Expected this year. Secondly, we are strongly committed to maintaining our investment-grade credit rating and reducing debt levels. We expect to pay-down $700 million of debt in 2025, taking a significant step on our path to our two times net-debt leverage target. Thirdly, we are committed to returning cash to shareholders and last year marked the 69th year of steady or increasing dividends. We will continue to evaluate our dividend funding ensure it aligns with our progress towards our long-term goals. As a reminder, dividend is approved quarterly by the Board of Directors. Lastly, share buybacks and M&A are not a priority for 2025. Turning to Slide 19, let me review our commitment to improving our net-debt leverage. Since 2022, we have paid down $1 billion of the incincurator term-loan debt and are strongly committed to further reducing our debt. We expect to pay-down another $700 million in 2025 and expect to improve our net-debt leverage to approximately 3.4 times. We are confident in our ability to further reduce our net-debt leverage beyond 2025. Turning to Slide 20, we have clear actions to address the upcoming debt maturities. $1.85 billion of debt is maturing in 2025, of which $350 million is a senior note due in May and $1.5 billion is the remaining term-loan from the Incincurator acquisition due in October. With the meaningful debt repayment of approximately $700 million expected in 2025, we expect to refinance the remaining $1.1 billion to $1.2 billion. As we look-ahead, we have ample space in our flexible debt ladder to optimize our refinancing plans. In addition to our free-cash flow generation of $500 million to $600 million in 2025, we expect to generate cash from the anticipated India market sale transaction. Turning to Slide 21, let me review the benefits of this potential India transaction. First, we currently hold a 51% stake in Whirlpool of India and intend to reduce our ownership stake to approximately 20%. This transaction subject to Board approval aligns with our ongoing portfolio transformation. We hold number-one positions in all our business segments outside of MDA Asia, and this will allow us to focus on our leading share and brand portfolio positions. However, we continue to believe Whirlpool of India has a strong long-term trajectory for growth. This transaction will enable Whirlpool of India to focus on growth acceleration as an independent business, along with utilizing their well-funded business to invest further in products and innovation. We believe these actions will also deliver value to Whirlpool of India's shareholders. This transaction is expected to not only accelerate growth in Whirlpool of India, but also allow us to utilize the $550 million to $600 million of net cash generation towards our debt repayment. We would also have continued revenue from our Whirlpool brand license in India. This transaction is expected to close mid to late 2025. Now, I will turn the call over to Mark. Thanks, Jim. Turning to Slide 22, let me review what you heard today. I'm proud of what the team has accomplished in 2024 through a very challenging macro-environment. The European transaction was a major milestone delivering value to shareholders. We anticipate the transaction to reduce our stake in of India that we announced today also unlocks additional shareholder value and further strengthens our balance sheet. We delivered approximately $300 million of cost-savings and see further opportunities to deliver more than $200 million in 2025. We are excited about our very strong pipeline of new products that will launch in 2025, helping us to drive sustained growth and margin progression. Our Latin-American business remains a bright spot delivering strong top-line growth and substantial margin expansion. We expect our global SDA business to continue to accelerate growth in high-potential categories as their new products resonate with consumers. And overall, I'm confident that we have the right strategy and operational priorities in-place to deliver our guidance of 3% organic net sales growth and 150 basis-points of margin expansion. And now we will end our formal remarks and open it up for questions. At this time, I would like to remind everyone, in order to ask a question, press star then the number-one on your telephone keypad. Your first question comes from the line of Susan Maklari from Goldman Sachs. Your line is open. Mark. Thank you. Good morning, everyone. Thanks, Susan. Mark, my first question is taking a little bit about the shift that you saw in volumes this quarter, you mentioned that there was a significant destock at one of the retailers. Can you talk a bit about was that whirlpool specific? And then with that, how should we also think of the move-in industry volumes perhaps in your in your volumes relative to AHAM and perhaps relative to some of the geopolitical trade actions that could be coming through with the new administration? Susan, so let me split my hands in two pieces. One, the AHAM, the latter one and then first about the retail destocking. But retail destocking ultimately is a, I would Call-IT a reflection of supply-chain efficiency. You know, post -- I it is a couple of years ago now post COVID, inventory levels at retail were high and because supply-chain was not very stable. And I think that we have a stable supply-chain. We jointly took out a lot of inefficiency in supply-chain, have much more efficient supply-chain to secure availability. So it is a -- it is a reduction of inventory. It's a one-time reduction because you just take it down to the levels where it is, but it's not more. And would we have wished to happen that to occur over many quarters? No, but it's now behind us. So again, not too much to read into this one apart from, yeah, it's efficient supply-chain and you don't need the inventory levels as you may have needed it two or three years ago. So -- but it was sizable and of course, that impacts our Q4. On AM and again, this is a little bit of similar comment as we made in the early calls, and the AM numbers this year had, I would say, an unusual amount of distortion and re-reporting. And as such, I'm a little bit careful reading too much into the monthly or sometimes even quarterly AM numbers. Overall, I think on our '25 -- or '24 market-share, it's been stable to slightly down. It improved after our promotional price changes in April sequentially improved and we feel pretty good. And of course, even though we don't have industry data, but we have our specific sell-out data, which actually we pay more attention to, and that particular following the election was very strong. So we feel very good about the momentum which builds towards the end-of-the quarter, which didn't translate into sell-in, but the sell-out was very, very strong. Now to your question with regards to geopolitical, if we expect or anticipate some, Call-IT more Asia imports coming in November, December into US. Yes, and we continue to expect that. I mean, not all the customs data available. But I would expect once you see all the custom data that you will see an increase of people trying to load inventory prior to potential policy changes. Again, we don't have final data, but based on if you look at container tariffs and everything else, I think it's very fair to assume that you saw a temporary increase of shipments from Asia. But again, we don't have a final data before. Okay. That's very helpful color. And then turning to price. You mentioned that you have another promotional price increase that is out there. Can you give us your thoughts on the ability to realize that effort in there given the operating backdrop and the demand environment that you outlined on the call? And how we should be thinking about the potential for mix as those new products that you talked about gain some momentum? Yeah, absolutely good question. So let me maybe just split in two pieces. One is more of a promotional investments or promotional depth and the other one is more of a mix element. And again, stepping back even what we communicated in last year when we did the first kind of reduction of promotional depth and then ultimately it's reflective of a marketplace. And again, I'm zooming out here a little bit, but it's last year, we saw a 30-year low of existing home sales, existing home sales drive discretionary demand. The market right now is strongly driven by replacement demand. And in that environment, it just does not make economic sense to go very deep on promotional investments. That's what we corrected last year in April. And frankly, we found traction. We're very pleased with the progress which we saw Q2 and Q3 and it also largely was sustained in Q4. So we -- the decision which we made last year was absolutely the right one. And given that the environment around it has not structurally changed, we continue to see the same opportunity going-forward. It just does not make sense to go that deep and that long on promotion periods and that's what we communicated already through our trade environment. And based on what we've done last year, we are very confident that will find traction. Now the other part and this is -- I think Jim alluded to this one earlier and that is big for us, in particular North-America. Again, I want to reemphasize, In the last 10 years, we've never launched as many new products in North-America as in '25. And you know, I mean, you followed our industry for a long-time, our industry mix is the name of a game and mix comes with new product introduction. So what we showed earlier, I'm an entire new kitchen aid line we haven't launched for 10 years. We have a general fantastic new downdraft and we basically renew the entire refrigeration range in North-America. So that we're very confident with the drive mix. So the combination of promotional lack or reduced promotional depth and product mix come from new product introduction gives us the confidence while we kind of communicate now 1 point or minimum one point of positive pricing in '25. Thank you. Your next question comes from the line of Michael Reho from JPMorgan. Your line is open. Thanks. Good morning, everyone. Thanks for taking my questions. First, I wanted to hit on the new product launches that you've described and it seems pretty extensive. Just if you could kind of give us a sense of how those product launches are expected to impact on the financials throughout the year, you know, perhaps on a quarterly basis or first-half, second-half in terms of impact on revenues, price-mix, perhaps even margin. But I'm particularly interested in what you anticipate the impact will have on mix for the year. And also if there's any sort of above-average, let's say, you know, I don't want to say one-time cost and new products are always kind of a constant part of your efforts every year. But if it's an outsized level, if that's kind of a, let's say, a particular headwind this year relative to perhaps next year. Michael, again, overall, we communicate one point of positive pricing. Now that is a combination of what I mentioned earlier, but promotional and the mix. To your point, and you know that also mix has multiple components. One, of course, there's just a positive mix from getting the new products at an attractive price or margin point. But yes, we also invest in-product transitions. That is fully factored in. You could call these transitions where also to some extent one-time expenses, but they're factored in. So it's a kind of a combination of all of these elements. In terms of the timing, these launches are spread throughout the year. So there is a number of refrigeration products, which we introduced in March. We will display and show kind of Virginia product at the, that will be largely Q2 and the launch is later in Q3. So it's pretty much spread throughout the year. So there's not 1/4 where everything comes through. But it's pretty much spread throughout the year. The reason why we're actually very bullish on the positive impact on mix is also keep in mind and Jenna are premium brands. And to have new attractive products, in particular premium brand typically gives you a good lift in the margin. And the other side of the equation, refrigeration tends to be below our average margin to have now new products with frankly better cost base will also help on that side. So that's why these products matter a lot and based just on our margin profile, I think we will get a good lift. And Michael, just to add to what Mark said, as you think about the kitchen aid transition throughout the year and it will help our mix, help our margins, increase our share in that space. But also remember, we anticipate this year the discretionary segment will still be under pressure. So this gets amplified as a benefit as you go-forward and that segment begins to work improve. So that's why we're really excited about this launch kind of ahead of improvement in the discretionary segment is, I think then you'll just see even more significant benefits as that starts to come back. Great. No, thanks for that. Yeah, secondly, I wanted to hit on a couple of areas that you one, just a clarification on the inventory reduction that hit you in the 4th-quarter. You know, curious if you could kind of quantify perhaps what you estimate the impact was that on both sales and you lost incremental leverage of that if you sold at your sell-through rate, if you have any estimate on how that impacted 4Q North American sales? Secondly, any comments on if you've been able to kind of quantify tariff exposure if you have 25% tariffs, let's say, on China, Mexico and Canada., Michael, obviously, you made an impact to retail. We're not exactly can we cannot give you the size of that impact of the destocking, but we refer to sizable and we don't use that term easily. And directionally, you can say, the delta between Q4 North-America run-rate and versus what we had in mind is largely almost entirely driven by this one-time. But it's a one-time, it's behind us. So that's why -- but that's directionally to sizes. So it was meaningful. But again, it's behind us and ultimately, yeah, it comes with a much better supply-chain efficiency. The second part on tariff and we alluded to this one in the earlier remarks, any impact of additional tariffs are not included in our guidance because as you all know, I wouldn't know at this point what to plan for. As we all know, there's a lot of speculation. The important thing is, and again remind everybody, more than 80% of the products which we sell-in the US are produced in the US and that is very different for our competitors. We are a US producer and we're highly dependent on the US and we're proud to be in the US. So most people read that you should be beneficiary from tariff. As you also know, tariff has -- have positive consequences and sometimes there have also unintended negative consequences. So once we know what might be communicated when we can give you a proper dimension on this one, but right now it's not factored in, but ultimately where US producers. Your next question comes from the line of Laura Champine from Loop Capital. Your line is open. Thanks for taking my question. The small appliances business was a little bit light of what we were looking for in sales, but especially margins. So I know you're making marketing investments in new products there. How do you get comfort that your marketing investments are targeted correctly and that the product is strong enough to support those investments. Yeah. So Laura, again, put it in context, we -- the overall SDA market similar to the major markets is moving sideways. So you hadn't seen a lot of growth in the SA market. Actually most sub-segments are actually negative from the SA market. So we achieved a solid single-digit growth in Q4. But yes, we would like to see this business at double-digit sales growth and that's and that's our clear expectations. And the marketing investments, you saw -- we broke it down for the company overall, but not for business segment. But we showed in the presentation that the marketing investments in Q4 were up almost half a point of overall company margin. So a big portion of that was for the SDA business. We launched Coffeemaker, we launched Go, the evergreen. So there's a lot of investments and investments in our future. In particular, when you enter largely new category like for us fully automatic coffee maker, you have to -- I mean, you have a wonderful product and by way, gets very-high remarks from consumers and trade. But of course, you need to tell the market that you have a new product. So, and we're very pleased with the momentum which we see on these subsegments, but it will take some time to build these segments and to build awareness in this segment. But that's -- the margin in Q4 was entirely impacted by, yes, we invested a lot in these new product launches and talking about these new product launches. Thank you. Your next question comes from the line of David McGregor from Longbow Research. Your line is open. Yes, good morning, everyone. Thanks for taking the question. David. Good morning, Mark. When we think back to the 3rd-quarter call and you had talked about 4th-quarter margin expansion, you talked about pricing, cost actions, the recovery in-production rates and then reduced EMEA joint-venture drag. I just wanted to focus in on that recovery in-production rates for a moment and just talk about the extent to which you were able to achieve that or how it factored into the numbers? And then should we be thinking about that as a potential benefit in 2025? Is there an opportunity to realize some productivity of absorption there. David market. So David, your observation is correct ensure basically what we -- when we realized the destocking of a trade-in Q4, we, of course adjusted our production volumes. And we did not produce as much as we originally anticipated in Q4 as evidenced by the inventory levels. Our inventory levels are pretty low because we didn't want to keep the factories just running and building inventories. So we enter the year With actually fairly low inventories. By way as side note, that's why we also have cash-flow don't factor-in, but we can get additional working capital efficiencies because if at all, we probably slightly have to expand inventory. So we're starting the year not with, hey, we got to reduce inventory. We actually versus what we think is sell-out, I think we will have healthy and steady production volumes. And to what extent that drives some leverage or volume leverage, it could, but let's see how the quarter and the year progresses. But you're absolutely right. We certainly did not get the volume leverage in Q4, quite the opposite. Yeah, David. I mean, just to reiterate, as Mark said, I mean, we really came out-of-the year with what we would say are lower but more appropriate inventories. And I think throughout this year, depending where the market goes and all that, we'll continue to try and obviously keep our production and our inventory levels matched to our sales. And so while there could be some upside because of some of the little bit of upside in the production, we're still going to keep that matched throughout this year. So it's not a significant amount of upside in-production. And then I just want to go back to the price-mix and the new product introductions, it seems with so comprehensive a rollout of new products or reinvention of basically of the refrigeration line, all the defined -- design for manufacturing opportunities that come with an initiative like that. It strikes me that there should be a little more in the way of pricing benefit in there than what you've got in the mix. I'm just wondering if there's offsets or I mean, you've talked already about some of the promotional effort that needs to be done to support that initiative, but it struck me as a bit of a light number and I'm just wondering if you could open that up and talk a little more about that. Yeah, David, on the new product introduction, there's two factors. First of all, there's just timing. I mean, as I said, it takes pretty much the entire year to launch all these products. And in particular, the kitchen aide line comes in Q3. So there is a timing element. And the offsetting element that I think Michael was referring to his own earlier, all the new product launches come with transition expenses. So they're fully factored in. And I think Jim alluded to this one earlier, of course, that will not then be a factor-in '26, but we factor that in '25, you launch new products, you get a good mix and you have to pay for both product transitions in the markets and that's the element in there. But inherently, I mean, and if you -- these new products, in particular premium side, they will drive upside for us. Your next question comes from the line of Sam Darkash from Raymond James. Your line is open. Good morning, Mark. Good morning, Jim. How are you? Good morning, Sam. Good morning. Two quick questions. First, these are pretty straightforward, but what's the expected North American margin progression that you're expecting this year? So Sam, overall, as you know, we guide for 7 half. We don't break it down quarterly and I would expect you would see more balanced seasonality throughout the year. So if you -- so we're not planning for hockey sticks. So we continue to work on all the dimensions and we know we have some carryover benefits. So I think it will be more balanced from a seasonal perspective. Yeah. I mean, Sam, think about a lot of the cost actions we put in-place in 2024 will continue and strengthen throughout 2025 and early 2025. And then with the promotional pricing that we announced in December, obviously, you start to get the benefits earlier in the year for that. So I mean, that's why Mark said it will probably be less of a progression throughout the year and more steady. Got you. And then -- and I apologize if you mentioned this before and I missed it, but could you quantify what the sell-through was of your own and perhaps the industry as well in the 4th-quarter and then what you're seeing thus far in January? So Sam, again, sell-through, I can refer to our numbers because of course, we don't know about broader industry numbers. We have some indication. First of all, in general, just for clarification, I'm referring to the North-America market or US market particular. The sell-through in the industry and with us was pretty soft coming into the election. Very soft. I mean, we used to election cycles, but it was softer than before and picked-up strongly post-election. So again, it's not completely different from previous election cycles, but just the magnitude of swings were more pronounced. And so we saw very strong sell-out kind of in December, I mean, it was very strong. So that to some extent has slowed down a little bit in January and -- but of course, we're not releasing January numbers and you can say is that bever related whatever else, but we certainly saw very good momentum in the market towards the back-half of Q4, right? And we feel very good about how we did the met markets based on the quality feedbacks which we get from our trade customers in terms of balance of sale which will either maintained or in some cases even strengthened. I would -- certainly for our numbers, you should strongly assume that our sell-out in Q4 was quite a bit of ahead of a sell-in which we had in the quarter. I mean, that's consistent with the prior comments. So we've -- we know pretty much where our sellout is very precisely and both well-ahead of what we shipped into the industry. Thank you. Your next question comes from the line of Raif from Bank of America. Your line is open. Hi, good morning. Thanks for taking my questions. Maybe on the first one, just the 75 basis-points of price-mix that you're assuming in the '25 guidance, can you give us to help us understand how much of that is carryover from 2024 versus mix versus the price-related to the product launches and maybe what's sort of the realization that you're seeing on the '25 price so-far.. Yeah. So overall on the price-mix overall, so it's -- there is a small portion of carryover, but that comes from last year's April. So you basically have essentially only 1/4 of carryover. The bigger portion on the promotional changes come from what we just announced, which we start seeing pretty much as of our March numbers internally. So that's the larger portion. And yes, then the element of new product launches. I mean, we're not splitting down -- splitting out in terms of how much the two different elements is, but that starts in particular building throughout the year. Okay, that's very helpful. And then just on the 4th-quarter North-America margin. Were there any additional outside of the price-mix impact from that shift that you had on inventory, was there an additional production headwind in the 4th-quarter. And when we look at the '25 guide, it does look like it's below what the prior expected 4th-quarter run-rate was for North-America, but this does feel like a one-time inventory shift. So we're just trying to understand if there are any other changes as you go into '25. And so, in Q4 above -- beyond what we talked about, there's not a lot of upper moving parts. I mean, there's always moving parts in business, but not sizable or material. And yes, you had and we saw what David McGregor was earlier commenting to, yes, we adjusted our production to not get-out of hand with our inventory and that of course, negatively impacted that one. So as you referred to the '25 guidance of 7.5% EBIT. But in all transparency, we -- the last one or two years, we did not fully deliver to what we expected. And of course, going into this year, we want to be safeguarding what we commit to and make sure that all the pricing action, all the cost actions are really will deliver these numbers. So whatever you want to read the 7.5%, but it's kind of we fully recognize that the 7.5% does not reflect what is potential of that business because we all know where the business has been and where it can be. But at the same time, we want to be very realistic and be assured that we absolutely can deliver that 7.5%. And I want to remind everybody that the 7.5% is a 100 basis-point improvement on a full-year type of basis. And so you got to look at not just the exit-rate and the quarterly run-rates, but on a full-year basis, that's 100 basis-points. Additionally, as we point out, we will have some incremental marketing and technology investments within the year. And while probably kitchen aid had a disproportionate amount this year, as we put more marketing behind the new product launches in North-America, it's probably a little bit more disproportionate to the North-America market that we are going to invest behind the product launches we're doing this year. So I think that's a couple of things to keep in mind. Thank you. Your next question comes from the line of Mike Dahl from RBC Capital Markets. Your line is open. Thanks for taking my questions. Just back on a couple of the tariff dynamics understood that you're not in a position to necessarily quantify potential impacts at this point, but I think two things that might be helpful, one, can you remind us what percentage of your cost of goods are in Mexico right now and how that compares to your sense of the industry? And then you did mention in Mark, the dynamic around maybe some load-in on imports ahead of potential tariffs. How have you accounted for that and whether or not there's puts and takes around that flowing into the market in your guide? Thanks so Michael, first of all, again, to recalibrate everyone on production volumes. So what I said before is more than 80% of what we sell-in the US is produced in US and the remaining 20% typically don't split-up, but directionally put it half-and-half between China and Mexico, that's directionally with some pluses and minus. And but again, it's -- that's pretty much the profile. That is very different from our competitors. Our competitors are largely not US producers. Despite all the communication verbiage, we put it differently, in total, we produce more clients than probably entire rest of the industry combined. So we are a US producer and most other players are largely import players. Again, we know all the talk out there, but they're largely import players. So our profile is a very different one and of course, there's multiple sources, country where we source for me, it could be China, it could be Vietnam, Thailand, Mexico, it's spread on a number of basis. So yes, our profile is very different than competitive set. But as I mentioned before is at this point, we just don't know what might come with a tariff. And once we know, we very well know-how to factor it in, but we just don't know what to factor into data. So now on the second part of your question on the presumed loading in of some Asian imports, again, we don't have all the custom data, that's probably going to come in next couple of weeks. But I would expect -- but you will see some load-in which by the way, first of all, there's also from Asia versus seasonality coming from Chinese New Year. So there's always a little bit and element of loading in. I think this year in anticipation of potential tariffs, I think you saw an acceleration of that load. But again, at this point, I don't have all the final facts. We -- we concur that from the rumors of noise which we have marketplace. And ultimately if you look at container costs, it's always a good indicator. Got it. Okay. That's so helpful. Thanks. My second question, I guess just around India, I guess the -- in terms of the net cash proceeds of $550 million to $600 million, Jim, I think as of last quarter, you had close to $300 million in cash consolidated on your balance sheet related to Whirlpool India. But I guess I just want to clarify that $550 million to $600 million, is that the actual cash proceeds, but then when thinking about the balance sheet impact, we have to offset that -- and so the net is closer to kind of $300 million in terms of what ends up being reflected on your balance sheet or how should we think about that? Yeah. No, yeah, Michael. I mean, I think you're thinking about that right. Again, within the year, on a gross debt perspective, we intend to pay-down $700 million, of which $500 plus million comes from India and then $200 million comes from free-cash flow. If you want to look at that on a net-debt impact because we will deconsolidate India at that time, you will reduce the cash balances that we have of $300 million. Now to point out on that $300 million of cash that sits within India, it's always been with the significant minority shareholder base there. Our ability to use that to pay-down debt of Whirlpool Corporation was very limited and very short-term in nature. And so that's again where I think it -- while it comes out-of-the calculation, we never really had the ability to use that cash for those purposes. What we use that cash for historically was to help that business grow and to invest in that business there and we did acquisitions of like Elika there with that cash. So that is the correct math and -- but the real situation is that's not cash we could have used anyway. Our next question comes from the line of Eric Bessard from Cleveland Research. And this will be our final question. Eric, your line is open. Thanks. Two things. First of all, the -- Jim, I appreciate your comments on the 100 basis-point North American margin progress. It is still below what previously was expected. And so I guess I'm curious what's different. You indicated that the 4Q North-America margin was a one-time event, you've got an incremental price increase. Like what is -- what is on the other side of that, that limits the '25 margin relative to what was previously expected or potential yeah. I mean, Eric, I think part of what the expectations that people had started to build into that was that a recovery in the discretionary segment would probably at least be coming in a late '24, early '25. And what as Mark said, we've really built into here right now as we've said, listen, we're not going to put in an anticipated recovery in the marketplace. We don't know what's going to happen with the tariff situations yet. So let's make sure that the guidance that we put out really reflects what we know, what we see in front of us and it's something that we believe we can achieve. And then if some of these other dynamics occur, we will throughout the period adjust accordingly. I think the other thing to highlight is, yes, we are taking pricing right now. And again, we expect that to drive some benefits throughout the year. And we've talked about incremental cost we're going to look for you as we go throughout the year. So I think the opportunities are there to strengthen the margins. But right now what we see in front of us would say that 7.5% is the right the right starting point for the year. Okay. And then secondly, on the pricing of the December price increase, the four, five month benefit from last year, the big new product contribution to price-mix and then the 4Q negative impact you indicated came from price-mix. Why does it not add-up to more than 75 basis-points for '25, it seems like there would be a pathway to better than that. Is there something on the other side of this? Yeah. Here's what I'd say. Again, you know, as I mentioned kind of in the last answer that we have, yes, we do -- if you take the benefit that you get of a carryover and that is only about four months of a benefit, know, that makes up a small portion of it. The new pricing that we're taking, you know, will be offset partially by some of these transition costs that we have talked about because that does flow-through the same line of the P&L. So again, we do feel-good about the pricing we're taking, but we know that we will have some just cost to transition product throughout the year. So I think that's probably the biggest driver on it. The other thing on the mix, as Mark talked about earlier, it comes ratably throughout the year as you ramp-up these new products and the launches being later in the year. That's your biggest driver, one of your biggest drivers of mix. So we do anticipate a continued benefit into 2026 with that. But also as I mentioned, as the discretionary segment recovers at some point, I think that will be amplified and it will be something that we'll see even more of on a go-forward basis. So I think this was the last question. So let me just close and also recognizing we are almost running over-time. So first of all, thanks for joining us today. I mean, obviously, as you saw when we talk about '25, we gave you guide first of all, which I want to emphasize has a more normalized tax-rate in there. So it's underlying operational EBIT. We're planning for quite of an expansion. You also noted that we didn't bake in a lot of tailwinds, either on raw-material, on tariffs or an immediate recovery in-housing. So we assume it remains a kind of a not overly helpful market environment and we focus on what we can control. And the reason why we -- and we talked about these building blocks, why we're very confident about it is it starts with product launches. We invested these product launches. We invested in engineering for these launches already the last two years. So we know they're coming and we feel-good about it. But pricing, which we announced in North-America and we also -- we announced something in Latin-America and we already announced, we know-how to execute it, will require discipline and we know-how to do it. And I would say based on our success, we will be successful. And on the cost side, the million which we talked about, they don't build-on raw-material, they both build-on actions which are now controlled. And as Jim alluded to earlier in my remarks, we're aiming actually for more and we will give you more update in Q1. So we think we have all the right building blocks in-place to absolutely deliver on that guidance. And if for whatever reason, the environment around us becomes more favorable, then we can talk about it, but it's not baked-in at this point. Thank you. So again, thank you for joining me. Sorry, and I wish you all a wonderful day. Thanks a lot. Thank you. Ladies and gentlemen, that concludes today's
