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 2014 third quarter results. To supplement this podcast, please also reference our 2014 third quarter earnings release issued today, October 16, in addition to other information available on our Investor Relations website. 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 solid results for the 2014 third quarter, driven by the strong performance of our U.S. business. Over the next 20 minutes or so, Bill and I will provide you with some additional insight relative to the quarter. Admittedly, there are many moving parts, so we thought it would make sense to start with the highlights from the quarter before we cover the details. Our U.S. business posted strong results, reflected by the 90 basis point improvement to operating margins, fueled by 6% volume growth and solid expense leverage. In Canada, sales are now growing, but margins are being pressured, as expected, due to unfavorable foreign exchange and increased investments in supply chain and IT. Earnings declined for our Other Businesses due to start-up costs for our single channel business in Europe and softer results from Fabory, tied to a weaker economy in Europe. Our single channel businesses in Japan and the United States continue to perform well with strong top line growth. We delivered 12% earnings per share growth despite…

Thanks, Laura. Since we have already analyzed company operating performance, let's jump right in to performance by reportable segment. Operating earnings in the United States increased 13% versus the 2013 third quarter. This performance was driven by the 7% sales growth and positive operating expense leverage. Gross profit margins for the quarter decreased 80 basis points versus the prior year. About half of the decline was driven by share gain among large customers, which carry lower margins, with the remaining half coming from lower gross margins from the recently acquired businesses. Operating expenses were essentially flat versus prior year and included incremental growth and infrastructure-related spending of $12 million on areas such as new sales representatives, eCommerce and advertising. The operating margin for the U.S. segment increased 90 basis points to 18.9% versus 18% in the prior year. Let's move on to our business in Canada. As expected, operating earnings were down versus the prior year, decreasing 14% in U.S. dollars. The lower operating performance was primarily the result of a lower gross profit margin and negative operating expense leverage. Gross profit margins declined 150 basis points, primarily due to unfavorable foreign exchange from products sourced from the United States, lower supplier rebates and higher freight costs. The operating margin in Canada declined 180 basis points to 9.9% versus the prior year. The Other Businesses generated $5 million in operating earnings in the 2014 third quarter versus $6 million in the 2013 third quarter. The earnings decline versus prior year was primarily driven by incremental expenses associated with the start-up of the single channel business in Europe and continued soft performance by Fabory in Europe. This decline was partially offset by improved performance in Mexico and the single channel models of Zoro in the United States and MonotaRO in Japan,…