Stan Sutula: And the capital allocation, I think, as we look at that return $2.9 billion to shareholders. We had $900 million of net share buyback. We have paid dividends since 1895 and 60 consecutive years of increasing it. So our capital allocation strategy hasn’t changed. We think it’s the right long-term strategy and we think our investment in M&A is appropriate when we don’t have a better internal investment to do or to fill opportunities for us to fill out our model.
Operator: Our next question today will come from Olivia Tong of Raymond James. Please go ahead.
Olivia Tong: Great. Thanks. Good morning.
Noel Wallace: Good morning, Olivia.
Olivia Tong: My question is around Oral Care, because you have obviously made great improvements here, particularly on pricing or hearing on the portfolio. So could you give us a sense of how your game plan is pivoting as macros potentially get a bit more choppy and elasticity get a little bit more elastic. Obviously, high single-digit growth in Oral Care is fantastic, but what’s your view on the state of the consumer in the U.S. and developed markets as a whole, and how that — and how does that influence your view on potential trade-up versus trade-down in 2023? Thank you.
Noel Wallace: Sure. Good morning, Olivia. Again, as I mentioned earlier, Oral Care had a really, really strong year, high single-digit growth across the year and the quarter and we were high single-digit in Oral Care on three of the last four quarters and toothbrushes specifically up double-digit three of the last four quarters. Some of that was some easier comps as we were lapping some of the supply chain challenges that we had last year. But the important aspect there is share growth up on the year for both Oral — toothpaste and toothbrushes. Specifically around elasticity, I think, it comes back to the strategy that we talked about for a couple of years now, which is the flexibility in our portfolio. We continue to innovate across all price points and we cover a wide gamut of price points, from opening to now, obviously pushing a lot more of the super premium segment, which you saw some of the examples of the success we are having in the whitening segment in that regard.
So, overall, our categories — our portfolio is well positioned for this environment. We spend a lot of time as we work through the operations around the world to ensure that we have value-added benefits to every price point within our portfolio and we are flexing our portfolio in different ways over the last couple of years and we are seeing that certainly translate into improved performance. Elmex would be a great example. Taking Elmex very selectively in the pharmy channel — pharmacy channel around the world has allowed us to grow incremental share in those businesses. The other aspect I’d say is our core re-launches. We will have a significant core re-launch coming on the India business next year. We have re-launched our core business in some of our bigger markets around the world and that has helped some of the premium innovations come on incrementally to the franchise moving forward.
So we feel pretty good about where we are with Oral Care. Elasticity is exactly where we expected and I think driven by a combination of the flexibility we have in our portfolio in addition to the innovation that we are bringing to the marketplace.
Operator: Our next question will come from Nik Modi of RBC Capital Markets. Please go ahead.
Nik Modi: Thank you. Good morning, everyone. Noel, I was hoping
Noel Wallace: Hi, Nik.
