Hello, this is Laura Brown, Senior Vice President of Communications and Investor Relations. With me is Bill Chapman, Senior Director of Investor Relations. The purpose of this podcast is to provide you with additional information regarding Grainger’s Fourth Quarter 2014 Results. Please also reference our 2014 fourth quarter earnings release issued today, January 26th, in addition to other information available on our Investor Relations website to supplement this podcast. As a reminder, certain statements and projections of future results made in the press release and in this podcast constitute forward-looking information. These statements are based on current market conditions and competitive and regulatory expectations and involve risk and uncertainty. Please see our Form 10-K for a discussion of factors that relate to forward-looking statements. As mentioned in the press release, we lowered our 2015 guidance to reflect the 10% weakening in the Canadian dollar since our Analyst Meeting in November. To put this in perspective, Canada is our second largest business behind the United States, representing 11% of total company sales in 2014. Roughly 20% of our Canadian sales are tied directly to the oil and gas industry. Beyond our direct exposure, the Canadian economy and the Canadian dollar tend to correlate closely with natural resources prices, more specifically oil. Because of this, we have taken a fresh look at our expected performance in Canada based on current exchange rates and the weaker economy. As a result, we now expect 2015 sales growth of 3% to 7% and earnings per share of $12.60 to $13.60. Our 2015 guidance issued on November 12th, 2014, called for sales growth of 5% to 9% and earnings per share of $12.90 to $13.80. At the end of the podcast, we will provide more color around the revised guidance. Before we analyze our results, let’s…

Thanks Laura. Since we've already reviewed company operating performance, we'll discuss performance by reporting segment. As a reminder, results in this discussion exclude the charges detailed in the earnings press release, which is posted on the Investor Relations section of our website. Operating earnings in the United States increased 11% versus the 2013 fourth quarter driven by the 6% sales growth and positive expense leverage. Gross profit margins for the quarter increased 10 basis points as a result of price increases exceeding cost increases, partially offset by faster growth with lower margin customers. Operating expenses increased 4% primarily due to productivity initiatives and lower than forecasted incremental investment spending of $1 million. The US operating margin increased a healthy 70 basis points to 17% for the quarter versus the fourth quarter of 2013. Let’s move on to our business in Canada. Operating earnings declined 27% versus the 2013 fourth quarter, down 21% in local currency. This decrease was driven by lower gross profit margins. The gross profit margin in Canada declined 280 basis points versus the prior year, primarily due to product cost inflation exceeding price inflation driven by unfavorable foreign exchange, higher freight costs and lower supplier rebates, as well as negative mix from the WFS acquisition. On an adjusted basis, the Other Businesses were breakeven in the 2014 fourth quarter versus generating $3 million in earnings in the 2013 period. The decline in adjusted earnings was more than driven by incremental expenses associated with the start-up of the single channel online model business in Europe, partially offset by strong operating performance from Zoro in the United States. In addition, operating earnings growth from MonotaRO in Japan was strong in local currency but was essentially flat in US dollars. Other income and expense was a net expense of $5…