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#<UNK> <UNK>, Wells Fargo.
Let me take oil and gas off the table, but if you speak to the other non-manufacturing, we actually had a very good quarter, fourth quarter in terms of quotations.
And we look at all the quotations and negotiations that we are involved in, the stronger part of the commercial market from our perspective and we have a very big window looking at ---+ I am speaking to the US here ---+ has been the smaller projects.
It has been projects that you can say start off the residential base and then get up into medium-size projects.
It's the really big ones that have tended to be a little bit less strong in the marketplace.
Now, you are seeing a number big stadiums built around the US that really started in the second quarter of last year.
And that will continue through this year.
But the weakness we have seen in construction in the US has been the very big power-using construction where a lot of medium voltage is used, and it tends to be industrial or very, very big commercial.
The strength has been more toward smaller projects.
We don't see that as a high probability.
We do think that we are in this frustratingly slow environment that can often cause people to use the recession word.
But I think that's almost more of an emotional issue than it is a factual basis.
We think the GDP is likely to grow in the mid 2%s again this year.
However, if you're on the industrial side of the economy, we are seeing industrial production numbers that are more like one.
So that all that we have been ---+ I'm just repeating what we probably all read is there has been more action on the consumer and services side than there has been on the industrial side.
That is what been leading to the lack of capital investment for this MRO industrial malaise, and that has clearly been affecting ours and many of our peers' markets.
I think that is more of the tone, and you compare the US growth to around the world, it is not significantly different than the total global GDP.
There are countries slower and faster.
But that is how we see it.
We just think it's a time when it is really critical that companies get their cost base adjusted, that they don't assume that economic growth is going to bail them out.
If they control those things that they can control, and that is exactly what our plan is all about, but it is not based on, nor do we think it is a high probability that there is a recession.
<UNK> <UNK>, RBC.
The commercial side continues to be the stronger side.
If we look at the three elements of booking within aerospace, we were seeing commercial be up on the order of roughly 7%.
Military was down on the order of about 6%.
After market was up to 14%.
That is not a bad way to think about how things work going forward as we think about a market we are saying will be up 2% next year.
You assume the commercial will be a slight premium to that market, the military will be a slight discount to it.
We would hope that the after-market that we could grow a little faster than the average.
It won't be like a 14% or 15% number, but it will be slightly above our average number.
Our rate, as you point out, was 8% for 2015; the midpoint of our guidance of 10% for 2016.
And really that is a function of more US income.
It is a function of the restructuring actions, a lot of which do increase US income, as well as the fact that the US is ---+ there are some parts of our US business that are still growing pretty healthily, certainly relative to some other parts of the world.
If you look longer term, I continue to believe that the rates will be somewhere between 10% and 15% and will probably slowly tick up.
But I would emphasize slowly: not likely more than 1 or 2 percentage point moves in a given year.
<UNK> <UNK>, KeyBanc.
There is very little that is restructuring at this point.
I would regard that as principally the core corporate cost.
It is all built in to the total number that we gave you.
But what I am indicating is the amount of actual corporate cost for restructuring in 2016 are a very, very tiny part of that $140 million.
Single-digit millions.
There will be a substantial improvement in pension or reduction in pension cost.
It is a number that ---+ for two reasons it will be a number that is down on the order of north of $50 million.
The biggest part of that is going to be that we did move to the split rate pension that so many of our peers have moved to.
We think it is better accounting, so that is the biggest driver of that.
Also the US discount rate has gone up about 25 basis points, simply a reflection of where interest rates ended the year.
<UNK> <UNK>, Oppenheimer.
Our expectation, <UNK>, is that we would refinance the debt coming due in 2017.
As I mentioned, the restructuring cost is $70 million in the first, $35 million in the second and the last $35 million across the last two.
From a benefits point of view, all the benefits occur in quarters two, three, four.
And they build as you go from quarter to quarter, so the higher savings will be out in the third and fourth quarter.
Thank you all for joining us today.
Unfortunately we have reached the end of our allotted time for the call today.
As always we will be available for follow-up calls through the remainder of the day and the rest of the week.
Thank you very much for joining us today.
