Laura Brown - Senior Vice President, Communications and Investor Relations Bill Chapman - Senior Director, Investor Relations Laura Brown - Senior Vice President, Communications & Investor Relations: Hello. This is Laura Brown, Senior Vice President of Communications and Investor Relations. With me is Bill Chapman, Senior Director of Investor Relations. The purpose of this podcast is to provide you with additional information regarding Grainger’s first quarter 2014 results. Please reference our 2014 first quarter earnings release issued today, April 16, in addition to other information available on our Investor Relations website to supplement this podcast. Before we begin, please remember that certain statements and projections of future results made in the press release and in this podcast constitute forward-looking information. These statements are based on current market conditions and competitive and regulatory expectations and involve risk and uncertainty. Please see our Form 10-K for a discussion of factors that relate to forward-looking statements. Today, we reported record results for the 2014 first quarter and reiterated our sales and earnings per share guidance for 2014. In a quarter that experienced weather-related disruptions in North America and macroeconomic weakness outside of the United States, we delivered solid earnings and margins that were in line with the expectations we provided in the fourth quarter of 2013. At the end of this recording, we will talk in more detail about our guidance and assumptions. Let’s begin with an overview. Company sales for the quarter increased 5%. We had 63 selling days in the quarter, the same as the previous year. Operating earnings increased 3% and net earnings increased 2%. Earnings per share were $3.07 for the quarter, an increase of 4% versus the previous year. Let’s now walk down the operating section of the income statement in more detail. Reported gross profit margins decreased…

Thanks, Laura. Since we have already analyzed company operating performance, let’s jump right into results by reportable segment. Operating earnings in the United States increased 7% versus the 2013 first quarter, while operating margins were flat at 18.7%. Gross profit margins for the quarter decreased 30 basis points driven by lower gross margins from the newly acquired businesses and faster growth with lower margin customers. Operating expenses grew at a slower rate than sales, which included incremental expenses from the acquired businesses and $26 million in incremental growth and infrastructure-related spending on areas such as new sales representatives, e-commerce and advertising. For the U.S. business on an organic basis, excluding acquisitions, gross profit margins increased 40 basis points to 46.9% versus 46.5% in 2013 driven by price inflation exceeding cost inflation. Operating margin increased 30 basis points to 19.2% versus 18.9% in 2013 reflecting higher gross margins, partially offset by negative expense leverage. Let’s move on to our business in Canada. Operating earnings decreased 35% versus the prior year. The decrease was driven by the 10% sales decline, lower gross profit margins and negative expense leverage. Gross margins in Canada decreased 20 basis points versus the prior year, primarily due to higher freight costs, along with the effect of unfavorable foreign exchange from products sourced from the United States. Also contributing to the lower operating performance was increased payroll, benefits and severance, and approximately $2 million in incremental spending related to IT system investments. We continue to invest in the business in Canada through this tougher macroeconomic environment to strengthen our operations and better position the business for the long-term. The Other Businesses generated $8 million in operating earnings in the 2014 and 2013 first quarters. This performance included strong results from Zoro Tools partially offset by lower performance from…