Remarks at a Roundtable Discussion on Tax Reform in St. Louis, Missouri

The President. Thank you very much. Well, this is a great honor and a truly great company. We appreciate it. I want to thank Secretary Mnuchin for being here. I know you flew from a different direction, but it's important economic development. Even for Treasury, it's very important.

And Dan Mehan, president and CEO of the Missouri Chamber of Commerce—thank you very much, Dan. You're doing a great job. And Missouri is doing a great job. It's an incredible place.

I also want to thank my friend, Dennis. We've been friends for a long time. And I keep telling these countries: "No, you have to buy American. I want you to buy American." You know, we help people, we help countries, we give aid to countries. I say, "Where do you buy your equipment?" "Oh, we buy from other countries." I said, "What about buying from the United States?" "Well, we haven't been doing that." Now they do it.

So we want them to buy. And we also make the best product. We also make the best product. And you know what? If we didn't make the best product, I wouldn't ask them to do it. But we make, by far, the best fighter jets. We make the best there is in the military world and, mostly, the best there is in almost any world. And we're coming back and doing it more so than we've ever done before. We're setting records.

I want to just say, the F-18—one of my favorite planes—to me, it's a work of art. Is just—you look at the workers, you look at the talent that went into it. We just looked at different versions of it. It is spectacular. It's a beautiful thing to watch.

Just a few years ago, this plant was in very serious danger of shutting down, and we've got it going again. And I think, probably, going maybe like it's never gone before, right? Doing better than it's ever done before. But I'm proud to say, we kept it open, keeping thousands of Americans employed right here in St. Louis, Missouri. Great place, a place that was very good to me. The State of Missouri was very good to me, I'll tell you.

And I think Josh is doing a fantastic job. I can tell you that he's working hard. Just met him at the plane.

We're going out of our way. We've asked Congress to fund 24 brandnew F-18s, and that's going to be the latest and the greatest. Stealth—a lot of things on that plane that people don't even know about anymore. It's a whole different version of the plane.

So we're looking for 24 brandnew ones. We're working on price, and maybe we can work out a good price. [Laughter] Otherwise, we're going to buy them from somebody else. But it will all be in the United States, right? I don't know. I think—I have a feeling—what do you think, Dennis? We're going to make a deal?

Boeing Co. Chairman of the Board, President, and Chief Executive Officer Boeing Dennis A. Muilenburg. We'll find a way.

The President. We'll find a way. We're going to find a way. But it is wonderful to be back in this great State and to push all of the historic tax cuts. You know, this was about the first place I announced that we were going to be asking for massive tax cuts. And everybody said it'll never happen; hasn't happened since Ronald Reagan to any scale. And it didn't even come close since then. And we got it not only passed, but bigger than anything ever passed in the history of our country. And we're now going for a phase two.

We're actually going for a phase two, which will help—in addition to the middle class, will help companies. And it's going to be something, I think, very special. Kevin Brady is working on it with me. Congress is working. The Senate is working. And unfortunately, on the original, we didn't have one Democrat vote, which is pretty incredible. And now they're regretting it.

But we're going to do a phase two, and it's going to be something, I think, that will really be a big incentive to do a lot of things just like we're doing right here and a tremendous incentive for the workers.

Six months ago, I promised that we would cut taxes to bring Main Street roaring all the way back, and we did. We helped Wall Street. We helped Main Street. We helped everybody. And all of that money that went into the pockets of people—thousands and thousands of dollars, each—they're very, very happy about. We created 300,000 jobs in February. That's getting to be a number that nobody would have believed—300,000 jobs.

And really importantly, we've created almost 3 million jobs since election day. And if somebody would have said that that was going to happen, they would have said, "That's not possible." And you know, the candidate—I wouldn't have said it; you would have lost all credibility in running. But we created almost 3 million. And in fact, it's now over—it's going to be, very shortly, over 3 million jobs since election day, a number that is just—nobody would have believed that could have happened. So we're very proud of it.

New jobless claims are down to a 50-year low—50 years, new job claims. So we have—nobody has seen that. And jobless claims went down at a record pace over the last year and since the election day, but they're down now to a 50-year low. A typical family in this area, as an example, earning $75,000 a year will see their tax bill slashed in half. So they'll take home money, and they can spend it or save it or do whatever they want to do with it.

And now the banks are getting stronger, and a lot of good things are happening. And they will actually start getting a little interest on their money, and that's okay too, if you don't want to invest in the stock market. That's good, because for a while, people were putting their money in the bank and getting no interest. And that really hurt a lot of families, especially families that saved.

You know, people were saving all their lives. And then, for a long period of time, they'd like to put their money in a bank and get interest, and they weren't getting interest on their money. And now they're getting interest on their money. So it's another way.

And the 401(k)s are up 30, 40—in some cases, much higher than that—percent for the year and more than that from election day. So it's been really something great. So a lot of people are very happy.

Families right here in Missouri will save more than $4 billion in taxes, and that's just for this year alone. Four billion dollars right in Missouri. And millions of workers are getting more bonuses, higher wages, and more take-home pay. I mean, they're going to have a lot more in terms of pay. And you know what? If they want to work here, they can work here. If they want to go—and this is bad news for Dennis; I shouldn't say this—but if they want to go someplace else, they can go someplace else.

People are having job alternatives now. They're able to go out and work where they want. Now, I don't think anybody will ever leave Boeing, but you know, just in case they should want to. [Laughter] So I'm not so sure. I'm not sure Dennis wants to hear that. He wants to keep them here. But the fact is, they're having four, five, six job offerings now, whereas before they had none. And that's really something that's special.

So we have with us today a great group of people, great business owners. We have employees of the firm. We have a lot of tremendous people. And I think what I'd like to do is maybe quickly go around the room. Say exactly who you are, what you do. I know you all love Boeing and you love Missouri. But maybe we could start, and we'll start with the Chamber of Commerce.

Missouri Chamber of Commerce and Industry President and Chief Executive Officer Daniel P. Mehan. Thank you, Mr. President. Welcome to Missouri. And on behalf of all the employers in this great State, welcome to our State.

I know we're talking about taxes today, but your regulatory relief, the work on health insurance, and igniting the debate on infrastructure has been very, very helpful. There's a lot of optimism around those three things. But the tax relief, in particular, has Missouri humming again.

And a story that directly impacts the Missouri Chamber: We hired a 22-year old, fresh out of college, last October. And this year, in calendar '18, as a result of the tax relief, she will save $954.

The President. Right.

Mr. Mehan. Nine-hundred and fifty-four extra dollars go into her pocket. So thank you very much for that.

The President. Thank you very much.

Mr. Mehan. And we hear stories like that from all around the State, from small, medium, and large employers that you'll here today.

The President. And a great job you do with the Chamber. We appreciate it.

Mr. Mehan. Thank you very much.

The President. Thank you. Yes, sir.

Hawthorn Bank Chairman and Chief Executive Officer David T. Turner. Mr. President, David Turner. I am chairman and CEO of Hawthorn Bank. And Hawthorn Bank shares a publicly traded community bank headquartered in Jefferson City, Missouri. We are a $1.4 billion bank with 348 employees in 21 banking centers in the central and western part of Missouri.

As a result of the tax relief, we were able to give a thousand-dollar bonus to all of our employees; a $500-bonus to our part-time employees. And in additional to that, Mr. President, we've got a profit-sharing plan.

The President. Great. Mr. Turner. So, in the future, our employees will continue to benefit from what you did in your leadership role to get that tax relief passed. And I thank you very much.

The President. Well, you know, the banking business has been a tough business and with all of the regulation and all of the problems. And we want strong regulation, but we want it to make sense. And as you know, the banks are doing much better now, and they're able to loan.

But we have a big one coming up. We have a bipartisan bill that, hopefully, will be voted on very shortly, on Dodd-Frank and very important amendments, especially for the smaller banks and the community banks. And I think it's going to be a very special bill for you. Are you following that?

Mr. Turner. Yes, I am. I actually thought it was—it might pass today. But——

The President. It might pass today.

Mr. Turner. Hopefully.

The President. In fact, it could pass by the end of this meeting. [Laughter] Maybe we'll say: "Guess what? It just passed." [Laughter]

Mr. Turner. Let's hope so.

The President. But it's—I think it's going to be very popular. And it's really for the smaller banks. But they needed help. And we're very honored.

Mr. Turner. It's refreshing to have——

The President. So loan a lot of money out to your great customers. Okay?

Mr. Turner. Pardon?

The President. You'll be able to now loan money to great customers.

Mr. Turner. Absolutely. Absolutely.

The President. Thank you very much. Good.

Mr. Turner. Thank you, sir.

Dynamic Fastener Service Inc. Owner, President, and Chairman Kevin W. Perz. Hi, President Trump, my name is Kevin Perz and I work at Dynamic Fasteners. We sell commercial—or we sell fasteners and power tools to the commercial industry with a primary emphasis of metal buildings.

My background is, I'm a nerdy engineer, so I am completely out of my element in this room right now. But I am very appreciative that I got invited. So thanks for that decision [inaudible].

The President. But you have a very good company. I know about your company. Very good job you've done. Thank you.

Mr. Perz. Well, thank you.

The President. Yes.

Hunter Chase & Associates, Inc. President, Founder, and Chief Executive Officer Mary Beth Hartman. Yes, I'm Mary Beth Hartman and I have a union highway construction company. It's very small; we have 30 employees. But immediately upon you being elected as President, my whole mindset as an employer changed, and I started at that moment operating in a way that I believed your tax cuts would be happening, and they did. And that translated into an upgrade of all the fleets for my seven foremen.

The President. Great.

Ms. Hartman. I spent over half a million dollars in new equipment this year, which was something I was always afraid to do. Everyone received—they're all union employees, so they have a very good benefit package already. But I gave them an additional week's vacation——

The President. That's great.

Ms. Hartman. ——for my tenured employees, which was very meaningful to them, and to all my management. And then they all received at least $500 at Christmas, some of them as much as $2,500, depending on what their ranking was.

So the biggest thing, I thought—for 10 years, my employees that were union were very concerned about their pension fund. It had been underfunded for over 10 years. And when I talked to them last week, they are now at 94-percent funded with the expectation that they're going to be 100-percent funded by the year 2020.

The President. That's true. That's right. That's what should happen.

Ms. Hartman. And so we are very big supporters of yours—and our company—and we are so grateful for the work that you've done. And you've only just started. So thank you for everything.

The President. Thank you very much. That's very nice of you. And you had your best year?

Ms. Hartman. My best in 17 years. Absolutely, by far.

The President. Yes, that's what I've heard. A lot of people are saying it: They've had the best year, by far, that they've ever had. So that's what we want to hear. Thank you.

Ms. Hartman. Thank you.

Kansas City Southern Railway Assistant Vice President for Network Operations Chad Devenney. Mr. President, Chad Devenney with the Kansas City Southern Railway, headquartered in Kansas City, Missouri. I'd like to thank you for your leadership with the tax reform.

Once the passage—it was perfect timing. Our executive team did give all of our employees a thousand-dollar bonus. Perfect timing with the—right at Christmas season, which several of the employees were very grateful for with the needs for their family during that time. Heard many great stories, such as medical bills.

The President. Right.

Mr. Devenney. Just repairs needed to automobiles, vehicles.

So thank you for your leadership with the tax reform.

The President. Thank you. Thank you very much.

Kansas City Southern Railway President and Chief Executive Officer Patrick J. Ottensmeyer. Mr. President, I'm Pat Ottensmeyer. I'm the president and chief executive officer of Kansas City Southern. Chad is one of our leaders in the field. He runs about half of our U.S. railroad. We're one of the Nation's largest freight railroads based in Kansas City, as our name implies. About 7,000 miles, 7,000 employees. Big presence in Missouri. [At this point, Mr. Ottensmeyer continued his remarks, concluding as follows.]

So we greatly appreciate your leadership on tax reform and greatly anticipating a new, modernized, updated NAFTA.

The President. That's good. Well, we're working on that. And U.S. Steel is opening a plant because of what we did just recently with the tariffs. They just announced they're opening a plant, as you know.

How big a deal is the expensing, when you're expensing? Because that must be, in your business—the railroad business—it must be a phenomenal thing for you?

Mr. Ottensmeyer. It is. And we estimate, over the next 3 years, the combination of lower tax rates and expensing is going to create, for our company, well over a hundred million dollars of additional cashflow that we can use for reinvestment and growth and create jobs. So it's a very big deal.

The President. I always said that, to me, expensing will be the best thing in the bill. A lot of people didn't talk about it. You know, it's a very small, little paragraph, but it's very powerful. Nobody thought they'd see that. But you'll invest, and you'll have a lot more jobs, and it's going to be a great thing for companies in our country. We have a lot of companies now moving back into the United States, and that's one of the reasons.

Thank you very much.

Great Plains Energy and Kansas City Power and Light Chairman, President, and Chief Executive Officer Terry Bassham. Mr. President, my name is Terry Bassham. I'm chairman and chief operating—chief executive office of Kansas City Power and Light.

The President. Good, good.

Mr. Bassham. We're the primary electric provider in the Kansas City region.

As a direct result of the tax cut, we're working with our regulators in Kansas and Missouri, both, to reduce our overall cost by $100 million. We're also in the middle of finalizing a merger with our neighbor there in Kansas, which will form a Fortune 500 company in our region. They equally have $100 million that they'll be able to flow back. So our company, year over year, will be able to flow back $200 million, which goes right to the pocket of the folks who pay for our product.

I'd also tell you that, from an economy perspective, environmental regulations and a sluggish economy has slowed our ability to grow, and, as a result, causes increased costs for our customers. And we're very excited about the opportunity this will have on our economy, which allows us to spread our fixed cost over more kilowatt-hour sales for our customers, which benefits all our customers.

So thank you for your leadership.

The President. The economy was very slow for a long time.

Mr. Bassham. It has been.

The President. And now it's a whole different ballgame.

Mr. Bassham. It has been.

The President. Big difference, right? Mr. Bassham. It absolutely has.

The President. Good. Yes, ma'am.

Boeing Co. Senior Information Technology Manager at Hazel Jean Mims. Thank you, Mr. President. And thanks, Dennis, for the invitation today. My name is Hazel Mims, and I'm an IT manager here at the Boeing Company, and I have a great job. [Laughter] Recently——

The President. So you're not leaving at all?

Ms. Mims. I am not leaving.

The President. You're not leaving. Don't leave.

Ms. Mims. Recently, I noticed an increased amount of my take-home pay. What that means for me, personally, is an opportunity to reinvest, or invest, in my daughter's college education, and give her the opportunities that I had.

[Ms. Mims continued her remarks, concluding as follows.]

Today, I proudly serve Boeing as I proudly served in the U.S. Army Reserve. Boeing is a company that invests in its veterans like me, its people, and the community. Thank you.

The President. That's fantastic. Thank you. I'll skip Dennis for a second. How about I skip you?

Come on.

Great Southern Bank Chief Credit Officer Kevin Baker. Hi, my name is Kevin Baker. I'm the chief credit officer of Great Southern Bank, headquartered in Springfield, Missouri. The bank has 1,200 employees serving 325,000 clients in nine Midwestern States, from Minnesota to Texas.

[Mr. Baker continued his remarks, concluding as follows.]

Certainly, we believe your 2016 election and this tax reform have been the most positive economic drivers since the 2008 downturn. Certainly, we want to thank you for the tax reform. It was much needed. And it's truly an honor to be here today.

The President. Thank you very much. Thank you.

College of the Ozarks President Jerry C. Davis. Mr. President, I'd like to introduce my staff members that I brought with me. But first of all, I want to thank you for taking a leadership role in making America work again. That's been a big task, and we in higher education appreciate your efforts and probably don't say that enough.

My name is Jerry Davis, and I'm the president of the College of the Ozarks. As most people in this room know, this college is unique in that it admits students of financial need. They pay no tuition. They all work each semester at an on-campus job. They graduate debt-free because we don't do loans: not Federal, not State, not private. And it's an old-fashioned, hard-nosed approach. We definitely are not a college for snowflakes. [Laughter] As a recent——

The President. That's good. [Laughter]

Mr. Davis. That's a pretty good line. I might us it again. [Laughter]

[Mr. Davis continued his remarks, concluding as follows.] And by the way, we don't view these as "crumbs" either. We think that a few hundred dollars is a lot of money, especially if you don't make a lot.

The President. That's right.

Mr. Davis. So I'll ask the first lady down here, Renee, to tell you what she did with her bonus, if she would.

College of the Ozarks Faculty Services Supervisor Ozarks Renée Crooker. Mr. President, my name is Renee Crooker. And this bonus could not have come in a better time in my life and my family's life. My daughter Erica was diagnosed with double viral pneumonia, and she was put into a medically induced coma and was on a ventilator for 2½ months—2½ years—sorry, 2½ weeks. And the college money that was passed on to us helped me get to her bedside. She was out of the country.

And so I'm just very thankful that I got to be there and be with her. And again, I can't thank the college enough, Dr. Davis enough, and you enough. Thank you very much, Mr. President.

The President. Thank you very much. That's very nice. Thank you.

College of the Ozarks cafeteria worker Bonnie Brazzeal. Mr. President, my name is Bonnie Brazzeal, and I work in the cafeteria at College of the Ozarks, alongside the hard-working students. And I am very grateful for the bonus when the college gave it to us. And I put mine in savings for my retirement. And I want to thank you, Mr. President, and God bless you.

The President. Very nice. Thank you very much. That's very nice. Thank you both.

Central Bank Group President and Chief Executive Officer S. Bryan Cook. Good afternoon, Mr. President, and thank you for taking the time to visit with us today. My name is Bryan Cook, and I am president and CEO of Central Bank Group, a $13 billion total asset bank holding company.

We employ over 2,500 people across four States. Because of the tax reform, we were able to give a $1,000 bonus to each full-time, and a $500 bonus to each part-time, employee. We felt it fully appropriate and reasonable to share the income from the tax cut of those hard-working people at Central Bank who really helped earn it.

That action has generated more positive and appreciative employee responses, texts, letters than almost any action we have ever taken for our employees.

Thank you, Mr. President, for your strong leadership to get this much-needed tax reform accomplished. Thank you, sir.

The President. Thank you. Thank you very much. Great. Thank you.

Mid-Am Metal Forming Chief Executive Officer David Johnson. Mr. President, I'm Dave Johnson, the CEO of Mid-Am Metal Forming. We employ 150 employees throughout three States, headquartered in Rogersville, Missouri. We were able to give all employees a $250 net-bonus, and our outlook looks very strong; we're hiring at all facilities.

We thank you for your leadership, and we thank you for the tax act and jobs act, and 150 other stories throughout our plant of the bonus and higher take-home pay, as a result of lower taxes. And I brought one of those individuals with a story with me today, Brandon Pister. And I'd like to thank you for your leadership. The President. Great. Well, thank you both. Thank you.

Mid-Am Metal Forming Production Supervisor Brandon Pister. Thank you for having us. I've been with Mid-Am for about 8 years now. I started out as a welder and worked my way up to a production supervisor. And the bonus has been extremely helpful to not only me, but my fellow workers and friends as well.

I have a son who is almost 2 years old, who recently had to have surgery for a hernia. And I was able to take that bonus and put that towards the deductibles for that and help me and my family get ahead and get to where we can put some money in savings again, which has been extremely helpful.

I'd like to thank you for your leadership, and thank you for making our company and our country stronger. I appreciate it.

The President. Well, thank you. And you know while you say—[applause]. Great. While you talk about your son on the operation, a lot of good things are happening that we're doing with health care and people are starting to see the fruits. But there are a lot of really good things: getting rid of the individual mandate which was a disaster and very costly. But we have a lot of very positive things happening and will be happening on health care. So that's very nice what you said. Thank you both, very much. Thank you.

Mr. Pister. Thank you very much.

The President. Steve, did you want to say something?

Secretary of the Treasury Steven T. Mnuchin. Sure. It's great to be here with you to talk about tax reform. It's a critical part of our economic program along with regulatory relief and trade. We are committed to create sustained economic growth. That's what this is all about.

And being here at Boeing, I had the opportunity, before you arrived, to tour. Dennis, it's incredible what you have here. It's incredible the amount of jobs you've brought back to this factory, the sophistication of the products. And this is a great American company, so thank you for everything.

Mr. Muilenberg. Good. Thank you.

The President. Maybe I'll save last—the star of the show, right? Dennis.

Mr. Muilenberg. Well, Mr. President, thank you. And again, it's an honor to have you here today and a privilege to host you in our Boeing St. Louis factory.

And I think what you see here is your leadership on tax reform and creating jobs, it's no place that it's more evident than in the factories of America. And you can see it here.

And you had a chance to meet some of our people earlier. Hazel here, one of our great teammates——

The President. Sure.

Mr. Muilenberg. We've got more than 20,000 veterans here at Boeing.

And as a result of tax reform, just three quick examples of what we've done: One, on day one of tax reform, we announced an investment of $300 million back into our people. And this includes facility upgrades, infrastructure upgrades for our team; it includes training and advanced training on new skills for the future—digital technologies, manufacturing technologies; and it includes investment in our communities and our veterans. We've increased the gift matching for our employees—every employee—gift matching has gone from $6,000 to $10,000 per employee, just as an example of that investment.

The President. That's great.

Mr. Muilenberg. And that's going to continue, with more announcements to come.

[Mr. Muilenberg continued his remarks, concluding as follows.]

And then, lastly, it's allowing us to invest in the future: invest in capital; invest in new innovations, new products. That includes the most advanced Super Hornet; the most advanced F-15 that you see behind us here. It includes investments in new prototype aircraft, some of which you saw earlier.

The President. Right. That's great.

Mr. Muilenberg. And in our commercial airplane business, things like our new 777X wide-body airplane. The folding wingtip for that new composite wing is built here in St. Louis. And we just built a new $300 million composite fabrication facility here in St. Louis. That's real manufacturing jobs.

[Mr. Muilenberg continued his remarks, concluding as follows.]

So those are just a few examples. We're going to continue to put tax reform to work, and we appreciate your leadership and Congress' leadership on getting that passed. So thank you.

The President. Well, thank you, Dennis. That's a great job you've done.

So I might ask, Dennis—because you mentioned job training—the many companies that are moving back to our country—they're coming back into America, they're coming back into the United States. And we are thinking about doing vocational schools. But, in a certain way, I like the companies training people better than the government training people. There's something that is good. And you have some great training programs.

We have—Chrysler, as an example, is leaving Mexico and coming into Michigan. We have many other companies where they're actually coming back. They used to be here; they left 10 years ago, 20 years ago. You know, say what you want about NAFTA, but it took a lot of companies out of this country, as you know. But a lot of them are coming back. We'll have more than—I mean, honestly, we need—we're going to need workers. We're going to actually need workers.

What are you doing about training program? How is it working for Boeing?

Mr. Muilenberg. Yes. Fantastic idea. Your point of vocational training is a really good one. And we see a dramatic need for building manufacturing skills and talent for the future. And in many cases, those could be 2-year degree kind of programs.

The President. Right.

Mr. Muilenberg. An example, right here in Missouri, where we have a metal forming vocational school. Collaborative work, including Boeing, as well as higher education, on creating these training programs, where students can come out of high school, go into this vocational training, and in 2 years be qualified aerospace metal builders to aerospace standards.

The President. That's great.

Mr. Muilenberg. We have an aerospace high school up in Seattle. Same thing—where we're tapping into high-school level talent, getting them early training, qualifying them on next-generation digital technologies for manufacturing. If you think about automation and robotics in our manufacturing lines and new manufacturing skills, I think investment in vocational schools is a real enabler.

The President. And I think only a company can do that. I mean, Boeing can do it. You look at what's behind us. A government can't do that. They can do certain things, but they can't do that.

Mr. Muilenberg. Yes, I think it's a place where partnerships make good sense, in some cases, with higher education. But having industry involved is important, because we know the endpoint of use, and we can do training that's very practical and could lead immediately to jobs.

The President. Fantastic, Dennis.

Well, I want to thank you. I want to thank everybody. This has been—it's really, very inspirational to see all of you and what's happened. And there's a lot more going to happen. The companies that we have in this country have never been fundamentally stronger. And I could say that about Boeing also. I see what's going on with Boeing. But we've never had a time when we've had companies at this level of readiness, preparedness, and stability.

So I think you're going to see tremendous things over the next fairly long period of time. I don't see any downward movement; I see just up. And we've taken off regulations. You probably are seeing that very much.

But a lot of people—you know, we're talking about the tax cuts. A lot of the companies are saying that the cutting of regulation is more important to them, even, than these massive tax cuts that all of the employees have gotten and everybody, because it just means jobs. Projects that were stopped for 15 years are now under construction. Great projects. Projects that should have been approved rapidly, they're now under construction.

So I want to thank you very much, Dennis. And I want to thank everybody for the great statements. And you know, make America great again. It's very simple: make America great again. That's what we're going to do, and that's what we're doing. And it's happening a lot faster than anybody thought possible.

Thank you all very much. Appreciate it. Thank you.