Good day, and welcome to the DuPont Webcast. Please be advised that today's conference is being recorded. At this time, I'd like to turn the conference over to Chris Mecray, Vice President of Investor Relations. Chris, please go ahead. Hello, and thank you for joining this morning's Line of Business Teach-in with Leland Weaver, President of DuPont Water and Protection. Leland will provide an overview of the DuPont Shelter Solutions business, one of the three businesses within the W&P segment. We have prepared slides to supplement our comments during the webcast, which are available on the Investor section of our website. We hope that today's teach-in provides additional details on the underlying technologies in the Shelter Solutions business, as well as our views on the market. Leland will open with prepared remarks and then we'll move to Q&A. We're targeting a total of approximately 45 minutes for today's event. Before we begin, let me remind you that during today's prepared remarks, as well as the Q&A session, we'll make forward-looking statements regarding our expectations or predictions about the future of the business and the construction market. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance results may differ materially from our forward-looking statements. Please ensure to read the forward-looking statement's disclaimer contained in the slides. Turning it over to Leland. Thank you, Chris, and good morning, everyone. Apologies for my voice this morning as I've been battling the cold since Saturday, but I can assure you that I feel better than what I sound. It's great to be with you all today. I'm excited to have this opportunity to continue our series of teach-in events for the Water and Protection segment with today's overview of Shelter Solutions. Shelter Solutions is an agile, global, customer-centric business that drives solid growth with strategic choices. A source of our strength for this business is our market-facing organization, which drives customer intimacy and relevance, ultimately helping us accelerate innovation and deliver sustainable growth. Shelter's core capabilities are centered on customer-centered growth strategies, innovative solutions addressing sustainability with building science, and a balanced global strategy with regional execution to ensure local customer satisfaction. Our domain is the built environment. We define that as man-made structures, features, facilities viewed collectively as an environment in which people live and work. Our purpose is to help communities create, protect, and beautify these environments under a banner of progressive sustainability. We leverage our brand equity and building science expertise as a trusted advisor to create real value. Like so many other businesses today, Shelter Solutions is confronted by evolving global challenges. Looking forward, our leading-edge innovation, rich market expertise, and deep customer relationships position us well to address these challenges. Let's turn to slide two to learn more. As I mentioned, our purpose is to help communities create, protect, and beautify the built environment under a banner of progressive sustainability. A key to our success is adapting to changes in the way buildings are constructed. Although our market has been traditionally hesitant to implement radical innovation until proven performance has been demonstrated, there are several industry challenges that are now driving faster adoption. These range from the growing desire for energy efficiency and resource conservation to the immediate need for solutions that enhance productivity by reducing construction cycle time and help address skilled labor shortages. To tackle these industry challenges, we have focused on clear strategic choices for growth, collectively captured in what we call sustainable and productive construction, deploying solutions based upon productivity, resiliency, and sustainability. Let me share a few facts that will help you connect with our innovation-led growth focus. From a sustainability perspective, there are some staggering statistics that are driving an immediate need for action. According to a recent report from NASA's global climate change organization, 19 of the hottest years on record have occurred since the year 2000. This change in climate can affect the intensity and frequency of precipitation, and according to the U.S. Environmental Protection Agency, nine out of the top 10 years for extreme one-day precipitation events have occurred since 1996. Codes and regulations are becoming more stringent and are creating higher standards for both energy efficiency and fire ratings. Customers and stakeholders are publicly stating and executing sustainability goals, including the architecture industry goal to design all buildings and major renovations to be carbon neutral by 2030. Labor shortages are driving the need for system solutions and single-source suppliers. A recent study by the Associated General Contractors of America found that more than 80% of construction firms report having issues filling both salaried roles and hourly craft positions. This labor shortage impacts both construction productivity and installation quality. There is also an increase in focus on healthy and hygienic interior design finishes. This is not only being driven by the pandemic, but also by the fact that the average person spends nearly 90% of their time indoors. We believe these challenges are here to stay, and we play a pivotal role in providing solutions that impact productivity and drive energy efficiency. Turning to slide three, let's take a look at the Shelter Solutions business at a glance. We're a global business with over 1,100 colleagues across three main regions. While addressing global challenges, we also work to align our market insights, application expertise, and R&D efforts to meet the unique local construction practices of each region. Additionally, our 13 manufacturing sites and global contract manufacturing partners allow us to achieve economies of scale. Our primary focus lies in three key market segments: non-residential construction, residential construction, and the repair and remodel space. Our product offerings include a broad line of weatherization, thermal comfort, air sealing, and decorative surfaces. The weatherization offering contains our exterior air and water barrier solutions, brands such as Tyvek and Weathermate, while the thermal comfort offerings include brands such as Styrofoam, Thermax, and ArmorWall. Collectively, these solutions address the exterior building envelope of residential or non-residential structures and account for approximately 60% of our annual revenue. An additional 10%- 15% of revenue is related to our air sealing product offering, which provides solutions for improving a building's energy efficiency. This high-performance spray foam product line is sold through both brick-and-mortar home improvement retailers, as well as e-commerce, and the new reality of the omnichannel, which is a seamless online and in-store customer experience. Our retail customers include flagship retail big box brands such as The Home Depot that result in thousands of on-shelf store placements of our Great Stuff and Froth-P ak spray foam products. Our success as the category and brand leader has enabled our growth into new and adjacent offerings. Decorative surfaces, which represent the remaining 30% of our revenue base, is comprised of our Corian Design Solid Surface, Quartz, and Endura brands. Collectively, these interior design finishes drive world-leading aesthetics and functionality. Turning to slide four, Shelter Solutions is a growth business delivering consistent industry-leading returns with exciting investment opportunities. The portfolio expects to deliver a 6% revenue CAGR from 2019 through 2022, which includes pricing actions implemented over the course of the last year to offset inflation. Post-COVID market recovery within the business differed globally, with Europe and Asia-Pacific recovering slower than what we had seen in North America. In the U.S., we have seen strong demand in the residential single-family housing market, as well as strength in the U.S. repair and remodel market. Demand in the commercial construction segment is driven by labor-saving integrated wall systems, with higher demand to meet energy and fire code requirements. Our growth strategy is to capture this demand in the regions with new and differentiated offerings that address labor productivity, energy efficiency, and fire performance. We're also developing digital tools for product selection, quality installation, and field training to maintain our foothold as the preferred solution with our customers. Meanwhile, we continue to expand our presence across the regions we serve and extend our brands into new retail categories. Moving to slide five, our differentiated position is readily acknowledged in the industry because our teams blend a deep understanding of building science with practical industry knowledge. Customers trust Shelter Solutions to provide high-performing products and solutions to solve challenging problems. Our innovation-led growth culture is built upon key technology platforms that enable growth and industry partner collaboration. We manage our new product pipeline with rigor and focus our investments on low-risk, high-return opportunities. Our teams focus on deep market insights and application know-how to develop award-winning new products that better address new customer requirements. We work with regulators to support sustainable energy guidelines for buildings and homes, setting the bar for the industry. This reputation for industry thought leadership has created clear customer loyalty and built our sustained brand promise. DuPont's product portfolio addresses regional market needs, covering construction productivity, sustainable solutions, and resilient materials. Our people, platforms, and partnerships help us create and drive a sustained competitive advantage, and our business is aligned with secular global growth trends. In the next few slides, we'll dive into each of our key market segments. Slide six provides an overview of our industry-leading brands, along with customer segments that we serve. We have one of the most comprehensive portfolios of weatherization, thermal comfort, and air sealing offerings serving our key market segments: non-residential construction, residential construction, and the repair and remodel space. Key to our growth is continued investments in integrated systems to deliver the productivity gains and higher quality installations required by our customers to alleviate productivity, reliability, and quality concerns. Higher value is created when you combine insulation, weatherization, and/or air sealing capabilities into a single panel that allows higher performing walls, fewer trips around the building, and minimization of improper installation. Backed by warranted systems and building science support, DuPont is considered a leader in our industry. Leveraging our technology with practical industry knowledge, Shelter Solutions collaborates with builders, architects, contractors, and home improvement retailers to deliver high-quality, high-performing products and solutions that our customers value and trust. Additionally, we offer a full line of decorative services under the Corian Design portfolio, where DuPont maintains brand leadership with world-leading aesthetics and functionality. As captured on slide seven, our global focus in the non-residential building market segment is on construction consisting of mostly concrete, masonry, and steel frame structures. Buildings are responsible for over 40% of greenhouse gas emissions, and our customers and stakeholders are actively setting and executing sustainability goals. In fact, a large consortium of the architecture industry is committed to designing all new buildings and major renovations to be carbon neutral by 2030. Additionally, last year we saw a continued evolution of the International Energy Conservation Code. The 2021 code now calls for an additional 10% of energy savings on top of what was required in the 2018 standard. The use of continuous exterior insulation and air sealing are critical to meeting this updated energy code requirement and our customers' other sustainability goals. DuPont's portfolio has category leadership for exterior insulation with products including Styrofoam and Thermax rigid foam, Tyvek for weatherization, and Great Stuff and Froth-P ak for air sealing properties. Our recent acquisition of ArmorWall is also a great example of a technology designed to tackle labor productivity, energy efficiency, and increasingly stringent fire codes. These market-leading solutions are developed into proprietary systems addressing both labor productivity concerns and building code requirements in a single composite product. Meanwhile, on the interior of these structures, our differentiated portfolio of Corian solid surface, Corian Quartz, and Corian Endura offers solutions for architects and designers to meet the desired needs for market trending new aesthetics, functionality, and hygienic standards. Corian Design is a trusted brand and service provider that adds high-quality design, beautification, and protection to various interior design applications. The global portfolio continuously evolves its unique aesthetics for solid surface and quartz materials. Growth in this space will be driven by projects in the healthcare, food service, retail, and education markets. Design aesthetics combined with hygienic durability and seamless properties are desirable alongside our market-leading certifications, sustainability claims, channel support, and technical expertise. Our larger global key accounts in the food service segment help drive consistent yearly project volume with ongoing interior renovations at many of their locations. Now, let's look at the residential segment on slide eight. The residential building segment consists of single and multifamily home construction. The residential and non-residential market segments experience similar challenges. From a sustainability perspective, building codes continue to push end users to search for higher performing products delivering energy efficiency. Additionally, skilled labor deficits continue to be a concern. Great opportunity exists to address these challenges with DuPont's integrated building envelope solutions that address thermal, air, and water management. In addition, we experience greater utilization of our application expertise and installation knowledge for building science consultation services, which drive customer loyalty and enable growth. Looking at the interior finishes of residential spaces, our Corian Design portfolio brings decorative surface solutions for our new construction and remodeling customers. Applications primarily consist of countertops, backsplashes, and vanities, and feature walls using both Corian solid surface and Corian Quartz materials. Home remodeling, spurred by COVID's drive to work from home, has driven demand for interior finishes, and our Corian Design portfolio provides beautiful, high-quality surface options and an optimal mix of functionality, beauty, and value. Corian solid surfaces are virtually seamless, can be thermoformed into complex shapes, and its impenetrable properties allow for easy cleaning. Thousands of certified fabricators and about 1,500 home design partners enable our channel to market. Innovation is derived from a continuous stream of color launches that keep the portfolio fresh and on trend. Thinking beyond product, we see the emergence of digital technologies that will influence our marketplace. One area of focus addresses installation quality and training needs for the unskilled labor force. In addition to the residential construction market, the home improvement retail channel serves our repair and remodel customers. Here, we see professional contractors and homeowners demand a one-stop shop for everything needed to complete a project quickly. For this repair and remodel segment, shelter manufacturers themselves finish products directly to retailers who in turn sell online and via their brick-and-mortar stores, where shelf space and multiple aisle placement is key. Today, you'll find Shelter Solutions for the home base in the insulation and building materials retail categories. Here, our Great Stuff portfolio of products offers a broad range of solutions for air sealing, along with the award-winning low global warming potential Froth-P ak products used for insulating and sealing critical areas of the attic and walls. The full portfolio helps contractors and homeowners create more energy-efficient homes, leading to more affordable and sustainable living. We are encouraged by the strong growth trends in this space, and DuPont continues to innovate in areas of dispensing, green chemistry, and the sustainable packaging demanded by this segment. We maintain category ownership and strong brand equity at our retailers. This position has created a unique opportunity to extend the Great Stuff brand even further into adjacent product categories such as caulks and sealants, allowing further brand exposure and revenue growth in the segment. Not only are we driving growth with traditional residential building supply dealers, our diversified portfolio also creates opportunities for an expanded presence in the retail and e-commerce repair and remodel space. Let's pivot into how sustainability is an enabler of shelter success on slide nine. It's very clear customers and influencers are demanding solutions that address sustainability challenges in the built environment. According to the International Energy Agency, carbon emissions resulting from buildings must be cut in half by 2030 to preserve society in the face of the climate crisis. In fact, it is estimated that the building sector accounts for nearly 40% of all global carbon emissions, with the manufacturer of building materials accounting for more than 10% of all emissions. Shelter Solutions has the science, scale, and commitment to not just comply, but to help transform our industry. We see sustainability as an opportunity to create new value aligned with our financial goals for revenue growth and improved gross margins. We have found that our market is looking for solutions that reduce greenhouse gas emissions, improve climate resiliency, enable circularity in the built environment, and use safer, less hazardous materials. We have a right to play in each of these areas with a strong value creation track record and expertise in energy efficiency and building science, as well as the utilization of recycled content in our products. Let's turn to slide 10 to learn more about how Shelter Solutions is positioning sustainability beyond creating new sources of value. Shelter Solutions plays a leading role in contributing not only to our corporate goals but also to the industry. Shelter's sustainability vision and strategy is activated within customer engagements, marketing plans, and product innovation portfolios to ensure sustainability is a key driver in the actions we take. Aggressive actions focused on these sustainability goals are well underway and are driving new innovations as we advance our position on climate, circularity, and green chemistry in the built environment. Shelter Solutions' award-winning Froth-P ak, low global warming potential formulation, and Styrofoam brand ST-100 are great examples of reducing the risk of deselection or non-compliance with new regulations and then turning that reality into a competitive advantage in an industry which is increasingly under pressure for climate action. These innovative product solutions reduce DuPont's overall greenhouse gas emissions and drive toward the 2030 goal of a 30% reduction. Similarly, key technologies such as our BLU EDGE Polymeric Flame-R etardant Technology and our recently launched Thermax NH offering are excellent examples of enabling sustainability in the built environment by utilizing safer, less hazardous chemistries. Our commitment to sustainability goes far beyond the recent highlights that we shared. It's embedded in the DNA of our organization, and it will enable our success and growth. We are proud to have a purpose-driven workforce that wants to see the company walk the talk from our innovation teams to our internal sustainability network that comprises ambassadors from all functions in the business. Together, our vision, capabilities, and people give us a competitive advantage to help transform the industry for sustainability while remaining committed to delivering growth. In closing, let me summarize a few takeaways on slide 11. Our industry-leading technology portfolio enables our ability to solve the market's most critical challenges of energy efficiency and labor shortages through the various solutions we bring to the market. We are poised to continue delivering strong financial results that are in line with market growth rates. Innovation must and will continue as codes and regulations require fire resistance and higher weatherization requirements with the intent of driving higher performance buildings. Our expansive innovation engine differentiates us from our competition, allowing us to gain additional wins as we enhance our solutions portfolio. Regulators and customers demand more sustainable products. We will maximize our financial performance by leveraging our leading market position, building science expertise, and strong customer relationships. The proliferation of our preferred brand into higher value adjacencies will enhance our presence in the repair and remodel space with our home improvement retail channels in a way that allows us to utilize the flexible, asset-light approach. With that, let me turn it back over to Chris to open the Q&A. Thanks, Leland. Let me remind you that our forward-looking statement disclaimer applies to both prepared remarks as well as the following Q&A. We'll allow for one question and one follow-up question. Operator, please provide the Q&A instructions. Thank you. At this time, if you'd like to ask a question, please press star then one on your telephone keypad. Our first question is from John Roberts with Credit Suisse. Your line is open. Hey, Leland, I hope you're right that your voice feels better than it sounds here. Could you characterize for us the cyclicality of the business? Could you talk about the basket of raw materials purchased by the business and pricing relative to ROS? Yeah, thanks, John, for the question. As I said at the outset, I do feel better than what I sound, but I know I sound pretty bad. Let me just take you through a couple of different things there, John. When I think about the cyclicality of the business, we've talked a little bit corporately around how we did during the COVID downturn, right? If you think second quarter of 2020 versus second quarter of 2019, if you remember, we said corporately we were down about 3% on the top line and about 3% or so on the bottom line as well. When I looked from a W& P perspective, we were similar to that. Again, from a top line perspective, we were down about 7%, John, on the top line and 8% on the bottom. I think the thing, though, that when we look at decremental margins, our decremental margins then were about 31% from a W & P perspective. When I take a look at Shelter specifically, what I would tell you is our decrementals for Shelter over that same time were a little bit better than that. We are doing everything that we can to make sure that we're managing in all environments. I think the team has done a good job as it relates to that. The second part of your question was around raw materials, right? As we've talked about over the last couple of earnings calls, we've seen a lot of pressure as it relates to increased costs from raws and logistics. In the first quarter call, I think Lori highlighted how, from a DuPont perspective, we experienced about $190 million of headwinds, about two-thirds of which was W & P. Again, I'd tell you that from a Shelter perspective, Shelter obviously had its share of that. I think one of the things that we're trying to do is make sure that in this environment, we're offsetting some of the headwinds that we're seeing from a raw perspective with pricing. As you know, for the first quarter, W& P delivered about 10% price gains in the first quarter, and Shelter certainly was a big component of that. Just in terms of some of the key raws, John, across the different segments within Shelter, you're really looking at things like MDI, SAN, and from a Tyvek perspective, like HDPE. Those are the main buckets. The only other one that I'd highlight for you is for Corian. MMA is a key component there for us. Great. Thank you. Our next question is from Steve Tusa with JPMorgan. Your line is open. Hey, Leland, congrats again on the promo, and thanks for all the info here. Good to talk to you again. Yeah, you too, Tusa. The repair and remodel part of that pie chart, how much of that is res versus non-res? Good question, Steve. If I take a look, it's really split, right? I'd say that the split actually is similar to what we highlighted in terms of, you know, it's probably pretty evenly split between non-res and res, with, if anything, a skew towards non-res. Okay, great. Thank you. Yep. Our next question is from Christopher Parkinson with Mizuho. Your line is open. Great, thank you so much. Can we just talk about the intermediate to long-term margin opportunity specifically within the subsegment, just given the switchover to Tyvek 1, 2, versus 8, improving reliability mix, just anything you want to throw in there, just how should investors conceptualize the longer-term opportunity for this specific subsegment? Thank you. Yeah, good question, Chris. Thanks for your question. I'd say for Shelter in particular, when you think about the three lines of business that we have within W&P, Shelter would probably be slightly below segment average. As we've talked about publicly, we'd like to get the W&P EBITDA margin profile to somewhere 27%, 28% or so, and we think that we can certainly get there. I think from a Shelter perspective, opportunities exist really in two main places, Chris. The first is just around running the assets more effectively and efficiently, right? You talked about some of the work that we're doing as it relates to Tyvek with line eight and bringing on new capacity, and that will help there. There's also a lot of work that the team is doing to unlock incremental capacity as we're moving forward. I think that will certainly help us. I think the other element for us is around pricing and just making sure that from a pricing perspective, we're pricing in a way that's capturing all the value that we're creating. When I take a look at where we are today, obviously price cost has had some impact as it relates to the margin profile of Shelter as well as water and safety. There's no change to our long-term belief that we can get W&P to kind of 27%, 28% from the EBITDA margin profile. Obviously, there'll be some lift that we can capture in shelter with pricing as well as running the assets better. Got it. Just a real quick follow-up on the non-resi side, is there anything in particular in your portfolio which really truly differentiates yourself from your competition when it comes to LEED certifications and a lot of the ESG initiatives just in building? Just any broad thoughts on that? Thank you. Yeah, so if I take a look at the portfolio again, some of the work that we've done as it relates to working with blowing agents that drastically reduce our greenhouse gas emissions, right? As you probably are aware, we made a commitment earlier this year to reduce our greenhouse gas emissions by 75% versus 2019 levels by 2030. I think the work that the team is doing there to make that a reality certainly is helpful for us. When I think about our portfolio and the breadth that we have versus some of the others in the space, I'd put our portfolio up against anyone there, Chris. Great. Hope you feel better. Yeah, thanks so much. Our next question is from David Begleiter with Deutsche Bank. Your line is open. Thank you. Good morning. Hello, Leland. How are you doing? I'm well, David. How about you? I'm doing great. Just on Tyvek expansion, Leland, can you talk about the timing of this expansion? How long will it take to fill up? Given it is in Luxembourg, talk about the energy costs that have escalated and how that impacts the production costs of this new line. Yeah, thanks for the question, David. I was just in Europe probably about two or three weeks ago at this point. We went to the Luxembourg site to visit the line eight project and see how they were doing. I'd say everything remains on track. As we've talked about publicly, we look to bring that asset up sometime in probably the third to fourth quarter of 2023, and we're on track there. We continue to feel good around the prospects that we have from a demand perspective. We haven't said anything publicly as of right now, David, in terms of how long it will take us to fill that asset. Suffice it to say, with the demand that we're seeing, we're confident that we'll be able to fill the asset. We're excited about getting it online next year. In terms of the higher natural gas costs in Europe impacting the production costs of that site, can you comment on that? Yeah, one of the things I'd say is if you take a look at natural gas, right? Especially in Europe, it seems that the numbers are moving quite literally every day. We're taking steps to figure out how to mitigate some of the impacts from that. The team has done a nice job at trying to be creative as it relates to potential opportunities to hedge and things like that. Nothing to share more broadly at this point in time. I will say that from a pricing perspective, as we talked about, the pricing initiatives that we're taking are bigger than just offsetting ROS. That increased pricing action also helps to offset freight as well as utilities. We're cognizant of that as we price in 2022 and beyond. Leland, just thinking about the overall longer-term growth of Shelter, how should we think about that from a top line volumetric perspective? Yeah, yeah. David, as Ed and Lori have talked about, when you think about the kind of the new DuPont, so think about E&I and W&P, we're going to have some businesses that are growing above GDP, some that are growing at GDP. I'd tell you that from a Shelter perspective, we think Shelter is more of a GDP-type grower, right? If you go back to, I think it was slide two or three in the deck where we talked about what we've done over the last three years, you see about 6% CAGR from 2019 to 2022. Obviously, there's some price impact that you'll see in 2021 and 2022, just given the dynamics of what's going on in the broader macro environment. We think longer term, this business should grow at GDP, and you should be able to get a couple of points from a volume perspective each year and about a point or two from price. Perfect. Thank you very much. Our next question is from John McNulty with BMO Capital Markets. Your line is open. Thank you for taking my question. When you think about the product lines that you have, just in terms of how you sell them, do you sell them as a total building envelope to the one major general contractor, or does it tend to be more piecemeal? To that, can you get leverage by having more and more products in there to sell if it is to a general contractor? How should we think about that? Yeah, good question, John. I probably wouldn't characterize it as piecemeal. What I would say, though, is when you look at the industry knowledge and know-how that our teams come with, I think these are more specialized sales, right? It's not as if we leverage across the entire portfolio and you have a salesperson who's selling Tyvek as well as Corian, right? There's a more specialized nuance to it than that. I think our channel is one of our strengths in how we go to market. I think when you think about it from a DuPont building performance perspective, one of the things that we look at is, are there ways for us to leverage channel partners in a way that allow us to get kind of closer to the customers? I'd say we do that today. When you take a look at distribution, I'd say for the most part for us, anywhere from 75%- 80% of our sales are through either one or two-step distribution. We obviously have some direct sales that we do as well. I think it's this longstanding brand and experience that provide a unique position for us as we look to navigate how to move forward. Got it, got it. Maybe just as a follow-up and somewhat related to that, it seems like the building products arena is very fragmented, a lot of small players for the most part. Is this an area that would make sense from your perspective, from an M&A perspective, where you can really start to bundle more and more in and use that distribution channel and that direct-to-market channel that you have? Is that really not the right way to think about it? You like what you have and you're going to grow that, but it's not truly kind of a focal point for M&A? Yeah, look, I think it's both, John, right? If you take a look at what we did in November of last year, we had made an announcement of the acquisition of ArmorWall, right? ArmorWall is a system that incorporates five traditional building enclosure elements into one composite product. In one offering, you have structural sheathing, you've got fire resistance, air barrier, a water-resistant barrier, and high-performance continuous insulation. Where it makes sense for us to augment the portfolio, we'll look to do that. I think the ArmorWall example is a prime example of that. We're really looking for opportunities, John, to try to bring innovation and value at the connection of sustainability and productive construction. If there are ways for us to do that inorganically, we'll certainly be interested in doing that. I think if I take a look at where we are today from a portfolio perspective, I like where we are. We'd always be open to adding to the portfolio in instances where it makes sense. Got it. Thanks very much for the color. Yep. Our next question is from Steve Byrne with Bank of America. Your line is open. Yeah, Leland, a lot of the chemistries in these products just happen to be products at Dow, such as polyethylene, styrene, polyurethane, isocyanate, et cetera. I was curious if you had any long-term supply agreements through Dow, or are they just another one of your merchant raw material suppliers? Yeah, Steve, if you step back and take a look at it from a Shelter perspective, I'd say about half the business is Heritage DuPont and about half is Heritage Dow. Obviously, there are some key raw materials and things that we still get from Dow. Yes, to answer your question directly, we have raw material and supply arrangements with Dow. There are some elements or some raw materials, though, Steve, to be frank with you, where there are other suppliers in the space. We'll look to be opportunistic as it relates to what brings the most value for us. It's not as if we're beholden to one supplier. Where it makes sense, we have longer-term arrangements. There are examples of both as I look across the portfolio. On repair and remodel, you have a couple of technologies that can reinforce and improve the installation of the home as a repair. I have to believe a large percentage of U.S. homes would have a favorable return on investment by pursuing that. Most homeowners don't have a clue as to how to do that or how to approach it. How do you market directly to the homeowner? Can you disintermediate the home center as the vehicle to make that option available? Or the contractor that has to reach out to the homeowner, can you reach them directly and drive growth in that business category? Yeah, so the short answer to it, Steve, is we absolutely can, right? I mean, I think, you know, to a certain extent, when you take a look at COVID and what it did, I think it kind of changed the way that all of us look at our homes, both from a comfort as well as a functionality perspective, right? I'd say that we've been pretty successful at not only getting to the pro and helping them understand the value of our products, but also to the residential or do-it-yourselfer, right? When you think about the average home in the U.S. has about a half a mile of cracks in open spaces. When you think about our Great Stuff or Froth-P ak offerings, it really makes a whole lot of sense for homeowners, as you said, to make that menial or the small investment to get a nice return. Insulation is one of the highest return solutions that you can make, especially as it relates to reducing carbon emissions and helping to combat climate change. I think we've been successful at working not only with the pros and helping them understand the value that our products bring, but also with consumers as well. That's evident, in my opinion, by our growth over the last several years within Great Stuff and Froth-P ak in particular. Thank you. Yep. Our next question is from Aleksey Yefremov with KeyBanc Capital Markets. Your line is open. Thanks. Good morning, Leland, and everyone. Leland, geographically, the portfolio is very much skewed towards North America. Do you have enough scale in Europe and Asia? If you don't, could you maybe shift more towards the U.S.? A follow-up question on that is, what is your strategy in China? Yeah, good question, Aleksey. Let me just start with your first question there. As we highlighted, about 70% or so of the sales come from the Americas, right? What I'd tell you is that we made some decisions a couple of years back as it relates to some of the assets that we had in Europe. I think our XPS assets that we had in Europe in particular, we actually divested. We do feel good about the position that we have here in the Americas and think that, as it relates to EMEA and AP, we can participate in some of the growth that we want to be a part of there as well. In China in particular, I think given the differences across countries, each region and country has local market differences in construction practices and methodologies that make it so you can't do a one-size-fits-all approach, right? We have a team in China that's working hard to grow this business in China. When I take a look at where we've come from, I'd say since 2020, really nice growth that we've seen in China, and we're expecting another solid year when you look on a year-over-year basis, 2021 to 2022 in China as well. Leland, the second question, can you talk about the U.S. infrastructure bill and if your portfolio benefits in any particular manner over the next couple of years? Yeah, I think the short answer, Alexey, is we certainly expect to benefit from the bill, right? One of the things that we've seen, and I'm sure that you can attest to it as well, sometimes the timing out of the spending for some of these bills out of Washington is a bit hard to predict. I'd say that we would expect a lift from some of that, right? We think some of the potential areas that we would see a lift, when you think about energy efficiency as well as air sealing, and you take a look at our portfolio, we think that we're going to be able to capture on some of that upside there. Our teams are certainly not only working with the government in terms of projects and opportunities for us to grow, but also at other channels where we can potentially participate in that upside. Thanks, Leland. Yep. Our final question today is from Josh Spector with UBS. Your line is open. Josh Spector, your line is open. Sorry about that. Just a question on pricing and contract structures. I was just wondering if you could give some color on your ability to get price or adjust that. Do you have longer-term contracts with openers, or is everything generally market priced that's relatively fluid and you're able to adjust on more of a real-time basis? Thanks. Yeah, Josh, I'd say it's a mixture of both, right? When I think about some of the big box stores that we would sell into, big box home improvement stores, obviously, you know, a bit longer-term contracts as it relates to pricing and things like that. Now, having said that, I think the team has been extremely successful in offsetting some of the headwinds that we're seeing from a raws and logistics perspective. Outside of the home improvement big box stores, I'd say, again, you have a mix, Josh. You have some where you have pricing that's good for 30 days. You have others that it may go a bit longer, maybe 60 days or something like that. For the most part, I think this team has been really agile and dynamic as it relates to being able to get pricing, as evidenced not only by what we did in the first quarter of this year, but also by what we're expecting to get for the balance of the year. Thanks, Leland. Yeah, thank you, Josh. That will conclude our Q&A session, and I'll turn it over to Mr. Weaver for any closing remarks. Yeah, it's Chris Mecray. I'd like to thank everybody for joining today's call. As a reminder, a copy of the transcript will be available on our website shortly. This concludes the call, and thanks again. Good day. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.