Noel Wallace: Sure. I just characterized Europe, where we felt very good about where we ended up, particularly in Oral Care. North America, as you have seen the data, we are up or flat in eight to 12 categories. Importantly, good — very strong Oral Care growth both in the year and in the quarter, so pretty good there. Latin America shares in general are flat and we feel good about where we are from a Latin America standpoint, given the sheer amount of pricing that we have taken. I think that’s a representative of some of the strong innovation that we put into the market in the back half. Asia, I will characterize it as quite strong, particularly the e-commerce business, a little softness in the brick-and-mortar business. But, overall, e-commerce continues to perform very, very well and Africa, Middle East, strong as well.
So, overall, we feel very good about the momentum we have had on market shares in value terms. Volume pretty much consistent with that, a little softer, particularly in Europe on the volume side in terms of our volume shares, and that’s, I think, response to just the sheer amount of pricing that we have taken in that market. And as I mentioned earlier, obviously, a little softness in the Asian markets on volume, a lot of value going through those markets in general in the categories has been quite soft, but our volume shares in Asia seem to be holding up okay.
Operator: The next question is from Chris Carey of Wells Fargo Securities. Please go ahead.
Chris Carey: Hi. Good morning.
Noel Wallace: Good morning.
Chris Carey: Noel, if I just take your comments around some incremental pricing, I think, you said, productivity is expected to accelerate, if I look at raw material outlook of several hundred million of inflation and Red Collar, the gross margin negative impact should be easing sequentially. I am coming up with potentially significant gross margin expansion and I realize reality is often so much different than what we can see in the models. But I wonder if you can just maybe help frame that a bit more for me, because it does imply maybe you are leaving some room for investment. But, again, perhaps, I am missing something in this — in the development of the key drivers here and I wonder if you could just help clarify that a bit more for me? Thanks.
Noel Wallace: Yeah. Let me take the kind of strategically how we position the P&L particularly around growth and investment and then I will let Stan take you through some of the constructs on how we built internally gross margin and operating margins. As you rightly said, we are really pleased with the operating margin improvement that we are seeing moving through the P&L and that will continue allowing us to fund more advertisers. So as the prepared remarks indicated, we intend to continue to invest behind the business and we have seen great response to the strategy that we have executed over the last couple of years. Obviously, the core adjacencies and channels behind increased investment is driving very strong organic growth in the category and up 5% dollar in the quarter despite significant foreign exchange headwinds.
We talked obviously through the back half of this year, the need to continue to invest in Hill’s business once we had more capacity coming online, and that has obviously started to happen in the fourth quarter, and we expect that to obviously continue as we move into 2023. So we will continue to accelerate our investments in the Hill’s business in order to reap the benefits of the incremental capacity that we have. Good momentum on Oral Care and strong innovation and a lot of pricing that we have taken across a broad section of categories and we want to ensure that we have the investment there to generate to get the pricing seated in the marketplace and continue to drive consumption growth for our retailers. So, overall, it will be another year of good investment, a good share growth we expected, and obviously, good topline growth coming through the P&L.
