“2024 outlook assumes we will have selling prices year-on-year. It's helping us offset some of the moderate inflation we are seeing in certain raw materials, and then the labor market continues to remain strong.”

In context

“getting. It's 19.5% to 20% is the guide, which includes $75 million to $100 million of cost. So if you adjust for that cost on a year-over-year basis, margin rates will be up 250 to 300 basis points. And then on standup costs, again, timing will determine what the final standup cost is. But currently, we see approximately $0.07 to $0.08 of total cost that we are incurring, as Bryan and the team get ready for spin of Health Care. Operator: Our next question comes from the line of Joe Ritchie with Goldman Sachs. Joseph Ritchie: Good morning, everyone. Just -- so obviously, like the volume environment remains fairly muted. But I'm curious like how are you guys thinking about pricing for '24 and particularly like what's embedded in the guide from a price cost standpoint? Monish Patolawala: So 2024 outlook assumes we will have selling prices year-on-year. It's helping us offset some of the moderate inflation we are seeing in certain raw materials, and then the labor market continues to remain strong. But I would just tell you, you have seen we've become good at monitoring this. We'll make sure we continue to take actions as needed. And you've seen it, we've done that in '22. We have done that in 2023. But I would say, more importantly, when you think about margin rate, and the supply chain teams and the business teams, we are not just taking price raw as one item. In total, we are just saying how do we improve margins. So a lot of actions has been taken on, whether it's through selling price increases, driving global sourcing benefits, dual sourcing, driving yield in the factories and of course, prioritizing demand. And all of that put together, including the new way we work with all the restructuring-related items we have announced last year just help us continue to drive margin betw”