“Would I expect to see similar pricing on TP and then I'll come to other parts of both consulting and software? I doubt, David, that it will be on the same range because, definitely, I think we would all agree, ‘22 had a high inflation.”

In context

“s? And sorry to violate the one-question rule. But Jim, I just want a clarification. My recollection is that you had about $500 million of working capital tailwind factored into the free cash flow guide. I just want to make sure I got that right and that's the same. Thanks. Arvind Krishna: So David, let me address the first part of your question on pricing. Look, I'd like to be careful. TP certainly benefited this year, but the biggest part of the benefit has been the mainframe cycle and the capacity and value that our clients see. Yes. Was there a price increase? Given the labor inflation of 2022 and some ongoing in ’23, given the strong dollar, effectively, there was pricing increase, because of those factors, and that got taken well by the market, because of the value they see on that. Would I expect to see similar pricing on TP and then I'll come to other parts of both consulting and software? I doubt, David, that it will be on the same range because, definitely, I think we would all agree, ‘22 had a high inflation. And because our costs go together with the labor and the dollar, I don't think it will be as strong as that, but I would expect maybe moderate increases based on just the pricing in TP. Now consulting has also got both labor and inflation built in. And when we are seeing 6%, 8%, 10% increases in labor cost, it is, I think, appropriate to be able to pass some of that on, albeit with a lag. And you heard Jim talk in his prepared remarks about that, that is some of what is coming through in consulting. If there remains underlying labor inflation, I fully expect to be able to pass that on, again, with a bit of a lag to clients in consulting because, otherwise, that's not a healthy business to go on. I think on the rest of software, except TP, I would expect that as labor inflation is there, t”