“I mean in short, Tim, you add up those bars for production costs, they should be green is our current expectation for production cost in '24.”

In context

“es. Regarding production costs for 2024, our guide would contemplate production costs to be flat to a tailwind next year, a slight tailwind, I should say. There are some subcomponents within production costs that will still be inflationary. But net-net, we should be moderately positive in the year 2024. Specifically, we would expect tailwinds to come from further material and freight reductions in 2024 when compared to 2023. Labor would be the largest inflationary item within the production cost bucket for us. And what we're seeing is many of the labor contracts that we have within our factories do have scheduled step-ups in the year. So we'll have to offset those to bring total production cost to a deflationary state in 2024, which, again, our guide does contemplate. Josh Jepsen: Yes. I mean in short, Tim, you add up those bars for production costs, they should be green is our current expectation for production cost in '24. Operator: The next question is from Kristen Owen with Oppenheimer. Kristen Owen: Happy Thanksgiving. I wanted to ask on the broader capital allocation question, just given the outlook. You've got operating cash flow conversion greater than 100% guided in 2024. And so my question is twofold. First, on the internal investments, can you talk about the technology spend through the cycle and how you're prioritizing those projects? And then externally, maybe touch on the dividend given the 25% to 35% payout ratio at mid-cycle, how we should think about that influencing your dividend outlook next year? Josh Jepsen: Kristen, it's Josh. Thank you for the question. I'll start with the R&D side. So yes, we'll be up slightly from an R&D perspective. So we're talking $2.2 billion or more. A tremend”