José Almeida: Yes. I just want to complement that we’re planning for double-digit R&D increase in 2023 versus 2022. And we’re going to do — no, probably this cadence year-over-year. We found some debt in the Hillrom portfolio, primarily parts in Connected Care will receive a significant portion of our increase in research and development. This is one of the things that we discussed in the thesis of the separation but KidneyCo was the ability to allocate capital to the right places. So if you look forward to Baxter will be significant investment in connected devices as well as smart devices. So, you look at continuation once we get through the large volume rental pump approval is the next generation of integration of the pump and safety software.
And you’ll see us in Q3 launching the progressive FLOSEAL, really making solid our position in terms of market leader in beds. So there’s quite a bit of change in how we’ve seen R&D. We think innovations a path forward to Baxter. And the way to do it is actually to do what we’re doing in ’23 and allocating dollars on a double-digit growth to that line.
Matthew Mishan: Okay. And then if I heard you right, I think you said a 22% tax rate for 2023. What’s changing there? And then is that the go-forward tax rate for the core Baxter moving forward?
James Saccaro: Sure. We did have some onetime and planning benefits accrued to 2022. And then as we look at 2023, we included things like sort of modified assumptions related to FAS 123R benefits, among other things. And so it’s hard to say what to go-forward is beyond 2023. I think we’ve got it correctly pegged. We’ll — the tax team is hard at work and I know many of them, coming to this call, looking at planning ideas for 2022. But as we look beyond that, so much of this will depend on the setup of the 2 new companies that it’s very challenging for me to comment specifically in this forum around the tax rates for the 2 companies but 22% is a good number for this year.
Operator: We’ll take our next question from Matt Miksic at Barclays.
Matt Miksic: I wanted to just follow up on where things stand with the integration and sort of synergies for Hillrom. Maybe Jay, if you could talk a little bit about how some of the inflationary pressures, energy costs, et cetera, have weighed on that business? And whether this sort of change in componentry and supply chain is something that you expect to kind of be able to sustain here in the first half? Or is that still sort of choppy? And then I have one follow-up.
James Saccaro: Sure. So from an integration standpoint, I would say, overall, the integration is going very well. We had a disruption last year and that disruption has continued all the way through today. In terms of electromechanic component availability, the ability to procure at reasonable prices, all of those things has been very disruptive to the initial stages of the Hillrom acquisition. But having said that, we’re very pleased with where we currently sit and the path forward. I commented moments ago, flat growth last year, largely driven by supply constraints. Ex-supply constraints, we would have seen nice mid-single-digit growth. We start to see some of that normalize but we do see residual impacts from supply chain into 2023.
