“this program will take approximately two years to complete out, you can see the overall, long-term benefits from the margin rate that you're going to get from better operating performance as well as better restructuring benefits.”

In context

“so learned through the pandemic on how to continue to operate our supply chain. So number one, you're starting to see the benefit of the improved yield and efficiency, you're able to take longer runs to as material gets better. Secondly, the team has been very thoughtful in proactive cost management to the extent where they saw there were places they could invest, they have; to the extent where we had lower volumes, we have managed to control cost. Third is we have had a relentless focus on working capital with inventory, and you're seeing that from a cash conversion basis. So I would just say it's continued good, strong operating performance that you're starting to see. And then as you add on the benefits that you get from the restructuring and once the cost goes away, which we have said this program will take approximately two years to complete out, you can see the overall, long-term benefits from the margin rate that you're going to get from better operating performance as well as better restructuring benefits. At the same time, you've got to keep in mind that we are that -- the teams are going to continue to watch this in the fourth quarter. It's an uncertain macro. But I'm very confident with what we're doing that the execution is there, but there's always more we can do, and we'll keep trying to drive more and more execution as we go. Christopher Snyder: I appreciate that. And maybe kind of taking that and bridging to the Q4 guide. It seems to us by our math, that you're kind of guiding underlying operating margins ex restructuring to something like 19% down from the almost 22% this quarter. I know revenue is down, but it seems to suggest a very sharp decremental. Can you just maybe talk about what's causing that margin step down? Because it feels like a lot of the improvements, whether it's”