VMI
#<UNK>, this is <UNK>.
I would say you're correct in concluding that utility and ESS are going to provide the lion's share of the sales growth.
And I think the indication is that irrigation is going to be on the whole similar to last year.
And then in coatings, we believe we'll get some growth, plus on top of that we'll have a full-year impact of the Texas facility which started up late last year and didn't really contribute much to the top line.
And then Energy and Mining would be relatively flat compared to what we saw in 2016.
So I think as far as ---+ there really isn't ---+ we haven't provided a specific breakout as far as pricings.
There's certainly some pricing baked into that 5% sales growth, but, and it varies a little bit by segment.
But I'd say the majority of it is expected to be volume-related revenue growth.
Yes, I would say more or less that would be the case.
If you look at overall expected economic growth in the US, that should rise on the whole, coatings sales.
It depends a little about an individual sector's, but I think that's a fair assumption.
<UNK>, we haven't gotten into that level of detail as far as profitability by segment.
But certainly, if you think about what <UNK>'s comments were regarding lead times and utility in the pipeline and the orders and so forth, we're expecting to continue and the operational [objectives] as well to continue to grow on the utility side of it.
Right.
Yes, you are right.
I mean one of the things we ---+ a couple things we saw particularly in the back end of the year after Brexit was a pretty significant decrease in the discount rates, the AA corporate-bond rates which really drives much of pension valuation.
Because as those rates go down, all the future payments end up being amounting to more money because they're discounted at lower rates.
So you saw we had an increase in our pension liability, but it's important to understand that this plan is a dormant plan.
So all of the members of the plan are either retirees that are drawing a pension today or they're deferred members, so there's no actives in there.
So in that sense, it's got a little different risk profile to it as well as time goes on.
We'll see some valuation bounce around with respect to ---+ just because of how discount rates work, but the asset portfolio did quite well in 2016 and it helped to mitigate some of the effects of the discount rate effect.
But I think we're ---+ we work closely with the pension trustee board and it's just something we have to manage over time and we feel over the long term it won't be a big material impact to us as this all unwinds, but it's a pretty volatile environment right now.
I would say <UNK>, that it's relatively small related to that as well.
Where we're going to continue to be opportunistic, where we can, so we're not building in a lot of activity on share repurchase for 2017, but that remains to be seen depending on what happens with the market.
Thank you Kayla.
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