Dan Janki: Yes. 1.3 for the year. The first quarter think of it being closer to — if it was ratable, it would be about 3.30 a quarter. First quarter will be a little bit higher. We think about it as 3.60 to 3.65 associated with it. And tax rate continues to be consistent, right, in that 24% to 24.5%.
Mike Linenberg: Great. Thank you.
Julie Stewart: We will now go to our final analyst question.
Operator: Certainly. Your next question is coming from Brandon Oglenski from Barclays. Your line is live.
Brandon Oglenski: Keep it to one as well. Dan, can you talk about your normal amortization this year, which I think is about $2.5 billion relative to the $2 billion of free cash flow that you guys are anticipating? And what are your options here, especially in a higher interest rate environment, how does that change your capital priorities in any way?
Dan Janki: Normal — yes. We have normal maturities at 2.4. We had 1.8 this past year and we ended up retiring $4.5 billion of debt. Ken and the team were opportunistic in regards to debt that we can take out that we think is higher cost and has good economic payback associated with it. And given our liquidity position, as we progress through this year, we will continue to look at those options. There are certainly a number out there that are targets for us, but we will either do it through how we have done it with through tenders, but also just as you go open market repurchases and being smart and going after the higher cost debt, that’s a priority. We want to drive down that non-op interest line over time and the team is good at it. They have done it. Did it for a decade. They will continue to do it.
Brandon Oglenski: And I guess, Dan, how does a higher interest rate environment here change your capital priorities, if at all?
Dan Janki: About changing it, I think, it does — when it may change from cards how you look at some of your debt, some of them that are off of LIBOR and floating have become more attractive to retire in certain situations. So, but we are continuing to be focused on, as you know, it’s reinvesting back in the business, but also this path to deleveraging. So continuing to strengthen the balance sheet, reduce debt and drive down those leverage ratios.
Brandon Oglenski: All right. Thank you.
Julie Stewart: That will wrap up the analyst portion of the call. I will now turn it over to Tim Mapes, our Chief Marketing and Communications Officer to start the media questions.
Tim Mapes: Thank you, Julie. Matt, if you don’t mind, could we reiterate for the members of the media, the practice for getting in the call queue and in addition to thanking each of them for their time this morning, just to remind everyone around one question and one follow-up so we can get through as many of these as we could please. Thank you.
Operator: Absolutely. Thank you. Your first question is coming from Claire Bushey from Financial Times. Your line is live.
Claire Bushey: Hi. I was wondering, what needs in your opinion to happen at the FAA so that what happened on Wednesday doesn’t happen again?
Ed Bastian: Hi, Claire. It’s Ed. I missed the first part of your question. Your question is what does the FAA need to do in order to ensure
Claire Bushey: So that.
Ed Bastian: no repeat of Wednesday?
Claire Bushey: Correct.
