Mike Roman: Yes. Steve, I touched on a little bit of that. I would say as we began Q4, overall inventory looked to be in pretty good shape. And that was with the notable exception of Consumer. Everyone was working to reduce the inventory, and we saw a lot of destocking efforts in consumer. As I said, we’re starting to see some destocking in industrial. I would say, Asia and China, where we are seeing weaknesses in consumer electronics driving some of that. And as I mentioned earlier, some specialty markets like construction and a few other areas like even packaging, we’re seeing some reduction of inventory as we start the New Year. When you look at our transportation and electronics business, the consumer electronics OEMs are reducing inventories.
With that outlook for their demand, they’re reacting to it. Automotive OEM inventory still remains low. It’s improving, but it remains low as they’re recovering from some of the supply chain disruptions. Health care, overall, looks pretty stable. We see oral care channel reacting to some of the consumer discretionary spending and slowing there in oral care that we saw really in the second half. And then it comes back, the biggest move is in the consumer where our retailers are still aggressively reducing inventory. So some dynamics reflecting some of the changes in demand in the end markets.
Stephen Tusa: Okay. And then you mentioned January was starting slow. I mean, can you give us a little bit of context? Is that — is January an organic kind of like below the low end of the annual range? Just roughly, just some color on kind of how slow January started for you guys?
Monish Patolawala: Yes, Steve. So back to January, yes, it is lower than the overall range. And partly, that’s also driven by the toughest comps that we’re going to have going into 1Q. As I mentioned, 7.2% to 7.6% — $7.2 billion to $7.6 billion is the revenue range. It will be down 10% to 15% versus last year’s adjusted. And you have to take revenue and adjusted for the exit of PFAS manufacturing, which would be around $8.5 billion. But embedded in that is 3% to 4% from foreign currency headwinds. So it’s a Q4 carryover impact. You’ve got 1% from divestitures, which is based on the closure of the Food Safety and some of the other transactions we did in 3Q. And then you’ve got a very large headwind from DR and Russia. If you recall last year, we had a very strong 1Q with the Omicron variant.
Plus at that time, we had not announced the exit of Russia until mid-March. So that’s another 300 to 400 basis points of pressure because you’ve got a comp. And therefore, overall, it’s LSD to MSD is what we think right now is organic sales growth for 1Q. And what you’ll find is as the year goes on, these comps start getting easier and that will start showing the growth on a year-over-year basis. Hopefully that answers your question?
Stephen Tusa: Yes. You weren’t down double-digit in January. Are you? Double-digit?
Monish Patolawala: As of right now, we are somewhere in that range of where I told you.
Stephen Tusa: Okay. Great. Thanks for the color. Really appreciate it.
Operator: Our next question comes from Joe Ritchie with Goldman Sachs. You may proceed with your question.
Joe Ritchie: Thanks and good morning everybody.
Mike Roman: Morning Joe.
Monish Patolawala: Morning Joe.
Joe Ritchie: I know we’ve talked a lot about the organic growth guidance for the year. I guess I’m just curious, when you think about the consumer specifically, it seems like you’re embedding improvement as the year goes along. Is that just a function of inventories getting better? How much of that is China reopening? I just want to get an understanding of that business specifically.
