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 2015 results. This podcast is supplemented by our 2015 fourth quarter earnings release issued today, January 26, and other information available on our Investor Relations website. This material contains forward-looking statements that are based on our current view of the competitive market and the overall environment. Future risks and uncertainties could cause our actual results to differ materially. Please see our SEC filings, including our most recent periodic reports filed on Form 10-K and Form 10-Q, which are available on our Investor Relations website for a discussion of factors that may affect our forward-looking statements. Tables reconciling non-GAAP measures accompany the script of this podcast in today's earnings release and are both available on our Investor Relations website. The macroeconomic conditions faced by our industry in 2015 are well documented and largely understood. What's less understood is that we took action by reducing costs and continued to invest more in the business. Our full year revenue was in line with our previous guidance. And adjusted earnings per share results were above the midpoint of our guidance. As mentioned in the press release, we also reiterated our 2016 sales guidance of negative 1% to 7% and earnings per share guidance of $10.80 to $13 which was first issued on November 12, 2015. At the end of this podcast, we will provide more color around our assumptions. Now let's take a look at our performance. For the full year, company sales of $10 billion were flat with 2014. Net earnings decreased 4% to $769 million, and earnings per share increased 1% to $11.58.…

Thanks, Laura. Since we have already reviewed operating performance at a company level, we will discuss performance by reporting segment. As a reminder, results in this discussion exclude the restructuring, nonoperating items detailed in the earnings press release, which is posted on the Investor Relations section of our website and in the exhibits at the end of this podcast. Adjusted operating earnings in the United States decreased 9% versus the 2014 fourth quarter, driven by lower sales and a lower gross profit. Gross profit margins in the quarter decreased 160 basis points as a result of price deflation exceeding cost deflation and better relative performance with lower-margin customers. Operating expenses declined due to lower employee benefits, partially offset by higher contract service costs and included $22 million of growth in infrastructure spending. On an adjusted basis, the U.S. operating margin decreased 90 basis points to 16.1% for the quarter versus the fourth quarter of 2014. Let's move on to our business in Canada. Adjusted operating earnings declined 60% versus the 2014 fourth quarter. This decrease was driven by lower sales and a lower gross profit. The 2015 fourth quarter contained favorable inventory adjustments versus the 2014 fourth quarter. The gross profit margin in Canada improved 150 basis points versus the prior year. In the absence of those inventory adjustments, the gross profit margin would have been down 200 basis points versus the prior year. Adjusted operating expenses in Canada were down 15%. On an adjusted basis, the Other Businesses had $10 million in operating earnings in the 2015 fourth quarter versus breakeven in the 2014 period. The increase in adjusted earnings was driven by better performance from MonotaRO and Zoro. In addition, Cromwell's results were in line with our expectations. Other income and expense was a net expense of $17…