Nigel Coe: Yeah. Sorry about that. I had my mute button on. Sorry about that. Thanks for the question. So, Greg, I don’t want to put kind of words to your mouth, but I think I heard — do you see in 2024 as a sort of within the long-term framework of [47 basis points, 50 basis points] (ph) of OM? Is that sort of what you meant based on what you see today? My understand is there’re a lot of macros out there. And if I could just clarify, the free cash flow growing in line with earnings, whatever that may be, should we add back the one-timers this year as the base and then grow from there? Because obviously, $1.2 billion is a big number. And any thoughts on the pension headwind would be help as well.
Greg Lewis: Sure. Yes. So again, it’s way too early for guidance. Of course, we’ll do that specifically in 90 days or so when we announce our full year earnings. So the comments we’ve been giving is that we see things within that long-term framework. That’s a reasonably good barometer for how we’re seeing things at the moment. But again, 90 days from now, we’ll know a lot more. In terms of the free cash flow, you’re exactly right. We have $1.2 billion of settlements. That’s obviously not going to happen again next year. So that’s an immediate add back to the base. And then, from there, we expect to see free cash grow in line or maybe better with earnings. The maybe around that is really a matter of we expect to start seeing the liquidation of our working capital, but we also have a very robust set of growth projects on capital.
And so, we’re going to be going through our budgeting process here over the course of the fourth quarter, and we may have some good things to put forth from a CapEx standpoint next year. So — but we feel really good about the progress that we’re making in cash flow. Again, this quarter, very nice cash flow number, 100% conversion, 17% cash margin. So, we’ve made some nice progress. One other kind of good anecdotal point, we’ve started to see Aero bring their days of supply down in inventory. So, while the number in the aggregates gone up, they’re obviously growing the business in the high teens, but we are starting to see the efficiency and inventory show up. So that’s really how we’re thinking about it at this stage for next year, but we’ll know a lot more in 90 days and be a bit more precise.
And then, on pension, could it be $50 million or $100 million worse. We’ll see rates move around a lot, as you know. And as I mentioned in my comments, we snapped the line at the end of the year, but it’s trending to be lower income next year, but obviously nowhere near the kind of shock that we had in the 2023 change.
Operator: Thank you. Our next question comes from the line of Andrew Obin of Bank of America.
Andrew Obin: Yes, good morning.
Vimal Kapur: Good morning, Andrew.
Greg Lewis: Good morning.
Andrew Obin: Yeah. Just a question on advanced materials. I think it was a little bit weaker than we expected. I think you said softness in electronics, chem and life science drove the declines. I think last quarter, you highlighted electronics and chemicals. Just I want to understand what the changes are, because I think before you were saying that electronic materials should improve in second half. Just — right, I know it’s a high-margin business, just what has changed? And how does the business look into year-end? And maybe what kind of momentum you have into next year? Thank you so much.
