“Working capital for the year. Yeah, we exited working capital, trade working capital at about 20.5%, and we're expecting about 50 basis points coming off -- 20.5% of revenue.”

In context

“re how much price is embedded in that 4% to 6% for 2024? Mike Baughman: Yeah. Jeff, the 2024 price assumption is 2%. Jeff Sprague: Great. Thank you. Operator: Our next question comes from Steve Tusa with JPMorgan. Please go ahead. Steve Tusa: Hi, good morning. Lal Karsanbhai: Good morning, Steve. Steve Tusa: Can you just talk about within the cash guidance, what you're assuming on working capital. And then that $250 million that's kind of running through this year, how does all that trend kind of into '25? Mike Baughman: Yeah, I'll start with the second half -- or the second part of the question first. The $250 million is really one-time and in the year related to the acquisitions and some of the higher CapEx that we've got. Steve Tusa: Great. And then just working capital? Mike Baughman: Working capital for the year. Yeah, we exited working capital, trade working capital at about 20.5%, and we're expecting about 50 basis points coming off -- 20.5% of revenue. So we do expect to have a little bit of balance sheet goodness in 2024. Steve Tusa: Great. And then just one last one, just on orders. How do you guys kind of see the funnel stepped up a bit, the backlog, [you had in the] (ph) backlog seasonally, but how do you guys going to see orders and backlog trending over the course of the year here? Lal Karsanbhai: Yeah, I'll comment, Steve. Obviously, we exit at 5%. So we have optimism, and we have momentum out there. Obviously, we have some challenges in discrete, as we talked about in the business. I think as you think about the start of the year, my expectations are flat to low single digits. But as we get into the second half of the year, my expectation is exiting at -- in the mid-single-digit range. And for the full year, somewhere in the low”