Nigel Coe: Hi, good morning guys. So you can have too many electronics questions. So what’s got my attention in Electronics is the sequential growth from 1Q through to 3Q has been quite sharp. I think 1Q was about 680. I think 3Q is a 750 or so. I mean I know some of its seasonality, et cetera. But it must give you a lot of confidence that as we go into 2024, that at least in the first half of the year, we should be — that should be a nice tailwind to the business. So any thoughts on that?
Michael Roman: Well, Nigel, I would say it’s going to depend on the outlook as we get to 2024 for electronics and those key end markets that you’re talking about it. And we’ve seen — maybe that’s part of the stabilization that we’re seeing is the quarterly trend in electronics and against that year-over-year comparable is stabilizing in the second half. What will decide the performance in first quarter or first half of next year will really depend on the demand that we see. And some of that will come through the holiday season, but we’ll be — we’ll come back at our Q4 earnings call and update on how we’re looking at the first half of next year.
Nigel Coe: Okay. That’s great. And then I don’t like to ask same macro questions necessarily, but you are pretty — cycle, very channel-centric. The flash PMI for the U.S. was at 50 in October. Are you seeing more stabilization or maybe some sequential improvement in the U.S. relative to Europe and China?
Michael Roman: Yes. I think Monish called out the performance in the U.S. was up slightly, and — and that, I would say, mixed performance in our industrial businesses in the U.S., reflecting some areas of strength, but also some, I would say, caution and uncertainty around the broader economy. So I think we’re seeing the U.S. performing a little better, up slightly. And that’s — I would say that’s in spite of the challenges that we’ve been talking about in consumer retail. So Safety and Industrial posted, I think, mid-single-digit growth in the U.S. in the quarter. So that’s a good reflection on what we’re seeing more broadly. And maybe that PMI is aligned to that. That PMI represents kind of a middle kind of expectation from the purchasing managers
Monish Patolawala: Just only other thing Nigel I will add to Mike’s comments is just in certain pockets, we are seeing customers managing inventory channel. And part of it is supply chains are definitely far more stable. So customers have lower lead times, so they’re managing that in pockets.
Operator: Our last question comes from the line of Julian Mitchell with Barclays. Please proceed with your question.
Julian Mitchell: Hi, good morning, thank you very much. One quick question. I just wanted to circle back on your sort of pricing outlook as you see it because volumes have been soft for some time. Headline inflation in theory is easing. Traditionally, you do have price pressure in areas like electronics, just through nature of the industry. So I just wondered sort of what the comfort level was as you look into Q4 and early next year, that you can hold price kind of firm-wide at least flat at 3M? And whether there’s been any change how you sort of go to market to push price just given the experience of inflation in the last couple of years?
Monish Patolawala: Yes, Julian, I would just say the same thing that I said with another question before. The way I would just say long term, 3M has always been able to add value to its customers, and that is reflected in the pricing that it charges. We look at this not based on just a formula, but we look at it market by market, look at our competitive position and market by market, look at the value we add, and that’s how we come up with our pricing that we go with. And I would say, based on the innovation and the value that we add to our customers, long term, I don’t see that changing. In the short run, as you have seen, the Company has been able to manage inflation through price. And if needed, we’ll continue doing that. But overall, right now, the teams are quite focused on delivering the fourth quarter, and then we’ll see where long term goes this topic. It will be a function of demand, a function of inflation. So that’s the way I look at it.
Julian Mitchell: Understood. And then just to focus on a couple of markets within Safety and Industrial, but I guess had been pretty strong and most of the sort of rhetoric is fairly strong around them. But organically, you had a little bit of pressure at least or less growth in and that’s the electrical markets and also automotive aftermarket. So I just wondered any color around those in terms of is it just kind of accelerated destocking distributors just holding off on orders for some reason? Any color at all on auto aftermarket and electrical?
Michael Roman: Yes, Julian, I wouldn’t — we saw a little bit of destocking in electrical markets. That was one of the areas in industrial that we saw that impacting. And I would say our automotive aftermarket probably saw a little bit of adjustments given what we talked about and Monish highlighted that, improving supply chains, distribution and the channel are managing their inventories, their safety stock, so more in line with stable supply chain. So I think that’s part of it. Those have both been seeing good market performance as we’ve gone through the year. I think again, we’re watching closely the trends as we go into the end of the year. But really, it’s, I think, reflects on the — a little bit of destocking and also the end market demand.
Operator: That concludes the question-and-answer portion of our conference call. I will now turn the call back over to Mike Roman for some closing comments.
Michael Roman: To wrap up, we continue to execute our strategies, delivering results in a challenging environment while positioning 3M for the future, prioritizing high-growth markets and geographies where 3M innovation can deliver the most impact. Thank you for joining us.
Operator: Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation, and we ask that you please disconnect your lines.
