“As we think about the cadence through the year, we expect sales and EPS to be split equally between the first and second half, in line with historical trends.”

In context

“h of 4% to 8%, driven by operational performance that is partially offset by non-operational headwinds. We are confident that our focus on operational excellence will contribute $0.70 to $1 or 10% to 14% to adjusted EPS growth. This growth will come from volume, restructuring, and net productivity, more than offsetting growth investments and stranded costs. We expect non-op headwinds of approximately $0.40, half from FX due to recent strengthening of the U.S. dollar and the other half from below the line items, including pension expense, net interest, and tax, partially offset by share buyback. We plan for our gross share repurchase program in '25 to be approximately $1.5 billion. Putting all this together, we expect strong operating performance and capital deployment to drive EPS growth. As we think about the cadence through the year, we expect sales and EPS to be split equally between the first and second half, in line with historical trends. Within the first half, we expect Q1 sales growth to be similar to Q4 and earnings will reflect the annual equity grants, which last year were deferred to Q2. This will result in Q1 earnings being similar to that of last year and we expect sequential improvement into Q2 as we lap the Solventum spin items with earnings being approximately equal between the two halves. I want to take a moment to thank the 3M team for the strong finish to the year and I'm confident in our ability to deliver another strong year in 2025 with growth acceleration, strong margin expansion and return cash to our shareholders in excess of $3 billion. With that, let's open the call for questions. Operator: [Operator Instructions] Our first question comes from the line of Jeff Sprague with Vertical Research. Please pr”