Hi. Good morning, everyone. I'm Joe O'Dea. I lead the multis effort at Wells Fargo, and very pleased to welcome 3M for our next session, and CEO Bill Brown. Bill, thank you so much for being with us this morning. Thanks for being here. for being here. Thank you. We're going to get right into the Q&A. Why don't we start on some of the shorter-term side of things, thinking about the demand patterns where with Q1, you outlined Q2 and some acceleration in thinking about organic that could move north of three, just kind of what you've seen over the course of the quarter so far. Well, first of all, good morning, everybody. It's great to be here. Thanks for having us. Just overall, our strategy is gaining traction. It's a back-to-basics, focus-on-fundamentals approach to rebuild 3M as a more resilient, more consistent, higher-performing company with better top-line growth coming from innovation and commercial excellence, better operational execution at the ground level, driving margin expansion, cash generation, and disciplined capital deployment. That's basically what we laid out a couple of years ago, and we're executing very well on that. We did have a solid Q1. Q1 start earnings per share up 14% in Q1, s aw 30 basis points of margin expansion. We saw double-digit growth in free cash flow. Organic revenue growth came in just over 1%. We saw some pockets of macro pressure. I think encouragingly, as you referenced, we ended the quarter with very strong orders, up double-digit in Q1. Backlog grew year-over-year and sequentially double-digit, which was very encouraging for us. As we turn the corner into Q2, in fact, we're pretty far advanced into Q2. Those orders and that backlog is converting to revenue. We said we'd be above 3% in Q2. We'll be solidly above 3% in Q2, given the fact that we're pretty far deep into the quarter, so we're very confident about that. We see momentum continue to build. We saw good progress in Q1 in about 60% of the portfolio, that is general industrial or safety. That was up mid single-digits, which was very encouraging. We see trends in that area continuing into Q2. We saw five months of solid PMI. PMI in May was actually pretty good at 54%. It's actually encouraging, the macro trends. We see that continuing to build. A couple of places of some pressure in our business, but that's really around consumer electronics, auto, a little less so on the U.S. consumer behavior. Generally speaking, orders have been pretty good. They continue into Q2. As we sit here today, we've built backlog even further. Orders have continued to be solid through the quarter, so they're more resilient. It's all coming from a lot of the work we've done on commercial excellence in innovation, which is building momentum. The thought of it might've been some pre-buy, I think maybe we overstated that a little bit at the end of Q1. The fact is, commercial excellence has been pretty good. Innovation's been pretty good. The quarter's looking good. As we see the back end of the year, it continues to accelerate. We feel good from where we're standing. Again, a very solid Q2, and I think momentum building back into the second half of the year. Maybe just spend a little bit more time on the pre-buy aspect of things, because I think that was some focus thinking about the order growth that really accelerated. Yeah. Good order growth throughout Q1, but accelerating. Yeah. A little bit of why. What happened is, look, we typically go out with price increases on April 1st. With what was happening in the Middle East, we saw oil prices coming up. We went out with additional price increases on top of what was April 1st that we said. Based on our performance, the innovation, on-time delivery, our responsiveness into the channel, we believe our ability to drive price is a lot better, we're going to hold the line on that. We were very careful about that. We communicate that to our channel partners, to our customers. Naturally, we thought we would see some acceleration of orders. It was probably some of that. Given the momentum we saw in April, in May, and now into June on orders, there might've been some pre-buy, predominantly it is innovation driven, commercial excellence driven, and probably less so on the pre-buy. Okay. More, I think, the self-help part of it than the pre-buy. That was going to be the follow-up. Yeah. Is it does seem like there's a bit of a rising tide behind the short cycle macro, you would attribute more of it to? Look, there's clearly some macro strength behind us on the industrial side, on the safety side. A couple of other places, like semis are good. Our data center business has been pretty good. Aerospace & Defense has been pretty good. Commercial branding in Q1 was pretty good. There's good parts of the company that have performed pretty well. Some of it is macro driven. I think I would put more on just where there's a lot more hustle in the sales force on commercial excellence. We're clearly making good strides here on innovation. I know I'll talk more about that here, but really good progress on driving new products into the marketplace. Frankly, I put more on the fact that it's a lot of the things that we're doing differently inside the company than necessarily that there's a short cycle macro turn. That, we believe, is happening, I think it's more the self-help side. Yeah. Let's touch on the Middle East in terms of the $0.05-$0.15 of contingency within the guide on sort of oil just about what you've observed over the course of the quarter. Look, we said we would have $0.05-$0.15 of contingency, if you will, for macro or oil-based Middle East type effects. Our business in the Middle East is not very big. It's less than 2% of our revenue. We're not seeing an issue there. We, like other companies, have seen some logistical challenges of moving product through the Middle East, not into, but through the Middle East. We're managing through that. We have a big network. It's working very well. That's managing pretty well. As we sit here today, we do not see a need to call on that $0.05-$0.15 of contingency in the year, but that's as we see it today. Okay. Want to spend a little bit more time on segments. Sure. Starting with Safety and Industrial. 75% of the segment— Yeah. —we're seeing mid-single-digit plus type of growth. Yeah. To sort of address it from both a macro side or cyclical side and then a self-help— Yeah. —outgrowth side. Yeah. Just on the cyclical and in terms of things like abrasives and parts— Yeah. —of the business where you're seeing the good growth, what's behind that? Look, abrasives. Other parts of that portfolio have actually been performing very well. The electrical markets business has been pretty strong. Public safety in that space has been pretty good. It's actually going, I think, reasonably well. There's some macro behind it for sure. That's the business segment that we really launched our commercial excellence activities in back in the middle, towards the end of 2024 when I came on board, said, "We need to drive organic growth, and that's going to come from launching more products and then selling more of what we have in the market today, which is commercial excellence." The team there got on that very quickly. There's several dimensions of it. Part of it is sales force effectiveness. It's the coverage, the incentives, the training, the hustle at the front end. We're really seeing that take effect in that SIBG business for sure. We laid out an agenda to cross-sell. Perhaps we were a little conservative in retrospect. We said we would hit $100 million worth of cross-sell opportunities over three years. Last year, we were at $50 million. By Q1, we're at $80 million of booked cross-sell opportunities. Our pipeline's another $85 million, and we're sort of just a year and a half or so into that journey. That's going very well. We said we would reduce the attrition or the churn in the portfolio in SIBG. In fact, it's been running higher than we would have expected or you would expect it. I don't think we really necessarily focused on that. This is just share a wallet loss because you're not delivering something on time or not being responsive. With our OTIF coming up, our new product launches, the sales hustle, we are seeing improvements in attrition rate as well. You put all those pieces together, with some innovation that's happened across those segments, in abrasives and other parts, we are seeing good tailwinds in that particular part of the business. Do you have any kind of rough approximation for the outgrowth? When you see this traction building— Yeah. —behind something like commercial excellence— Yeah. —leading in Safety and Industrial in these markets that are growing. On a quarter-by-quarter basis, it's hard to see, but the way I look at this, we were, say, 3%-4% in the second half of last year. We're 3%-4% here in the first half, 3.2% in SIBG in the first quarter. We'll be in that 3%-4% range. It's going to accelerate. It's accelerated from second half last year into the first half this year. It's going to accelerate first half into second half. Call it 3.5%-4%, in that particular range. Look, IPI has been running around 1.6%-1.7%. U.S. is 1.0%. I don't think you debate that at 3%-4%, pick your number there, we're outrunning the macro for sure. Clearly, the goal we set was to drive $1 billion above the macro over three years, and we're seeing really good progress in that across the company, but particularly SIBG. On the electrical market side— Yeah. —of things, six straight quarters of— Yeah. —really good growth there. Part of that, you've got data center exposure within that. You've talked about $100 million of revenue— Yeah. —that's inside the data center— Yeah. —$500 million that's bringing power to it. Just overall, what your visibility is there, what you think that revenue can get to. It's been very good. First of all, EMMD, the electro markets business, about a $1.5 billion business, and it is growing very strongly going the last six, seven quarters. Been very good. Part of it is the data center business. As you pointed out, $600 million worth of business going at data centers. In SIBG, it's about 500 million. That's outside bringing power to the facilities, medium voltage cable splices, terminations, insulation, all the things you need to bring power to a facility, and that's been very good. It's been growing high single -digits, low double -digits. A lot of momentum behind that, a lot of backlog. We feel very good. If anything, it's a production constraint, not a demand constraint for us in that particular business. The other part of the business is roughly $100 million, is growing more than 50% each quarter, which has been really good, is around inside the data center business. It's really the combination of what we're doing on TwinAx, which is our copper cabling, moving to optical fiber, which is our new product called EBO, Expanded Beam Optical. That transition has been very encouraging. As we sit here today, some of the orders we saw in Q1, some of our longer lead, they deliver the back end of the year. Some of it comes from that particular business. EBO is an optical interconnect technology. It's something that's dust resistant, it's resilient, it's durable, and reduces the time to revenue for a data center doing all the cabling by about 85%. We've got tons of IP around this, more than 100 individual patents, another 50 patents pending. For a couple of years, we've been in testing with a major hyperscaler. It's been validated by that one. That one placed an order in Q1. It's part of the order trajectory we saw in Q1. That'll deliver in the back end of the year, and it's developing a lot of enthusiasm. The addressable market for us around optical connects inside of a data center, again, keep in mind, that business for us is $100 million as we sit here today. The TAM, we believe, at the end of Q1, we saw was over $1 billion. 90 days later, we're thinking it's more like north of $2 billion. As all these hyperscalers, chip designers, developers are looking more carefully at their architecture inside of data centers, how do you bring more optical interconnect because of all the data connectivity and replace copper? That is a trend that's really massive, is moving fast, we're scrambling to stay up. Earlier this year, we announced that we would expand the capacity of our optical fiber business by doubling it. In fact, 90 days later or so, we're feeling that might be a little bit short as we speak today. A lot of momentum in that business. I think we're at the front end of that, I'm really encouraged by the trend we're at. That $100 million is what sits in T&E. That piece sits on our Transportation Electronics business. That's correct. Yeah. $500 million, it's power outside SIBG, the other part's inside TEBG. Yep. Your market position there, you're talking about something in the scope of 10% market share. Again, there's other technology. It takes some time to get confidence with the hyperscalers. We wouldn't have the capacity even today to be able to provide much more than we have today. It's going to take some time to ramp up that business, but we believe we're very well-positioned to gain share in that particular space. Just last one on SIBG. As we move forward into the back half of the year, the areas that have been growing will naturally have some of the tougher comps, things like Roofing Granules— Yeah. —easier comps. As part of that mid single- digit growth potential, is there a narrowing of— Yeah. —growth spreads across the business? There will be. We will see better comps on the Roofing Granules side. We're seeing that already in Q2. I expect we'll see more of that in the back half of the year. Auto aftermarket was a little light. It'll probably be a little light in the quarter. We'll see easier comps in the back half of that business as well. Yeah, you'll probably see some narrowing of growth across SIBG, but solidly in the mid single- digit range or better in the back half of the year. It's not like the stuff that's really growing those comps become problematic? No, I think the momentum is behind us. Yeah, there are going to be some more challenging comps in certain parts of the business, we think there's momentum behind us. We think it's building, not slowing. Yep. I don't see there being much of a headwind on that side, yeah. Shifting to Transportation & Electronics just the organic growth acceleration opportunity— Yeah. —over the course of the year, and talk about the setup there and the drivers behind it. Q1, we were flattish in that TEBG business. Very strong orders. Orders were up double -digit. Backlog was up 30% over the course of the quarter. It was very strong in that business in terms of backlog. Again, coming back to something I mentioned before on the optical interconnection data centers is a part of that, for sure. When you think about the business, half of the business was growing mid single- digits. Again, semis, data centers, Aerospace & Defense in that area has been pretty good. Growing at high single -digits, low double -digits, very strong. Commercial branding in that business was pretty solid in Q1. Half the business was down. It was around consumer electronics and auto. Those are the two pieces. As it goes forward, we know we'll accelerate going into Q2, we'll see some acceleration into the back end of the year. The businesses in Q1 that were relatively strong continue to be very strong. The ones that were weak, the market, the macro isn't necessarily getting any better on consumer electronics or auto, we're gaining penetration, for example, in consumer electronics. We're penetrating more on the mainstream side. In auto, we're penetrating more where we don't have as much concentration. Like for example, in China, OEMs has been a big push. We're actually gaining some share in those vertical markets. We'll see some acceleration at business as we go from the first quarter to second, and second quarter into the back end of the year. Keep in mind too, we're going to start to see both in SIBG and TEBG, more tailwinds on price. We went out with a price increase on April 1, generally speaking, across all of our business. On top of that, we went out with oil-based price increases that will start to benefit us a little in Q2, more substantially in the back end of the year. If you can just unpack a little bit more this, the premium versus mainstream to understand the mainstream opportunity. The revenue mix today heavily toward the premium side, but the TAM that you have in mainstream. Look, first of all, we're about 70/30 premium to mainstream. We provide bonding solutions, adhesive tapes. We provide connectivity, thermal barriers, other things that go into phones and devices, films, polarizers. It goes into phones, tablets, notebooks, even wide screen TVs. It's a pretty broad business. We see opportunities to take some of the things we've done for premium suppliers. It's not just the premium device manufacturer, but sometimes the premium device manufacturer is also making mainstream or lower-end devices. We're seeing good penetration, both with those typically that are more mainstream as OEMs, as well as mainstream devices within premium suppliers. Sometimes it's de-featuring products we have on the market today. We're finding an ability to do that and attack parts of that business. Different polarizers we provide for wide screen TVs or small phones. Good penetration. It's growing over time. It's happening as we speak, and I think that's going to end up helping us perform a little bit better than the macro towards the back end of the year. Shifting to the Consumer side of things and the recovery prospects there. Yeah. Going from Q4, Q1, the challenges and— Yeah. —how you see that unfolding moving forward. On the Consumer side, we started out last year, we did three quarters of about 0.3% growth. It was just modestly positive. Q4, Q1 was a bit weaker. We see Q2 getting better than Q1. It could be flat to up a little bit. We see it accelerating a little bit in the back end of the year. I think what's encouraging of our Consumer business, it's not very big, it's 20% of the company. What's encouraging is 11 of the last 13 weeks, we've saw positive POS or point of sale growth, which I think is very good. We're seeing good trends. We're seeing weeks of supply in the channel compress. There's not as much channel inventory. We've seen weeks of supply, flow through the channel is getting a little bit better. That is a business that's benefiting from a lot of the activity that I've been talking about, commercial excellence and innovation. We went for a long stretch of time, we weren't bringing any new products into the consumer products market. We just were pulling back. We were pulling back on ad merch, on innovation, and we've reversed that. What's happening now, between 2023 and 2025, we've doubled the number of new product launches in the Consumer side. If you look at what we'll do in 2026 versus 2023, it's triple. We look at just what we're doing internationally, launching products for the international market, we're up like seven or eight times. It's substantial investments in new product development, and it's things like Brite by Scotch-Brite, which, as we sort of say in the tagline, we bring the joy to scrubbing back into the business. It's like there's really good things there. We talked last year about PROSharp painter's tape. It was very important. Filtrete, the number of varieties or SKUs we have in the Filtrete side. A lot of new innovations going into Consumer. Consumer, we're performing better, our on time, in full performance is getting better. We're advertising and promoting better, we're starting to see that traction happen in the business. It's not going to be a big grower in the back end, if we can get sequential a little bit better and start to see positive growth in the Consumer business, I think we'll be. The next topic, which is running the 3M asset better, right? Yeah. You talked about this on the second quarter 2024 call, gave more detail— Yeah. —at the Investor Day. Kind of three core priority areas— Yeah. —that I want to dig into a little bit starting on the growth side. Yeah. Within growth, there's commercial excellence, there's R&D. The R&D efficiency, right? The idea is we'll spend the same amount, but we'll get more out of it. Yeah. Just some of the tools that you're implementing there. Look, this is a fundamental relook back to basics, fundamentals approach to running the way we do R&D today, as I call like an R&D factory, like a factory with metrics instrumenting it. It's a variety of things like are we launching products on time? We weren't measuring on-time attainment. Q1, we were at 83%. Last year was in the low -80s. Before that, it was kind of at 70%. It's continuing to get a little bit better on launching products on time, which I think is quite important. We are spending a little bit more on R&D. We're shifting our spend more towards our priority verticals. Typically, we would have spent less than 30% of R&D on new product development. We're now running about 40%, which I think has been pretty good. We're running our business cases a lot more rigorously. We're tracking are we accomplishing them? In Q1, we launched 84 products. We're watching the funnel. We're bringing more new products into the front end of the funnel. I think the funnel health is quite important. If you go back to where we were in 2023, we launched 123 products into the marketplace. For 3M, it's not as much as we could do. We used to do 600, 700. It went to 169. Last year was 284. This year, we'll do more than 350, and we're well on our way tracking towards the goal of 1,000 products over the next three years by the end of 2027. The business is doing really well on this, bringing back innovation into the business, and a lot of it is just the fundamentals of how you're executing day to day. Now we're starting to bring AI technologies into how we innovate, which is very important. We laid out a goal at the Investor Day to reduce the cycle time to launch a product, to launch a new product by 20%. We're already tracking a little bit better than that, and AI is going to help us accelerate even further as we go beyond 2027. This is a complete remaking of how we innovate, which is the core capability of 3M is bringing new products to life. It's reinstrumenting that whole business, bringing what I call kind of a factory mentality to how we run R&D. Then also on the growth side, you introduced a target to outgrow the macro by about $1 billion, 2025 to 2027. Yeah. Just remind us where you are on that through 2025, 2026, what the setup would be for 2027. We're tracking beyond that. We said we would do $100 million, $300 million, $600 million between 2025, 2026, 2027 above the macro. Last year was about $150 million. This year will be more than $300 million. We're tracking well to achieve that growth of $1 billion over the macro. It's really coming from the segments we've just talked about. A lot of it is the tailwind around general industrial, safety, A&D, semiconductors, our data center business is all giving us tailwind to out accelerate the macro. We feel pretty good about that trajectory. Again, it's not just the new product development. The key piece last year is more around commercial excellence, because it's taking time as you launch more products till that actually starts to drive the top line, it takes some time. Last year it was more commercial excellence. This year it's kind of half and half between commercial excellence and innovation-driven growth. As we get into 2027, it's going to start to be a lot more driven by new product introduction. It's shifting a little bit. The flywheel is moving. We are this year outperforming the macro, and we'll continue to do that next year. It doesn't sound like doing better earlier on means that you're pulling anything in from 2027. No, I don't think so. If anything, it would be— No, no. Look, at the end of the day, we said we'd grow $1 billion over the macro. This is a year and a half ago, and a lot's changed since then. The macro, I think is, if anything, is a little bit tougher than what we had expected at the time, but the company is performing a lot better than I would have expected. It's not pulling anything in. It's capturing new opportunities. When we stood up at the Investor Day early last year, we knew we had a product inside a data center. It was copper. It's called TwinAx. We had developed EBO. It was sort of really nascent. It was sort of buried a little bit. Simply because of all the investment that's happening inside the data centers, the transition around AI, and the amount of data that's flowing through these data centers, they have to move the optical fiber. We've got a great technology at the right spot. We didn't highlight that last year. It's really evolved in the last 6-12 months. You have different pieces that are really picking up and taking on a lot of steam here. Another priority area is operational efficiency. When you outlined— Yeah. —the target was $1 billion of annualized net productivity. Yeah. Just walk us through— Yeah. —where you are on that cadence. By the end of this year, we'll be at least halfway through that. It's been good progress, and it's basic things. It's around procurement savings, logistics savings, modes and flows. Cost of poor quality has been something I've been talking about quite consistently. We had not been measuring it inside the company very rigorously, we were measuring it. We were north of 7% of cost of goods. We closed Q1 around 5%, 5.5%, 5.6%. On a $13 billion cost of goods base, $13.5 billion, it's over $200 million of cost improvement simply because of cost of poor quality. There's probably another $200 million ahead of us yet. There's a lot of opportunity here. It's really just rewiring this. When I think about what we're trying to do around operational excellence, it gets back to this concept that we had about moving from a holding company to an operating company, and it's a multi-step journey, and I've been laying this out for investors sort of consistently every earnings release and the track and the progress we're making here. I said that's the path we're going to go through. It starts off with just taking all the factories, which are run regionally, and have them run centrally. We did that two and a half years ago, and now we can look at across all of the company what's happening across the flows, how the factories run together. That's been a very important part of the journey. Building these metrics, I talk about utilization or OEE, that's now come up to 62.5%, 300 assets. That's been a very good performance. On time and in full, cost of poor quality, all these metrics around driving that factory network to be much more efficient, much more stable, and it's continuing to evolve. The next step is around the consolidation of the network, and we're making really good progress on the network consolidation. All of that is getting from sort of low -40s to the mid-40s to now the high -40s in terms of gross margin. That's the goal we have in that business, and this is the trajectory that we have put in place to get there. Each quarter, I go through some of these metrics, which demonstrates the progress we're making quarter to quarter. It's not a linear journey, but the company's making good progress in moving from holding company operating model to more of an integrated operating business. There's momentum behind the outgrowth, but the momentum behind the net productivity, because that step up next year, that would be a larger contribution. It's going to be a larger contribution next year. It's going to continue. Again, we're going to start to bring in things around the network consolidation. Lots of pieces to this. Yeah, we feel very good about $1 billion by the end of 2027. Yep. Then the third priority area was around the portfolio and what you do around capital deployment as well. You've talked about 2%-3%. There was the Precision Grinding & Finishing business. I think that was maybe 50 basis points. Yeah. Just where you are on the remaining part of that 2%-3%, is that something that happens this year? It'll happen over time. I'm not going to put a time stamp on it. Look, we said about 10% of the company is more commodity-like, meaning we didn't have the right to win in certain segments. Technology wasn't being used to drive differentiation in the space. We'll look at those pieces over time. We said there's 2%-3% that was more in active discussions or what things we would try to do. PGF happened to be one. We sold the Precision Grinding business. It took with it seven factories, brought our factory count down to now about just about 100 with a closure that happened as well. We saw some good activity there. Capital, the portfolio side, and generally capital deployment isn't just around the divestitures. There's activity here. I've said to grow the company long-term, sustainably, top-line growth, we've got to shift the portfolio, we know we've got to do that. It's both getting out of some things that don't really fit, but also starting to get more into things that fit into priority verticals, like we've done with the Madison Scott SCBA joint venture. Which, by the way, will close on July 1st. All the regulatory approvals are done. We're going to close that transaction on July 1st, and it's going to be an important one for us. It's also about organically prioritizing how we spend money inside the company. 80% of what we spend on R&D now goes to the priority verticals I laid out at the beginning of last year, and it also gets at how we do capital deployment. There's a broad piece around this. We'll continue to look at the portfolio. There's no time stamp on this. We'll be smart and disciplined in how we make decisions around the portfolio. When you think about the margin opportunity that comes through the net productivity, just in terms of which segments see the biggest impact from that— Yeah. —have the most opportunity going forward. You'll see margin growth across the company. A lot of the productivity, because it's an integrated network, it accrues to all of the businesses across all the portfolio. Each business runs into different market dynamics. Stepping back, I think the industrial businesses will see more margin growth over time than the Consumer. The Consumer business is a little bit lighter in terms of the portfolio across the company in terms of margin performance. I'd see more in the industrial side of the business. Again, a lot of the productivity work we're doing accrues to every one of them because it's an integrated network. Yep. On the pricing side of things, more pricing has had to be put in the market, just what you're seeing in terms of that sticking, or is there any kind of demand impact in pockets of the business? Yeah. We typically would see pricing to offset material cost inflation. If it's a 2% inflation environment, I know it's a little bit hotter than that, you'd see about 50 basis points of price. As we came into this year, we said we would get about 80 basis points of price in 2026, some to cover material cost inflation, some to cover some of the tariff impact that was there last year, which is where we're at. In Q1, we were a little bit lighter on pricing. We weren't surprised by that. Our pricing increases go out April 1st. You'll see that pick up in the balance of the year. On top of that, we went out with an oil-based price increase. At the earnings release, we sized that $125 million, about 50 basis points of price. The oil price impact, cost impact was going to be offset dollar for dollar with price. That's 50 basis points. That puts us at 1.3 points of pricing across the company. Again, similarly to my comment on the margin expansion, you'll see clearly more price in SIBG than TEBG and better in TEBG than the Consumer business, is kind of the way I would characterize it. We are seeing that price taking hold. We're very confident of that. It's a different environment today, thinking about pricing we were in a couple of years ago. When you're delivering products on time and you've got hustle in the sales force, you're bringing new products to market, you're executing better, your ability to drive pricing is better than if you're not performing. I'm confident we'll see pricing take hold in the business as I've just laid out. Yep. We went through an inflationary period in 2022, 2023. Saw across the multi-industry group, good pricing response, such that margins were actually moving up. Where are we in terms of that fatigue from the customer side of things? Is the right objective these days, price dollar for dollar? It does net, too. There's a margin headwind tied to it. We clearly want to offset some of the cost headwinds on inflation, oil, tariffs, those kinds of things. We're clearly embarking on a journey to offset that. Look, at the end of the day, when you bring in new products to market, you have an opportunity to think differently about price and the value you provide to the channel. We're thinking pretty hard about that. I don't think we were maybe as aggressive as we could have been last year on pricing on tariffs. I think we could have gone out harder than that. We're getting smarter about this. We're governing pricing a lot better. It's part of our commercial excellence initiatives. This is an area that it's taking a lot of time and attention for the business. We're watching sort of the discounting, the rebates, the things that happen, sort of the deals, if you will. A lot of times in the past, because again, in a holding company structure, pricing was negotiated down at a very local level, and we were seeing instances where you gave price discounts for volumes of one. There was really no volume coming from that. We're correcting all of that. There's a different governance process on pricing. When you put all that together and you're launching more products, I think our ability to drive price and maybe get some margin expansion from price is better today than it would have been three or five years ago. We probably only have time for one more. I want to touch on Madison. Sure. With that combination and talking about high single-digit growth targets. Yeah. The margin opportunity that you have there, just how bringing the businesses together becomes a best fit. This was a very important transaction. We're bringing together two complementary businesses in a priority vertical. It's a safety vertical. Just by way of background, we're creating a business about $800 million worth of revenue, a little bit better than that. We're combining our Scott SCBA Fire Safety business with Madison Fire & Rescue, so suppression tools, fire rescue tools, in a joint venture, which we'll own 51%. We've got a 49% partner in a private equity firm. We'll fully consolidate this. Again, it's targeting for closure on July 1st. The process is being done very well. The businesses together, independently were performing very well, and together we think it'll be better. Very complementary. It opens up a broader addressable market for us. We have opportunities to leverage channels. Scott was very important in the U.S. market, but really never took the product internationally. We have an opportunity there because Madison has a bigger presence in the international markets, particularly in Europe. We have an opportunity to get better at how we drive product through the channel within the U.S. We go through similar distributors, but a lot of times not the same one. We have an opportunity to do cross-sell and just better commercial execution in how we drive business. This is a space that the market itself is pretty resilient. It's been a high single-digit grower recently. The margins today are at or actually they're above a 3M-wide average. When I look at cost synergies, the opportunity to take revenue synergies, this is what we'd say, it's a quality asset with a lot of upside. We feel good about where we're at. I like the transaction. Again, because of the structure, when it does close, we'll be pulling $700 million of cash out back to the parent company from the closure of this deal, again, July 1st. It's a great transaction, and it'll be reported to the marketplace as a separate division within SIBG. You'll get visibility into what I'm talking about in terms of the growth performance over time, starting really in Q3. I think that brings us to the end of our time. Bill, thank you very.