Operator: Good morning, and welcome to the United Technologies' Fourth Quarter Conference Call. On the call today are Greg Hayes, Senior Vice President and Chief Financial Officer; and Jay Malave, Director, Investor Relations. This call is being carried live on the Internet and there is a presentation available for download from UTC's website at www.utc.com.
Please note, the Company will speak to results from continuing operations, except where otherwise noted. They will also speak to segment results adjusted for restructuring and one-time items as they usually do. The Company also reminds listeners that the earnings and cash flow expectations and any other forward looking statements provided in this call are subject to risks and uncertainties. UTC's SEC filings, including its 10-Q and 10-K reports, provide details on important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements.
Once the call becomes open for questions, we ask that you limit your first round to two questions per caller to give everyone the opportunity to participate. You may ask further questions by reinserting yourself into the queue and we will answer as time permits.
Please go ahead, Mr. Hayes.
Gregory J. Hayes - SVP and CFO: Yeah. Thank you, Stephanie. Good morning, everyone. As you saw in the press release this morning, no surprises. UTC closed on a transformational 2012 just as Louis laid out for you in December. Full-year sales were just under $58 billion; that was up 4% from 2011. That, of course, was driven by the Goodrich and IAE acquisitions.
Earnings per share was $5.35 and that included about $0.50 of headwind from FX, pension and E&D. For the year, Goodrich is only about $0.06 dilutive, a little better than what we had expected, due to lower amortization, financing, and one-time deal costs, and more importantly better underlying performance in the Goodrich business.
Free cash flow was again strong at 108% of net income attributable to common share owners and we paid down about a third of the Goodrich debt just as we had planned. As we all know, 2012 was a challenging global economic environment, and while there is still plenty of uncertainty ahead for 2013 in both Europe and the U.S., we have seen signs of stabilization, particularly in Europe, and we started to see a gradual recovery in the U.S. economy, led by a rebound in housing market, and we continue to expect solid growth in emerging markets throughout the coming year.
As you come to expect from UTC, we just didn't wait for the economy to recover. We proactively leveraged our scale and optimized our cost structure, while we continued to invest in game-changing technologies, all the while transforming the portfolio to take advantage of the growth opportunities over the next decade in our core markets of aerospace and commercial buildings.
We also took the difficult actions this past year, reducing our structural overhead costs and focusing on global growth markets. In 2012, we invested nearly $600 million in restructuring, of which $258 million was in the fourth quarter alone, as the business has continued to find solid payback projects to reduce costs and position us for earnings growth this year and beyond.