Good day ladies and gentlemen and welcome to the Fourth Quarter 2015 NiSource's Earnings Conference Call. At this time, all participants are in a listen only mode. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Randy Hulen, Vice President of Investor Relations. Please go ahead.

Thank you, Kat, and good morning, everybody. On behalf of NiSource, welcome to our quarterly investor call. Joining me this morning are Joe Hamrock, our Chief Executive Officer, and Donald Brown, our Chief Financial Officer. As you know, the purpose of today's call is to review the NiSource's financial performance for 2015 as well as provide a business update covering our utility operations and growth drivers. We'll then open the call to your questions. As a reminder, we will be referring to supplemental slides that are available on the NiSource website. Before moving on to our highlights for the quarter and the year, I would just remind everyone that we successfully completed the separation of Columbia Pipeline Group on July 1, 2015. Therefore, the results for CPG are contained in discontinued operations. And finally, one last reminder, some of the statements made on this call will be forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in these statements. Information concerning such risks and uncertainties is included in the MD&A and Risk Factor sections of our periodic SEC filings. With all that covered, I'd like to turn the call over to Joe. Joseph J. Hamrock - President, Chief Executive Officer & Director: Thanks, Randy. Good morning, everyone and thank you for joining us. 2015 was a dynamic year of progress for NiSource. Our teams executed on our customer focused, investment driven utility business plan, while successfully completing the Columbia Pipeline Group separation. We finished 2015 building on the momentum we've gained in the past few years, with an eye toward continued growth and enhanced performance in 2016 and beyond. Let's take a look at slide three of the supplemental deck to walk through some of the significant milestones NiSource…

And our first question comes from the line of Charles Fishman with Morningstar. Your line is open please go ahead.

Thank you, good morning. Joseph J. Hamrock - President, Chief Executive Officer & Director: Good morning, Charles.

On the – you made the statement Joe. All right, it was you, that the bonus depreciation has no impact on earnings. But with bonus deprecation, does that get you to the higher end maybe of your dividend growth with the extra – little bit of extra cash flow? Joseph J. Hamrock - President, Chief Executive Officer & Director: Yeah Charles, that was Donald, who made that statement. And we haven't decided or made any move in terms of dividend outlook, we continue to guide 4% to 6% earnings per share and dividend growth, based on the plan that we have. I'll ask Donald to maybe add a little bit more insight about the effect of bonus depreciation on our plan and the optionality that it creates for us. Donald E. Brown - Executive Vice President, Chief Financial Officer & Treasurer: Yeah. I think we've talked about bonus depreciation and our tax position in the past. Previously to this extension of bonus depreciation we had NOLs that were going to last until mid-2018. With this extension it actually pushes our NOLs to 2020, so it's probably 2021 where we're a net tax payer. And while this has a negative impact on rate base, it does give us that cash at the kind of tailwind of our planning horizon, to give us cash that we can spend a little bit more on CapEx in the early years, a nominal amount, to offset that negative impact on rate base, and by the end of the planning horizon actually be a net cash flow positive. So, it keeps our earnings guidance and dividend guidance in line, and on the back end of our planning horizon gives us some incremental cash and provides some flexibility in our liquidity.

Okay. That's very helpful. Thank you. That was the only question I had. Thank you. Joseph J. Hamrock - President, Chief Executive Officer & Director: Thanks, Charles.

Thank you. Our next question comes from the line of Barry Klein with Macquarie. Your line is open. Please go ahead.

Hey, guys. Joseph J. Hamrock - President, Chief Executive Officer & Director: Good morning, Barry.

Good morning. Can you provide some guidance on rate base growth, and any equity needs over the next few years? Joseph J. Hamrock - President, Chief Executive Officer & Director: Sure. No, near-term outlook for equity needs. Rate base growth continues to run at a high single-digit percentage clip for us, based on our $1.4 billion of CapEx this year and a fairly consistent outlook beyond that. And then, as we had noted even back at the time of separation, the 4% to 6% EPS growth over the long-term does factor in the eventual need for equity, but it's not in the near-term of the plan and nor do we expect that to change.

Okay. So that's how you reconcile, without any equity, high single-digit rate base growth because it's more longer term equity needs, is that how I should think about it? Joseph J. Hamrock - President, Chief Executive Officer & Director: That's part of it. There are a number of other factors. Regulatory lag, continued steps through the regulatory process, some O&M growth as well. But yeah, that's a fair statement.

Okay. All right. Thank you very much. Joseph J. Hamrock - President, Chief Executive Officer & Director: Thank you.

Thank you. Our next question comes from the line of Paul Ridzon with KeyBanc. Your line is open. Please go ahead.

Good morning, Joe and Donald. How are you? Joseph J. Hamrock - President, Chief Executive Officer & Director: Good morning, Paul. Doing well.

Can you just give a sense of what's happening in the steel sector in Indiana and – basically, what you're seeing there? Joseph J. Hamrock - President, Chief Executive Officer & Director: Sure. We've obviously paid close attention to what's happening in the steel sector, a very key part of our industrial customer base and a key part of the fabric of the economy in northwest Indiana. What we believe we're seeing is sort of a leveling off at a capacity that's reflective of what you see across the nation, in the probably 70% range. Our load for last year reflects that kind of a usage pattern. And frankly, if you took out 2014, industrial sales for NIPSCO electric, you'd see 2015 fairly representative of the prior number of years. So a flat load profile in terms of the outlook for NIPSCO electric. And we continue to see that – sort of lower level of production, but fairly stable is the way we look at it right now.

As you talk to your steel customers, any light at the end of the tunnel or just too early? Joseph J. Hamrock - President, Chief Executive Officer & Director: I think it's too early to say that. Better to let them speak to that. But certainly as I noted earlier, a key part of our focus in wanting to find balanced solutions that help make sure that those customers – we're doing our part to ensure the viability of that part of the economy in northwest Indiana.

And then I got distracted on something else, but you said you're looking for a potential NIPSCO settlement as early as tomorrow? Joseph J. Hamrock - President, Chief Executive Officer & Director: I did say that. Yes.

Okay. Joseph J. Hamrock - President, Chief Executive Officer & Director: That's something that we're optimistic about making progress on. I can't say much more about it, but given the procedural schedule, we're hoping for the opportunity to do something on that front in the next day or two, next business day or two.

Given your upbeat tone on that, maybe I can congratulate you early on getting there. Joseph J. Hamrock - President, Chief Executive Officer & Director: You could be the first then. Thank you.

Take care, guys. Thank you. Joseph J. Hamrock - President, Chief Executive Officer & Director: Thanks, Paul.

Thank you. Our next question comes from the line of Gregg Orrill with Barclays. Your line is open. Please go ahead.

Yes, thank you. I was wondering if you could comment on kind of what takes you within the 4% to 6% earnings growth. What swings you from – what are the swing factors within the range? Joseph J. Hamrock - President, Chief Executive Officer & Director: Yeah, sure. Good morning, Greg. When you look at the profile of our seven companies, the ongoing investment levels and regulatory mechanisms, combination of rate cases and trackers in any given year the range of potential regulatory outcomes is probably the biggest single factor that could move our earnings outlook within that range, and that's a well-diversified mix of regulatory mechanisms. Each state has either a rate case as in Pennsylvania's fully forecasted rate year mechanism or a tracker mechanism that are already well established. So we tend to have a fairly confident outlook within the range, but nonetheless can see a number of things that could change in any given year relative to the mix of regulatory outcomes. Beyond that, I would say there is O&M – O&M variability could be storm-related, could be operationally related in any given year, by far the largest factor is going to be regulatory.

Thank you. Joseph J. Hamrock - President, Chief Executive Officer & Director: Thank you.

Thank you. And I'm showing no further questions at this time. I'd like to turn the call back over to Joe Hamrock, Chief Executive Officer for any closing remarks. Joseph J. Hamrock - President, Chief Executive Officer & Director: Thank you, Kat. And thank you again for joining us this morning. We certainly appreciate your ongoing interest and support in the NiSource's story and look forward to providing additional updates in the not-too-distant future. Have a great day. Thank you.