“Q2, as I mentioned, will continue to benefit from the interest income that we receive from the -- dividend that we receive from Solventum of $7.7 billion. And so therefore, the $75 million to the $100 million guide for the year will mostly be weighted to the second half of the year.”

In context

“be the first priority for capital allocation and also return capital to shareholders, including the dividend that we've been talking about and share repurchases. And I -- my comment, we're back in the market. The pace will depend on how we view the macro, how we look at our performance, the intrinsic value of our stock. We haven't declared really how we're going to move forward on that. But I -- so well positioned to, like I said, invest and drive the capital allocation priorities that we talk about. Monish Patolawala: Julian, I'll answer your second question. When we talk about below-the-line items, we talk about 2 things: mainly it's pension and it's interest expense/income. So I'll combine the 2. So our guide is net expense of $75 million to $100 million or $0.10 to $0.15 per share. Q2, as I mentioned, will continue to benefit from the interest income that we receive from the -- dividend that we receive from Solventum of $7.7 billion. And so therefore, the $75 million to the $100 million guide for the year will mostly be weighted to the second half of the year. Operator: We go next now to Nigel Coe with Wolfe Research. Nigel Coe: Mike, hopefully, the Exec Chairman role is a bit less stressful than Chairman and CEO role. So congratulations on that. So just a few more -- maybe a few more details on the 2Q, Monish. The restructuring -- and I understand 70% in the first half, 30% in the second half. How does that phase between 1Q and 2Q? I'm just trying to understand whether that's fairly level-loaded or whether there's a bit more coming through in the second quarter. And then on the restructuring, I see the total charges. But in terms of the gross payback, what kind of payback are we assuming on that restructuring? And are we still on a 3M RemainCo basis, still on track for $700 million to $900 million of savings by '25? Monish Patolawala: Yes.”