Good morning, and welcome to Newell Rubbermaid's First Quarter 2014 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded. A live webcast of this call is available at newellrubbermaid.com on the Investor Relations homepage under Events & Presentations. A slide presentation is also available for download. I will now turn the call over to Nancy O'Donnell, Vice President of Investor Relations. Ms. O'Donnell, you may begin.

Good morning. Thank you for joining us for today's call. With me this morning are Mike Polk, our President and Chief Executive Officer; and Doug Martin, Chief Financial Officer. During today's call, we will refer to certain non-GAAP financial measures including but not limited to core sales, normalized operating margin and normalized EPS. Please note that we have provided the reconciliation of the non-GAAP financial measures to the most directly comparable results prepared in accordance with GAAP. The reconciliation maybe found in this morning's press release and in our filings for the SEC. Please recognize also that we have provided risk factors regarding forward-looking statement in today's release and in our latest Form 10-K. Any set forward-looking statements reflect our current views with respect to future events. These statements are subject to risks and actual results may differ materially. We do not undertake to update any such statement whether as a result of new information, future events, or otherwise. And now I would like to turn the call over to Mike Polk.

Thank you, Nancy. Good morning everyone, and thanks for joining our call. My goal today is to walk you through the underlying performance of the business and then explain why we're feeling good about our prospects moving forward. There's a fair amount of noise in the Q1 numbers, so I'll take the time to parse that out so you have a clear line of sight into our results and a good understanding of the opportunities and challenges ahead. There's no doubt that the start of the year was not what we expected. You've already seen the announcement we made earlier this quarter about the harness buckle recall on Baby. And in the U.S., we were not alone in seeing an impact on retail sales from severe weather, which particularly affected our U.S.-centric home solutions business. The Q1 top line impact, either one of these events might have been handled in stride. But both in the same quarter created the challenge called out in our early March press release. I see our team stepping up into this challenge nicely as we strengthen plans for the balance of the year. We become a stronger and more agile company, able to overcome these types of challenges, and I'm confident that we will. Importantly, we have a strong pipeline of new ideas coming to market starting in Q2 and significant investment fire power that will flow from our cost work. We will reunite growth by pulling A&P bending forward from Q4 into Q2 and Q3. If at all possible, we'll look to replenish Q4 spend by doubling down un-generating savings. Our ability to do this will, of course, depend on the growth yield we get from the step up in Q2 and Q3 investment versus prior year and the margin expansion we generate between…

Thanks, Mike, and good morning everyone. As Mike noted, there were some real bright spots as well as some challenges in the quarter. I'll start with the discussion of our Q1 results and then update you on operating cash, Venezuela, share repurchase programs and the balance sheet. Q1 reported net sales were $1.23 billion, a decline of 0.7%. Core sales, which exclude the impact of unfavourable FX, increased 0.7% versus the prior year. Strong pricing in the quarter was partly offset by product line exits, the impact of the harsh weather on our U.S.-centric businesses and Baby harness buckle recall challenges. Reported gross margin was 38.1% and normalized gross margin was 38.8%, up 60 basis points over last year. Inflation and unfavourable currency were more than offset in the quarter by pricing and productivity. Normalized SG&A expense was $342 million or 27.8% of sales, up 80 basis points versus the prior year as we continued to invest behind brands and capabilities despite the short-term sales challenges during the quarter. The composition of our SG&A spend continues to change as well as we increased advertising and promotion expense by about 10% in the quarter primarily to fund our InkJoy TV ad campaign in the U.S., Mexico and Asia. Normalized operation margin was 11%, down 20 basis points reflecting positive gross margin expansion, offset by continued investment behind our brands and capabilities. Reported operating margin was 8.5% compared with 7.9% in the prior year. Interest expense was $14.4 million, essentially flat year-over-year and our normalized tax rate was 18.4% compared with 16.5% a year ago because the company recognized a lower amount of discrete text benefits in the current quarter. Normalized earnings per share which excludes restructuring and restructuring related costs, cost associated with a harness buckle recall and the impact of…

Thanks, Doug. The progress we've made driving the growth game plan into action has made us a stronger and more agile company. We have robust plans for the balance of the year and we will increase brand investment significantly to reignite growth. We're well on our way to delivering the project renewal savings and we're strengthening our drive for further savings by scaling our sourcing activities, optimizing distribution and transportation and by value engineering our packs and products. Our pipeline of new ideas and new products are the strongest we've had in recent years, particularly on writing, tools and baby where we will launch over 10 new products or platforms starting in Q2 through the end of the year. We are or have already created new stronger advertising on Sharpie, Graco, Irwin and Calphalon that will complement our very effective Paper Mate InkJoy advertising. In all of these campaigns, we'll air over the balance of the year with record levels of media support. In this context, we’ve reaffirmed the full year guidance for 2014, core sales growth in the range of 3% to 4%, normalized operating income margin expansion of up to 40 basis points, normalized EPS of $1.94 to $2 or 6% to 9% growth and operating cash flow of $600 million to $650 million. There are two key factors that could influence delivery in the year. The first is our ability to reignite growth. We're well positioned with a strong pipeline of new products, new advertising and new selling capabilities that will be supported with a significant increase in spending. Our ability to support our brands at the rate we plan will also -- while also delivering the margin expansion and EPS growth we're committed to deliver will be a function of tight overhead management and gross margin…

Thank you. (Operator Instructions) We'll pause for just a moment to allow everyone an opportunity to signal for questions. We'll go to our first question from Wendy Nicholson with Citi Research.

Hi, Wendy. Wendy Nicholson – Citi Research: Hi. Good morning. My first question has to do with the recall that you've gone through for Graco. And how confident you are that there aren't lingering issues associated with the brand equity or stuff like that? Or do you think that even once you get passed on whatever you need to do to fix the harnesses, do you have to enter into a prolonged period of higher promotional spending to support the brand, or anything like that?

That's great question. Wendy, since the moment of the recall, we've been measuring consumer feedback on the brand. These brands are our greatest asset. This is a great concern. We've done and we continue to do research to understand how the -- particularly the immediate coverage impacted people's brand perceptions, and also how the disappointment in the quality issue we have on the buckle has influenced their perception of the brand. And this is an incredibly strong brand and a very resilient brand. I'm very pleased that we haven't seen a step back. And I think part of that has to do with the way our marketing teams and our selling organization has engaged on the issue. It was incredibly disruptive, but our consumer services and customer services teams, along with our marketing and selling organizations have done a great job over communicating with consumers. This was a different kind of recall than any we've experienced before because of the nature of it in terms of breadth and also the timing between decision and implementation. And that caused us to have some challenges with the respect to getting replacement parts to consumers. And the group did just an extraordinary job of managing that dynamic and I'm pleased that we can say that there hasn't been any noticeable change in equity or attribute ratings on the brand. Wendy Nicholson – Citi Research: And can you tell us what percentage of the Graco brand is car seats?

We haven't really communicated that Wendy before, but it's well into sort of 20%, 30% range. I'll just give you a sort of a bracket there. Wendy Nicholson – Citi Research: Got it. That's helpful. And then my second question is just going back to what you just said at the very end about the planning meeting that you're about to have, which sounds great, I assume most of that is kind of innovation related and brand-building related, but are -- the conversations about either further product line exits also takes place there. I'm wondering specifically the $25 million of revenue that you're exiting in Europe. Is there a chance that number goes up? Are those the kinds of things that you entertain as well or are we kind of -- it's a portfolio set and SKU assortment kind of set at this point?

Well, everything is on the table at those meetings. This is where our integrated marketing plans or global plans, our development team are building brand plans out for 2015 for the brands they work on and for the relevant countries for those brands. And the way this process works is that integrated marketing plan is translated into a national merchandising plan and then translated into joint customer business plans. That three-step process in building an annual plan for the company is what is initiated at these discussions. So everything is on the table. It's a media spending. We've got a framework for what we intend to do in 2015, each brand does. That's been vetted through the marketing organization now. And now it's time to kind of socialize that agenda and also to talk about the more executional side of the business, core brand distribution, what the optimal distribution footprint looks like by brand, by channel, by customer. And so, those are the types of conversations that are happening. We're talking about price increases for next year. At that time, we're talking about merchandising price points, merchandising frequency, all the display material that we'll use next year is being communicated, the frequency of off-shelf displays, back to school planning for '15 will be initiated at this call. So it's everything that you can imagine you would want to talk about along that dimensions I've just described from global brand plan to national merchandising plans, to individual joint customer business plan. So it's a very, very important meeting. It's a week long and these are full on working sessions for four and a half days. We'll talk about, as I said, we'll talk about everything there. Your specific question about product line exits in Europe, we initiated those exits to be able to initiate the complexity reduction in our infrastructure. John Stipancich and his team led that work and it's yielding great margin improvement in Europe, and now we're on the verge of getting our European business back to growth ex those exits. There are constantly conversations happening around mix within brands and product lines. Certain portions of our business have very high variable contribution margins and other portions of our business in some cases, have very low variable contribution margins. We need to think through all of those dynamics and how we set targets and how we pull [ph] portions of the portfolio for growth. Those are constant on-going conversations. For example, we never talked about this in 2013, but we exited Goodie Electrics a year ago. If it's a substantial exit, we'll talk about it. A $25 million is a big number. If it's a less substantial exit, we'll manage it within our numbers but we're going to do the right things in terms of strengthening the portfolio while delivering against our ambition to accelerate growth as a company. Wendy Nicholson – Citi Research: Terrific. Thank you very much.

We'll take our next question from Chris Ferrara with Wells Fargo.

Good morning, Chris.

Hi Chris. Chris Ferrara – Wells Fargo: Hey guys I guess, when you have adversity, obviously you have decisions to make, where you have to the balance delivering in the near-term with the long-term health of the business. So I guess, what I was hoping for was some color and context around the decisions you are making this year, right? So you are accelerating advertising and marketing, pulling it into Q2, Q3 to jumpstart top line growth. You are also absorbing another sort of nugget on Venezuela. I guess, talk through if you can, the decision process around not lowering guidance on Venezuela, accelerating the marketing, like what is the trade-off of accelerating that marketing if any, and how you're thinking about that stuff?

Yeah. Well, I think it's really important. The first filter with all this -- in situations like this from my perspective, the first filter that we have a responsibility to apply is whether any choice we're making is consistent with the strategic agenda we've laid out for the business. And that's the first pulled filter that's been applied in this re-plan. So if this re-plan was going to result in us having to cut the step up in A&P support that we have built into 2014 as part of the strategic phase of the growth game plan, we would have just taken our lumps and gone to the market and dealt with that conversation with you guys on EPS because we're not going to mortgage the strategic agenda in the business. That's what we're accountable for delivery. And we believe it's the best path to value creation for our investors. And we have confidence and we’ve built confidence through last year that when we invest behind these brands, we can get a real growth yield and if we’re smart about how we manage, how we deploy A&P we can get a mix benefit as well, which you're beginning to see through the writing momentum that we've got in Q1. So we were not about to mortgage that agenda item. That said, when you look at the growth game plan, you look at the five ways to win. There are two things that we talk about and we’ve organized the company around these two things. We believe we can do both of them really, really well, which is making our brands really matter, which is what the development organization has accountability for and building out an executional powerhouse, which is what the delivery organization has accountability for. It's too early in…

Yeah. So this is a really interesting opportunity for us as we sort of turn the corner through the midpoint of the year. And we really get the operating model up to speed and our capability start to getting traction. We then have the opportunity to complement all the organic capability and growth acceleration, capability deployment and growth acceleration to come through the plan with external development. And we will certainly have the cash flexibility to do that. We have the borrowing capacity to do that. And as a result, in my narrative, I'm sure you've noticed over the last six to nine to twelve months you've seen M&A sort of start to feature a little bit more prominently in the dialogue. We are out getting targets. I think it's really important given our track record and history in the space to make sure that whatever we do, we do really, really well and it creates a lot of value and it's not dilutive at all to any of the metrics if we can avoid it across the P&L and also to -- from an EPS perspective. And for us, perhaps more importantly that it fulfils a strategic need that we got in the business. Remember we said we had five anchor categories, two of which are scale Home Solutions and writing and three of which are subscale and subscale to us means less than a billion dollars. So our ambition is to try to scale all five of those anchored categories. So our filters are strategic, but we also have the ambition to do things that are accretive and enhance, if we can, growth in margin when we do them. And it come with the package of synergies either cost or revenue synergies that are very attractive to us. So when you start to apply all those filters, your ability to find the right targets becomes narrower and narrower. And again, I don't think it's right -- I think a long view on the agenda we have here, so I'm not in a rush to do anything. That said, we have a bunch of conversations going on. Mark Tarchetti and Jason Mullins lead that work for us. And when I say conversations, there are internal conversations going on. And I'm hopeful we can find the path over the coming quarters and into next year to demonstrate our capacity in this area to execute acquisitions as brilliantly as we hope to be able to demonstrate on our core agenda. Chris Ferrara – Wells Fargo: Thanks a lot guys.

We'll go to our next question from Bill Chappell with SunTrust.

Hey, Bill.

Good morning, Bill. William Chappell – SunTrust Robinson Humphrey: Good morning. I kind of want you back to the shift in the A&P spend, and so with the understanding of your businesses are all a little bit different. Some of them are seasonal. And so you certainly had a reason why you had the A&P spend kind of weighted towards the fourth quarter. How easy is it to shift it, so that, how do you move it if it was planned for certain categories to other? Can you help me understand how you move it back, and then manage the business at the same time?

Well, in the past, that would have been nearly impossible. That would have been like pulling teeth because of the way we were organized. You had a holding company structure with 43 different bonus pulls. Pulling resources and managing resources dynamically like what we've just done would have been really difficult from an execution standpoint within the design of the company we had. We're different company today. We're an operating company, all the boys sit at that top table. We needed to make the choice that we were going to jump start. We've used this language to reignite growth. And we had increases in Q2, Q3 built into our first plan, as you know, based on our earlier conversations, and we have an increase built on top of an increase a year ago in Q4 in A&P support. And so what we've done is we pulled -- to be very specific, we pulled some writing support out of Q4 and make sure it's really sitting right on top of our writing initiatives, and we've got a very, very strong plan on writing in Q2, Q3. Most of the investments that we've pulled forward is media behind the new campaigns that we're working on. We've also made the decision on Graco that we need to make sure that in the context of the disruption in Q1 that we had strategic plans to build a new campaign out for Graco. We haven’t advertised Graco in God knows how long. And we made the decision a year ago that we're going to work on advertising. Well, we're fortunate to have made that decision because now we want to deploy that media behind the brand despite the fact that the P&L's taken a knock in Q1. And we were going to protect that investment…

We're back in already. Those spots don't sit there empty. They're savvy. They flow inventory into them temporarily. We obviously talk to them about putting some of our other items that weren't recalled into those slots. But they don't hand them off to somebody else. I think they understand the situations. This was a different one than we've had in the long, long time because of the fact that we were -- there were so much inventory in their system of this product. We learned a lot of things through this experience about how sophisticated some of the systems are out there or how well they segregate inventory through their systems, traceability, all sorts of things that we will learn and adapt our programming around that would enable us to do it more efficiently. You would think that first in, first out would apply on inventory through retailer system but not always we've learned. So you've got all those dynamics. And you've got the dynamic that our re retailer will not want the exposure of selling anything that's being recalled. And so you have to make sure that there's not going to be a circumstance where UBC [ph] will flow through their system after you think you've got a cleaned up into the retail environment because then they won't be able to kind of check the consumer out through the cash register, if it's a recalled. You'll be seeing a very reluctant to once they've stopped selling those items. Flick the switch and turn that sell back on. So you have to really spend a lot of time going through their entire warehouse, their inventory systems and making sure you caught everything. And that's the process that we went through. We are the leader in this market by far globally…

Yeah.

Your next question will be from John Faucher with JP Morgan.

Hey, John. John Faucher – JP Morgan: Hey good morning. I apologize for continuing to follow up on the baby piece. But my understanding of the situation is that this is due to -- or at least this is involving a co-packer that you guys use. And so your view on Baby has gotten more positive over the past couple of years as the revenue trends have accelerated. Is there any thought to changing the business model here where you say, "You know what, this is something where we need to bring this in house. That way you could potentially capture the margin opportunities, you get more control obviously at the expense of capital. Is there a thought in terms of potentially changing the business model on Baby as a result of this?

Just to be clear, the issue that we're dealing with is a buckle issue, not a co-packing issue. And there's a company that we've procured these buckles from, our supply partner uses the componentry that we procure or define. And so the relationship we have with our partner has no way contributed to the situation we're in. I think if we look in the mirror and went back six or seven years and looked at our choice to use the primary buckle that's at the heart of this. In the context of the growth game plan, you wouldn't have made that choice. So we own that decision and thankfully there are no safety incidents for us or for anybody else in the industry who use the same buckle. But in the context of building great brands with superior performance, that's a buckle you wouldn't want to have on a product and a brand like Graco. But we've got to live with legacy of things decided whenever they were decided within our company and we're cleaning that. We're cleaning that out. But to be clear, it had nothing to do with our supply partner. We've rekindled a very, very strong relationship with those guys. And they deserve a lot of the credit for the impact we're having in the marketplace over the last two years and they're great partners and we're lucky to have them. With respect to whether we want to vertically integrate or re-integrate, we've got a very high return on net assets on this business, we create a lot of value on this business if we can grow, even though it has dilutive gross margins to the fleet average. So I don't think this issue really warrants a re-evaluation of that. I think there's going to be other ways that we can apply capital to create value for our investors that are going to be much more attractive than that one might be. Not to say we wouldn't ever do it, but it has to be really thought through in where we fit on a list of opportunities. It’d probably be further down the list on other things we envision doing with our cash. John Faucher – JP Morgan: Okay. And then a separate question on writing, you talked about the pricing in the press release there. Can you talk about – is the brand investment driving your ability to take price? Because a lot of companies that we covered just simply aren't seeing that type of pricing here. So what's driving that, how sustainable is that, as you look out over the next couple of years.

Yeah. John, this is Doug. I think our brands are strong enough to -- many of our brands are strong enough to take and sustain price. And the investing behind the brands is helpful. In the case of writing specifically, we’ve begun advertising InkJoy brand, as you know, in Latin America. And that's where a lot of our pricing is coming from in this business right now. So it's a combination of brand support and pricing and driving really nice volume. John Faucher – JP Morgan: Okay. So is that more mix then or sort of straight price?

It's straight price.

In Latin America.

In Latin America, right. John Faucher – JP Morgan: Okay. Great. Thank you very much.

Your next question is from Bill Schmitz with Deutsche Bank. William Schmitz – Deutsche Bank: Hi guys. Good morning.

Hey, Bill. William Schmitz – Deutsche Bank: Doug, just a quick one on the tax rate, I think I might have missed it. But what do you guys think the normalized tax rate is going to be for the year?

It hasn't changed, Bill. It's still between 24% and 25%. As you know, the thing that we have difficulty judging is when discrete items might hit throughout the year and they traditionally hit for us in Q1 and Q3, but it is difficult to tell in our rate. And those are items you can't actually build into a flat rate for the year, so they pop up. But I think 24 to 25 is still a good range. William Schmitz – Deutsche Bank: Okay. Great. And then the advertising ratio for the year, did you guys ever say what you expect the ratio of sales to increase and how that's changed versus your previous guidance? And then you look broadly across the industry, and obviously, it's horrible for the brands. But there's tons of money that's moving from advertising to promotion. And so, are you tempted to take that path or have you taken that path a little bit? Any color would be appreciated.

So we did move down that path last year, Bill. So as we built out the scale events that our merchandising teams pivot around. That was an investment we did make in 2013. Actually, this year, we're pulling back a little bit. We have some shifting between consumer promotion and merchandising devices. But the real step up in A&P is almost all advertising related in 2014. And we haven't communicated an advertising ratio externally, but this is a very material step up in advertising investment in Q2 and Q3 well into double digit increases. And the bits impact is quite significant. And I prefer not to kind of give a specific number out for competitive reasons. But we last year spent at a much higher rate than our competitors and this year you'll see us spend even more significantly than our competitors. It's our responsibility as the leaders in these markets to build the categories. Of course we're going to do it through our branded assets, so we're going to capture share as we are in our key strategic businesses, whether it's baby, whether it's a writing portfolio, whether it's our food storage, food beverage portfolio within Rubbermaid. Where we're making these bets we’re winning. And so we're encouraged by the responsiveness of the business to the investment. And because of the way we're managing the company, we're taking the power of $6 billion company and applying it against competitive interphases -- at the interface between a category in a country against smaller competitors. We can flood those competitive interfaces with resources if we manage the resources dynamically and we don't let them get trapped in businesses. And that's exactly what we're doing and that's why we see the share yield in the places where we've applied it. Our ambition…

No, it's a great brand. We're going to figure out this one out. This is my life mission. So I love the brand. It's a power brand and it's like any other brand. I've worked on some tough, tough brands before, coffee business, Maxilla House, not an easy brand. There are plenty of margarine, not easy brands. This is just another naughty -- there are plenty of margarine, not easy brands. This is just another not-easy brand. And so we're going to figure this out. I've got a really good team on Rubbermaid both on the delivery side and on the development side. And we're encouraged by the ideas that are coming through the innovation funnel. We've got some of our best thinkers on this business. This is where shops design capability will be able to kind of really create value. By the way, we just opened that design center a few weeks ago. And so we're going to crack this code. Now, just remember, Rubbermaid is 7 to 8 different businesses under one brand. We go up from everywhere from big storage codes to food storage to food beverage containers to durable water bottles to water coolers to outdoor sheds to outdoor décor to closet organization, to garage organization. So this is a big sprawling brand. Not all of the product lines within this brand are interesting to us. But many of them are really interesting to us and are on trend. So this is going to take us a while. This will be our toughest brand challenge I think of all the stuff we've got going on. We're not ready yet to put real money behind it, but I think this is one of the most interesting businesses we've got and we're going to figure it out. It may take us another year to get it right, but we're going to give you evidence that even this brand can be cracked. William Schmitz – Deutsche Bank: Okay. Thanks so much.

Our next question from Connie Maneaty with BMO Capital Markets. Connie Maneaty – BMO Capital Markets: Good morning. I also have a follow up on home solutions, the business. What percentage of the home solution products are the ones that either you can't take pricing on or low margins or that caused you the trouble in the first quarter.

I'll just tell you that the line. I'm not going to give you a percentage, Connie, but it's a big home organization, tods business which is the toughest business we've got. It's the most competitive business we've got and it's a place where it's not easy to create a product based point of difference that enables you to command a premium price. And that's the one that’s set a portion of that portfolio that will be trouble for us. We may not get to all the other portions of the business that are right upfront in terms of renovating their design and their configuration. But this is probably the biggest challenge within the business. And of course, you can't just pull back the throttle on something that's sizeable like that those big tods are as a percentage of your revenue stream because you get into a fixed cost absorption with you and your factories. So we're going through the process of understanding the variable contribution margin of every one of our product lines by factory. We're looking at the hours produced within those factories. We're figuring out how to reconfigure our demand and create the demand that enables us to absorb the right amount of -- absorb the fixed cost in these factories but on the businesses with a higher variable contribution margin. So we're not going to live the old ways that we have historically lived where the big volume-producing items with the low variable contribution margins absorb the fix cost, and we rationalize our gross margin percentage in the back of the assertion that they absorb the infrastructure cost. We believe we can grow the other portions of our business quite substantially. And so the mechanism by which you get this thing fixed is you invest in the…

Yeah, Connie, this is Doug. I'll take that. We actually are in profession in the industry that needs to record at the rate at which you expect to be repatriate earnings and or royalty streams as opposed to what you're daily transacting the business at. And for us, the most likely rate that that will be is SICAD I. Now, to be clear, we continue to get approvals for under the old regime at 6.3 to get payment to vendors on an everyday basis. While we get approvals, we're not getting cash. So there still remains a tremendous amount of uncertainty as to when we can actually monetize those in U.S. dollars on our side. And then from a SICAD perspective, when we look at the different classifications between SICAD I and SICAD II for our products -- and remember, our products in country are mostly in the writing business. They're mostly educational tools and we believe that they'll most likely fall in to SICAD I. We haven't been invited to participate in either SICAD I or SICAD II at this point. But SICAD I is where we expect to go. Connie Maneaty – BMO Capital Markets.: Okay. Great. Thanks.

Your next question comes from Joe Altobello with Oppenheimer. Joe Altobello – Oppenheimer & Co.: Hey, thanks. Good morning, Mike. Good morning, Doug.

Good morning, Joe. Joe Altobello – Oppenheimer & Co.: I just want to go back to gross margin for a second and the expansion you saw this quarter. Obviously, you surprised us and it sounded like it surprised you to the upside as well. I wonder how sustainable that was. You mentioned that you're looking for a step down in promo spending this year. So was there any sort of one time item in that number or is that really a sustainable expansion number going forward? And if you could tease out, how much of that was from pricing, and how much from promotion? Thanks.

Yes. We got good price realization. Remember, we started to take pricing in Q4. We've got good price realization in the quarter. So that's a positive. How sustainable that will be? That will be a question over time and we have a set of principles that we need to embrace which are relative which are competitively driven. So we have price gaps that we are looking to maintain relative to our competition and that's the principle that will drive us because that's what in the brand's interest. So there may be some movement and maybe some movement back on some of that pricing. But we'll see. It depends what our competitors do. To be clear, if our competitors match, then there won't be any reason to have to pull off of that number. That said, we think we're going to have a positive price impact to gross margin on the full year significant one in part because of the inflation that Bill was talking about on the resin based businesses. But in part because we can begin to price as we build these brands and build the equity in these brands. We're changing the value proposition in these brands and we think we can capture more pricing and be less merchandising dependent. That said we spend a huge amount of money between gross price and net price. So don't think that we're pulling back hard on the throttle. We're just taking series of steps here. Mix is certainly a variable in Q1. Remember, Home Solutions was down lower gross margin. Baby was down lower gross margin. So that's a variable in the gross margin increase. Had the Graco recall not happened, we wouldn't have gotten a stronger gross margin outcome because Graco would have been stronger on the volume side,…

Thanks Joe.

We'll take our next question from Olivia Tong with Bank of America-Merrill Lynch. Olivia Tong – Bank of America-Merrill Lynch: Great. Thank you. I appreciate it. Just on the outlook on sales, can you talk about some of the puts and takes of the sales outlook that gets you back to plus three to four because obviously baby is a little bit lower and it'll take some time to get back to a steady state. But it sounds like you also have a delay in some of the office consolidation which is probably giving you some cover. So can you walk through some of those puts and takes please?

Yeah. So obviously, the ODO and OMX merger, Office Depot, OfficeMax merger, and -- what we anticipated in Q1 with respect to store closures and consolidation of networks, et cetera, that hasn't happened. In the cadence we thought it would, and that certainly contributed in some ways to our writing success. We've been very engaged with Office Depot and we have a good plan in place, good joint customer business plan, a better one than we have last year set now for the new entity. And we expect to have and are hopeful that if we execute well, have a very, very good back to school merchandising drive period across the total company. But in particular, the change in our conversations with Depot Max versus our conversions last year should strengthen our overall performance there. So that's encouraging and that's a positive with respect to guidance relative to what we thought we would have when we first laid out our plan. So kudos to the team for planning a path to a better discussion. And we're hopeful that in execution, it actually yields an outcome. We're more bullish on writing overall as a result of the brand work that's going on. We're relaunching Mr. Sketch. We're launching Clear Point Highlighters on new really innovative item on Sharpie. We've got the momentum really building now on InkJoy from a share and from a geographic perspective. We've got Finepoint Expo going to market. We've got a lot of stuff going on in writing, six months ago I would've been confident talking to you about. The new Sharpie advertising tested extremely strong. Three times the U.S. national average of all ads ever tested in all industries. Three times as effective along the metric that we look at to measure effectiveness amongst our testing…

Your final question comes from Jason Gere with KeyBanc. Jason Gere – KeyBanc Capital Markets: Good. I mean Thanks for squeezing me in, guys. I guess, just more of a bigger picture. I want to talk a little bit about Asia. I mean, if we think about the plan longer-term, Latin America is obviously hitting its stride, your Europe efforts to stabilize are working. So when we think about the long-term organic sales or core sales in that 3% to 5% range, Asia seems to be the missing ingredient. So I was just wondering if you can maybe talk a little bit about the selling capabilities, the infrastructure that is in plan, to really focus on when top line acceleration will come in. And whether some of the issues that are going on in some of the other businesses, other geographies are kind of slowing down the plans to get Asia up and running in 2015?

Jason, our strategic thinking around this as you recall when we talked about the growth game plan at the very beginning was that we were going to increase the margin in the developed world as a mechanism for having the investment firepower to drive growth through two different means. One is market share growth in our home markets, and secondly, the deployment of our portfolio to -- a selected portions of the portfolio into the faster growing emerging market in a disciplined way; first, south to Latin America and next east to Asia. So that's the narrative that we put out there and that's the plan we're executing right now with a real intense focus on scaling Latin America. But the next horizon is it's not just China. It's Southeast Asia and China. We have a huge opportunity. We don’t sell anything in Indonesia. We don’t sell anything in Vietnam. We have a limited portfolio available in the Philippines. We have a good business in Thailand and Malaysia in writing but we don't have the rest of the portfolio there. So there's a huge opportunity for the company. I think it's fair to say that the next chapter of the company -- the next five year plan, we'll have Asia right in the center of it. That said, we're going to begin to move to east here over the coming years. I think with the real focus in 2016 with the start of that agenda in the late 2015 with a real interest in our win bigger categories in the baby business, particularly in China for the baby business. And so, I think that's the way you should think about it. We're in the planning stages now. We've got a lot of work to do on route to market, as you say, on sourcing, and on the brand. We're focused in that work and the inside work on writing today and in China. We're thinking about Southeast Asia on tools and commercial products where we’ve made progress on route to market under Curt Rahilly's leadership on commercial products. But I do not think you should build into your models a big step up in Asia performance. I think the window to think about that is 2016, 2017 because we don't want to enter these markets in a way that's not sustainable and is not focused on building brands. In the past, we've sometimes been a little bit too opportunistic in pursuing revenue in some of these moves. And we don't want to do that. We want to build a business that's going to be in those countries 30 years from now, not a business that’s going to be there for 18 months and give us a nice pop of growth. Jason Gere – KeyBanc Capital Markets: Okay. Great. This sounds like everything is on plan there. So I'll leave at one question as well in the interest of time.

Thanks Jason.

That concludes our question-and-answer session. I will now turn the call back to Mr. Polk for closing remarks.

My closing remarks I think will be really focused which is I really appreciate all the challenging and the support through what's been a tough first quarter and your questions, your commitment to stay connected to what it is we're doing. It's very helpful to us as a management team as we try to chart the path forward. So we're optimistic about what we're going to be able to deliver on the year despite the disruption we've had in Q1 and it's going to take my team fully embracing the challenge. And from what I've seen, the folks have really immersed themselves in this area and some may even relish the challenge. So with that, I'll close the call and I appreciate all the feedback and the challenge and the support. Talk to you soon.

That concludes today's conference call. Thank you for your participation. Today's call will be available on the web at newellrubbermaid.com and on digital replay at 888-203-112 domestically and 719-457-0820 internationally with an access code of 6886528 starting at 12 pm Eastern Time today. This concludes our conference. You may now disconnect.