Stan Sutula: Thanks, Noel. So raw materials, as we look towards the second half, we will see these moderate. But there are pockets that actually are going up, and predominantly, they’re impacting Hill’s. So around ag and proteins, those continue to escalate. So while on a year-on-year basis, these will moderate slightly coming off of the first half, they still will be a headwind in the second half of the year. Now we continue to drive funding the growth savings. The teams have done a really nice job on driving that productivity and we will carry that through the back half of the year as well. So we do expect margin to improve in the second half and continue that momentum. And then obviously, just as we look at FX, it’s going to bounce around here a bit. And in particular, we’ve seen pressure in Africa, Eurasia countries as well as Asia-Pacific. So overall, we do expect margins to improve in the back half of the year.
Operator: Our next question is from Olivia Tong of Raymond James. Please go ahead.
Olivia Tong: Great. Thank you. First, can you just elaborate a little bit on what the impact of logistics is just so we can kind of compare you to your peers? And then specifically on the U.S., could you just talk about the path forward? I mean, we talked about the — what’s driven some of the challenges so far in terms of volume. But could you talk about the actions that you’re planning to take for the second half, whether it’s some relaxation in terms of the pullback and reinstating perhaps some of the promotion or other actions that you’re planning to take with respect to the U.S. Thank you.
Noel Wallace: Sure. Thanks, Olivia and good morning. I’d ask you to reference the Q on details on logistics. There’s a lot more detail in there. And if you’re not finding what you need, obviously follow up with John and Stan afterwards. On the volume cadence, certainly, as you look at the back half, as I mentioned, the comps get much easier. But despite that, we’re going to be very deliberate in how we think about volume creation in the back half. We’re going to be thoughtful, as I mentioned, continuing to focus on the structure of the P&L, which we believe is absolutely imperative for the long-term sustainability of the company. We think that we can keep the gross margin accelerating, we’ll keep the advertising in the P&L and not simply chasing unprofitable volume.
So we’re going to be very focused on that. That being said, we do expect a slightly heightened promotional environment in the back half. As cost tend to level out, we’ll see probably a little bit more promotions. I will say that around the world today, we have not seen an elevated promotional environment. We are recently starting to see more volume being sold on promotions but not the frequency of promotions there or the depth of promotions in the market. So that’s an important aspect. But we’re going to be very deliberate in how we think about the promotional cadence in the back half, probably a little bit more in the U.S. But the rest of the world will be very targeted where we see competitive needs to put more money there. But so far, it’s been quite constructive.
And we continue to believe pushing our brands through innovation and top – and advertising is the healthiest way to grow the business longer term.
Operator: Our next question will come from Jason English of Goldman Sachs. Please go ahead.
Jason English: Hey. Good morning, folks. Thanks for swapping me in. Stan mentioned earlier the elevated degree of inflation that’s continuing to impact, but also the new price increases. How should we expect them to translate into margins? I mean, it’s good to see the moderation in gross margin expansion this quarter. But we’re still down a lot from where we were. What is the right level of profitability for that business on a normalized basis and what is the pathway to getting there?
