“All in all, I expect high-growth regions to grow double-digit, which will be a source of organic growth, about a percent, and overall Honeywell algorithm of organic growth.”

In context

“3. That'd be helpful. Thanks. Vimal Kapur: Yes, thanks, Scott. So, specifically talking about -- let me start with China. We grew about 7% in 2023. I don't expect a material shift between 2024 to 2023. We have weathered a tough year in 2023, China's economic cycle. And I expect 2024 to be a shade better, but it's no more going to be a source of high growth, what it used to be five or seven years back. Speaking more broadly of high growth regions, which represents almost 25% of the Honeywell revenue now. We had very good performance in Middle East and India in particular, and we expect those trends to continue in 2024. India grew for us high double digits. In 2023, we had very meaningful revenue there, similar good performance in the Middle East, so we expect those regions to perform well. All in all, I expect high-growth regions to grow double-digit, which will be a source of organic growth, about a percent, and overall Honeywell algorithm of organic growth. Europe remains challenging. We have seen headwinds in some portions of our businesses and tailwinds in some other portions. So net-net, it's more neutral to negative. And US, of course, we are like everybody else, waiting for interest rate environment to settle. And that will determine the performance of our business, specifically on the short cycle. So that's kind of my broad overview of how we see different geographies. Scott Davis: Okay, that's helpful. And then a little bit of a nuance here. Would you classify the Carrier deal as a bolt-on? It seems like a little larger than a bolt-on by my definition, but kind of curious how you think about it, because clearly in your slides you mentioned bolt-on deals being the focus and if we were to expect other kind of like billionish… Vimal Kapu”