And I do think we have to work through the destocking and see what the CapEx levels are running once we get through the destocking. Heath, why don’t you talk about the restructuring?
Heath Mitts: Sure. On the restructuring front, I think a good rule of thumb is about a two-year payback on the restructuring charges that we take in terms of when you see those pay for themselves in the P&L. So, it’s a little bit longer in Europe, a little bit shorter in other parts of the world, but it averages out to about two years on average in terms of the payback and certainly layering that in to the P&L as we move forward into 2024 and 2025 for the charges that we took in 2023 would — is one of the things that gives us some confidence here.
Sujal Shah: Thank you, Shreyas. Can we have the next question, please?
Operator: We’ll take a follow-up from Wamsi Mohan at Bank of America.
Wamsi Mohan: Hi, thanks for taking the follow-up. I think you mentioned in your remarks, you’re expecting $250 million headwind for revenues for fiscal 2024 from FX movements. What should we think about the EPS impact commensurate with that? And Terrence, I think you mentioned a very strong 10% EPS growth in the first quarter. price actions will ramp year-over-year in the second half. So just curious how you’re thinking about stockability growth first half versus second half next year?
Terrence Curtin: You broke up on that, Wamsi, a little bit. Can you repeat the key questions that you had there? I’m sorry, you broke up on our end.
Wamsi Mohan: I’m sorry. So, first question was around the headwind from FX on revenue. It was $250 million for the year. Wondering what the EPS impact is. And then just the first half versus second half profit growth for next year, you noted 10% in 1Q, but you wrap on some of your price initiatives in the second half.
Terrence Curtin: Yes. Thank you. Sorry about that. Thank you for repeating yourself. Heath will take those.
Heath Mitts: And Wamsi the $250 million of FX, the way we’re looking at is about $0.20 of EPS headwind that we have and from an earnings per share perspective related to that foreign exchange. And of course, that’s as snapping the line in the sand where rates are more or less today. And as rates change throughout the year, we’ll continue to update you on those assumptions. In terms of first half to second half, the second half of — and we’re going to — I’m referring to fiscal 2023, the second half certainly did benefit from some of the pricing catch up that we needed to do, particularly in the Transportation business and the team did execute on that well. As we pivot into the first half versus second half of I think we’re not guiding out that far, but you should expect our margin performance to — as we’ve implied in our guidance for the first quarter to be somewhere in the mid-17 similar to the last quarter, the Q4 quarter, you should expect us to continue to grow from there in the first half to the second half, some of that related to some of the destocking normalizing, as I mentioned earlier on the call and then some of the other initiatives otherwise.
Sujal Shah: Okay. Thank you, Wamsi. We don’t have any further questions. So, please contact Investor Relations at TE if you do have additional questions. Thank you for joining us this morning and have a nice day.
Operator: Today’s conference call will be available for replay beginning at 11:30 A.M. Eastern Time today, November 1, on the Investor Relations portion of TE Connectivity’s website. That will conclude the conference for today. You may now disconnect.
