“On the charges associated with the restructuring plans, think about it as about 60% cash, 40% non-cash.”

In context

“before that really help facilitate this, and we're continuing to do that with air expansions in Quark in Taiwan and continued investment in nearshoring. All these things are going to help us manage tariffs not only today, but get better as we go into the future. So, I think they all set us up for long-term benefit. Hitting, Brian, on your point around capital allocation, no change to our capital allocation policies. So, I think, we feel very comfortable with where the balance sheet is. We're at 2.26 times debt-to-EBITDA, which is below our 2.5% target. We closed the year with $5 billion in cash on balance sheet. None of our CP on our $3 billion program is issued, so plenty of liquidity. So, we feel very good about cash generation in the year coming, balance sheet strength, and liquidity. On the charges associated with the restructuring plans, think about it as about 60% cash, 40% non-cash. But I will tell you, remember, that number is going to continue to be updated as we work through the year and we work through specific -- additional assets that will be taken down, and when we roll into the first half of 2026 and we take kind of the second tranche out. PJ Guido: Matthew, we have time for one more question. Operator: Thanks for covering all that. Carol Tome: Thank you. Brian Dykes: No worries. Operator: Certainly. Our final question comes from Bruce Chan from Stifel. Please go ahead with your question. Bruce Chan: Hey, good morning, everyone, and thanks for all the helpful color here. Maybe just a broader question, if I -- not to be a negative Nancy, but if I start to think about potential recessionary scenarios, we've had periods of decelerating volumes and uncertain macr”