Good morning, ladies and gentlemen, and welcome to the Church & Dwight First Quarter 2015 Earnings Conference Call. Before we begin, I have been asked to remind you that on this call, the company's management may make forward-looking statements regarding, among other things, the company's financial objectives and forecasts. These statements are subject to risks and uncertainties and other factors that are described in detail in the company's SEC filings. I would now like to introduce your host for today's call, Mr. Jim Craigie, Chairman and Chief Executive Officer of Church & Dwight. Please go ahead, sir. James R. Craigie - Chairman & Chief Executive Officer: Good morning, everyone. It's always a pleasure to talk to you, particularly when we have great results to report. I'll start off this call by providing you with my perspective on our first quarter business results, which you've read about in our press release this morning. I'll then turn the call over to Matt Farrell, our Chief Financial Officer and Chief Operating Officer. Matt will provide you with his perspective on the financial details for the quarter. When Matt is finished, I'll return to discuss our earnings guidance for the year and then we'll open the call to field questions from you. Let me start off by saying that I'm very proud of my company for the first quarter business results that we achieved. Despite headwinds from continued weak U.S. consumer demand and foreign currency, the Church & Dwight team built upon our momentum exiting 2014 and continued to leverage our innovation-driven strategy to deliver strong business results in the first quarter of 2015. As I have stated in our previous earnings release and at the CAGNY Conference in February, we believe that innovation is the key to delivering strong sales and earnings growth…

Thank you, sir. Our first question comes from the line of Kevin Grundy of Jefferies. Your line is open.

Hey. Good morning, guys. James R. Craigie - Chairman & Chief Executive Officer: Hey, Kevin.

Jim and Matt, congratulations to both of you. Jim, on your retirement, and Matt, on being promoted to CEO. James R. Craigie - Chairman & Chief Executive Officer: Thank you, Kevin. Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: Thanks, Kevin.

If I can start with – and Jim, I appreciate it's a personal decision, but I think investors will be curious with respect to timing. Because I think it's a little bit earlier since people are expecting, including me. So to the extent you can comment on that. And then I think, what it may or may not suggest with respect to transformative M&A? And then I have a follow-up. James R. Craigie - Chairman & Chief Executive Officer: Sure, Kevin. What I would tell you is it's the right time for the company and for me. The company is in great shape, and with great plans in place. And we know there's new product pipeline for the next two to three years. The acquisition pipeline looks better than it has for some time. And we have a strong productivity programs in place. And I strongly believe that Church & Dwight can continue to deliver industry-leading TSR results. And I have great skin in the game on this decision, if you want to know. Over 75% of my networth is in Church & Dwight stock, and I intend to keep it that way, because I do have great faith in Matt and this company's future. Hey, I've been CEO for over 11 years here. But I'm going to be 62 years old by the end of this year and there's other things I want to do in life and do them before I get too old to do them. So, in my mind, it's time to turn the reins over to someone younger and have a smooth transition over the next eight months, and Matt's perfect choice, guys. He is a great leader, he understands the secret sauce to our success, and he's proven that his skills and business acumen are way bigger than being just a great CFO. And trust me, I'm staying on as Chairman to be here for whatever assistance I can to Matt. So that was basically the thinking. It was my decision to do this and I'm very happy with it. I'm so proud of this company and the results we've turned in, and I have great faith, as proven by my financial networth tied into this company, in the future and I'm sure Matt will protect that or he will be getting phone calls from me. Okay.

Thanks for that. Just one more follow-up with respect to the role now. So when the announcement was put out back in November, Jim, your intent was to spend more time on strategy and M&A. Matt, is that going to be your intent also to be devoting more time to that come January of next year or should we expect the further announcement of a COO? And then also if you can comment when we will know who is the CFO replacing Matt will be? Thank you. Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: Yeah. With respect to acquisitions, Kevin, acquisitions have always been an activity that the entire management team has engaged in. When I was named COO, that was an opportunity for Jim to pull back a little bit and let me take the reins of the company. But the acquisition effort is always a team effort, CEO, CFO, and the entire leadership team. So that is going to be unchanged going forward. As far as the CFO replacement, no decision has been made with respect to who's going to replace me at this time. James R. Craigie - Chairman & Chief Executive Officer: And we do not expect to replace – have a new COO. We'll eliminate that job.

Okay. Great. Thanks, guys.

Thank you. Our next question comes from Bill Schmitz of Deutsche Bank. Your question, please.

Yeah. Good morning, guys. Congratulations, obviously. James R. Craigie - Chairman & Chief Executive Officer: Hey, Bill.

My first question is how much did the Venezuelan pricing impact sales in the quarter? I'm just kidding. Can we talk about just the laundry category broadly? So like are you seeing any reinvestment for some of the Europeans or the currency help? We saw the Persil launch, I'm curious like where those facings came from. And then detergents, did the ARM & HAMMER brand get some incremental distribution, because the gains have been great? And then, lastly, on the unit-dose thing, it doesn't seem like it's a flash in the pan anymore. I mean, it continues to grow double digits. I know it slowed a little bit, but it's the only piece of the entire category that's growing. And I have a little follow-up, if you don't mind. James R. Craigie - Chairman & Chief Executive Officer: Yeah. Hey, Bill. The laundry category, obviously, our biggest category, had good trends in the first quarter. It's still, like I said in my notes, it's slightly still negative versus year ago, but it's been four steady quarters now of improvement, and it's on the verge of going positive, so that's a good sign. The promotion and pricing environment also tended to get better in the first quarter. The pricing was up a little bit in the overall category, which is good, and the volume done on coupon was also down, which is good; so that was a good result. We've just seen the April Nielsen results that just came in and the category, again, continues to trend in a good direction on that. We had great share results in the first quarter. We just saw April. We're off to a great start in April, so that looks good. Unit-dose also, I think we promised folks we'd put a bigger effort behind this thing. I just saw April results and I think our consumption in April was up something like 28% on unit-dose; that was great. And those programs are kicking in now going forward, and we intend to get back to our fair share of that business. I can't comment on the Persil thing yet. I think it's too new to know what happened there, and what distribution came from. That's still trying to be figured out. But overall, feeling much better; continued improvement in the category. We continue to do very well in the category. We're fixing issues we had on things like unit-dose. So, right now, I'm kind of going from a yellow to green lights in the laundry category and I hope it continues that way.

Okay, great. And then just on the vitamin side, are you guys in allocation now? So is there like a scenario where that business sort of snaps back just because you can't fulfill all of people's orders? James R. Craigie - Chairman & Chief Executive Officer: I wouldn't use the word allocation but we are – we cannot supply all the orders right now. We're doing our best job of being fair to all customers, but that problem should be resolved shortly.

Okay, great. And congrats again, guys. I appreciate it. James R. Craigie - Chairman & Chief Executive Officer: Thanks, Bill.

Thank you. Our next question comes from Bill Chappell of SunTrust. Your question, please.

Good morning. Thanks. James R. Craigie - Chairman & Chief Executive Officer: Hey, Bill. Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: Hey, Bill.

First on the commodity front, I mean, I understand you saw a nice benefit on gross margin this quarter, but it seems like, or from what I can tell, resin prices have come down even further inter-quarter. So, it would seem like some of the bigger benefits are still on the horizon. So, how should I look at the gross margin rate of conservative? And just what we know now or do you feel like that's a pretty good number at this point? Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: We think it's a pretty good number, Bill. So what that would mean is if you do the math, if you're up 40 bps in the first quarter and call flat for the second quarter, that means in the second half, you're going to have to be up 50 bps, right, in Q3 and Q4. So, the commodity help came a little bit sooner than we expected. And you're right about resin, there's a lot of help of there. Going the other way are things like diesel. We have some diesel hedges that actually have us higher than spot. So we don't always get that right, but that's – I remember saying in February down at the New York Exchange that those were some hedges that we were sad about. And transportation is also a bit of a ding for us as well and may be worse than expected. And that's with respect to lane rates and availability of drivers and things like that. So on balance, 25 bps to 30 bps is about right for us right now.

Okay. And then switching back to detergent, maybe you can give a little color on what's going on with XTRA. I mean, I wouldn't think that sees a whole lot of pressure from the P&G brand. So, I mean, what's going on there? And then also on OXI, kind of in year two, are you net gaining more distribution for liquid laundry detergent or are you at least holding the share you got from last year? James R. Craigie - Chairman & Chief Executive Officer: Yeah. Bill, on your specific question, XTRA was kind of hurt by all the competitive activity last year and also hurt by unit dose a bit. So, we have put plans in place to fix that. Again, I just saw the April shares come in and XTRA had a good, solid month there, and we have good programs going forward. So I feel like we've got plans in place to put XTRA back in the growth mode. On OXI, again, we launched last year, it was a tough environment with all the unit-dose activity and with the launch of Tide Simply. Brand got a good foothold. We have plans in place to continue to grow that. I think consumption on that was up double digits in the month of April also. So, we feel good momentum now going on both the XTRA and OXI and we've always had great, strong growth on ARM & HAMMER, the biggest brand of all. So, I feel very good about the laundry business right now. I feel it's heading in the right direction and I hope it continues that way.

Great. Thanks for the color and congrats on the changes. James R. Craigie - Chairman & Chief Executive Officer: Thanks, Bill.

Thank you. Our next question comes from Lauren Lieberman of Barclays. Your question, please.

Great. Thanks. Good morning. James R. Craigie - Chairman & Chief Executive Officer: Good morning.

First, I had a follow-up on unit dose. The product now that – and as I've seen it, is really kind of like a powder in a pouch. Are you doing any work to have a liquid formulation? James R. Craigie - Chairman & Chief Executive Officer: I don't project, Lauren, on based on what we're doing in the future. When and if we do something, we'll let the world know, but not until we launch anything.

Okay. I just didn't know if I missed anything, frankly. Okay. And then on the International business, I was wondering if you could comment a little bit, I think I always have a hard time, it feels to me that when you've got better-than-expected growth, I can never really put my finger on why. So if you could talk a little bit like how those businesses are managed. Is there a Mexico country manager, are there calculated growth plans by quarter, or is it really kind of managed almost as a virtual export business? Thanks. Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: Yeah. That's a good question. So, the way to think about International is as follows. So we have an EVP that's in charge of the International division, and that EVP has a number of general managers that report to him. Canada is our biggest subsidiary and so we have a follow-on legal entity in Canada, in the UK, in France, in Mexico, Brazil, Australia and China, so that's around the league. So we have a general manager in every one of those countries and a legal entity. And on top of that, we have an export business. And our export business is not entirely in U.S. dollars. In fact, more of it is not in U.S. dollars. It's in pounds and also in euros, so that's good news for us because we're not as impacted by the strong dollar with respect to our exports. But you should think of it as you have all those countries and you have full management teams in each of those countries selling brands, and those brands, by and large, are more local brands than our megabrands. We do have some megabrands that travel, so for example, ARM &…

Wow, okay. And how big is the export piece of the International business? 20%? Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: It's not – I'd say it's about $100 million, round numbers.

Okay. All right. Thanks. This is really helpful. And Jim, I can't help but ask. Are you moving to Cincinnati? I feel like I owed you one. You made fun of all of us for so many years. I had to give you one. James R. Craigie - Chairman & Chief Executive Officer: We were buying them and moving them here.

Perfect. New Jersey. It's a good state. Thank you so much. James R. Craigie - Chairman & Chief Executive Officer: Thank you.

Thank you. Our next question comes from Jason English of Goldman Sachs. Please go ahead. Jason M. English - Goldman Sachs & Co.: Hey. Good morning, folks. James R. Craigie - Chairman & Chief Executive Officer: Good morning, Jason. Jason M. English - Goldman Sachs & Co.: Thank you for the question. Congratulations to both of you. James R. Craigie - Chairman & Chief Executive Officer: Thank you. Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: Thanks. Jason M. English - Goldman Sachs & Co.: One thing that surprised me with the transition, Jim, was your assumption of the role as non-executive versus executive chairman. Can you talk a little bit about what this means to your level of involvement beyond this year? James R. Craigie - Chairman & Chief Executive Officer: Yeah. Jason, honestly, I'm a big believer, as my predecessor was, there's only one CEO of a company, and you got to let them run the company. You don't want two cooks in the kitchen there. So, I got a great guy in Matt. We've been attached at the hip for eight years. He knows this company in and out. He knows he's been basically running the company for a while now as COO, and we don't need two people running it. That's how companies get screwed up, in my mind, when we got two people at the rutter. We got a great guy taking over at the end of this year. I'm fully here until the end of the year. Trust me, I'm fully in place, and then Matt will take over fully on January 1 and I'll be, as non-executive chairman, I'll be in charge of the board and I'll be there if he needs me. As my predecessor said, if you need me for something special, I'll be glad to step back in on that, but there's only one guy going to drive this company. That's the way it's been, that's the way it works best, and that's going to be Matt Farrell. Jason M. English - Goldman Sachs & Co.: Thanks. I agree. Capable hands with Matt. You mentioned Persil, you don't really want to talk too much about it, it's too early and you gave a lot of statistics in sort of looking backwards what we see in the data so far. I know you guys are close to the retail trade, any early indications that P&G maybe retaliating to stop Persil in its tracks? James R. Craigie - Chairman & Chief Executive Officer: No. Not that we see. I mean, I'll call Cincinnati, but no. Jason M. English - Goldman Sachs & Co.: Okay, good. Hopefully, we don't see it. Thanks a lot, guys. I'll pass it on. James R. Craigie - Chairman & Chief Executive Officer: Yep.

Thank you. Our next question comes from Joe Altobello of Raymond James. Your question, please. Joseph Nicholas Altobello - Raymond James & Associates, Inc.: Thank you. Good morning, guys. James R. Craigie - Chairman & Chief Executive Officer: Hi, Joe. Joseph Nicholas Altobello - Raymond James & Associates, Inc.: I also would like to extend my congratulations. It's going to be sad not to see you Jim at CAGNY next year, but hopefully you could make an appearance for us, so – anyway. Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: Yeah, Joe, he didn't say he wasn't going to CAGNY. Joseph Nicholas Altobello - Raymond James & Associates, Inc.: That's a very good point, that's a very good point. So, in terms of the overall marketplace as you see it today, is there a shift going on within your categories between advertising and promo? Because if your marketing spending is staying the same on a relative basis, and laundry is getting better I think from a promotional perspective, what are your other categories doing in terms of that shift from above-the-line to below-the-line or vice versa? James R. Craigie - Chairman & Chief Executive Officer: Yeah, good question, Joe. Every category is different, but first I would say, there's continued improvement in the category growth rates on the quarter. Not big, again. In past quarters we've had maybe four of our nine key categories growing. Now we're getting – it's getting better than that. So we're seeing slow but steady progress in the marketplace, which is a good sign. I'd have to go over every category for you, which is different. Again, general trends are good, overall. There's a few categories where there's still a little bit of pricing wars going on and things like that.…

Thank you. Our next question comes from the line of Steve Powers of UBS. Please go ahead.

Thanks, guys. Good morning, congrats from me as well. Hey, I was wondering if you could just talk a little bit more about the gummy capacity and how you plan to use that when it comes online? I understand obviously the near-term capacity constraints. But thinking longer term, will this be used more to increase production and distribution of existing categories or should we now expect a more material acceleration in your moving into new adjacencies? Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: Yeah. Hey, Steve. We wouldn't comment on where we're going to go for the growth. I mean, the category is growing double-digit, particularly the adult vitamin category. We expect that to continue to grow in the future. So, there's enough opportunity today where we are to fill up that plant. And you're not going to fill it up immediately. That's a tremendous amount of capacity growth. Remember, assume the business is around $350 million, like 75% capacity is over $200 million of sales capacity. So, what we're really saying is that we believe in this category. We've made a big investment there and we think it's going to be a part of our growth for a long time in the future.

Okay. And then maybe just a quick update on cat litter, which continues to be great. Just any that you're thinking there given presumed new innovation from competitors. I'm guessing the answer is yes, but are you comfortable with your plans ahead of that, securing your shelf space across the whole portfolio, that kind of thing. Thanks. James R. Craigie - Chairman & Chief Executive Officer: Yes, Steve. I maybe talk too much about this, it's because I love talking about this business, because it's the absolute case. Hey look, cat litter is one of the simplest products to make in terms of ingredients, and yet we found ways for product innovations to make a better, and better, and better cat litter. This new CLUMP & SEAL cat litter is by far the best cat litter in the marketplace. The consumers are reacting to it. We've had a real challenge to keep up the demand. And then on top of that, we launched the lightweight behind it, which solves a major issue in the category. If you're a cat owner, lugging home those boxes is like an Arnold Schwarzenegger act sometimes. But we came out with a lightweight that's half the weight of the previous product, and the consumers just loved that. So I just love – we have some products which are very complicated to make and things like this. This is a relatively simple product to make with simple ingredients with some interesting technology, and yet we've been able to drive category growth in the high single digits, and that's the thing I wave in front of my people's faces. If we can do this on cat litter, why can't we do this on everything. And innovation is the name of the game, your premium price it, you…

Cool. I see pet gummies in your future. Thanks. James R. Craigie - Chairman & Chief Executive Officer: Sure.

Thank you. Our next question comes from Jason Gere of KeyBanc. Your line is open.

Okay. Thanks. And, guys, I won't get sentimental on you, especially you, Jim. Just a couple of things, I guess, one, usually you're pretty good at talking about consumer health and consumer behavior patterns. I'm just wondering since CAGNY, have you seen anything over the last couple of months, lower gas prices and maybe some wage increases. Have you seen anything kind of on, I would say, the low end of your portfolio at this point that gets you a little bit more optimistic as the year progresses? James R. Craigie - Chairman & Chief Executive Officer: Yes. It's interesting, Jason, we've all read the report, the results – studies done by Visa and everything else which said initially about 75% of the savings from the gas were going into either paying down debt or being put in the bank account of consumers. My sense is it's starting to ease up a little bit and there's starting to spend a little bit more money out in the marketplace, particularly when they see innovative new products. I think you're also seeing a little easing by manufacturers in – of their pricing aggressiveness out there, as they feel they don't – they should focus more in innovation and not focus so much more on pricing. And again, the bottom-line result of that is the categories continue to slowly – very slowly, but slowly show improvement versus year ago in the trend. So, I don't want to say I'm overly optimistic at this point, but again, I'm still probably in a yellow light but I feel there's more green creeping in, every month go by. And again, I just saw the April results and they were very encouraging, particularly for our business, very strong and the categories were also continuing to show improvement. So, I got to hope this continues and it will only encourage all the manufacturers to continue to focus more on innovation and less on price wars, and lots of consumers love that because they want to try innovative new products and that. So cautious still, but slightly getting greener every day.

Okay. No, that's good. And then the other question I have is I was wondering if you could kind of – like, if you look at the consumer domestic piece of this for this quarter in terms of breaking down between – you talked about the megabrands, but maybe talk – and then, the non – I guess, non-megapower brands and then the non-power brands, so the tail brands that you still have in there. I know with the non-power brands – I'm getting tongue-tied here, they still kind of weigh a little bit down on the growth overall, what you're doing in terms of trying to stabilize the growth there. Those are businesses that don't really get much A&P. But I'm just wondering, could you talk maybe a little bit about the profitability or what those brands are doing to contribute to overall accelerating growth in the portfolio? James R. Craigie - Chairman & Chief Executive Officer: Yeah. I'll be glad to. And again, you're making a good point, just because we so focus on the megabrands does not mean we've really taken focus off the other brands we have. And we have four or five of what we call power brands. Just quickly, Nair had a great year last year and is having a great year this year; off to a very good start. And the key season's coming up now for consumption, so we've shifted a bunch of new products, we've gotten great retail distribution for them, but now we'll see with the weather and the consumer what happens in Q2 when consumption happens. The pregnancy kit businesses, that's been one where we've had a little bit of pricing wars going on in the category. But we have some big new product innovation coming in that business…

Okay. Great. And congrats, Dr. Farrell. Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: Thanks, Jason.

Thank you. Our next question comes from Chris Ferrara of Wells Fargo. Your line is open.

Hey, thanks. Guys, I guess you probably noticed it, but so many of your competitors are talking about taking marketing down. There's a big push on – pushing spending out of non-working media into working media. You were the only ones where the actual media spending as a percentage of sales isn't really doing much. So can you talk about – I guess what are you doing on the non-working to working side and what do you think your share of voice has done in your categories over the last year or so? James R. Craigie - Chairman & Chief Executive Officer: Yeah, Chris. I almost want to thank you for bringing this up. I think it's a big charade by our competitors about what they're doing. I think they're cutting their marketing spending or telling you they're shifting it over and saving money because they can get the same bang for the buck. They're not. They're either trying to cover, in my mind, their foreign exchange hit or they're trying to cover sales hits there. So, I am not a big believer in shifting to digital and getting same bang for less money. We are increasing our commitment to digital. But we're not using that as an excuse to cut our marketing spending. We're keeping our marketing spending strong, as we told you about 12.5% of sales. So that's on that issue. No, I would just tell you we're keeping our market support strong. I actually hope to take advantage of the fact that our competitors are cutting back on their marketing spending; and our share of the voice, which you're dead right, is a thing to watch. Our share of voice is strong to up in most of our categories because we are continuing to spend same amount…

So you don't see any material decline in non-working media going forward, I guess? James R. Craigie - Chairman & Chief Executive Officer: No. Not for us.

Okay, okay. And I guess on a separate note, I think you guys mentioned incremental OxiClean investment as one of the gross margin drivers. Can you talk about that a little bit, give a little more detail? Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: No, simply that we're in the second year of our quest to drive OxiClean to be in our second megabrand. So we have a lot of spend ahead of us and that's just one of the year-over-year drags in the second quarter.

Okay. So, doesn't sound like it's a very material piece of the - James R. Craigie - Chairman & Chief Executive Officer: No.

Yeah. Okay. Thanks. James R. Craigie - Chairman & Chief Executive Officer: Hey, Chris, let me go back for a second. Let me give you a little perspective on the non-working to working. It's the same perspective as overhead. Everybody is all talking about the 3G effect out there and a lot of people are cutting overhead. Well, we were there a long time ago. We invented the whole keeping overhead low. We have the – I've been bragging about this constantly, we have the highest revenue per employee in the entire industry, and yet we keep getting better finding ways to do it. But it's not a case like we're waking up like some other guys and trying to cut overhead because they're bloated. Same thing on non-working; we've always had a very, very leading-edge ratio of non-working to working, and so we're not sitting here bloated and looking for opportunity to cut it. So, if you look at that as bad news because I don't have cost savings, well, too bad. I mean, we're already aggressive there. Now, we keep looking for ways to save as we have on the overhead side, especially with the acquisitions. We bring them in and leverage our top line and kind of hold the overhead line so our percentage goes down. So, I just feel we've always had great attention in those areas and it's helped to deliver our great results.

Got it. Thanks for the perspective.

Thank you. Our next question comes from Olivia Tong of Bank of America. Your question, please?

Great. Thank you. Wanted to touch back on laundry, because it sounds like you feel better about laundry overall, trade spend's normalizing, fixes to unit dose, et cetera, but it didn't look like at least from a track channel perspective that your sales did trail off a little bit towards the end of the quarter and going into April as well. So perhaps can you talk a little bit about that? And then also I know it's early on the Persil launch, but how, if at all, have you adjusted your own plans as a result of that launch? James R. Craigie - Chairman & Chief Executive Officer: Yeah, Olivia. Every quarter has its – you know, you can't have strong results for all three months of a quarter. And we generally, we had a very strong middle of the quarter and somewhat strong at the end, so you can't look at a four-week period and just say we were weak exiting Q1. I told you, we already saw the first four weeks of Q2, just came in, they were very strong. So, overall, things are tracking. We've had what I'd say 19 to 20 quarters we've grown ARM & HAMMER liquid. In 21 to 22 quarters we've got overall laundry detergent growth in the past four years. The only guys to have growth every year for the past four or five years. So, we're still trending there very well. Persil, I can't really comment on Persil. It's way too early. We have not adjusted our spending to deal with them. Don't forget they are premium priced, which is just a small part of our business. The big bulk of our business is value priced, so I would expect any pain from that launch to be more focused at the premium end of the market.

Got it. Thanks. And then, Matt, you guys addressed M&A strategy, no change there in terms of your thought process, but what about other parts of the business and just the portfolio overall? Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: That's a very open-ended question. Could you be more specific?

Just thinking about how you – I know it's still six-plus months before you take the helm, but just thinking about your thought process as you address the portfolio, whether you think anything is going to change when you move into the top spot. Matthew Thomas Farrell - Executive VP, Chief Operating & Financial Officer: Yeah. Well, look, one thing about Church & Dwight is we are very transparent. And we have a known strategy, we have a very explicit business model, and that we go out of our way to make sure – not only on the sell side, but all of our investors understand the direction of the company. And the direction of the company is set. So we're a company that focuses on innovation. So we're good in innovation, we're terrific at execution and cost control, and we've proven that we're first class when it comes to identifying and integrating acquisitions. So none of that's going to change. And we feel good about our – we have four megabrands that generate a significant amount of our revenues and profits. The last thing we're going to do is take our eye off the ball there and, as Jim said, we have other power brands that also generate significant amount of cash earnings, which are also important to us. So, we try to grow the whole portfolio and we feel good about our family of brands that we have right now.

Great. Thanks, guys. Congrats to both of you and best of luck. James R. Craigie - Chairman & Chief Executive Officer: Hey, operator, I've got an annual shareholders meeting coming up here in a little bit, so I'm going to cut it off here. I want to thank everybody for tuning in today. I'll just leave you with a thought. We've had a great start to the year. We got a lot of stuff ahead of us here, and I think we have great programs over the back half of the year, and again, I'm very excited. I thank you all for your comments today about the transition here. I assure you it's going to be extremely smooth. I assure you it's going to be business as usual with Church & Dwight. Matt understands the mojo or the secret sauce whatever you want to call it about this place, and there's no plan to change any of that and he's got a great team of 4,000 people behind him who understand that. So the Church & Dwight for the past 11 years is going to be the Church & Dwight for the next 11 years. So we're going to continue deliver industry leading total shareholder return results. That's our goal; we're going to do it. So thank you very much.