Good day, ladies and gentlemen, and welcome to the Crane Co. Fourth Quarter 2015 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. I would now like to turn the conference over to Jason Feldman, Director of Investor Relations. You may begin.

Thank you, operator, and good morning, everyone. Welcome to our fourth quarter 2015 earnings release conference call. I'm Jason Feldman, Director of Investor Relations. On our call this morning, we have Max Mitchell, our President and Chief Executive Officer; and Rich Maue, our Chief Financial Officer. We will start off our call with a few prepared remarks, after which we will respond to questions. Just a reminder, the comments we make on this call may include some forward-looking statements. We refer you to the cautionary language at the bottom of our earnings release and also in our Annual Report, 10-K and subsequent filings pertaining to forward-looking statements. Also, during the call, we will be using some non-GAAP numbers, which are reconciled to the comparable GAAP numbers in tables at the end of our press release and the accompanying slide presentation, both of which are available on our website at www.craneco.com in the Investor Relations section. I would also like to invite you to attend our Annual Investor Day event on the morning of February 24. Please contact me directly if you'd like to reserve a place in the conference. Now, let me turn the call over to Max. Max H. Mitchell - President, Chief Executive Officer & Director: Thank you, Jason. As outlined in our press release last night, excluding special items, I'm pleased to report that in this challenging environment Crane's fourth quarter EPS was $1.12, down 1% compared to the fourth quarter of 2014 and in line with the revised guidance we provided last quarter. Sales of $681 million decreased 7%, driven primarily by 3% of unfavorable foreign exchange, and a 3% core sales decline. Operating margin, excluding special items, improved 60 basis points from last year to 15.3%. On a full-year basis 2015 EPS, excluding special items,…

Thank you. Our first question comes from Brian Konigsberg of Vertical Research Partners. Your line is now open.

Yes, hi, good morning. Max H. Mitchell - President, Chief Executive Officer & Director: Hi, Brian. Richard A. Maue - VP, Chief Financial & Accounting Officer: Good morning.

Hey, guys, Maybe this is more directed to Rich. Just pressing on guidance for a little bit. So the EPS range down – what, like $0.13 – $0.12, $0.13 year-over-year. But when I look at the revenue guidance, just making rough estimates that should be about a $0.10 headwind; corporate, maybe another $0.05. But the restructuring you are talking about should add about $0.30. I know you've kind of mentioned some additional engineering spend and possibly some mix. Can you just help kind of fill in the bridge that gets you down to the midpoint of the range? Richard A. Maue - VP, Chief Financial & Accounting Officer: Yes, sure, Brian, thanks. So, if I started with the beginning of your question. So, we're expecting to see about $0.29 read-through from the repositioning benefits and the synergy savings from MEI, okay? Now, I'll provide some breakdown of that number for you too. So, as you're thinking about segment guidance or your own modeling, hopefully will help. Of that $0.29, from a dollar perspective, we're going to get $12 million in OP from those repositioning within our Fluid Handling business, about $9 million in our CPI business. So, that's the synergies that we expect to continue to read-through from the integration of MEI, and about a $5 million OP benefit in our Electronics business. And again, that's just executing on the initiatives that we started over the last 18 months or so. So, that's that the numbers that actually roll up to that $0.29 of EPS benefit. I mentioned that we have a foreign exchange headwind year-over-year as well, which is about $0.10. So, pulling away from that $0.29, you'd reduced that by about $0.10. And then from a corporate point of view were the non-operational items, I mentioned share count,…

Yeah, that was very thorough. Thanks, Rich. Richard A. Maue - VP, Chief Financial & Accounting Officer: You're welcome.

And if I could just follow with another hopefully quick one, just on Fluid Handling. So you're guiding down mid-single-digits. You ended with backlog down, I think, 8% to 9% on a constant currency basis. I presume you said orders weakened by the end of Q4, I presume, with the oil taking another leg-down post-quarter, that couldn't have gotten much better. So, why would mid-single-digits actually be a reasonable target? Max H. Mitchell - President, Chief Executive Officer & Director: Yeah, so Brian, it's Max. We looked at the run rate at the fourth quarter. We looked at some of the trends that where we finished up the year end, and then I think it's further substantiated as we opened the year also. We're not assuming any improvement in 2016. I mean our guidance, right now, is saying it's going to stay at this level through 2016. We're not anticipating any second half recovery. We believe this is going to be extended and prolonged into 2017. We feel that we've been appropriate and prudent in making this assumption, that's really it in a nutshell in terms of how we closed the year and the assumptions we made.

Got it. Thank you very much. Max H. Mitchell - President, Chief Executive Officer & Director: You're welcome.

Thank you. Our next question comes from Matt McConnell of RBC Capital. Your line is now open.

Thank you. Good morning. Max H. Mitchell - President, Chief Executive Officer & Director: Hey, Matt. Richard A. Maue - VP, Chief Financial & Accounting Officer: Good morning.

Just to follow-up on your comment about the first quarter being a lower percent of earnings than last year, I think last year was actually below the normal seasonal average for 1Q. So any other insight into why that would be lower and then ramp up through the year? I know, Max, you just said you're not expecting fluid markets to improve through the year. Is it restructuring savings or something else? Max H. Mitchell - President, Chief Executive Officer & Director: Yeah, Rich. Richard A. Maue - VP, Chief Financial & Accounting Officer: Yeah. So, hi, Matt, I'll take that. So, there's two primary factors that contribute to our year-over-year comparisons being a bit weaker and it relates to our Payment business, as well as our Nuclear Services business. So, we tend to have this seasonality, I'll start with the latter with our Nuclear Services business where we have outages happening in the spring, which really contributes to that second quarter ramp and as well as the fall. And then in CPI, it's lumpiness of certain projects. I'd point to again that we had strong mid-single-digit growth in 2015 and we are expecting that to actually be consistent as you've heard from the prepared remarks, next year. So, it just has to do with lumpiness, frankly, in the CPI business and the Nuclear Services business. Couple of other moving parts but those will be the two big ones.

Okay, great, thanks. Richard A. Maue - VP, Chief Financial & Accounting Officer: You're welcome.

And just switching gears a little bit, you made a comment about M&A. And is there a pipeline? I was unclear what the message was. I know you are willing to be opportunistic and emphatic about not going to overpay. But is there a pipeline of deals that you are tracking right now? Or is that not a big priority? Max H. Mitchell - President, Chief Executive Officer & Director: Oh, it's definitely a priority and there's a pipeline, there is nothing that's close or imminent. We are chasing a lot of opportunities, having a lot of discussions.

Okay. Okay, great. Is that specific to fluid? Richard A. Maue - VP, Chief Financial & Accounting Officer: I would just add to that a little bit, Matt, I specifically wanted to address that upfront M&A being a number one priority for us outside of our internal investments is important. We see that as being – you know that opportunity to deploy capital to make sure that we're growing and contributing to earnings.

Okay, great, thanks. And just – I wonder if you could give a quick update on asbestos. Your payments were down quite a bit this year versus last year and versus the five-year average. So, is there anything meaningful you're seeing there in trends for new claims or settlements? Or anything else of note that you'd like to share on asbestos? Max H. Mitchell - President, Chief Executive Officer & Director: You know, I will touch on this again on the February Investor Day too, I think it's just messaging of the same, Matt. We are pleased with our continued fight here. We made a safe product. This is about the last solvent bystander and we get pegged with claims. There was a recent article in a publication called Mealey's that highlighted the Garlock data that showed, after you know a typical case where swearing the only exposure was to Crane product, after resolving in some way that 80% of cases today on average go to 18 trusts, and then claim to those trusts that they had exposure elsewhere. This is borderline – well, at a minimum, it's robbing the future claimants from the trust assets, which is why the FACT Act is so important for legislators to realize and appreciate. We continue to educate. We continue to try to highlight, and we continue to fight. Our total cost, net of insurance and tax, is down 20% and I'm very pleased with that. That's not a prediction of future progress. There is still risk and unknown, but we continue to fight. And we will outgrow asbestos, which is a strategy that we've had over the last decade. And I think we clearly have creditability and success in driving free cash flow that will outgrow this while we continue to fight the abuse in the system today.

Okay, great. Thank you very much. Max H. Mitchell - President, Chief Executive Officer & Director: Thanks, Matt.

Our next question comes from Chase Jacobson of William Blair. Your line is now open. Chase A. Jacobson - William Blair & Co. LLC: Hi, good morning. Richard A. Maue - VP, Chief Financial & Accounting Officer: Hi, Chase. Max H. Mitchell - President, Chief Executive Officer & Director: Good morning. Chase A. Jacobson - William Blair & Co. LLC: I think you answered most of the questions in Brian's question, but some details here. Within oil and gas – or, I'm sorry, actually within the Fluid Handling segment in general, can you give some color on what you're seeing on the aftermarket side of that business, just in terms of demand and pricing? Richard A. Maue - VP, Chief Financial & Accounting Officer: Yeah, I would say, from a pricing point of view, we're not seeing, really, a lot of incremental pressure at all. I would comment that from just pricing overall, it's similar. Even on project work, there is this – it's sort of the similar trend that we saw coming out of the second half of the year; so, nothing overly incremental in that regard. And we don't expect, any – we're not planning for any incremental headwinds beyond what we saw, again, coming out of 2015 into 2016. Chase A. Jacobson - William Blair & Co. LLC: Okay. And on the demand side, is there anything that stands out as better or worse in the aftermarket business? Richard A. Maue - VP, Chief Financial & Accounting Officer: No, I wouldn't say so. I would say it's status quo in terms of what we've been seeing. I don't think it's any better or any worse at this point relative to the total sales within the space. Chase A. Jacobson - William Blair & Co. LLC: Okay. And…

Thanks, Chase.

Thank you. Our next question comes from Ken Herbert of Canaccord. Your line is now open.

Hi, good morning. Max H. Mitchell - President, Chief Executive Officer & Director: Hi, Ken. Richard A. Maue - VP, Chief Financial & Accounting Officer: Good morning.

Hi, Rich, I just wanted to follow-up on that. Is the step-up in CapEx in the 2016 guidance largely related to the incremental investments in Aerospace & Electronics, or is there maybe something else in another segment? Richard A. Maue - VP, Chief Financial & Accounting Officer: No, you hit it right on the head. That's exactly what it is. It's in support of investments we're making that tie directly to much of the wins that we've had in the Fluid space within Aerospace, right, meaning the pumps business that we have for the hotter fuel requirement. Max H. Mitchell - President, Chief Executive Officer & Director: We've won (36:10) significant content on fuel flow transmitters that require, for the first time in – for quite a long time, the greenfield expansion in our Lynwood, Seattle facility and required for the volume ramp up as well as new testing requirements. It's driven by program wins, and a nice return on that investment.

Yeah. No, that's encouraging. I know you had some great wins there. If I look, then, at the free cash flow guidance in general, I'm guessing, is there anything you could particularly point to in working capital where maybe you see some opportunities, or – I know it looked like it was flat on a dollar basis with – from 2014 to 2015, with obviously some of the pressure on the sales side, but anything you'd particularly point to where you expect improvement in working capital? Richard A. Maue - VP, Chief Financial & Accounting Officer: As I think about it, it's going to be largely – I might have mentioned this even in the last call, it's continued emphasis around making sure that we're driving inventory reductions. If you look at our DPOs and DSOs, we feel real good about them. Some challenges with respect to certain customer contracts in that regard, but we're working our way through it. We feel pretty confident about the guidance that we have here as we look into 2016, the absence of some of these repositioning payments that we otherwise would have had; a slightly lower pension contribution requirement also helping, and a variety of other little things, but we feel good about the working capital that we have in the plan. There is an improvement that's baked into our plan to drive that incremental free cash flow and we feel pretty confident that plans are in place to make sure that we achieve it.

Okay, thank you. And then, just if I could, on Fluid Handling, just if you think – sort of step back, big picture, I mean, if you look back over the last several years, it's unusual to see the backlog in this business down for more than sort of three or four quarters sequentially. And I know you've got very, very limited visibility and there's a lot of unique aspects to this cycle now. But are you at all closer, you think, to calling maybe a bottom in the business? Or do you feel like – because I know this has been an issue for several quarters – or do you feel like the visibility is uncertain today as it's been through much of 2015? I guess I'm just trying to get a sense – I know obviously you've been through this business or several cycles in this business. Is anything maybe changing incrementally for the positive on your visibility here or still as uncertain as it's been? Max H. Mitchell - President, Chief Executive Officer & Director: You know, too early to call a bottom.

Okay. Max H. Mitchell - President, Chief Executive Officer & Director: Uncertainty – look I've looked at every report I can get my hands on that, I'm seeing same information you're seeing. I could get estimates that range from recovery in second half to oil that should be an average of $40 versus today versus the major oil producers' estimates of $50 and will it drop to $40. There is just significant uncertainty. I don't think anybody is going to quite call this right. I think we've been prudent in looking at the run rate at how we exited the year and planned accordingly, I'm going to manage the business to that. We don't anticipate recovery in 2016. We're flying and it's a turbulent volatile time. We have limited visibility but you've got a solid vehicle that we're driving, you've got a great crew. And I think the message is we're going to get our shareholders safely to the destination.

No, I appreciate that. And you've clearly been managing this just very well. At the risk of getting too far ahead of ourselves, do you get a sense that, from your customers, that the deferred spend might be getting a little excessive, in terms of when things do start to turn, you could see maybe a little more acceleration on the growth than maybe you might otherwise expect? Or is it even too premature to have that discussion? Max H. Mitchell - President, Chief Executive Officer & Director: I think like all cyclical upturns, I think it's going to be unexpected and unpredicted and it's going to be stronger than anticipated when it does come. That's my own personal feeling. I don't know when that's going to be but I think there will be an over – there is going to be a continued adjustment in supply that probably will overreact and we will be positioned to benefit.

Great. Thanks a lot Max. Max H. Mitchell - President, Chief Executive Officer & Director: Okay, Ken.

Our next question comes from Joe Radigan of KeyBanc. Your line is now open.

Thanks. Good morning, guys. Max H. Mitchell - President, Chief Executive Officer & Director: Good morning.

Max, you mentioned the historical trajectory of the Fluid Handling segment margins. Where do you expect margin to bottom this cycle? I mean, could it get back to single-digits? Or is... Max H. Mitchell - President, Chief Executive Officer & Director: No.

...incremental repositioning? Okay. Max H. Mitchell - President, Chief Executive Officer & Director: 2016 will be the bottom.

Okay. And then, in terms of – you're continuing to see the project delays. In terms of the run rate business, the maintenance activity, what are you hearing about turnaround schedules for 2016? How did that – did you continue to see those get pushed out in the fourth quarter? And then what are you hearing about for this year? Max H. Mitchell - President, Chief Executive Officer & Director: We're hearing continued mix, some signals. I think everyone is running as efficiently as possible, pushing everything they can. So turnarounds are happening on more a selective basis. There is maintenance that needs to occur that's' happening unexpectedly that we see, but I think it's still being managed very tightly. And I think as we open the year with the market reactions with oil price that we are all watching, I think it's just, again, it's another indicator where everybody is going to tighten CapEx and be very, very cautious on spend across the industry.

Okay. And then on Aerospace – Aerospace & Defense, aside from the Space Fence program, what are you seeing in terms of global defense spending? There seems to be improving sentiment in that space at least, following the budget deal in the U.S. and just the funding environment elsewhere. Max H. Mitchell - President, Chief Executive Officer & Director: Yeah, I think overall just on the military side, we, I think, just to point to some of the positions we have on certain programs. We have good positions on the F-35 as well as the A400M, numerous upgrade opportunities with content on the legacy aircraft, part of the reason for the increase in aftermarkets in this particular quarter was the B-52. So content on a B-52, the F-15, it's F-16, the F-18 so we've got nice content in that area, but overall I would say that we see the military end markets basically being stable to slightly up.

Okay, great. Thank you, guys. Max H. Mitchell - President, Chief Executive Officer & Director: You're welcome.

Thank you. Our next question comes from Ryan Cassil of Seaport Global Securities. Your line is now open.

Good morning, guys. Richard A. Maue - VP, Chief Financial & Accounting Officer: Good morning, Ryan. Max H. Mitchell - President, Chief Executive Officer & Director: Good morning.

Just going back to the question about backlog down 9% and the expectation that you'll be down mid-single-digits, I was taking it that maybe the short cycle MRO type work was going to be expected to pick up and then sort of bridge the gap. But am I off-base there? Could you still help me kind of bridge that? Richard A. Maue - VP, Chief Financial & Accounting Officer: So, we expect no real difference in MRO versus project mix. In terms of perhaps adding a little bit more color with respect to where we're seeing as we're ending the quarter and you look at our Process Valve business, which is really the subject of, I think, all the discussion here and you look at our order rates on a year-over-year basis. As we look through the full year of 2015, they deteriorated at a lesser rate as we went through the year including in the fourth quarter. So, while I think too early to call bottom as we pointed out, we feel like we're close, I would say. Now the nature of the range that we have is to accommodate missing on that, on that assumption at our midpoint. So, I think when we look at order rates and we look at what's in our current backlog, we feel good again getting back to the run rate that the sales profile that we put forth here for Fluid Handling is the right one.

Okay. Okay, thanks. And maybe just given the kind of global macro environment here, could you give some color on maybe the differences in trends in the emerging markets versus North America in that fluid side as well? Thanks. Richard A. Maue - VP, Chief Financial & Accounting Officer: Sure. So, I'll just start with the overall Fluid Handling end markets and really not a whole heck of a lot I would say to start off that's changed. We did talk about some deterioration over the fourth quarter with December a bit weaker than expected. We do still see customers continuing to defer capital spending, delay projects, lower commodity cost perhaps having an impact, also customers delaying shipments and acceptance of order. So, we're still seeing that kind of an element with respect to the demand in the business. Isolated project cancelations largely confine to the power sector in China, I would say. But the greatest deterioration that we saw here was in the chemical markets and specifically in the United States. This is – and I'm speaking really specifically to the trend that we saw in the fourth quarter. But the rates of decline in most other regions have been more stable, chemical markets in China, okay, although off a very depressed base. I think we've been talking about China being a very difficult end market all year, so stable off of a very depressed base. And I would say it's too early to call bottom with respect to China as well. Power markets in Europe weak, power in China weak. Good activity in the United States relative to power with coal to gas conversion projects and while also still early, we are seeing some progress in China with respect to nuclear opportunities, although not a very significant aspect of what we do but meaningful. And then from a refining perspective, I would say just soft across all geographies and order rates being stable on that area. Max H. Mitchell - President, Chief Executive Officer & Director: In terms of – Ryan, in terms of the broader global cost of risk business, too, I mean, there are opportunities, so it's quite mixed; and in the emerging markets we do see pockets of strength for our financial – our Payment Innovations business, Merchandising, Aerospace clearly as well, so it continues to be difficult in the Fluid Handling end markets, but generally okay in the rest of the world across our other markets.

Okay, great color. Thanks guys. Max H. Mitchell - President, Chief Executive Officer & Director: Thank you.

Our next question comes from Ron Epstein of Bank of America Merrill Lynch. Your line is now open.

Hey, good morning, guys. Max H. Mitchell - President, Chief Executive Officer & Director: Hi, Ron. Richard A. Maue - VP, Chief Financial & Accounting Officer: Hi, Ron.

So, Max, big – just a big, big, big picture question for you. And when you think about the business, granted, there is the cyclical stuff and it's real hard to forecast when we'd see a turn in that, but are there other ways to drive growth into the business? Right? Maybe when you guys sit back and you sit around the table and think what you can do with the company, what else can you do besides just waiting for the cycle to turn? Max H. Mitchell - President, Chief Executive Officer & Director: You always like to ask the big picture question, Ron.

Yes. We got you on the call. I'd rather ask you that then what the interest rate is going to be for the quarter. It's kind of a wasting of your time. Max H. Mitchell - President, Chief Executive Officer & Director: And I remember you ask me this not too long ago, and I think the answer is similar. Look we continue to explore all options, we put a hat on that says within the businesses that we have, the portfolio we have, the capital constrains that we have, and opportunities that we have what can we do. We're chasing quite a bit I can't talk about. But we continue we have been. I think our board is absolutely aligned with exploring all options to continue to drive shareholder value and we're doing that. Rich mentioned clearly from an acquisition and M&A standpoint. That continues to be top-of-mind and a top priority. And I don't have a whole lot more to add other than that Ron. We love our businesses, we like the diversity in the portfolio that we have, we continue to explore into adjacencies as well not just those that strengthen our core business, and look to accelerate profitable growth.

Well, so maybe – I mean, how can I ask this that you know – not that you would, but I'm going to try to ask something that you could actually answer. Is there any way you could put sort of a maybe a broad framework around adjacencies when we think about that? Max H. Mitchell - President, Chief Executive Officer & Director: You know what, we're going to do a little bit of that in February Investor Conference if you'll hold that. I look forward to giving a little more insight.

All right. Max H. Mitchell - President, Chief Executive Officer & Director: Yeah.

Yeah, because that would be helpful just to kind of – when we think about how you guys are thinking about it, if we'd just get a framework about what is an adjacency for Crane. Because you guys have such a broad set of businesses anyway, right? Max H. Mitchell - President, Chief Executive Officer & Director: Yep. No, we're planning on doing some of that in February Investor Conference, it would be great.

Okay, cool. Thanks. Max H. Mitchell - President, Chief Executive Officer & Director: Thanks, Ron.

Thank you. Our next question comes from Jim Foung of Gabelli & Company. Your line is now open. James V. Foung - Gabelli & Company: Hi, good morning, Max. Max H. Mitchell - President, Chief Executive Officer & Director: Hi Jim, morning. James V. Foung - Gabelli & Company: So maybe I could ask a smaller picture question here. Maybe could you just talk a little bit about the M&A and what areas you are looking for? Where do you want to grow? And I know there's – with values being down, there are probably plenty of opportunities for you. Could you just talk a little bit about your areas of interest? Max H. Mitchell - President, Chief Executive Officer & Director: Yeah; Fluid Handling first, Jimmy, our businesses within our core, then we'll talk more about some of the adjacencies we're looking at on the February Investor Day. There is still a bit of a disconnect – even in the market dislocations some disconnect between sellers' expectations and what we think is a fair deal. I think that's going to continue to shake out here in the months and quarters ahead and provide some great opportunities. Payment Innovations has some opportunities as well that we're looking at, and clearly in Aerospace. And those valuations are difficult, but we clearly have a number of opportunities that we are chasing. Those are the key priorities, areas of focus. James V. Foung - Gabelli & Company: Okay. And then, maybe you could just kind of – maybe you could just talk a little bit about the aftermarket demand in the commercial aerospace? Could you just kind of dig a little deeper in terms of what the new norm is and when your airlines are being more careful in the aftermarket industry? Richard…

Thank you. Our next question comes from Igor Maryasis of Avondale Partners. Your line is now open.

Yes, Hi. Good morning, gentlemen. Max H. Mitchell - President, Chief Executive Officer & Director: Hi, Igor. Richard A. Maue - VP, Chief Financial & Accounting Officer: Hi.

Just, could you talk a little bit about the competitive dynamics in the Fluid end markets. I think you mentioned earlier market share gains, how do you get there? Is it service? Is it product quality? Is it smaller competitors just feeling more pressure? In other words, does the current market weakness present opportunities for you guys in that regard? Max H. Mitchell - President, Chief Executive Officer & Director: Yeah, it's a mix of all the above, since discipline, in terms of service lead time, continue to drive improvement. Where a customer still values and appreciates that opportunity, we've increased our channel focus as well. So there's a number of areas and opportunities, even in this difficult market, that we think continue to position us well for the future.

So this is both on the OE side and on the aftermarket side. Is that correct? Max H. Mitchell - President, Chief Executive Officer & Director: Correct.

Okay. Thank you.

Our next question comes from Robert Barry of Susquehanna. Your line is now open.

Hey, guys, good morning. Max H. Mitchell - President, Chief Executive Officer & Director: Hey, Rob. How are you? Richard A. Maue - VP, Chief Financial & Accounting Officer: Hey, Rob.

Nice to see such a robust Q&A session on the call. Thank you for fitting me in. Just a couple of things. Rich, I think you mentioned a $5 million impact from price in Fluid? Richard A. Maue - VP, Chief Financial & Accounting Officer: Yes.

I mean, I know everyone talks about price a little different and it's a little nebulous, right? I think, internal, you speak about gross margin, but I think that implies like 50 basis points of headwind and I know it's mostly concentrated in process valves. So even in there, it only implies like a point of headwind, which seems a lot more benign than multiple points of headwind some of the other OEMs have been talking about, including some that are focused on valves. I mean, just any thoughts on what the difference might be in what you're seeing on pricing? Richard A. Maue - VP, Chief Financial & Accounting Officer: I think – to start off the answer, I think you couched it well at the beginning in terms of how people really quantify what the price impact is. You know, because of where pricing is, just for example, we'll walk away from certain contracts. So how do you really quantify that in the way of OP headwinds, right? So it really depends. I think every business, probably, when they present out on these calls looks at it a little bit differently, but, you know, the $5 million, from our point of view, it really is a continuation of what we saw in the second half. So we talked about 150 basis points of pressure and really the incremental year-over-year impact is really just pulling forward what we did not see in the first half of the year, if you follow that.

So was that incremental? So that would be like kind of since the start of the pricing pressure, it would be more like 2 point impact? Richard A. Maue - VP, Chief Financial & Accounting Officer: Correct.

Got you. Okay, that's helpful. And then just I wanted to clarify the commentary about chemical. It sounded like in the bucket of what's new in terms of end market pressure in Fluid, it sounded like chemical had started to become weaker. Can you elaborate on that? Max H. Mitchell - President, Chief Executive Officer & Director: Not much more than what we have mentioned because it developed late into the fourth quarter and we are still getting our arms around it, whether it was just a reaction to, you know year end cash flow and some constraints or how much is related to the deteriorating commodity prices. You know chemical overall whether it's core alkali, titanium dioxide, whether it's ethylene everything is just, supply is slightly over demand and we're seeing some pricing pressures and some constraints, there's some big moves taking place and major customers that are consolidating and splitting. And there is just a lot of factors here that we still are looking at – I'm trying to understand here, so hopefully by the February Investor Day, Rob, we'll have some more insight and color.

Got you. Okay, great. Thanks very much. Max H. Mitchell - President, Chief Executive Officer & Director: Thank you. Richard A. Maue - VP, Chief Financial & Accounting Officer: Thank you.

. Our next, we have a follow-up question from Brian Konigsberg of Vertical Research Partners. Your line is now open.

(58:52) taking the follow-on question. Just on the M&A topic, can you just tell us where you stand from a fully adjusted leverage ratio, and maybe talk to – talk a bit about what you think the capacity actually is? And I mean, would you possibly consider using equity for the right type of deal? Richard A. Maue - VP, Chief Financial & Accounting Officer: Sure, so in terms of our capacity today, we're probably right around a $350 million to $400 million. So our total – today our overall ratio is around 2.9 to 3 EBITDA, it's closer probably to the 3, which is where, you get close to the – to where we can be frankly to maintain the investment grade rating. But we have extra capacity through the available cash that we have largely overseas. So in terms of M&A opportunities, we are prioritizing overseas investments or investment opportunities at this point. And obviously over time, we generate very strong free cash flows as you know and as the years progress here – as the next couple of years, even towards the end of 2016 that capacity will increase.

Equity is not a consideration, though? Richard A. Maue - VP, Chief Financial & Accounting Officer: You know to the extent the opportunity presents itself and it makes sense from an accretion perspective it would be, but it would be – it would have to be quite strategic for us.

Got it, thanks. Max H. Mitchell - President, Chief Executive Officer & Director: Thanks, Brian.

Thank you. And this does conclude our question-and-answer session. I would now like to turn the call back to Max Mitchell for any further remarks. Max H. Mitchell - President, Chief Executive Officer & Director: Outstanding, thank you, operator. Well, end markets continue to be under pressure. And in the words of late great David Bowie, there's a terror in knowing what the world is about. Take solace that Crane, at 160 years old, is taken the right actions to adjust, and is well-positioned for the future. We look forward to sharing our update on Investor Day, February 24. Have a wonderful day and thanks for your interest in Crane.