At this time, I would like to welcome everyone to the International Flavors & Fragrances' First Quarter 2017 Earnings Conference Call. All participants will be in a listen-only mode until the formal question-and-answer portion of the call. I would now like to introduce Michael DeVeau, Vice President, Global Corporate Communications & Investor Relations. You may begin. Michael DeVeau - International Flavors & Fragrances, Inc.: Thank you. Good morning, good afternoon, and good evening, everyone. Welcome to IFF's first quarter 2017 conference call. Yesterday evening, we distributed our press release announcing our financial results. A copy of the release can be found on our IR website at ir.iff.com. Please take a note that this call is being recorded live and will be available for replay on our website. Please take a moment to review our forward-looking statements. During the call, we will be making forward-looking statements about the company's performance, particularly with regard to the outlook for our second quarter and full-year 2017. These statements are based on how we see things today and contain elements of uncertainty. For additional information concerning the factors that can cause actual results to differ materially from forward-looking statements, please refer to our cautionary statement and risk factors contained in our 10-K filed on February 28, 2017 and our press release that we filed yesterday. Today's presentation will include non-GAAP financial measures, which exclude those items that we believe affect comparability. A reconciliation of these non-GAAP financial measures to their respective GAAP measures is set forth in our press release. With me on the call today is our Chairman and CEO, Andreas Fibig; and our Executive Vice President and CFO, Rich O'Leary. We will start with prepared remarks and then take any questions that you may have. With that, I would now like to introduce,…

Your first question comes from Mark Astrachan with Stifel, Nicolaus. Mark Astrachan - Stifel, Nicolaus & Co., Inc.: Yeah. Hey. Morning, everybody. So, wanted to ask, if I heard correctly, the organic sales growth expectation is unchanged while EBIT and EPS are a little bit lower. So, I guess, on the top line, confidence in achieving accelerating organic sales growth through the year, including now off of a lower 1Q base. And I guess maybe putting it differently, too, what would have to happen for you to hit the low and the high end of that 3% to 4% range? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Thanks, Mark. Look, I think from a top-line standpoint, the first quarter was challenging. I think when we look at our full-year expectations, it's based on our current views in terms of confirmed new wins. We do expect that volume erosion and the effects of destocking, expect to have less of a drag as we proceed through the balance of the year. We are expecting to see improved performance particularly in the second half of the year related to Lucas Meyer's. And we'll continue to see greater contribution from the faster growing acquisitions and their impact associated with local and regional customers. Andreas Fibig - International Flavors & Fragrances, Inc.: If I might add, and if you look at the acquisitions, you have certainly an impact from David Michael, which was done in the fourth quarter, but it's not the total quarter, so we have technically more sales than Fragrance Resource, which was closed basically mid of January, so that has an effect here as well. Mark Astrachan - Stifel, Nicolaus & Co., Inc.: Okay. Maybe just following on that. You sort of look at the business performance relative to peers.…

Your next question comes from the line of Lauren Lieberman with Barclays.

Thanks. Good morning. So, looking at the outlook for the balance of the year, and Andreas, you just mentioned – sorry, I think it was Rich – about volume erosion and destocking being less pressure as we go through the year. Just when we look at the results of some of your customers, largely in the U.S. more so for the food companies, but also the HPC (28:35) players, the first quarter was a shocking turn to the negative, and they all seemed very surprised. So, I'm curious with degree to which you've seen that, sort of inventory adjustments for customers make its way to impact your business yet, or is that something we should still be anticipating in the second quarter? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Hi, Lauren. It's Rich. I think couple of things from me. One, I would say that, again, while I expect and we expect to see less of an impact, it's not like it's based on a significant turnaround. We still expect to see pressure, and it's less about having less of a headwind, but it's still going to be headwind. Our expectations are not based on having a significant turnaround, for example, in Latin America for Fragrances. Latin America for Flavors is quite strong and our full-year outlook for Flavors in Latin America is pretty consistent with what we saw in the first quarter. I think when we look at our relationship to our customers, I think as there is a downward correction, we are more lagging. And I think when conditions are improving, we're probably an earlier indicator. Andreas Fibig - International Flavors & Fragrances, Inc.: And I might add on – if you look at the market and you have seen this between the big companies and the small or mid-market companies, it's really bifurcation of the market. And now for us, in particular in North America, increasing our share in the smaller customers is really beneficial for us, and it will help us with our growth rates as well going forward.

But, Andreas, were those – and I understand that and I know that's been a big piece of the strategy and the acquisitions, it all makes a ton of sense. I just wonder if those businesses are yet large enough to offset some of the pressure that may be ahead, even if it's a short-term, again, as Rich said, kind of lagging the correction that your larger customers in North America have seen in the last three months? Andreas Fibig - International Flavors & Fragrances, Inc.: Actually, we see it now through, because it is now five acquisitions if we include PowderPure, and we are building critical mass. And what we see here is new wins as well going forward. And actually, all of these acquisitions – okay, I can't talk for PowderPure, it's probably between you. But all of the four acquisitions have at least double to triple the growth rate of regional business, and they are becoming an engine of growth for us. And I think it's helping. I agree with you. At the beginning, when we had our first acquisition, it was very small. It was not moving the needle, but now accumulating more of these growth engines that's really, really helpful for us, and that's actually moving it forward. Particularly in North America, we see it actually big times, big times.

Okay. Richard A. O’Leary - International Flavors & Fragrances, Inc.: Lauren, I would...

Yeah. Richard A. O’Leary - International Flavors & Fragrances, Inc.: I would also say – sorry, Lauren. I would also say that – to what Andreas was talking about is, when you look at our win rates this year compared to our win rates last year, we feel good about where we are in both businesses. Volume erosion in the Q1 was above average, and as I said, I think we still expect to see pressure in the first half of this year. As that works out, we've got – certainly the situation in Latin America is challenging. We've got key customers there. Two of the key local and regional customers are clearly going through destocking. And again, as I said, we're not expecting that to turn around significantly, but we expect the impact to lessen as we progress through the year.

Okay. Great. And then, on the Ingredients business, so you mentioned that the spread between pricing and input costs, reading the Q, it just doesn't sound like the input cost basket is all that much worse, so it feels like maybe more pricing concessions or raw pressure in the business. So, can you just talk a little bit about that, and sort of plans to combat that dynamic? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Sure. Yeah. When you look overall, the net of pricing, the input costs is – as a percent of sales, the net impact in the quarter is little less than a point. Of that, about a third of that is price, so that's principally related to the Ingredients business. Two-thirds of that – the other part of that is really, as we talked about in the commentary, it's related to the Fragrance compound business, both the effects of core list agreements and getting on to new agreements, as well as the volume-related rebates. So, it's principally – those are the two factors in that split.

And is that core list, kind of fee and rebates, is that something that's always been a feature of the business, or has things gotten more competitive, that that's kind of a new dynamic to get access? Richard A. O’Leary - International Flavors & Fragrances, Inc.: No. I think that's always been there for – as we get access to more business, I mean, there's a bigger impact to that. But the effect of the global and the large customers using – requiring that, it's been around for years.

Okay. All right. I'll pass it on; I'll come back if there's time. Thank you. Richard A. O’Leary - International Flavors & Fragrances, Inc.: Thanks. Andreas Fibig - International Flavors & Fragrances, Inc.: Thanks, Lauren.

Your next question comes from Silke Kueck with JPMorgan.

Good morning. It's Silke Kueck for Jeff. How are you? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Good. How are you doing? Andreas Fibig - International Flavors & Fragrances, Inc.: Thanks, Silke. I'm okay.

Good. If you look at your 2% organic growth in the quarter, was it 3% volume, negative 1% price? Was it 4% volume, negative 2% price? Like, how does one think about it? Richard A. O’Leary - International Flavors & Fragrances, Inc.: As I mentioned earlier, I would say that the new win commercial performance was strong. It's in line with our long-term averages. Pricing was slightly unfavorable, and I talked about that – just my previous comments with Lauren. And as I also said, volume erosion was a little worse than the long-term averages.

So you – okay. So, that's a volume erosion, but organic growth, and you think your price were down slightly, so that's down like 0.5%. Is that what slightly is? Richard A. O’Leary - International Flavors & Fragrances, Inc.: So, if you – I mean, overall....

So, how do you measure negative price versus the rebate? Because it seems to me, you seem to capture rebates... Richard A. O’Leary - International Flavors & Fragrances, Inc.: That's in price. That's embedded in the price number that I gave you.

Okay. Okay. In terms of the Fragrance Resources acquisition, I think there was like no benefit from the sales considered added this quarter. Is that just a one-time event, having to do with like the inventory write-ups and then you expect the business to contribute for the rest of the year? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Are you talking about in the 10-Q, Silke?

Well, just when I look at the Fragrance results and I look at the acquisition impact, like it looked like there was a sales impact that was positive, but no profit effect. So I was wondering, was that sort of like a one-time issue because you just bought it, you had to write-up inventories and you expect it to contribute to profits? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Yeah. There's two factors. One is, we have to write-up the inventory to basically selling price. So, the initial – as the initial sales of the inventory, we basically get no margin on it, or very little margin on it. I think that will continue probably for at least another quarter. On top of that, we have, obviously, we have the step up in intangibles which will continue, and we'll have that for multiple years and it really drives the impact, the synergies. Ultimately, as we ramp up the synergies, that's how we get back to cost of capital returns.

Okay. And I want to touch one more (36:38) like Latin America, because it seems that some of headwinds in Latin America has been – like when I look back, I think some of these we've seen now for like three quarters or four quarters and so. Like it does seem that by the time we get to the second quarter, your Latin America business should begin to get better. Well, like it seems you had these headwinds for that time, it's like four quarters whereas headwinds of the consumer side than on Ingredient side – I'm sorry, on the Fine Fragrance side than on the Ingredient side? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Yeah. Look, I mean, again, from a business standpoint, Latin America again I think Flavors is performing well. From our Fragrance standpoint, we've got a couple of factors. Again, the macroeconomic factors are certainly impacting the overall region. As I mentioned earlier, we've got a couple of key customers that their business is under pressure. And on top of that, we know that they're going through destocking. And that's – until they get to that process, it's going to continue to impact us. I think the other factor is when you look at our Fabric business, which is our biggest business in consumer. We are a little bit – we are more indexed to the value-added segment, particularly related to our encapsulation around, say, something like fabric conditioner in a market like Latin America, we see consumers trading down and are not purchasing fabric conditioners as much as they are doing basic detergents. So, that's part of what's dragging the Consumer Fragrance business down and providing the big headwinds that we've seen for multiple quarters.

Okay. The last question I have is, can you just explain – maybe I missed it – what the product recall relates to like and like in which region it affected? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Yeah. Sure. It's North America. There was a contamination issue that we traced back to one of our suppliers. Our own quality control and testing procedures identified the (38:49) contained the salmonella. We notified the customer and the FDA, and they've mandated a product recall. We don't believe it's reached the consumer, and there has been no reported illnesses. As a result of that, we wrote off our sales related to the inventory, and we wrote off our remaining inventory, and that was the total charge of about $1.8 million in the quarter. We do believe it's probable that we're going to have additional losses and costs, but we can't estimate it at this point in time. But we don't believe it's going to have a material impact on our financial condition, but it could have an impact on any particular quarter. And we'll also continue to pursue reimbursement. But again, it's very early in the process.

Thanks for the explanation. I'll get back into queue. Andreas Fibig - International Flavors & Fragrances, Inc.: Okay. Thanks.

Your next question comes from Heidi Vesterinen with Exane.

Hi. Sorry if I missed this earlier. Could you update us on input costs, please? What was the impact in Q1? What do you expect for the full-year? And could you also update us on what you're seeing in vanilla in Madagascar? Thank you. Richard A. O’Leary - International Flavors & Fragrances, Inc.: Okay. Just a couple of things there, Heidi. Impact in the first quarter was slightly unfavorable. We've got and that's higher input costs for the Flavors business, particularly driven by the naturals and the vanilla that we talked about previously. Favorable on the Fragrance side of the business, but slightly unfavorable in total. For the full-year, I would say that we're looking probably at this point in the range of 3%. It could continue to go higher, depending upon what's going on with particularly vanilla. Vanilla continues to increase in the market. There's been supply constraints. There's a lot of pressure from a demand standpoint, and we continue to see vanilla prices going up.

And I guess you have a bit of stop, so you're incubated from these market crisis for a couple of quarters. Would that be the right way to think about it? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Yeah. I would say we're more incubated on the David Michael side. And on the rest of our business, particularly in North America and Europe, we're working with our customers on pricing.

Okay. Thank you.

Your next question comes from Faiza Alwy with Deutsche Bank.

Yes. Hi. Good morning. Andreas Fibig - International Flavors & Fragrances, Inc.: Good morning. Richard A. O’Leary - International Flavors & Fragrances, Inc.: Good morning.

So, I just wanted to – morning. I just wanted to follow-up on the pricing. So, we're talking about that our price is going up 3%. Have you – I know you said you're in the process of having conversations with your customers. Have you sort of gotten any pushback on taking pricing? Has the environment changed at all from previous years? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Yeah. So, again I think it's primarily in – the pricing is primarily in the natural side of the business and more on the Flavors side, as I mentioned earlier. Overall, that's reflected in roughly 3% guidance that I just mentioned earlier, and we are working with our customers on that to recover those costs.

Okay. Okay. So, no change. And then just if you could talk a little bit about Ottens? And then I guess more broadly, if you could talk about what the organic growth of the business would've been assuming all of these acquisitions were in the base period? Andreas Fibig - International Flavors & Fragrances, Inc.: So, let me talk about the two acquisitions we did in North America and the Flavors side, Ottens and David Michael. This is all a lot of exposure towards the small and mid-size customers. We see here a good development. We see great new wins going forward, and we see that the performance is certainly outperforming the market. If we look at our market data right now, we should be the market leader for this segment of the market which was the intent of these two acquisitions to make sure that we increase our exposure towards these faster-growing customers. In terms of the sequencing, we acquired David Michael in October. So, I would say end of this October, it turns into organic. And Ottens is already organic. So, it's not accounted any longer as an M&A. Let's say, growth number is already an organic number and it's helping us with our organic growth acceleration anyway.

Okay. But if you assume that Fragrance Resources and David Michael were in the base, what would your pro forma organic growth would have been? Richard A. O’Leary - International Flavors & Fragrances, Inc.: I mean, as we indicated, when you look at the first quarter, it was about 5 percentage points, worth of growth.

Okay. I'll follow-up offline. I mean, the 5 percentage includes the incremental benefit of like the entire sales, right? So, I just want to know sort of on an organic basis how those businesses are doing. But I'll follow-up. Richard A. O’Leary - International Flavors & Fragrances, Inc.: Yeah. We can follow-up on it. Andreas Fibig - International Flavors & Fragrances, Inc.: Yeah.

All right. Okay. Thank you.

Your next question comes from Curt Siegmeyer with KeyBanc Capital Markets.

Hey. Good morning, guys. Richard A. O’Leary - International Flavors & Fragrances, Inc.: Good morning. Andreas Fibig - International Flavors & Fragrances, Inc.: Good morning, Curt.

Just a follow-up on unplanned expenses. I know you clarified on the product recall cost uncertainty related to that, but would you expect any costs related to the manufacturing or the bad debt litigation to carry into 2Q or beyond? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Bad debt, no. I think, we might have a little bit of carryover into Q2 on the manufacturing side. The reactor is back up and running, so that's not going to be an issue for Q2. But the other issue where we've ramped-up the new manufacturing process, there will be a little bit of carryover into Q2.

Got it. And then just on Fine Fragrances in Latin America, the volume erosion that you experienced there. I know that's been an issue for several quarters in a row. But I'm just wondering, when you compare that to the Flavors side that showed really solid volume growth, is there a vast difference in the geographic exposure and that being part of the reason as the economic conditions that impacted Fine Fragrances not – is impactful on the Flavors side or maybe just some more color around that? Andreas Fibig - International Flavors & Fragrances, Inc.: I would say, Curt, that certainly the Fine Fragrances is in a, let's say, in a weak economic environment, more discretionary item and people save on it. But on the food side, probably not so much. And with all products, in particular, in Latin America, we are let's say exposed to let's say better cost solutions like with the powder drinks, for example. So, that we basically hitting actually an area which has good growth rates. Unfortunately, that's not the case with the Fine Fragrances and here we have to say as well as particularly two of our local customers where we are very strong, we have very high win rates, still they are suffering volume losses here. So, that's what it is. That actually is the difference between the Flavors and the Fragrance business as well. Richard A. O’Leary - International Flavors & Fragrances, Inc.: And the destocking that I mentioned earlier. Andreas Fibig - International Flavors & Fragrances, Inc.: And the destocking. Yeah.

Got it. That makes sense. Thanks.

Your next question comes from Adam Samuelson with Goldman Sachs. Adam Samuelson - Goldman Sachs & Co.: Yeah. Thanks. Good morning, everybody. Richard A. O’Leary - International Flavors & Fragrances, Inc.: Morning. Andreas Fibig - International Flavors & Fragrances, Inc.: Morning. Adam Samuelson - Goldman Sachs & Co.: Maybe a question on customer activity and I know you talked about some, obviously the sales pressures that your customers are facing have been significant especially in Latin America. And you've talked about new business wins start to layer into the portfolio later this year. Can you talk about the activity level in terms of new briefs and if your larger MNC customers in particular have maybe shifted a little bit out of (47:30) kind of cost containment and are actually trying to accelerate that new product cycle to reinvigorate growth and how that provides visibility to get later into this year or into 2018? Richard A. O’Leary - International Flavors & Fragrances, Inc.: It's a very, very good question. We see it actually stable for the big ones compared with last year. But we are seeing increasing activity from the smaller customers and particularly on the Flavors side. And that's encouraging taking our strategy into account, while we are increasing our exposure here. But in the big ones, we haven't seen an increased level so far. It's just pretty stable compared to what it was last year. Adam Samuelson - Goldman Sachs & Co.: Okay. And then on the Fine Fragrance side, in your customers' distribution, it's disrupting, to say the least, with the department stores, especially in North America. Are you starting to see that flow back into your business in terms of the customer , as new distribution channels become much more important to that business? Andreas Fibig -…

Your next question comes from Jonathan Feeney with Consumer Edge.

Good morning. Thanks very much. Andreas, I want to talk about, could you give us a rough sense, your split of business between – across the company – between the large global companies and smaller regional companies? I know you talked, gave us a little detail about the trends there, but what is that – how big have smaller regional companies, however you want to customers define that, become within your mix? It is – I mean, I know the trends are better, is the cost-to-serve those customers, because of increased complexity, a little bit higher than your larger customers, at least on a marginal basis? And is that maybe part of what we saw this quarter, or is there anything to that? I'd just like to understand it. Andreas Fibig - International Flavors & Fragrances, Inc.: Well, it's a good point. So, for us, our exposure, big two, the smaller one is roundabout 50/50. What we see is, or what you have to do if you serve the smaller customers is that you need a differentiated service model, which creates, let's say, actually a better approach for these customers which is more agile, faster, more nimble, and has certainly, also on our side, probably lesser exposure to cost, because the good thing is, many of these customers are making faster decisions, and you basically get the business earlier and faster than with the bigger ones. And usually, you don't have a core list exposure where you have to say, bigger rebates to get on this list, for example. And that's the reason why, on the Flavors side here, in the U.S., we are having kind of a standalone facility now serving these customers. And that's basically everything, the whole operation between Ottens and David Michael, with some of our smaller business together to make sure that we take into consideration a really differentiated service model here. That's the only way that you can become successful in this market segment. Richard A. O’Leary - International Flavors & Fragrances, Inc.: Sorry. Go ahead.

Yeah. I was just going to say, would you say the – is there a structural cost to service you here at the margin that it just gets harder – I mean, a lot – it seems to me like a lot of your growth in margin over the past five years has been making everything more efficient, focusing on more – larger briefs for huge customers, and this is a lot of what you've done. And now like a little bit more complexity maybe erodes that at the margin, but maybe brings some other things. So I just like to understand how that margin works structurally? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Yeah. So, let me just put some – a little bit in context. When you look at the year-over-year margin profile for the business, if you take the currency impact out, which is probably 80 basis points, if you take out the effect of the unplanned expenses that I mentioned earlier, which is probably 70 basis points at the margin level, so if you – absent those two factors, our margin year-over-year will be slightly positive. So, your cost-to-serve element, there's different components. Andreas talked about the Flavors side of it. If I look at the compound side for Fragrances, the smaller customers, we have less from a cost-to-serve standpoint, because more of that business is going to come off of our – out of our bank, and we have less of a creative demand related to the local and regional customers.

Okay. Thank you.

Your next question comes from Brett Hundley with Vertical Group.

Hey. Good morning. Thanks for taking my question, guys. First, just a quick one. I'm sorry if I missed this, but what is M&A now expected to contribute to currency-neutral sales and EPS growth? Before, it was expected to contribute 4.5% to sales and 1.5% to EPS growth. And I think you guys said that that stepped up a little bit. Did you give those revised figures? Richard A. O’Leary - International Flavors & Fragrances, Inc.: We didn't. I mean, it's about 1.5% at top line and 2.5% at the operating profit line. So it shifted a little bit, given the strong performance in the Q1 from the M&A business and the unplanned expenses on our Organic business in Q1.

I'm sorry, you said 1.5% top line, incremental 1.5%? Richard A. O’Leary - International Flavors & Fragrances, Inc.: The M&A impact, about 1.5% top line and 2.5% operating profit.

Okay. Thank you. I appreciate that. And then, just for you and/or Andreas, even with these regionals, these smaller customers increasing as a percentage of your mix, as you well know, M&A is an increasingly greater proportion of your sales growth today versus previous quarters or previous years, however you want to look at it. And when we talk to other ingredient companies in the industry, other adjacent companies, they are increasingly talking about blends – ingredient blends as getting more and more in focus from a customer standpoint, being in greater demand relative to just single Flavor and Fragrance compound. And I know some of these guys are obviously talking their book, because that's what they produce. So, maybe I'll give you guys a chance to talk your book and discuss if you are seeing that as well and maybe how you guys are set up to handle any related shift? Andreas Fibig - International Flavors & Fragrances, Inc.: So, I would not say that you see a trend in that, but we see certainly that this is an opportunity. And if you look at on the Flavor side at our PowderPure acquisition, then this is certainly going into an adjacent part of the business, which could certainly add to that quite significantly. On the Fragrance side, I'm actually not so sure. I would say on the Fine Fragrance, you deliver the whole package anyway despite the packaging material. But we haven't seen anything else on the Consumer Fragrance side. There's probably more trend we see towards the Flavors and Ingredients business. And then here, we are taking account of it, but we have to make sure as well as that you keep your margin profile because some of these, let's say, complete solutions are not the most profitable ones, but we have to make sure that we manage that in a very careful way here.

That makes sense. Thank you so much. Andreas Fibig - International Flavors & Fragrances, Inc.: You're welcome. Richard A. O’Leary - International Flavors & Fragrances, Inc.: Brett, let me make one correction to what I just said. At the top line, it's about 4.5%. I transposed currency versus M&A.

Okay. Richard A. O’Leary - International Flavors & Fragrances, Inc.: So, it's about 4.5% top line.

Got you. So, no change to the top line impact and instead of 1.5% health now on the bottom line, it's 2.5% health? Richard A. O’Leary - International Flavors & Fragrances, Inc.: Correct.

All right. Thank you so much.

Your next question comes from Lauren Lieberman with Barclays.

Great. Thanks. I was actually going to clarify that so that's helpful. And then the other thing was on reinvestment spending. Another unexpected expenses in the quarter, but I just want to check in where in that bridge which we could find kind of any reinvestment considering there was this quarter? Andreas Fibig - International Flavors & Fragrances, Inc.: It's basically going to get netted in the cost and productivity, but again it's been limited, given the environment. I mean, I think the big part of the reinvestment is going to come as we talked about later this year and into 2018 as we get the full benefits associated with the productivity program.

Okay. And then also on the bridge, the six-point contribution from volume. Is that inclusive of – that's including volume from acquisitions I would think, because I thought it sounded like total company volume wouldn't have that much positive leverage to it? Andreas Fibig - International Flavors & Fragrances, Inc.: So, the M&A's impact, all the M&A's in the...

Okay. Andreas Fibig - International Flavors & Fragrances, Inc.: ...is in the M&A line.

It is totally separate. So, is this level of volume growth which was – I would have thought was slightly down total volume. I was just surprised that there was this, again, positive leverage? Andreas Fibig - International Flavors & Fragrances, Inc.: I will go back and check it, but...

Okay. Andreas Fibig - International Flavors & Fragrances, Inc.: ...that's apples-to-apples.

Okay. Thank you. I appreciate it. Andreas Fibig - International Flavors & Fragrances, Inc.: Okay.

There are no further questions at this time. I would now like to turn the call over back over to Andreas for closing remarks. Andreas Fibig - International Flavors & Fragrances, Inc.: Thank you very much for your questions and have a good day. Thank you. Bye-bye.

Thank you for participating in today's conference. You may now disconnect.