Welcome to the Corning Incorporated Quarter Two 2015 Results. This conference is being recorded. It is my pleasure to turn the call over to Ann Nicholson, Division Vice President of Investor Relations. Please go ahead.

Thank you, Brad, and good morning. Welcome to Corning's Second Quarter Conference Call. With me today is Wendell Weeks, Chairman and Chief Executive Officer; Jim Flaws, Vice Chairman and Chief Financial Officer; and Tony Tripeny, Corporate Controller. Before we begin our formal comments, I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995. These remarks involve a number of risks, uncertainties and other factors that could cause actual results to differ materially. These factors are detailed in the company's financial reports. You should also note that this presentation contains a number of non-GAAP measures. A reconciliation can be found on our website. We have slides posting with our webcast today live that go with the formal comments. Now I'll turn the call over to Jim. James B. Flaws - Vice Chairman & Chief Financial Officer: Thanks, Ann. Good morning, everyone. I'm pleased to share with you our second quarter results, but before I dive into earnings, I'd take a minute to highlight our July 21 organizational announcement. In case you missed it, I announced my retirement effective at the end of November. After 42 years with one of the world's most enduring and successful companies. And with the company in a very strong financial and operational position, I believe it's a good time to hand the reins over to the next generation of leaders. I'm very pleased today to introduce you to Tony Tripeny, our current Corporate Controller, who many of you have met and who will become Corning's Chief Financial Officer in September. Tony has 30 years of finance experience at Corning, including playing a key role in numerous acquisitions. In the last 10 years as Corporate Controller, Tony has been integral in forming…

Thank you, Jim. Brad, we'll open the lines for questions now, please.

Thank you. The first question will come from Rod Hall with JPMorgan. Please go ahead.

Yeah, good morning, guys, and thank you for the question. Congratulations on retirement, Jim. Good working with you over these last few years. So congrats on that. And welcome, Tony, as well. I wanted to start off with, I guess, Jim, a little bit of discussion on the trajectory of demand through H2. Clearly, you guys are reducing guidance for Q3 a little bit or at least missing our expectations a little bit as demand weakens here, but then the overall LCD glass demand picture you're painting actually causes us to think that our numbers are maybe a little low in Q4. So I guess I'd like to get some commentary on how you see trajectory yourself. And maybe if you could tie into that a little bit of commentary on 4K. Panel pricing keeps dropping faster than we expected. Do you guys think that elasticity on 4K could be now more accentuated in Q4 if consumers hang in there and prices are a little bit lower? So just wanted to get a comment on that. And then lastly, I guess, just some demand color. All of us are trying to figure out what's going on with global demand generally, so any further color you can give us on what you see regionally, how – are you seeing any signs of stabilization, et cetera? Sorry, a bunch of questions there, but thanks. James B. Flaws - Vice Chairman & Chief Financial Officer: Thanks, Rob. Well, I enjoyed working with you also, and I think you just set the record for six questions in one.

Yeah, sorry. James B. Flaws - Vice Chairman & Chief Financial Officer: So let me start with comments on the trajectory. Our July glass pulling from our customers, panel makers, is equal to what we've seen in June. We're not actually seeing any slowdown from our customers at this point in time. So I hope that helps on the trajectory. We believe, as I said in my outlook, that we will expect to see that there is some impact as customers recognize the inventory, the slowdown in the end market. And what we're showing is that we'll see a glass market demand go down in Q4 versus Q3. We could get that wrong a little. I mean it could be a little higher in Q3 and declines a little more in Q4. It's tough to tell. Right now, as I said, we haven't seen panel makers pull back. Relative to ultra-high def, we clearly think it will be important in the coming years. As you know, our forecast of sell-in is 27 million units – our sell-through is 27 million. Our forecast of sell-in is higher than that. We are – we believe that pricing points are approaching the inflection point. We don't know if we'll get there in Q4. I suspect, given the overall weaker economic news, that maybe people will be driving that price premium down to the 1.5, in which case that should be very good for demand for us. I think I got most of your questions.

Yeah. Wendell P. Weeks - Chairman, President & Chief Executive Officer: And if I could just add a little bit of color for you, Rod. I can see how you can get to your numbers. I do. And what makes it hard to do, just purely quantitatively is that you have some real behavioral dynamics here. What happened is in the first part of the year, the set makers were quite worried that they could get enough panels to be able to support the back half's demand. And so they were building inventory. Panel makers' inventory levels are very healthy and they're profitable. So they can support continued price declines in panels and still may decide to run with higher utilization than is currently in our forecast for quarter three. So, therefore, you could run hotter in Q3 like you are anticipating. But then what we'd say if you're going to come back to the same total year, that would mean that quarter four would be less than what it is where we're coming to. So I can see how you can get your cycle. It's perfectly reasonable. I think the key thing for us is that what's the dynamic in glass. In glass, we have inventory levels at the low end of healthy. And so that gives ourselves and our competitors really a lot of levers to adjust to whatever the quarter four is, assuming we're in the range of the total end market demand that we're discussing. Either we've got product development we can do, we've got glass tank repairs that we can pull ahead, right. So we have all the levers that we need to sort of keep demand and supply, whether your cycle's right or the one that we're currently basing our forecast is right. Does that make sense?

Yeah, that's helpful, Wendell. Thank you very much.

And our next question will come from Amitabh Passi with UBS. Please go ahead.

Hi, guys. Good morning. I just had a couple of questions. Jim, I just wanted to clarify your comments on Gorilla Glass. I think you mentioned volumes flat year-over-year. I just wanted to confirm, how should we be thinking about ASP declines, and how should we be thinking about revenue trends for Gorilla Glass year-over-year? And then just a quick question on LCD display. I think part of your assumption set assumes that the panel makers remain relatively healthy. I was just wondering, what happens if things were to deteriorate and if they were to become unprofitable in the back half of the year, how should we think about the potential ramifications for you guys, especially with respect to glass pricing? James B. Flaws - Vice Chairman & Chief Financial Officer: So what I mentioned on Gorilla Glass in Q3 is the volume would be flat versus Q3 a year ago. Just as a reminder, Q3 a year ago was extremely high because of some of our customers big model launches. So we're actually delighted that we're holding it flat with that. Price declines, we have price declines on Q3 and a price premium on Gorilla Glass 4. So as we see more Gorilla Glass 4 showing up in the mix, particularly as we head into Q4, you actually should be seeing a very stable price effect. And we're looking for a very good quarter four in Gorilla, also. On panel makers, I just won't speculate. I mean, their profitability is much higher right now than it has ever been in any softening period or inventory correction. So it would take a fairly massive drop in panel prices, and we are not forecasting that. We're expecting panel prices to drop about 9% going forward, and they'll still remain profitable if we're right on that.

Okay. And then if I just... Wendell P. Weeks - Chairman, President & Chief Executive Officer: Can I just add one quick thing for you on Gorilla just for fun, right. So for fun, through quarter two, we just passed cumulative $4 billion in revenue in Gorilla, and over 1 billion square feet of glass. And the nice thing about the price piece here is we anticipate overall for Specialty, CSM, take a double-digit profit growth here, including Gorilla, for the year. And that what Gorilla 4 is going to allow us to do is basically flatten price declines, and that's going to be terrific.

And then I guess just a quick follow-up probably for you, Wendell, just on telecom. Can you just give us maybe some color on the demand? You've mentioned fiber-to-the-home in your commentary. Would love to get just kind of incremental insight in terms of the geographic trends you're seeing. And then just sequentially, you're guiding to sales kind of flattish. Just wondering, is that just seasonality or are you seeing some sort of maybe moderation in demand? Wendell P. Weeks - Chairman, President & Chief Executive Officer: So for Optical, I think Jim used this, probably the most fun statistic, which is we normally say that our long-term goal in Optical is to grow at twice the rate of telecom CapEx. And what we've been seeing now for quite a while is actually, excluding acquisitions, we're growing at four times telecom CapEx, and including acquisitions, over 10 times telecom CapEx. And what's driving that is a combination of the right products, but also our strength in the right regions to get to your second question. So we're seeing very strong North America, we're seeing very strong fiber-to-the-home, and we're seeing very strong data center work. And that combination of our strong position in data centers and our strong position in fiber-to-the-home is what's behind this really sort of powerful growth story. James B. Flaws - Vice Chairman & Chief Financial Officer: Just one another comment, you mentioned sequential. Ordinarily, Q3 and Q2 sequentials are pretty flat. But we're delighted by the year-over-year in both of those quarters being up the mid single digits in sales. So generally, if you look at telecom's cycle, absent anything strange, low first quarter, higher second and third quarters, and then fourth quarter is where the most variability in history shows up.

Again, thanks, guys, and, Jim, congrats. James B. Flaws - Vice Chairman & Chief Financial Officer: Thank you. Wendell P. Weeks - Chairman, President & Chief Executive Officer: Was just going to add, I think that that growth in the third quarter is in the mid-teens.

Year-over-year, right? Wendell P. Weeks - Chairman, President & Chief Executive Officer: Yeah, that's correct. Year-over-year.

Yeah, I was talking sequentially. Wendell P. Weeks - Chairman, President & Chief Executive Officer: Okay. Cool. Thank you.

And our next question will come from Patrick Newton with Stifel. Please go ahead. Patrick M. Newton - Stifel, Nicolaus & Co., Inc.: Yeah, thank you for taking my questions, and Tony, congrats on the new position, and, Jim, congratulations on the retirement. Wendell P. Weeks - Chairman, President & Chief Executive Officer: Thank you. James B. Flaws - Vice Chairman & Chief Financial Officer: Thank you. Patrick M. Newton - Stifel, Nicolaus & Co., Inc.: I guess, Jim, I want to focus on what you touched on with the move from thick to thin glass nearing completion. I think previously, you discussed thin as being 0.7 mm or less. And so I'm trying to help get some clarity on how thin can the industry actually go. When you make the comment that it's nearing completion, does that mean that we're nearing getting the industry below 0.7 mm, or are we approaching a lower thickness like 0.4 mm? James B. Flaws - Vice Chairman & Chief Financial Officer: What I'm talking about is the move where we start from 0.7 mm and now I'm talking about getting to 0.5 mm. But clearly in some formats, we have some customers at 0.4 mm and smaller generations, but what I was talking about as the big move was what we started in 2008 when almost everybody was 0.7 mm and getting most people to 0.5 mm. Patrick M. Newton - Stifel, Nicolaus & Co., Inc.: Okay. And if we think about that move in going to 0.5 mm and kind of the capacity that it naturally builds for you, are there any CapEx implications on the horizon, where kind of as this move to thin starts to near completion, that Corning will have to start investing in glass capacity? James B. Flaws…

And our next question will come from Mark Sue from RBC. Please go ahead.

Thank you. Thank you, Jim. It's been a pleasure, and welcome, Tony. I have a question on FX. Hedging will eventually roll off, so perhaps your thoughts on your plan of action, considering additional hedging at the moment seems cost prohibitive. So do we think about passing the increased costs down to your customers, or do we revisit U.S.-based pricing, which is in effect a price hike as well for your customers? So maybe you're thinking there. James B. Flaws - Vice Chairman & Chief Financial Officer: So I'll start. We're continuing to look for innovative ways to deal with what I'll remind everybody is in 2018, it's quite a ways away. And the possibility of is there something that we can do with a unique hedging structure that might allow us to not have the impact of the yen going from essentially ¥99 to the low ¥120s right now. So we continue to evaluate that. We also are evaluating whether we could return to U.S. dollar pricing and perhaps ways of doing that are pricing some of our new products in U.S. dollars. And fundamentally, we also think that the industry, the glass industry, will continue to reduce price declines to a lower and lower level and maybe could even flatten them out or raise them at some point in time. So we're hard at work at that but we're not panic-stricken, either as we go along. It's only the middle of 2015.

Okay. Sounds fair. Jim, a question on screen sizes. We are moving to larger screens and 4K will come initially in larger sizes. Are we getting to a point of diminishing marginal utility reaching optimal screen sizes? You're getting the benefit of size offsetting slowing units, so the question that we get is how long can that last? James B. Flaws - Vice Chairman & Chief Financial Officer: Well, we don't see it slowing down. I think you've heard me say that every year, I have a bet with our team that we're going to exceed their forecast and we just raised it again. The average screen size – I use the 30-inch and above metric because I think it's more useful – is growing very nicely again this year. And the thing that's really going to be helpful for us, I think, in the future is that as 4K becomes a bigger and bigger proportion of demand, that drives you to getting a bigger television. And right now, the average 4K television is over 50 inches. And if you think about that compared to the average television in the 30-inch and above category, which is really only 41 inches right now, so as that grows as part of demand, we think we'll continue to see average screen size grow. The other thing I'll remind everybody is that televisions actually are getting average screen size up. Television itself doesn't have to grow as much because the manufacturers have continued to reduce the edge size or what we used to call the bezel, although many televisions don't really have one of those plastic things anymore. And so we continue to think this is going to help us for a number of years.

Helpful. Last thing, Wendell, if we took a look at telecom, how about your thoughts of accelerating M&A for telecom and Clark and his team. It is a segment growing very fast. Can we add velocity to deal-making, considering this positive outlook? How about a blank check for Clark? Wendell P. Weeks - Chairman, President & Chief Executive Officer: No such thing as blank checks. But the core of your idea, which is that given the strength of our position and how much win there is in our category, we would like to accelerate that further with continued acquisitions. That's clearly our strong intent and it's just a matter of getting the ones that are the right fit at the right price.

That's helpful. Thank you, and our pleasure, Jim. James B. Flaws - Vice Chairman & Chief Financial Officer: Thanks, Mark.

And our next question will come from Wamsi Mohan with Bank of America. Please go ahead.

Yes. Thank you. Congrats, Tony; and Jim, we will miss you. My first question's on Display profitability expectations. Previously, you had expected that to be flat on a year-on-year basis. Now given the slowdown you've alluded to, can you talk about the magnitude of potential profit decline for the full year on Display? And I have a gross margin follow-up. James B. Flaws - Vice Chairman & Chief Financial Officer: So clearly with less volume, we would expect not to have the ability to hit the flatness that we were hoping for in Display. Probably, we'll have a little bit down. But I won't categorize how much that is at this point in time, but it could be slightly down. If you saw, it was slightly down in Q3 when our volume wasn't as strong as it had been in Q1. We continue to feel like we've got excellent cost reduction ideas and the Display team is working on how they can do even better in cost reduction in this period of slightly lower demand.

Thanks, Jim. And then your gross margin guidance indicates a step down here from 45% to 44% in the third quarter, but you're guiding shipments up quarter-on-quarter for LCD glass. So should we conclude that your LCD utilization rate is going to be down quarter-on-quarter in 3Q? And in the fourth quarter, you're expecting the market to be down seasonally, so should we expect gross margins to also contract sequentially from Q3 to Q4? James B. Flaws - Vice Chairman & Chief Financial Officer: No, I think that we have a little bit of an impact in Q3 from inventory changes, but that's just slight. But I'm not expecting our gross margin in Q4 to be materially different.

And last one from me if I could. Jim, you noted that the heartbeat pricing and true pricing to converge over time here, but can you help us with what the magnitude of the delta that exists now between the heartbeat of LCD glass pricing and true pricing over this quarter and maybe over the last couple of quarters? Thank you. James B. Flaws - Vice Chairman & Chief Financial Officer: I'll just give you a rough CFO math. We're in the 2%, and the overall pricing is in the 3%. But we definitely think we'll drive that overall pricing down and start to converge. Wendell P. Weeks - Chairman, President & Chief Executive Officer: And this ties to an earlier question and an answer you heard from Jim. I want to make sure that we have portrayed this accurately for you. We believe the market will continue to move to thinner. Okay? We have requests from customers, of course, at 0.4 mm and all the way down to 0.3 mm. And we're developing glasses that, of course, that go to 0.1 mm or 0.2 mm. What's different about our approach is we're not going to sell those at a discount. That's our preferred strategy. So that's what begins to bring this – the combination of the first set of moves to get down to thinner glass, sort of 0.5 mm area. As that comes to completion, that will naturally bring that sort of heartbeat or invoice pricing sort of in line with the mix level, which is the thinner versus thicker. But then the next step is that now, as we inevitably go thinner still, which competitively we love to do because our process is fundamentally better equipped to go thin than our competition's processes, that our strategy is to do that without a pricing decline. Now it remains to be seen how effective we'll be with that, but that is our plan and approach. Does that make sense?

Yeah, it does. Thanks, Wendell.

And our next question will come from Simona Jankowski with Goldman Sachs. Please go ahead Simona K. Jankowski - Goldman Sachs & Co.: Hi. Thanks very much. And I wanted to add my congratulations to Jim and Tony as well. Wendell, if I can follow up on the point you just made there at the end. Were you saying that you no longer expect to be pricing at a discount starting with thicknesses of 0.4 mm and below? And I just wanted to understand the premise behind that. Is it that you don't expect your competitors to be able to achieve those kinds of thicknesses or maybe not at the same cost structure as Corning? Wendell P. Weeks - Chairman, President & Chief Executive Officer: Yes. The second is that while we would – 0.4 mm is one level, 0.3 mm is another, right. We believe that competitively, it gets harder to do. And there isn't as much cost improvement as you begin to move to those thicknesses because of the relative difficulty of the way – of handling that much glass flow and doing it in a stable way. The way you have to think about as you go thinner, and it's why we get more square footage out when you do it, is the way you go thinner is you go faster. The faster you pull glass, the more unstable the sheet becomes when you're doing something like fusion. And when you're doing something like float, you've got a fundamental problem of the relative weight in the physics of the glass on top of a tin bath. Those things combine, we think, to give us an opportunity to be able to differentiate ourselves on thin. 0.4 mm is more within the range of our competitor's capabilities than 0.3…

And our next question will come from the line of Joseph Wolf with Barclays. Please go ahead. Joseph, your line is open.

Hi. Can you guys hear me?

We can.

Okay. Thank you. Again, congratulations to Jim and Tony. Thanks a lot for all your help. I guess I wanted to focus on cash for a second. I don't think this was answered. Can you just give us where we are on the balance of the original share buyback? You mentioned the $623 million (sic) [$626 million] (51:42) in the quarter. How much is less than the $1.5 billion along with the $2 billion, and are there points at which you would think about accelerating? Is that share price driven or market driven? James B. Flaws - Vice Chairman & Chief Financial Officer: So I think for Q1 and Q2, we were a little over $1.1 billion and obviously, we continued to buy in July, which isn't finished. We have not completed the $1.5 billion but we will complete it shortly, and then we'll be available to start spending on the $2 billion. That's our process to finish one and then open up the other one officially. And we, clearly, at these lower stock prices for Corning, which we think are below appropriate value, we buy more.

Great. And then a question on the telecom. I don't know if you've given out – give us a favor – you mentioned the different growth rates. Could you give us a split right now of the difference between the traditional telecom spend and the data center spend? And you mentioned focusing, I guess, on the acquisitions, will there be a focus to stay within that enterprise or the data center side of the business, or do you see opportunities across telecom right now?

I think from an M&A standpoint, we wouldn't be just in the data center spend, I mean we'd be across telecom. If you go back to Wendell's earlier answer to the question, we've seen a lot of growth in the fiber-to-the-home in the carrier area, and I think that that is certainly something that we're very strong at. It's easy to see where you could generate value in terms of synergies there in terms of different products or different geographies. So as we look at it, we look at it as telecom in total, not just data centers.

And can you give any directional on the sizes of this business? Is the data center business measurable right now? Is it 10% of the business, or is it still just a growing smaller business? James B. Flaws - Vice Chairman & Chief Financial Officer: It's clearly greater than 10% of our business.

We give enterprise total. Enterprise is running about 25% of all of our sales in Optical.

Great. Thank you, Ann.

And our next question comes from Steven Fox with Cross Research. Please go ahead.

Thanks. Good morning. Jim, congratulations. I'm looking forward to seeing the book that comes out of your retirement. James B. Flaws - Vice Chairman & Chief Financial Officer: Thanks, Steve. You'll be in it.

Thanks. James B. Flaws - Vice Chairman & Chief Financial Officer: I'll be talking about the Mets.

I'm not sure if that's a good thing. So just in terms of looking at some of the new product development, I know you touched a lot on thinner glass and hopefully the positive impact there. Can you just sort of round out the status on some of the other innovations you're working on? So it sounds like we're still a little whiles away from seeing like 0.4 mm into the mix, but what about things like Lotus NXT and Project Phire and then especially the Iris product that you rolled out, how are those things factoring into the rest of the year or maybe where the timeline stands on those? Thanks. Wendell P. Weeks - Chairman, President & Chief Executive Officer: Great. So NXT is out there now and beginning its qualification cycle. We look to that area as a spot where we'll be able to improve our profitability in high-performance displays over the coming quarters. Early returns are pretty good for customers. But our share traditionally in that piece of the market tends to be a little bit lower, and so we're replacing our competitor, and that's just going to take some cycle time. Most of those products go into these smaller mobile devices and so they're spec-ed all the way through by the brand, so you've got to go through two quals. But we're encouraged by our opportunity to improve profitability there. On Phire, what we're doing now, our first products, we've got our first order on Phire, but it's going to be on – the first ones are going to start a little smaller, so it's going to be on wearables. More to come. This is a brand-new process as well as a brand-new product so its ramp cycle's going to be a little slower. What…

Great. That's all very helpful, and good luck to everyone going forward. Wendell P. Weeks - Chairman, President & Chief Executive Officer: All right. James B. Flaws - Vice Chairman & Chief Financial Officer: Thanks, Steve.

Thanks, Steve. We have time for one more quick question.

Thank you. That will come from Brian White with Cantor Fitzgerald. Please go ahead, sir.

Hey, Jim, I'm wondering if you could talk a little bit about TV demand in China, what you're seeing there. And also, I see you made an announcement around a new Gen 0.5 LCD glass substrate finishing facility. So maybe talk a little bit about Corning's strategy in terms of fab in China. James B. Flaws - Vice Chairman & Chief Financial Officer: So the announcement was a finishing factory in China. I think it was Gen 8.5. (59:24). Wendell P. Weeks - Chairman, President & Chief Executive Officer: (59:24). James B. Flaws - Vice Chairman & Chief Financial Officer: And that is we have melting in China in Beijing. We have room to grow that bigger if we need to. And then we have – are capable of building finishing factories next to our customers and shipping glass to them. So that's been our strategies to date in China. Now your first question was on China demand?

China demand. James B. Flaws - Vice Chairman & Chief Financial Officer: China demand has been mixed so far. The May holidays were weaker, and we're anxiously awaiting the June numbers. What we are seeing is that in China, where traditionally most – a lot of the demand was driven in these big holiday periods, Chinese New Year, May Day, National Day in October, is that there's now an increased number of online sales. And our initial tracking of that looks like that's more consistent during the year. And we think that June will actually be a very strong month for that. But that being said, we did lower our China unit forecast based on what we think is a slowing economy, slightly from what we'd seen before. Wendell P. Weeks - Chairman, President & Chief Executive Officer: And glass capacity, I think, because people miss this sometimes on thin, and we sort of take it as everybody understands it, so therefore we're not that clear about it. But when we move to thin, you get more glass out of the melting side, but you still have to finish it by piece. So when you see us invest in additional finishing capacity, that is the small part of the overall capital spend, but we're still going to need to do that to be able to place the higher flow out of the melting tanks. In terms of melting tank type CapEx, that's going to move more with new Gen size and big regional moves like the ones that Jim's talking about the Gen 10 or Gen 10.5, and that's pretty early in the game there.

Okay. Great. It's been a pleasure, Jim. Congrats. James B. Flaws - Vice Chairman & Chief Financial Officer: Thanks, Brian. James B. Flaws - Vice Chairman & Chief Financial Officer: Okay. Let me just wrap up quickly. Our first half results were outstanding. I think very importantly over the last four quarters, the heartbeat of price declines in our LCD business have been trending very favorably, and we expect this to continue in Q3 and Q4. And we think the industry conditions will prevent more severe price drops. Our long-term demand for television remains strong driven by replacement rate and innovations such as 4K. I think our sales and earnings growth in Optical has been outstanding, and demand in the areas of fiber-to-the-home and enterprise solutions are strong. And we're capturing a disproportionate share of the market profits, thanks to our advantage products. And the acquisitions in Optical are really delivering synergies and creating more opportunities for growth. And finally, very important, we're delivering our commitment to return cash to shareholders. We have a strong balance sheet and cash flow, and we continue – plan to continue to return excess free cash flow. So in summary, we had a great second quarter and feel our market positions remain strong. Ann?

Thank you, Jim, and thank you all for joining us today. A playback on the call is available beginning at 11:00 a.m. Eastern today and will run until 5:00 p.m. Eastern on Tuesday, August 11. To listen, dial 800-475-6701. The access code is 363576. The audio cast, of course, is available on our website during that time. Operator, that concludes our call. Please disconnect all lines.