and metro New York went out of business. And at that time, it was absolutely the right thing to do to protect our share. We've accomplished that. We've actually built the business. And as Matt said, we want to be focused as a great manufacturer and marketer of flooring products, not a distributor. And so this opportunity came up with a distributor partner that strengthens them, gives them more relevance in the marketplace for the full portfolio products to sell both vinyl and wood and represents a great opportunity for us to transition back to what we know.

The next question comes from the line of Dennis McGill, Zelman & Associates. Dennis McGill - Zelman & Associates, LLC: First question, just generally on the revenue guidance for fourth quarter. I think you said the midpoint implied flat year-over-year on an organic basis, and third quarter would've been close to down, too. So can you talk about which businesses or maybe it's all the businesses you're expecting the growth rate to accelerate 3Q to 4Q? Or do you see that pick up, I guess, either by product category or geography?

Yes, number one, I would say, relative to the comparison period last year, we are lapping the Eurozone crisis. And so that is a driver from going from kind of down revenues to something that's more stabilized. That's probably the primary driver there. Also, we're launching good product initiatives across our portfolio, and we're expecting to benefit from some share gain in the fourth quarter. But I'd say, really, the big differentiator is the Eurozone lapping. And I would say both businesses benefit from that. Dennis McGill - Zelman & Associates, LLC: Okay. Second question would be on Resilient profitability. I think you said year-to-date you're up $20 million on the EBITDA line. So maybe for the year you end up $20 million or $25 million yet volumes are down. Can you do a similar bridge as far as '11 to '12, what that change was driven by either cost saves, price versus cost or mix? And then just talk to maybe what the tailwind would be heading into next year, some of those factors if volumes were flat across the business.

Yes, this is Frank, Dennis. The primary drivers are really 3. One is mix, driven by new products. We've really focused on higher end products like LVT, premium VCT and premium wood products to drive mix in what's a tough market. And then secondly, related to the overall cost out of SG&A is significant SG&A savings. And lastly, manufacturing productivity. So those are the 3 buckets that had driven year-on-year the growth in earnings. Dennis McGill - Zelman & Associates, LLC: Is there any chance you could maybe just break those down roughly? And then similarly on '13, is there a carry-through effect that you'll have on some of those items regardless of what volume does?

Yes, I think, Dennis, we should probably shy away from giving too much 2013 guidance here on the building blocks. Certainly, we're going to continue to focus on manufacturing productivity, we're going to continue to look at how we drive positive mix gains. And hopefully, given the macroeconomic outlook, hopefully volume is not as bad as it looked this year as a drag. But I think you can expect this to run over very similar play in '13 as we did in 2012.

Your next question comes from line of Keith Hughes, SunTrust.

I think you had said in the prepared comments that hardwood was flat in the quarter, excluding the Patriot divestiture. Is that correct?

Total sales were flat, correct. Volume was up mid-single digits, but offset by price and mix.

And the price mix was due to the strong home builder business. So my question really comes to the home center. It must have been down pretty substantial in the channel in the quarter. Is it more in stock products, special order? Just any sort flavor along that line would be helpful?

Yes, I think there's -- this is Matt. There's kind of 3 things that drove this general. One is the end market itself is a little weaker than we expected. So that if you take the channel dynamics away, we certainly have a weaker remodel replacement market than we expected. There were some timing of new product load-ins by some of the channel that affected us in the quarter. And then we did see a slight reduction of promotional activity, which would drive their end-market volumes. So I would point to these 3 things as the drivers.

Is this -- is it one specific large retailer or you're seeing this in several?

I think it's probably not really appropriate for me to comment on any specific retailer. I appreciate the question, but I think it's probably better that we just leave it at the comments that I went with.

All right, let me just set it to Resilient. you were down about 5% in the Americas there. Is the same phenomenon going on there?

Yes, I don't -- Resilient in the Americas, we weren't down...

We were talking about -- that was a global number, I think.

On a constant FX, we were down 4% with FX. With the Canadian, we were down 5% on sales. That's right.

And is the central phenomenon in the renovation repair channel going on there as well?

In commercial, Keith, commercial with public investment in education and health care had a significant effect year-on-year on the commercial side of the business.

Your next question comes from the line of John Baugh, Stifel, Nicolaus. John A. Baugh - Stifel, Nicolaus & Co., Inc., Research Division: I wanted to go into the vinyl segment and Resilient, I guess. Are you vertical in LVT? I can't remember. I'm wondering what you make versus outsourced there. And I'm wondering how that whole shift is impacting that business segment, both from a margin and volume standpoint.

John, this is Frank. We're not vertical in LVT. We source today predominantly from China for the Americas. We are vertical in Europe. We produce LVT in Bietigheim, predominantly, to support the Eurozone market. That business continues to grow both commercially and residentially. Residential, more of the floating and locking products. And we've done very well there with differentiated installation systems that the customer deems as value. And then on the commercial side, we have really differentiated ourselves through visual and design leadership, and that has helped us dramatically on the commercial side. So overall, kind of a mix on the production side. We're producing in Germany to support the Eurozone. We source from China for the Americas. And then as I said, residential commercial, we have points of difference that really have driven our growth year-on-year.

So, Frank, because you source from China for the U.S., is that, though, still a mix positive when you see the segment growing or more in line with your vertical stuff here?

It's mix positive, John. John A. Baugh - Stifel, Nicolaus & Co., Inc., Research Division: Okay. And I guess, wanted to just go back to the Home Depot, Lowe's question again, and we won't speak specific customers. But is there some issue going on with their inventory position? Or is it more, as you said, maybe they're backing off promotions? Or because they're changing out their floor, there's some disruption on their floor?

Yes, the big drivers, as Matt said, John, really -- you put the weaker remodel replace versus what we thought it was going to be coming into the quarter. It's truly some timing of new product initiatives coming out of some of the review process that have been pushed back. And then it's reduction in promotional activity year-on-year that has driven the delta. It's really no more complicated than that.

Your next question comes from the line of Jim Barrett, CL King & Associates. James Barrett - CL King & Associates, Inc., Research Division: Matt, with the impending change in ownership of competitive business in European ceiling grid now in flooring with Pergo, do you expect any major changes in the level of competition because of those changes?

Not really. I think the consolidation industry is constructive. But we -- obviously, we're aware of those deals and made other choices. So no, I think it's largely positive. No surprises with any of the outcomes there, so we're comfortable with it.

One thing on that, Jim, is we look at the USG grid business in Europe and decided not to proceed with that largely because the lot of the business value was assigned to a joint compound business. So the grid business is pretty small. It actually went to a competitor in Knauf that we think was good natural holder for the compound business and not a bad set of hands to have the grid business follow, too. We thought there would be worse places for it to fall. So we felt pretty comfortable with the USG outcome specifically. James Barrett - CL King & Associates, Inc., Research Division: Good. And the Pergo assets in the U.S., were those assets the company took a look at? Could you give us any thoughts on that?

We did take a look at that business, this is Frank, Jim. We did take a look at that business and felt like -- where we were positioned in the marketplace and what we were trying to do in laminate, it wasn't a great fit for us, so we elected not to pursue it.

And your final question comes from Robert Kelly, Sidoti. Robert J. Kelly - Sidoti & Company, LLC: You took some price actions with wood flooring and ceiling. Just given what's going on in the competitive side and Resilient, do you see some opportunities to make some pricing moves in that business either by the end of '12 or at some point in '13?

I would say right now, we don't see that opportunity. I mean, part of the reason our guidance on inflation has come down is because we have seen moderation in petroleum-based feedstock. So we really don't have a cost basis to go out and ask for more pricing right now. And then I think that direction in commodity pricing is good for our business because, hopefully, we will be successful in holding onto the pricing we've taken in past for commodity cost increases in the Resilient. But we don't have a reason to go after our customers and ask for something there at this point. Robert J. Kelly - Sidoti & Company, LLC: Okay, great. And just one quick one. You talked about it. I believe it was ceiling, some -- a tough comp a year ago with storms and whatnot. You saw volumes down. Any way to quantify the benefit you saw across the business from storms and whatnot in the year-ago period?

Well, what I would say is you would -- I'd probably wouldn't quantify it very specifically, but if our kind of independent channel -- pardon me, our retail channel outlet saw a significant growth in the Northeast, we saw that driven by Irene, and it probably contributed a couple of points of volume differentially versus what we would have expected normally.

I would now like to turn the call over to Matt Espe for closing remarks.

Thank you very much. Just a quick summary. Obviously, we see the macro economy and the climate as a challenge. The team here continues to be focused on executing the things in our control all with the view on creating shareholder volume over the long term. We have delivered on the $200 million cost out initiative. And now we turn our focus to driving top line performance as we begin to benefit from the investments we've made over the last year or 2, and those investments start to yield benefit in 2013 and beyond. And we look at innovation, continued innovation and product introduction to drive our top line performance in the developed markets as well. Again, I want to thank everybody for your patience. I want to thank you for your flexibility as we rescheduled the call based on the hurricane. We certainly covered lots of material, and we appreciate your focus. Have a great day, everybody. Thank you.

Thank you for joining today's conference. This concludes the presentation. You may now disconnect. Good day.