Thank you, Mr. Chair.
I have so many areas we could go in. I think I'll just go in two of them. One is innovation, and one is regulation.
Mr. Irving, you talked about spending 125% of your depreciation on capital improvements, over the last number of years. From what we can understand from previous witnesses, I don't think this has generally been the case in the industry. They have not kept up with capital improvements.
If industry has not kept up and we want to encourage them to invest as quickly as possible, does extending the accelerated capital cost allowance for a long time achieve that objective? Or are we going to get more of the same—few actual investments? That's the first one.
Second, with respect to innovation, it's one thing to replace your capital and another to innovate. Can you tell us how much of that 125% of new capital has been based on innovation, as opposed to simple capital replacement?