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 2016 results. This podcast is supplemented by our 2016 first quarter earnings release issued today, April 18, and other information available on our Investor Relations website. This material contains forward looking statements that are based on our current view of the competitive market and the overall environment. Future risks and uncertainties could cause our actual results to differ materially. Please see our SEC filings, including our most recent periodic reports filed on Form 10-K and Form 10-Q, which are available on the Investor Relations website, for a discussion of factors that may affect our forward-looking statements. Tables reconciling non-GAAP measures accompany the script to this podcast and today’s earnings release, which are both available on our Investor Relations website. Today we reported our 2016 first quarter results. While we are currently experiencing economic headwinds and our short term results are affected, we continue to manage the business for the long term. Our investments in eCommerce, KeepStock and supply chain, including the New Jersey and Toronto distribution centers, will provide and support growth for years to come. We have also invested in tools and processes that will make us more productive including a new CRM system and SAP in Canada and Mexico. Now, let’s cover the specifics for the quarter. A stronger-than-expected January, due to carryover spending from fourth quarter customer shutdowns and favorable holiday timing, contributed to our sales performance. The difficult economic environment and headwind from last year’s strong sales of seasonal products and Ebola-related products were also considerations. Solid expense management and the timing of planned spending offset some…

Thanks, Laura. Since we have already analyzed company operating performance, let’s move right into results by reportable segment. As a reminder, all results in the podcast are adjusted to exclude restructuring unless specifically noted. Operating earnings in the United States declined 5% versus the 2015 first quarter, with operating margins down 90 basis points to 17.7% versus 18.6% in the prior year. Gross profit margins for the quarter declined 260 basis points, driven by greater sales to lower margin customers and price deflation greater than COGS deflation. Approximately 80 basis points of the reduction, was due to changes in the classification of certain funding received from vendors related to the annual trade show. Operating expenses in the U.S. segment decreased 7% driven by lower payroll and benefit costs and timing of planned spending and $10 million of supplier funding for the trade show. Let’s move on to our business in Canada, which had a loss of $9 million in the quarter versus a $9 million in profit in the prior year. The decrease was driven by the sales decline, lower gross profit margins and unfavorable operating expense leverage. The gross profit margin in Canada was down 660 basis points, with about one-third of the decline due to not having a trade show this year in Canada and about two-thirds from product mix driven by unfavorable foreign exchange. Expenses were down 18% versus the prior year, but the business experienced negative expense leverage given the 24% decline in reported revenue. We believe our investments in supply chain and IT in Canada set the stage for improved performance for this business. Our Other Businesses generated $22 million in operating earnings for the 2016 quarter versus $12 million in 2015. This performance was primarily driven by strong results from Zoro in the United…