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 2016 Third Quarter Results. This podcast supplements our 2016 third quarter earnings release issued today, October 18th 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 our Investor Relations website for a discussion of factors that may affect our forward-looking statements. Today we reported results for the 2016 third quarter and updated our sales and earnings per share guidance for the full year to reflect our performance to-date and the challenging industrial economy. Before we begin our review of results, I’d like to remind you of the adjustments to reported results in the third quarters of 2016 and 2015. In general, we adjust the reported results to exclude any items that are unrelated to the ongoing operations of the business. We believe this gives investors a better view of our core operational performance. Tables reconciling reported to adjusted results and other non-GAAP measures accompanying today’s earnings release and the transcript of this podcast, both of which are available on our Investor Relations website. The 2016 third quarter included restructuring charges in the U.S. and Canadian segments. In both countries, we are closing branches and reducing headcount to proactively address changes in customer buying behavior and better position the business for profitable growth. These actions had a net charge of…

Thanks Laura. Let’s talk about performance by reportable segment since we have already analyzed company operating performance. As a reminder, all figures below represent results adjusted for restructuring charges that Laura discussed earlier. In the United States, operating earnings decreased 6% in the quarter, driven by lower sales and lower gross profit margins. Gross profit margins for the quarter declined 130 basis points, primarily driven by negative customer selling mix and price deflation exceeding product cost deflation. Operating expenses were down 2% due to lower payroll and benefits costs. The operating margin for the U.S. segment was 17.2% versus 18.1% in the 2015 quarter. Let’s move on to our business in Canada, which had an operating loss of $11 million in the quarter, versus operating earnings of $5 million in the 2015 third quarter, primarily driven by lower sales and lower gross profit. The gross profit margin in Canada declined 520 basis points versus the prior year, driven by product cost inflation and unfavorable foreign exchange from products sourced from the United States. Due to service gaps stemming from the systems transition, we have not passed on price increases to customers this year and this is putting pressure on our gross profit margins. Operating expenses were down 9% versus the 2015 quarter driven by lower SAP costs and lower headcount. The new IT system continues to be a change management challenge for this business. However, we are making progress in areas such as direct-to-customer shipping, which has already increased each quarter for the year. In the third quarter, 38% of shipments went direct to the customer, bypassing the branch network. We will provide more detail about the Canadian business at our Analyst Meeting in November. Operating earnings for the Other Businesses were $25 million in the 2016 third quarter versus…