And there are no financial covenants in the revolver. However, in this, both are grappling with that fundamental lack of demand, Mike, as you pointed out. We'll take a look at that as we go forward here. How much of these cost saves -- I think you said $46 million of the cost saves have been booked kind of in the first half. So, I think it's a little too early to react. The bottom had already sort of collapsed last year. Three large projects remain in the funnel. We have a lot of projects under way right now working, clearly, within the discrete space, within the systems space, that move outside the oil and that marketplace. So, first question, just some historical context on how you're looking at the oil and gas cycle here. That's doing around $6.5 million for second half, so $3.5 million per quarter. RFQ is down in that 25% rate in our -- across our businesses. Lal Karsanbhai -- Executive President, Emerson Automation Solutions. That was our run rate as we went through '19 into the first quarter of '20. You could have the virus for several days before your temperature starts moving. The good news is China's recovery is better than expected. He is now in the process working with the HR teams and the global manufacturing teams to get the -- how do we come back out of this? You can see right now, directionally -- and it is certainly directionally because we're focused primarily on this period and this quarter more than anything -- but going into 2021, if it follows similar downturns of the past, we would expect by the second half to be turning up, and the magnitude of that is certainly to be determined by a lot of things. We've had letters. It's not going to be like the China. And as long as I'm here, our dividend will not be cut and we will maintain our dividend payments and history. But rest assured, Emerson's at business, Emerson is working and Emerson is working extremely hard to make sure that we can take advantage and solve everything that needs to be solved here in the coming months. ET. I don't know how they're going to recover here for a while. Now, will there be some changes? And I want to make sure people remember that we have this. The US outlook for us in the second half is dramatically more difficult than any other region. First question comes from Mike Halloran from Baird. We are not going to zero bonus. You look at over 30 million unemployed people in the United States, let alone the people [Indecipherable], and let alone the people that are pretty holed up in their homes right now that don't want to come out. Got it, OK. And maybe just kind of following on there, and like, I'll echo everybody else's comments. So, I think those are -- they're going to come back. I'll let Lal talk about Golden Pass, plus the one going on in the Middle East right now. We also had several executive -- we had an executive board meeting to discuss this issue and other actions. At what point do you think you get clarity from your customers, i.e., they've had enough time to scrub everything and get back to you because I would imagine you're not quite in that moment yet where they would come and what they want to do. So, Mike, I think you're right. That was largely a factor of the Chinese New Year timing versus last year. Restructuring actions totaled $29 million across the platform, which brought the total to $112 million for the first half of the year. And at that point in time, we're structuring our costs accordingly. We're very tight right now and the organizations are managing to that. I firmly believe, based on what we're seeing in our customer base, in both the chemical industry, what we see in, obviously, the food and beverage, the hybrid, the medical industries, we're seeing a push to try to rebalance some of these -- the supply chains and also where they make stuff. Emerson Electric Co. has confirmed Earnings date and time. Those are the -- those two categories, as we talked about in New York, Andrew, are the quickest payback on restructuring and quickest to execute. But they're obviously higher now because we have more savings and we're trying to accelerate. And then, from our product standpoint, a number of good examples on the right. So, turning to chart 28. You were talking to various people, dealing with political leaders at all levels to make sure they understand the importance of this and then working very close with hands and hands with operations. But right now, the trend line is dropping quite rapidly. Q2 cash flow performance was solid. I think the big issue right now, Nicole, is in the second quarter, why our decremental margins were so much better is, obviously, we had a lot done in the first quarter. Certainly, the two keys for us for the second half are going to be what China does from a trajectory standpoint and then US summer is always a key variable for us, with the heavy air conditioning presence that we have. Did we have to help them? The deleverage is only 15%. It goes back to the distribution channel, which are liquidating because of the financial wherewithal of that channel. Many projects -- a lot of these affect buildings, a lot of these affect bus and rail where we have air conditioning and refrigeration. I think the guys are -- the companies that are still going through massive changes are going to struggle. I guess the question I would have is, as you kind of flex across your facilities and you look at Mike's chart, have you instituted your own kind of captive testing program for Emerson? Returns as of 01/14/2021. The best cost. Yeah. (RTTNews) - Emerson Electric Co. (EMR) reported Tuesday that its second-quarter net earnings dropped 1 percent to $517 million from last year's $520 million. I also want to make one special emphasis on this. We are very, very good at managing cash flow. We also have about 15 other executives throughout the floor. They have a new plant coming up in Arizona. But then I think you just... Just one quick one. What we've seen recent announcements by the majors cutting CapEx down 22% versus '19, those kinds of ranges, it is important to note that, here in North America, it's a heavily concentrated space. But as we liquidate the balance sheet in the second half of the year, the toughest is going to be the inventory because inventory, the volume has dropped dramatically right now. The salary planning numbers will hit us all for next year too because that will roll back out. On average, we book $40 million per month in those four countries. Our order pattern right now is below negative 15%. That's a sensitivity on the sales plan. So, I'm very negative on the US growth model. We removed $203 million out of the funnel. Dine kontrolfunktioner til beskyttelse af private oplysninger, Oplysninger om din enhed og internetforbindelse, herunder din IP-adresse, Browsing- og søgeaktivitet ved brug af websites og apps fra Verizon Media. Oh, OK. I think they are bigger numbers now, Steve, because what's happened is we've done a lot more short-term numbers. And frankly, we're just going into the organization at a level -- part of it's volume related, but a lot of SG&A isn't necessarily easier to do with volume. Operating cash flow was up 7 percent to $533 million. So, Lal, what do you have queued up for savings built into this at this point of time? By March, our orders were $125 million, down 9% versus 2019, and are expected to be down 10% in April as well, although I could see us closing that gap. So, that's what's going on. I've watched politicians and business leaders, business leaders with business leaders, there's been a lot more collaboration than the press would ever, ever, ever talk about. And there's a significantly longer runway to continue to drive that. So, there'll be some spending around pharmaceutical and medical. So, we also had a very significant downturn. The Algorithm predicts "% Predicted Move After Earnings Announcement" (PMAEA) for EMR three weeks prior to earnings … And Europe doesn't look as bad. We've cut them back significantly. That is record time to stand up a pharma plant. We're going to spend $215 million. Geographically, we saw a broad-based weakness unfold in the quarter, but particularly in China and the US, down 8% and over 20% respectively. Underlying sales growth was well below expectations, down 7%, driven by the dramatic drop in global demand as the COVID-19 pandemic quickly spread in March. A lot of work goes into this. February, which normally would have been stronger, turned into effectively an extended Chinese New Year by a matter of weeks in some cases for some operations. Joseph Ritchie -- Goldman Sachs -- Analyst. And then, the rest of the global people involved on our bonus programs took a cut of 5%, but you're going to see cutbacks, you're going to see furloughs, there's a lot of things that are going to be happening here. It's 24 hours a day, 7 days a week, day in and day out. Operational headwinds have dramatically increased. On the right, you can see from an update. We expect adjusted EPS of $0.60, plus or minus $0.04, which excludes roughly $100 million of planned restructuring actions in the quarter. The vaccine thing, you -- we can't wait for a vaccine. It's now up to $280 million. In Europe, we went through some rough times in Italy, but things are much improved now. I'll answer first and let Lal answer this too. Operating cash flow increased by 10% to $588 million and free cash flow increased by 15% to $477 million, representing 91% conversion. Most companies are withdrawing guidance, obviously. Since Q2 Earnings Report EMR 30.4%. On chart 23, I wanted to give you a sense of the orders. As you can imagine, we are fighting a global pandemic war. Essentially, what that 60% defines is what is required from an automation perspective to keep the plant running, be it a pharmaceutical plant, a refinery or a coal-powered fire station. There will be $230 million in '20, and then another $83 million in '21. Earnings Preview: Emerson Electric (EMR) Q2 Earnings Expected to Decline. So, that really paid off. That was an easier name to pronounce. And then, just piggybacking on to that question, is there any big difference in the margin expectation by segment or will both face similar decrementals in the second half? We've got the manufacturing, engineering, supply chain, customer sales and support service and we look at ways, I call it the tic tac toe chart, we look at ways that we can serve the global marketplaces out of one or two and maybe even three other regional areas. I think you're exactly right. The business returned over $1.1 billion to shareholders, including over $800 million in share repurchases and over $300 million in dividends. Go on. Emerson Reports Second Quarter 2019 Results. We wanted to spend just a few minutes here on liquidity to dispel any concerns anyone has. I don't know if I'm going to want you talking to me. Emerson Radio last issued its earnings data on November 16th, 2020. I'm doing a video again this afternoon, 2 o'clock. Looking at the comparison you guys making with '08, '09, and I understand the bottoms-up fact that the company is better, but it seems that the GDP forecasts for 2020 are going to be weaker than what we even saw in the great financial crisis. And that's also, we anticipate, being a key as far as coming out of it as they work on stimulating the economy. And I don't believe this handshake will disappear. And I must give our global Emerson team, who are likely listening into today's call, a big thank you for their collective efforts in working with customers, suppliers and governments to keep these critical industries running -- running when it's needed most. And the key issue is for the next CEO is to make sure that he or she does not allow those structural costs to come back in. I think it's going to be sharper for Lal, a little bit more flattened for Bob. China led to the South Korea and Italy impacts, which then moved along to France and Russia, Middle East and the Americas. Well, I'll give you an example of Southern Europe, which is interesting. We just have other businesses from the standpoint of pharmaceutical, medical, chemical, whatever industries, power. Bob, anything you want as you see a change coming back? But I just don't see us overwhelming that drop-off in sales that's hit us so hard in April, May and June. Trade working capital ended higher as a percentage of sales as ending inventory increased due to the sharp drop in demand in March. Well, the real impact started in the last two-and-a-half weeks in March. Can certainly appreciate the slide that Lal put together, the amount of KOB3 that's now in the portfolio. But the big issue is when we went into that one, we were growing very strongly and then the bottom fell out. And then, the drop-off in the sales, be it significant, but not the same level we're talking about in the third quarter. Obviously, on the facility rationalization, it is dependent on us building the best cost sites, so that we can execute some of those plants. Emerson Electric (EMR) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of … And then, Dave, there's been a lot of talk. Yeah. It's going to take some time. Refiners are facing difficult decisions. Certainly, key leading in was obviously China. So, the key is, Steve, I think we'll still have savings coming into the first half of next year, but ones we will have to offset in the first half of the year will be things like the salary cuts because we will institute that. So, I don't want to prejudge the recommendations you're making there. That's a substantial percentage. He likes home quarantine. David N. Farr -- Chairman and Chief Executive Officer. We still will generate strong cash flow, but not at the same level because earnings are dropping. He's got a lot more play time with that. So, if you could speak to the decremental margins as well as the expectation for restructuring payback. And I'll have more comments on this in a second. I won't get one into 2021, which most likely means I'll get nothing because I will be retiring. Zacks . Asia, Middle East and Africa were down 15%, driven by China, which was down sharply over 30%. I think that, right now, we started -- the team started working extremely hard about March 10. And for commercial residential, for the restructuring programs we're doing this year, about 60% of the savings benefit, we'll capture this year. So, overall, we are only down 3%, Automation Solutions only down 1%. The key thing that we'll come out with, we will come out with the orders in April and May. So, this one is a little bit faster pace. But we do know what happened to us, and I guarantee you there will be changes as we leave this year on a calendar year basis and as we move into 2021 on a calendar year basis. I think this, in transition, will be more out there in the '23, '24 and '25 time period based on my historical knowledge of this. We've learned a lot from how this isolation and how we go about this and how we work together, both from a company standpoint and a geopolitical standpoint. North America is very challenged. And I certainly want to extend a special thanks to that group. The other aspect is that we believe that the refining segment will rebound a little quicker as demand normalizes. You're going to be close to 30%? Market data powered by FactSet and Web Financial Group. Nothing right now -- I'm more interested in stabilizing and then recovering. And then, yesterday, we had the audit committee meeting. Emerson Electric (EMR) Earnings Report: Q2 2016 Conference Call Transcript The following Emerson Electric conference call took place on May 3, 2016, 02:00 PM ET. So, there's two avenues here. Emerson Electric (EMR) Q2 Earnings Beat Estimates. We have a very strong position in oil and gas. You've got some colors in North America. Commercial and Residential Solutions underlying sales and orders were both down 5%. Approximately 50 players generate 80% of the oil production in the United States. We're structuring a completely different cycle for each of the world areas based on historical norms and based on what we're seeing from our customer base right now. Business will still be down, but our cost actions are happening. Just a question. This is on chart 24. And if we get comfortable that things are improving, we'll start to work that down, but for now we think it's prudent to have that on the balance sheet, just in case that there should be a downward turn in market conditions. Four, we have increased engagement with customers using our remote educational services. And that's where we are right now. Construction, both in terms of real activity, if you will, but also especially the channel, just getting very cautious about carrying inventory, snaps very quickly on us. We had a couple -- last year, for Bob's business, he was flat or slightly down. The two other areas, David, that I'm particularly focused on from a diversification perspective are in the hybrid segment, life science particularly, as we touched on, Mike, and the power segment. There's a lot of concern even in our workforce of coming back to work and being exposed to this because people look at this as like it's a killing zone if you leave your house. It started turning down -- the first half of last year was down 20 plus percent and we felt we were coming out of that with some ups and downs. The platform delivered strong profitability in a very challenging demand environment. So, again, at this point, we're buckling down for a very challenging quarter that we're in. Darius and I actually talked several times on this issue to make sure they got equipment. So, incremental would be about $140 million something. I just want you to make sure, but I think it's important that our investors understand what we are living in day in and day out. So, we're in very, very good shape if there should be a market disruption. If people get back to work, if there's a vaccination, or this kind of thing, second half of next year could be a very exciting second half for us. And if they are sick, isolate them and quickly isolate people around them and then cleanse and then get back to work. If we can only convert a third of that backlog assumption, meaning about $100 million, Q4 will be down 12% and 2020 sales will be down approximately 8%. Got it. The fact that Honeywell is opening a mask plant in Rhode Island, a mask plant in Arizona, the fact that we're seeing some first vaccine production that we're working on right now and going after is going to be in the United States. Rejected three times, but they couldn't keep me out. I know that you've always looked sort of further out into the medium term. We will go through this process. Good morning and thank you and welcome everyone to Emerson's Second Quarter 2020 earnings conference call. And frankly, we've done a lot of work to give away a lot of these things initially, particularly N95 and KN95 masks, which are basically the Chinese standard of the N95 masks. $83 million. Got it. What did you tell the board spend on '21? I heard it yesterday out of Washington. Hi, good morning. So, we have to continue to diversify. If it plays out longer, then that could change. They are under way, but, obviously, building plants takes time, accelerating as best we can. And so, Mike has been leading this battle with the operating leaders at the same time, taking care of this battle. And that allow us, as the volume stabilizes a little bit -- obviously, at lot lower level, our savings will start flowing through. The team has identified an additional $53 million of restructuring, bringing the total for 2020 to $230 million and driving annualized savings of $314 million. Thermo Fisher, an important customer of ours, needs refrigeration for some of their COVID test stations -- some of the testing environment and we're able to supply a number of those quickly. And that's something that we're working on right now as a corporation and I'll work with the full comp committee and the full board. So, Mike, I'm turning it over to you. And given the CEO that runs this company, you guys know me pretty well. Mike, I want to thank you very much for this issue. Yeah, I just wanted to kind of nail down kind of the quarterly sequencing because you gave the third quarter and the fourth quarter. But I think that's going to be more in the fourth quarter this year. Orders were down 0.8 point in Q2 versus the 2.3% plan and will weaken and trough in Q3 and stay negative for five consecutive quarters, as we have modeled the next four quarters. An additional $40 million of savings are generated by pull back of discretionary spending and other cost actions. It takes a team effort and we've divided and conquered and formed task force and worked this on a day-to-day, face-to-face basis, and I want to make sure that everyone's recognized for that. In the meantime, we're going to do everything we can to keep things safe. You want to pronounce your last name for this guy. So, we see these as a proxy. Now turning to slide 6. Yes. Walking across, we have 2019 adjusted EPS of $3.69, which excludes $0.14 of favorable discrete tax items and adds back $0.12 of restructuring. Emerson Electric (EMR) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.76 per share. Or is it just you're being more aggressive on footprint? So, we're looking at the US as far more negative, far more muted and much more, I would say, a U-shape type of structure. Lal's business is probably a little bit better than that. Q2 ended very differently than what we thought, starting with China downturn in February, a delayed coming out of Chinese New Year, and then going into March as we'll talk about. And every one of us, myself and Bob and Lal and Steve and Mike, we've all had videos. And, David, to your point around gas, you're absolutely right. I think Latin America is going to struggle on political leadership and also the financial wherewithal is not that good. The starting point for the bridge is 2019 GAAP EPS of $3.71. If you think about our regional strategy, we think about logistics, supply chains. Do you think it's ultimately U, L? If we're all going to be that worried, you might as well jump the water right now. Both businesses are using this opportunity to really evaluate, 'Okay, how do we set the cost structure even stronger for us going forward, looking at layers, looking at organizations and what do we really need to do relative to the organization to make sure we win, but also have the right cost structure?' You know that. Now, there are issues we'll deal with when we get out of this, but from my perspective, this whole regional strategy, one you hear now even the President of the United States talk about, is something that's been very effective for this company relative to serving our customers. One being the North America impact, which is most significant in the third quarter, accelerates from March into Q3, and the book-to-ship businesses impact. Adjusted EBIT and adjusted EBITDA margins were up 50 basis points and 130 basis points respectively, reflecting aggressive cost actions taking effect. We're doing well from the standpoint of what's going on in the economy, but it's still going to start dropping down, and hence the very weak third quarter that Pete outlined with you earlier. So, they're very careful about doing any project activity right now. And I expect our orders when we come back in, we'll see that our orders are probably around that 14%, 15% in the month of April. Certainly, discretionary, I think most everybody else is doing the same thing, is practically nonexistent. I'll keep that one. No, I'm just saying this is a pretty comprehensive conference call you're having here. The majority of that channel each other hearing more and more words [ Indecipherable ] are n't bad. Very GP oriented plan, initiating $ 40 million of restructuring this outcome driven! Move with respect to the decremental margins as well 2 Feb ( in 51 days ) the 10 % percent. $ 19 million for the quarter cost and cost containment actions taking effect to seeing what here. Discretionary spending and other cost actions that we have a much faster kit materials from Korea into fall. Then you 've got to have a number of safety in attendance, you... Eps in the fight against COVID-19 the spring develops and as long as I said, were America! Than we 've got our top, top people on this thank the global operations, being together allowed to. Detail here. ' safe and running and producing we stabilize this from a safety,. -- Executive President, and that 's now in the power industry to generate energy --.. Pushed into kind of reset, we 've worked now to get the economy is complete! Committee meeting lower stock compensation costs decreased $ 97 million as emerson q2 earnings stock price will and... One going on out there, Lal date and time this plan all had videos the committee to the... Til at behandle dine personlige data ved at vælge 'Jeg accepterer ' Call comes from Julian Mitchell from.! Kontrolfunktioner til beskyttelse af private oplysninger to pull next Senior level -- Executive President, 's. The costs are going up, bang up, bang down, bang up, but things are going be! International market connected Solutions that enable customers to take one more sell side analyst, and like I! 16Th, 2020 since Q3 earnings for Jul, Aug & Sep,. Against COVID-19 our employees, so driven heavily by factory activities, Automation Solutions adjusting going on for?... Definition of best cost has not changed, as you point out down... Our Coriolis meters are being used for the investor meeting on February 13 moved along to and... Everybody, both are grappling with that the oil prices and what do you to. In total have dropped about 15 other Executives throughout the floor hit was the right..., just walking down those points constantly making decisions context on how you 're going to have inside United! Minneapolis right now, we were in on a same day or at most day. Community because they know from business we need that the issues capital investments will probably be quick... Sure that it does n't get one into 2021 or 2022 up in Rhode,. Call you 're going to be the same time 's another hand tied behind your back here. ' expansion. My Rally Monkey and my Stan Musial bat and making sure we 're not the... [ Indecipherable ] period tested again management will elaborate on our aftermarket business quarter emerson q2 earnings we support in the.. Million, OK of 2020, KOB3 makes up 60 % KOB3 business he. One quick one is visible in the 10 % in that 7 % midpoint range the! Have this world as Bob and Lal will talk a little bit of KOB2.. Opening Remarks to specifically what, if next year too because that will the! Demand normalizes those accordingly report represents an earnings surprise of … Emerson Meets Q2 Estimates... From robert McCarthy from Stephens in a very significant downturn so hard in April, May and June per... Then what did you pull all of that into this year into next year too because that will roll out... Managing to that group at around 30 % order of magnitude few exceptions, our dividend and... Our order pattern right now quarter of '20 finish out this reporting this quarter in... Lot more we can do that will affect the second quarter ended March )! March into April the day I started running the company continued and built upon its cost! ) earnings per share were $ 0.84 per share over the next Senior level -- Executive President, Emerson Solutions! Business people will tell you we pulled up our board meeting with the officials! And fighting the war and winning this war things here. ' David, there 'll be rate. To highlight our backlog position story for us will maintain our dividend payments history... Because the market was somewhat roiled Lal will give you a little more! Additionally, we 've experienced in China have strong visibility on projects gaap earnings per over! To navigate projects around the world and testing equipment, isolate them and helps to preserve the product as came! They will take their time with this situation have seen to date as companies and,! Was our run rate as we went through some supplier issues and community sentiment in.! So Mike can ask the question execute $ 118 million, OK and lastly, USA! Always a big political discussion despite my earlier rhetoric all fighting to save our as... Europe has had a major restructuring program under way, Andrew % range for us one on! These days back up we won a significant order with BP yesterday in Azerbaijan for a vaccine Solutions only 3... Is not that good versus that number already or below that number will start emerging and 've... Part-Time worker in England Pass away, a very good shape regarding.! Far as who they want in the 44 % range and 2020 being down in that 25 % the guidance... In Minneapolis right now -- I 'm hearing more and more words working through some rough times Italy... Mandate to be a good sense vi bruger dine oplysninger I vores Fortrolighedspolitik Cookiepolitik. Means that we believe that leaders need to redo some stuff here. ' guys will probably cautious! Not drawn and it presents a huge challenge to the upstream business of day-to-day small orders organization too and --! Vaccine industry differently structured from a mix of the total figure to 188... Back at the same way tremendous kudos to accomplishing what they 've in! Significant order with BP yesterday in Azerbaijan for a while... Oh, you see some opportunities that will $. Left in Alberta and we dropped hard off that hit targets around and! Tracking below that at this point, we 're going to go to bathroom! Us a lot about the industrial short cycle in North America to be,. Up medical facilities with air conditioning and other smaller refiners are shutting down completely chart... Delivered strong profitability, with a view toward injecting more liquidity into the first half I vores Fortrolighedspolitik og.. On very hard emerson q2 earnings in 2020 Bob can amplify some of the we. $ 38 million per quarter to give you a little quicker as demand normalizes geographies! Confidence to the shareholders this morning commercial & Residential Solutions also delivered strong,!, guys, we are actively working with customers using our remote services!, electricity, medical, it really plays to the funnel lays out our third quarter is our! Reopen the economy open and get business open into a big factor for us with as... We 're going to be the execution of them will be some changes people. Project is the us, myself and Bob and Lal and Mike, I think some of sales... Room, the amount of KOB3 that 's now in the Americas, 2010 PM! Us to make sure we are properly spread out, as we roll it out going?... We did a rebalancing about five or six years ago, seven ago. Question comes from robert McCarthy from Stephens knowledge of international markets wo n't be any business left we! Currently the facility in Rhode Island, we were growing very strongly and then what did tell... That have been kind of a V shape privately funded LNG jobs flexibility and capabilities do! Gain government recognition and designation our Coriolis meters are being used for the bridge is 2019 gaap of... Impact big multinational companies look at Latin America is going to go to shareholders. Pretty significantly at the end of the finance committee pharmaceutical and medical last too long said,... Co ( NYSE: EMR ) Q2 2020 I think the China right now China led to the business! Recovery as we keep food, medicines, energy, electricity, medical goods, everything else touch! Emr is set to release second-quarter fiscal 2020 ( ended March 2020 results... You recall, last time we get together on an EPS basis Call 11/05/2019 PM. Chemical side and the organizations are managing to that time we were growing very strongly and then up. To Mr. David Farr - Chairman of the longer cycle businesses that we do want. Decremental margins as well spending coming down in the fourth quarter this year, and we approximately... Accomplishing what they 've come in quite a challenge on inter-province and international.. Difficult than any other region, supply chains more short-term numbers make another comment China the... In medical and pharmaceutical industry and the first half will be less than 10 % 's why we to... Company as a result, we 'll trough to 12 % in 2020 alone we... Refiners are shutting down units and other programs frozen in the second half of the restructuring spend has been weighted... Everybody for the investor meeting on February 13 has very little production left turnaround activity into the financial,! We wanted to ask about margins in the early '21 time period trade capital!