Good morning, and welcome to Procter & Gamble's quarter-end conference call. P&G would like to remind you that today's discussion will include a number of forward-looking statements. If you will refer to P&G's most recent 10-K, 10-Q, and 8-K reports, you will see a discussion of factors that could cause the company's actual results to differ materially from these projections. Also as required by Regulation G, Procter & Gamble needs to make you aware that during the discussion, the company will make a number of references to non-GAAP and other financial measures. Procter & Gamble believes these measures provide investors with valuable information on the underlying growth trends of the business. And has posted on its website, www.pg.com, a full reconciliation of non-GAAP and other financial measures. Now I will turn the call over to P&G's Chief Financial Officer, Jon Moeller.

Good morning. I am joined this morning by our Chairman, President and Chief Executive Officer, David Taylor, and by our Vice President of Investor Relations, John Chevalier. I plan to take you through the quarter and provide an update on productivity and on our portfolio project. David will discuss our efforts to accelerate top line growth. We'll briefly review progress in each of our 10 business categories. And we'll discuss our plans to further strengthen our organization and culture, all to reliably drive balanced top and bottom line growth. We're making progess in moving P&G's results to a balance of top line, bottom line, and cash flow growth. We increased investments in innovation, advertising, and sales coverage to enhance our long-term prospects for faster sustainable top line growth. And stabilized top line growth rates in several key markets. We have delivered another strong year of productivity improvement and cost savings to help fund this. Cash flow continues to be strong, with fiscal year adjusted free cash flow productivity of 115%. Organic sales for the quarter were up 2%. This includes about a 1-point drag from the combination of the cleanup work we're doing within the ongoing portfolio and the impact of reduced finished product sales to our Venezuelan subsidiaries. As we get through the cleanup work and annualize the Venezuelan headwinds, we'll be closer to 3% growth. Importantly, the sales growth was volume driven with organic volume growing 2%. Organic volume was ahead of year ago in every segment, ranging from plus-1% to plus-5%. Organic sales grew in every segment, ranging from plus-1% to plus-8%. Organic sales were up 1.5 points in developed markets and 3.5 points in developing markets. In North America, organic sales grew 2%, roughly in line with underlying market growth, our second consecutive quarter at this…

Thanks, David. To frame guidance, I think it's helpful to look briefly at the macro environment that confronts us as we start fiscal 2017. Category growth rates slowed throughout last fiscal year and are currently growing at about a 3% pace for our global footprint. As you know, GDP growth rate has slowed to the point that at least 10 countries have moved to negative interest rates, including Germany, Japan, Denmark, France, Italy, Spain, and Switzerland. Political, economic, and foreign exchange volatility each continue to have a large impact on the markets and on the currencies in which we operate. The recent Brexit decision is but one example of a political disruption impact that has knock-on effects on consumer confidence and resulting market growth. The recent coup attempt in Turkey is another example. We continue to face significant FX volatility, such as the recent 40% devaluation of the Nigerian currency and 25% devaluation for open market transactions in Egypt. Our ability to ensure supply and stay on shelf in many markets is dependent on our ability to source U.S. dollars. Currency exchange constraints in markets such as Egypt, Nigeria, Venezuela, and historically, Argentina make operations in those countries very difficult to manage and sometimes result in production shutdowns. In that, we continue to face a relatively slow growth volatile world, which is reflected in our fiscal 2017 guidance. We're currently expecting organic sales growth of around 2%. This includes between half a point and a point of headwind from the cleanup work within the ongoing 10 product categories. It also includes the remaining 2 quarters of headwind from lost sales to our Venezuelan subsidiaries. As we annualize more of the cleanup work, and as we make progress in markets like China, we should be getting back towards market level growth…

That concludes our prepared remarks for this morning. As a reminder, business segment information is provided in our press release and will be available in slides, which will be posted on our website, www.PG.com, following the call. Now David and I would be happy to take any questions.

Your first question comes from the line of Bill Schmitz with Deutsche Bank.

Hey. Good morning, David and Jon. David S. Taylor - Chairman, President & Chief Executive Officer: Morning.

Hey. A few questions on the guidance. The first is, how do you balance market share versus profitability? Because I know the organization has changed. And if I look at some of the Nielsen data, it still looks like the vast majority of the business is losing market share. And then just in terms of the fiscal 2017 guidance, can you just give us some color around how much of the incremental $10 billion of savings you think are going to come through for the year? And then just a rough cut on what advertising levels are going to be and kind of where you intend to spend the money?

Sure, Bill. So in terms of the relative priority of market share versus profitability, it's an and in our view. We need to be growing at or slightly ahead of the markets in which we're operating in. We fully intend to do that. As we've said, we're going to reinvest a significant portion of the savings that we're generating behind that effort to get back to market share growth. And that will – that's started. You see it in the numbers in the fourth quarter and will continue as we go forward. Just one thing on share trends. And you're absolutely right in your overall observation. But if you look at across the five reporting segments, market share trends past 6 months, past 12 months, were better past 6 months in five out of five segments. The same holds for the past 3 months versus the past 6 months. So again five out of five segments improving. And the same for the past 1 month versus past 3-month comparison. Again, as David very clearly said, we're not where we want to be. But we're starting to see that progress as we reinvest behind the opportunities that are in front of us. In terms of the savings proration across the 5 years, this program will be a little bit more backloaded than our prior program, in part because of the nature of some of the projects that are contained in it. Specifically, the supply chain transformation, whereas I said we're in investment mode now, and the savings will come 2 years, 3 years, 4 years from now. Having said that, there will be a significant contribution from productivity again next year, which will give us the ability to increase investment in the business. We're expecting increases in advertising spend this year versus last. Think about it in the probably mid-single-digit range. We want to increase, as David said in his remarks, a sampling of consumer preferred products in trial generation. We want to be more relevant in store and online. And all of that is part of an activity system that we believe will help us restore the market share growth that we rightly cite as necessary going forward.

Your next question comes from the line of Dara Mohsenian with Morgan Stanley. Dara W. Mohsenian - Morgan Stanley & Co. LLC: Hey, good morning. So the guidance for 2% organic sales growth in fiscal 2017, it still seems pretty muted, given the significant level of investment you put into place in advertising and sampling and R&D in the back half of fiscal 2016. And the plans you just mentioned in place for 2017, particularly given these discontinuations are dissipating, as you also mentioned previously. So I guess why aren't you expecting more of a sales recovery and market share payback? And then separately, are you comfortable that the level of spending, as we leave fiscal 2017, is the right level of spending behind the business longer term? Should we assume we get back to more of that normal EPS growth algorithm post-2017? Thanks. David S. Taylor - Chairman, President & Chief Executive Officer: A couple responses. First, we are very committed to get back to a little above the market growth. And we recognize 2% is not market growth. Having said that, and Jon highlighted in the formal remarks, we've still got quite a few choices to annualize. We made the choice, and I think it's very evident in AMJ [April, May, and June] that we can get back to investing at the business at the level we need to. We also demonstrated to me in the second half of the year that we're committed to 4 quarters of brand support. The fourth quarter we increased meaningfully our media investment versus previous year. And we're going to continue that in fiscal 2017. Having said that, we will not stop making key choices where we have businesses that are structurally not profitable. But we think on balance the majority of that choice has been made, and we'll annualize it through this year. So we actually feel very good that the businesses that we have, especially post the close of Coty, that we're very well-positioned to grow sequentially. So I expect the first half to continue to make progress. Second half will be better. And much like we said at CAGNY, you're going to see just continued building of our business strength behind a very clear choice in investing in brand building. And that bias toward point-of-market entry and bringing new consumers on and investing in innovation, both in current brands but also in our P&G Ventures to ensure we're planting the seeds for the mid- and long-term future. And we're going to continue to make the investments in go-to-market capability, including sales coverage, to make sure that we can reach and win in fast-moving channels, be that e-commerce, baby stores, cosmetic stores, or wherever the consumer and shopper want to shop.

Next question comes from the line of Steve Powers with UBS.

Good morning, thanks. So, David, you're clearly in investment mode now, refocused on that top line acceleration, which is great from my perspective. But as Jon laid out, even after the Duracell transaction and with Coty coming to a close here in a couple months, there's still a lot of change afoot. Still a lot of cost cutting underway. So as you step back and think of what you've observed over the last 3 quarters or so as CEO, what's your confidence at this point that the people of P&G, the culture, the organization, they can truly take on both challenges at once? In other words, is the productivity culture truly ingrained enough that you can layer on a reemphasized top line focus without risk that you end up kind of breaking the back of the organization, so to speak? And then if I could, just a related bolt-on question or two for Jon. First is, you may have said this, but as you reaccelerate and reinvest, can you maintain that 100% or so free cash flow productivity? And second, should we expect a volume centric organic growth algorithm for 2017 similar to what we saw in Q4? Or is there a reason for that to reverse as you move through the year? Thanks. David S. Taylor - Chairman, President & Chief Executive Officer: Okay. Several questions there. Let me first address the culture. Of all the transformation variables, the one I'm most confident in is that P&G people are up for the challenge. I think we demonstrated this year, which is clearly the peak in terms of the Duracell transaction, the enormous complexity of the Coty transaction, folks have risen to the occasion to be able to stand up those companies, while still sequentially improving the operating companies, and…

Now on the guidance points, or your bolt-on questions. As I mentioned, we're targeting 90% free cash flow productivity or better. And the or better lands at about 100%. So somewhere in that range, we'll deliver. And relative to the volume centric nature of sales growth, our current forecast for next year is very similar to the result that we delivered in the fourth quarter in terms of its reliance on volume growth as the primary driver of sales growth. Obviously as we go through the year, depending on what happens with foreign exchange in markets and our need to price, that can change. But as we sit here today, it should look a lot like the quarter we just completed.

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

Thanks. Good morning. I'm going to actually go fairly micro in terms of your portfolio. And I want to talk a little bit about U.S. Fabric Care, because I do find it really interesting the idea that what you've been able to do in that category in the last couple of years in terms of innovation driving category growth and P&G gaining share sort of as an outcome, as being sort of the gold standard of what you'd like the whole portfolio to look like. My one worry though is that more recently I feel like some of the innovation news is getting a little bit heavy on the strive for volume. So example would be on the odor release product line. Like, why isn't driving incremental wash loads enough, versus it needing to be three products that do the job of remove the odors? Same thing on the Tide Pods. Right? The advertising with two Pods being chucked in the wash, which categorically wasn't the dosing recommendation when the product launched. So if you can just talk a little bit – I apologize for micro, but I think it's important – on innovation driving category growth? And then when you made – you sort of flipped the switch to push for volume in a way that doesn't feel quite as innovation driven? Thanks. David S. Taylor - Chairman, President & Chief Executive Officer: Lauren, just a couple comments. One, Fabric Care is a good example of what happens when we get all the elements working together. And you've seen both the category growth and the share growth associated with it. On the specific comments. We go where the consumer goes and expresses interest and/or frustration. And the athleisure area is an area she has expressed frustration. And so we're…

Our next question comes from the line of Nik Modi with RBC Capital Markets.

Yeah, thanks. Good morning. So, David, Jon, I would love your perspective. You guys have a lot of stuff going on, advertising increases, new incentive structures, delayering the organization, a focus on the go-to-market. If you were to rank the impact that some of these initiatives have had on your top line acceleration this year, I'd be curious on kind of how you think about that. And then when you think about next year, how would you think about the ranking of those same types of initiatives for next year? I'm just trying to get an understanding of things that you've put in place this year. And if they're going to kind of accelerate the impact for next year? David S. Taylor - Chairman, President & Chief Executive Officer: Okay. Nik, it's a good question. It's tough to give a company answer. I'll give just a couple comments overall, but then it's very category specific. On restarting top line growth. I would first emphasize we're getting back to making consumers aware of the product and communicating the benefits. So making sure we were consistently having the reach and frequency needed with the right message was key. And we've also I think adjusted our communication both to TV, digital, and any way that's appropriate to reach target consumers. And I believe that's going to make a big difference. A second area that is helping, and you're going to see it continue and probably increase next year, is point of market entry and point of market change focused spending. We understand – and when you look back over several years, that had gone down on many categories. And it was showing up in lower shares with entry point consumers. And that doesn't bode well for the future. And that's played out with…

And, Nick, I would agree with everything David just said. Stepping back and kind of at a macro level on the kind of four pillars of transformation, productivity, portfolio, top line acceleration, organization and culture. I think the benefit from those efforts is primarily ahead of us. So the portfolio we don't complete until October. And then we still have a bunch of transition work to do to execute that big transaction. We have not yet been able to operate as a company in a 10 category focused fashion. So all of that benefit I think is ahead. Productivity, we have benefited from, and we will continue to benefit from. The acceleration, the investments really have just started in the last 6 months. And things like point-of-market entry, point-of-market change investments will increase as we go through next year. And frankly, they take some time to pay out themselves. But the payout is significant. And I think the other change that is sometimes underestimated in terms of its importance are the organization and culture changes that David talked about. I think those will be significant. And frankly we're just putting them in place. So the new incentive system goes into place in July. We moved, as David said, to dedicated sales resources in North America. We're just starting that move in some of the other big markets. So I think there's a lot of benefit ahead. Last comment as it relates to priority. These are all part of an ecosystem that's designed to work together to produce balanced top line, bottom line, and cash flow growth. And I really like them, because I think they're mutually reinforcing, as David said in his remarks. We get this top line growing. That will generate cost savings in itself through top line leverage, which will then give us the ability to invest. We'll have a motivated organization that's properly and strongly incented to deliver both. I think without getting ahead of ourselves here, again a lot of the benefit still comes in the future.

Our next question comes from the line of Olivia Tong with Bank of America.

Great, thanks. Just wanted to get back to sort of the savings and the spending. Can you talk about the order of magnitude of spend in the four core categories in the two key countries relative to the other six verticals? And then also, you mentioned the sales resourcing. I think you said 115 additional salespeople over the last 2 years. How does that compare to historicals? Can you quantify (1:01:15) the magnitude of change there, as well? Thanks.

Sorry, Olivia. Could you repeat the last part of that question? We missed that.

Sure. It's just around you had said sales resourcing, and I think you had said 115 additional salespeople over the last 2 years, if I got my numbers right. So I was just curious how that compares to historicals, last 2 years prior to that, for example. Just understanding the magnitude of change in terms of the salespeople. David S. Taylor - Chairman, President & Chief Executive Officer: Olivia, let me start with the last one first on the sales increase. First, the 115 was for the U.S. And second, if I look back, and I have, at the last 5 years, our sales coverage has gone down. So we've had meaningful productivity improvements in sales, but our collective assessment is we probably overshot that with the focus on field sales capability, especially in fast growing channels. So if you went back and looked at the past 3 years, we were actually decreased in sales coverage. This year we added 115, and we're starting to see the impact, as Jon just talked about. It's starting to play out, and the impact will grow over time. And the first part of the question?

Was about the relative support for the top four categories and top two countries. We highlight those only because of their importance to the aggregate math, quite frankly. We can't get there without progress in those areas. But all the portfolio focusing work we've done is designed to get us to a place where we feel we have the ability to win and want to drive those 10 categories. So in terms of the spending profile, if you will, it's not dramatically different across the other businesses. David S. Taylor - Chairman, President & Chief Executive Officer: The one thing I would build on that one, on the 10 core categories we're looking at each of those through the lens of the category and what it takes to win in those category. I don't compare across, on saying just all the categories get a 3% improvement or a 1% reduction. Instead we look at what does it take to win in that category and to be a top performer on the global category. And to me that lens has uncovered a lot of opportunities. And we're broken that down one step further to manage the company by category, by country, to make sure that we're showing up and being both competitive and appropriately resourced. So the resourcing levels will look different. But in general the 10 core categories we've chosen to stay with, we intend to win in those 10.

Next question comes from the line of Bill Chappell with SunTrust.

Thanks. Good morning. David S. Taylor - Chairman, President & Chief Executive Officer: Morning.

David, a question on kind of M&A just in general. I guess first, just to be clear with the Coty transaction, will you be completely done with all the divestitures? Will everything be done? And will you have kind of a clear focus going forward by the time I guess we talk in November? And then two, in terms of M&A acquisitions are you open to looking at things such as Dollar Shave [Club] or other things that might be in the market? Or do you prefer to really have a – work with a more focused portfolio for the foreseeable future, so that you can see the benefits of that focus? David S. Taylor - Chairman, President & Chief Executive Officer: The answer to both your questions is yes. In terms of what we've mostly done post the Coty close, the answer is yes. The heavy lifting on the portfolio will largely be done by the end of this calendar year. And the Coty close is by far the last major step. On your second question on, am I open to M&A bolt-on acquisitions that we think are strategic and would help accelerate the growth in any of our 10 core categories? The answer is clearly yes. Our intent is collectively as a leadership team to grow our business from this point forward. And we believe we needed to make the choices that have been made and to implement the choices to get the portfolio streamlined with the 10 core categories. But in no way do we feel encumbered by any of the past. We're looking forward through the lens of each of the 10 core categories. And M&A is the tool that is open to each president.

Our next question comes from the line of Joe Altobello with Raymond James. Joseph Nicholas Altobello - Raymond James & Associates, Inc.: Hey, guys. Good morning. Just wanted to switch gears a little bit to China. Obviously some very nice improvement in the back half this year, particularly in the fourth quarter. I know you mentioned it's going to be a bit choppy. But could you give us what you're expecting for that market 2017? Because that could be a nice contributor to organic growth, if it does return to growth next year. And then secondly, on the $18 billion in gross to net that you guys mentioned this morning and have mentioned in the past, it sounds like, and correct me if I'm wrong, you're not looking to take that number down, but just to make it more productive. And if that's the case, maybe a little more color on the conversations that you're having with retailers in regard to that. Thanks. David S. Taylor - Chairman, President & Chief Executive Officer: Okay. First, let me just take a cut at the China, then Jon can comment a little bit on the $18 billion between gross to net. And I'm happy to comment on conversations I've had with most of the leading customers. First on China. We see it sequentially improving. We are not done yet with hitting our portfolio right in China. That will take time. There are several categories that we are still losing share. And we're not positioned with the appropriate portfolio in the premium and super premium segments. We've started with the Oral-B effort last year. We've got some innovation also in Fabric Care. But each of the categories has stepped up both their innovation pace but also making sure they have on the ground…

And on the trade spending, we certainly don't intend to make broad scale cuts. That's not the design intent here. But what we do want to do is ensure that we're spending dollars, both in the form of trade spending but also in the form of marketing, in ways that maximize category growth, which benefits both ourselves and our retail partners. Now there are kind of three opportunities within that. One is, just like with our advertising budgets, including the agency and production costs, there are sources of inefficiency that we can access without impacting the market in any way or our retail partners in a significant way. And we ought to go after those. Two, ensuring that we're spending the money in a way that's most productive in terms of driving market basket, both again for ourselves and our retail customers. And we have big opportunities there to sharpen the focus of where the money gets spent and again, to the benefit of both our retail partners and ourselves. And the third one's a little bit trickier, but we have some good examples of this already, and we'll be testing others, is looking across the buckets of spend beyond trade spending. There are cases where if we would reduce trade spending, shift that money to advertising or sampling, we may be able to increase the rate of growth in a category, again in a way that's beneficial to both our retail partners and ourselves. We did some of that, for example, on Olay in North America this year and got fairly broad support for that. So you're absolutely right. We're not looking at – I wouldn't use the word cut in this space. But there are opportunities to shape the spend in a way that both increases efficiency and increase effectiveness for both us and our retail partners. David S. Taylor - Chairman, President & Chief Executive Officer: And to close on it, in conversations with the CEOs, two primary requests. Number one, grow the category. Number two, improve your SKU productivity. Both of those we're working.

The next question comes from the line of Mark Astrachan with Stifel. Mark Astrachan - Stifel, Nicolaus & Co., Inc.: Yeah, thanks, and morning, everybody. I guess I wanted to ask sort of broadly about your thoughts on this acquisition of Dollar Shave. But more sort of openly, how you think about digital and social reducing cost of competition in categories where Procter has historically dominated? And how do you think about vulnerability of the business broadly in sort of specific areas? David S. Taylor - Chairman, President & Chief Executive Officer: Just a couple comments. The digital and social space to me is a powerful opportunity for any consumer marketing company. And it's left to all of us to figure out how to best leverage the capability that has been developed and frankly continues to emerge rapidly. P&G has shifted significantly its resources and our investments to ensure that we are showing up with communication that wins mobile back, and that's a big shift for us. And that's critically important, because whether it's e-commerce or whether it's consumption of media, in many markets it's now primarily through the mobile phone. And more and more you're seeing P&G winning with the marketing programs that are adapted for digital and social. And a good example of one – of a social program that is doing extraordinarily well is we always like to go where we've leveraged that communication and that very strong social platform, but used and leveraged the social media capability to drive the brand. I do understand and certainly it is very real that the cost to enter a category has changed dramatically today versus 5 years and 10 years ago. And part of what we are doing by category again is looking to see how do we leverage the capability that exists. I expect we'll continue to see competitors that can pop up. But generally to sustain and grow a business, you have to have a product and a product experience that meets the consumer's need. There are many, many examples of Internet-based competitors that have been popping up, both here and China. Tremendous number of those that get trial. Repurchase though is another story. And repurchase and a profitable business model is the highest bar. And that's the one that we're working against, which is to have a substantive product that meets the consumers' need, to have communication programs that meet consumers when and where they're receptive to the message, and understand they want less to be sold and less to be – and more to be part of their life. And we're adjusting our marketing and communication programs to do just that. And I think that's the right way by category to win.

The next question comes from the line of Jonathan Feeney with Consumer Edge Research.

Thanks very much for the question. I actually wanted to follow up on that a little bit, about e-commerce broadly. You talked about social media, digital medias opportunities. But I mean e-commerce, clearly the Chinese consumer seems to have skipped a generation as far as how they're behaving with e-commerce. And I think it's one of your major competitors, up to like 13%, 14% of their business in China. I wonder, it seems like a lot of your other categories are susceptible, not just through vehicles like Dollar Shave Club, but through e-commerce broadly. Regular, but not awfully frequent purchase, not really impulses, not really impulse purchases, managing household inventories to a more comprehensive e-commerce strategy that could really get you ahead. I mean are there – do you have any thoughts about that? And could you talk about specifically about your e-commerce opportunities in outside of China in big developed markets, where maybe there's more upside to come? Thanks. David S. Taylor - Chairman, President & Chief Executive Officer: Sure. Sure. One, I think you're absolutely right. E-commerce is growing in most of our markets. If I look at the top eight e-commerce markets for us in the world, it would be U.S., China, U.K., Germany, Japan, Korea, France, and India. On six of those eight we're now growing share on e-commerce. And it's because we have adjusted significantly to not see it as a separate activity but an integrated part of how we go and reach consumers when and where they're receptive to shop. Our growth rate is – it varies between kind of 110% up to the highest market we currently have is 185%. And the size of our business – you mentioned China. Some of our competitors have quoted more than 10%. We're well above 10%…

Our next question comes from the line of Ali Dibadj with Bernstein. Ali Dibadj - Sanford C. Bernstein & Co. LLC: Hey, guys. So I wanted to go back a little bit to price mix versus volume and sort of its implications for the industry overall please. Because, look, overall in the quarter clearly your price mix was lower than I think expected. And certainly lower than peers, given especially currency movements and inflation, et cetera, but volumes came in a little bit higher. Even where you didn't have the kind of FX issues, your North America – I think, Jon, you said – volume was up 3%, sales up only 2%. And you said that that's the pattern we should expect going forward, so leaning more on volumes than price mix overall. I guess I'm trying to figure out what that suggests about the competitive environment we should expect in HPC as you execute your turnaround plans? I mean even if you think about 2017, obviously mid-single digit EPS growth, so just not a lot of EPS growth beyond Cody and Duracell. Every – all of the cost savings you're talking about. All of that top line growth is going to be reinvested in the bottom line. And it is going to be reinvested in the market. So it feels like you're planning to win by outspending your competitors massively, which sounds like it might be a little bit tough for everyone in HPC right now. And perhaps not sustainable longer term even for you guys. So love some help on figuring out what I'm missing on that? Because it sounds a little frightening right now. Thanks.

I'll start here. I'll let David chime in. If you look at price inclusive of promotion as a component of top line. We've been neutral to positive for 23 straight quarters and 12 consecutive years. And I don't think that relative preference in the drivers for business growth changes going forward. But we've had two dynamics that we've been dealing with in the last year that kind of inform next year's view. One is we've been pricing significantly to recover foreign exchange impacts, which has resulted in volume being less of a component of the top line. In fact, in many cases a negative component. We're hopeful that we're going to be operating in a more stable currency environment. So that volume negative goes away. Also as you have and others have rightly pointed out on several occasions, we've had category country combinations where our pricing got too high. In many cases that's where we were trying to recover from devaluation, and competitors didn't follow. In other cases, David talked about Luvs in his prepared remarks, and a major competitor took pricing down in that segment. And we'll be adjusting prices to deal with those realities, which makes price in those instances less of the top line component and volume more of it. We have no interest in spending unproductively. Our intent is to drive, as David said, category growth. And we do not see the business in most parts of the world through a zero sum lens in any way. David S. Taylor - Chairman, President & Chief Executive Officer: The only other idea (1:19:59) I would make is completely agree that the lens that we're looking at in each category is what can we do in innovation and brand building, both of which are taking investments to grow the category both through the short-, mid-, and long-term. We have not yet completed entirely and annualized the value investments that needed to be made. And it's been most acute in places like Russia, where the differential impact we had was very severe for a U.S. domiciled company. And you're seeing even Russia volume share has recovered. And until we annualize that, it will show up with the dynamic that you highlighted. But there, our front half was below 100% and our back half is double-digit and especially the fourth quarter. That will annualize, and we get back to exactly what Jon said, which is our business model is very, very clear, which is we want to invest in innovation and brand building, especially focus the brand building at bringing consumers in. And then we want to delight them so they stay with our brand. And the spending is heavily focused there, other than some selected value interventions, almost all driven by foreign exchange and the category settling out to a place where we're back in an acceptable price corridor. And we're getting to the end of that.

I would just add one last piece of perspective. Many of us have discussed this previously. But where we have a choice to spend a dollar on innovation, on brand building, building our equities, or on promotion, I think David and I would both spend that dollar every day on the first two items. And the reason is very simple. There's nothing proprietary in promotion. It doesn't build sustainable advantage. Where the other forms of spending can, when we get them right. So I just offer that as a reminder to how we think about the operations of the business.

Our next question comes from Kevin Grundy with Jeffries.

Hey. Good morning, guys. So question, David, on competitive dynamics in North America, but specifically two notable transactions announced. You touched a little bit on the Dollar Shave dynamic with Unilever. I wanted to ask that a bit differently. Specifically, are you anticipating greater investment there? It would certainly seem like, given the scale that Unilever brings, that that would be a reasonable expectation. Is that yours? And is that contemplated in the guidance? And then also if you could comment on Henkel's acquisition of Sun. And specifically there what's your expectation? And do you see a more conducive setup for pricing rationality now in U.S. liquid? Because we've seen episodic price wars through the years there. But now are we at a level of industry consolidation that should lend itself to greater pricing rationality? Thank you. David S. Taylor - Chairman, President & Chief Executive Officer: Yeah, first, the Dollar Shave, but Unilever's acquisition of Dollar Shave Club. We have already this year increased our support for our U.S. shave care business, and we'll continue to make sure we support it at a level required to get back to growing. The strategic choice we made that I highlighted earlier, which is very important and it should play out positively, in spite of Unilever's acquisition of Dollar Shave Club, is activating more than just the high end of the portfolio. Where we've been most vulnerable is at the mid- and lower tier. And if you look at our share losses, that's where they've been most acute. And Dollar Shave Club has come in with in some cases a lower absolute cash outlay. Not a better performing product, and actually not a better value product when you look over time. And for that reason we have – and we've had other…

And your final question comes from the line of Caroline Levy with Credit Agricole.

Good morning. Thanks a lot. Question, I have to go a little deeper on China please. You've got maybe five or six major categories. Just looking at diapers, Olay specifically, and Hair [Care], could you talk about what product innovations – what level of product innovation you see coming? Any sort of granularity would be helpful. Because it seems in diapers the Japanese are discounting their product. And there's a big shift in where things are bought. In Olay, we just haven't heard a lot recently. And in Hair, I think you've still got issues with your biggest brands there. So that would be helpful. Thank you. David S. Taylor - Chairman, President & Chief Executive Officer: Certainly. I'll take each in turn. On all three, yes, there are innovation, important innovations coming in fiscal 2017. Some of them have not been announced, so I won't get into any specifics. Diapers, we know we got behind on diapers. And it shows up, and it's one of the most acute categories in terms of share loss, period. The category is very – understands it and the category is refocused on winning in China. We, 6 months, 9 months ago, made a choice that we're going to win in China. And then allocated the resources and the capital to ensure that we had the appropriate product innovation coming. It's not yet publicly announced when some of these major innovations are coming. But on both diapers and pants, we're very committed to win. An encouraging sign to me about the future in China is to look at what we've been able to do recently in Japan. Where in Japan you're seeing us now take share leadership. And frankly, we're losing to primarily Japanese competitors, have done extremely well in China as well as…

Ladies and gentlemen, that concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.