Laura D. Brown - Senior Vice President-Communications & Investor Relations William D. Chapman - Senior Director-Investor Relations Laura D. Brown - Senior Vice President-Communications & Investor Relations: 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 2016 Second Quarter Results. This podcast supplements our 2016 second quarter earnings release issued today, July 19, 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. Today, we reported results for the 2016 second quarter and updated our sales and earnings per share guidance for the full year to reflect our performance to-date and the challenging industrial economy. I also wanted to report on our progress on key initiatives since we're at the midpoint of the year. We've made many important investments in this business despite the current economic challenges. We're investing in our supply chain, our eCommerce capability, our onsite services and tools to make our sales force more efficient. In the United States, in the quarter, we launched a new inside sales team, which has 275 representatives calling on our medium-sized customers. We closed 27 branches in the United States, as part of a previously announced plan, to adjust the U.S. branch network. In Canada, we installed SAP to allow for better visibility to our…

Thanks, Laura. Let's talk about performance by reportable segment, since we have already analyzed company operating performance. As a reminder, all figures below represent adjusted results. In the United States, operating earnings decreased 8% in the quarter, driven by lower sales and lower gross profit margins. The operating margin for the U.S. segment was 17.2% versus 18.2% in the 2015 quarter. Gross profit margins for the quarter declined 90 basis points, primarily driven by negative customer selling mix and price deflation greater than product cost deflation. Operating expenses were down 2% due to lower advertising costs. Let's move on to our business in Canada, which had an operating loss of $10 million in the quarter versus operating earnings of $9 million in the 2015 second quarter, driven by lower sales and lower gross profit. The gross profit margin in Canada declined 640 basis points versus the prior year, driven by the combination of price deflation and cost of goods sold inflation and unfavorable foreign exchange from products sourced from the United States. Operating expenses were down 12% versus the 2015 quarter, driven by lower SAP costs versus the prior year and lower advertising costs. The Canadian business is undergoing significant change management as a result of the SAP conversion, though we have confidence in our leadership team and the plan to return the business to long-term profitable growth. Operating earnings in the Other Businesses were $30 million in the 2016 second quarter. Operating earnings in the 2015 second quarter were $17 million, representing an earnings increase of $13 million or 73% versus the prior year. Results included strong performance from Zoro U.S. and Japan and the earnings contribution from Cromwell. Below the operating line, other income and expense was a net $23 million of expense in the 2016 second quarter,…