Nish Vartanian: Right. So, on the short-cycle products, that business is really strong. The fourth quarter we had natural seasonality of that being a little lower than third quarter, which is very natural for us to see, but it was still strong when we consider the order pace across those short-cycle products. Quarter-to-date here, in the first quarter, from a booking standpoint, new orders, that business remains really good. Surprisingly good. To be quite honest, a little better than we anticipated coming into the quarter. And the outlook for that business remains solid based on some of the markets. Obviously, we’re watching some of the markets in those areas, the utilities business, the non-residential construction and that whole other pie of other industrial manufacturing.
We’re watching those closely and as we can and that business remains good. On the longer-cycle products being fixed gas and flame detection, there’s good demand there. The oil price being $75 and above and that’s the outlook for the future. And that’s healthy for us. That’s healthy for us from the standpoint of employment within the oil and gas industry, number one. And then number two for projects. There will be some projects and funding of projects and the fixed gas and flame detection plays into that piece. And the beauty there is if there’s some sort of recession in the back half of the year or a slowdown in business that fixed gas and flame detection business is another stabilizer for our business. We often talk about our diversified portfolio and having resiliency and durability through different economic cycles.
That’s how we see some of that playing out. So we’re fairly optimistic about our business as we get into 2023 here.
Rob Mason: Good, good. Maybe just one last housekeeping question, Lee. You mentioned pension income would be lower year-over-year at that level. Was it $22 million, $23 million in this past year, roughly? Is that the level of decline we’re talking about?
Lee McChesney: It’s going to be €“ year-over-year it’s going to be about a $6 million or $7 million difference. I can have Chris follow up the exact model difference but that’s the headwind going into us for 2023.
Rob Mason: Okay, very good. Thank you.
Nish Vartanian: Thank you, Rob.
Operator: The next question is from Larry De Maria with William Blair. Please go ahead.
Larry De Maria: Hey, thanks. Good morning, everybody. Maybe I missed this but can you just give maybe a little bit more color on orders book-to-bill lead times? And kind of curious, if we’re starting to see the order book sort of normalize as supply chains get better or is this still well into the second half? Any color there first off, please?
Nish Vartanian: So Larry, the order pace has been good. We’re really pleased with the order pace. The order pace that we saw throughout the year, we saw a good strong order pace. For the year the book-to-bill was 106%, so obviously, we had good strength in orders. Supply chain created a bit of a headwind for us. And quite frankly supply chain continues to be an issue. It has improved and we €“ the way we would define it best is we were to complete a product we might have been waiting for eight or nine different components to finish some product. Today, we’re waiting for a couple of components. And so that has improved but we’re still not perfect and still working through some of that. So the demand for product remains strong here in the first quarter and we’re optimistic about the business certainly through the first half of the year.
And the back half we think that we have some resiliency in our portfolio that will withstand an economic slowdown and that’s where obviously the backlog could help us. If things slow down in the back half of the year, we certainly have that backlog as a cushion going throughout the year.
