“Capital expenditures are expected to be about $3 billion.”

In context

“nes and tough comps from the front-running of tariff and de minimis changes in 2025. In Supply Chain Solutions, for the full year 2026, we expect revenue to be up high single digits, which includes revenue from our Andalar acquisition. Operating margin in SES is expected to be in the low double digits. For modeling purposes, in total below the line, expect approximately $760 million in expense, which includes pension income of approximately $250 million, and we expect the tax rate for the full year to be approximately 23%. Now let's turn to our expectation for cash and the balance sheet. We expect free cash flow to be approximately $6.5 billion, including our annual pension contribution of $1.3 billion, but before we factor in the financial impact of a voluntary driver separation program. Capital expenditures are expected to be about $3 billion. We are planning to pay out around $5.4 billion in dividends in 2026, subject to Board approval. To close, I would like to echo Carol's comments and express how proud I am of our teams for executing the strategy while continuing to take care of our customers. Our efforts today are setting our business up for future margin expansion and greater operational agility. We are focused on growing in the best parts of the market to deliver long-term value for our shareholders. With that, operator, please open the lines for questions. Matthew: Thank you. We will now conduct a question and answer session. If you have any questions or comments, please press 1 on your phone at this time. We do ask that while posting your question, please pick up your handset if listening on speakerphone to provide opt”