POL
#I mean overall FX was just a little bit below 3%.
If you look at what I'd sort of pull together as the total impact of Spartech and/or lower or ongoing integration with all the Spartech businesses that's probably 6.5% to 7% and then raw material impacts another 3%.
So all those are going in the negative direction.
That leaves you with about a percent, let's say, which is really the Accella acquisition plus flat from an organic standpoint beyond that.
Well, I mean if you went back in time, <UNK>, to some of the comments that we made in 2014 about our distribution performance we really didn't feel like we had as much discipline as we should around the rigor with which we actually processed the transactions, incorporated pricing, etc.
So I feel like we're doing a better job overall in that respect.
But to some extent this is also the impact of just what happens in a quickly decelerating sales price environment where to some extent you can see higher margins as a result of just lower selling prices.
So that's an element of this, too, that I'd say plays out in the second quarter.
For the most part and pretty much across the board our suppliers set the price in this particular industry and we're trying to just manage the on-hand inventory quantities that we have the best that we can.
Well I would remind everybody that we do have seasonality in this and really all of our businesses.
Our second quarter is typically the strongest, so my expectation is that margins do come down some in Q3 and Q4 for distribution but that's driven more by probably seasonality more than anything else.
Our long-term vision for POD is 6.5% to 7.5% as we outlined at our Investor Day in May.
Are you talking about for the balance of the year.
Look, I think typically what you'll see is that in the second half of the year margins do come down and that's a result of seasonality and that's across all our businesses, not just POD.
There could be some benefit as I might have been mentioning with <UNK> on an earlier comment just related to consumer and EM having a little bit better Q3.
But on balance I just always tell people generally speaking you should expect that Q3 is below Q2 from a margin standpoint.
Well I'm cautiously optimistic.
Even despite all the challenging headlines and everything that I said I do believe that there seems to be some early signs of improvement.
Just seems like every time we see a good sign there's something else that comes up that takes the headline.
So it's really mix at this point.
I think we're finding a way to win ourselves with our own new business and improving profitability and that's really how we been able to grow there.
So I still have sort of mixed observations on Europe at this point.
We've got time for one more call.
Can I comment on did you say second-half sales growth.
Yes, what you've seen obviously in the first half this year is that sales have been below 2014.
The main drivers of that have been the weak euro, lower hydrocarbon base raws primarily impacting PP&S and POD and then also the year-over-year sort of integration impact from Spartech.
So my sense is those carry through through the balance of this year.
There's a chance that we could see growth in Q4 but we will see organic revenue growth in the first quarter of 2016.
Well, thanks everybody for joining us on the call today.
As always we appreciate your interest in PolyOne and look forward to speaking with you at the end of next quarter if not before.
Take care.
