“We continue to see buyback opportunities in the way the markets are reacting. So we have mechanisms and means to continue to contribute on that algorithm, even as some of these projects might be a little bit delayed or until they contribute.”

In context

“s really what's underpinning the project development cycle that we're looking at. And that's where we feel the larger project development world that Linde is doing is concentrated on. And that looks pretty resilient as things stand. Matthew White: And maybe Duffy. Just one thing I'll add to Sanjiv's as well is when you reference it on the algorithm. We've always said the capital allocation algorithm, we expect 4% to 6%. That's been our stable contribution going back a couple decades. And it absolutely includes projects like Sanjiv mentioned, and we feel good about that. But it also includes buybacks, it includes acquisitions, and it includes capital structure. These are all uses of capital. And you saw this quarter acquisitions now rounding up to 1%. We're seeing opportunities to do that. We continue to see buyback opportunities in the way the markets are reacting. So we have mechanisms and means to continue to contribute on that algorithm, even as some of these projects might be a little bit delayed or until they contribute. So we still feel good about our ability to deliver on that. Duffy Fischer: Awesome. Thank you, guys. Operator: And your next question comes from the line of David Begleiter with Deutsche Bank. Your line is open. David Begleiter: Thank you. Good morning. On your guidance, you lowered it by roughly $0.30 FX was the vast majority in the Americas due to weak manufacturing. If it was, which manufacturing end markets are you seeing the greatest slowing or demand weakness? Thank you. Sanjiv Lamba: So I'll let Matt talk about the guidance and I'll give you a flavor of what we're seeing in the U.S. Manufacturing. Matt? Matthew White: Yes, sure. So I think, David, on the guidance, if you start with the FX change, as I mentioned, it was 4% in the beginning of the quarter, went to 2% by the end, aver”