“We still expect single digit – low-single-digit free cash flow growth over the next three years, supplemented by share repurchases to deliver mid-single-digit free cash flow per share return over the same horizon with upside potential.”

In context

“d on current law. For free cash flow, we continue to target a low single-digit CAGR through 2027, based on delivering cumulative working capital reductions that partially offset known pension contribution headwinds. While offsetting the pension contributions dollar-for-dollar in each year with working capital reductions alone is a challenge. We have confidence that we could fully offset the headwinds and improve the growth rate to mid-single-digits through the combination of organic and inorganic cash generation initiatives. We'll provide more details in January as we show our plans with better visibility to 2024 pension asset returns, post-election policy and interest rates. Overall, this baseline multiyear framework remains consistent to the investment thesis we've discussed previously. We still expect single digit – low-single-digit free cash flow growth over the next three years, supplemented by share repurchases to deliver mid-single-digit free cash flow per share return over the same horizon with upside potential. So in summary, on Chart 11. Performance year-to-date gives us confidence to raise the full-year outlook for 2024 and in our ability to deliver solid sales and free cash flow growth over the next few years. At the same time, we continue to invest in digital transformation capabilities and innovative technologies that will help differentiate our mission solutions for customers. And we remain focused on operational execution to deliver on our commitments and long-term value for our customers and shareholders alike. With that, Steve, let's open up the call for Q&A. Operator: We will now begin the question-and-answer session of today's conference. [Operator Instructions] Our first question will come from the line of Ron Epstein of Bank of America. Please go ahead. Ronald Epstein: Yes, thank yo”