Good morning. My name is Brent, and I'll be your conference operator today. At this time, I'd like to welcome everyone to Weyerhaeuser Second Quarter 2015 Earnings Conference Call. Thank you. I'd now like to turn the call over to Denise Merle, Senior Vice President of Human Resources and Investor Relations. Please go ahead. Denise M. Merle - Senior Vice President-Human Resources & Investor Relations: Thank you, Brent. Good morning everyone, and thank you for joining us today to discuss Weyerhaeuser's second quarter 2015 earnings. On the call with me this morning are Doyle Simons, CEO; Patty Bedient, CFO; and Beth Baum, Director of Investor Relations. This call is being webcast at www.weyerhaeuser.com. Our earnings release and presentation materials can also be found on our website. Please review the warning statements in our press release and on the presentation slides concerning the risks associated with forward-looking statements, as forward-looking statements will be made during the conference call. We will discuss non-GAAP financial measures and a reconciliation of GAAP can be found in the earnings material on our website. I will now turn the call over to Doyle Simons. Doyle R. Simons - President, Chief Executive Officer & Director: Thank you, Denise, and welcome, everyone. This morning, Weyerhaeuser reported second quarter net earnings of $133 million, or $0.26 per diluted share, on net sales of $1.8 billion. Each of our businesses delivered solid operating results, as operational excellence efforts helped mitigate the delayed arrival of the spring building season and the continuing challenge of a strong U.S. dollar. In addition, we returned over $150 million of cash to shareholders in the quarter through repurchase of common shares. Cumulative repurchase at quarter end totaled $610 million, as we near completion of our existing $700 million authorization. I will begin this discussion of…

Thanks a lot. Your first question comes from the line of Mark Weintraub with The Buckingham Research. Please go ahead.

Thank you. Doyle, you'd made a comment, or Patty, that you are expecting lumber and OSB prices to pick up as the quarter progresses. I was curious what informs that view, whether it's a sense of where inventories are in the channel? Is at sense that demand is going to be getting better? What would be the drivers that you are expecting to help us see lumber and OSB start moving in the right direction? Doyle R. Simons - President, Chief Executive Officer & Director: Yeah. Mark, it's a combination of those factors. As I mentioned in my prepared comments and talking to customers, they continue to be very optimistic about housing activity. In fact, I was talking to Adrian Blocker just this morning. He was with customers as recently as yesterday, and just very optimistic about activity out there. In addition, in terms of inventories, as you mentioned, I would tell you inventories are fairly lean at this point in time. So, I think what's happened is there's been a confluence of events from the supply side, Mark, as you're very well aware of in terms of the Canadian dollar, and that's resulted in additional volume coming into the U.S. The weakness in the export – Asian export markets has resulted in an increase coming in to the U.S. That, at a time when we had a delay in the spring building season, all resulted in prices having some pressure on them. I think as demand continues to improve, supply and demand will get back in balance, and hopefully, we will see some improvement in lumber and OSB prices as we move through the balance of the quarter.

Thank you. And one quick follow-up. Do you have thoughts on the potential expiration of the softwood lumber agreement and what type of implications that might or might not have for lumber markets as we go forward? Doyle R. Simons - President, Chief Executive Officer & Director: Yeah. So, in terms of the softwood lumber agreement, as we've said previously, this is an important issue to Weyerhaeuser. There's a council of industry leaders that are discussing options for renewing the agreement and Weyerhaeuser is actively participating in those discussions. And we're very hopeful that we can reach an agreement and avoid trade litigation going forward. In terms of the implications, if it runs out in October, Mark, there's two trains of thought. One is that when that occurs, that additional supply comes on from Canada because there won't be any tariffs in place. But there is also the thought that that will not occur because of the implications that it could potentially have in trade litigations down the road. So, don't know how to play out. And again, two different trains of thought, and we'll just have to see what happens if we're not able to get a resolution in place prior to that which I think everybody is working towards.

Thank you. Doyle R. Simons - President, Chief Executive Officer & Director: Thank you.

Your next question comes from the line of Anthony Pettinari with Citi. Please go ahead.

Hi. Good morning. Doyle R. Simons - President, Chief Executive Officer & Director: Good morning, Anthony.

Could you talk about the movement of Western export log prices as you move through Q2 and then into July, and are you seeing any inflection point there? And then maybe just a related question. We've heard a lot about the risk of fires in British Columbia and the Pacific Northwest. Is that something that's actually impacting prices and volumes right now, or is that just something that we need to kind of keep an eye on in August and September? Doyle R. Simons - President, Chief Executive Officer & Director: Yeah. So, both important issues, and let me address each of those. In terms of export markets, let me break it down by market. In Japan, we saw prices bottom in June and prices have started to move up in July. And this has been due to the improved Japanese housing demand. And to your second question, I'll get into more details on this in just a minute, the lower log supply due to – primarily due to fire restrictions. In terms of what we're seeing in China, the log takeaway from Chinese ports picked up in the second quarter, but remains at relatively low levels. Log inventories – I mean, log inventories moved down to about 3.8 million cubic meters in the second quarter, but has since climbed back up just above 4 million cubic meters. And I can tell you the softwood log imports from all regions into China are down, but as I said, the inventories remain high and we think there continue to be pressure in China in terms of pricing. Related to that in domestic markets in the West, we think domestic prices are going to rise due to the fire season. And our volumes, as Patty mentioned, our harvest volumes are projected to…

Okay, that's very helpful detail. And then maybe just one follow-up on timberlands. During the quarter, we saw announcements from a few large timber owners that they would put large properties on the market. I wonder generally, are you seeing any change in institutional interest for timberlands? Is it becoming a little bit more of a buyer's market? Are you seeing any trends in prices changing? And is there an opportunity for Weyerhaeuser, as a buyer or a seller, especially in the South? Doyle R. Simons - President, Chief Executive Officer & Director: And so I would say overall, when you step back, Anthony, the amount of activity still is generally low in the South and the West. As you mentioned, there were some facts that came on, became available in the first half of the year. I would say, most of those have some unique challenges that people will have to work through in terms of how they're going to value those. I would say, we expect more activity in the second half of the year, and I can tell you there's still a lot of money chasing deals. So no, I don't see any downward pressure on timberland prices at this point in time. In terms of Weyerhaeuser specifically, as we've consistently said we're always looking to grow our timberland, but we will continue to be very disciplined and make sure any acquisition that we make meets our appropriate level of returns and drives value for our shareholder. So, we look at everything that comes across, or most everything that comes across. And we are interested in growing but we'll continue to be disciplined.

Okay. That's helpful. I'll turn it over.

Your next question comes from the line of Gail Glazerman with UBS. Please go ahead.

Hi. Good morning. Doyle R. Simons - President, Chief Executive Officer & Director: Good morning, Gail. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Good morning.

First, just picking up on a couple of things that have been asked, looking at the Canadian trade situation maybe shorter term tariffs are set to go down fairly significantly in August. Do you have any concerns there that that might put incremental supply in the market and weigh on pricing? If not, it doesn't look like you do, so why not? Doyle R. Simons - President, Chief Executive Officer & Director: Yeah. As we alluded to, tariffs are scheduled to go down from 15% to 5% in August. We don't anticipate that that's going to have a big impact on the supply side of the equation but I guess we'll just have to watch it together. But our sense is that it hasn't been a, the 15%, even with the 15% we've seen, we continued to see supply come in from Canada so we don't see, we don't anticipate a significant change when the tariff changes on a monthly basis.

Okay. And just quickly following up on the view on western logs and the fire restrictions, can you give maybe a sense, I mean have you started to see any tension in the markets at all yet? I appreciate what you are saying that it will play out more in August, but can you give a sense maybe your July pricing versus your second-quarter average? Has there been any movement yet? Doyle R. Simons - President, Chief Executive Officer & Director: It takes a little bit of time for that to flow through, Gail, but I don't think there's any doubt that there is tightness in the market. And that's just going to increase as these fire restrictions continue. So, as we said, as Patty said and I alluded to, both in Japan and in western domestic, we anticipate prices increasing in the third quarter versus the second. And we're starting to see signs of that.

Okay. And just switching gears to capital allocation, you have obviously exhausted basically 85% of the existing buyback authorization. Can you just give us some thoughts and perspective on how the board might be thinking about incremental allocation dividend buyback moving forward? Doyle R. Simons - President, Chief Executive Officer & Director: Yeah, so in terms of capital allocation, first and foremost, our number one priority is returning cash to shareholders. As we've said, that's primarily going to be through a growing and sustainable dividend. In addition, we'll look to use share repurchase as a tool where appropriate. As we look forward, we'll continue to work with our board regarding our dividend. I can tell you, as you know, we've constantly raised our dividend over the past few years. And as I said, we'll work with our board to determine the appropriate dividend level going forward. In terms of share repurchase, as you said, we are approaching the completion of our $700 million authorization, and we'll work with the board on that issue going forward. As we've also said, we think long term the appropriate level of cash on our balance sheet is somewhere in the $300 million to $500 million range, and we are significantly above that at this time.

Okay. Just one quick follow-up on that. With the recent share price decline, do you think that's something that the board may kind of factor into its thinking? Doyle R. Simons - President, Chief Executive Officer & Director: I think the board looks at lots of factors in determining the appropriate balance between dividends and share repurchase. And that clearly would be a factor that the board would in fact consider.

Okay. Thank you. Doyle R. Simons - President, Chief Executive Officer & Director: Thank you.

Your next question comes from the line of Ketan Mamtora with BMO Capital Markets. Please go ahead.

Good morning. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Good morning.

I just wanted to come back to wood products. Your lumber EWP margins look quite good, especially relative to peers. Can you talk about what you're seeing and what has been the key driver there? Doyle R. Simons - President, Chief Executive Officer & Director: I'm sorry. I might have to ask you to repeat the question. You're cutting out a little bit on our end.

I'm sorry. I wanted to ask about the lumber EWP margins. They look pretty good relative – especially relative to your peers this quarter. So I just wanted to understand what has been the key driver and what you are seeing? Doyle R. Simons - President, Chief Executive Officer & Director: So, in terms of lumber, we were encouraged by the margins this quarter. And I think what you saw there is a combination of OpEx efforts and lower log cost that pretty much are almost – completely offset the decline in prices in the quarter. So, we're continuing to make progress on our OpEx, and that is showing up in our bottom line. And we saw some of the benefit of that in the second quarter

That's helpful. And just one more, switching gears to timberlands. Can you talk a little bit about your offshore timberlands in Uruguay and how you think about it? Doyle R. Simons - President, Chief Executive Officer & Director: Yes. So we have 300,000 acres of timberlands in Uruguay. It's about half pine and about half eucalyptus. I was down there not too long ago, and very fertile ground and the trees grow very quickly. So, it's been – we don't have many mature trees at this point. It's still fairly early in the rotation and we're spending a lot of time figuring out exactly the best way to monetize those trees through manufacturing going forward.

Okay. And that's helpful. I'll turn it over. Doyle R. Simons - President, Chief Executive Officer & Director: Thank you.

Your next question comes from the line of Chip Dillon with Vertical Research Partners. Please go ahead.

Yes. Good morning, everyone. Doyle R. Simons - President, Chief Executive Officer & Director: Good morning, Chip.

Doyle, I would imagine you and Patty, all of you all, are pretty pleased with the engineered wood products result. Would you say it's kind of gotten into the zone of where you were hoping it would be when you embarked on a lot of your initiatives a couple of years ago, and if not, how much further do you think we need to see that improve? Doyle R. Simons - President, Chief Executive Officer & Director: Yes. Thanks for your comment, Chip. And we are pleased with the progress that we've made in EWP. But we still have more work to do. But the key three – three key drivers that we've seen to get us to where we are today is continuing to reduce our controllable manufacturing costs through OpEx, some lower SG&A cost and then growing profitable sales. So, to your question, we are absolutely very pleased, our team they have done a really nice job. But we're not taking our foot off the accelerator. We're going to continue to do things to improve that business going forward.

Got you. And then when you look at the Distribution business, I know it tends to not really – it tends to always below margin, but sometimes it's hard to know what's going on below the surface. Would you say that's equally along the path as EWP is, or does it still maybe have a little bit further to go versus EWP? Doyle R. Simons - President, Chief Executive Officer & Director: Yeah. It clearly has further to go, Chip, versus EWP. So, we are making a progress there. But frankly, we're behind schedule. I can tell you a portion of that was primarily due to some adverse weather we had in some of our key markets like Texas and Denver. But get to our OpEx goals for the quarter, we're going to have to hustle. We're going to have to have good execution in the second half of the year. And we're well positioned to capitalize on markets as they continue to improve. But clearly, we're not as far along in distribution as we are in EWP and still have some work to do.

Great. Very helpful. Thank you. Doyle R. Simons - President, Chief Executive Officer & Director: Thank you.

Your next question comes from the line of George Staphos with Bank of America. Please go ahead.

Thanks. Hi, everyone. Good morning. Thanks for all the details, and congrats on the operational excellence again. I guess the first question I had, can you comment as to what roughly you would have in your guidance thus far for the third quarter for wood product pricing? Would prices have to rise above the current run rate or the – clearly the second quarter average, and if so could you put a bracket on what kind of growth rate we'd need to see in pricing from here? Doyle R. Simons - President, Chief Executive Officer & Director: George, where we are currently is – prices are up. So, quarter-to-date, prices are up versus the second quarter average. So, lumber prices for us are up roughly $10 versus the second quarter average. And OSB prices are up roughly $5. As Patty said in her comments, we anticipate prices will move up from this point forward, but we'll all watch that together. But because of the reasons I've said earlier, primarily driven by improving demand is our best guess and it is a guess, but it's our best guess that we'll see prices move up for the – somewhat for the balance of the quarter versus where they are today. But we are currently higher than where – than the second quarter average.

Fair enough, Doyle. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Yeah. And I think the price...

Hey, Patty. How are you? Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Yeah. When you think about prices in the month of July, they actually came down. So, we had a little bit of rally late in the second quarter in June, and then about after the 4 of July holiday, prices started to tick back down. So, the average that Doyle was giving you for July is actually a little higher than where they would be with midweek print randomly. But we do anticipate, for all the reasons that Doyle said that those prices will be going back up.

So, to summarize, third quarter is a decent start on an average basis, but the markets would need to see more movement, more progress relative to what you have embedded in your guidance. Is that fair? Doyle R. Simons - President, Chief Executive Officer & Director: That's generally fair. Yes.

Okay. All right, thanks, Doyle. In terms of the mills, can you tell us where you think you are on the cost curve? Recognizing that we're not at – hopefully, at the precipice of a recession. I know one of the goals in the past has been to get all the mills in the Wood Products business, as much as possible, to cash break even so that when you do get into a downturn you won't be losing cash. So where do you stand in terms of getting the mills to where you want them to be on the cost curve and positioned both versus competitors and versus the macro? Doyle R. Simons - President, Chief Executive Officer & Director: Yes. So, as you said, George, our goal is just as we say around here, be black at the bottom and that's the cost structure that we're putting in place in our Wood Products facilities. We've made progress but we've still got work to do. We've laid out specific OpEx targets. And like I said, we're making good progress on those, but by the end of this year, we'll met our 2015 targets but we've still got additional work that needs to be done over the next two to three years to get our cost structure where ultimately it needs to be, to be black at the bottom, fully capitalized on the this upturn and maybe most importantly outperform our competitors on an ongoing basis going forward. So, progress made, still lots of work to do.

Fair enough. Doyle, last question and then I'll turn it over. If we look at the pulp mills, and again, we're down the pike in terms of the 18-month maintenance cycle being brought in now maybe a couple of years, what continue to be the learnings that you are getting from this? How the mills come up after maintenance? Anything that you would tweak with the strategy on a going-forward basis? Any thoughts there would be helpful. Thank you. Doyle R. Simons - President, Chief Executive Officer & Director: Thank you. So, George, I would tell you that the 18 month outage plan has been a success for us. When you take mills down, it can be difficult to bring them back up. We saw that in the first quarter as we talked about. But that occurs whether it's down over 12 months or down every 18 month. So, we are encouraged by the progress we're making on the 18 months schedule and we think that has been a net benefit to our company and to our shareholders.

Is there a particular challenge when you go up 18 months versus 12 months, or really no difference? Doyle R. Simons - President, Chief Executive Officer & Director: You know I wouldn't say there is no difference, George, but you still got to take – as you and I talked about last quarter, taking these mills down and starting them back up, there is always challenges associated with that, and it may be a little more challenging if it's 18 versus 12, but we haven't seen anything systematic or systemic that makes it harder. You just got unique challenges with each one of these mills as you take them down and bring them back up. And some of them go really, really well. And some of ours have gone well and some of them, you have challenges.

All right. Well, thanks. Congrats – go ahead, Patty. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: George, when we look at our – and I think Flint River is a good example of that. It was not only a factor of taking a mill down for maintenance, but we were also installing some really very beneficial equipment around energy costs. And so, it's the combination of all those things. But I think it is important to your question that as we've gone through this process, there are learnings, and I would call them only tweaks that you get from just the maintenance, which is a very important piece in our Cellulose Fibers business. So, we are capitalizing on looking at the learnings as we take a mill down and bring it back up to factor that into our maintenance going forward, and that's part of our operational excellence.

All right. Thanks for the thoughts. Congrats on the quarter and good luck going forward. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Thank you. Doyle R. Simons - President, Chief Executive Officer & Director: Thank you, George.

Your next question comes from the line of Mark Connelly with CLSA. Please go ahead. Doyle R. Simons - President, Chief Executive Officer & Director: Mark?

Mark, please make sure your line is not on mute. Doyle R. Simons - President, Chief Executive Officer & Director: Hello, Mark. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Why don't we take the next question?

Your next question comes from the line of Tyler Langton with JPMorgan. Please go ahead.

Yes, good morning. Thanks. I just had a question I guess lumber and OSB prices. I guess they ticked down recently. I know it's not a big decrease, but is there anything you can point to that's maybe driving that drop? Patricia M. Bedient - Chief Financial Officer & Executive Vice President: You know, I think it really is just the factors that Doyle went through. We've had weaker demand from Asia, which impacts the exports that come out of Canada. We've had some changes in currency that put some headwinds there. And then I think, notwithstanding the fact that housing has been ticking up of late in terms of people have reiterated their full-year guidance for the year. The first half was a little disappointing in terms of where we thought things would be. So, as we look at housing for the second half, our guidance really hasn't changed. And since we didn't have a great response in the first half, that would bode for the second half being better. But as Doyle said, we'll have to wait and see. There's just a lot of moving parts out there with all of this, so.

Okay, great. And then just, I know it's still early, but I think you mentioned CapEx of $500 million this year. Can you give a rough sense of a range where it could be for next year? Patricia M. Bedient - Chief Financial Officer & Executive Vice President: We really don't have a range for next year that we would give in terms of guidance at this point, Tyler. We'll do that as we approach year-end. But one thing that I would say about the projects that we're putting in, and the $500 million is a little higher than where we've been historically. But we've got some great Wood Products projects that are underway that I think will pay additional dividends as we look at bringing our costs down across that system. So, really excited about the projects that we are spending that money on, but a little too soon to tell you exactly what we'd be doing for next year.

And then just a last question, southern seller prices I know, I think last quarter you were looking for maybe a, it was 3% to 4% increase. Prices have been generally flat. Do you think it's more realistic that prices are flat for this year? Doyle R. Simons - President, Chief Executive Officer & Director: Tyler, we still anticipate that southern prices will be up kind of in line with what they've been up over the past couple of years, which would be somewhere in the 2% to 3% range year-over-year.

Got it. Okay. Great. Thanks so much. Doyle R. Simons - President, Chief Executive Officer & Director: Thank you.

Your next question comes from the line of Steve Chercover with D.A. Davidson. Please go ahead. Steven Chercover - D.A. Davidson & Co.: Thank you. Good morning, everyone. Doyle R. Simons - President, Chief Executive Officer & Director: Good morning, Steve. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Hi, Steve. Steven Chercover - D.A. Davidson & Co.: So, if I'm not mistaken, the Trans-Pacific Partnership trade negotiations should conclude today, and I don't think it's a highly visible piece of the puzzle, but Canada's effective ban on log exports is part of the equation. That's mainly BC, obviously. So but if BC was compelled to export logs, can you tell us how that would impact your Pacific Northwest operations? Patricia M. Bedient - Chief Financial Officer & Executive Vice President: As we look at that, Steve, we'll just have to see how that actually plays out in terms of what the final resolution will be. So, difficult for us really to tell what that result is. Steven Chercover - D.A. Davidson & Co.: Has it been on your radar, clearly, Canada is a big supplier of sawn lumber. So, are there ports, for instance, conducive to log ships as opposed to lumber ships? Patricia M. Bedient - Chief Financial Officer & Executive Vice President: It is something that we have tracked, but it's not something that I would say we have a comment that we'd make about in terms of ports at this point. Steven Chercover - D.A. Davidson & Co.: All right. Thank you, Patty. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: You bet.

Your next question comes from the line of Mark Connelly with CLSA. Please go ahead.

Thank you. Hopefully, you can hear me this time. I apologize. Doyle R. Simons - President, Chief Executive Officer & Director: We can hear you. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Go ahead.

Great. So first question is, it's around but not really about transfer pricing. I'm curious whether your internal log prices to your West Coast lumber operations were up a similar amount to your outside log sales. Obviously, there's going to be a mix and other difference. I'm just curious how they tend to track, understanding mix and geographic differences. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: So, Mark, just to be clear, your question is related to how we do transfer pricing to our docks?

Well, you mentioned that external log sales realizations are up. And I'm curious whether your internal log costs are up by a similar amount, and whether those two things tend to track over time. I'm not asking whether you do transfer pricing, honestly. Obviously you do. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Yes. Yeah. Yeah. Actually, they are correlated because they all come from the same geographies. There is a different mix however, as you think about what we would send exports, for example to Japan versus the grade that our domestic sawmills would use. So, directionally, they usually do track but they will not be similar absolute pricing because of the grade mix.

Okay, that's very helpful. It's just what I was looking for. And second quick question. Does the U.S. dollar strength increase your relative interest in overseas timberland acquisitions? Doyle R. Simons - President, Chief Executive Officer & Director: Mark, as we've said before, we are looking to grow our Timberland. We think our biggest opportunities will be domestic whether it'd be in the South or the Pacific Northwest. We'll also continue to look internationally but we're going to make sure that we appropriately risk adjust any acquisition that we would make internationally. So, that's kind of generally the way we think about it. Currencies don't move up. Currency is going to move down. So, we won't overemphasize that in any decision we may make versus acquisitions.

Very helpful, Doyle. Thank you.

Your next question comes from the line of Collin Mings with Raymond James. Please go ahead. Collin P. Mings - Raymond James & Associates, Inc.: Good morning, Doyle and Patty. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Good morning. Doyle R. Simons - President, Chief Executive Officer & Director: Good morning, Collin. Collin P. Mings - Raymond James & Associates, Inc.: I guess my first question, just Patty, as it goes back to the guidance significantly increased results in the Cellulose Fibers business. I think, Patty, you indicated in the prepared remarks that would be above last year's 3Q, so could we see that bounce all the way back up to, call it, about the $90 million or so figure that you posted a few quarters last year, or is that a bit too optimistic? Patricia M. Bedient - Chief Financial Officer & Executive Vice President: You're probably just a little optimistic there, Collin. If you kind of think about guidance for the Cellulose Fibers business, we were at $27 million, I believe, in the second quarter. We've got 46 days in the second quarter and, probably, less than a handful in the third quarter. So, between the maintenance expense and better productivity as we run more days, I would say that's probably going to be around just to give you some sense around the $45-ish million number. We said we will have likely lower realizations. But I would expect that to be offset by some higher volumes as well as some additional potential for cost improvement in other ways. So, I think that will help you get a little bit in the ZIP code. I think $90 million – love to have $90 million, but that might be a little optimistic at this point. Collin…

Your final question comes from the line of Paul Quinn with RBC Capital Markets. Please go ahead.

Hey, good morning, Doyle and Patty. Just a question for Doyle. You've been running Weyerhaeuser for a couple of years now, and you've had operational excellence in place for quite a bit of that time. Just wondering if you're happy with the current portfolio of assets? And besides timberlands, what business segment looks good for growth? Doyle R. Simons - President, Chief Executive Officer & Director: Yeah. So, Collin on – I mean Paul on your first point on OpEx, we're encouraged by the progress we've made there. Still more work to do. In terms of opportunities to grow our portfolio going forward. We've consistently said, I think now, over the last couple of years, that we think our biggest opportunity to grow will be in Timberlands. But we would look at growing other parts of our company as well, if we can find appropriate growth opportunities that meet our hurdle requirements and drive value for shareholders. So, that's generally how we think about growth going forward. The beauty of it is we don't have to grow to be successful. But if we – so we can be very disciplined, we have been and will continue to be. But if we can find the appropriate opportunities to grow this company, that's absolutely something we'll look to do to drive value for our shareholders going forward.

Okay. Great. Thanks very much. Best of luck. Doyle R. Simons - President, Chief Executive Officer & Director: Thank you. Patricia M. Bedient - Chief Financial Officer & Executive Vice President: Thanks, Paul

Thank you. I'd now like to turn the call back over to Doyle for any closing remarks. Doyle R. Simons - President, Chief Executive Officer & Director: As I understand it, that was our final question. And I would just like to thank, everybody, for joining us this morning for our call. And more importantly, thank you for your interest in Weyerhaeuser. Have a good day.

Thank you. This concludes today's conference call. You may now disconnect.