Patrick Baumann

It doesn't sound like it's a capacity constraint issue as to why you're not increasing that. So is it just like lead times of when these orders are being booked?

when I run the math on the implication for the price that you're putting through on RLC, assuming it's kind of there, it's like a high single-digit percent increase

generally, looking historically, the first quarter orders convert at a similar level into second quarter sales. So I guess I'm just trying to get a sense on how to think about that $2.5 billion in ...

price expectations for the year now, based on what you're seeing from a commodities cost inflation perspective, do you still expect to be a kind of 1.5% to 2%?

the commentary you made on March and April being better and then the incremental pricing you put through in April

Has enough changed to alter your thinking there?

Did you observe any noncompliance in the industry that would impact market dynamics in fasteners

how does price/cost look in that relative to the way you're thinking about it?

What is embedded now for the guide for the year in terms of market outlook and for price?

is all of that decline coming from gross margin sequentially? Could you bridge the drivers between seasonal versus the private label costs, fuel costs, or meeting timing?

What do you estimate the MRO market volume did in the third quarter

Can you size that? I assume that's incremental to that 80 to 90 basis points

do you think 2026 will be a year of gross margin expansion back to that 39% level just based on all those things

whether you've seen contract cancellations at all impact your business there and whether you've been able to backfill

is there a rule of thumb or an average where your private label competes with a branded product? Like what percent discount in price

if you could update us on your global sourcing mix by some of the key regions, maybe China, Mexico, Canada

is it similar for Grainger where you need a high single-digit top line to get the high teens incrementals that you need to expand your margins

Does it go from like, I don't know, low single-digit organic volume growth in the third quarter to something in the double digits in the fourth quarter year-over-year?

I'm just backing into a margin guide for the year expansion of 50 basis points. Is that in the ballpark?

wondering if you could give any context on where you think margins in that area can get to in the second half and then longer term, what the vision is

can you quantify the shape in terms of the percentage you expect to deliver over the next 12 months

this amort coming down this year, can you just talk about the drivers? And is that related to this $400 million restructuring charge

what would you expect for the first quarter? Will you be up despite the tough comp?

tie the inventory being normal comment with like the growth that we're seeing on the balance sheet year-over-year. I know some of that's acquisitions

Can you give any context on the 9% in the first quarter, how much came from price versus mix

Just wanted to get some more clarity on the margin you expect there in the second quarter and then for the year

Did I hear you say you are going to do additional share repurchases this year? Is that embedded in guidance, or did I mishear that?

What is embedded in your new guide of 1% to 3% for the segment for industry sell-through?

from first quarter reported to the second quarter guidance, looks like the incremental margin is kind of in the low [ 20s ]