Ladies and gentlemen, thank you for standing by, and welcome to the Terex Corporation Fourth Quarter 2015 Financial Results Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. I would now like to turn the conference over to Mr. Tom Gelston. Please go ahead, sir.

Thank you, Paula, and good morning, everyone, and thank you for joining us for today's fourth quarter 2015 financial results conference call. Participating on today's call are John Garrison, President and Chief Executive Officer; and Kevin Bradley, Senior Vice President and Chief Financial Officer. Following prepared remarks, we will conduct a question-and-answer session. Last evening, we released our fourth quarter 2015 results, a copy of which is available on our website at terex.com. Today's call is being webcast and is accompanied by a slide presentation which includes a reconciliation of non-GAAP to GAAP financial measures that we will use during this call, and is also available on our website. All per-share amounts in the presentation are on a fully diluted basis. And as usual, we will post the replay of this call on the Terex website under Audio Archives in the Investor Relations section. Now, let me direct your attention to slide 2, which is our forward-looking statement and explanation of non-GAAP financial measures. We encourage you to read this, as well as other items in our disclosure, because the information we will be discussing today does include forward-looking material. With that, please turn to slide 3, and I'll turn it over to you, John. John L. Garrison - President, Chief Executive Officer & Director: Thanks, Tom, and good morning, everyone. Given this is my first earnings call with Terex, I wanted to start by saying how pleased I am to be leading Terex in these dynamic, exciting and challenging times. Kevin and I will cover three topics today before we take your questions. First, I will offer my initial insights on my first hundred days at Terex. Next, we will review our results for the fourth quarter of 2015, the full year 2015, and provide our perspectives on 2016.…

Thanks, John. As a reminder, during the question-and-answer session, we ask that you limit your questions to one and a follow-up to ensure that we have time to get everyone's question in. With that, Paula, I'd like to open it up for questions.

The floor is now open for your questions. Your first question comes from Ted Grace of Susquehanna.

Good morning, gentlemen. John L. Garrison - President, Chief Executive Officer & Director: Good morning, Ted.

So, the first thing I just want to ask – and I know you said you wanted to have more comments, I want to be fully appreciative of that. But just in terms of – could you talk to which inning you're in from the standpoint of evaluating the Zoomlion offer? It's obviously, arguably, the single most important factor people are looking at given the stock is at $20, the offer is $30 in cash. And so, from the standpoint of kind of like the timeline that you're using to evaluate Zoomlion relative to the timeline you've outlined for Konecranes' closure, can you just help us kind of understand those two timelines and how they're kind of converging? John L. Garrison - President, Chief Executive Officer & Director: Yeah. Thanks, Ted, and I am a former baseball player, but I don't want to use a baseball innings analogy. We are working very closely with our advisors, legal and financial, to evaluate the Zoomlion proposal. As that work continues and once the analysis is complete, we will be making public statements on the analysis and the direction. But until such time, and I think you're going to appreciate this Ted, and until that work is done, we really cannot have any further comments on the Zoomlion proposal.

Yeah. That's fair enough. The – so, I guess the thing I was next hoping to run through is the guidance. If you look at the revenue guidance down 10%, obviously, there are six – or, no, there are five segments in that margin. But could you walk through, either you or Kevin, kind of how you would book end kind of key ranges on Aerial sales and Cranes and MHPS? I'm guessing, from a revenue perspective, those will be the most important. You've given some pretty specific guidance, down 15% or so, in the case of some of those. And then, similarly, Kevin, I think you made a comment that restructuring cost will be a key part to reaching these numbers. Can you walk through kind of the game plan on the restructuring side, how we should think about COGS versus SG&A? And any color you can share there would be great, and I'll get back in the queue. John L. Garrison - President, Chief Executive Officer & Director: Yeah. I'll kick it off and then turn it over to Kevin. In terms of the markets, as we said, on the AWP side, we're seeing down approximately 15%. That's principally on the headwind side really being driven by the North American rental market. And North American rental customers are, in fact, being cautious in their demands. We do believe we're entering into that replacement cycle impact. Offsetting that, on the AWP side, is that we are experiencing some growth in Europe and Asia, but clearly not at the level that the impact has in North America. Likewise, in Cranes, the Cranes business is – the oil and gas impact or low oil prices of our Cranes business, especially in North America, has been profound. On the rough terrain cranes…

Okay. Maybe just – I'll go back in queue after this. But down 10% overall, is it plus or minus margin 250 basis points either way? I mean, just – could you frame kind of how you're thinking about the downside scenario versus the upside scenario in the context of down 10%? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah. I'd say – I wouldn't want to give you a specific bracket around that. Certainly, we're not going to call it exactly a 10%. But where we're obviously keeping close attention to is the AWP side, right? It's got the most leverage on the income and has the most influence. Right now, we feel pretty good about 15% as the range there. But as the – as 2Q begins to come into full view, that's the one that we're watching.

Okay. Well, best of luck this quarter, guys. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Thanks, Ted.

Your next question comes from Jamie Cook of Credit Suisse. Jamie L. Cook - Credit Suisse Securities (USA) LLC (Broker): Hi. Good morning. John L. Garrison - President, Chief Executive Officer & Director: Good morning, Jamie. Jamie L. Cook - Credit Suisse Securities (USA) LLC (Broker): I guess, just a couple of questions. One – sorry, back to the Aerial Work Platforms side, can you discuss what you expect this year just in terms of seasonality? Or how do we think about the cadence of orders or sales relative to history? And could you speak to just the competitive environment with one of your competitors still sitting on some excess inventory? And then, my second question relates just to Cranes. The 3% to 4% margin, I think, would be heroic and down 15% sales here. So, can you just, again, provide a little more color, how much of that is sort of restructuring? John L. Garrison - President, Chief Executive Officer & Director: Okay. On the AWP side, in terms of the seasonality, I think, we expect to see, I'd call it, a historical seasonal trend. The reduction in backlog at AWP really was associated with the large North American rental companies' pre-buys being lower on a year-over-year basis. So, I think we expect to see, on the AWP side, the historical trend. In terms of the market dynamics, I don't want to necessarily comment about competitors' inventory levels. We are seeing surprising headwinds in the marketplace. And so, sometimes, pricing headwinds are the result of demand-supply imbalance. So, we're focused on what we believe the appropriate level of demand is. I will say that in these challenging times, from an operational perspective, one of the things that we have to focus on or tighten up is our overall pricing.…

Your next question comes from David Raso of Evercore ISI.

Hi. Thank you. You mentioned the potential of some portfolio changes, but I'm curious of the relationship right now with Konecranes, the Zoomlion offer. How has the decision-making process of those portfolio decisions impacted by what's going on with Kone and Zoomlion especially when it comes to timing? John L. Garrison - President, Chief Executive Officer & Director: Right. Thanks, David. In terms of – our decision-making at this point in time is that we're going to make the best – the right decisions to the best interest of the business. And so, we're looking at all three scenarios. And if the decision is right under all three scenarios, then we'll make that decision and we'll implement that decision going forward. So, we are factoring in – there are three scenarios that we have to look at. There are some decisions that frankly, I think, are appropriate under all three scenarios and those are the decisions that we will make, and those are the actions that we'll take and implement.

Is there some consultation now taking place among the three parties, two parties, whatever the dynamics maybe related to those decisions? John L. Garrison - President, Chief Executive Officer & Director: On terms of the Konecranes and ourselves, we do have an active process on the integration with Konecranes. And so, we do exchange information with both sides there, taking some actions to deal with the market reality. We are taking some actions to deal with the market reality, as well as discussions with Zoomlion and we do talk about our portfolio.

And one clarification, I mean, for Kevin or Tom. To be clear, this guidance by business segments are not apples-to-apples. It's pro forma for some of the re-classes that took place, is that correct? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: That's correct, David. For example, in MP, the Fuchs business is in there in the forward-looking, but not obviously in 2015. John L. Garrison - President, Chief Executive Officer & Director: In the recorded 2015, but the guidance – the change in sales, what it account for is as if it was in the 2015 numbers. So, the 2016 is an apples-to-apples comparison.

No, no, just to be clear though, if you say Aerial is down 15%, it's not versus 15% the year-ago reported sales, it's year-ago with part of that crane service business? John L. Garrison - President, Chief Executive Officer & Director: Yes, yes.

Okay. Thank you very much. John L. Garrison - President, Chief Executive Officer & Director: A relatively small piece there, though, David.

Correct, correct. Thank you.

Your next question comes from Vishal Shah of Deutsche Bank. Again, your next question comes from Vishal Shah of Deutsche Bank.

Vishal, are you there?

Okay. Your next question comes from Andy Casey of Wells Fargo.

Thanks. Good morning, everybody. John L. Garrison - President, Chief Executive Officer & Director: Good morning, Andy.

I just wanted to dig in a little bit on the 2016 guide. You mentioned that it's going to start lower than 2015. Can you give us a little more detail about the spread within 2016? John L. Garrison - President, Chief Executive Officer & Director: Go ahead, Kevin. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah. Andy, we're not going to give quarterly guidance other than what we mentioned, which is really the Q1 pressure. Other than that, it's basically a typical seasonal pattern.

Okay. Thanks, Kevin. And then, within AWP forecast, if I go through the numbers, it seems to include low to mid-50% decremental margins. And I'm trying to understand how that may or may not be conservative, especially given the business had some early 2015 margin issues. Can you kind of walk through a little bit of detail behind that, the margin assumption? John L. Garrison - President, Chief Executive Officer & Director: Yeah. One second. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: We're not – yeah, we're not seeing those same decrementals, Andy. I'm looking at the decrementals more in the 20% to 25% range. So, I'm not following your math on the 50% decrementals.

Okay. I'll follow up with Tom offline. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Okay.

Thanks.

Your next question comes from Ann Duignan of JPMorgan.

Hi. Good morning, guys. John L. Garrison - President, Chief Executive Officer & Director: Good morning, Ann.

Good morning. Just one clarification on the MP guidance above 5%. Can you tell us how much of that is organic and how much is acquisitions? What would you be guiding to if it were organic? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah. The organic piece would be down, Ann, so the increase is really all acquisition related. I'll see if I can get you a rough range on that on the organic side.

Okay. That would be helpful just to understand. And then, can you talk a little bit about controlling what you can control? Your inventory stood at about 104 days versus 92 days a year ago. Can you just talk about your inventories by segment on what you can control there going into 2016? John L. Garrison - President, Chief Executive Officer & Director: Yeah. I'll take that and then turn it over to Kevin. Ann, focusing on working capital and working capital improvement in a seasonal cyclical business is something that we have to focus on. And frankly, I think we acknowledge that we have to improve. We did have a growth in inventory, specifically a growth in our AWP segment. In that case, Kevin and the team made a strategic decision to build some inventory to put on the water for our European sales, so that made sense. We did see lower customer advances in our MH and PS sector principally driven by the port side. But also, we are seeing some favorability. We did see improvements in our AR balance, partially as a result of lower revenue, but also improved collections efficiencies with our shared service centers. Likewise, on the AP side, we've seen some improvement on the AP side, as we've negotiated better terms with our suppliers. This is an area of focus for the team. We've instituted a biweekly cash call, net working capital call with all business segments that I lead. And we literally go down through their sales and inventory planning process, their receivables, their payables, raw WIP and finished goods inventory. And we understand where we are, so that we can get that laser focus on reducing the amount of working capital that's tied up in our business. So that's a new process that we've implemented here in the last couple of weeks. It will take some time for it to gain traction, but the team is focused on driving improvement in net working capital. So to the point, Ann, that we've actually changed our incentive compensation system and there's an element now associated with net working capital improvement.

Good. Great. That's good color. I appreciate that. And just one quick follow-up. Is there any sense that orders are being delayed maybe on some of the larger equipment ahead of the bauma equipment show or not really this year? John L. Garrison - President, Chief Executive Officer & Director: I'd say, based on my conversations with my folks, I'd put it in the not really camp, Ann. We haven't had any – there will be always be some orders announced at the big shows, but those are in work long before the show. So I can't tell you that my team is saying they're seeing a delay in orders associated with the upcoming bauma show. If that changes, we'll let you know, but that's where we currently stand.

Okay. Great. I'll get back in the line. Thank you. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah. Ann, I just wanted to get back to you though on your first question. It's actually split both the core, the organic crushing and screening; and the acquisitions contributing about half. So it's split between the two in terms of the 5% growth. I had that wrong; I apologize.

Okay. I'm not sure I follow. Organic then how much? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: About half of the increase coming from the core historic crushing and screening, and then about half from acquisitions on that...

Okay. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: ...on that 5% increase we're carrying.

Okay. Thank you. I appreciate that.

Your next question comes from Nicole DeBlase of Morgan Stanley. Nicole DeBlase - Morgan Stanley & Co. LLC: Yeah. Thanks. Good morning. John L. Garrison - President, Chief Executive Officer & Director: Good morning, Nicole. Nicole DeBlase - Morgan Stanley & Co. LLC: And so, my first question is just kind of a nitpicky one on the re-segmentation that you guys are doing. So I completely understand what you're doing with the sales. But are there any major puts and takes on margin from that re-segmentation or not really much change? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah. So, the biggest one would be you'll see some compression in MP margin from moving our Fuchs business over. That business is in the, rough area, about $150 million with margins that were slightly negative in 2015 are expected to be flat to maybe slightly up in 2016. So that's probably the most significant of the restructuring. As John mentioned, the portion of North American services that's going into Matt's business isn't extremely material, and that's pretty much the total. Nicole DeBlase - Morgan Stanley & Co. LLC: Okay. Thanks. That's helpful. And then, the second question is just around cost savings. I think, under the previous management team, you guys were targeting $202 million of run rate cost savings in three years. I'm just curious, how you feel about that prior cost saving program, if that's still in the table? And if it's not, what you're doing a little bit more specifically with SG&A, manufacturing costs, et cetera, in 2016? And also, I guess, what you've embedded in guidance from a restructuring payback perspective? John L. Garrison - President, Chief Executive Officer & Director: Yes, Nicole. On the $202 million improvement program, by no stretch of…

Your next question comes from Rob Wertheimer of Barclays.

Thanks, and good morning. John L. Garrison - President, Chief Executive Officer & Director: Hi, Rob.

One quick question. On those biweekly, I think you said – anyway, the working capital reports that you're doing, are you seeing anything sort of structural in the aging of inventory or other accounts that makes you worry that you have any stuck assets, or is it more just process in flow that you're trying to work down? John L. Garrison - President, Chief Executive Officer & Director: I think it's more process in flow. I'm sorry, I've not been made aware of any issues and I'm looking at Kevin and he's going, no. So, it's really process in flow, driving your fundamental underlying business processes to utilize less assets in the business; principally it surrounds our S&OP or sales and operations planning process, and really focusing a lot of discipline in that process to take out, frankly, assets in the system that we don't need. It involves – now, it does take time because in some case it does require lean implementation or improving our lean implementation, reducing cycle times and things of that nature. But those are the types of things that we focus on in these reviews. So I'd say it's flow and process, not any stuck inventory.

Perfect. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: I'll just add to that. Another objective in addition to getting lower working capital is getting a more consistent level of working capital. Again, back to process, right, we do have kind of – we tend to have a little bit of heroics in end of month, end of quarter. Bottom line, we're trying to get sustainable and usable cash off the balance sheet, which means we got to have disciplined process that apply throughout the quarter and throughout the year. So, that's another focus of the monthly rigor.

I'll stop there. See you tomorrow, guys. Thanks. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Thanks, Rob.

Your next question comes from Mig Dobre of Robert Baird. Mig Dobre - Robert W. Baird & Co., Inc. (Broker): Yes. Good morning. Guys, if we can go back to inventories relatively flattish year-over-year here. And obviously, your outlook for next year is down 10% on the top line. How do you see inventories coming out of 2016? And any color as to where maybe the biggest potential drawdown in inventory would be by segment level? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah. We're not forecasting inventory. And just kind of full disclosure, flattish, but on a currency-neutral basis, not a positive for 2016. So, we got work to do in inventory. I think we see the opportunity for reduction candidly being broad-based, not specific to any one business. I think it'll come out of – we're looking for it to come out of all of them because the process opportunity really exists across Terex. Mig Dobre - Robert W. Baird & Co., Inc. (Broker): I see. And then, maybe this is just clarification. I'm trying to understand the guidance, once again, given the moving pieces. When I'm looking at your Crane guidance down 15%, is this number a core number or does this also include the $130 million of service business that's moving out of Cranes? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: That does include the service business coming out of Cranes and into Steve's world. Mig Dobre - Robert W. Baird & Co., Inc. (Broker): Okay. So, core would be more like down 7% or 8% or something like that, right? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: I think it would still be double digit. I can confirm that – let me confirm that math for you.

That growth percentage or in this case the decline of around 15% is as if the 2015 number had those businesses out of it, such that the 2016 reporting numbers, that would be the comparable for 2015. Now, when you look at what we reported as reported, it wouldn't tie to that. But what we wanted to do is give you something that you could look and model 2016 on the current structure basis. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Thanks, Tom. Mig Dobre - Robert W. Baird & Co., Inc. (Broker): Okay. Thank you.

Your next question comes from Jerry Revich of Goldman Sachs. Jerry Revich - Goldman Sachs & Co.: Hi. Good morning. John L. Garrison - President, Chief Executive Officer & Director: Good morning, Jerry. Jerry Revich - Goldman Sachs & Co.: John, can you talk about your plan to improve the distribution for the Construction business and just flesh out for us the steps that you're taking? It looks like the move of Fuchs to Materials Processing is a step in that direction. I'm wondering if you could just flesh out for us the opportunity from aligning the distribution there and the broader plan for the rest of the businesses... John L. Garrison - President, Chief Executive Officer & Director: Right. In terms of... Jerry Revich - Goldman Sachs & Co.: Within Construction? John L. Garrison - President, Chief Executive Officer & Director: Thanks, Jerry. In terms of moving Fuchs into the MP section, I think that business actually, in terms of the other businesses, sales and marketing distribution, distribution channel management, the opportunity to leverage in the environmental side, move away from just solely dependent on scrap and scrap metal. So I think we're looking for Kieran and his team to drive some improvements in distribution around the Fuchs business, given their existing distribution channel and that their business is a third-party distribution channel management business. So we're looking for Kieran and his team to take that Fuchs business to a different level if you will. It will take some time getting the distribution up and in place, but we think there's some real synergy opportunities there and that's why that business was moved into Kieran into the MP segment. In terms of Construction overall, clearly, this is a segment that has been under – has underperformed for quite some…

Your next question comes from Joe O'Dea of Vertical Research Partners.

Hi. Good morning. John L. Garrison - President, Chief Executive Officer & Director: Good morning, Joe.

Just on AWP orders, a pretty tough comp in the quarter and, in absolute, still a pretty good level. So just trying to get a sense in 1Q, whether or not you're seeing some incremental softness from 4Q levels or – just because we can normally see some shifts from 4Q to 1Q, but how you think that plays out over the remainder of this quarter. John L. Garrison - President, Chief Executive Officer & Director: I think I'd answer in this way. The biggest part of that backlog is preorders associated with the rental companies. And we do see some movement historically – right, guys – from Q4 to Q1. But I think the cautious outlook that the large rental companies have gone out with in terms of their CapEx requirements, I don't think we're anticipating a big shift from Q4 to Q1 in this environment. So, that's how that we're looking at the AWP side. And again, that's principally being driven by the North American rental market. And the large customers, our team's in daily contact with them and we think we're tight with in terms of what their needs and expectations are, and they're being cautious, kind of a wait-and-see attitude for 2016. And we think that really explains the backlog, and also explains why we're not expecting to see a dramatic increase like, I believe, we did a year ago or two years ago that shifted from Q4 to Q1.

Thank you. And then just on the restructuring front, it sounds like more details to come, but as you consider some of the options you have, are you able to give any sort of magnitude around the additional savings that you could wind up achieving in 2016? John L. Garrison - President, Chief Executive Officer & Director: Joe, good question, but we need some more time to work on that and to ensure that we have detailed actionable plans that we can execute to. And as I get comfortable that we've got those detailed actionable plans that we can execute to, we'll indicate what the savings are and then also what the restructuring charges associated with that are. But unfortunately, right now, I'm not prepared to discuss the details.

Okay. Thanks a lot.

Your next question comes from Brian Chan of Bank of America Merrill Lynch.

Hi, guys. Thanks for taking my call here. John L. Garrison - President, Chief Executive Officer & Director: Hi, Brian.

A lot of the questions were already answered. But just had a quick question, with the changing operating earnings expected for 2016 and 2017, it seems like mostly from the AWP segment. Is there any adjustment taking for the $1.5 billion worth of share repurchase after the Konecranes merger, on both the $500 million and the $1 billion afterwards? John L. Garrison - President, Chief Executive Officer & Director: We haven't looked at that. I can say as part of the Konecranes integration efforts, we have teams looking at the purchasing and purchasing synergies. But to that level of detail, I can't say we've looked at, Brian. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah, Brian...

I'd, sorry, go ahead. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: ...any share repurchase will be based on where the business is performing at that time. But at this point, as John said, no change in expectations.

Okay. John L. Garrison - President, Chief Executive Officer & Director: I'm sorry. I misunderstood. Did you say share repurchase program?

Yeah, the share repurchase program, right. John L. Garrison - President, Chief Executive Officer & Director: No change in terms of any of our previous announcements as it pertains to the share repurchase program. Sorry about that. I misunderstood.

No worries. And is there any type of like – so if you do the $500 million immediately and the $1 billion afterwards, are you going to base that on some type of leverage guidance or liquidity, or if you can help us think through what those decisions will be based off of, that'd be very helpful. John L. Garrison - President, Chief Executive Officer & Director: Right. So, obviously, those decisions, as we previously indicated, will be based on market conditions and market dynamics; and obviously, our covenant and leverage ratio. So as we get to that point in time, that's how we will make the determination of quantity and when.

Okay. Great. Thanks a lot, guys. Appreciate it.

Your next question comes from Eli Lustgarten of Longbow.

Good morning, everyone. Just one quick clarification, the guidance excludes foreign currency impact and there's no pension accounting changes at all? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: That's correct. We don't expect currency to move us outside of the range up or down in 2016. And there's no material expectation around change in pension.

Okay. And can we talk a little bit about how you're handling your dealer network at this particular point? You've got product changes, you've got two negotiations of merger or acquisition or so. What's going on with the dealers? How are they responding to it and how are you handling them as you go through this period of uncertainty? John L. Garrison - President, Chief Executive Officer & Director: Right. And so, one of the things that we're laser focused on is focused on customers and dealers. And what's going on in terms of the potential merger does not impact them. And so, part of our opportunity and challenge is to keep the management team of the segments laser focused on their customers, the end customers and distribution channel partners. If they've got any questions or concerns, we address and answer those questions and concerns. But fundamentally, those aspects of the business are not being impacted by the Konecranes merger or the potential Zoomlion situation. So the focus is on execute the business today, address any concerns that they have, but really it's about execution.

All right. Thank you.

Your next question comes from Vishal Shah of Deutsche Bank.

Hi. This is Chad Dillard on for Vishal. John L. Garrison - President, Chief Executive Officer & Director: Hi, Chad.

Hi. How are you? So, can you just walk us through the moving parts behind the MHPS outlook of flat? How do you think about the Materials Handling part versus the Port Solutions? And then also, if I look at your 4Q revenues, they're a little bit lower than expected considering that you typically get a seasonal bump from the service business. So how should we think about the year-over-year comps as we move through 2016? John L. Garrison - President, Chief Executive Officer & Director: In terms of the MH & PS segment, in terms of Port Solutions, we came off a strong year on mobile harbor cranes, as I indicated in my comments. And we expect that to remain basically at that level, not any significant growth. On the gantry crane side, we expect a similar type of performance, a slight growth. And that's actually pretty good performance because overall container traffic right now on the Port Solutions or the port side of the business isn't growing at the rate that we thought it was. So those are the two principal drivers on the Port Solutions side. On the Material Handling side, what's really driving a flattish type of demand on the Material Handling side is really around factory capacity utilization, both in North America and Europe. And factory capacity utilization is relatively low/modest right now. And it's causing manufacturers to delaying acquisition and purchases for equipment. So, those are the kind of driving forces behind. The offset to those is really driving new product and new product development. And things like our V-girder and our new chain hoist give the customer the opportunity and the need to change what they currently have. And so, that's what product development in that segment, both on the Port side and the Material Handling side, is important for us as we go forward. But those are the dynamics, if you will, in the overall marketplace and the reason our guidance is what it is.

Okay. That's helpful. And then just jumping over to Aerial Work Platforms. What are your pricing assumptions for 2016, and then how do we think about that netting out with material savings? John L. Garrison - President, Chief Executive Officer & Director: I don't want to put a specific percentage on, but we have had pricing headwinds in certain markets in North America, it's been a headwind, and then was also experienced what I call the currency headwinds in other markets. So, it is a headwind and that's part of the challenge that we have, is to offset the headwinds in that segment going forward. And the team did a good job with the material price and manufacturing productivity, as I indicated in my initial comments, and we're going to have to continue that performance to offset the headwinds that we're seeing in the AWP segment.

Okay. Thanks. I'll jump back in queue.

Your next question comes from Kwame Webb of Morningstar.

Good morning, everyone. I just wanted to follow up on your R&D commentary. So number one, could you explicitly give us an idea of what will be up or down? And then also, I was fascinated by the emphasis on increasing research and spending in terms of development of service lines. So, I'd like a little bit more thought on that, and also what that might mean for reworking distribution and dealer relationships down the road, if you were to maximize the value of an increased service offering. John L. Garrison - President, Chief Executive Officer & Director: So, thank you for the question. I'm a – I have a fundamental belief that you need to invest in your products and your services to be competitive in a competitive marketplace. And even in seasonal and cyclical businesses, it's hard to time a cycle. And so, you've got to have product plans that are focused on meeting the needs of customers and providing them with a compelling advantage. And so, as we go through difficult times, we will look to cut other areas other than our research and development. In 2015, we spent about $119 million on engineering and R&D. Expect to be in the same basic range this year. Obviously, I don't want to give segment-specific information, I think that's competitive-sensitive. But the philosophy is very important, which is you must continue to invest in products and services, what – because we're capital goods, we sell it once and we maintain it and service either through distribution or ourselves for 7 years to 10 years to 15 years to 20 years. And so, that's the area in our strategy, in our strategy development that we'll focus on. I'm a firm believer in organic growth first through investment in research and development, and driving the organic growth in that area. So, that's why there's an emphasis on we're in difficult, challenging times, our margins are under pressure, our job is to find ways to fund our R&D and not cut that to drive to incremental margin improvement. That needs to maintain at a certain level. Frankly, I'd like to increase it over time, this isn't the time to do it, but I'd like to increase it over time, and I'd like to be more efficient in other areas to fund that R&D growth. And that's what we're going to focus pretty rigorously on with our teams.

And just as a quick follow-up, will any of those sort of new service or R&D offerings require any sort of rework of either third-party distribution, direct distribution, dealer relationships, to really maximize them? John L. Garrison - President, Chief Executive Officer & Director: No, no, not really. I mean, you adjust your distribution based on certain geographical areas, and so the distribution model is specific to a business and business segment and to a region. And your R&D efforts may impact the distribution channel on the margin, if you will, but fundamentally, you're looking at what products and what services need to be delivered to that customer. In some cases, in some of our business, it's factory direct on the service side. In other cases, it's through an independent distribution channel. And so, as we look at the offering, we'll consider, is it direct or is it through a third-party distribution partner?

Great. Thank you. John L. Garrison - President, Chief Executive Officer & Director: And I think the models are different for our different segments. And we have to have the ability to operate in different segments because the businesses, on a global basis, are, in fact, different.

Great. Thanks.

Your final question comes from Emily McLaughlin of RBC Capital Markets.

Hey, guys. Good morning. John L. Garrison - President, Chief Executive Officer & Director: Good morning, Emily.

From the AWP side, you provided a lot of detail on what you're thinking with the national rental customers. I was wondering if you could give us some detail about what you're seeing from the independents or if it's more of the same. John L. Garrison - President, Chief Executive Officer & Director: On the independents in terms of what we're seeing, I think it's more aligned with what our historical – it ebbs and flows a little bit quarter-to-quarter, but in terms of the independents, we're not seeing a substantial change in terms of percentage of sales through the independents versus the major rental companies.

Okay. And then just a housekeeping question on your tax rate. I think you guys in the past have messaged that you're going to try to lower this each year. So, I was wondering what the puts and takes were around 2016's guidance. John L. Garrison - President, Chief Executive Officer & Director: Kevin? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Right. So, the tax rate, as you guys know, we've been investing in our global trading platform. We are getting a pickup from that both commercially, operationally and in tax line. Our issue in terms of not being able to really lower dramatically, our tax rate has been – a lot of that has been offset by losses not benefited, which actually were up in 2015. So, now, as John mentioned, we're putting together plans in terms of additional cost-out. Some of that is going to be specifically directed at countries where we've got this compounded issue of losses not benefited affecting our effective tax rate. So, that's an area that we've got to improve on.

Okay. Great. Thank you for that.

That concludes the question-and-answer session of today's conference. I would now like to turn the floor back over to management for any closing remark.

Thanks, everyone. We appreciate your time and interest in Terex today. If there are further follow-up questions, please reach out to myself. My contact information is available on the website or any press release, or other members of – John or Kevin Bradley. So, with that, I will say goodbye and we'll talk soon.

Thank you. This concludes your conference. You may now disconnect.