Rafe Jadrosich: Thank you. That’s helpful. And then just as you think about the SG&A outlook, sort of longer term, you do have some longer-term initiatives that you’re investing in, and then obviously more cautious on the near-term. If volume stays under pressure, kind of going into 2024, or office stays, sort of weak. Would you look at pulling back on some of those SG&A investments? Just how do you think about the level of investment going, kind of over the long-term relative to the market condition?
Vic Grizzle: Yes. Let me take that. I think, Rafe, the way we would think about this is, kind of how we thought about it coming into this year. If the market opportunity environment is challenging, then we’ll be looking at the rate and pace of our investments. And we talk about the investments themselves, but there’s another part of this, which is making room in the organization for these new investments. We’re very encouraged by the results that we’re getting from these investments, which is why we’re continuing those investments in the face of another downturn. The challenge is making room for those investments to continue those investments in other parts of the organization. That’s the work that we did in January. And again, given the hypothetical situation, you outlined for 2024, I think we would run a very similar play.
We’d be looking at the rate and pace of SG&A overall. But how do we maintain the investments to keep our longer-term growth initiatives moving forward.
Rafe Jadrosich: Very clear. Thank you.
Operator: Thank you. Our next question comes from Joe Ahlersmeyer with Deutsche Bank. You may proceed.
Joe Ahlersmeyer: Yes. Thanks everybody, good morning.
Vic Grizzle: Good morning.
Joe Ahlersmeyer: I don’t know that you guys having to explain the volume comps, and I heard that pretty loud and clear that I think you said was going to say on that. But I have some questions about the SG&A following up from earlier questions here. I hear you on the investments. I hear you on the productivity. Is there a third component that we need to be thinking about into next year, which is, one, lapping sort of the release of the incentive accruals from 3Q of 2022. I just want to make sure we have that correct. And then as we rebase here with a new plan for incentives, an unfavorable number for the full-year that you’d like to quantify on incentives?
Chris Calzaretta: Yes. I think €“ hey, Joe, it’s Chris. I think you’re thinking about that the right way. I’ll stop short of quantifying it, but that’s certainly included in the overall, call it, SG&A step-up, coupled with an inflationary assumption there on wages, et cetera, that goes into that step-up for SG&A.
Joe Ahlersmeyer: Okay. That’s helpful. And when I look at your contributing factors to the EBITDA bridge, you have volume and manufacturing, the volume number seems to imply in, sort of the quarters where you have down volumes that under absorption is included in that number? And then on the manufacturing line, that’s where you would get more specific on productivity with what’s remaining on the production levels. Is that right for 2023, such that if I’m putting a higher decremental on your volume, you might still have positive productivity because the under absorbed costs are actually in the volume line?
Vic Grizzle: Yes. That’s right. So, going back kind of to the bridge, any productivity you’d see in that manufacturing line in that table, that’s the right way to think about it. That’s where it would fall out.
Joe Ahlersmeyer: Is there a number on the manufacturing that you’re targeting for 2023?
Vic Grizzle: Yes, there is. And we spend public around what that productivity number is, and it’s about 3% of adjusted COGS and that’s, kind of how we’ve historically been targeting and delivering against manufacturing productivity Mineral Fiber side.
Joe Ahlersmeyer: Alright, great. Thanks a lot.
