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 2015 third quarter results. To supplement this podcast, please also reference our 2015 third quarter earnings release issued today October 16th, 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 SEC filings including our most recent periodic reports filed on Form 10-K and Form 10-Q which are available on our investor relations website for a discussion of factors that relate to forward-looking statements. I’d like to begin by providing some context regarding the current environment for industrial companies. We’ve talked about the impact of oil and gas prices, the strong U.S. dollar and China’s economic slowdown on our performance. In addition, the performance of the following key indicators over the past 12 months further illustrates these challenges. The ISM purchasing managers index was 50.2 in September down versus last year indicating an economy no longer in expansion mode overall. The industrial production index has fallen for most of the year as well. The Canadian dollar has fallen 21%, copper prices are down 22%, cold roll steel prices are down 25%, and crude oil prices are down 60%. The drop in the price of raw materials underscores the weak demand environment and oversupply of commodities and in many cases the weakness has sped up in the past three months. As these economic indicators decline, we’ve seen…

Thanks, Laura. Since we've already analyzed company operating performance, let's jump right into performance by reportable segment. As a reminder, all the figures exclude the $0.11 per share of charges unless specifically noted. Operating earnings in the United States decreased 5% versus the 2014 third quarter. This performance was driven by lower gross profit margins partially offset by lower operating expenses. Gross profit margins in the quarter decreased 120 basis points versus the prior year, primarily driven by price deflation exceeding cost deflation and higher sales to Zoro reflecting the lower transfer price used to account for these intercompany sales. Excluding Zoro, gross profit margins were down 90 basis points versus the prior year. Operating expenses decreased 2% in the quarter versus the prior year. Expenses were driven primarily by lower payroll and benefits which were partially offset by incremental growth and infrastructure spending of $30 million. The operating margin for the U.S. segment decreased 80 basis points to 18.1% versus 18.9% in the prior year. In the absence of the growth spending we realized attractive operating leverage. Let's move on to results for our business in Canada, adjusted for restructuring. Operating earnings were down 83% in U.S. dollars versus the prior year. The lower operating performance was primarily the result of lower sales, lower gross profit margins and higher operating expenses as a percent of sales driven by incremental cost from the WFS acquisition and SAP implementation. Gross profit margins declined 130 basis points primarily due to unfavourable foreign exchange from products from U.S. based supplier in the lower margins at WFS, partially offset by price increases. The operating margin in Canada for the third quarter was 2.2% versus 9.9% in the prior year. Incremental cost from the SAP implementation were $6 million in U.S. dollars, excluding SAP cost…