Good day, ladies and gentlemen, and welcome to the Ingersoll-Rand Fourth Quarter 2015 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Ms. Janet Pfeffer. Ma'am, you may begin. Janet Pfeffer - Vice President-Treasury & Investor Relations: Thank you, Crystal. Good morning, everyone, and welcome to Ingersoll-Rand's Fourth Quarter 2015 Conference Call. We released earnings this morning at 6:30 and the release is posted on our website. We'll be broadcasting in addition to this phone call through our website at ingersollrand.com, where you'll also find the slide presentation that we'll be using this morning. If you'd please go to slide two. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to Safe Harbor provisions of federal securities law. Please see our SEC filings for a description of some of the factors that may cause actual results to vary from anticipated. We're also using non-GAAP measures in this call, and they are explained in the financial tables attached to our news release. So now, to introduce the participants in this morning's call: Mike Lamach, Chairman and CEO; Sue Carter, Senior Vice President and CFO; and Joe Fimbianti, Director of Investor Relations. With that, please go to slide 3, and I'll turn it over to Mike. Michael W. Lamach - Chairman & Chief Executive Officer: Great. Thanks, Janet. Good morning and thanks for joining us on today's call. This morning, I'll spend a few minutes recapping our full year 2015 results and our progress in the transformation we've been working on in the company since…

Thank you. And our first question comes from Steve Tusa from JPMorgan. Your line is now open.

Hey, guys. Good morning. Michael W. Lamach - Chairman & Chief Executive Officer: Morning, Steve.

Just a couple of questions. On the first quarter dynamics, you have a decent organic growth rate but it doesn't look like there's much contribution from operations on EPS. What's going on there? Susan K. Carter - Chief Financial Officer & Senior Vice President: So, Steve, good morning, first of all. As we start to look at the first quarter bridge that you can actually see in the slides, what we're looking at is we've got restructuring costs that are in the first quarter. Our operating results are really going to be in the range of – and this includes the restructuring – negative $0.01 to a positive $0.04. We've got a little bit of lower share count. But when you think about what's happening in the headwinds, the first quarter is going to be part of that currency headwind that we talked about, particularly on the Industrial business. And the revenues we expect in the first quarter and margins for Industrial, we expect to be even lower than where we ended the year. So in other words, we're looking at a low revenue base. We're looking at headwinds from currency. And so, I think the first quarter is just going to be a tough compares and then I think we get better as we go through the remainder of the year.

Okay. So in Industrial, that makes a bit of a sense. On this gain you guys are going to take, Mike, given the environment has clearly gotten worse over the course of the last year, you guys are doing some degree of restructuring, and you don't typically do this over time like other companies, but any thoughts to maybe using this gain to perhaps take a bigger swipe at things and get out in front of some restructuring that you may have planned for a couple of years into the future, just to kind of solidify that ability to kind of execute and deliver, like you've been doing over the last year? Is there a bigger restructuring out there, I guess, a potential for that? Michael W. Lamach - Chairman & Chief Executive Officer: Yeah, I think, Steve, when you go back to 2009, we've been really consistent about particularly the factory footprint, and that's at a place right now where I think it's very productive, it's well utilized. And when we looked at ideas around us coming into 2016, paybacks were in the range of, say, five years to eight years, which is just outside the range of what we thought in this environment was doable. That being said, when you look at areas of the business particularly around Compression Technologies, there is restructuring taking place there. And largely, it's in the areas of head count and things that we can do on a non-qualified way. So, tremendous focus on both corporate and costs within each of the businesses. So, there is a sort of drumbeat over time of doing that, but it's an effective and efficient – relatively effective and efficient footprint. One of the things that we find is the better we've gotten at lean, the further we've gotten into that, the longer and harder it is to get a payback on a closure, which is a good thing. So we remain I think open-minded, Steve. If in fact things deteriorated further, if in fact we saw an opportunity, we certainly would look at that. We'll keep an open mind on that. But rather than putting a big placeholder out there with no specifics, we wanted to just keep it to the known actions and the announcements that we've made internally inside the company to this point.

Okay, great. Thanks a lot. Michael W. Lamach - Chairman & Chief Executive Officer: Thank you.

Thank you. Our next question comes from Nigel Coe from Morgan Stanley. Your line is now open. Nigel Coe - Morgan Stanley & Co. LLC: Yeah, thanks. Good morning. First of all, congratulations on a great second half. The execution is certainly a lot better than many of your so-called high-quality peers. So, well done on 3Q, 4Q. I just wondered if I could maybe pick up on Steve's point about – very clear answer on restructuring, but I guess the two areas that pushed back for 2016 plan would be flat Industrial and maybe flat TK. So, I'm wondering if those come in weaker through the year, to what extent do you have contingency plans in place to mitigate the deleverage that you'd see if those do come in weaker. Michael W. Lamach - Chairman & Chief Executive Officer: Yes, Nigel, listen, again, I'll pick it up from the point of Steve, this is where investments would be metered down. A lot of investments we're making are not only in product but in channel, and also letting attrition at times work for you. So, we will continue to work that down. We certainly have a plan to sustain a lower revenue outlook if we see that. It's baked within the guidance we've provided – the range that we've provided. And our focus really is on the Industrial segment and it's fundamentally on the Compression Technologies piece. Todd's all over it. He's well into several months now into the role. I think he's got his eyes wide open around the opportunities. He's optimistic around what he's doing and I've got confidence in Todd and the team that they've got the plans hardwired for lots of different scenarios at this point. Nigel Coe - Morgan Stanley & Co. LLC: Okay. Well,…

Thank you. Our next question comes from Julian Mitchell from Credit Suisse. Your line is now open. Julian Mitchell - Credit Suisse Securities (USA) LLC (Broker): Hi. Thank you. Just a question around the Climate margin guidance. It looks like you're guiding for a 40%-plus incremental margin in Climate for 2016 overall. Maybe looking at slide 15, you might have some mix headwinds in that segment this year with Resi growing so strongly, Thermo King and Trane Asia being flat to down. So I just wondered what you're embedding for mix in Climate for the year ahead. Susan K. Carter - Chief Financial Officer & Senior Vice President: So, Julian, as we think about where Climate is going to go in 2016, I think you're right. You hit some of the high points. So we still see the continued trends in what we talked about in terms of Commercial HVAC in the Americas being strong, in EMEA being up, but on the Asia side being down a little bit. We called Residential up mid-single digits. You also have the factors of Latin America as part of the business. And while you have some growth in those sides, you've also got the transport revenues being flat in 2016. So I think it's all of those mix pieces could strengthen on the commercial side in North America and Europe, a little down on the Asia side, flat Transport, down on Latin America and good mid-single digit growth in Res. Julian Mitchell - Credit Suisse Securities (USA) LLC (Broker): Okay. So mix is sort of broadly neutral then, 2016 versus 2015 in Climate? Michael W. Lamach - Chairman & Chief Executive Officer: Yeah. Julian, Residential, if you look at the peer group, we're right at the top of the pack in terms of…

Thank you. Our next question comes from David Raso from Evercore ISI. Your line is now open.

Hi. Good morning. A couple quick questions. First, acquisition pipeline. Can you give us a little feel for where you're feeling the opportunities are presenting themselves most, be it geographic, end market, however you want to address the question? Michael W. Lamach - Chairman & Chief Executive Officer: Really, David, the strategy for us has been to look at all the SBU's core businesses across all markets. And so there's a pipeline that would reflect all that from that perspective. There are two fundamental areas that we see for investment. One is channel. We continue to see opportunities, whether it's geographically outside the U.S. for channel or even in the U.S. in terms of buying back commercial distribution. That's a continued emphasis for us. We also find that when we can take a product, it might be a technology that we don't have, and sell it through our existing channel, particularly on the Trane Commercial side, we do very, very well with that. So obviously it's more attractive if you're buying anything that's (38:21) outside the U.S. And so we're pretty active looking outside the U.S. for a lot of that, which can be then modified and brought into the U.S. with different power requirements and different efficiency ratings, but some of the technologies can be applied. So we're seeing an active pipeline there as well.

And given the balance sheet power and the cash flow, would you care to give us any sense of bigger than a breadbasket-type sizing of what kind of size deals are you looking at currently? Michael W. Lamach - Chairman & Chief Executive Officer: Yeah, probably, David, truthfully that would only get us into trouble I think by doing a big breadbasket estimates. I think that you can look at where we would end the year in terms of ratios. In terms of EBITDA to debt, we end the year around the 2.4 times range. There's obviously some capacity with some of the current debt rating. We've got the cash. We talked about in the call the $675 million that's unidentified. So, there is an opportunity to do something a little bit larger. But what we're generally seeing though are small- to mid-sized deals that just make great economic sense.

Okay. A couple of quick things. Tax rate, with the IRS settlement now behind us, can you give us some guidance on how you think about the tax rate, be it this year, next year? I saw the tax rate guidance. I must admit, I was looking for a little lower tax rate in 2016 given the IRS settlement. But can you give us some guidelines how to model the next few years? Susan K. Carter - Chief Financial Officer & Senior Vice President: Sure. So, we were probably a little conservative on the 24% to 25% effective tax rate guidance for 2016. I think that when you think about the IRS settlement, what the IRS settlement really does is it takes the risk profile off the company and it puts to bed all of the issues around intercompany debt and any issues that would have been in the 2001, 2002 through 2011 range. But what it really doesn't do is it doesn't really affect the overall effective tax rate. So, what you have to do in order to make that tax rate move is you have to continue to refine your strategy. Now, having all of those issues off the table certainly does give you an opportunity. And we are certainly involved in looking at that strategy in terms of the different areas that we're looking at. So, we have a good trading hub that is in Europe. We're looking at Asia and Panama for trading hubs. We're looking at all of our intercompany debt and making sure that we're as balanced as we go into 2016 as we would like to be. But we do also have a slight headwind, if you will, on tax rate. And that is, when you look around the globe and you think about our revenue growth in 2016, the areas that are growing the most are in North America, which does pressure the tax rate. So, that's a long way around saying we absolutely have a goal of looking at every opportunity to bring that rate down. We're still going to be just as conscientious about the items we take on as we've always been. But I do think we'll see some opportunities in 2016. We'll continue to work that strategy and continue to communicate. But like I say, it's also a good thing that we have a little pressure on that rate coming out of the North America growth.

All right. So in speaking quickly on cushions, just making sure, the corporate expense – I know there's rounding and you have to give ranges on segments and so forth, but it does seem to be implying your corporate expense goes up 10%, $230 million versus $210 million last year. Is that a rounding issue or should we really think that corporate expense is going up that much? But if you back from a total EBIT sort of implied by the segments, it is a larger number than I would have assumed. Susan K. Carter - Chief Financial Officer & Senior Vice President: Well, so it's not really rounding, but as we look at corporate expenses and – so, if you think back at 2015, where we started the year with our guidance was about $235 million, may sound familiar, and we ended the year at $210 million on the corporate side. When we look at 2016, we took a lot of discretionary spend out of 2015. There are some investments that we need to continue to make around our IT infrastructure, around cyber security. And we also have on the corporate side. So, we talked about pension in total for Ingersoll-Rand being about flat year-over-year. However, with a lot of puts and takes in the elements of pension, pension is a little higher on the corporate side in 2016. So it's not just rounding, it's not just putting things back in, but I'll also tell you that we're going to be very conscientious about what that spend is and in looking at not getting ahead of ourselves on any spend before we see what's going to happen in the different markets. So, it's a long way of saying that the $230 million, $235 million range is a lot more normal than $210 million but we're going to watch it closely and we're going to do everything we can to make sure that the money is spent very well and to the level that we need to. Michael W. Lamach - Chairman & Chief Executive Officer: David, if you take the run rate plus the pension, you're right, there was a little bit of gap there which we would normally apply to things like IT infrastructure and security that we're on a program too to refresh. But, look, if the markets turn down, we would just look to pull back from a discretionary standpoint in other areas in corporate. So, there's a little bit of flex in it that we would take if the markets are a little bit rougher than we think.

Thank you. Our next question comes from Steven Winoker from Bernstein. Your line is now open. Steven Eric Winoker - Sanford C. Bernstein & Co. LLC: Thanks and good morning, all. Michael W. Lamach - Chairman & Chief Executive Officer: Morning, Steve. Steven Eric Winoker - Sanford C. Bernstein & Co. LLC: Hey, Mike. You've often talked about one of the characteristics, distinguishing marks, of the new Ingersoll-Rand it's how you hold decrementals when volumes are in the down part of the cycle. So, we're obviously witnessing that inside of Industrial, or about to. Can you maybe talk about what decrementals you really think you're going to be able to achieve here if things do go a little bit further south? And what's giving you the confidence on just, I guess, down low-single digits in air and industrial products when it looks like bookings are a bit worse than that and the broader environment is also a bit worse? Michael W. Lamach - Chairman & Chief Executive Officer: Yeah, Steve, look, a great of example of that was what happened within Compression Technologies. If you take the legacy business, it ran almost flat on much lower volume. So, a great example of that. That was a extraordinary effort by that team to really pull all the stops out on productivity and discretionary spending and really to win in the marketplace. It's a little bit tough to compare comps against competition. Typically, it's denominated in different currencies. But we did fairly well there on the product and service side of the business. So, that's a great example. I would say that where we try to leverage it in the gross range of 25% and 30%, we're certainly looking to deleverage within the gross margin range but not to exceed 25% to…

Thank you. Our next question comes from Jeffrey Sprague from Vertical Research Partners. Your line is now open.

Good morning, everyone. Michael W. Lamach - Chairman & Chief Executive Officer: Hey, Jeff.

Hey. Just back to Industrial for a moment, Mike. Just thinking about the margins sequentially, if Cameron hit its targets and with the sequential revenue that you just had seasonally, I would have thought the margins would have been a little bit better there. Can you just kind of walk us through that? And then, just help reconcile this a little bit, how we get comfortable with the kind of flattish Industrial for the year coming off this Q4 order number? Is there something in particular that you see in the pipeline that gives you some confidence in that number? Michael W. Lamach - Chairman & Chief Executive Officer: Jeff, I'll start and then I'll let Sue finish. But what I think a lot of folks don't recognize when we talk about Industrial is impact that material handling and tools would have. Material handling is really exclusively oil and gas for us. It's 7% (50:34) of that segment has been hit incredibly hard. And, frankly, the tools business was hit very hard by that business as well. Highest-margin businesses in the portfolio. And so when those go down, you feel it. It's a substantial headwind buried inside the segment numbers that's independent of what's happening with Cameron or Compression in general. The other thing, if you go back to Compression Technologies specifically is we do very well from a margin perspective historically in Asia and in Latin America. And so from a mix perspective, when those markets are down, and they've been absolutely clobbered, we feel that as well from a mix perspective. Susan K. Carter - Chief Financial Officer & Senior Vice President: Right. And so, let's talk about the ECC business for just a little bit. And so, I think the overarching point that we wanted to make…

Just one housekeeping item. The release says there's $250 million of repo in Q4 and $250 million in January. That $250 million in Q4 is really referring to a full year number, correct? Was there some settlement issue or something else that I'm missing there? It looks like you did $233 million through nine months. Susan K. Carter - Chief Financial Officer & Senior Vice President: I think that was in October and we had some settlements in September. So there... Janet Pfeffer - Vice President-Treasury & Investor Relations: Late October, we said we had spent I think $233 million and $250 million by the end of October, yes. Susan K. Carter - Chief Financial Officer & Senior Vice President: Did you catch that?

Not completely, no. Susan K. Carter - Chief Financial Officer & Senior Vice President: Okay, sorry. We were joining in on the response in the room and I apologize for that. So we did do the $250 million in the fourth quarter. We talked about that roughly in the third quarter call. And then we had a separate 10b5-1 program that repurchased $250 million in January.

Right. Michael W. Lamach - Chairman & Chief Executive Officer: $250 million quarter four, $250 million quarter one.

All right. I'll follow up. It says $233 million in the Q3 10-Q. That's why I'm confused. But I'll follow up. Susan K. Carter - Chief Financial Officer & Senior Vice President: That's right. So, yeah. So what happened there, Jeff, so you're absolutely right. At the time we released earnings for the third quarter, which would have been the third week in October, we had not settled out the entire $250 million. So there was a little bit of leakage that was over into the remainder, but it was an October event. So in other words, we were announcing that we had gone into the market just like we are now. We're not talking about the first quarter, but in the first quarter we repurchased the $250 million, we had repurchased $233 million in October and the total was $250 million for the fourth quarter.

Okay, got it. Thank you for clarifying.

Thank you. Our next question comes from Deane Dray from RBC Capital Markets. Your line is now open.

Thank you and good morning. This is Andrew Krill on for Deane. So going back to Residential HVAC, I was hoping you'd give a little more commentary on the mix of new buying versus repair. Have you seen any change in behavior there and I guess any margin implication this might have? Michael W. Lamach - Chairman & Chief Executive Officer: Well, clearly we're seeing more that's not so much new construction and repair, it's largely new construction and replacement. And so we're moving back now towards replacement. Replacement is a very good place for us. We've got really good shares there as compared to new construction where shares are lower. So when the market moves toward replacement, we generally do much better and you saw that in the high-teens bookings in the fourth quarter and the overall good performance that we had in 2015, where we had really excellent performance in 2015.

Okay, thank you. And then just a quick follow-up. I was wondering if you could give a little more color on China just by segment and then also you touched on VRF trends. Michael W. Lamach - Chairman & Chief Executive Officer: Yeah, China, it's still rough. We're not seeing great progress in China in either business. Having said that, we're somewhat in a trough and we didn't see it really dip further in the quarter in quarter four. We saw great strength outside of China, so Singapore, Thailand, India, really sort of... Susan K. Carter - Chief Financial Officer & Senior Vice President: Hong Kong. Michael W. Lamach - Chairman & Chief Executive Officer: ...Hong Kong, kind of made the day for us relative to Asia. So, nice to see those markets finally recovering on that front. VRF continues to do very well for us, continues to grow at or above the pace of our unitary business. And we continue to have a very high share in North America, parts of South America in the VRF business. And I think, as you know, we don't play a big role outside of those territories, we play a small role in China largely in commercial VRF or in hybrid systems.

Okay. Thank you. That was it.

Thank you. Our next question comes from Shannon O'Callaghan from UBS. Your line is now open.

Good morning. Michael W. Lamach - Chairman & Chief Executive Officer: Hey, Shannon.

Hey. Mike, in terms of the acquisitions and the currency impact on Industrial this year, I think it seems like every quarter they've been almost 200 basis points. Maybe Sue could provide us the split of what that was for 2015. How much was the acquisition impact, how much was currency? And then next year I'm assuming the acquisition impact year-over-year goes away but you still have some currency. Maybe help us on how those headwinds change. Michael W. Lamach - Chairman & Chief Executive Officer: It's split about 50/50 in 2015. It was about 1 point both. So, translational and transactional would have been about 1 point and acquisitions would have been about 1 point of headwind.

And for 2016? Michael W. Lamach - Chairman & Chief Executive Officer: No acquisition headwind because everything based on the calendar, it was all a 2015 start and finish. So there's nothing there. On the FX side, it's going to be, again, a pretty tough row to hoe, probably 4 points of headwind coming into revenues and we'd see normal leverage against that. So it's probably 30 basis points, 40 basis points coming at us on that front.

Okay. Susan K. Carter - Chief Financial Officer & Senior Vice President: And to your question on the full year of 2015, so the overall operating margins were down 140 basis points. And the math would work out roughly the same if you took out the foreign exchange and the acquisitions, that that would be the majority of what the decrement was in the overall operating margin percentage.

Okay. And then as you think about eventually getting this business get past – a lot of the focus obviously currently on this call about the near-term Industrial weakness, but you do have this target you want to eventually get to for the 2017 to 2019, and now Todd is in place in the air business. Other than cost take-outs to deal with the tougher current volumes, what are the key things you think you need to clear in order to get this to be a higher-margin business a few years out? Michael W. Lamach - Chairman & Chief Executive Officer: So the material handling piece, Shannon, probably hit for 1.5 points, maybe up to 2 points right there. So I think really an underestimation as to what the impact would be across the segment of the material handling business. So add 1.5 points there. I figure currency at least stops moving against us at some point and flattens out. That's going to be helpful to us. And then any volume we see there, we'd be leveraging that at 30%, 35% on that front. So there's been very soft productivity in that business, as I mentioned, particularly as it relates to the integration, that work in the back half, work, once we saw the revenue outlook deteriorates through 2015. So, it's not a productivity issue. It's, again, if you look at a business like material handling, a small business with that sort of an impact – you look at currency, which they get not only translation but there's a much larger transactional component there, where it doesn't make sense for us to have too many factories at the machining and so on and so forth, so if you're putting those in the wrong part of the world it's hard to move those and you're going to absorb some of that headwind for a while.

Okay, great. Thanks. Michael W. Lamach - Chairman & Chief Executive Officer: Hey, listen, I think that we'll update you when we're together for the Analyst Meeting, Todd will sit again (1:01:49) in that seat and give you a point of view on that. And then Robert Zafari will clearly tell you kind of the other pieces of this as well, which have material impact as they're very high-margin businesses.

All right. Thanks a lot.

Thank you. Our next question comes from Robert Barry from Susquehanna. Your line is now open.

Hey, guys. Thanks for taking the question and good morning. Michael W. Lamach - Chairman & Chief Executive Officer: Good morning.

I think this has been asked a little bit already, but maybe just to put a finer point on some of the earlier questions about the Industrial assumption for flat growth given the orders have been decelerating. Just maybe, some color there on what's driving that expectation. Michael W. Lamach - Chairman & Chief Executive Officer: Well, you look at 2009 when we saw customers abandoning equipments, shutting plants, we're not seeing that in 2015, we're not likely to see it in 2016. We're seeing customers that are just reducing CapEx. So, you're not seeing large machines as an example. Now, large machines, both Cameron and existing Ingersoll-Rand, were about 10% of the total business. Now, we'll see parts and service probably in the mid- to high-single-digit range next year as these older systems need to be maintained and serviced. We even saw that begin to materialize in the back half of 2015. So again, 10% of the Compression Technology business being big machines, 45-ish percent being services. And then remember, too, you got Club Car, the tools and the fluid business which should be a tailwind. However, material handling will continue to be a headwind again going into 2016 there. So, net that all out and the best view we have is that that math works to about negative 1 to 1.

Got you. That's very helpful. And maybe just kind of, well, a housekeeping question on the Hussmann adjustment. I think you talked about $55 million from Hussmann and asbestos. I think those two items through the third quarter were just under $30 million. So, was there like a big Hussmann 4Q, or maybe you can just unpack that a little bit? That would be helpful. Thanks. Susan K. Carter - Chief Financial Officer & Senior Vice President: No, the Hussmann result in the fourth quarter were fairly normal with what they've been throughout 2015. So that really didn't have an impact. It was right on where we would have guided at the end of October. Michael W. Lamach - Chairman & Chief Executive Officer: We'll look at what you're talking about, though, and follow back up if there's more to that question.

Great. Thanks.

Thank you. And our final question comes from Josh Pokrzywinski from Buckingham Research. Your line is now open.

Hi. Good morning, guys. Michael W. Lamach - Chairman & Chief Executive Officer: Good morning.

A lot of my questions have been answered, so maybe just first one, on the price/cost spread that you laid out there, Sue, if I think about how that pertains to Climate, threw the majority in there, am I to assume kind of normal volume leverage of that in the mid-20%s. Is that what you guys are essentially guiding to or am I missing something? Michael W. Lamach - Chairman & Chief Executive Officer: No, I think that would be a good assumption.

Okay. And then just a follow-up. I know we've beaten the Industrial megatrend discussion to death. But thinking about Cameron backlog presumably coming into 2016, that's a little bit lower. Probably, particularly low in the first quarter given that is more of a 4Q-weighted business. Is that something that is contemplating guidance? How should we think about that as maybe a headwind to the broader reading out of just comps getting easier on some of the resource industries and the service piece being an offset? Michael W. Lamach - Chairman & Chief Executive Officer: Yeah, Josh, no doubt we're going to see weaker big machine revenues. That's forecast into what we're doing. What we found here as an operator of the business is that the pricing in March in some of that big stuff is not very good. It's really around the service and longevity of those systems over time as opposed to sort of the impact on sale in the quarter and delivery. So really, what we need to make up there in the weakness is service, parts. And in some of the smaller machines including oil-free and segments of the market that will continue to grow like pharmaceutical, food and beverage end markets where it's more consumer-driven, say, than it would be through heavy industry.

Got you. All right, that's helpful. Thank you.

Thank you. And I'd now like to turn the conference back over to Janet Pfeffer for any closing remarks. Janet Pfeffer - Vice President-Treasury & Investor Relations: Thank you, operator. One thing I wanted to just clarify – I was a little far away from the mic. And so, on share repurchase, we completed the $250 million buy in the fourth quarter. $233 million of it was completed as of the end of September, the remainder completed out and settled in October. Just so to avoid some folks, any confusion on that, I wanted to clarify that. And Joe and I will be around for your follow-up questions today. Everybody, have a good day. Thank you.