“We do see some headwinds in our factories. We built inventory through the second quarter that caused some positive absorption. We'll see inventory coming down in the back half of the year. That's going to cause some negative absorption or some headwinds there”

In context

“he first half, and that does reflect historical trends. We continue to see strong operational execution and spending discipline just like we saw in the first half. We'll see some tailwinds from the benefit of lower restructuring cost, which is now 60/40 first half, second half. Last time it was 70/30. So some has shifted to the back half, but you do see a bit of a step down. And we do see reimbursement of transition services agreement with Solventum, which began in April, but at the same time we have higher wages in the back half of the year. We have two full quarters with a wage increase. Our wages went out on April 1, so not in first quarter but in the second, so that's a bit of headwind. That's offset by some lower stock comp. As you know, we made our grants here in the second quarter. We do see some headwinds in our factories. We built inventory through the second quarter that caused some positive absorption. We'll see inventory coming down in the back half of the year. That's going to cause some negative absorption or some headwinds there and then some higher non-operating expenses driven by pension and higher interest costs. We had a lot of cash balance here in the second quarter. Cash went out the door in July for some legal payments, legal settlements. So our interest costs, interest expense is going to go up. Our interest income will come down in the back half of the year. And then of course, as I mentioned before, we do see some step up in some investments we have in the back half of the year. So those are the biggest drivers. A little bit of tax geography, but those are the biggest drivers. Maybe I'll ask Monish to comment on Q3, Q4 cadence. Monish Patolawala: Sure. And just Julian, to add on to Bill's points on first half, second half, just data points. We spent $165 million in the first half on restructuring, and a”