“As we look beyond 2025, we expect to have available approximately $2.5 billion of free cash flow over the next two years to allocate to share repurchase and strategic bolt on M&A.”

In context

“e portfolio transformation, and we will continue to have four primary capital allocation priorities. The first remains reinvestment in the business to foster organic growth, and Emerson will continue these high return investments to support our 4% to 7% growth framework. We are in our 69th year of increased dividends per share and expect to distribute $1.2 billion to shareholders through dividend in 2025. The dividend will continue to be a priority. Our A2A credit ratings are also a priority for Emerson and influence how we manage our balance sheet and capital allocation decisions. The decision to retain the S&P business makes debt paydown a priority over the next two years. We have updated our guidance for fiscal '25 share repurchase to $1.1 billion which was completed in the first half. As we look beyond 2025, we expect to have available approximately $2.5 billion of free cash flow over the next two years to allocate to share repurchase and strategic bolt on M&A. With this plan, we expect to bring our net debt to adjusted EBITDA back to approximately two times by the end of fiscal 2027. And with that, we will now turn the call back to the operator for Q&A. Operator: Thank you. We will now begin the question and answer session. And this morning's first question comes from Andrew Obin with Bank of America Merrill Lynch. Andrew Obin: Just a question on discrete automation. Clearly, you guys are seeing some momentum, right, you're highlighting test and measurement orders, but at the same time you're highlighting factory automation limited recovery. So what exactly is getting better in discrete, what end markets? Lal Karsanbhai: So a couple of things here. First on Test and Measurement. The recovery in the Test and Measurement business has been driven”