Benjamin Theurer: Okay, perfect. And then just coming back quickly on the capital allocation side. Just as we think about it, you talked about the buybacks to be opportunistic, obviously and accelerating here when prices are lower and dividends to be sustained. Now if we think about the projects that you have pending and you have obviously the Waggaman cost next year and then roughly $450 million to $500 million in CapEx, but it still leaves a very substantial amount for excess cash, so if it’s not buybacks because you don’t think price is low enough to aggregate the value, how do you think about inorganic growth opportunities similar to Waggaman? Are there any things you’re looking at? Do you feel there is meat of doing something? Or with the projects you have on decarbonization and clean energy, plenty of CapEx to be spent on anyway?
Tony Will: Well, we don’t really think about it in terms of trying to look for a home on how to spend capital. We haven’t opened $3 billion share repurchase authorization that runs through the end of 2025. And our expectation is that we are going to complete that program. And historically, we tend to complete those ahead of schedule in terms of when they expire. So I’m not worried about the pacing or the timing of getting out there and repurchasing that volume of shares. We’re just trying to get the most bang for our buck when we go do it. We do have an awful lot of interesting potential growth opportunities that we’re evaluating, but we evaluate them very rigorously in a disciplined approach and we do keep our eye on inorganic growth as a possibility and we were very pleased with the Waggaman acquisition.
We think that will create a lot of value for us and we’re excited about it. But those things tend to be fairly sporadic as opposed to consistently available. They also tend to be fairly large bites when they do come out just because the replacement cost is so high for existing assets. So we’re evaluating all of those things, but I’m not worried about our ability to buy the $3 billion of share repo back.
Benjamin Theurer: Okay, thank you.
Operator: [Operator Instructions] Our next question will come from Vincent Andrews with Morgan Stanley. Please go ahead.
Vincent Andrews: Thanks. Hopefully, you didn’t get to this to hop off for a moment. But Bert, could you talk a little bit about where you think U.S. dealer inventories are going to end this Fall season or customers behaving a little bit more normal now? Or are they still looking to have empty bins where is sentiment?
Bert Frost: I think sentiment is positive. We’ve seen this actually on a global basis, I can take it back to North America, but the increases in and pull from places like Turkey and importing countries has been remarkable compared to 2022. And North America is similar. You’re right, the buying behavior from 2022 was basically a risk off, prices were falling and inventory built with the producer until prices came to an attractive level in the Spring of 2023. We’re seeing the opposite effect for this fertilizer year, which began in July of healthy demand, healthy pull for our fill programs and fall application of ammonia program. We actually think inventories trending into 2024 fertilizer year were low based on acreage consumption and then just actual demand and our channel checks.
And we think they still remain lower than normal and we think a lot of buying is still to take place. Even with the lower import levels, the November lineup for urea is still fairly weak as with December. So I think that will have to be made up in Q1 and Q2 and so we’re — that’s why I think you can view from our comments, we’re constructurally [ph] positive of what will take place in North America relative to demand and pricing. So I think behavior is back to normal.
Vincent Andrews: I’ll leave it there. Thanks guys.
Operator: Ladies and gentlemen, this will conclude our question-and-answer session. I’d like to turn the call back over to Martin Jarosick for any closing remarks.
Martin Jarosick: Thanks, everyone for joining us today. We look forward to seeing you at upcoming conferences.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.
