Billy Gifford: Yeah. I understand the theory that you have regarding that. I think when you look at the science, you look at the trends and you look at the fact they’ve even what’s taken place to date related to GLP-1 drugs we see no indication of that. We’ll certainly continue to monitor, but we don’t see any indication.
Gaurav Jain: Sure. And then a final question is around the menthol cigarette rule-making process. What should we expect from here on in terms of time lines?
Billy Gifford: Yeah. I think you saw that — it went to the OMB, the Office of Management Budget on October 13, it sits with them. The FDA has announced publicly that they anticipate issuing that by the end of the year, but I think it remains to be seen when that will be issued. So from that standpoint, really you’ve seen our comments on menthol. We don’t think it’s based on — or supported by science and evidence. And so if it’s issued, I think you could anticipate potential legal challenges from the industry.
Gaurav Jain: Sure. Thank you so much.
Billy Gifford: Thank you.
Operator: Thank you. We’ll take our next question from Priya [indiscernible] with Barclays. Please go ahead.
Unidentified Analyst: Hi, thank you for taking our questions. This is Argus [ph] in for Priya. We saw that you just filed your updated shelf. How are you thinking about entering the January maturity in light of the current market backdrop? Thank you.
Sal Mancuso: Yeah. As you think about debt coming due in maturities, we’ve done a really nice job, I believe, the treasury department in managing our debt portfolio and the maturity towers. So they do a fantastic job of monitoring the market. I think we have flexibility on how we handle that. And so I really have nothing else to report at this time regarding our maturities early next year.
Unidentified Analyst: Thank you.
Operator: Thank you. We will take our next question from Jacob de Klerk with Redburn Atlantic. Jacob, your line is open. Please check your mute function. All right. We will continue on with Steve Marascia with Capital Securities Management. Please go ahead.
Steven Marascia: Thank you. Good morning, gentlemen. Just sort of a follow-up. Looking at your consolidated statement of earnings, you guys reported interest and debt expense about $272 million. Given the current ongoing in the treasury department rise in rates, is — do you anticipate that number remaining level? Or should we expect some type of bump up? And if so, any idea in terms of bump up towards what?
Sal Mancuso: Yeah. We provide a guidance or an estimate on our depreciation and amortization. It’s about $280 million for the year. You are right to point out that there are higher levels of interest rates in the capital — in the debt market. But again, we believe we have appropriate flexibility as we think about refinancing or paying down debt in the future. We’ve also provided our debt to EBITDA corporate goals, if you will, our targets, and it could fluctuate a little bit over time depending on corporate needs and things like that. So we’ve dealt with high interest markets in the past. They are higher than what we’ve seen in recent past, but in the recent past. But again, we have strong cash generation by our operating companies and we have really good flexibility as we think about managing our maturities.
Steven Marascia: Thank you.
Sal Mancuso: Sure.
Operator: [Operator Instructions] We will take our next question from Jacob De Klerk with Redburn Atlantic. Please go ahead.
Jacob De Klerk: Guys, can you hear me now?
Billy Gifford: Yes, we can hear you.
Jacob De Klerk: Perfect. I just have a quick question on NJOY. If all of the brands are not allowed in flavors including menthol, do you think there’s so enough demand for tobacco flow-base over a profitable business in the US going forward?
