Tami Zakaria: Hi, good morning. Thank you so much. So, just to get some color on the volume expectation of low single-digit, is that higher for AG, call it mid single-digit, but negative for Construction, so that nets out to a low single-digit growth for the overall company. Is that how we should be thinking about it?
Scott Wine: No, it’s actually — the Construction business and backlog is quite good. Despite a difficult overall environment, we had so many limitations last year in our ability to produce, that that business is actually reasonably good. So, both businesses will have positive volume in 2023.
Tami Zakaria: Got it, that’s super-helpful. And then second question, what kind of incremental margin should we expect in AG and Construction segment this year?
Oddone Incisa: I will go to the — I mean, in line with what the kind of incremental margins that we have had over time, and no big difference from that. Probably a little bit more on Construction because we have — Construction was more affected by some of the cost headwinds this year, but for AG, I will use — it would be pretty much in line what we have had in the past.
Tami Zakaria: Got it. Thank you so much.
Operator: And our next question comes from Mig Dobre from Baird. Please go ahead.
Mig Dobre: Good morning. And following up on Construction here, I’m wondering if you can give us maybe a little more context around the order book here and the declines that we’ve seen in both heavy and light equipment. Are you limiting the order book in Construction similarly to what you’ve done with AG? And I’m also curious, and in your own outlook for 2023, for the industry, are you seeing, arguably, a little more pessimistic than some of your peers when framing 2023? So, again, color on that would be helpful as well.
Scott Wine: Well, I — I don’t — obviously, was busy this week, but I didn’t really digest the numbers overall. But I don’t remember them being overly positive on 2023. So, I think we’re somewhat in line with what that was on the Construction side. Where we’re really under-serving our dealer network with heavy excavators, and we’re working diligently to improve that. So, that’s a significant opportunity for us. But that’s where some of the backlog reduction has been just because we cannot deliver in that area. On the light side, we’ve got just really good progress with Sampierana, and it will start to bring — expand the markets where we can serve with that. But South America was very strong for Construction last year; we don’t expect that to repeat.
So, that market will be a little bit — from a Construction side, be a little bit lighter than it was last year. But overall, again, it’s going to be a positive year. Stefano and his team are doing a nice job with that business, and we like where it’s going. And it’s got a long-range upside for sure in that business.
Mig Dobre: Okay. And then if I can try the price-cost question as well. Looking on a consolidated basis, it looks like you’ve had positive price cost of about $180 million the past couple of quarters. And as you contemplate 2023, I’m wondering if this figure holds or if we should expect any significant variance from that?
Oddone Incisa: No, directionally, we expect to be positive price-cost in 2023 as well. So, I wouldn’t take much different view of what we are seeing. And in absolute terms those are going to be different, but I wouldn’t take a much different view of what we have seen throughout 2022.
Mig Dobre: Great, appreciate it.
