“We spent $165 million in the first half on restructuring, and at the midpoint that would be another $110 million in the second half.”

In context

“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 at the midpoint that would be another $110 million in the second half. So the tax rate will be around 19% in the second half versus 20% in the first half. If you now go to just the guidance between 2Q, 3Q or 3Q, 4Q, 3Q revenue trends will be very similar to what we saw in 2Q. I think Bill already talked about what it looks like in the market, so that's where the team is seeing right now. I would say continued strong operational execution and spending in 3Q also. You will get a tailwind from the timing of stock comp, which we announced in 2Q, approximately 100 of it that comes back as a tailwind in Q3. But at the same time, as Solventum matures in its ability to execute independently, we also believe that they will keep exiting their TSAs. As I've told you, the TSAs, some are short-term, some are as long as two years. That could go up to three years. We will”