“So about 4% to 6% of that EPS growth comes and contributed from pricing and productivity.”

In context

“percent EPS growth through most economic environments, if not all. So I'll recap that for you. There are 4 contributors to how we get to that 10-plus percent EPS growth. The first, backlog. That backlog and the start-ups that are happening and you know we've been consistent in starting up the backlog. Those start-ups contribute anywhere between 1% to 2% of our EPS growth. Backlog is trending up and I expect to see that 1% to 2% contribution to trend up alongside that. The next factor is what we are -- what we practice every day. This is pricing and productivity. We've explained this in a lot of detail to you guys. I won't kind of recap all of it. But to say that we expect about more than half of that EPS growth to come from proactive management actions related to pricing and productivity. So about 4% to 6% of that EPS growth comes and contributed from pricing and productivity. Next, volume. And obviously, at this point in time, you've heard us say that our guidance has 0 volume assumed at the midpoint. So if there is a volume uptick, even a little bit of a tailwind on industrial activity, obviously, we will pick that up and there's a multiplier effect that you've seen. We've demonstrated that in 2021. We constantly remind people that even with a little bit of a rebound on the industrial side, we were able to deliver 30% EPS growth in that year. But in the absence of that, our algorithms still suggests with 0 contribution, we will continue to deliver that 10-plus percent EPS growth. And last but not least, we have a lot of cash that we generate. Surplus cash after investing in the business is swept into share buybacks and they contribute about 2% of that EPS gro”