“And then on semiconductor, our view is we saw the first quarter slow, and we believe that this will pick up in the second half, Andy.”

In context

“tors and those kind of end markets? Monish Patolawala: Yes. I would say, first, we are thrilled that we've got the spec-ins, so that's a big positive. As I said, 2/3 of the total, 6.7%, that's approximate. We don't have the perfect number. We believe it's partly driven by inventory normalization both in auto and electronics, plus customers starting to buy ahead as they start building for end markets or consumer end markets. What I would tell you is second half is so important for the consumer electronics business, and we are watching that trend. If there is a big pickup in consumer electronics, we will definitely grow with it because we are now specced in to many more devices than before. So that -- I would say second half is what we are watching, but this is where we see it right now. And then on semiconductor, our view is we saw the first quarter slow, and we believe that this will pick up in the second half, Andy. And that's what we are watching there, too. All indications keep saying that it's going to get better, but we are watching those trends. Operator: We'll go next now to Scott Davis of Melius Research. Scott Davis: Best of luck to you, Mike, in your next endeavors, et cetera. Michael Roman: Thanks, Scott. Scott Davis: Guys, I had a couple. I'll just start with a [ knit ] and then ask a real question. But why -- I'm looking at Slide 27. Why does the 2026 payment dip? What was kind of the -- just walk us through a little bit of the color of the kind of how these payments were negotiated annually. Monish Patolawala: Yes. So there were so many facts that were put together, Scott. This is one of them on how these profiles were scheduled. So there's no particular reason to give it out to you”