David Silver: Yes. And as you answered earlier, I mean there tends to be a bit of a crazy quilt of trade restrictions and whatnot that go both ways, which kind of complicates this more, complicates the analysis, but no thank you for that. Erin, big picture question here. So I’ll preface my remarks by saying I’m not a professional economist, but I’ve been a careful observer for a long time. And I would just again stipulate this is kind of two faced or a schizophrenic economy that industrial economy that we’re in that I haven’t really, I have a tough time finding a comparison just with the puts and takes as I look around. But in your opinion is the United States now in an industrial recession? In other words are the negatives broad enough that they’re outweighing the positives that are out there? And if so, how does that change how you operate maybe tactically over the next few quarters?
Erin Kane: Sure. Well I mean, as you point out there is data that underpins the backdrop of the macro environment that we are operating in. We are in the business of producing great chemistries and essential chemistries that are used on the value chain for consumer goods and essential products, right that impact millions around the world. But the reality is you’ve got S&P Global manufacturing PMI that is contracted for 11 months in a row. You have U.S. manufacturing PMI as of July that is contracted for nine straight months in a row. The evidence of destocking, reduction of global operating rates I think is certainly strong indication of the dynamic that you are suggesting. And as I pointed out we’ve been here before. This is a business that we have continued to focus on the core first principles and in environments like this, our cost advantage business model and efficiency comes into play.
We are fortunate that we are able to run disproportionately higher utilization rates accordingly. So that supports our through cycle profitability and we continue as you know to focus on the areas of opportunity to expand the underlying earnings of this business through smart capital investments, through our bolt-ons on M&A. And our effectively our cost focus as well will need to come into play if this is to continue to be extended. But certainly this is not something that’s just happening. This is a dynamic that has been progressing now for in some aspects of our business for the better part of the year.
David Silver: Okay, great. I really appreciate your thoughts on that. Thank you.
Erin Kane: Sure.
Operator: Thank you. This concludes our question-and-answer session. I would like now to turn the conference back over to Erin Kane for any closing remarks.
Erin Kane: Thank you all again for your time and interest this morning. Despite the dynamic set of industry conditions and a record comparison in the prior year, we are proud that we delivered solid earnings and cash flow results in the second quarter of 2023. Our results once again demonstrated the strength of our business model and our position as a diversified chemistry company. While there are puts and takes across our end markets and broader macro uncertainty, we are focused on executing what is in our control, including our rigorous commitment to operational excellence, continuous enhancement of our long-term growth capabilities and making smart and disciplined capital deployment decisions to drive higher returns. With that, we look forward to speaking with you again next quarter. Stay safe and be well.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
