“This is a football metaphor. It’s a couple of yards and a pile of dust in lots of ways to get ground game going on operations excellence. It’s a multi-quarter, multi-year journey. So the way I look at this, I think we’re still, Jeff, in the early innings of becoming operationally excellent. And I think the bulk of the opportunities are ahead of us, which is why I think as I look out the next 1, 2, 3 years, we should continue to see margin growth coming out of a lot of what’s happening across our factory network.”

In context

“ing the groundwork for 2025 and a lot of the margin expansion in 2024 is really the underlying prior restructuring plan? Bill Brown: Hey, Jeff, it’s good questions. I mean, first, on the restructuring, we are on track. Your numbers are right, $165 million in the front half and about $110 million or so in the back half of the guidance, so $275 million for the year. That’s about where we are at. And there is a little bit more that will tail into next year to complete the program. And yes, some of the gross margin and net margin improvements this year coming from restructuring, they are coming from a lot of productivity programs that have been in flight, some are ramping up and have more focus and effort in the last 5 or 6 months, but a lot of these things are going to be realized over time. This is a football metaphor. It’s a couple of yards and a pile of dust in lots of ways to get ground game going on operations excellence. It’s a multi-quarter, multi-year journey. So the way I look at this, I think we’re still, Jeff, in the early innings of becoming operationally excellent. And I think the bulk of the opportunities are ahead of us, which is why I think as I look out the next 1, 2, 3 years, we should continue to see margin growth coming out of a lot of what’s happening across our factory network. There is a lot of levers to pull. There is no big winners, no big hitters here that drive a big one-timer in a particular quarter, but it’s getting better at all of these things every quarter, quarter after quarter, and then extending that sort of philosophy on operational excellence across the rest of the enterprise. There is no reason why being good and reducing waste and improving throughput doesn’t extend to how we run R&D, how you run a legal function, HR function, finance. And I think when you do across the whole enterprise you really start to become a much better company. And I think between now and then, we’ve got a lot of room to go and a lot of opportunity ahead of us. Jeff Sprague: Great. Understood. And then just thinking about kind of the capital deployment question, you step”