Vimal Kapur: Jeff, on advanced material, I would say, pretty fascinating to see how this changeover is happening between Solstice 410A and 454. We are working with all key OEMs for several years. This is not a new dimension for us. We have been on it for last several years, and we see the switchover happening from 410 to 454 in the times ahead, and we have secured our position with the key OEMs. So, I would say, for us is I would call it like business as usual because this is something which is part of our business, and we were ahead of the game here to look ahead and think about it simplification on us, and we are well covered on that.
Operator: Thank you. Our next question comes from the line of Nicole DeBlase of Deutsche Bank.
Nicole DeBlase: Yeah, thanks. Good morning, guys.
Greg Lewis: Hey, Nicole.
Vimal Kapur: Nicole, good morning.
Nicole DeBlase: Can we double click a little bit on what you guys are seeing with respect to channel inventory reductions within HBT and SPS? Where are we in that inventory destocking process? And do you think we will enter 2024 in a pretty clean position with respect to channel inventories?
Vimal Kapur: Nicole, we have — I would say, the channel inventory is reflected in our orders rate. Our orders rate for both buildings and SPS had a book-to-bill of 1 last quarter. And the similar trends are persisting so far in October, which tells me that we are on a path of a slight recovery. And that’s an indirect measure for me on channels are looking at stocking back again from the cycle. So — and we expect a short cycle to slightly recover progressively every month moving forward, but not as fast as we’d like it to be at this point.
Operator: Thank you. Our next question comes from the line of Deane Dray of RBC Capital Markets.
Deane Dray: Thank you. Good morning, everyone.
Greg Lewis: Hey, Deane.
Vimal Kapur: Good morning.
Deane Dray: Hey. On HBT, you called out cost inflation headwinds. Could you size that? What kind of pricing actions have you taken? And then, on the verticals, airport, government and education, how has government stimulus, has that started to come through? And are you benefiting there? Thanks.
Greg Lewis: Yeah. Hey, Deane, we don’t disclose our individual segment’s price/cost. But if you recall, I mean, we’ve mentioned that we’re going to retain our price/cost positivity, and we’ve done that inside of HBT throughout the course of the year. So, you see the numbers for total Honeywell, I think we’re within our zone that we had guided. From a pricing perspective, it’s probably going to be 4% for the year across the total portfolio. Maybe I’ll pass it to Vimal on the other side.
Vimal Kapur: So, we do get, I would say, benefit of different government stimulus programs, the recent one being around, I would say, chipset, semiconductor activity in U.S. The proposal activity there is strong. And hopefully, we’ll win enough to see the benefit of that in the times ahead. But I must also point that we also see heightened infrastructure activity outside the U.S., specifically in high-growth regions. One of the strength of HBT business is very strong footprint in high-growth regions, China, ASEAN, Middle East, India, et cetera. And there, the activity on infrastructure build-out is pretty strong, which is going to help us in building out our backlog, specifically in long cycle. So that’s how we see those dimensions in the business.
Operator: Thank you. Our next question comes from Joe Ritchie of Goldman Sachs.
Joe Ritchie: Thanks. Good morning, everyone.
Greg Lewis: Hey, Joe.
Vimal Kapur: Good morning, Joe.
Joe Ritchie: Hey, guys. My one question is just on orders. So, nice to see the inflection versus what we — what you had experienced last quarter. I think Aero is the only segment that grew last quarter. I didn’t hear the commentary on PMT. So, if I missed it, my apologies. But what were orders like in PMT this quarter or maybe specifically for HPS and UOP?
