Michael Larsen: Well, so we haven’t even rolled up our plans yet for next year. That really happens at the end of this month, and then we’ll have some good discussions with our segments and we’ll get a much better handle on what the price/cost equation might look like. I do think if you just look at the margin recovery trajectory that we’re on. We haven’t fully recovered the margin impact. And so I think it’s not unreasonable to assume that there will be some carryover into maybe the first half of next year. And then you add on top of that maybe our normal pricing. But again, I don’t want to get too far ahead of ourselves. We’ll give you a lot more detail when we give you guidance for the full year, which will be early next year.
But certainly, if you’re — price is holding at current levels and the raw material cost — direct material cost equation, those has stabilized. We’re not seeing significant deflation at this point, but we’re also not seeing anything close to the inflation that we’ve seen over the last two years. So, that’s kind of the good news here.
Steven Fisher: Thanks. I appreciate the thoughts. Thank you.
Operator: Your next question comes from the line of Julian Mitchell from Barclays. Please go ahead. Your line is open.
Julian Mitchell: Thank you. Good morning. Maybe one area was interested in was Test & Measurement and Electronics. Also, in light of sort of progress on the integration of the acquisition, how that’s gone as it’s been in the portfolio several quarters now? And also just on the base business, very mixed to reads some of various peers in that market. Any color you could give us or kind of expectations for Q4 on Electronics versus, say, Test & Measurement within that, please?
Michael Larsen: Yes. So, Julian, we don’t give quarterly guidance. But I think if you look at historical information, you’ll see that there’s typically a ramp-up in Test & Measurement and Electronics in Q4 relative to Q3. And so we do expect some of that. I think overall, on the Electronics side, like I said, the consumer electronics end market remains soft. Just semi in isolation is down 20%, 25% on a year-over-year basis. And that’s — last year, that was about a $500 million segment. So, we’re definitely seeing — that’s what’s driving these results. If you take out the semi impact in Test & Measurement and Electronics we’re actually up 2% on a year-over-year basis. But we expect this pressure to continue. We’re not counting on a recovery here in the fourth quarter. It’s based on run rate and typical seasonality I’d say on MTS overall, maybe, Chris, do you want to make some comments? You were just up there. So, maybe you want to–
ChristopherO’Herlihy: Yes. So, I would say, Julian, that certainly the assumptions we made when we acquired the MTS business in terms of strategic fit and financial rationale have been very much validated by our two years of owning the business. The business has performed very well. We are currently in the process of implementing our business model. We’re already starting to see some real nice results accruing from that. But we strongly feel this is going to be a very, very successful ITW acquisition. In fact, we are taking our Board of Directors up to MTS later this week for them to witness firsthand the level of progress that we’ve made on the integration in terms of implementing our business model. But like I say, two years in, so far so good. Great people, great brands, great technology, great opportunity to improve the business model, and like I said, this is going to be a great ITW business in the long term.
Michael Larsen: Yes. And I would just add maybe to quantify what Chris is talking about in the short term. This business grew double-digit top line in the third quarter. And you’ll recall maybe margins coming in were somewhere around 7%. And through the implementation of the business model, at this point, we are — the outlook for the full year is in the mid-teens. So right on track in terms of the potential that we thought we had when we acquired the business. So good progress.
