Ingersoll-Rand (NYSE:IR) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.
Nigel Coe – Morgan Stanley: So just wondering on the share repo. You stated in the press release you started that off in April, it’s a bit sooner than we expected. Yet I wanted to reconcile that to your share count assumptions, which I think $300 million for 2Q and $300 million for the full year, which suggest that you’ve taken baby steps in the repo in 2Q. I’m wondering if you just have some thoughts in terms of $2 billion, how much would be pre-spend and post-spend?
Michael W. Lamach – Chairman and CEO: We haven’t changed that view Nigel. It’s going to be around $900 million pre-spend through the end of the year. We’re stretching out a little further, starting a little sooner in the Q2 than we thought about before. So, we haven’t changed the total profile; $900 million-ish pre-spend and then $1.2 billion or so post-spend.
Nigel Coe – Morgan Stanley: And obviously, you’re still looking through the (presentation), but do you have any more insight in terms of the tax terms or so of the SpinCo?
Michael W. Lamach – Chairman and CEO: Nigel, the announcement tends to be an Irish-domiciled Company. We won’t have anything back on that yet for a couple of months relative to SEC filings, conversations with the IRS et cetera.
C. Stephen Tusa – JPMorgan: I think in a couple of your segments the year-over-year change on the low end was tweaked down by 1%, but you guys didn’t change the revenue, the $14.2 billion lower end of the range. I mean; is that just rounding and stuff like that?
Steven R. Shawley – SVP and CFO: Yeah, pretty much, Steve. It’s just a rounding issue.
C. Stephen Tusa – JPMorgan: And I guess, there is no change this year (indiscernible) starting this buyback a little bit earlier than expected?
Steven R. Shawley – SVP and CFO: Not significantly, no. It’s still around $300 million average for the year.
C. Stephen Tusa – JPMorgan: And then just lastly on, I guess, any commentary on resi HVAC kind of into April here; in the first few weeks of April?
Michael W. Lamach – Chairman and CEO: Steve, not in for the new quarter. It wouldn’t be that obviously the most important quarter of the year, but no comments on second quarter as of yet.