Tom Salmon: Thanks.
Operator: Our next question comes from the line of Adam Josephson with KeyBanc Capital Markets. Your line is now open.
Adam Josephson: Tom and Mark thanks very much for taking my questions. Mark, I think you mentioned you’re thinking EBITDA will be a similar split, first half versus second half, as it was in fiscal 2022 call it 48-52. Just want to confirm that. And it just €“ it sounds like volume you’re thinking will get better throughout the year. And I would think currency would be a bigger drag in the first half that perhaps, it would be more heavily weighted to the fiscal second half unless price cost will be a bigger benefit in the first half. So can you just help me with those how you’re thinking about those components, Mark?
Mark Miles: Yes. No, I think, Adam the way you laid it out, was accurate. I would say to the extent, to your point to the extent demand does not improve, we’re fully prepared, and we’ll take the appropriate cost actions to achieve the earnings outlook for the company. With respect to FX, we haven’t made any assumption changes there. We just assumed flat over the course of the year. So to your point in the front half, it will have a bigger headwind than the back half as the dollar strengthened over the course of fiscal 2022.
Adam Josephson: I appreciate that, Mark. And just one other one. It seems like, you’ll pay out the vast majority of your cash flow in the form of buybacks and dividends next year. And then, you’ve got I think $800 million of notes coming up in February of 2024. To the extent that you’re planning on refinancing those, can you give us just some sense of €“ I think you’re paying 1% on those? At current rates, what you might refinance those at. I’m just wondering how much higher your interest rate is likely to be on those notes?
Mark Miles: Sure. Yeah. I mean, in 2022 obviously, we were real pleased that we were able to return $700 million of capital as well as de-lever the company. So we’ll see how 2023 plays out, but we’ve certainly proven that we can do both. With respect to capital markets and refinancing, our debt I think today’s rates you can go check me on this, but I think it would be in the 6% to 7%, depending on the tenor of the note, but I think looking at something in the seven to eight year would be somewhere in that 6% to 7% coupon.
Adam Josephson: Thanks so much, Mark.
Mark Miles: You’re welcome.
Operator: Our next question comes from the line of Jeff Zekauskas with JPMorgan. Your line is now open.
Jeff Zekauskas : Thanks very much. In the cash flow statement, there was a $200 million benefit from the settlement of derivatives. What is that? And what would be the number for next year if there is one?
Mark Miles: Sure. Yeah. Thanks for the question. As we’ve talked about, we have a number of levers available to the company. We look at the cost, benefit of each of those levers and can we redeploy capital. Our derivative portfolio is one of those levers similar to other working capital levers we have such as discounted terms with customers and suppliers. And so, just depending on market, conditions those opportunities have different considerations that you evaluate. And last year thanks to growing interest rates that presented an opportunity that was more attractive than some of our other opportunities. So, hard for me to predict what the markets will do in 2023 but again, the company has many levers to deliver consistent cash flow and mitigate the impact of different items such as inflation on its cash flows. My base case assumption would be zero to answer your question, but we’ll see how the year plays out.
