Mike Roman: Hi, Andrew.
Andrew Obin: Just few questions. What are you guys just — and if I missed it, I apologize, but are you sort of modeling an explicit recession in your forecast? What are your macroeconomic assumptions? I know you sort of said things are slow, but are you explicitly modeling a recession?
Mike Roman: Yes, Andrew, underlying our view of the year is — the projection for the macro is part of it. And then we’re talking about specific markets and dynamics that we’re seeing coming through the quarter into — coming through the fourth quarter into the New Year. So when you look at the macro global GDP, IPI in the 1.5% kind of range is the outlook for the year, you can see US softer than that, you see GDP below 1%, you see IPI even projected to turn negative as we get into the middle of the year. So those are kind of the macro dynamics that we’re looking at. We’re also looking closely as we talked about in a couple of these market segments, Fourth quarter, you saw this 10% to 30% decline in the consumer electronics build and that is expected and projected.
I would say, to continue as we get into first quarter and the first half of the year and consumer discretionary spending and the impact on the — our end markets is — that was in decline in Q4, I expect that to continue. So the macro is part of it, and we’re looking closely at these key market segments and the indicators there. And I think it really says Q1 looks like Q4 and there are some areas of additional slowing. And then we kind of look at the total macro for the rest of the year as we shape up our outlook.
Andrew Obin: Got you. And then the question about pricing. Just historically, given — and I know the way you report pricing is not necessarily how we think about pricing internally. I completely appreciate that. But has anything changed in the market structure in terms of your ability to drive the pricing. I just would have thought for 3M reported pricing would have been more of a tailwind into 2023. But it is what it is, but are there any structural changes that you’re seeing and that you’re trying to address? Thank you.
Mike Roman: Andy, there really is two parts to our pricing actions in the near term. One of them is what Monish talked about, we are always really looking closely at our price value in the marketplace. Our innovation delivers value to our customers. We manage our pricing in the — take advantage of that value and really make sure that we are getting that value through our broader market pricing. The last couple of years has brought in the inflation dynamic, and that’s really been the driver. We are taking pricing actions to adjust for the input cost. And so you’ve got a mix of our innovation as well as the inflation dynamic. And so as you look into 2023, you’re — we’re confident we’ll continue to position ourselves in strong price value based on our innovation we are going to be managing inflation along with everyone else, how do we see that progressing, and what will we do with our prices, adjusting those if we see additional inflation and managing those as the — I would say the elasticity in the market around inflation plays itself out.
Operator: Our next question comes from Stephen Tusa with JPMorgan Securities. You may proceed with your question.
Stephen Tusa: Hi, good morning.
Mike Roman: Hey, Steve.
Monish Patolawala: Good morning, Steve.
Stephen Tusa: What are you guys seeing on the inventory side of the — of your more industrial businesses? I think you talked a bit about auto, but maybe just on the general industrial side, customer inventory behavior?
