Okay. Good morning, everyone. We are pleased to kick off this busy day with Kimberly-Clark. Got the full team here. We've got Mike Hsu, Chairman and CEO, Russ Torres, President and COO, and Nelson Urdaneta, CFO, and Chris, I don't know your proper title other than IR. Head of Investor Relations. And whatever else they need. I knew that part. Okay. Well, thank you for joining us, everybody. Mike, to say a lot has changed at Kimberly-Clark. Yeah. Over the past two years, and that's probably an understatement. Yeah. Before we get into that, though, I wanted to start just with the Powering Care strategy that you introduced at the March 2024 Investor Day. For those that may not be up to speed, could you just maybe give an overview of that strategy and detail how it differed from the company's prior strategy? Okay. All right. Thanks for having us here, Lauren. Great conference, and we're excited to be here. Powering Care, we introduced, as Lauren said, at our Investor Day back in the spring of 2024, and we've been operating on that pretty consistently. It really has three big planks. Plank number one, we call externally, Lauren, Accelerate Pioneering Innovation. Internally, we call it Onslaught, because that's really the intent of what we're looking for, which is an onslaught of pioneering innovation, marketing, and activation. But I think the core idea there is, hey, to understand what consumer needs are that are unmet. We want to deliver obvious superiority. And then for us, superior performance is another way to deliver superior value, and so that's our big focus there. The second big plank is what we call Optimize its Margin Structure. We felt like we had some room to improve in terms of our cost structure. We really think about that as, how do we offer the best possible product at the lowest possible cost? Internally, it is not lower cost, it is lowest possible cost. We operate that way, and we have made strong progress, as you have seen over time, enhancing our margins. The third plank is Wire the Organization for Growth. Historically, Kimberly-Clark was a very decentralized company, which led to a lot of positive things, Lauren. Very entrepreneurial, very agile in markets, but we under-leveraged our scale. A big part of Wiring the Organization for Growth is, how do we leverage our scale more effectively and enable ourselves to go faster by bringing global might to the local fight? I will pause there. I would say, since 2024 when we have been operating, I think it has helped us deliver consistent organic growth. I think we are in our 10th quarter of volume and mixed growth. We have expanded our margins and really dramatically reduced our earnings volatility, which you may remember from the bad old days. The many, many of them. Yeah. Yeah, definitely. In that context, you gave us a little lead in. Let us dive into the business performance, just looking at the company excluding what is now in the IFP JV. Over the medium term, organic sales have held in well at 3.9% in 2024, 1.7% in 2025, but things have slowed down again more recently. Can you just speak to how you aim to drive top line in categories that many would still say are very slow growth? Also touch maybe on trends you have seen closer in that resulted in you taking down your fiscal year organic guidance. Yeah. When you reported in August. Yeah. Thanks for that. Maybe I'll lead off, Lauren, and I'll ask Russ and Nelson to comment with a little more detail. But I would say the headline for us is the categories we operate in, I would say, are very durable and resilient, and our focus is on superior value, and expanding the categories. That's really how we're driving our growth. The resilient and durable category part, the reality is, if you look at our categories like diapers, adult care, bath tissue, they really, if left alone, grow with population growth. Right? That's the thing. It's not a fast-growing category. It tends to grow with population. But we feel like we can accelerate that category growth by adding premiumization into the mix, and that's what we've done in our two largest markets, in North America and in China. I think back when I started with the company, I think we were about a 70% business was mixed, driven by value in our value performance tiers. Today, we're over 80% premium. China, if you went back to 2019, was 6% premium. Today, it's well over 50%. So I think one way we accelerate it is bring value-added innovation to drive the premiumization of the category, and I think that's been working. Then the other big area is, we feel like we can expand the category as category leaders by driving category consumption. So an area that we focused on more recently in the last three years was on Kleenex, and we've been able to successfully drive household penetration, over the last three years, by focusing on the category growth drivers. I think we've seen, Russ, maybe about, I think 7% compounded growth over the last three years on Kleenex. So there are ways that we think about that we can drive it. I would say your note on what's been happening this year, I think, one, I would say the category's been choppier. We have seen an uptick in promotional intensity, by competitors over the last few quarters, and whether they're new small brands or some of our major competitors, we have seen that occur. I think our point on it is, and you've heard me say this before, Lauren, is it doesn't really make sense for us to try to rent additional share through promotion. The reason I say that, in our categories, since they grow with the population, they're kind of fixed consumption in a lot of ways. Ans so, when you over-promote the category, you kind of drive you know, all you are doing is buying forward inventory, you know, or pantry loading consumers, and that is not really that valuable for consumers or the retailers. Yeah, Mike, I just add, you mentioned choppiness. It is a choppy environment out there, and I think our teams have demonstrated very good agility in responding to those one-off impacts. We talked about the China situation in our call in the second quarter, and just for those who did not hear, that was going to be an impact on the full year of about 100 basis points to our organic growth rate for the total company and about $0.18 of EPS. That will come through in a more significant way in the third quarter, so it is about a 250 basis point headwind for that. But our teams have really pivoted and focused on taking the playbook and applying that to other markets internationally. We have seen very good growth and share gains accelerating in markets like India, Vietnam, Korea, Indonesia, around the world. Our teams are pretty resilient. Since the second quarter, we did, in North America, see three additional challenges arise that will likely cause the third quarter come in softer than we had expected. The first was we had an innovation launch that we postponed due to some production issues. The second is in our professional business, we saw some pretty significant distributor disruptions, and that is a business that we have grown volume seven quarters in a row. We have gained share in all of our categories in the second quarter, but that distributor disruption is going to cause a significant inventory de-load for us. Each of those two will be about a point of growth in our North America business, respectively, in the third quarter. And then third, we have seen some, as you probably have heard from others, the freight market and logistics market in North America is tightening, so we have seen the prices go up there. We are a little more exposed to that than we usually would be because of the Los Angeles Distribution Center fire. So we had a lot more things that are being moved around, and that will also be a significant impact in the quarter of about $30 million-$40 million of incremental cost. Our team in North America is working on offsetting all those things, but it is a choppy period. We are going to continue to execute our play and feel like we do believe at this point, the full year will be consistent with what we had talked about on the second quarter call. Okay. All right. So Nelson, just to- Yep. I am bringing this to you. So no impact to the full year, top line and bottom line, is that correct? This is all within 3Q? Well, let me unpack it a little bit more. Okay. As we've said in the past, we focus on managing to the year, the midterm, and the long term, not really the quarter. There's just a lot of moving pieces, and more importantly, our focus is on profitable growth. Over time, things will move, but what Russ just explained, is going to have an impact on the third quarter. That's the one thing we know. As we looked at the third quarter right now, we are projecting that we're going to see our revenue contract into low single digits with a low 10s decline in our EPS versus the prior year. There are a lot of moving pieces, and our teams are currently working through the action plans that will address some of those new news that we have, and we didn't have that at the time we reported earnings back in early August. If anything changes on the full year, Lauren, we'll provide an update concurrent with our next earnings call. The important thing to highlight is that for 2027 and 2028, we're still in line with the expectations that we have laid out post-acquisition in terms of our algo. For 2027, that is no more than a mid-single digit dilution versus our baseline standalone EPS for 2026. Then for 2028 and on algorithm year, where we would see earnings per share growth growing in the mid to high single digit constant currency versus on a compounded basis versus our baseline 2026 standalone EPS. Okay. Couple things I want to just come back on. One was China. I know you said specifically 250 basis points in 3Q. Just any updates there, how are things progressing? The 100's still probably the right ballpark for the year. Does this also go in the bucket of we'll get an update at 3Q? Yeah, we haven't seen on the consumer offtake side, any change in the situation versus what we had talked about on the second quarter call. So, while we haven't seen any sequential deterioration in offtake, we haven't seen any meaningful improvement to normalize either. The team's doing a very good job of executing the strategy, focusing on communicating our quality and safety to the stakeholders, and working with the government and other retail partners to help get through the transition as quickly as we can and then obviously communicating with transparency. So we don't have an update at this point, and certainly if something changes, we'll let everyone know. Okay. In terms of category growth, we have heard generally, we are a day into this, but that consumers generally holding in despite some macro headwinds. Just wanted to get a sense from you, why do you think your categories in particular have been choppy? Why have things slowed? We have heard a more positive stance, arguably, on the consumer environment. Yeah, I think, Lauren, I would say definitely, I would still say our categories are very durable despite the environment overall, I think, being very choppy. It is pretty clear that I think middle to low income households are under increased pressure, and I think that by now, I think that is obvious. I think we have hung in better over time, because I do think we made a pivot a few years ago to focus on superior value at all rungs of the good, better, best ladder. What we have done is things like bring our best innovation. In fact, in U.S. diapers, I think our most advanced absorbent core we launched first in our value tier product before rolling it to premium tier. So I think making the products better has helped us throughout this. However, we are seeing the choppiness is driven by, I think I mentioned earlier, increased promotional intensity. There is some shifts in our business among quarters between when a big retailer promotion kind of happened and year ago versus this year. So I think there is those kind of effects. Then there has been some inventory changes. Generally, we do not get too obsessed over retail inventory changes because in the long run, shipments line up with consumption. They kind of have to. As Nelson and Russ both point out, we are pretty, I would say, consistent in how we manage the business. We are managing the business for the long term, and we recognize that the environment is a little choppy, but we are going to navigate through it. Okay, great. Coming back also to cost inflation as a result of the Middle East, you discussed $150 million in incremental inflation in the second half in order to stay PNOC neutral, that you will leverage not just the tariff refunds, but also pricing. What can you tell us about pricing so far? Do you think that you will expect to take incremental pricing in 2027 to hit PNOC neutral next year as well? Sure. Let me give you some of the context and recap what we talked about on the earnings call and build in the new news that we just shared. Russ might chime in on pricing and how that's going through. The first thing is we're proud of our teams are maneuvering through what's a very dynamic environment. We've had significant experience over the last few years in managing through significant volatility, and being able to deliver growth consistently over the last four or five years or so. The one thing is that at our August earnings update, we shared that we have built into our outlook for the second half $150 million of incremental gross input cost inflation. We expect to offset this pretty much through all the mitigating actions that are being undertaken, including pricing in several markets that is going into place or has already gone in place, and the one-time benefit from the second quarter collection of a tariff refund that took place in North America. However, as Russ shared, we now have new news in terms of some headwinds and costs, particularly in North America. The first is the one related to the spot freight transportation, which could amount to around $35 million-$40 million in the balance of the year, with a meaningful impact already in the third quarter. The retaliatory tariffs that went into effect in Canada this week, that has the potential to add up to another $10 million of headwinds in the balance of the year. The teams are currently working through all the mitigating actions. Again, if we see any change in our full year view, we'll provide an update at our next earnings call. As to 2027, it's important to highlight that we will benefit from the carryover impact of the actions taken in 2026. Whether or not we need to take more incremental actions or other elements, it's too early to tell at this stage. Okay. Russ, you can chime in. I'd just tag onto that quickly just to reinforce that our strategy is to focus on growing volume mix and maintaining PNOC discipline over time, and those pricing actions are flowing through. You'll start to see that in the scanner data in North America and in other geographies, the ones we've already taken. Pricing's just one lever. We also really focus on innovation and mix and revenue growth management actions like price back architecture, as well as driving the cost cycle over time to get to that profitable growth. We look at it as a balanced mix, but we'll use all the tools in the toolkit to help manage PNOC over time. Okay. Lauren, if I could just add, I want to come back on the choppiness in terms of demand and the demand profile in the categories. As Mike said, we are in categories that are essentials, and the variability that we've seen quarter to quarter has been greater than the variability that we've seen on, say, a trailing 12-month basis. Our categories have been pretty consistent between 2% and 2.5% over the last few years on a trailing 12, but we have seen more choppiness month to month and a bit quarter to quarter. I think relative to a lot of other categories that you follow, I think our demand profile is a lot stabler. Yep. Okay. You've been pretty active on portfolio reshaping, so we're going to step back a little higher level for the moment. Before we get to Kenvue, I just wanted to talk about the joint venture with Suzano. Just to refresh for people here, about 15 months ago, you announced a deal to sell 51% of your international family and professional care business to Suzano. The deal finally closed on July 1st, so created a company called Arbex. Can you just speak to the strategic rationale for this transaction? Yeah. I would say that a big part of it is we're really excited to team up with Suzano to create the international tissue leader. They've been a great partner. They're our largest fiber supplier in the world. We work closely together with them, and so I think the rationale on this is you're going to combine KC's great tissue-making expertise, our global commercial acumen in marketing tissue products with Suzano, which has the lowest fiber cost in the world, right? When you put those together, what you have is a great business with inherently stable cost base. That makes it a better business than the two businesses being separate. I think we would expect to see is inherently in that business, a set of winning capabilities plus volatility reduction within the business, and then obviously for our portfolio, Lauren, you've seen this evolve over time, which is one of the things we've been focused on since I came into this role was to reduce our volatility on EPS. I think we looked at the math, and I think one of the things holding our stock back was, I think the investors like in this room didn't care for the excess volatility that occurred in our stock. What was driving that volatility is the price of fiber. Certainly by putting this business together, it reduces that volatility and then reducing the mix in our overall composition within our portfolio, does as much. Okay, great. Just to add a couple of things there, Lauren. Partnering with Suzano under a joint venture structure maximizes the future value of both Arbex, the new joint venture, and Kimberly-Clark. Four things that drive that. The first one is it halves our exposure to fiber-based inputs. For Arbex, fiber-based inputs will represent right around 15% of net sales, whereas for us, it'll now be in the range of 6%-8%. Secondly, it brings in a partner with significant capabilities and experience, which will allow Arbex to truly compete effectively for market share in the markets it's in. Thirdly, we will benefit from the fact that we're expanding a strategic relationship with the world's preeminent fiber manufacturer, and that will yield benefits for our global personal care business as well as our North America tissue and professional business. Lastly, we stand to benefit from the way we have structured the joint venture. First, it is because we are getting cash upfront, which we will deploy to fund part of the cash consideration for the Kenvue acquisition. Secondly, we will benefit from the upside of Arbex, which we see a lot of upside as it stands up and grows over the next three years. Lastly, there is a clear exit mechanism in place in case Suzano chooses to buy our remaining stake down the road. Okay, great. There was one thing I wanted to follow up on with this business, is the work that you have been doing on forest-free fibers. Yeah. You found an alternative to wood pulp that could be cheaper and better for the environment. Just curious on the impact that this could have on North America and IPC, and then could it drive even lower volatility for Arbex? How might it impact also the relationship with Suzano, given they are the biggest- Yeah. Wood pulp producer? Yeah. Well, we're really excited about it. Hopefully, you can tell, Lauren, we're calling our alternative natural fiber program, I think was going to be a huge benefit for consumers, the planet, and certainly the economics of our business. It's something we've been working on, and we've been consistent in our investment. It's over two decades of investment, and if you think about where we've been over just the last 10 years, we've been able to invest consistently to drive this kind of breakthrough innovation that's new to the world. For consumers, this fiber has a unique property that it delivers superior strength and superior softness at the same time. It kind of breaks the bounds of what traditional fibers deliver. So the consumers are going to see a better product that's soft and strong. I think for the planet, I would say, it's the ultimate regenerative initiative. This fiber kind of grows like grass, and harvesting it is like mowing grass. So you can think about, it's incredibly land efficient. The fiber that we use today is harvested from millions of acres of natural forest. This will be in the 10s of thousands of acres of farmed land. S,o from that effect, it's very land efficient. It also only grows in arid conditions. It's a desert plant, so it's incredibly water efficient. So there's a lot of huge benefits for the planet. Then perhaps equally important, it's good for the economics of the business. We expect it will be cost neutral or better over time. We're excited about that. Then, it should have very low volatility in the production cost. So I think overall it's a win-win-win for consumers, the planet, and certainly for the business. Okay. If I may add, because it's important from a capital allocation standpoint, we're applying the same disciplined approach to the alternative fiber platforms as we do with the rest of the portfolio. This alternative platform has the potential to create economic value, and it's likely to improve our margins over time, as well as further reduce our input cost volatility. We will need to prove that it's scalable. Once we prove that, we will lay out the best path to implement it, which could include potential partners. Okay, great. Let's switch and talk a little bit about Kenvue. First thing I just wanted to ask is if there's any update on the closing timeline for the deal. I think we're still very confident in our Q4 close timing. I think we've filed in all the jurisdictions. We're getting positive feedback. You may have noticed we've made a number of transactions or selective divestitures, but we feel like we're on track for a Q4 close. Okay, great. Then one thing on that, just to highlight. We will need to do a few divestitures, and some have been announced already. Just to make it clear for everyone. Any potential divestiture has no impact on the potential earnings potential of the new company. That's very important to highlight. Collectively, the divestitures will not amount to more than 1% of the aggregate revenue and profit of Kenvue. Importantly, it doesn't impact the economics or the value prop of the acquisition. Yeah. Okay. Yeah, not more than 1% of- Percent. Not Kenvue, but the combined company. Yeah. Combined, yeah. Okay. And then, we get feedback from investors that Kenvue's categories are just fundamentally different from KC's. We have heard things like channel mix, seasonality, competitive concentration. Yeah. Barriers to entry, and even geographic- Yeah. Exposure and expertise. How would you respond to that? Yeah. Maybe I will start with part one, Lauren. We are really excited about the Kenvue opportunity and teaming up with the Kenvue team. One, it increases our exposure to what I would call triple crown categories. Triple crown, in my parlance, I would say higher growth, higher margin, and then really highly expandable. I will just give you an inside baseball story. I think when I was selecting the leadership team of the future combined company, I was interviewing one of the Kenvue regional leaders, and I was saying, "Well, how are you feeling about your year?" He has got this high single-digit organic growth plan for the year. I am like, "Well, that seems like a lot. How are you feeling about that?" He goes, "Well, pretty good since my categories are growing 6.5%." I think that is a difference. There is some good growth in some of these categories, and then we see the opportunity, because there is a huge gap between, I think, incidence of a health problem for a lot of consumers and treatment. The example I will give you is if you think about allergy care, we have done a lot of market research and structured research in these categories, trying to understand the need states, what consumers are using these products for, and then what are the opportunities to market them. In allergy, our assessment is less than 20% of the population that has an allergy problem are actively treating it. I think that goes to the marketing opportunity to expand the category, kind of like we have been doing with Kleenex or Depend, actively trying to grow the category. We are really excited about that. I think to your question, our view would be, we recognize they're different categories, but the tenets of what we're trying to do with Powering Care apply. The core strategy of Powering Care is we want to get these brands on a virtuous cycle of growth, right? That means we have a strong pipeline of innovation, marketing, sales activation ideas that we can invest in, that we support the brands with a great cost position, right? Best product, lowest cost. We drive that through an effective organization that's very agile and very focused on execution. I think the thing about Kenvue is, one, in terms of the insights, and I think they haven't had as much maybe the time to develop those levers. We've had a number of meetings with the future joint combined team, with interestingly, turned out to be 50/50, right? 50% KC leaders and 50% Kenvue leaders. We've been working through this, and I think in our discussions, we'd say, hey, the structured understanding of needs and then putting the resource investment behind the brands like we've done on ALF, or the alternative fiber for the last 20 years. I mean, that's not easy to do, investing through a cycle when you got price wars happening or COVID this, but I think we've retained that executional discipline. I think being very systematic about where you're going to put your innovation investment is something I think we feel like we're very good at, and we can help Kenvue with. Second is on best product, lowest cost. Kenvue has fantastic margins, but however, I think they would also say they got great margins, but they're not low cost. The way we view it is even though you have high margins, we're going to continue to watch every nickel, because every nickel that we save is a nickel that we can earmark for further investment to grow the business, right? I think that's the second part. Then maybe the area that I think we spent maybe the most time talking about is how do we kind of create the executional focus? I think execution for KC has been, we feel like our calling card. We have disciplined execution. We're very market-centric, locally agile, and then we've been able to, in the last couple of years, better apply our global scale, and I think that's a trait that we think we bring that could really help Kenvue. I think they've kind of struggled a bit because they've been through, Lauren, maybe I think about four different organizational operating models over the last seven years. Just having a consistent operating strategy, operating model, I think will be a big benefit. We really believe the tenets of Powering Care and getting our company on a virtuous cycle is going to apply very well to Kenvue. Okay, great. Maybe we can talk a little bit about integration. Investors typically get pretty nervous about transactions of this size. Russ, you have been leading integration efforts. Sounds like you have been doing a lot to get a running start. You can maybe give us some color and also at the same time, maybe touch on cost synergies, and work you have been doing on that front, and is there maybe upside? It is already a big number you have thrown out, but is there potential for upside? Yeah, sure. A few things. First of all, I would say the synergy and integration plan is going very well at this stage. In fact, we are probably ahead of where we had expected to be from the synergy planning point of view. Operationally, we are ready for day one, and we have plans to bring the company together over time, and there are a couple of X factors I would point out that give us confidence in the way we are approaching it. One is we have got a proven leadership team that is really capable, and they have demonstrated that they can grow the company, drive cost reduction, and transform at the same time. That is the same group plus some great additions on the Kenvue side that they will be leading this. The second thing is the culture. That is always a big concern for anybody who has been involved in integration, and the mesh has been really, really good. In fact, I think both companies’ engagement scores have gone up after we announced the transaction, and our advisors told us they had not really seen anything like that occur before. On the synergy specifically, though, we have very good line of sight and visibility developing. All our plans are bottoms-up, analytically based. We have been working on them for many months. We have got 50 integration teams and hundreds, if not thousands, of people at this point that are working on those with the future leaders. You are right, we are not ready to call up yet, but we have high visibility and a high degree of confidence in our ability to achieve. I will just give you a little bit on a couple points. In the COGS area, that is an area that as we have dug in, we have found more opportunities, so you are probably going to see that be more a part of the mix, and we will keep you apprised of that going forward. The three big buckets we are going after really are duplication and integration activity, and that is things like just overlaps, as well as leveraging the combined scale of the company. That will be kind of the first big wave. The second one will be combining the operations commercially, route to market, and supply chain. That will probably be in years two and in terms of carrying the water there for the development. We are very excited about the potential there. Then the third one will be really transforming the company in new ways that we have not done before, using AI or simplification and developing new processes. We feel like we've got it lined up and have confidence we're going to hit the ground running. Okay, great. Let's talk for a second about revenue synergies. You've discussed $500 million in incremental operating profit from revenue synergies and plans to reinvest about $300 million back into the business. In what sense is this low-hanging fruit? That's sort of how you've described the opportunity. Just trying to understand the short term versus the long-term opportunity that's being captured in this. Yes. Same thing. I think we've got both short-term and long-term opportunities. Bottoms-up planning. Our teams are engaged on it. I'll just give you some texture of some of the areas that might pop out. In North America, for example, there's some things that might not be immediately obvious, but Kenvue has a great selling organization to healthcare professionals, which we can use in our category, on the KC categories. Likewise, the KC categories have a great professional channel that Kenvue really hasn't tapped into. I could go on. There's capabilities like e-commerce and such, but those are the types of things we'll be tapping into and applying the best of both companies. In China, we've got a great e-commerce capability on the KC side that Kenvue will benefit from. Of course, from a geographic standpoint, there's capabilities and distribution positions Kenvue has in Western Europe or India, and KC has in markets like Mexico or Indonesia that we're going to be leveraging. I know we're short on time, but we're very excited about what that holds in the future. Well, beyond the short term, and again, I think Russ and the team were feeling very good about the revenue synergies. Beyond that, I would say in the medium term, the opportunity around category penetration's a big one, Lauren. I think the reason I flag that is because we didn't know that as much going in, right? We've been doing a lot of market research to understand these categories, and those are some insights I think that even Kenvue didn't understand. It takes a little time to kind of work to develop marketing that expands the category, but I think that's something that we're going to be very, very focused on. I think in the medium term is also product design. I think that one of the reasons why maybe investors thought it was not intuitive for us to be interested in skincare, but it turns out scientifically, we have a great deal of research on skin because our products are in contact with skin 24/7. There's still that opportunity, we feel like, to put maybe their skin knowledge and our skin knowledge together that will result in breakthrough products for consumers down the road. We just think there's a lot of great opportunities to drive that. The last area for us is what we're calling internally smarter health. I think this notion around how do you expand the category, having consumers treat themselves better. We've been investing a lot in our digital capability with consumers, and so we do think that is a really robust area for growth further down the road. Again, we remain really excited about the synergies that we have committed to, but also, we think there's going to be more beyond. Okay, great. I did just quickly want to ask you about the TYLENOL litigation. Okay. Because in July, the United States Court of Appeals for the Second Circuit revived the lawsuit. Does this change your thinking at all on deal math? No. One, we feel very confident in Kenvue's approach to defending TYLENOL. I think the science supporting the safety and efficacy of TYLENOL continues to grow. Kenvue's defense has been based on sound science and legal merit. I think you may have noticed that the Second Circuit came out in July, but also, I think five new studies published, including one which is a paired sibling study, which is, in our minds, maybe one of the strictest tests. All of them confirm the safety and efficacy of TYLENOL. We feel very, very good on the scientific grounds. Also, I think we feel very good about the legal merits of the case and continue to feel very confident. Okay, great. We're going to have to wrap there. Please join me in thanking the Kimberly-Clark team for being with us today. Sure. Thanks.