“Tariffs are going to be a headwind this year, but we thought it would be prudent to hold the impact outside of our full-year guidance while I digest the new policies and fully develop and qualify mitigation plans.”

In context

“ced $1.1 billion in debt, returned $1.7 billion to shareholders, and raised our dividend by 4%. And in Q1, the board approved the share repurchase authorization of $7.5 billion and we now expect repurchases to be about $2 billion up from our prior expectation of $1.5 billion. We continue to advance our portfolio shaping efforts with one small divestiture recently signed and others progressing more slowly in view of trade policy uncertainty. Our guidance for the year remains $7.60 to $7.90, adjusted earnings per share before the impact of tariffs and offsetting costs sourcing, and price actions. We are not flowing through the upside in our Q1 results to our full-year outlook given the uncertain macro environment with recent data reflecting some softening in GDP, IPI, and global auto build. Tariffs are going to be a headwind this year, but we thought it would be prudent to hold the impact outside of our full-year guidance while I digest the new policies and fully develop and qualify mitigation plans. With the significant footprint we have in the US, and the flexibility of our global network, we're identifying a number of ideas to adjust product sourcing and logistics flows to mitigate at least a part of the impact. Some of which are no regret moves regardless of where trade policies eventually settle. Overall, we have a solid game plan. We're executing well against our strategic priorities, and we're focused on long-term value creation for shareholders. And with that, I'll hand it over to Anurag to talk through the details. Anurag? Anurag Maheshwari: Thank you, Bill. Turning to slide four, we had a strong start to the year, performing ahead of expectations on margins, earnings, and cash. On sales, we delivered a second consecutive quarter of positive organic growth across all three bu”