Sue Pirri

Well, it’s a -- the hedge actually, if effective, goes into revenue.

Sterling Auty – J.P. Morgan

Okay. And then as you were talking about running the different scenarios and models, which of the revenue segments do you think is hardest hit as you look both to next quarter or just qualitatively into next year from the economic situation?

Carl Bass

You know, I’ll give you a direct answer in a second but you know, I’ll repeat myself -- the problem our customers are experiencing is a lack of access to credit and financing and that’s across the board. Businesses for different reasons rely on access to those credit markets. Having said that, I think the one that you see most directly impacted is the building industry. That’s the one where projects have been delayed. You know, you are even seeing kind of the mothballing of projects in process. People are sealing them off and waiting until there is more money to continue those projects.

You know, the interesting thing about building -- even the largest institutional builders rely on financing to make those projects go forward, so I would say it’s building and then manufacturing and M&E are both about the same. But the building is the one that kind of turns off the fastest with the lack of project financing.

Sterling Auty – J.P. Morgan

All right. Thank you.

Operator

Your next question comes from the line of Sunil Daptada (ph) with Sentinel Asset Management. Please proceed.

Sunil Daptada - Sentinel Asset Management

Yeah, thanks. Carl, you had pretty good growth in the European markets and some of the Asian markets, especially emerging markets. The crisis is globally basically, the credit crisis. How those customers were not hit by the crisis, are they paying by cash or how are they paying you guys?

Carl Bass

So one of the things to remember, just generally -- we’re fortunate we don’t have to talk about this, but in many parts of the world, we do two tiers of distribution. So our end users buy from value-added resellers and the resellers in turn buy from distributors and much of the stock for the distributors comes from us, so we get paid by distributors. So there’s at least one and sometimes two intermediaries between us and the end user customer. I think it depends a lot on local market conditions, how they are actually paying for this, but you know generally speaking, our distributors are large organizations that, you know, it’s a business to business transaction of fairly large numbers.

Sunil Daptada - Sentinel Asset Management

And you are not facing any problems from the distributors in the -- in terms of your payments basically?

Carl Bass

No, you know, most of our distributors first of all handle products from multiple companies. They are very large companies. Many of the distributors are much larger than we are. Where I think you would expect to see payment problems first is resellers collecting from end users and then the distributors collecting from the resellers. We are pretty far up the food chain from that so we haven’t seen it. I think there’s other business in the world that will be more affected by that sooner than we would be.

Sunil Daptada - Sentinel Asset Management