So, yes, we are watching claims and mouse driven. The only thing I can hypothesize is that the type of driving is maybe a bit different. Most downtowns and cities are still not as crowded as they used to be. We see more claims coming from suburbia than we used to. But overall, we feel positive about this business moving into the year. I’m confident in our best-in-class productivity, value proposition, we’re winning shops. So, I would say we expect to have another really strong year out of our Refinish business.
Vince Morales: Yes. And then regionally, we expect the U.S. and Europe to hang around 0 plus or minus for the year. As we said earlier, we expect China to grow as we see kind of a reopening on a full year basis there. So, that’s the regional aspects. And just again, to hit on Tim’s comment about our digital tools, these are tools we think are best-in-class. We have body shop productivity focus on those tools. And those are a subscription model for us that didn’t exist three or four years ago.
Operator: Our next question comes from Michael Sison with Wells Fargo. Your line is open, please go ahead.
Michael Sison: Hi guys. Good morning. I guess just one question, Tim, when you think about the — achieving the 10% EPS growth at the midpoint, can you sort of break down sort of the key drivers? I know you talked about volume growth quite a bit. Is that low single digits, kind of half, a little bit more? Maybe how much is deflation and anything else that sort of gets you to that 10%? Thank you.
TimKnavish: Yes, Mike, I guess we’ll both have a little bit of extra time this weekend. So, we won’t be glued to the TV screen based on last week’s results. So, wish you the best for that. We’ll have some — it’s a number of things. We’ll certainly have positive price, as I mentioned earlier. We will have higher low single-digits on volume, which will bring not only the benefit of margin dropping, but we will get better leverage out of our manufacturing assets by finally starting to get positive volume. We’ll have a manufacturing productivity that will be a piece of that. We do expect — even though it’s a bit early to say what will happen on raws in the second half of the year, we do expect price net inflation to continue to be a good guy for us.
And beyond that, I just answered some of the enterprise growth initiatives that we talked about. Those things will start to — some of the have already started kicking in with that $150 million that I mentioned, but we’ll see continued momentum on those enterprise growth initiatives. Additionally, we got cash deployment. We haven’t talked about that — we certainly didn’t talk about it as we were rebuilding last year and paying down debt, but that will be another piece of the equation that wasn’t there last year.
Vince Morales: Yes. And Mike, just I think it’s important, a midpoint of 10%. Our operating results are going to be better than that. We do have some tax headwinds like most companies will have as some of the tax rates around the world move up. So, we guided to a higher year-over-year tax rate. So, operating results above 10%, offset modestly offset by this tax – a higher tax rate.
Operator: Our next question comes from Laurence Alexander with Jefferies. Your line is open. Please go ahead.
Dan Rizzo: Good morning. This is Dan Rizzo on for Laurence. Thank you for squeezing me in. Obviously, the focus is on China for a good reason, but I was just wondering what India in terms of sales versus China? And if there’s any time in the coming years where India will be competing in terms of importance versus China?
John Bruno: Hi, Dan, this is John Bruno. I can take this. Most people know India has been one of the best economies in the world in 2023. We have a really good position there. We have a JV with Asia Paints. Our sales growth was circa 10% in 2023, and we expect continued good growth in 2024.
TimKnavish: Yes. Our partnership with Asian Paints in India is fantastic and continues to perform very well. And across the same segments that were really strong in the rest of the world, which are doing well over there, automotive OEM, automotive refinish, industrial coatings, protective coatings. So that partnership is really world-class and helps us take our global technology advantage solutions to someone and partner with someone that’s best-in-class within India. And so it’s a really good story for us, not only in 2023, but going forward.
Vince Morales: And again, going forward, as I alluded to earlier, again, there’s a multitude of industries that are establishing or expanding their footprint in India, electronics, automotive, some aerospace. So again, a multitude of global industries that are expanding their footprint.
Operator: Our next question comes from Arun Viswanathan with RBC. Your line is open. Please go ahead.
